DAX SHORT TERM TRADER: Small short at 12535; stop well above 12600. Target 11700. Chart from Analyst, Nicole Elliott – Investors Chronicle.

 

Anbang Insurance seized

Accused of ‘illegal business’

The Financial Times reports this morning that the Chinese government wrested control of aggressive dealmaker AnBang Insurance Group charging its former chairman with embezzlement and fundraising fraud. The insurance regulator added that some of the firm’s operations ‘may seriously endanger the company’s solvency’.

Wednesday @KylieJenner (she of the Kardashian-Jenner celebrity clan) Tweeted: ‘sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.’ Yesterday shares in the parent company Snap dropped 7 per cent at one point wiping $1.5 billion off the value of the firm. Meanwhile also yesterday Angry Birds game maker Rovio’s shares slumped by more than half on reduced forecasts from the firm. How fickle is social media?

Nicole Elliott

 

 

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