$1.2 trillion. That’s how much the Chinese internet sector has lost since the start of a regulatory crackdown that has resulted in fines, troubled restructuring attempts and changes to business strategies. The shares of former stock-market darlings Alibaba, Tencent and JD.com have more than halved in value, and investors are now betting on the rise of their smaller and nimbler rivals.
The United States is ringing in the new year with a lot of red ink as the national debt surpassed $34T for the first time. The gloomy fiscal milestone, reported by the Treasury Department, comes as Congress braces for another fight over federal spending.
Chinese automaker BYD for the first time topped Tesla as the world’s largest seller of electric vehicles on a quarterly basis, a sign of China’s emerging strength in the global market for battery-powered cars. BYD reported selling more than 526,000 fully electric vehicles in the fourth quarter of 2023, compared with Tesla’s sales of nearly 485,000 for the same period.
U.S. commercial bankruptcy filings jumped 72% to 6,569 in 2023, primarily due to increased interest rates, tougher lending standards and pushback from the pandemic.
“I think if you see the world accurately, it’s bound to be humorous, because it’s ridiculous.” —Charlie Munger
https://www.economist.com/christmas-specials/2023/12/20/why-economists-love-robinson-crusoe
https://www.wsj.com/finance/currencies/how-china-manages-its-currencyand-why-that-matters-322cbc04?st=k5643o2hzxsr1qm&reflink=desktopwebshare_permalink
Have a great week!