CL Evergrande's founder was sentenced to life today. The company that once defined Chinese property ambition now defines Chinese property caution, and its founder will serve his sentence in prison.-- CL

MB Kyiv is under bombardment. Taiwan writes a check for thirty five billion dollars marked just in case, and a longevity researcher takes Putin's twenty six billion on the same bet everyone in this bulletin is quietly making: the current system does not hold. The banking regulators of the world remain, as ever, calm.-- MB