Russia Uses Bitcoin | China Workforce Shrinks | BYD Denies Sweatshop In Brazil

Market Update

• Toyota shares surged over 9% as the company plans to raise its ROE to 20%.

• Roaring Kitty's 'Christmas' Post has GameStop rallying 5% In overnight trading.

• Dollar stays resilient, Asia shares wobble.

• Japan’s retail and tourism stocks climb on travel pact with China.

• Indian economy to grow at around 6.5% in FY25, government says.

Russia is using bitcoin in foreign trade, finance minister says

Legislative Changes: Russia has passed legislation allowing the use of cryptocurrencies, including Bitcoin, in foreign trade to counter Western sanctions.

Economic Strategy: The move aims to facilitate international payments and trade, especially with countries like China and Turkey, amidst banking restrictions.

Bitcoin Mining: Russia has legalized cryptocurrency mining and has become one of the global leaders in Bitcoin mining.

Future Plans: Finance Minister Anton Siluanov stated that the use of Bitcoin in foreign trade is part of an experimental regime and expects it to expand further next year. [Learn more]

China’s finance, property firm workforces shrink for first time

Workforce Reduction: China's finance and property sectors experienced a workforce reduction for the first time, reflecting the impact of the housing market collapse and regulatory probes.

Economic Census Data: The financial industry saw a 32% decrease in employees from five years earlier, with the property sector experiencing a 27% reduction.

Industry Challenges: The property sector faced significant financial pressure due to new regulations imposing debt limits, while the financial industry dealt with reduced profits and trade restrictions.

Economic Slowdown: The overall economic slowdown and low profit margins have led companies to adopt workforce reductions as a cost-saving measure. [Learn more]

BYD contractor denies ‘slavery-like conditions’ claims by Brazilian authorities

Poor Working Conditions: Brazilian authorities found 163 Chinese workers in "slavery-like conditions" at a BYD construction site in Bahia state.

Contract Termination: BYD terminated its contract with Jinjiang Group, the contractor responsible for hiring the workers.

Sanitation Issues: Workers faced degrading conditions, including beds without mattresses and only one bathroom for every 31 workers.

Response to Allegations: BYD and Jinjiang Group denied the allegations, attributing the situation to translation misunderstandings and cultural differences. [Learn more]

Joke of the Day!

What do you give to a sick lemon?

Lemon aid!

Generative AI Photo of the Day!