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A new advisor and another turn of gear

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A tumultuous week and an exciting Friday as Liz Truss was forced to roll back the tax cuts yet again and fire Kwasi Quarting. Doubts are growing over whether she can remain as prime minister.

It was presented by Sebastian Payne with political editor George Parker, economics editor Chris Giles, and associate editor Camilla Cavendish.

Produced by Anna Dahar and Howie Shannon. The sound engineers were Brian Turner and Jan Sigsworth.

-Read the latest news at https://www.ft.com/world/uk

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Audio: Sky News / BBC


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Carvana, Amazon’s used-car hub, is falling apart

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Carvana, the used-car Amazon, is having one of its worst days on Wall Street on Wednesday.

Shares of Carvana fell more than 36% to $4.27 as doubts mounted over the company’s ability to meet payment deadlines.

The numbers are shocking: the stock has lost 45% since the beginning of December. November was a rough one as Carvana shares fell 43%. The stock, which ended 2021 at $231.79, is now down 98% since January.

The market cap is now $760 million. In short, the comparative market capitalization, if shares outstanding were the same in both periods, would have been $41.45 billion on December 31, 2021.

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Dave Webster slumps after third-quarter win fails to impress (NASDAQ: PLAY)

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Dave Webster (Nasdaq:game) Involved decreased 6.3% Despite the announcement of winning fiscal third-quarter earnings.

Restaurant and arcade chain operator happened Third quarter GAAP EPS of $0.04 per share with earnings of $481.2 million. These numbers came in above average analyst expectations of $0.01 and $10.42 million. forefront Forma combined comparable store sales, after completing the acquisition of flagship event branded stores, increased by 13.3% compared to the same period in 2021.

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“Our team has focused on three key work streams; one, managing the merger process effectively; two, long-term strategic planning; and third, managing near-term sales and profitability to offset the ongoing inflationary pressure in our business,” CEO Chris Morris highlighted during Third quarter earnings call.

In the third quarter, the company opened three new stores under the Dave & Buster brand and ended the quarter with $599.3 million in cash, which included $108.2 million in cash and $491.1 million available under a $500 million revolving credit facility.

Looking ahead, CFO Michael Quarteri said on the earnings call that he’s “encouraged by the continued trends in the fourth quarter,” even in the midst of significant economic uncertainty.

PLAY stock is decreased 13.5% year to date.

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Fauci warns that China risks a “wave of infections” after relaxing its coronavirus eradication policy

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Joe Biden’s chief medical adviser has warned that China’s reversal of a zero-Covid policy threatens to put pressure on the country’s health system and create conditions for new variants that could spread around the world.

Dr. Anthony Fauci urged Beijing to import Western Covid vaccines based on messenger RNA (mRNA) technology, which are more effective than Chinese-made vaccines, to increase the vaccination rate and boost overall immunity.

He said a wave of casualties would occur A large number of elderly people in China About 85 million people over the age of 60 have not received the third dose of the vaccine needed for strong protection against Omicron variants – and people with underlying health conditions are particularly challenging.

“If they don’t do things like launch and implement a proactive vaccination campaign, and open up, you’re going to have a wave of infections that will certainly be associated with some degree of disease severity,” Fauci said. The FT Global Boardroom event Wednesday.

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He added that any large wave of infections in China would give the coronavirus a chance to mutate into new types.

“When you have a big wave of transmissions of the virus, you give it a huge chance to mutate. When you give the virus a chance to mutate, that allows it to create potentially new variants. And once you have a completely new variant it can have an impact on the rest of the world.”

‘When you have a huge wave of virus transmissions, you give it a huge opportunity to turn around,’ Anthony Fauci told the FT Global Board of Directors © Abbie Coonan / FT

The risk of an uncontrolled wave of Covid infections across China creating conditions for new variants to flourish was “possible” but “very low,” Eric Topol, founder and director of the Scripps Research Translational Institute, said on Wednesday.

“The much bigger concern is that there will be countless deaths and morbidity unless there is an accelerated and much better vaccination rate, including more effective vaccines, in the population,” he said.

Fauci, who is stepping down from his position in the US government at the end of the year, added that he had not had contact with Chinese officials in a long time. He said Beijing’s strategy earlier in the pandemic had “some flaws” because it did not use lockdowns to vaccinate people.

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Beijing announced this week widespread relaxation President Xi Jinping’s controversial zero-COVID policy emerged as evidence of the economic damage caused by the pandemic’s restrictions emerged. But Wigram Capital Advisors, a macro advisory group focused on Asia, predicts that relatively low vaccination levels among China’s aging population could lead to million deaths If infection rates rise under relaxed restrictions.

Fauci echoed the advice issued Last week by Ashish Jha, the White House coronavirus coordinator, on how China should change its policy and import Western vaccines to tackle the virus. China said it would provide the BioNTech vaccine, but only to foreigners.

I would suggest they import western types [vaccines], particularly the highly effective mRNA vaccines used in most countries of the world. Unfortunately, the original Chinese vaccines were not as effective as some of the other vaccines.

Even in the United States, Fauci said, the number of deaths from Covid remains unacceptably high. He said cooler weather, increased social activity in the upcoming holiday season, and Omicron’s new BQ.1 and BQ.1.1 variants mean the pandemic is far from over.

“This is not a good formula for declaring that this is over,” Fauci added. “We still have to be on our guard.”

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