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Fears for global supply chain as China’s COVID cases double in one day

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Fears are growing for the global economy as coronavirus restrictions in China lock down cities and shut down factories.

China has placed more than 50 million into lockdown as it struggles to battle multiple outbreaks of the “stealth” Omicron sub-variant.

It’s raising concerns about the stability of the world’s second-largest economy and triggering a sell-off on commodity and equity markets.

“The country’s virus control strategy is still effective against the omicron variant, but omicron’s stealth and rapid transmission means that faster and stricter measures should be taken,” Lei Zhenglong, deputy head of the commission’s Bureau of Disease Prevention and Control, was quoted as saying in the China Daily.

He said 27 provinces were now affected.

China’s daily COVID-19 cases had doubled in just 24 hours, raising fears about future disruptions to major supply chains.

Shanghai Tower was placed under lockdown

Flights to Shanghai will be diverted to other cities from next week.

China’s tech hub of Shenzhen has been locked down for a week.

Outlook slashed

Morgan Stanley has slashed its growth forecast for China to zero for the current quarter.

The broker also lowered its 2022 GDP prediction to a 5.1 per cent expansion, from 5.3 per cent, which would be below the country’s formal target of 5.5 per cent.

“The double lockdowns sent a clear message that Beijing is prioritising COVID-19 containment over the economy, and a recalibration of its COVID-19 strategy will likely be delayed,” said Morgan Stanley’s chief China economist, Robin Xing.

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Elon Musk’s secretly welcomed twins last year

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Elon Musk secretly welcomed twins just weeks before his second child with Grimes was born last year

The world’s wealthiest man, Elon Musk is believe to have fathered 10 children after a top executive from one of his companies gave birth to twins last year.

The mother of the children is Shivon Zilis, a senior member of Musks’ artificial intelligence company, Neuralink.

Zilis is considered a rising star in the world of AI, after being listed on Forbes’ 30 Under 30 in 2015, and LinkedIn’s 35 under 35.

According to her LinkedIn, she is currently the Director of Operations and Special Projects at Musk’s neurotechnology firm, Neuralink.

Court documents show the pair filed a petition to change their twins’ last names to Musk, and contain their mothers last name as part of their middle name.

The petition was filed in Austin, Texas which is also the birthplace of Zilis and Musk’s children where they were reportedly born in November 2021.

The two children will add to the six children Musk has with ex-wife, Justine Musk, and two children with Canadian singer Grimes.

The twins will also join Justine and Musk’s 18-year-old daughter, Vivian Jenna Wilson who has recently strived to cut ties with her father.

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Britain’s watchdog investigating unfair conduct at Amazon

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Amazon is being placed under the spotlight in Britain, with the nation’s antitrust watchdog investigating whether the company has engaged in unfair conduct

Britain’s CMA is wanting to establish whether Amazon’s own sellers have an advantage in its marketplace over third parties.

The body is concerned the company’s practices are lessening competition and consumers are getting a worse deal as a result.

The CMA says it is looking into Amazon’s third-party data to see if it’s being used to boost its own retail business, and favour sellers who use the company’s logistics and delivery services.

The investigation follows a similar matter which is ongoing in Europe.

Amazon says it will continue to work closely with the CMA during the investigation.

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Taco Bell owners close to selling KFC in Russia

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KFC is known for finger lickin’ chicken, but the secret herbs and spices will soon be swept away from Russians

The company behind Russia’s KFC business is close to selling

This is all part of its plan to exit the country’s market.

Yum Brans plans to fully exit Russia once the KFC transaction is complete.

Since March, Yum has been redirecting any profits from its Russian operations to humanitarian efforts.

The restaurant company added it is stopping all investment, restaurant development and operations in the country.

It sold its Russian Pizza Hut franchises, which re-branded in may.

The Taco Bell owner is the latest Western restaurant operator to wind down its Russian operations, closing the doors of about one thousand KFC locations

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