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VNET Group Slips 21%

Rishi Sunak To Become New British PM After Penny Mordaunt Drops Out Of Leadership Race

Former British finance minister Rishi Sunak is set to become the next prime minister after his lone remaining rival Penny Mordaunt dropped out of Conservative Party’s leadership raceo n Monday.

The 42 year old leader of Indian origin will become the first person of color and the youngest person to take the office in more than two centuries.

He became a junior minister in Theresa May’s government, and was later named the Chief Secretary to the Treasury and as the Chancellor by Boris Johnson.

Sunak lost a tight leadership race with Liz Truss last month.

He is scheduled to address the Conservative Parliamentary party at 2:30 p.m. local time (9:30 a.m. ET).

US Reports 8100 New Covid Cases

8100 new infections on Sunday took the total U.S. Covid cases to 97,198,630.

The total number of people losing their lives due to coronavirus infection in the country has risen to 11,067,686, as per Johns Hopkins University’s latest data.

U.S. hospitals reported a 1 percent decrease in the number of Covid patients in the last two weeks. The number of I.C.U. admissions due to the worse stage of the viral disease remained almost static.

26,798 people are hospitalized due to Covid. 3,204 of these patients are admitted in intensive care units. The nation’s current test positivity rate is 8.3 percent.

As per the latest data published by the Centers for Disease Control and Prevention, 226,594,560 Americans, or 68.2 percent of the eligible population, have been administered both doses of Covid vaccine so far. This includes 93 percent of people above 65.

49.1 percent of the eligible population, or 111,367,843 people, have already received a booster dose that is recommended to provide additional protection from the killer virus.

40.6 percent of the eligible population, or 26,796,838 people, have taken a second booster dose.

482 additional deaths were reported globally on Sunday, taking the total number of people who lost their lives due to the pandemic so far to 6,578,440.

I-225 south in Aurora closed after possible road rage shooting

A shooting stemming from a possible road rage incident closed Interstate 225 southbound for over an hour, the Aurora Police Department said on Twitter. The roadway was reopened about 7:50 a.m.

Police were dispatched to the interstate about 6:44 a.m. One man suffered non-life-threatening injuries in the shooting and was transported to the hospital.

The victim reported the shooting was possibly due to road rage, police said, but no suspect information was available.

Police said the road was closed while they locate evidence.

BIMI To Sell Chinese Business Chongqing

BIMI International Medical Inc. (BIMI), a Chinese healthcare products and services provider, said on Monday that it has inked a definitive deal to sell its unit Chongqing Zhuoda Pharmaceutical Co., Ltd., to three Chinese citizens, who previously sold Zhuoda to BIMI.

The move serves as part of the company’s strategy for the disposal of underperforming assets in China to further expand its business in the U.S.

The Chinese firm will sell all equity interests in Zhuoda that it previously purchased for 440,000 shares, whose purchase price was subject to post-closing payments based on performance in 2022 and 2023.

The 440,000 shares will be returned to BIMI as consideration.

The transaction is expected to be closed in the fourth quarter.

ZTO Express Slips 18% As Chinese Stocks Plunge After Xi Jinping Secures 3rd Term

Shares of ZTO Express (Cayman) Inc. (ZTO) are slipping over 18% on Monday, as almost all other Chinese stocks also were badly impacted after Chinese premier Xi Jinping secured his third term.

ZTO is currently trading at $17.49, down $3.95 or 18.42%, on the NYSE. The stock opened its trading at $19.11 after closing Friday’s trading at $21.44. The stock has traded between $17.44 and $34.82 in the past 52-week period.

Xi Jinping’s third term as Chinese President indicates no changes in policies straining relations with Washington and Beijing.

Baidu Falls After Xi Ping Gets Third Term

Shares of Baidu, Inc. (BIDU) are sliding more than 17 percent on Monday morning trade after the Chinese technology companies are badly hit after Chinese premier Xi Jinping secured his third term with much more control over the party and policy.

The stock has been on a decline for over a week. Currently, shares are at $74.42, down 18.42 percent from the previous close of $91.23 on a volume of 5,555,894.

Rishi Sunak To Become New British PM After Penny Mordaunt Drops Out Of Leadership Race

Former British finance minister Rishi Sunak is set to become the next prime minister after his lone remaining rival Penny Mordaunt dropped out of Conservative Party’s leadership raceo n Monday.

The 42 year old leader of Indian origin will become the first person of color and the youngest person to take the office in more than two centuries.

He became a junior minister in Theresa May’s government, and was later named the Chief Secretary to the Treasury and as the Chancellor by Boris Johnson.

Sunak lost a tight leadership race with Liz Truss last month.

He is scheduled to address the Conservative Parliamentary party at 2:30 p.m. local time (9:30 a.m. ET).

VNET Group Slips 21%

VNET Group, Inc. (VNET) shares are falling more than 21 percent on Monday morning trade as the Chinese technology companies are tumbling after Xi Ping secured his third term as Chinese President.

Currently, shares are at $4.25, down 20.41 percent from the previous close of $5.34 on a volume of 2,017,670.