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A protest in support of Apple Daily newspaper outside China's Embassy in London, England, on Thursday. Photo: May James/SOPA Images/LightRocket via Getty Images

Hong Kong's Apple Daily will close within days because the pro-democracy newspaper's assets have been frozen under China's national security law, an adviser to the company's imprisoned founder Jimmy Lai told media Sunday night.

Why it matters: It's the latest blow to the democratic movement in the Asian financial hub, as Beijing continues to crack down on dissent under the law, which landed Lai and other pro-democracy leaders in jail and led to the arrest last week of five senior Apple Daily executives.

What's happening: Apple Daily reported Sunday that authorities had frozen the news outlet's assets and that its parent company Next Digital "only has enough cash to continue normal operations for several weeks."

  • In an interview with CNN, Mark Simon, an adviser to Lai, said the firm had about $50 million that it couldn't access because of the action.
  • Simon told Reuters that they initially believed the paper could "make it to the end of the month." But he said the situation was getting "harder and harder" and it's "essentially a matter of days."
"Vendors tried to put money into our accounts and were rejected. We can't bank. Some vendors tried to do that as a favor. We just wanted to find out and it was rejected."
— Simon to Reuters

Go deeper

Sep 22, 2021 - Technology

Facebook says Apple’s ad changes are hurting its business

Illustration: Rebecca Zisser/Axios

Facebook said Wednesday that changes to Apple’s new privacy terms will continue to cause headwinds for its ads business in the third quarter.

Why it matters: Facebook doesn’t typically provide these types of updates outside of earnings calls. The update signals to investors that the company is seeing numbers in the current quarter that reinforce previous warnings about impact from Apple’s changes.

Dan Primack, author of Pro Rata
7 mins ago - Economy & Business

All about the boards

Illustration: Brendan Lynch/Axios

It's been a bad week for the idea that boards of directors are bulwarks against C-suite malfeasance. On the other hand, it's been a good week for rubber stamp manufacturers.

Driving the news: The board of media startup Ozy Media chose not to investigate a blatant fraud perpetrated by one of its top executives against Goldman Sachs, which was in talks to invest in Ozy.

Updated 32 mins ago - Politics & Policy

Senators grill top Pentagon leaders over Biden's Afghanistan exit

Photo: Carolone Brehman/Pool/AFP via Getty Images

Defense Secretary Lloyd Austin, Joints Chiefs of Staff Chairman Gen. Mark Milley, and the head of U.S. Central Command, Gen. Frank McKenzie, are testifying before Congress for the first time since the chaotic U.S. withdrawal from Afghanistan.

The latest: Austin said in his opening statement that military leaders began planning for a non-combatant evacuation of Kabul as early as the spring, and that this is the only reason U.S. troops were able to start the operation so quickly when the Taliban captured the city. "Was it perfect? Of course not," Austin acknowledged.