Why Biden may want to take a page from Trump's OPEC playbook Until now, the Biden administration has taken a hands-off approach with OPEC, in stark contrast with former President Trump, who was obsessed with tracking markets and repeatedly blasted OPEC for not pumping more.Ī gas pump is seen in a car at a Shell gas station, after a cyberattack crippled the biggest fuel pipeline in the country, run by Colonial Pipeline, in Washington, D.C., U.S., May 15, 2021.
That’s why Monday’s failure by OPEC and its allies to reach a deal to increase crude production is a major problem for President Joe Biden. And fairly or not, they tend to pin the blame on whomever is in the White House. What happens next: The department said it would solicit proposals from Microsoft and Amazon Web Services and will also accept proposals from other Cloud Service Providers that “can also meet the DoD’s requirements.”īiden may want to take a page from Trump’s OPEC playbookĪmericans despise high gasoline prices. Because of this, the JEDI contract “no longer meets its needs,” the release states. The Pentagon said it decided to cancel the contract “due to evolving requirements, increased cloud conservancy and industry advances,” in a press release. The backlash: Amazon filed a suit with the US Court of Federal Claims contesting the decision, arguing that it was politically motivated by former President Donald Trump’s dislike of then Amazon CEO Jeff Bezos and the Washington Post, which Bezos owns. Microsoft winning the contract in 2019 over Amazon caused some controversy, surprising many industry experts who saw Amazon as the stronger candidate to win the contract. The JEDI contract would have resulted in Microsoft building a cloud storage system for sensitive military data and technology for the Pentagon and could have resulted in revenue of up to $10 billion over 10 years. It will instead seek new solicitations for an updated contract from Amazon and Microsoft. The Pentagon announced Tuesday that it will cancel the Joint Enterprise Defense Infrastructure (JEDI) contract. The US Department of Defense is canceling a controversial $10 billion cloud computing contract that had been awarded to Microsoft over Amazon under the Trump administration. Pentagon scraps huge cloud contract in blow to Microsoft Will the next Alibaba or Didi choose New York? Stay tuned. It said securities fraud was prominent in overseas markets.
The government said it will severely punish illegal securities activities, including fraudulent share issuance, embezzlement and market manipulation. On Tuesday, China said it would increase regulation of overseas-listed companies, heaping additional pressure on Didi. It was the biggest US IPO by a Chinese company since Alibaba’s debut in 2014.Įnd of an era? Pressure is not just coming from the United States. According to Jefferies, 10 Chinese companies completed US IPOs in 2020, representing over 20% of the market excluding SPACs - the highest percentage of US IPO issuance since 2010.ĭidi was a continuation of that trend. Hong Kong has tried to steal business from New York in recent years, encouraging Chinese companies to sell shares in the city in what have been dubbed “homecoming listings.”īut the pull of New York is strong. And US exchanges accept a wider range of valuation methodologies. The big question: Given the political backdrop, why do Chinese companies continue to pursue US listings?Īnalysts say there are several advantages to listing in New York:įor Chinese tech companies, a US listing is even more attractive because American investors are used to dealing with startups. President Joe Biden has followed the same path, expanding restrictions on US investment into Chinese companies with suspected military ties. That forced US exchanges to delist several Chinese companies, including China Mobile, China Telecom and China Unicom. Former President Donald Trump signed a law in November that bans Americans from investing in firms that the US government suspects are either owned or controlled by the Chinese military.
The political atmosphere around listings of US companies has been charged for months. “That puts the investments of American retirees at risk and funnels desperately needed US dollars into Beijing.” “Even if the stock rebounds, American investors still have no insight into the company’s financial strength because the Chinese Communist party block US regulators from reviewing the books,” Rubio told the UK newspaper.
Photographer: Yan Cong/Bloomberg via Getty Images Yan Cong/Bloomberg/Getty Imagesĭidi shares crash as China tightens the regulatory screws China expanded its latest crackdown on the technology industry beyond Didi to include two other companies that recently listed in New York, dealing a blow to global investors while tightening the governments grip on sensitive online data. The Didi ride-hailing app on a smartphone arranged in Beijing, China, on Monday, July 5, 2021.
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