China locks down a city of 21 million people following 1K COVID cases

September 1, 2022

The Chinese government has locked down Chengdu, a city of about 21 million people, following an outbreak of 1,000 COVID-19 cases. Residents of Chengdu are restricted to their homes and about 70 percent of flights in and out of the airport have been suspended. Manufacturing plants are also affected by the lockdown.

Recent News

Tesla Faces Uphill Battle with Shareholder Votes

In a bid to navigate the treacherous terrain of shareholder approval, Tesla’s chairperson, Robyn Denholm, likened the challenges ahead to scaling “Mount Everest.” This revelation comes amidst the looming votes on relocating Tesla’s headquarters to Texas and ratifying CEO Elon Musk’s staggering $56 billion compensation plan. Denholm’s remarks, as reported by the Financial Times on Friday, shed light on the uphill battle the electric vehicle giant faces in its quest for shareholder support.

China’s Property Market Boost: Stocks Surge, Copper Hits Highs

The Chinese government unveiled a comprehensive support package that has sent ripples through financial markets. This initiative includes a slew of measures aimed at stimulating housing demand and addressing the excess inventory burdening developers. The immediate impact was a significant rally in Chinese stocks and a surge in commodity prices, notably copper, which hit record highs.