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NetEase Cloud Music (09899.HK) reported revenue of RMB 7.76 billion for fiscal year 2025.February 11th - The National Health Commission and 11 other departments jointly issued the "Administrative Measures for the National Essential Medicines List" today. Compared with the previous document, the "Administrative Measures for the National Essential Medicines List" clarifies that adjustments to the types and quantities of essential medicines will be made based on changes in disease patterns, clinical application practices, changes in drug standards, and new drug launches, adhering to the principles of giving equal importance to traditional Chinese and Western medicine and prioritizing clinical application. It also comprehensively considers factors such as my countrys basic medical and health service needs, basic medical security levels, and drug supply security. The measures standardize the dynamic adjustment mechanism, strengthen the functional positioning of essential medicines, adhere to regular evaluation and dynamic management, and stipulate that the adjustment cycle should generally not exceed three years, with adjustments possible as needed.February 11th - The National Health Commission and 11 other departments jointly issued the "Administrative Measures for the National Essential Medicines List" today. Compared with the previous document, the "Administrative Measures for the National Essential Medicines List" adds legal and policy basis. It adds the "Basic Medical and Health Care and Health Promotion Law," the "Drug Administration Law," and other higher-level laws as legal basis, and aligns with policies such as the "Opinions of the General Office of the State Council on Improving the National Essential Medicines System" and the "Opinions of the General Office of the State Council on Further Improving the Supply and Price Stabilization of Shortage Drugs." The list structure is rationally optimized. National essential medicines are divided into chemical drugs and biological products, and traditional Chinese medicine (processed medicinal herbs and prepared Chinese medicines). Chemical drugs and biological products are mainly classified according to clinical pharmacology, while prepared Chinese medicines are mainly classified according to function.February 11th - According to Qichacha APP, Chery Automobile Co., Ltd. recently published its patent application for "a headrest integrating a brain-computer interface and a seat and automobile including the same".Russian Foreign Minister Lavrov: Russia appreciates the UAEs mediating role in the Ukraine issue, and Russian negotiators are continuing their work.

Crypto Market Daily Highlights – SOL Tumbles Out of Top Ten

Cory Russell

Nov 10, 2022 16:34

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For the top 10 cryptos on Wednesday, it was a bearish session. BNB and XRP led the crypto top ten losses, while SOL fell by 38.6% to drop out of the top ten. For the fourth session in a row, BTC saw losses. BTC dropped below $16,000 for the first time since November 2020, which is noteworthy.


On Wednesday, the midterm elections and the US economic calendar took a backseat. Following news that Binance had signed a Letter of Intent (LOI) on Tuesday, the market's attention was still on the FTX and Binance transaction.


However, Binance indicated it would not move forward with the acquisition after doing thorough due diligence.


"As a result of corporate due diligence, as well as the latest news reports regarding the handling of customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com," Binance said in a statement announcing its decision to pull out of the deal.


According to Bloomberg, Sam Bankman-Fried, the CEO of FTX, informed investors that there is a gap of up to $8 billion and that the business will have to declare bankruptcy absent a capital infusion.


Changpeng Zhao (CZ), CEO of Binance, summed up the situation by stating that "FTX going down is not helpful for anyone in the business. DON'T consider it a "victory for us." There is a serious loss of user confidence. Exchanges will be more closely inspected by regulators. Globally, obtaining a license will be more difficult. Because they believe we are the biggest, they will attack us more. Our level of openness, proof of reserves, insurance funds, etc., must be greatly increased. There will be a lot more in this area. We still have a lot of challenging work to do. not to mention the dramatic fluctuations in pricing.


Contagion risk and greater regulatory scrutiny will be a focus in the near future with FTX potentially declaring bankruptcy.


When speaking on the past 48 hours, SEC Chairman Gary Gensler said, "Investors suffer damaged when we don't rely upon the time-tested public policy guardrails."


The recent 48 hours' worth of cryptocurrency market developments caused a greater decoupling from the NASDAQ Composite Index. On Wednesday, the cryptocurrency market declined by 14% while the NASDAQ plummeted by 2.48%.


For the upcoming day, the news wires will continue to control the cryptocurrency market. The cryptocurrency market will likely experience a domino effect for a third day in a row. Investors can nonetheless cling to the dream of a last-minute agreement saving FTX from failure.

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