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China boosts slowing economy, Trump media company raises $1B, Spotify removes some comedians’ work

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  • Donald Trump
    Donald Trump
    45th President of the United States

Yahoo Finance Live's Julie Hyman runs down several of the day's leading headlines.

Video Transcript

- China is cutting the amount of cash that banks must hold in reserve. That's in an effort to stimulate out of the economic slowdown that the country has been seeing. The People's Bank of China will cut the reserve requirement by 0.5 percentage points for most banks as of December 15. That should release $188 billion worth of liquidity, according to the PBOC statement. This is the second reduction this year as China looks to regain momentum in the manufacturing sector and fix its debt problems in the property market.

Digital World Acquisition corp want agreements to raise a billion dollars from unidentified investors following its SPAC merger with former President Donald Trump's new social media venture. Trump first announced plans for the deal in October as his new company Trump Media and Technology group looks to rival Twitter with a new social media platform called Truth Social, that aims to begin operating next year.

Meanwhile, though, Digital World just out with a regulatory filing a short while ago, that it got a request from FINRA about trading activity preceding that merger announcement, and also a request from the SEC regarding meetings of its board of directors, trading policies, and other matters. That's why as you just saw the stock, it's now trading lower after initially trading higher on the announcement of fundraising.

There have been a number of stocks now that are sort of associated with the Trump universe. One of them is Phunware, a software company that worked on the president's reelection campaign. That too is on the move downward at this point. And then there are some other stocks that are also associated. For example, a company making NFTs that are linked to President Trump, that are photos of President Trump. It's called Created, that stock also has been moving sort of in lockstep with these others.

And then Spotify, it's remove the work of hundreds of comedians from its platform as it battles over royalty payments. Tiffany Haddish, John Mulaney, other popular comedians have banded together to try to get paid a royalty on a copyright for jokes they wrote when they're played on other digital platforms like Spotify, YouTube, and Pandora. This group effort is largely led by global rights group, Spoken Giants.

Currently, comic's performances are controlled by their label. They aren't directly compensated as writers of their performances, which Spoken Giants is calling their literary rights. Spotify has taken down the content after reaching an impasse with Spoken Giants. This is kind of like publishing rights for musicians versus recording rights.

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