Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:
(1) China's once-top builder turns into a penny stock as Biden calls the country's economy a "ticking time bomb".

(2) 35,000 tiny Chinese hedge funds could close under new regulations.

(3) UBS ends it's $10bn Credit Suisse loss protection agreement with the Swiss government.

(4) US inflation data leads the Fed's rate setters to favor another hold.