A new Chinese stock exchange has started trading in Beijing
The Beijing Stock Exchange boosts support for smaller-scale firms, as economic growth slows and Beijing cracks down on domestic tech giants.
Over 80 companies have started trading on the exchange, which is expected to complement two other exchanges in Shanghai and Shen-Jeng.
It will focussed on smaller enterprises that have long faced difficulty getting funding from banks.
Chinese media reported on Monday that a number of new stocks on the exchange rose by more than 30 per cent.
Stocks will not be allowed to rise or fall more than 30 percent in a single trading day on the exchange, but earlier reports had said there would be no cap for the first day of listing.
Apple exec fired over crude TikTok video
Apple’s vice president of procurement, Tony Blevins, has been fired from the company after his crude remarks in a TikTok interview went viral
Apple has fired its vice president of procurement, Tony Blevins for making crude comments in a viral TikTok video.
It all started with an interview that went horribly wrong. Creator Daniel Mac posted a video where he asked Blevins what he does for a living, and Blevins response didn’t reference anything respectable.
“I race cars and play golf and fondle big-breasted women. But I take weekends But I take weekends and major holidays off,” Blevins replied.
The video has been viewed over 1.3 million times.
The video didn’t identify Blevins by name and didn’t reference his position at Apple, though Blevins does note that his job offers “a hell of a dental plan.”
But Apple moved quickly to fire Blevins, saying the comments don’t align with their values and respect of women.
Apple is known for being a family-friendly company, so it’s no surprise that they wouldn’t want an employee making crude jokes on TikTok.
This just goes to show that you should be careful what you say on social media.
Apple downgrade signals broader tech problem
Apple’s downgrade by Bank of America sparked a selloff in tech stocks, sending shares of Alphabet and Microsoft to one-year lows.
The move came as investors rotated out of growth stocks and into more defensive assets to deal with higher interest rates and get ahead of a possible recession.
Apple’s stock fell sharply after the downgrade, while shares of other major tech companies also tumbled.
The selloff in tech stocks weighed on the broader market, with the Dow Jones Industrial Average and the S&P 500 both falling sharply.
The market’s declines were broad-based, but the tech sector was hit particularly hard.
The Nasdaq Composite Index fell more than 3%, while the Dow Jones Industrial Average and the S&P 500 both declined more than 2%.
The market’s sell-off was sparked by a downgrade of Apple’s stock by analysts at Bank of America.
The downgrade came as investors are increasingly worried about the outlook for the tech sector.
Shares of Apple have fallen sharply this year, and the stock is now down more than 30% from its highs.
Other major tech stocks have also been under pressure, with shares of Alphabet, Facebook, and Amazon all down significantly from their highs.
The market’s sell-off on Thursday was a continuation of the recent trend of investors rotating out of growth stocks and into more defensive assets.
The rotation out of growth stocks has been driven by concerns about higher interest rates and a possible recession.
Investors have been flocking to safe-haven assets such as gold and government bonds.
The market’s sell-off on Thursday also came as oil prices fell sharply, with West Texas
Stadia gaming goes in Google cost-cutting
Google’s digital gaming service Stadia is shutting down, the latest casualty in the company’s ongoing cost-cutting efforts.
Launched in 2019, Stadia ran on phones and the Chrome browser but failed to gain traction with users. In a blog post Thursday,
Google says the company had made “the difficult decision to begin winding down our Stadia streaming service.”
It’s is not the first time Google has shuttered a gaming project.
In 2016, the company closed down its Nexus Player game console. And in 2019, it stopped selling its Stadia controllers and canceled a planned cloud gaming service for smartphones.
With the closure of Stadia, Google becomes the latest company to abandon the cloud gaming market, after a difficult year for the industry and tech stocks.
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