31st May 2021

Chinese Investors Ignore Government And Continue To Trade Crypto

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Welcome to another edition of The Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.

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[Economy] India expanded an emergency credit program to airlines and hospitals to cushion them from the impact of a wave of coronavirus infections and deaths. The loans, which were previously intended for specific sectors such as small borrowers, can be availed until Sept. 30 or until total guarantees worth 3 trillion rupees ($41 billion) are offered, the Finance Ministry said in a statement Sunday.

Over60: Bloomberg, Deccan Herald

[Crypto] Chinese investors are paying little heed to the government’s biggest crackdown on cryptocurrency trading since 2017, underscoring the challenge for Beijing as it tries to rein in a speculative boom in digital assets. One key gauge of local sentiment -- the exchange rate between China’s yuan and the stablecoin Tether -- fell as much as 4.4% after the government’s warning earlier this month but has since recouped more than half the loss.

Over60: Bloomberg

[IPO] Turkey’s second-biggest online shopping platform by market share applied to list its shares on Nasdaq amid a flurry of investor interest in the nation’s burgeoning start-up scene. Hepsiburada.com, formerly known as D-Market Elektronik Hizmetler ve Ticaret AS, plans to sell shares on the tech-heavy U.S. equity gauge.

Over60: Bloomberg

[EV] Foxconn Technology Group struck a multibillion-dollar electric-vehicle partnership in Thailand. According to a statement from the companies Monday, the Taiwanese electronics giant and Thailand’s state-owned conglomerate PTT Pcl will collaborate on hardware and software for producing EVs. PTT said about $1 billion would be invested in the venture initially, rising to a possible $2 billion at a later stage.

Over60: Bloomberg

[Censorship] Facebook-owned Instagram has made changes to its algorithm after a group of its employees reportedly complained that pro-Palestinian content was not viewable for users during the conflict in Gaza. Instagram typically surfaces original content in its stories before reposted content but will now begin to give equal weighting to both.

Over60: The Verge


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