Money

Security scuffle with Chinese protestors demanding $1.5 billion in frozen bank deposits

Published

1 year ago

July 11, 2022

ticker NEWS, Jamila Jalloh

Thousands gathered in Southwest Beijing outside China’s central bank to protest frozen deposits, before facing heavy-handed security.

Around a thousand people gathered in the Chinese city of Zhengzhou in Henan province to protest rural-based banks who froze an estimated $1.5 billion worth of deposits on Sunday.

Those that gathered outside the Zhengzhou branch of China’s central bank are among the thousands of customers who opened accounts with a select few banks who offered higher interest rates.

Customers later found they couldn’t withdraw their funds after the head of the banks’ parent company was wanted and on the run for serious financial crimes.

The millions of dollars worth of deposits have been frozen since April, the reason given by the banks’ being due to internal systems upgrades.

The banks in question haven’t responded to calls to make a comment on the matter.

https://twitter.com/W0lverineupdate/status/1545979633849380864

Footage shows that the protest was eventually broken up by plain-clothed security personnel who allegedly outnumbered protestors, three-to-one.

Citizens storm the Bank of China in Zhengzhou over bank account freezes. Banks froze millions of dollars in deposits last April, simply explaining to savers that they need to upgrade their internal systems. Since then, customers have not received any kind of communication. pic.twitter.com/XS9zuXRuEK
— RadioGenova (@RadioGenova) July 10, 2022

One 40-year-old protestor by the last name Zhang told a Reuters reporter, “I feel so aggrieved I cant even explain it to you.”

The man says he had been hoping to get back the $25,000 that he deposited with on the banks, Zhecheng Huanghuai Community Bank.

He says four unidentified security personnel took him away The clash with security also resulted in him suffering injuries to his foot and thumb.

“They did not say they would beat us if we refused to leave. They just used the loudspeaker to say that we were breaking the law by petitioning. That’s ridiculous. It’s the banks that are breaking the law.”
Zhang, Protestor

Money

Tech giants drive global mega-cap surge amid inflation relief

Published

7 hours ago

December 1, 2023

ticker NEWS

Tech giants have taken the lead in propelling global mega-cap stocks to new heights.

This surge comes as a welcome relief for investors who have been closely monitoring the impact of rising inflation on the financial markets.

The tech sector, including giants like Apple, Amazon, and Microsoft, has been instrumental in driving the rally. These companies have reported robust earnings and strong growth prospects, which has boosted investor confidence. As a result, the market capitalization of these tech behemoths has reached unprecedented levels, contributing significantly to the overall rise in global mega-cap stocks.

The easing of inflationary pressures has played a pivotal role in this resurgence. Central banks’ efforts to tame inflation through monetary policy adjustments have begun to bear fruit, reassuring investors and stabilizing financial markets. As concerns over rapidly increasing prices recede, investors have become more willing to invest in mega-cap stocks, particularly in the tech sector, which has demonstrated resilience in the face of economic challenges.

Will the tech giants maintain their momentum and continue to lead the mega-cap surge, or are there potential risks on the horizon?

Money

Real reason bosses want employers back in the office

Published

2 days ago

November 30, 2023

ticker NEWS

As the world gradually recovers from the pandemic, employers are increasingly pushing for their staff to return to the office after years of remote work.

The driving force behind this push is the sharp decline in commercial property values, which has left many businesses concerned about their real estate investments.

Commercial property values have plunged in the wake of the pandemic, with many companies downsizing or reconsidering their office space needs.

This has put pressure on employers to reevaluate their remote work policies and encourage employees to return to the office. #featured

Money

Businesses cash in on Black Friday sales

Published

2 days ago

November 30, 2023

ticker NEWS

Black Friday, the annual shopping frenzy, has become a global phenomenon rooted in economic strategies.

Retailers deploy various tactics to lure consumers, creating a win-win scenario for both shoppers and businesses.

The concept of Black Friday traces its roots to the United States, where it marks the beginning of the holiday shopping season. Retailers offer significant discounts on a wide range of products to attract a massive customer influx. This strategy, known as loss leader pricing, involves selling a few products at a loss to entice customers into stores, hoping they will buy other items at regular prices.

Retailers also employ the scarcity principle by advertising limited-time offers and doorbuster deals. This sense of urgency compels consumers to make quick decisions, boosting sales.

Furthermore, online shopping has revolutionized Black Friday economics. E-commerce giants use data analytics to customize deals, targeting individual preferences. Cyber Monday, the digital counterpart to Black Friday, capitalizes on the convenience of online shopping. #featured