Archives of “November 2020” month

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Fake Zoom invite steals $8m from Australian hedge fund

  
  Analysis

The cyberattack on the fund was initiated after a fake Zoom invitation was clicked, which triggering a malicious software program to be planted on the company’s network.

This allowed control of its email system, the sending of bogus invoices and approvals.
The fund, Levitas Capital, was forced to close due to its largest institutional client withdrawing its money after the cyber attack.
Info via the Australian Financial Review, here is the link for much more (may be gated) .
The cyberattack on the fund was initiated after a fake Zoom invitation was clicked, which triggering a malicious software program to be planted on the company's network. 

China warns that relations with the US will not automatically get better under Biden

  
  Analysis

China says that the good old days are over

US-China
Chinese government adviser, Zheng Yongnian, is reported as to saying that Beijing must not assume that the US-China relationship will get better under a Biden presidency, and should instead be prepared for a tougher stance from Washington.

“The good old days are over… the cold war hawks in the US have been in a highly mobilised state for several years, and they will not disappear overnight.”

Much like you would expect, Zheng also reaffirmed the continued divide between the US and China in saying that:

“American society is torn apart. I don’t think Biden can do anything about it. He is certainly a very weak president, if he can’t sort out domestic issues, then he will do something on the diplomatic front, do something against China. If we say Trump is not interested in promoting democracy and freedom, Biden is. Trump is not interested in war… but a Democratic president could start wars.”

Adding that the difference between Trump and Biden is that Trump is unpredictable or in his words, “irrationally tough” on China, whereas Biden would be “rationally tough”.
The full report can be found here via the SCMP.
All of this pretty much reaffirms the narrative that regardless of who is in charge in the White House, there is only one direction that US-China relations are headed towards. The next decade could well end up being a defining one as these two powerhouses of the world continue down the path of decoupling – in some sense or another.

Singapore data: Q3 GDP +9.2% q/q, still down y/y

  
Analysis, Economy

Third quarter economic growth in Singapore rebounded q/q, ahead of Q2 but missed expectations:

 

  • Q3 GDP +9.2% q/q (seasonally adjusted rate) vs. expected 9.5%, prior 7.9%
  • Q3 GDP -5.8% y/y vs. expected -5.5%, prior -7.0%

 

More:

The Ministry of Trade and Industry has revised their 2020 GDP growth forecast to -6.5% to -6% (previous forecast -7% to -5%)

 

  • forecasts 2021 GDP growth of +4% to +6%
  • says 2020 sales volumes in consumer-facing sectors likely to remain below last year’s levels
  • says economic activity in consumer-facing sectors not likely to return to pre-covid levels even by end-2021
  • 2020 NODX forecast adjusted upwards to +4% to +4.5%
  • 2021 NODX forecast 0% to +2%
  • 2020 trade merchandise forecast adjusted upwards to -7.5% to -7%
  • 2021 trade merchandise forecast +1% to +3%

 

The forecasts are being bumped up a little as officials see an end in sight for COVID-19 outbreaks.

US coronavirus – LA County has banned all in-person dining at restaurants

  
Analysis, COVID-19

Restrictions in the US continue to ramp up.

This the latest from California, to take effect from Wednesday this week. In response to the continued acceleration in new COVID-19 cases.
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The US is seeing a surge of travel ahead of Thanksgiving as families and friends get together. The UK will be relaxing restrictions over Christmas for a similar sort of celebration. It is terribly difficult trying to get a balance between restricting the spread of the virus and restricting people’s movement.
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