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Another tech giant cuts thousands of jobs

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What do companies do miscellaneous Twitter (TWTR) Tesla (TSLA) Netflix (NFLX) Coinbase (Currency) Explode, Explode (Explode, Explode) Shopify (a store) inspiration (ORCL) And Crypto.com have something in common?

after, after many months From strong hiring, all of them have laid off workers in the past years. The problem has been particularly acute in the tech industry, which tends to hire bonuses during good times and layoffs during times inflation.

Crunchbase business platform expect it More than 44,000 tech workers have lost their jobs since the start of 2022.

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Inside China’s War on a COVID-Free Future by Reuters

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© Reuters. FILE PHOTO: An epidemic prevention worker wearing a protective suit approaches an apartment in a building that has been locked down as the coronavirus (COVID-19) outbreak continues in Beijing, December 2, 2022. REUTERS/Thomas Peter/File Photo

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By David Stanway

SHANGHAI (Reuters) – Samuel Ren is fed up with the novel coronavirus.

“Omicron is not a threat, it is just a common cold,” said the IT worker in his mid-20s in Shanghai, calling the ongoing lockdown measures in China “ridiculous.”

His frustration with civil rights and economic harm will not affect Cai Shiyu, 70, a resident of the megacity who suffers from heart disease and high blood pressure.

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“It’s not like a cold that goes away after a while,” said Kay, who feels that a single case of COVID-19 can’t be tolerated. “Otherwise, the epidemic will definitely rebound.”

Views of President Xi Jinping’s signature “zero COVID” policy vary widely across China, a country often seen from outside as a surveillance state that enforces strict discipline.

The fierce debate, which has sparked many anti-lockdown protests, illustrates the difficulties Xi and his government face in easing the world’s toughest coronavirus rules while avoiding national resentment.

Nearly three years later, top government officials and public health experts have indicated a significant easing of zero-COVID measures. Deputy Prime Minister Sun Chunlan said Thursday that China’s health system has “withstood the test” of COVID, allowing for further adjustments to state policies.

This worries people like Kay, who say the low death toll testifies to the merits of the hard-line approach.

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Officially, there have been about 5,200 COVID-19 deaths in China, compared to more than a million in the United States, 690,000 in Brazil and 212,000 in Britain. The US-wide death rate would have killed more than 4 million people in the country of 1.4 billion people.

The potential risks of moving away from strict restrictions, just as daily infections are at record highs, are heightened by relatively low vaccination rates among the elderly and concerns about the health care system’s resilience.

Seller Sun, an advertising industry worker in Shanghai, reflected the struggle many people feel over no-COVID rules in the face of the Omicron variant, which tends to cause less serious illness.

“We need some changes. But as for what those changes will be, I don’t know and I’m not smart enough,” Sun said. “You can have zero COVID, but you can’t have a healthy economy, and you can have a healthy economy, but you can’t have zero COVID.”

China’s National Health Commission did not immediately respond to a request for comment on its plans to contain COVID.

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Beijing says its policies have always “put people first” and are designed to save the most lives at the lowest cost. She also said the recent policy adjustments are an improvement, not an abandonment of zero COVID.

A gun to kill mosquitoes

The procedures are really difficult.

A single COVID case can shut down a building or apartment complex, and entire cities were locked down with mere hours of notice.

Youth unemployment is at record levels and economic growth has slowed this year, with factories damaged and supply chains disrupted by lockdowns and other restrictions.

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“If we continue to deal with this virus with the same policies as at the beginning of the epidemic, it will be like using an anti-aircraft gun to kill mosquitoes,” Wang Weicheng, a Wuhan-based doctor, said on Chinese social media. Weibo (NASDAQ:).

Recent decisions to cut quarantine times and scale back testing requirements have been widely interpreted on social media and by analysts as the first temporary shift away from COVID. Many welcomed the changes, but others remain wary.

Fear of the virus has varied widely across the country, as well as within cities or provinces, said Laura Yasatis, a public health expert with the think tank Eurasia Group who has been tracking China’s anti-coronavirus policies.

“Even these recent tentative moves to ease restrictions have led to reactions that indicate unease among the general public,” she said.

She pointed to an incident last month in Shijiazhuang, Hebei Province, where authorities had to reverse a decision to close free COVID testing booths after local residents complained about potential outbreak risks.

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Several Foxconn workers who exited the “closed-loop” factory in Zhengzhou last month said they did so because they feared infection.

A study by Brown University researchers published in August, drawing on social media data and interviews with Shanghai residents, found that zero-COVID policies had received strong support in China, with compliance driven by “apocalyptic scenes” from countries where COVID measures were looser.

Indeed, the high death toll in many other countries has strengthened public support for government policies among some segments of the population.

“I used to live abroad and feel as if China’s control is much better than abroad,” said Wang Jian, 32, an office manager in Shanghai. “There are different ways to deal with the virus. China is only determined by China’s national conditions. Looking at the numbers, I think it’s okay.”

‘The fears will not go away’

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The general disagreement about the lack of COVID accompanies clear differences among health professionals.

Zhang Wenhong, head of the COVID-19 expert team in Shanghai, said last month that the virus has become less virulent with Omicron and that, along with higher overall vaccination levels, could finally give China a “way out” from the outbreak.

Coronavirus expert Zhong Nanshan, who helped craft China’s initial response to COVID-19, said Omicron’s fatality rate was relatively low “so citizens don’t need to worry too much.”

However, Zhou Jiatong, head of the CDC in the southwestern region of Guangxi, struck a more optimistic tone about the alternative in research published last month in the Shanghai Journal of Preventive Medicine.

He estimated that if mainland China eased COVID restrictions in the same way Hong Kong did this year, it would have faced more than 233 million infections and more than 2 million deaths.

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The experts did not respond to requests for further comment.

Chinese authorities had to act before they could get away from COVID restrictions, said Katherine Mason, one of the researchers involved in the Brown University study.

“Until they actually create the conditions — through widespread vaccination, capacity building in hospitals, and a plan to slowly screen people in a phased way — where the loss of life will not be so severe, people’s fears will be valid,” Mason said.

Officials have repeatedly said that China’s health system will not be able to handle the surge in cases, with medical resources distributed unevenly across the country.

According to a paper published last year by the Fudan School of Public Health in Shanghai, China had just 4.37 ICU beds per 100,000 people in 2021, compared with 34.2 in the United States as of 2015.

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Meanwhile, vaccination rates among people 60 and older have changed little since the summer, according to official figures. Those who received two doses increased from 85.6% in August to 86.4% in November, while the booster injection rate rose from 67.8% to 68.2%, according to the Centers for Disease Control in China.

The CDC said the United States has vaccinated 92% of those over 60 with 70% receiving boosters, Germany numbers 91% and 85.9% and Japan 92% and 90%.

China said this week that it will launch a new vaccination campaign for people over 60.

Fire or paper tiger?

The demographic profile of the weekend’s protesters suggests that younger city dwellers are increasingly willing to question the need to dedicate so many of the country’s resources to containing a virus they believe is no longer much of a threat.

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“I used to worry that I would die from the coronavirus, but now that many of my friends have recovered from it, I think it’s just the flu,” Wang, a Beijing resident in his 20s, told Reuters on Saturday. Wang joined neighbors in the previous days to pressure local authorities to release them from the lockdown.

A contributor to Chinese news and social media website Jinri Toutiao said the only people who still believe in closing homes are pensioners and those who don’t need to make a living.

“Before, the virus was as ferocious as a tiger, but now it is a paper tiger,” the contributor wrote last week.

However, not everyone believes protest is the answer.

“There is no need to resort to these methods without using your brains. These actions will disturb public order,” said Adam Yan, 26, who works in the food industry.

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“The COVID situation is very complicated, and people are facing new problems. I think it’s best to have faith in the government and everyone doing their best.”

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FTX’s Bankman Fried is not the tragic hero he thinks he is

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FTX’s Sam Bankman-Fried Doesn’t Want to Be Crypto’s Bernie Madoff.

The founder of the bankrupt cryptocurrency exchange FTX has launched a media campaign aimed at downplaying his responsibility for the downfall of his empire.

SBF, as it is called in the cryptographic space, knows nothing. And how could he know, since he didn’t run Alameda Research, the hedge fund trading platform, from which the crash began?

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“Look, I didn’t run Alameda; I didn’t know exactly what was going on. I didn’t know how big their position was,” said the fallen CEO. said the Journalist Andrew Ross Sorkin at The New York Times Dealbook Summit via Zoom on Nov. 30, giving his first interview since his empire went bankrupt.



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Mutual fund owners face a double problem

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If you are stock-Mutual fund Pregnant, you may experience a double whammy this year.

First, it is likely that your holding value has declined along with the market as a whole.

With shareholders exiting mutual funds in the midst of a market downturn, managers were forced to sell shares to pull those investors out.

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Hence the second blow.

That’s because these generate sales very often capital gains on long-term holdings that generate capital gains distributions to shareholders, who then have to pay capital gains taxes on them.



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