April 15, 2021

holding

Jack Ma’s Ant Group to become financial holding company

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

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U.S. Small Businesses Are Holding Off Debt Apocalypse, for Now

Photographer: Bryan Tarnowski/Bloomberg

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.

Small Business Stands Firm

Delinquent payments

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Money worries are holding people back from getting the vaccine

The Guardian

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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