China markets fall as protests erupt over Covid lockdowns

China markets fall as protests erupt over Covid lockdowns

hong kong CNN Business — China’s major stock indices and its currency traded sharply lower on Monday, as widespread protests against the country’s stringent Covid-19 restrictions over the weekend roiled investor sentiment. Hong Kong’s Hang Seng (HSI) Index fell as much as 4.2% in early trading. It has since pared some losses and closed down … Read more

Foxconn protests: iPhone factory offers to pay its workers to quit and leave Zhengzhou campus

Foxconn protests: iPhone factory offers to pay its workers to quit and leave Zhengzhou campus

hong kong CNN Business — Foxconn has offered to pay newly recruited workers 10,000 yuan ($1,400) to quit and leave the world’s largest iPhone assembly factory, in an attempt to quell protests that saw hundreds clash with security forces at the compound in central China. The Apple supplier made the offer Wednesday following dramatic scenes … Read more

Crypto: What’s next as FTX collapse triggers ‘Lehman moment’?

Crypto: What's next as FTX collapse triggers 'Lehman moment'?

London CNN Business — The stunning downfall of the FTX exchange, one of the biggest and most reputable players in the market for digital assets, is sparking alarm among people who own cryptocurrencies as investors run for cover. There are still many unanswered questions. But two big ones loom: How far will the damage spread? … Read more

Crypto giant Binance drops bid to save rival, stoking chaos in digital assets

Crypto giant Binance drops bid to save rival, stoking chaos in digital assets

New York CNN Business — In an abrupt reversal, cryptocurrency exchange Binance pulled out of a deal to acquire its embattled rival FTX, saying the company’s problems were “beyond our control or ability to help.” Binance, the world’s largest crypto exchange, said it reviewed FTX’s finances as part of the due diligence process, and it … Read more