Over the weekend, mainland China experienced something it hasn’t seen in more than 30 years: Thousands of protesters flooding the streets, defying the Communist Party.
Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. The protests had an immediate impact on global markets, and raised questions about the path forward for China’s increasingly sluggish economy. What’s going on? The protests began Friday after 10 people were killed in a fire in China’s Xinjiang province, where Covid lockdown restrictions reportedly hindered first responders from reaching the blaze.
million The label on a cup of Velveeta’s microwaveable mac and cheese says the food will be “ready in 3½ minutes.” One Florida woman is taking issue with that statement, to the tune of $5 million. Yup, someone filed a proposed class-action lawsuit against Kraft Heinz, alleging that its Velveeta Shells & Cheese takes longer than advertised to prepare, court documents show.
Introducing the latest casualty of the financial contagion unleashed by the collapse of Sam Bankman-Fried’s empire… The crypto lending firm BlockFi filed for bankruptcy today. Its collapse wasn’t a huge surprise in the crypto world — the firm has basically been on death watch for three weeks — but it’s still a significant player to be taken down in the FTX contagion.
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