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Ant IPO scrapped amid tensions with China

The Ant Financial IPO will not go forward as planned Thursday, as Chinese regulators cracked down on what would have been the largest public offering of all time.

Why it matters: Jack Ma, the founder of the Chinese payments giant, gave a major speech at the end of October railing against financial regulation both in China and in the West. That speech resulted in a dressing-down from Chinese authorities — and the end of Ma's dreams that Ant would be able to go public.


Background: The Ant IPO was set to become the largest IPO of all time, split between exchanges in Shanghai and Hong Kong. The Shanghai bourse blocked the listing on Tuesday, citing regulatory issues, and Ant then pulled its IPO entirely.

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Heat wave engulfs the West as Death Valley hits 130 degrees

About 30 million people are under excessive heat warnings or advisories as a heat wave sweeps the Western U.S., bringing potentially record-high temperatures on Sunday, according to the National Weather Service.

Why it matters: The heat wave comes after some regions in the Pacific Northwest saw temperature records shattered last month, with the same "heat dome" effect that is engulfing the West now, the New York Times reports. Human-caused climate change has exacerbated the frequency of these extreme heat events.

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The 116th Congress was the least productive since the 1970s

Data: Quorum; Chart: Andrew Witherspoon/Axios

"Twitter replaced floor debates in 2020," public affairs software firm Quorum writes in a new report, previewed by Axios, showing the 116th Congress as the least productive since the 1970s.

The big picture: Skyrocketing social media engagement and prolific numbers of bills filed that never went anywhere belie what happens when an increasingly divided and uncompromising Congress collides with an election-year pandemic.

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Apple's new Mac chip turns heads and promises bigger changes

For now, Apple's new M1 chip — fast, power-smart, and literally cool — is just a major hardware upgrade that's winning rave reviews.

But down the road, the M1 will pave the way for new Apple devices that could bridge the divide between Mac and iPhone/iPad computing and transform the devices we use every day.

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