Sunday, December 4, 2022

Your Big Take catchup

Get caught up this weekend.

Dec. 3, 2022

Protests against Covid restrictions spread across China as citizens took to the streets and university campuses, venting their anger and frustrations on local officials and the Communist Party. Source: /Bloomberg

China's Communist Party is grappling with sweeping protests around the country against its strict Covid-19 policy. After an apartment fire killed at least 10 people — a toll many attributed to coronavirus lockdowns blocking firefighters  — vigils for the dead turned into demonstrations challenging Covid Zero and in some cases Xi Jinping himself. Bloomberg Senior Executive Editor John Liu joined the Bloomberg Big Take podcast to describe the mood in Beijing. "If the protesters come out again in force, the possibility of confrontation is high," he said.  

Liu explained that the combination of a slowing economy, lockdowns and seeing crowds gathered for the World Cup have many people asking: Why can't life go back to normal in China?

In the US, higher than expected wages in the November employment report rattled markets and renewed worry about persistent inflation. The data showed that even though workers in some industries are being laid off in droves, in other areas, hiring is humming. That split could be a glimmer of hope: If the world tips into recession, it seems likely many workers will be able to keep their jobs. It's a unique economic situation.  

Other features from the week: TikTok's algorithm has helped make it the most downloaded app in the world. People simply can't get enough of the platform and viral challenges. But dangerous dares can turn deadly when underage kids easily bypass restrictions to access the platform. So why isn't TikTok doing more? Don't miss the documentary with the story. 

A photograph of Arriani Arroyo in her family's home in July. Photographer: Dave Kasnic for Bloomberg Businessweek

In a warning to other nations loosening gambling rules: The UK threw open its doors to online gambling a few years ago. It's proving a lot harder to close those doors as gambling addiction and debts climb

India is placing a big bet that without government bureaucracy, its free-market city will become the next Singapore or Dubai

Cattle graze by a new development in Gift City Photographer: Zishaan Akbar Latif for Bloomberg Markets

Quote of the Week

"When all is said and done, what matters is your actual realized impact. Like, that's what actually matters to the world. But, obviously, there's luck."
Sam Bankman-Fried
ex-CEO of crypto firm FTX
Bankman-Fried invited Businessweek to his Bahamas penthouse. Eleven hours later here's what we learned

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