Tausi Insider

A worker in protective clothing keeps watch near metal barriers set up around shuttered shop houses that were locked down as part of COVID-19 controls in Beijing, on Nov. 10. Andy Wong/The Associated Press China on Friday eased some of its strict COVID rules, including shortening quarantines by two days for close contacts of infected people and for inbound travellers, and removing a penalty for airlines for bringing in too many cases. The loosening of curbs, a day after President Xi Jinping led his new Politburo Standing Committee in a meeting on COVID, cheered markets even as many experts warned that the measures were incremental and reopening probably remained a long way off. Under the new rules, centralized quarantine times for close contacts and travellers from abroad were shortened from seven to five days. The requirement for three further days in home isolation after centralized quarantine remains. China will also stop trying to identify “secondary” contacts – a major annoyance...

New FTX CEO John Ray said there was flawed regulatory oversight and a lack of corporate control of the bankrupt crypto exchange founded by Sam Bankman-Fried in a U.S. court filing on Thursday. In the highest-profile crypto blow-up to date, FTX filed for protection in the United States on Friday after traders pulled $6-billion from the platform in three days and rival exchange Binance abandoned a rescue deal. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” Ray said in the filing, which was lodged with the District of Delaware bankruptcy court. “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented,” Ray added in the filing. Bankruptcy specialist Ray, who took over from Bankman-Frie...

The approval gives Rio Tinto a 66% stake in Oyu Tolgoi, the world’s largest known copper and gold deposit. Ganbat Namjilsangarav/The Associated Press Shareholders of Canada’s Turquoise Hill TRQ-T on Friday voted in favour of Rio Tinto’s $3.3 billion bid to take it private and gain direct control over a giant Mongolian copper mine. Turquoise Hill said 86.6% voted to approve Rio Tinto acquiring 49% of shares that it does not already own, giving the Anglo-Australian miner a 66% stake in Oyu Tolgoi, the world’s largest known copper and gold deposit. The vote clears the way for Rio Tinto to gain more autonomy over Oyu Tolgoi, which is 66% owned by Turquoise Hill and 34% by the Mongolian government, and operated by Rio. However, the take-private process has not been straightforward. Friday’s shareholder meeting was repeatedly delayed due to opposition of key minority shareholders of Turquoise Hill, including funds Pentwater Capital and SailingStone Capital. Rio Tinto had agreed to let the ...

Founder and executive chairman of Alibaba Group Jack Ma attends the Ant Financial event in Hong Kong in November 2016. Bobby Yip/Reuters Ant Group said on Saturday its founder Jack Ma will no longer control the Chinese fintech giant, as the firm seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago. Ant’s $37-billion IPO, which would have been the world’s largest, was cancelled at the last minute in 2020, leading to a forced restructuring of the financial technology behemoth and speculation the Chinese billionaire would have to cede control. While some analysts have said a relinquishing of control could clear the way for the company to revive its IPO, the change, however, is likely to result in a further delay due to listing regulations. China’s domestic A-share market requires companies to wait three years after a change in control to list. The wait is two years on Shanghai’s Nasdaq-style STAR marke...

The coach of a group of young skiers whose equipment was lost on the way to an elite cross-country skiing event says Air Canada staff on the ground have been helpful, but appear helpless to fix the problem. DARRYL DYCK/The Canadian Press Elite young skiers from a cross-country ski team in Chelsea, Que., are in Prince George, B.C., this week for the World Junior under-23 championship trials, events that can determine who makes Canada’s national team. But Air Canada left their skis stranded in Vancouver, and the four athletes, ages 17 to 19, have been without their equipment since they arrived on Sunday. They fear the airline’s errors could cost them a shot at a place on Team Canada and dampen their Olympic dreams. “These are young kids and they’ve been training years for this,” said Maurice Samm, coach of the Chelsea Nordiq ski club. “It’s not just us. There’s a lot of stuff missing.” About 500 athletes are competing until Saturday or Sunday in the Nordiq Canada Selection Trials and N...