- Jack Ma is back, Alibaba shares are up
- Trump pardons over 70 people including Steve Bannon
- Janet Yellen: ‘’I’m worried about bitcoin and cryptocurrencies’’
Jack Ma is Back, Alibaba Shares are Up
After long dismissal after Ant Group’s IPO was blocked by regulators, Jack Ma reappeared at an event, while Alibaba shares soared with Ma’s appearance.
Jack Ma, who had not been in sight for a long time after investigations against Alibaba, appeared in public for the first time in months.
According to the sources with knowledge on the subject, Ma, one of China’s best-known entrepreneurs, gave a live broadcast to teachers in the countryside. At the event held online, Ma said that from now on he will devote more of his time to charity.
While the founder of Alibaba and Ant Group did not mention the events between him and the management in his speech, Ant confirmed the accuracy of the video reached via e-mail.
Following the re-appearance of Ma, Alibaba’s shares rose more than 4 percent. Alibaba and Ant’s executive Jack Ma hadn’t been seen anywhere since early November after Chinese regulators blocked Ant’s IPO.
“Recently, my colleagues and I have been studying and thinking. We made a firmer resolution to devote ourselves to education philanthropy,” Ma said in the video, which was first posted online by a local blog. “Working hard for rural revitalization and common prosperity is the responsibility of our generation of businessmen.”
Ma had kept out of public view since regulators in November scuttled Ant’s $35 billion IPO, tightened fintech regulations, and launched a separate probe into Alibaba — all in a span of weeks.
“Jack Ma’s unexpected re-emergence — just as sudden as his earlier disappearance — is likely a sign that his relationship with Beijing’s regulatory authorities has stabilized,” said Brock Silvers, a managing director at private equity fund Kaiyuan Capital in Hong Kong.
But Ma probably isn’t out of the woods, Silvers added. “A path acceptable to all parties may have been identified, but Ant Group still looks likely to be dis-aggregated and regulatory restrictions will almost surely take a significant bite out of Ant’s former valuation.”
Trump Pardons over 70 People Including Steve Bannon
US President Donald Trump fully pardoned Steve Bannon, who in 2016 led his election campaign, and then was the presidential adviser on political and strategic issues, was a member of the National Security Council.
Bannon and three other people were detained on August 20, 2020, they were accused of embezzling donations collected for the construction of a wall on the border with Mexico.
On the last day of his tenure, US President Donald Trump pardoned 73 people and commuted punishment for 70 more, the White House press service reported on January 20.
The vast majority of the pardons and commutations on Trump’s list were doled out to individuals whose cases have been championed by criminal justice reform advocates, including people serving lengthy sentences for low-level offenses. Among others, former Trump adviser Stephen Bannon was pardoned.
“President Trump has granted a full pardon to Stephen Bannon. Prosecutors have indicted Mr. Bannon for fraud related to his involvement in a political project. Mr. Bannon was an important leader of the Conservative movement and known for his political acumen,” the release said.
Bannon and three other people who, according to the US Department of Justice, were involved in the theft of donations collected for the construction of the wall on the border with Mexico, were detained on August 20, 2020. They were accused of embezzling hundreds of thousands of dollars that were donated to build a wall on the US-Mexican border. The We Build The Wall campaign has raised over $ 25 million in total.
According to CNN, Trump decided to pardon Bannon on his last night in the White House “after much deliberation.” In recent months, relations between Trump and his ex-adviser have improved – Bannon helped the head of the White House in promoting conspiracy theories regarding the US elections, the channel notes.
The inauguration of 46th US President-elect Joe Biden is scheduled to take place around 10:00-10:30 PM (IST) today amid concerns of potentially armed protests across the nation.
Janet Yellen: ‘’I’m Worried About Bitcoin and Cryptocurrencies’’
Janet Yellen, who is expected to become the new US Treasury Secretary, spoke at the Senate. “We have to rebuild the economy,” said Yellen and emphasized more financial support. Saying that the USA should not target a weak exchange rate, Yellen stated that the low-interest rate will continue for a long time. Touching on cryptocurrencies, Yellen stated that these coins are a cause of concern in terms of terrorist financing and money laundering.
Former Fed Chairman Yellen, who is preparing to become the country’s first female treasury minister, said in his speech at the Senate’s Finance Committee that if no further measures are taken against the economic effects of the epidemic, there is a long and painful recession risk.
Emphasizing that more help will be needed for the distribution of vaccines, reopening of schools, and protection of employment in the coming months, Yellen said, “Neither the President nor I proposed this support package without evaluating the debt burden of the country. But now the smartest thing we can do with interest rates at historic low levels is to play big”.
Pointing out that she believes the benefits of the support will outweigh the costs much, Yellen said, “It is our first duty to help Americans survive until the last months of this epidemic, to keep people safe while returning to work.
“If I am approved as Treasury Secretary, I will focus on the needs of American workers living in urban and rural areas and having a competitive economy that offers good jobs and good wages,” said Yellen.
Emphasizing that she will support American workers and small businesses from the first day, Yellen said, “I will focus on working for the second support package in time. I think we need to get through these dark times.”
Saying that the USA should not target a weak exchange rate in order to gain a competitive advantage and prevent other countries from doing this, Yellen said, “The value of currencies should be determined by the markets.”. Yellen said the efforts of foreign countries to manipulate their currencies were “Unacceptable”.