China’s Ant Group, the fintech giant whose $37 billion initial public offering was derailed by risk-wary regulators days before it was due to list in November, will restructure as a financial holding company, the country’s central bank said on Monday.
The overhaul comes two days after e-commerce giant Alibaba, of which Ant is an affiliate, was hit with a $2.75 billion antitrust penalty as China tightens controls on the “platform economy.”
Under terms of the settlement, Ant will restructure as a financial holding company, a move that, along with other restrictions announced on Monday, is expected to curb its profitability
Government relief programs and lenders’ forbearance have kept U.S. small businesses from defaulting on their debt en masse as revenue slumped during the pandemic crisis, according to a new analysis.
Among small firms nationwide, 18.3% of business payments were past due in January, a modest increase from 17.7% in February 2020, the Urban Institute said in a report using Dun & Bradstreet data. Somewhat more affected were two big cities on the coasts, New York and San Francisco, which saw increases of 2.5 and 4.3 percentage points, respectively.
Biden’s FDR moment? President in New Deal-like push that could cement his legacy
The president is planning a multi-trillion effort to fix America’s infrastructure and kickstart the economy. But can he get Republicans on board? Biden in the White House in January. During his presidential campaign, Biden cast the infrastructure effort as an economic road map to revitalize American industry and help the nation compete with China. Photograph: Mandel Ngan/AFP/Getty Images Joe Biden came to power promising a New Deal-like economic agenda that would not only combat the Covid-19 pandemic, which has now claimed more than half a
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