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    FirstFT: Credit Suisse-SoftBank relationship sours

    good morning.This article is our onsite version FirstFT Newsletter.Sign up for us Asia, Europe / Africa also Americas Edition for sending directly to your inbox on weekday mornings

    Credit Suisse is challenging the account of Masayoshi Son, the founder of SoftBank. Controversial transactions The Japanese group has hit Greensill Capital as the close relationships between former companies become more and more stringent.

    Swiss banks last month, backed by SoftBank’s $ 100 billion Vision Fund, Katerra, a California construction group that is also a customer of supply chain finance group Greensill, paid $ 440 million to wealthy customers. Beyond litigation launched in the United States.

    The controversy is focused on the urgent cash injection that Softbank has agreed to give to Greensill in late 2020. Greensill lent the struggling Katerra money that he had originally borrowed from a Credit Suisse customer.

    As part of the deal, Greensill agreed to cancel Katerra’s debt in exchange for a small stake in the construction group that filed for bankruptcy last June. Last year, the Financial Times revealed that $ 440 million in cash from Softbank did not reach Swiss bank customers.

    Thank you for reading FirstFT Asia.The rest of the news today is — Emily

    1. US and Russia agree to extend negotiations over Ukraine crisis Russia warned that if the West continued to ignore security demands, it would move away from diplomatic efforts to end the crisis in Ukraine, but agreed. Extend the talks this week..

    2. New Oriental fires 60 percent of workers New Oriental, an online tutoring company in China Dismissed 60,000 employees The group’s founders have said since Beijing banned the $ 100 billion annual private education industry from making a profit. Since the ban, New Oriental has lost 90 percent of its market value, like other US-listed Chinese online education companies.

    3. China’s tech stocks rise China’s tech stocks rebounded yesterday after starting the year with a week-long plunge.Hong Kong Hang Seng Tech Index 2.2% increase, Alibaba Health Information Technology has risen by nearly 11%, and short video platform Kuaishou’s Hong Kong-listed stock has risen by more than 10%. The Star 50 index for Shanghai-listed tech stocks has risen by about 1%.

    4. LG Energy Solution prepares IPO LG Energy Solution, the world’s second largest manufacturer of electric vehicle batteries, is preparing to raise $ 11 billion. One of the largest lists in Korea Because it fights Chinese rivals to dominate the market.

    5. Aung San Suu Kyi was sentenced to four years in prison Aung San Suu Kyi was sentenced by the Myanmar Arms Control Court as follows: 4 years in prison After she was convicted of three criminal cases, including the illegal import and possession of walkie-talkies.

    Coronavirus digest

    • Novak Djokovic Beat him Appeal for deportation From Australia over his Covid-19 vaccination exemption.

    • Hong Kong’s Pro-Beijing press and politicians Cathay Pacific After that crew Violated quarantine rules Then, the outbreak of Omicron started.

    • China Strengthening pandemic measures in Tianjin, a 14m city discover The first community infected a case of the Omicron coronavirus variant.

    • Reinfection Among those who captured Covid-19 in the early days of the pandemic Omicron Variant spread.

    • Novartis demand Prompt approval Ensovibep is a Covid-19 drug developed in collaboration with Molecular Partners of the biotechnology group, and strong test results have shown that it may help treat the disease.

    The day before

    World Economic Forum publishes Global Risks Report Cheerful markets and asset prices It was published in the report.. The soaring crypto price is also noteworthy. (Forbes)

    Australian retail sales Australian Bureau of Statistics December report About today’s retail sales. Economists expect even stronger results based on the 4.9% rise in October. (Australian Associated Press)

    What else are you reading

    Inside the Private Equity Public Competition Most of the industry was enriched during the pandemic, but some groups had a particularly good time. 11 listed private equity firms In 2021, it gained a total market value of nearly $ 240 billion. Today, more and more private buyout groups are rushing to enter the public market.

    N26 Co-founder: Wrong about global expansion and encryption Max Tayenthal told FT’s Olaf Storbeck that € 7.8 billion FinTech should have prioritized expanding its services over “flagging” in more countries.this Missed the cryptocurrency boom, Fight to justify its position as one of the most valuable fintechs in Europe. For other industry news, Fintech FT Newsletter It will be delivered on Monday.

    What happens when the Web3 bubble bursts? Web3 is built on Web 2.0, all about social media and user-driven content, taking it to the next level of utilities or hype, depending on your perspective.Lana Forohar argues that investors should Don’t pay too much attention to the Metaverse And more to those who are using capital to build future hard assets.

    Web3

    © Matt Kenion

    explainer: Fed prepares to shrink $ 9 trillion balance sheet The market is at stake as the Federal Reserve seeks to reduce its bloated bond holdings over the past two years. This is our guide How the Fed manages the process of reducing its securities portfolio and why it is important to the market.

    EU vs London Bankers and officials see a broader perspective as Britain celebrates the anniversary of its single market divorce.The city, not the big bang shift of the financial business to the EU Withstand slow puncture It can take decades to do that.

    Your feedback

    Last week we asked if countries should pursue a “zero-covid” policy. This is what our readers had to say:

    “Pursuing a zero-covid policy is essentially a wasteful and fragile strategy. Indeed, the country must be open, and when it is opened, a Covid infection will occur, so ultimately. , Is a flawed approach that makes the extreme measures so far meaningless. We sometimes admire the countries that seem to have succeeded in controlling the virus, but what the cost to their society is. Does it take? You need to adopt a more measured balance.

    Also, countries pursuing zero covids shamelessly reach out to other countries as they seek to benefit from their benefits by developing medical and social approaches to overcoming covids. It seems to be causing pain. The zero-covid approach works only if no other country is sealed and does not adopt the same approach (to understand this, you only have to witness a supply chain challenge). Probably the ultimate freeride? ” — AM, Hong Kong

    “Sadly, even the fact that we can talk about Zerocovid means it’s policy and therefore political. Certainly public health concerns are wrapped in it, but Beijing. Zero Covid’s main impetus for party leaders is to highlight their previous blockade and the success of their continued delivery of substandard vaccines. It is difficult to fail their blockade strategy, but Covid , Proved that more than a round-robin force is needed to stop Pandemic’s joint health and financial damage. True and impressive leadership, even as these facts admit scientific errors. We should also accept that the direction of policy must change with the evolving reality. ” Spencer Dington, Islington, London

    Thank you for reading. Added FirstFT To myFT. You can also choose to receive FirstFT push notifications every morning in the app.Send recommendations and feedback to firstft@ft.com

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