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Wells Fargo: Extremely bullish on the market outlook, predicting the S&P 500 will surge to 8600-8800 points by the end of 2027.1. The Zaporizhia nuclear power plant lost external power for the 20th time. 2. Zelenskyy threatened Belarus: withdraw border facilities within a week or we will take action ourselves. 3. Ukrainian President Zelenskyy warned that Russia is about to launch a large-scale attack on Ukraine. 4. According to RIA Novosti: Slovakia will meet most of its natural gas needs through supplies from Russia. 5. Ukrainian President Zelenskyy confirmed a drone attack on an oil refining facility in Russias Tumen region. 6. Deputy Chairman of the Russian Federation Security Council Medvedev: There are no longer any rules when dealing with Kyiv. 7. Local governor: Russian troops used glide bombs to attack Zaporizhia in southeastern Ukraine, killing 4 and injuring 6.June 21 (Observer) – British Prime Minister Keir Starmer is expected to resign and announce his departure timetable next Monday, but a government source says Starmer remains focused on his duties. Pressure on Starmers position has been mounting for months and intensified significantly on Friday after his political rival, Andy Burnham, won a seat in Parliament, enabling him to launch a formal leadership challenge. The Observer reports that Starmer is discussing the matter with his wife at his country residence, Chequers, and has not yet made a final decision, but several senior Labour Party members expect him to make a clear statement on his future as early as Monday. However, government sources emphasize that Starmer remains focused on fulfilling his duties as Prime Minister, citing his previous statements as evidence. More than 100 Labour MPs have publicly stated their desire for Starmer to resign or set a clear departure timetable, representing about a quarter of Labour MPs in the House of Commons.According to Reuters, British government sources say that Prime Minister Starmer is focused on fulfilling his duties.June 21st - According to the British newspaper *The Observer*, British Prime Minister Keir Starmer is preparing a timetable for his departure. This comes after Andy Burnham, who suffered a major defeat to the Reform Party in the Greater Manchester by-election and is scheduled to be sworn in as a Member of Parliament next Monday. His supporters claim that if Starmer does not resign, Burnham has secured the support of over 201 Labour MPs to challenge him for leadership. This number exceeds half of the Labour Party in Parliament, meaning Starmer can no longer demonstrate his confidence in the House of Commons to the King. It is reported that after several rounds of discussions with cabinet ministers, Downing Street advisors, union leaders, and party donors, Starmer has concluded that his position in power is no longer secure. Senior Labour figures believe that Starmer may issue a "clear statement" as early as Monday. A Labour MP close to Starmer said: “He has come to terms with reality. As he said, preventing ‘chaos’ is no longer possible by staying in office, so there is only one option left. I think he has seen it as a responsible choice for the country and the party.” Another senior Labour figure said that Starmer now appears to have “accepted” the reality of his resignation.

China Gaming Businesses Toe the Line, Clearing the Door to Lift Licensing Freeze

Aria Thomas

Apr 13, 2022 09:36

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While the timing of the easing was unexpected, sources and experts noted that businesses had gone over themselves in response to harsh criticism from authorities for noncompliance.


"This time around, regulations are unquestionably the tightest they've ever been," said Chenyu Cui, senior analyst at research firm Omdia. "Every organization is terrified of falling out of compliance."


According to a source at a gaming studio in which Tencent Holdings (OTC:TCEHY) is a significant stakeholder, the company was asked by Tencent to remove English phrases from the game, avoid the color red, and eliminate terms like "headshots" or "death" in order to comply.


Additionally, the studio delayed the title's worldwide release out of concern that it would be seen as a violation of Chinese regulations, the person said, refusing to be identified because he is not authorized to talk to the media.


During a similar license block in 2018, several projects – notably Tencent's Bladed Fury and Iris – chose to release their games.


Autumn - elsewhere, while the home crisis is handled.


Tencent did not respond to a request for comment.


China's officials have also been diligent in enforcing compliance in an industry previously dubbed "spiritual opium" by state media.


According to two individuals, firms were still able to submit games for approval throughout the ban and got frequent feedback on necessary improvements to their content or monetisation features.


According to a document reviewed by Reuters, a state-backed gaming group held a developer training session in September during which it emphasized that games must promote "a right set of values" and cannot feature violent or religious aspects.


According to Daniel Ahmad, senior analyst at Niko Partners, over 5,000 gaming businesses have now been linked to the country's anti-addiction system, several firms have altered in-game material, and non-compliant firms have been investigated and penalised by the appropriate agencies.


"Concerns have been handled satisfactorily," he said.


Tencent, NetEase (NASDAQ:NTES), and over 200 other companies promised to self-regulate in September to tackle gaming addiction.

HIT ON THE ECONOMIC SIDE

While businesses were reorganizing, Beijing could no longer ignore the deteriorating economic consequences of the gambling crackdown.


According to business registration company Tianyancha, some 14,000 video gaming-related businesses — including those engaged in retailing, advertising, and publishing – closed during the licensing freeze.


Some highly anticipated projects, such as Lilith Games' Eden Apocalypse, have also been delayed. A spokesman said that this was due to a shift in the direction of the firm.


According to three gaming industry insiders, numerous projects have been put on hold due to pressure to reduce their size and budget.


Tencent, a large employer of recent grads, said during its earnings call that it will decrease its recruiting pace, and Reuters reported that it and its peers intend to slash employment.


"They're doing this to safeguard employment," one industry executive told Reuters, refusing to be identified because he was not authorized to talk to the media.


National Press and Public Administration, the gaming industry's regulator, did not reply to a request for comment.

OUTSIDE VIEWS

On Tuesday, Chinese gaming stocks jumped on the regulatory relief, with some analysts claiming it demonstrated the government's commitment to the industry.


However, several expressed caution, noting that just 45 games were permitted this time, compared to the 80 to 90 that are typically approved once a month prior to the freeze.


And the situation has shifted dramatically, pushing some to diversify or perhaps abandon the Chinese market entirely.


Small gaming companies in China are exploring a transition to blockchain gaming in the West, even if it means quitting the Chinese industry, according to Greg Pilarowski, head of legal firm Pillar Legal.


"The present climate in China is really difficult for gaming firms," Pilarowski said. "As a result, many people are curious about how they might become involved in blockchain gaming... because cryptocurrency and blockchain have been very successful for a large number of individuals in the United States."

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