Finance

The Fall of Shanghai’s Dream to Become the ‘Future of Finance

On a chilly October day, the remnants of what was once Shanghai's most popular bar and restaurant are being sold off. Champagne glasses priced at Rmb28 ($4), waistcoats draped over a Rmb1,500 lime-green screen, and a framed 1930s poster leaning against the wall.

M on the Bund closed its doors for good in February 2022, during China’s Zero-Covid policy. By the time its contents were auctioned off last month, they had already become symbols of a bygone era.

For more than 20 years, the restaurant had been a favorite spot for business people, financiers, and visiting delegations in the rapidly growing city of over 20 million people. However, as Michelle Garnaut, the Australian restaurateur who founded the venue in 1999, remarks, if they were to visit Shanghai now, “they wouldn’t believe it’s the same place.”

More than 15 years after China promised to make Shanghai an international financial center, the city has failed to meet its initial expectations.

Once seen as the leading edge of China’s integration into the global economic system, Shanghai's recent unique status is now overshadowed by the deepening divide between Beijing and Washington.

TECH

Your Old Tech is a Security Risk: Why It’s Time to Let Go

The latest technology often comes with exciting new features, but upgrading can be expensive—not just in terms of cost, but also in terms of what you gain. Newer isn’t always better, especially if you’re content with your current devices.

However, there are times when upgrading to more modern equipment is crucial to avoid security risks, as D-Link has recently reminded its customers. The company has issued multiple warnings about vulnerabilities in older, end-of-life VPN routers, NAS units, and modems that can be exploited remotely. Over 100,000 affected devices are at risk of being compromised, with VPN routers and NAS boxes capable of executing malicious commands, and modems at risk of being fully taken over. D-Link has stated it will not release security patches for these older models, some of which date back over a decade. The company is urging customers to replace them with newer devices, a recommendation that applies not just to D-Link users but to anyone holding on to outdated technology.

For many, the idea of replacing seemingly functional devices can feel wasteful or unnecessary. But the unfortunate truth is that once a device becomes vulnerable to attacks, it’s no longer safe to use—even if it still appears to work.

CRYPTO

Bitcoin and Crypto Markets Lose $200 Billion in Sudden Panic Sell-Off

The price of bitcoin has plummeted to nearly $90,000, down from almost $100,000 on Monday. This market correction has erased roughly $200 billion from the total $3.2 trillion cryptocurrency market.

With a leaked report suggesting a potential major Wall Street disruption could impact bitcoin next year, traders are anxiously watching how much further the price could drop. Crypto billionaire Michael Novogratz has warned that bitcoin could fall as low as $80,000 before recovering.