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summarize: (Bloomberg) -- Microsoft Corp. is teaming up with labor unions to create “an open dialogue” on how artificial intelligence will impact workers.
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The software giant is forming an alliance with the American Federation of Labor and Congress of Industrial Organizations, which comprises 60 labor unions representing 12.5 million workers, the companies said in a joint statement on Monday.
Under the partnership, Redmond, Washington-based Microsoft will provide labor leaders and workers with formal training on how artificial intelligence works. The learning sessions will start in the winter of 2024, according to the statement. Microsoft will also begin gathering feedback from labor groups and will focus on unions and workers in “key selected sectors.”
The initiative marks the first formal collaboration on AI between labor unions and the technology industry and coincides with growing concerns that artificial intelligence could displace workers.
At an event in Washington announcing the partnership, Microsoft President Brad Smith said the goal is to bring both groups to the table to “enhance” the way people work.
“I can’t sit here and say that AI will never displace a job. I don’t think that would be honest,” he said. “AI is well-designed to accelerate and eliminate some of the parts of people’s jobs that you might consider to be drudgery.”
“By working directly with labor leaders, we can help ensure that AI serves the country’s workers,” he said.
The alliance’s goals include “sharing in-depth information with labor leaders and workers on AI technology trends, incorporating worker perspectives and expertise in the development of AI technology” and “helping shape public policy that supports the technology skills and needs of frontline workers.”
“This partnership reflects a recognition of the critical role workers play in the development, deployment and regulation of AI and related technologies,” said AFL-CIO President Liz Shuler, who called the collaboration “a groundbreaking” and “historic” alliance.
In a related development, Microsoft agreed to include language governing its use of AI in a contract covering a few hundred staff at the company’s video game studio ZeniMax. The tentative agreement is part of negotiations with the Communications Workers of America, the first US collective bargaining in Microsoft’s history.
The language incorporates Microsoft’s six previously announced AI principles, which commit the company to ensuring the systems “treat all people fairly” and “empower everyone and engage people.” In the new agreement, which was viewed by Bloomberg News, Microsoft commits to applying “these AI principles across all of our AI technologies to help employees achieve greater productivity, growth and satisfaction in the work they do.”
Microsoft didn’t provide comment in response to inquiries about the AI contract language.
--With assistance from Josh Eidelson.
(Updates with details throughout.)
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©2023 Bloomberg L.P.
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(Bloomberg) -- Microsoft Corp. is teaming up with labor unions to create “an open dialogue” on how artificial intelligence will impact workers. Most Read from BloombergAbu Dhabi Is the World’s Newest Wealth Haven for BillionairesIndia Court Upholds Modi’s Move to Scrap Kashmir’s AutonomyBitcoin’s 2023 Rally Frays During Brief 7.5% Drop Toward $40,000Jack Ma’s Biggest E-Commerce Rival Is Coming for AmazonA Record High Is in the Cards for US Stocks in 2024The software giant is forming an alliance
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summarize: Graphics card giant Nvidia’s (NVDA) plans to buy Arm, which licenses chip designs, looks all but dead after the Federal Trade Commission sued to block the deal on Thursday. The move is just the latest blow to the $40 billion deal and would seem to strike the final blow to a deal that would have been one of the largest chip industry mergers in history.
Nvidia’s stock, however, was up slightly on the news late Thursday, though it was down Friday along with the broader market. That could point to a recognition among investors that the deal with U.K.-based Arm was on life support as is and unlikely to go through.
Susquehanna senior equity analyst Chris Rolland told Yahoo Finance after Nvidia’s Q3 earnings in November that the deal’s demise was already built into Nvidia’s stock price.
Rolland further explained that Nvidia leadership’s own language during its Q3 earnings call seemed to point to an expectation that the acquisition would fail.
“I think some of the commentary [on Wednesday] kind of puts the final nail in the Arm coffin here,” Rolland said.
In its suit, the FTC says that the Nvidia deal would give one of the largest chip companies power over technology that rivals depend on to build their own chips.
“The FTC’s complaint alleges that the combined firm would have the means and incentive to stifle innovative next-generation technologies, including those used to run data centers and driver-assistance systems in cars,” the commission said in a statement.
Nvidia responded to the suit via a spokesperson’s statement saying: “As we move into this next step in the FTC process, we will continue to work to demonstrate that this transaction will benefit the industry and promote competition.”
The FTC’s suit comes after the U.K.’s competition commission launched an in-depth probe into the proposed deal. China and the E.U. would also need to sign off on the acquisition. Industry leaders like Qualcomm (QCOM), Intel (INTC), Microsoft (MSFT), and Google (GOOG, GOOGL) — which rely on Arm’s designs to build their own chips — have all come out against the deal.
In an interview with Yahoo Finance, Nvidia CEO Jensen Huang pressed the case for the Arm acquisition saying, “The benefit of Arm being part of Nvidia is that we could accelerate their R&D scale.”
The loss of the Arm deal wouldn’t necessarily hurt Nvidia, though. The company already builds processors based on Arm’s designs and can continue to do so into the future. No, it won’t reap the rewards of charging competitors to use Arm’s designs, but it also won’t face any setbacks in its production pipeline.
What’s more, Nvidia is a graphics and AI company. It will be more interesting to see how the company can innovate in those areas, such as how it’s using its Omniverse to teach self-driving cars how to maneuver on streets.
So while the Arm deal looks finished, it’s not exactly a total loss for Nvidia.
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Nvidia's $40 billion planned Arm acquisition was dealt a blow by the FTC, but losing the deal isn't a massive loss for the company.
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summarize: TipRanks
J.P. Morgan likes these 2 top dividend stocks yielding as high as 13% — they’re attractively valued and provide growth upside to boot
Spring is coming up , and investors will need to break out the crystal ball when looking at the market conditions. There’s a growing consensus that even though inflation is down from last summer’s peak, it has plateaued at a high level. Watching the situation from banking giant JPMorgan, CEO Jamie Dimon takes the view that we won’t be getting back to the Fed target of 2% any time soon. Furthermore, while Dimon hails an economy that is “doing quite well” with plenty of jobs to go round, he also s
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Wall Street Bulls Look Optimistic About Ares Capital (ARCC): Should You Buy?
According to the average brokerage recommendation (ABR), one should invest in Ares Capital (ARCC). It is debatable whether this highly sought-after metric is effective because Wall Street analysts' recommendations tend to be overly optimistic. Would it be worth investing in the stock?
TheStreet.com
GE Stock Is Flying: Here's Why Its Best Prospect for Growth Is Aerospace
GE, now sans GE Healthcare Technologies , reaffirmed its fiscal year 2023 guidance with organic revenue growth still expected to post in the high-single-digit range, adjusted EPS still expected to land in between $1.60 and $1.95, and free cash flow generation of $3.4B to $4.2B. The firm went a step further in reaffirming guidance for both GE Aerospace and GE Vernova. For GE Aerospace, organic revenue growth is seen in the mid-to-high teens, operating profit is seen at $5.3B to $5.7B, and free cash flow is expected to grow.
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Aspo PlcAnnouncement 9.3.2023 Aspo Plc: Share Repurchase 9.3.2023 In the Helsinki Stock Exchange Trade date9.3.2023 Bourse tradeBuy ShareASPO Amount2,094SharesAverage price/ share8.3011EURTotal cost17,382.50EUR Aspo Plc now holds a total of 64 344 shares including the shares repurchased on 9.3.2023 On behalf of Aspo Plc Nordea Bank Oyj Janne SarvikiviSami Huttunen Further information, please contact: Arto Meitsalo, CFO, Aspo Plc, tel. +358 40 5511 422, [email protected] www.aspo.com Attachm
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summarize: IRVINE, Calif., July 25, 2022 /PRNewswire/ -- Panasonic Avionics Corporation (Panasonic Avionics) today announced several new executive appointments following the successful launch of its new in-flight entertainment (IFE) seat-end solution, Astrova. The company's announcement comes amid a broad recovery for the airline industry and sustained increases in passenger traffic.
Ken Sain, Chief Executive Officer of Panasonic Avionics, said, "Panasonic is entering this period of renewed industry demand from a position of innovation and strength. Our new Astrova product has been enthusiastically received by our customers and is but one example of how we have transformed our business to better develop our products and serve our customers. I am confident that the leadership changes that we are announcing today will build on this momentum."
The Company announced that Satyen Yadav will join Panasonic Avionics as Chief Technology Officer on August 8, 2022. Yadav will be responsible for leading all aspects of the company's software and systems engineering teams, cloud, hardware, and IT/security. He will serve as a key member of Panasonic Avionics' executive team and be directly responsible for an organization of over 800 employees spread across Panasonic's Irvine, California headquarters, as well as the Bay Area office and other global locations. Yadav joins Panasonic Avionics from Compute North, a leader in sustainable data centers. Prior to that role, he served as Global Chief Technology Officer for Boeing Digital Solutions and Analytics business. He succeeds Joe Bentley, who has held the position since July, 2020 and is leaving the company at the end of the month.
John Wade will join the company as Vice President, Connectivity Solutions on August 1, 2022. Wade will be responsible for the overall strategy, performance, and day-to-day operations of the Connectivity business unit. He will oversee a team of network capacity engineers and satellite experts, while working very closely with sales, engineering, and product management to drive revenue and support airlines worldwide. Wade is an industry-recognized expert who most recently served as the President of Commercial Aviation at Intelsat, which acquired GoGo's Business Aviation business in 2020.
Panasonic Avionics also announced that Tom Eskola will take on a new role as Vice President, Panasonic Technical Services. Eskola brings to this position a deep knowledge of Panasonic and commitment to its customers. He joined the company more than ten years ago and most recently served as Vice President and General Manager of the Europe, Middle East, and Africa region (EMEA). Eskola will continue his EMEA responsibilities until the company names his replacement.
Eskola succeeds Sean Gavin. Gavin had a successful 14-year career with Panasonic and will be leaving the company in mid-August.
About Panasonic Avionics Corporation
Panasonic Avionics Corporation is the world's leading supplier of in-flight entertainment and communication systems. The company pioneered the industry beginning in 1979 and has consistently introduced innovations that enable unique customer experiences and enhance airline loyalty (NPS), ancillary revenue, and operational efficiency.
Leading airlines across the world have chosen to install Panasonic Avionics IFE systems on more than 15,000 commercial aircraft and satellite Wi-Fi connectivity on over 3,400 aircraft. Panasonic Avionics' proven systems power approximately 70% of the global IFE-equipped fleet and is supported by the largest, global support and services team utilizing OEM insights to ensure peak system performance.
Panasonic Avionics Corporation is headquartered in California with over 3,500 employees and operates in 50 locations around the globe.
For additional information, please visit www.panasonic.aero
View original content:https://www.prnewswire.com/news-releases/following-successful-launch-of-new-innovative-in-flight-entertainment-system-astrova-panasonic-avionics-announces-executive-appointments-301592540.html
SOURCE Panasonic Avionics Corporation
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Panasonic Avionics Corporation (Panasonic Avionics) today announced several new executive appointments following the successful launch of its new in-flight entertainment (IFE) seat-end solution, Astrova. The company's announcement comes amid a broad recovery for the airline industry and sustained increases in passenger traffic.
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summarize: Jeff Bezos, the billionaire founder of Blue Origin, is offering to knock up to $2 billion off the cost of developing a lunar lander and to self-fund a pathfinder mission in exchange for a NASA contract.
The specific contract in question relates to developing a lunar lander for the Human Landing System program, which aims to return humans to the moon for the first time since the Apollo days. NASA announced in April 2020 that Blue Origin, SpaceX and Dynetics were chosen for the initial phase of the contract, and it was thought that the competition would likely be whittled down to two final companies to build lunar landers. As TechCrunch’s Darrell Etherington notes, it’s not uncommon for NASA to select two vendors, as it did when it awarded both Boeing and SpaceX contracts under its Commercial Crew program.
But a year later, in a move that veered from historical practice, NASA announced it had selected just one company for the contract: SpaceX. That company, headed by Elon Musk, proposed a $2.89 billion plan for its lander – around half of Blue Origin’s $5.99 billion proposal. Bezos is now offering to cut that price tag by $2 billion.
In a document obtained by The Washington Post explaining the rationale behind selecting a sole vendor for the HLS contract, NASA admits that it’s “current fiscal year budget did not support even a single [contract] award.” In response, SpaceX updated its payment schedule so it would fit “within NASA’s current budget.” That the agency has severe budgetary constraints is no secret: Congress approved just $850 million for the HLS program in fiscal year 2021, far short of the $3.4 billion NASA requested.
Enter Bezos’ open letter to NASA Administrator Bill Nelson, which addresses the budget issue directly. He writes that the proposed incentives would remedy “perceived near-term budgetary issues” with the Human Landing System Program, which caused NASA to select a single company instead of two.
“Instead of investing in two competing lunar landers as originally intended, the Agency chose to confer a multi-year, multi-billion-dollar head start to SpaceX,” Bezos says in the letter. “That decision broke the mold of NASA’s successful commercial space programs by putting an end to meaningful competition for years to come.”
This is not the first time that Blue Origin has publicly questioned NASA’s decision to go with just one vendor. The company, along with Dynetics, filed protests with the Government Accountability Office just one week after the award was announced. Blue Origin argued that the contract requirements did not give companies an ability to “meaningfully compete.” GAO must rule on the protest by August 4.
Blue Origin and Dynetics are not the only entities to support two contract awards. The Senate recently passed a bill that would, among other things, require NASA to select two companies for the HLS lander – and the extra funds to do so, SpaceNews reported. Not every lawmaker was happy about the inclusion of the extra funding, however: Senator Bernie Sanders called it a "Bezos bailout," but was ultimately unsuccessful in getting the extra funding stripped from the bill.
“We stand ready to help NASA moderate its technical risks and solve its budgetary constraints and put the Artemis Program back on a more competitive, credible, and sustainable path,” Bezos said.
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Jeff Bezos, the billionaire founder of Blue Origin, is offering to knock up to $2 billion off the cost of developing a lunar lander and to self-fund a pathfinder mission in exchange for a NASA contract. The specific contract in question relates to developing a lunar lander for the Human Landing System program, which aims to return humans to the moon for the first time since the Apollo days. NASA announced in April 2020 that Blue Origin, SpaceX and Dynetics were chosen for the initial phase of the contract, and it was thought that the competition would likely be whittled down to two final companies to build lunar landers.
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summarize: (Bloomberg) -- The Committee on Foreign Investment in the US is reviewing Mubadala Investment Co.’s planned takeover of Fortress Investment Group amid concerns over the United Arab Emirates’ ties to China, the Financial Times reported.
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The review by the inter-governmental agency, which vets whether deals can harm national security, is in its early stages and a decision is not expected for several months, the newspaper said, citing unidentified people close to the situation.
A representative for Mubadala said the fund has applied for CIFIUS review, which is standard, and is working with the appropriate regulatory officials as it has before.
A representative for Fortress declined to comment to the FT. The US Treasury, which oversees the CFIUS process, told the newspaper it didn’t comment on transactions that it “may or not be reviewing” but added that it was “committed to taking all necessary actions within its authority to safeguard US national security.”
In May, the Abu Dhabi sovereign wealth fund and New York-based Fortress Investment Group agreed to buy 90% of the equity held by Japanese conglomerate SoftBank Group Corp. in the US asset manager.
If the deal goes ahead, Mubadala would own 70% of the equity in Fortress, while Fortress management would hold a 30% equity interest and a class of equity entitling it to appoint a majority of seats on the board.
The companies didn’t disclose terms at the time. Bloomberg News has reported that the deal could potentially value the company at more than $2 billion.
Buoyed with cash from last year’s commodity boom, Abu Dhabi — one of few cities globally to manage over $1 trillion in sovereign wealth — is seeking to extend its influence on the global stage, investing billions of dollars to diversify its economy away from crude.
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©2023 Bloomberg L.P.
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(Bloomberg) -- The Committee on Foreign Investment in the US is reviewing Mubadala Investment Co.’s planned takeover of Fortress Investment Group amid concerns over the United Arab Emirates’ ties to China, the Financial Times reported.Most Read from BloombergThe Bear Market Has Nearly Been Erased, Fewer Than 20 Months After It BeganPutin Warns Poland Over ‘Aggression’ Against Ally BelarusUS Recession Becomes Closer Call as Economists Rethink ForecastsWhy South Africa Is on the Brink of ChaosOil
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summarize: It's fall, and new gadget season has officially begun! This week, Cherlynn and Devindra dive into all of Microsoft's new hardware: The Surface Laptop Studio, Pro 8 and Duo 2. Also, Commerce Editor Valentina Palladino joins to chat about the iPhone 13, 13 Mini and her iPad Mini review. And of course, we carve out some time to yell at Facebook.
Listen below, or subscribe on your podcast app of choice. If you've got suggestions or topics you'd like covered on the show, be sure to email us or drop a note in the comments! And be sure to check out our other podcasts, the Morning After and Engadget News!
Engadget · Everything Microsoft Surface + iPhone 13, iPad Mini reviews
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The best of Microsoft’s Surface event: Surface Laptop Studio – 3:51
Surface Pro 8 – 16:26
Surface Duo 2 – 22:33
iPhone 13 and mini reviews: it’s all about the cameras – 33:05
iPad Mini review: cute and functional – 48:45
Fitbit Charge 5 review – 1:02:38
The European Union wants all phones to charge via USB-C – 1:07:30
Amazon announces bigger, brighter Kindle Paperwhite – 1:12:39
Facebook announces portable Portal / Wall Street Journal’s Facebook files – 1:13:11
Working on – 1:19:41
Pop culture picks – 1:22:35
Video livestream
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It's fall, and new gadget season has officially begun! This week, Cherlynn and Devindra dive into all of Microsoft's new hardware: The Surface Laptop Studio, Pro 8 and Duo 2. (RIP, Surface Book.)
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summarize: Google Inc., the popular American search engine, was founded in 1998 by Larry Page and Sergey Brin. Originally titled Backrub, the two then-Stanford University graduate students built the engine in their college dorms, according to Google. The name is a play on the math term “googol,” which is the number one followed by 100 zeros. Google went public in 2004 and since then has grown to be the world’s most visited website, with 89 billion visits in April 2022.
Who owns Google?
The company changed its name again in 2015 to Alphabet Inc., and now functions as a technology conglomerate owning Google and its subsidiaries. Insider reports Alphabet is structured into two parts: Google, and Other Bets, which focuses on the company’s other business ventures. Some of these companies include FitBit, Waze and YouTube.
FitBit, a more recent acquisition, focuses on fitness technology. Known for wearable activity trackers that monitor various heart rates, breathing rates and sleep cycles, it joined Alphabet’s roster in early 2021.
YouTube is a video sharing platform where users around the world stream 694,000 hours of content every minute. Google acquired YouTube in 2006, a little over a year after it began. Google and YouTube’s services intertwine. For example, users must create a Google account to join YouTube.
Did someone say YouTube?
Want to comment on a video?: Here is how to create a YouTube channel
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The Waze app is a free navigation smartphone tool used by drivers internationally. It offers real-time alerts on traffic delays and accidents, enhanced by information from drivers using the app.
In a 2019 letter, Page and Brin announced they were stepping down from Alphabet as the CEO and President, respectively, and taking on “the role of proud parents.” As of June 2022, Sundar Pichai is CEO of Google Inc. while Page and Brin are still on Alphabet’s board.
SCRUB IT FROM GOOGLE: Now you can remove personal information, including phone number, from search results
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DO YOU USE GOOGLE CHROME? You will want to make this software update
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Google is one the biggest companies in the world. But who owns Google? It's owned by the same company that owns Waze, YouTube, and FitBit.
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summarize: (Bloomberg) -- The rand’s flying start to 2019 may be just the beginning, according to Goldman Sachs Group Inc.
The South African currency is heading for its biggest January gain against the dollar since Bloomberg started compiling the data in 1999. And with expected volatility near an eight-month low, traders are discounting local stumbling blocks in coming months, including a budget speech, ratings review and election.
The rand has been buoyed by a more dovish Federal Reserve and hopes for a trade deal between the U.S. and China that would ease concerns about global growth. South Africa’s inflation has moderated, growth is set to pick up and the government is taking steps to eradicate corruption, consolidate sovereign debt and support the ailing state-owned electricity company, Eskom Holdings SOC Ltd.
“Concerns about Eskom have been weighing on South African assets, so comments from government officials about a plan to stabilize Eskom have been welcomed by rates and also FX markets,” Goldman Sachs strategists led by Zach Pandl said in a report dated Jan. 27. “We remain constructive on the currency and local rates on expectations that the negative output gap and a reform-oriented government will keep the growth/inflation mix favorable.”
The rand has gained 5 percent against the dollar in January, trailing only Russia’s ruble among emerging-market peers. That’s pared some of last year’s 14 percent drop, and brought the currency back to levels last seen before the August sell-off across developing nations.
Goldman’s strategists say rand volatility remains a concern, with next month’s annual budget seen as a significant risk factor, along with elections scheduled for May. But one-month implied volatility for the rand versus the dollar is hovering near an eight-month low after dropping more than a percentage point last week, suggesting traders anticipate price swings to narrow over the period including the budget statement.
The premium of options to sell the currency over those to buy them, known as the 25 Delta risk reversal, has narrowed to the lowest since August. The rand weakened 0.3 percent to 13.6610 per dollar by 3:25 p.m. in Johannesburg after last week’s 1.7 percent gain.
(Updates with rand move in final paragraph.)
--With assistance from Paul Wallace.
To contact the reporter on this story: Robert Brand in Cape Town at [email protected]
To contact the editors responsible for this story: Dana El Baltaji at [email protected], Srinivasan Sivabalan, John Viljoen
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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The South African currency is heading for its biggest January gain against the dollar since Bloomberg started compiling the data in 1999. The rand has been buoyed by a more dovish Federal Reserve and hopes for a trade deal between the U.S. and China that would ease concerns about global growth. South
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summarize: Florida is calling on the US' highest court to settle the dispute over social media speech regulation. The Washington Post notes the state's attorney general has petitioned the Supreme Court to determine whether or not states are violating First Amendment free speech rights by requiring that social media platforms host speech they would otherwise block, and whether they can require explanations when platforms remove posts.
In making its case, Florida argued that the court needed to address contradictory rulings. While a 5th Circuit of Appeals court upheld a Texas law allowing users to sue social networks for alleged censorship, an 11th Circuit of Appeals court ruled that Florida was violating the First Amendment with key parts of a law preventing internet firms from banning politicians.
The backers of the Florida and Texas laws have argued that the measures are necessary to combat alleged censorship of conservative views on platforms like Facebook and Twitter. Legislators have contended that social networks are common carriers, like phone providers, and thus are required to carry all speech that isn't otherwise illegal. The companies, meanwhile, believe laws like these are unconstitutional and would force them to host hate speech, hostile governments' propaganda and spam. They say the constitutional amendment is meant to protect against government censorship, and that private outlets have the right to decide what they host.
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Florida has petitioned the Supreme Court to rule on whether states can make social media platforms host speech.
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summarize: (Bloomberg) -- Retail shareholders who bought into Westpac Banking Corp.’s capital raising before the lender was accused of the biggest breach of money-laundering laws in Australian history have been given the option of getting their money back.
Westpac said Thursday that after discussions with the securities regulator, retail investors who had applied for shares before the allegations were aired had until Dec. 6 to change their mind.
The bank earlier this month sold A$2 billion ($1.35 billion) of stock to institutional investors at A$25.32 apiece, and is seeking to raise a further A$500 million from retail shareholders. The shares closed Wednesday at A$24.81, and have fallen 6.6% since the laundering scandal broke.
The bank has been rocked by the allegations, which the Australian Transaction Reports and Analysis Centre alleges occurred due to “indifference by senior management and inadequate oversight by the board.” Despite initially trying to tough it out, Chief Executive Officer Brian Hartzer quit on Tuesday and Chairman Lindsay Maxsted said he will step down early next year.
Read more: Why Heads Are Rolling At Another Big Australian Bank
In addition to the Austrac investigation, at least three other regulators are now looking into the case: the Australian securities and prudential regulators and the New Zealand central bank. Class action lawyers are also circling to see whether the bank’s disclosures ahead of the capital raising revealed sufficient detail about its interactions with the financial crimes agency.
Westpac has warned investors ahead of the share sale that it was being investigated by Austrac over a failure to report a large number of transactions. It said some of the funds raised could be used for potential litigation or regulatory action.
However, there have been questions about whether those disclosures adequately captured the scope the allegations it’s facing. The Australian Financial Review reported Thursday that the Australian Securities and Investments Commission would look into whether Westpac met its continuous disclosure obligations ahead of the capital raising.
A spokesman for ASIC said that while the agency has commenced an investigation into Westpac it hasn’t specified any particular law or focus of that investigation.
The share offer to retail investors closes Dec. 2. The retail offer price will be the lesser of the A$25.32 institutional sale price, or a 2% discount to the volume-weighted average price in the five days up to Dec. 2.
To contact the reporter on this story: Emily Cadman in Sydney at [email protected]
To contact the editors responsible for this story: Marcus Wright at [email protected], Peter Vercoe
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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(Bloomberg) -- Retail shareholders who bought into Westpac Banking Corp.’s capital raising before the lender was accused of the biggest breach of money-laundering laws in Australian history have been given the option of getting their money back.Westpac said Thursday that after discussions with the securities
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summarize: (Bloomberg) -- Ant Group Co. is considering selling some of its shares in the operator of Indian financial technology firm Paytm to keep its holding within a required threshold, according to people familiar with the matter.
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The Chinese fintech giant has been discussing options to reduce its stake in One 97 Communications Ltd. after its share percentage increased passively due to share buybacks, the people said, requesting not to be identified because the matter is private.
Talks are preliminary and details could change depending on regulatory and pricing concerns, the people added. Ant didn’t immediately respond to emailed requests for comment. Paytm declined to comment.
The deliberations follow Ant affiliate Alibaba Group Holding Ltd.’s sale of its stake in Paytm, as the e-commerce giant pared back investments in India amid growing geopolitical tensions. Ant’s sale would be for technical and not political reasons, the people added.
Ant held 24.86% of One 97 as of December, but its holdings rose above 25% after the repurchase reduced the number of shares outstanding, one of the people said. Ant has a 90-day window to cut its stake after the completion of the buyback on Feb. 13, the person added. One 97 announced a buyback of as much as 8.5 billion rupees ($100 million) in December.
While Ant plans to pull back, Indian telecommunications tycoon Sunil Mittal is seeking a stake in Paytm by merging his financial services unit into the fintech giant’s payments bank, according to people with knowledge of the matter.
Mittal seeks to fold Airtel Payments Bank into Paytm Payments Bank in a stocks deal and is also seeking to buy Paytm shares from other holders, the people said, asking not to be identified discussing private information. Talks are in early stages and Airtel and Paytm may not reach a deal, the people added.
Ant has invested in 10 fintech wallets outside of mainland China, with the aim of building a network of payment services across Asia.
In China, Ant is awaiting a green light to apply for a financial holding company license that would ensure it can continue its fintech operations. In a sign of progress, regulators recently allowed the firm’s consumer lending affiliate to increase capital.
Billionaire Jack Ma, who has largely remained out of public sight, has said he will cede control of Ant amid a broader retreat, but still holds shares in the company.
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(Bloomberg) -- Ant Group Co. is considering selling some of its shares in the operator of Indian financial technology firm Paytm to keep its holding within a required threshold, according to people familiar with the matter. Most Read from BloombergHow Biden’s Shock-and-Awe Tactic Is Failing to Stop RussiaChina Cease-Fire Proposal for Ukraine Falls Flat With US, AlliesApple Makes Major Progress on No-Prick Blood Glucose Tracking for Its WatchTrump 2020 Fraud Backer Sidney Powell’s Texas Ethics Ca
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summarize: (Bloomberg) -- Jeff and MacKenzie Bezos’s split has created a puzzle for index investors: Who gets their stock in Amazon.com Inc.?
Regulatory filings show Jeff Bezos owns almost 79 million shares of the company, worth about $130 billion as of yesterday. If MacKenzie takes a chunk in a settlement -- or either party needs to liquidate their assets to meet divorce expenses -- those could become part of the company’s freely traded stock. In turn, that could boost the company’s weighting in indexes including the S&P 500 -- sending tracker funds on a small Amazon shopping spree.
“From the perspective of the index, you’d need to a sell a little of everything else and buy some Amazon,” said David Dziekanski, a portfolio manager at Toroso Investments. “The equity markets will absorb any Amazon additional shares without much impact on price.”
It’s a speculative yet pertinent question, given that about $3.4 trillion is pegged to the S&P 500, and another $6.5 trillion uses the gauge as a benchmark. That’s put the wonky methodology governing indexes like the S&P 500 center stage. The gauge uses a company’s float, rather than the total number of shares outstanding, to determine its weight in the index, and it calculates the float by excluding shares owned by the company’s officers and directors as well as individuals owning 5 percent or more of a company.
Amazon’s allocation is therefore adjusted down to exclude Jeff Bezos’s 16 percent stake. If MacKenzie Bezos walks away from the marriage with 24 million of those shares -- just under S&P’s 5 percent threshold -- Amazon’s float could grow, lifting the company’s slice of the index and potentially generating an $6 billion reshuffling of investments from index trackers needing to bolster their positions.
But S&P methodology also excludes shares owned by “related individuals” of company officers and directors from its float calculation. The index provider declined to comment on whether that category would include ex-spouses, with a spokeswoman adding that the firm doesn’t typically comment on individual companies.
More simply, the float could grow if either Bezos sells shares to raise cash. Because let’s face it, even Amazon can’t make divorces cheap.
--With assistance from Brian Welcher.
To contact the reporter on this story: Rachel Evans in New York at [email protected]
To contact the editors responsible for this story: Jeremy Herron at [email protected], Chris Nagi
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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Regulatory filings show Jeff Bezos owns almost 79 million shares of the company, worth about $130 billion as of yesterday. If MacKenzie takes a chunk in a settlement -- or either party needs to liquidate their assets to meet divorce expenses -- those could become part of the company’s freely traded
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summarize: (Bloomberg) -- Koo, a Twitter Inc. rival in India, has fired almost a third of its employees in recent months as the firm struggles with losses and an inability to raise funds.
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The three-year-old microblogging app dismissed 30% of its about 260 workers as the “global sentiment right now is more focused on efficiency than growth and businesses need to work toward proving unit economics,” a spokesperson for the company, backed by Tiger Global, said in a reply to queries by Bloomberg News.
Initially, the Bengaluru-based company benefited from Twitter’s spat with the Indian authorities over the content on its platform as many citizens, including government officials, cricket stars and Bollywood celebrities flocked to Koo as a local alternative. However, the current struggle to access cash comes amid a global rout for technology companies and depressed investment activity that has slashed billions from valuations of once high-flying startups.
Koo, with more than 60 million downloads, is “well capitalized,” and the company is striving to become profitable with monetization experiments, Co-founder Mayank Bidawatka said in an interview. It also has one of the highest revenue per user among other social media companies currently, he added.
The company, which also counts Accel and Kalaari Capital among its investors, had raised funds at a valuation of $273 million last year, according to research firm Tracxn.
The startup has supported the dismissed employees through compensation packages, extended health benefits and aid in finding new jobs, the spokesperson said.
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(Bloomberg) -- Koo, a Twitter Inc. rival in India, has fired almost a third of its employees in recent months as the firm struggles with losses and an inability to raise funds.Most Read from BloombergAirline Blunder Sells $10,000 Asia-US Business Class Tickets for $300Tesla Slashes Prices of Key Models Again Ahead of EarningsWorthless Degrees Are Creating an Unemployable Generation in IndiaIndia Passes China as World’s Most Populous Nation, UN SaysDisney Is Set to Eliminate Thousands of Jobs Sta
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summarize: Cairn Homes plc (LON:CRN), might not be a large cap stock, but it saw significant share price movement during recent months on the LSE, rising to highs of UK£1.01 and falling to the lows of UK£0.91. Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price. A question to answer is whether Cairn Homes' current trading price of UK£0.95 reflective of the actual value of the small-cap? Or is it currently undervalued, providing us with the opportunity to buy? Let’s take a look at Cairn Homes’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change.
See our latest analysis for Cairn Homes
What's The Opportunity In Cairn Homes?
According to my price multiple model, which makes a comparison between the company's price-to-earnings ratio and the industry average, the stock price seems to be justfied. I’ve used the price-to-earnings ratio in this instance because there’s not enough visibility to forecast its cash flows. The stock’s ratio of 9.66x is currently trading in-line with its industry peers’ ratio, which means if you buy Cairn Homes today, you’d be paying a relatively reasonable price for it. Is there another opportunity to buy low in the future? Since Cairn Homes’s share price is quite volatile, we could potentially see it sink lower (or rise higher) in the future, giving us another chance to buy. This is based on its high beta, which is a good indicator for how much the stock moves relative to the rest of the market.
What kind of growth will Cairn Homes generate?
Future outlook is an important aspect when you’re looking at buying a stock, especially if you are an investor looking for growth in your portfolio. Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price. In the upcoming year, Cairn Homes' earnings are expected to increase by 21%, indicating a highly optimistic future ahead. This should lead to more robust cash flows, feeding into a higher share value.
What This Means For You
Are you a shareholder? It seems like the market has already priced in CRN’s positive outlook, with shares trading around industry price multiples. However, there are also other important factors which we haven’t considered today, such as the track record of its management team. Have these factors changed since the last time you looked at CRN? Will you have enough conviction to buy should the price fluctuate below the industry PE ratio?
Are you a potential investor? If you’ve been keeping an eye on CRN, now may not be the most advantageous time to buy, given it is trading around industry price multiples. However, the positive outlook is encouraging for CRN, which means it’s worth diving deeper into other factors such as the strength of its balance sheet, in order to take advantage of the next price drop.
With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. You'd be interested to know, that we found 1 warning sign for Cairn Homes and you'll want to know about this.
If you are no longer interested in Cairn Homes, you can use our free platform to see our list of over 50 other stocks with a high growth potential.
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Cairn Homes plc ( LON:CRN ), might not be a large cap stock, but it saw significant share price movement during recent...
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summarize: The big themes at CES 2017 might be VR, self-driving cars and smart home accessories, but laptops are still a huge part of the show. Case in point: Samsung announced a a new line of gaming notebooks and a partnership with Google (GOOG, GOOGL) to roll out two new Chromebooks that can run Android apps.
First up, Samsung’s new gaming laptops, the Notebook Odyssey 15 and the Notebook Odyssey 17. Both systems are meant to make gamers’ hearts sing with powerful Intel Core i7 desktop-class processors that’ll have players burning through their favorite titles.
The Odyssey 15 can get up to 32GB of RAM, while the 17 gets up to 64GB, which is just shy of aggressively unnecessary. In terms of storage, the 15 gets a 256GB solid-state drive and a 1TB hard-disk drive. The 17 gets a 512GB SSD and a 1TB HDD. That’s a whole lot of storage.
Samsung says it wants gamers to be able to upgrade their machines over time. To do that, the company has made it easy to access the Odyssey 15 and Odyssey 17’s RAM and storage drive so you can swap them out with ease.
As far as graphics go, the Odyssey 15 comes with an Nvidia (NVDA) GTX 1050 chip, while the 17’s chip is still to be determined — though it will likely be a bit more powerful than the 15’s.
The only place the Odyssey systems seem to lag behind some of their gaming laptop competitors is with their displays. Unlike systems from HP, which offer 4K resolution panels, the Odysseys come with 1080p screens. That’s not exactly a serious issue. In fact, when I played “Overwatch” on the Odyssey 15 it looked fantastic. But if you’re looking for a 4K monitor it’s an important to note you’re not getting one.
Naturally, Samsung’s Odyssey 15 and 17 also look like gaming laptops. That means they come with backlit logos on their display panels and backlit touchpads.
The Odyssey 15 also gets red backlighting on its keyboard, while the 17 gets multicolored backlighting for its keys.
Why is Samsung getting into the gaming PC market? Because as the rest of the PC market is falling, gaming PC sales are doing incredibly well. That’s because gamers always want the best machines, and so they upgrade their systems more frequently than your average consumer.
Chromebook Plus and Pro
The Chromebook Plus and Pro are completely different from the Odyssey systems. These are slim, lightweight machines that are designed for maximum portability.
Samsung worked closely with Google this time around to ensure that the Plus and Pro are the first Chromebooks that are capable of running the millions of Android apps in the Google Play store right out of the box. That means you’ll be able to do things like access Google Keep, play “Clash of Clans” and use Adobe apps just like you would on your smartphone or tablet.
Speaking of tablets, both the Pro and Plus are actually 2-in-1 devices, meaning you can use them as oversized Android slates. What’s more, the Chromebooks’ 12.3-inch 2400 x 1600 resolution displays look downright beautiful.
Samsung says it will also include a stylus with the Chromebooks so you can draw and write on their displays.
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Case in point: Samsung announced a a new line of gaming notebooks and a partnership with Google (GOOG, GOOGL) to roll out two new Chromebooks that can run Android apps. The Odyssey 15 can get up to 32GB of RAM, while the 17 gets up to 64GB, which is just shy of aggressively unnecessary.
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summarize: After announcing the $40 Cam last year, Petcube is back with a new twist on its signature treat dispenser. The most important feature of the Bites 2 Lite is its price. At $125, it costs half as much as its predecessor did at launch. Naturally, that means some compromises. What you won’t find on the Bites 2 Lite is Alexa. Amazon’s voice-activated assistant made the Bites 2 into more than just a treat dispenser and home camera. You could also use it as a smart speaker with all the usual functionality that comes with an Echo device. It also came with a Petcube-specific Alexa skill that allowed you to sling treats at your pet.
Other compromises include a camera with a narrower 160-degree field-of-view and no support for 5GHz WiFi connectivity. On that front, the Bites 2 Lite limits you to a slower 2.4GHz connection. Beyond those missing features, there aren’t a lot of meaningful differences between Petcube’s newest device and its predecessor.
It comes with a 1080p camera that features automatic night vision and 8x digital zoom. It also comes with support for two-way audio. If you want to customize your new Bites 2 Lite, Petcube plans to sell separate treat containers that come three new colors: pink, blue and orange. Like with Petcube’s other products, paying for the company’s Care subscription service unlocks perks like the ability to upload video clips to the cloud. Similarly, you can use Vet Chat, Petcube’s other paid feature to book telehealth appointments for your pet.
The Petcube Bites 2 Lite is available to buy today exclusively through Amazon.
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The most important feature of the Bites 2 Lite is its price. At $125, it costs half as much as its predecessor did at launch.
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summarize: When Turkey launched its Afrin offensive in early 2018 to dislodge Kurdish minorities from Northern Syria, the country ordered Facebook to block the page of a prominent militia group in the area known as the People’s Protection Units or YPG. Forced to make a decision, the company prioritized staying online over objecting to censorship, new internal emails obtained by ProPublica show.
Since then, the social media giant has blocked users in Turkey from accessing the YPG’s Facebook page. Facebook complied with the order even though, like the US government, it does not consider the group a terrorist organization.
“... We are in favor of geo-blocking YPG content if the prospects of a full-service blockage are great,” the team that accessed the situation wrote to Joel Kaplan, the company’s vice-president of global public policy. “Geo-blocking the YPG is not without risk — activists outside of Turkey will likely notice our actions, and our decision may draw unwanted attention to our overall geo-blocking policy.”
The subsequent discussion was short. When Kaplan told Facebook COO Sheryl Sandberg and CEO Mark Zuckerberg he agreed with the recommendation, Sandberg sent a single-sentence response. “I am fine with this,” she said.
When asked about the emails, Facebook confirmed it blocked the page after it received a legal order from the Turkish government. “We strive to preserve voice for the greatest number of people. There are, however, times when we restrict content based on local law even if it does not violate our community standards,” Facebook spokesperson Andy Stone told ProPublica. “In this case, we made the decision based on our policies concerning government requests to restrict content and our international human rights commitments. Publicly, Facebook has also said free speech is one of its core tenets. “We believe freedom of expression is a fundamental human right, and we work hard to protect and defend these values around the world,” it said in a recent blog post on Turkey.
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Forced to make a decision, the company prioritized staying online over objecting to censorship, new internal emails show.
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summarize: (Bloomberg) -- The Philippine central bank expects this year’s gross domestic product growth to miss the government’s goal as economic activity moderates while it’s bringing inflation back to target.
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“Economic headwinds along with the impact of the cumulative monetary policy adjustments could result in GDP growth settling below the DBCC’s target of 6%-7% for 2023 and 6.5%-8.0% for 2024 and 2025,” the central bank said in its monetary policy report for August. DBCC is the target-setting body composed of finance, budget, economic planning and central bank officials.
“The economy is projected to operate close to potential, on average, in 2023,” the central bank also said in the report. “But the strength of economic activity is likely to moderate over the policy horizon as pent-up demand wanes and prior monetary policy tightening manifests its full impact on the economy.”
A relevant timeframe for central banks, policy horizon refers to the time required to bring inflation within target. The monetary authority has raised its key rate by 4.25 percentage points since May last year, moves officials say will have a lagged effect of six months to a year, and kept the rate unchanged for a third straight meeting last week. It targets inflation at 2%-4%.
“The lower growth forecasts reflected the slower-than-expected Q2 2023 GDP growth outturn,” the central bank said. The slower domestic growth prospects for 2023 to 2024 are also partly due to higher crude oil prices, although the upward adjustment in the world gross domestic product growth outlook for 2023 is a mitigating factor, it added.
Excluding the pandemic years, the economy posted its weakest expansion since 2011 at 4.3% in the second quarter, which Bangko Sentral ng Pilipinas Governor Eli Remolona has said was mainly due to elevated inflation and government underspending.
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(Bloomberg) -- The Philippine central bank expects this year’s gross domestic product growth to miss the government’s goal as economic activity moderates while it’s bringing inflation back to target.Most Read from BloombergBorrowers With $39 Billion in Student Loans Finally See ReliefBond Bulls at JPMorgan, Allianz Keep Piling Into a Bet Gone BadPutin Turns to Ruble and Ballot to Shore Up Shaken AuthorityCargill Tests 123-Foot-Tall Sails in Effort to Slash Fuel Burn“Economic headwinds along with
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summarize: (Bloomberg) -- SoftBank Group Corp. has lined up some of Arm Ltd.’s biggest customers as strategic investors for the chip company’s initial public offering, including Apple Inc., Nvidia Corp., Intel Corp. and Samsung Electronics Co., according to people familiar with the situation.
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The investors also include Advanced Micro Devices Inc., Cadence Design Systems Inc., Alphabet Inc.’s Google, Synopsys Inc., among others, said the people, who asked not to identified because the details haven’t been announced. SoftBank has been in discussions with Arm customers and partners for months, but the plans are just being finalized now. Still, details could change as the company gets closer to the IPO, which is expected to have its investor roadshow underway by next week.
The investors will put in amounts ranging from $25 million to $100 million, according to the people.
The show of support from some of the tech industry’s biggest names will help bolster the offering, which is expected to raise $5 billion to $7 billion. SoftBank, which acquired Arm in 2016, was previously aiming to value the chip business at $60 billion to $70 billion, but the figure could be more in the $50 billion to $60 billion range, Bloomberg has reported.
Arm is considering pricing its shares on Sept. 13, and the stock will start trading the next day, Bloomberg reported earlier this week. The roadshow to promote the offering is expected to come after the Labor Day holiday on Monday.
Representatives from Arm, Google, Nvidia and Synopsys declined to comment. AMD, Apple, Cadence, Intel and Samsung didn’t immediately respond to requests for comment.
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(Bloomberg) -- SoftBank Group Corp. has lined up some of Arm Ltd.’s biggest customers as strategic investors for the chip company’s initial public offering, including Apple Inc., Nvidia Corp., Intel Corp. and Samsung Electronics Co., according to people familiar with the situation.Most Read from BloombergTesla’s $41,000 Model X Discount Unlocks Subsidies Musk Wanted GoneSaola Departs Hong Kong After Bringing Destructive WindsTesla Refreshes Model 3 and Slashes Prices of Top-End CarsSingapore Pic
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summarize: Global SMB Software Market 2021-2025 The analyst has been monitoring the SMB software market and it is poised to grow by $ 52. 01 billion during 2021-2025, progressing at a CAGR of 7.
New York, Jan. 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global SMB Software Market 2021-2025" - https://www.reportlinker.com/p06191378/?utm_source=GNW
42% during the forecast period. Our report on the SMB software market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the increasing demand for cloud-based applications and rapid rise in the volume of enterprise data and the automation of business processes across several industries. In addition, increasing demand for cloud-based applications is anticipated to boost the growth of the market as well.
The SMB software market analysis includes the deployment segment and geographic landscape.
The SMB software market is segmented as below:
By Deployment
• On-premise
• Cloud
By Geographic
• North America
• Europe
• APAC
• South America
• MEA
This study identifies the growing dependency for financial managementas one of the prime reasons driving the SMB software market growth during the next few years.
The analyst presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our report on SMB software market covers the following areas:
• SMB software market sizing
• SMB software market forecast
• SMB software market industry analysis
This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading SMB software market vendors that include Acumatica Inc., Cisco Systems Inc., Deltek Inc., Epicor Software Corp., Infor Inc., International Business Machines Corp., Microsoft Corp., Oracle Corp., SAP SE, and SYSPRO Pty. Ltd. Also, the SMB software market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The analyst presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio’s market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.
Read the full report: https://www.reportlinker.com/p06191378/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001
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Global SMB Software Market 2021-2025 The analyst has been monitoring the SMB software market and it is poised to grow by $ 52. 01 billion during 2021-2025, progressing at a CAGR of 7.New York, Jan. 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global SMB Software Market 2021-2025" - https://www.reportlinker.com/p06191378/?utm_source=GNW 42% during the forecast period. Our report on the SMB software market provides a holistic analysis, market size and forecast
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summarize: After teasing, delaying and just generally riling up retro gamers, Analogue’s Pocket is almost here. Engadget’s James Trew — one of those aforementioned riled-up types — is currently testing one out. So while he racks up enough hours of play for a full review, we get a few first impressions. Tetris, the Game Boy OG, is pretty much exactly how you remember it, with the original pixel grid, motion blur and even the sound. There’s even a link port for some very old-school multiplayer.
Analogue has announced that orders for the Pocket open again today. If you want this surprisingly authentic taste of handheld gaming’s past, it’ll set you back $220.
— Mat Smith
Apple’s Tracker Detect app will help protect Android users from AirTag stalkers
No Apple account needed.
Apple has released Tracker Detect, an Android app to help you if you don’t have an iOS device to find out if someone is using an AirTag or other Find My-compatible device to snoop on your location. When the app finds a nearby AirTag, it flags it as an Unknown AirTag. If it follows you for 10 minutes, you can use the app to tell the tracker to play a sound, making it easier to find. You can tap the device with your NFC-compatible phone for instructions on how to disable it.
Continue reading.
Dremel announces its first smart tool
Naturally, it has Bluetooth.
Dremel is the standard when it comes to rotary tools and the new 8260 features firsts for the company. Not only does it feature a Bluetooth connection, it’s got a more powerful brushless motor. The former means it can connect to Dremel's mobile app, which has an interactive guide that tells you what accessory and RPM you need to use to cut through specific materials.
Continue reading.
Universal Music is bringing Rihanna and Migos into the metaverse
Oh and there are NFTs.
Universal Music Group is working with avatar company Genies to create digital versions of its artists, as well as non-fungible token (NFT) outfits and accessories, for use in virtual worlds. In the coming months, through an NFT marketplace run by Genies, fans will be able to buy and sell virtual merchandise. Universal Music is fascinated by NFTs. Last month, it announced a virtual band comprising four characters from the Bored Ape Yacht Club NFT collection.
Continue reading.
Square Enix’s ‘Forspoken’ mixes magical parkour with an unforgiving world
And magical nail art upgrades.
Judging by all the teaser videos released so far, Forspoken is promising a swathe of visually stunning elemental spells and a hero that can dash, glide and traverse a fantasy world quicker than any Assassin’s Creed protagonist. It’s from an entirely new game studio — under Square Enix’s wing — running on a proprietary games engine. While we didn’t get to play it, we do have a better idea of exactly how Forspoken will play.
Continue reading.
Sony will begin selling official $55 PlayStation 5 covers next month
Matching DualSense wireless controllers are coming, too.
After shutting down third-party PS5 console covers with legal threats, Sony has launched its own official $55 PlayStation five colors. And they’re pretty bright! And 55 bucks!
Continue reading.
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Apple’s Tracker Detect to protect Android users from AirTag stalkers
Dremel announces its first smart tool, Universal Music is bringing Rihanna and Migos into the metaverse.
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summarize: (Bloomberg) -- The market is regaining its appetite for risk after a bitter 2022 as traders increasingly snap up some of last year’s biggest losers, particularly beaten down tech stocks.
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Amazon.com Inc. and Nvidia Corp. are among the biggest contributors to the Nasdaq 100 Index’s nearly 4% gain this week. Amazon, which tumbled 50% last year amid soaring interest rates and slowing revenue growth, is up 14% for its best week since April 2020, while graphics chipmaker Nvidia is up 13% over the last five sessions.
Investors are becoming more optimistic that inflation will continue to cool, which would allow the Federal Reserve to soon pause interest rate hikes that triggered a valuation reckoning last year for growth stocks. The December consumer price index released Thursday was the lowest in a year, adding to growing evidence that the Fed is starting to tame inflation even as central bankers insist there’s more work to be done.
“This is the market saying that it is more optimistic that things are better off than periods of last year, when recession narratives were dominating,” said Nick Getaz, portfolio manager for the Franklin Rising Dividends Fund. “We’re not out of the woods, but maybe we can see the clearing of the trees.”
Evidence of rising optimism wasn’t limited to the biggest US tech companies. A basket of unprofitable technology stocks tracked by Goldman Sachs is on pace for a 14% gain this week. Software maker Atlassian Corp. surged more than 20%, electric vehicle maker Lucid Group jumped 28% and Carvana Co., the beaten-down auto retailer, soared 68%.
Of course, not all tech stocks have outperformed this week. Zoom Video Communications Inc., Adobe Inc. and Texas Instruments Inc. have all lagged behind the S&P 500 Index.
Franklin’s Getaz is skeptical that the rally can be sustained considering threats to economic growth and the likelihood that interest rates remain elevated. He’s looking forward to the fourth quarter earnings season that commenced this week to see if corporate profit estimates can hold up.
“It’s fair to say it is too early for the level of uplift we’ve seen,” he said. “There’s more evidence for why you should be optimistic, but I’m not sure there’s enough evidence to warrant this level of strength.”
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(Bloomberg) -- The market is regaining its appetite for risk after a bitter 2022 as traders increasingly snap up some of last year’s biggest losers, particularly beaten down tech stocks. Most Read from BloombergThe Document That Separates Biden and TrumpElon Musk Fan With 2,900% Gain Sees $1.5 Million Wiped AwayT-Mobile Considers Buying Ryan Reynolds’s Mint MobileTesla Slashes Prices Up to 20% in Broad Bid to Boost SalesUS Inflation Cools Again, Putting Fed on Track to DownshiftAmazon.com Inc. a
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summarize: The Evaluation Based on Cresta's Strategy and Performance
PALO ALTO, Calif., Jan. 17, 2023 /PRNewswire/ -- Cresta, the leader in real-time intelligence for the contact center, has been listed by Aragon Research, Inc in the "Innovator" section of the Aragon Research Globe for Conversational AI in the Intelligent Contact Center Report. The report recognizes the leading providers using conversational AI technology to improve customer and employee experience.
"Our inclusion as an Innovator in this report further cements Cresta's position as a leader in AI for the contact center industry and demonstrates the transformative effect that contact center technology can have on business," said Scott Kolman, Cresta CMO. "The use of AI in contact centers is helping organizations enhance the customer experience through more effective engagement. Cresta's conversational AI is empowering businesses to forge deeper, more positive relationships with their customers while at the same time managing operational costs."
The Cresta Real-Time Intelligence platform features four conversational AI product offerings for the intelligent contact center:
Cresta Agent Assist enables agents to be significantly more effective through automated note taking, real-time AI-suggested responses, hints, and checklists.
Cresta Director helps managers to better support and coach agents by providing insight into agent conversations, creating coaching plans, and developing scorecards.
Cresta Insights empowers organizations to better understand customer trends, answer critical business questions, and uncover new unknowns to make faster, smarter decisions.
Cresta Virtual Agent, which is modeled on the behavior of top agents, identifies conversation types best suited for automation and leverages state-of-the-art Natural Language Understanding to automate customer conversations.
"Cresta and the other noteworthy companies included in the report are leveraging conversational AI technology to positively and dramatically change the way contact centers operate," said Jim Lundy, CEO and Founder of Aragon Research, Inc. "From Agent Assist to Director to Insights, Cresta is reshaping customer and employee experiences."
To learn more or download the report, visit the Cresta landing page.
Required Disclaimer:
Aragon Research does not endorse vendors, or their products or services that are referenced in its research publications, and does not advise users to select those vendors that are rated the highest. Aragon Research publications consist of the opinions of Aragon Research and Advisory Services organization and should not be construed as statements of fact. Aragon Research provides its research publications and the information contained in them "AS IS," without warranty of any kind.
About Cresta
Cresta makes every customer interaction excellent. Cresta turns real-time intelligence into real-time action to make the contact center smarter – and every agent and manager more productive. Powering customer experiences for companies like CarMax, Blue Nile, Earthlink, Intuit, and Porsche, Cresta is real-time AI for the real world. To learn more about Cresta, visit www.cresta.com.
Follow our blog and connect with us on LinkedIn and Twitter.
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SOURCE Cresta
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Cresta, the leader in real-time intelligence for the contact center, has been listed by Aragon Research, Inc in the "Innovator" section of the Aragon Research Globe for Conversational AI in the Intelligent Contact Center Report. The report recognizes the leading providers using conversational AI technology to improve customer and employee experience.
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summarize: (Bloomberg) -- Baidu Inc. posted a loss for the first time since going public in 2005 as China’s biggest online search engine struggles with a changing local market and slowing economy.
The net loss was 327 million yuan ($47.5 million) for the three months ended March, compared with the 187.5 million yuan loss expected by analysts. The Beijing-based company also forecast sales below estimates and said Hailong Xiang, the 14-year veteran who ran the search business, has resigned. Baidu’s American depositary receipts fell more than 7% in extended trading.
Baidu is fighting on a number of fronts as the slowing Chinese economy dampens advertising sales and its desktop search business loses users to smartphones. While it is sinking billions into new technologies from artificial intelligence to self-driving cars, Baidu’s more urgent need is to attract younger users to its apps to keep ad revenue growing. Rivals like Bytedance Ltd. are already winning over advertisers in products from news feeds to short video apps.
“It seems like Baidu is facing multiple headwinds in addition to macro weakness,” Alicia Yap, an analyst at Citigroup Inc., said in a report after the results.
Revenue rose 15% to 24.1 billion yuan, slightly below estimates for 24.3 billion yuan. The company said revenue in the June quarter will be 25.1 billion yuan to 26.6 billion yuan, as much as 14% below analyst projections.
Baidu merged its search and mobile business with Shen Dou promoted to head the new combined department, Chairman Robin Li said in a letter to employees after the results. And its board authorized a new $1 billion stock buyback program.
“For senior managers, saying ‘I have tried’ is not enough and we need to make sure we win in the battlegrounds that we must win,” Li wrote. “Facing the uncertainties of the external environment and changes of the market, we cannot wait, we cannot put our hope all on others, and we cannot fear.”
Baidu’s loss was fueled by escalating costs in content and marketing. The Beijing-based company partnered with state broadcaster CCTV to promote its digital wallet during the Lunar New Year. The search giant may have spent as much as 1.9 billion yuan on the “red envelope” giveaway, according to Vey-Sern Ling, an analyst with Bloomberg Intelligence.
“Baidu’s value as the starting point of info search is being challenged as contents become even more segregated and with fiercer competition,” analysts at China Renaissance led by Ella Ji wrote in a research note before the results. “Lack of product differentiation leads to low-efficient users-acquisition spending, putting more pressure on its operating margin.”
(Updates with chairman’s comment in seventh paragraph.)
To contact the reporter on this story: Zheping Huang in Hong Kong at [email protected]
To contact the editors responsible for this story: Edwin Chan at [email protected], Robert Fenner
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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The Beijing-based company also forecast sales below estimates and said Hailong Xiang, the 14-year veteran who ran the search business, has resigned. Baidu’s American depositary receipts fell more than 7% in extended trading. Baidu is fighting on a number of fronts as the slowing Chinese economy dampens
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summarize: Silicon Valley heavyweights including Amazon (AMZN), Apple (AAPL), Google (GOOG, GOOGL) and Twitter (TWTR) took to Capitol Hill on Wednesday for a Senate hearing on consumer data privacy. Interestingly, the tech giants largely agreed with senators’ sentiments about giving Americans more control over how companies use their personal data.
Big Tech made it clear Wednesday the U.S. does, in fact, need its own privacy law, and they’re determined to participate in the conversation about how Congress shapes that law.
“We believe privacy is a fundamental right, not a privilege,” said Twitter global data protection officer Damien Kieran. “That means when people trust us with their data we should be transparent about and provide meaningful control over what data is being collected, how it is being controlled and when it is being shared. We also believe that companies should be held accountable to the people that trust them with their data.”
Tech wants a say
The Senate hearing follows a series of data breaches, leaks and hacks that have left consumers and government officials questioning how to force companies to take greater responsibility over user data, and how those same users can reclaim their data for themselves.
Top of mind for the representatives of Amazon, Apple, AT&T (T), Charter (CHTR), Google and Twitter, as well as the Senate Commerce Committee members, were California’s recently passed California Consumer Privacy Act and the European Union’s General Data Protection Regulation.
Both pieces of legislation force companies to provide consumers with a means to request that companies delete data they have about them. The laws also give consumers the ability to request that businesses not collect data, while still receiving the same service as consumers who have their data collected. And it gives them the ability to take their data with them from one service to another.
Tech companies spent small fortunes and countless hours on compliance from the date the GDPR was adopted in 2016 to its enforcement date in May 2018. But Congress has been far slower to respond to security breaches and data hacks than its E.U. counterparts.
To that end, California crafted its own legislation to codify consumer privacy rights in June. But the CCPA was rushed through the State Senate and Assembly in a week to cut off a potential ballot measure this fall related to consumer privacy. That’s because ballot measures are harder to amend once they’re passed than legislation passed by lawmakers. In other words, California’s privacy bill will likely change going forward. But the tech representatives still expressed their dislike of the bill.
“Because the CCPA was enacted so quickly, there was little opportunity for thoughtful review, resulting in some provisions that ultimately do not promote best privacy practices,” said Amazon VP and associate general counsel Andrew DeVore.
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Silicon Valley tech giants including Amazon, Apple and Google are asking the government for federal data protection laws to cut off patchwork laws from states.
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summarize: Key Insights
Hammer Metals to hold its Annual General Meeting on 17th of November
Salary of AU$278.6k is part of CEO Dan Thomas's total remuneration
The total compensation is similar to the average for the industry
Over the past three years, Hammer Metals' EPS grew by 26% and over the past three years, the total shareholder return was 14%
CEO Dan Thomas has done a decent job of delivering relatively good performance at Hammer Metals Limited (ASX:HMX) recently. In light of this performance, CEO compensation will probably not be the main focus for shareholders as they go into the AGM on 17th of November. Based on our analysis of the data below, we think CEO compensation seems reasonable for now.
See our latest analysis for Hammer Metals
Comparing Hammer Metals Limited's CEO Compensation With The Industry
According to our data, Hammer Metals Limited has a market capitalization of AU$44m, and paid its CEO total annual compensation worth AU$330k over the year to June 2023. We note that's a decrease of 11% compared to last year. Notably, the salary which is AU$278.6k, represents most of the total compensation being paid.
In comparison with other companies in the Australian Metals and Mining industry with market capitalizations under AU$315m, the reported median total CEO compensation was AU$392k. This suggests that Hammer Metals remunerates its CEO largely in line with the industry average. What's more, Dan Thomas holds AU$242k worth of shares in the company in their own name.
On an industry level, around 61% of total compensation represents salary and 39% is other remuneration. Hammer Metals is paying a higher share of its remuneration through a salary in comparison to the overall industry. If total compensation veers towards salary, it suggests that the variable portion - which is generally tied to performance, is lower.
A Look at Hammer Metals Limited's Growth Numbers
Hammer Metals Limited has seen its earnings per share (EPS) increase by 26% a year over the past three years. Its revenue is down 11% over the previous year.
Overall this is a positive result for shareholders, showing that the company has improved in recent years. While it would be good to see revenue growth, profits matter more in the end. Although we don't have analyst forecasts, you might want to assess this data-rich visualization of earnings, revenue and cash flow.
Has Hammer Metals Limited Been A Good Investment?
Hammer Metals Limited has generated a total shareholder return of 14% over three years, so most shareholders would be reasonably content. But they would probably prefer not to see CEO compensation far in excess of the median.
In Summary...
Given that the company's overall performance has been reasonable, the CEO remuneration policy might not be shareholders' central point of focus in the upcoming AGM. In saying that, any proposed increase to CEO compensation will still be assessed on how reasonable it is based on performance and industry benchmarks.
CEO compensation is an important area to keep your eyes on, but we've also need to pay attention to other attributes of the company. We identified 4 warning signs for Hammer Metals (2 shouldn't be ignored!) that you should be aware of before investing here.
Switching gears from Hammer Metals, if you're hunting for a pristine balance sheet and premium returns, this free list of high return, low debt companies is a great place to look.
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Key Insights Hammer Metals to hold its Annual General Meeting on 17th of November Salary of AU$278.6k is part of CEO...
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summarize: (Bloomberg) -- House Republicans passed legislation to preemptively block future attempts to restrict gas stoves Tuesday after overcoming a revolt by the party’s conservative members.
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The bill — the Gas Stove Protection and Freedom Act — would prohibit the independent Consumer Product Safety Commission from using federal funds to ban the appliances as hazardous products. It passed on a vote of 248-180.
A second bill, the Save Our Gas Stoves Act, which would bar the Energy Department from finalizing a proposed rule setting efficiency standards for the appliances, is also slated for a vote later this week.
Read More: House Conservatives Block Gas Stove Bills in Debt-Deal Payback
Gas stoves, which are used in about 40% of homes in the US, emit air pollutants such as nitrogen dioxide, carbon monoxide and fine particulate matter at levels the Environmental Protection Agency and World Health Organization have said are unsafe and linked to respiratory illness, cardiovascular problems, cancer and other health conditions, according to multiple studies.
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Google CEO Vows Not to Rush AI and Says Efficiency Drive Continues
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America’s Long, Tortured Journey to Build EV Batteries
©2023 Bloomberg L.P.
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(Bloomberg) -- House Republicans passed legislation to preemptively block future attempts to restrict gas stoves Tuesday after overcoming a revolt by the party’s conservative members.Most Read from BloombergElizabeth Holmes Objects to $250-a-Month Victim Payments After PrisonInstant Pot and Pyrex Maker Instant Brands Files BankruptcyUS Inflation Slows, Giving Room for Fed to Pause Rate HikesPutin’s Economic Forum Puts Russia’s Isolation on DisplayArm Courts Intel as Anchor Investor in Upcoming I
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summarize: Don't think that a head start for a biotech automatically makes its stock a better pick. Sangamo Therapeutics Inc. (NASDAQ: SGMO), for example, claims a big pipeline lead over CRISPR Therapeutics AG (NASDAQ: CRSP). And yet CRISPR Therapeutics stock has trounced the performance of Sangamo this year.
On the other hand, don't think that stronger performance over a relatively short period of time necessarily makes a stock the better long-term choice. Which of these two gene-editing biotech stocks really is the smarter alternative for long-term investors? Here's how CRISPR Therapeutics and Sangamo Therapeutics compare.
Image source: Getty Images.
The case for CRISPR Therapeutics
As its name indicates, CRISPR Therapeutics focuses on using CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) gene editing to treat diseases. The biotech was co-founded by CRISPR pioneer Emanuelle Charpentier.
There are a couple of key reasons to like CRISPR Therapeutics. One is its CTX-001 therapy that targets editing of the HBB gene. Mutations in this gene cause several rare blood diseases, notably including beta thalassemia and sickle cell disease.
CRISPR Therapeutics and its partner, Vertex Pharmaceuticals, are currently enrolling patients in a phase 1 clinical study evaluating CTX-001 in treating beta thalassemia. The two companies also expect to soon begin another phase 1 study of CTX-001 in treating sickle cell disease (SCD).
Targeting these two diseases appears to be a great place to start for CRISPR Therapeutics. Around 60,000 babies worldwide each year are diagnosed with beta thalassemia, while roughly 300,000 babies are diagnosed with SCD. Both diseases have high mortality rates, and patients frequently must be hospitalized and require blood transfusions.
Another reason to like CRISPR Therapeutics is its immuno-oncology program. The biotech has two gene-editing therapies in preclinical testing that could lead to clinical studies. Both are off-the-shelf cell therapies that could support faster treatment than current cell therapies that require engineering of the patients' T cells allow.
Over the longer run, there could be even more reasons for investors to like CRISPR Therapeutics. The company has early research underway for using CRISPR gene editing in treating type 1 diabetes as well as several genetic diseases.
The case for Sangamo Therapeutics
Sangamo Therapeutics uses a different approach to gene editing called zinc-finger nuclease (ZFN) technology. ZFN has a much longer track record than CRISPR does. And it has put Sangamo at the forefront of developing gene-editing therapies.
The biotech claims three phase 1/2 clinical studies in progress that are evaluating in vivo (in the body) ZFN gene-editing therapies. Two of them target genetic metabolic diseases mucopolysaccharidosis type I (MPS I) and mucopolysaccharidosis type II (MPS II). Another targets hemophilia type B.
Sangamo presented disappointing interim data in September from its MPS II study. It's still too early to know how the other gene-editing studies will go. The biotech is also working with Bioverativ, which is now part of Sanofi, on using ZFN with a cell therapy to treat beta thalassemia.
But that's not all the biotech has in the works. In addition to gene editing, Sangamo also focuses on gene therapy. This approach involves the addition of a corrected foreign gene rather than modifying the DNA sequences within the gene.
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This battle goes beyond the merits of CRISPR and zinc-finger nuclease gene-editing approaches.
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summarize: (Reuters) -Citigroup's profit tumbled 36% in the second quarter as weakness in the Wall Street bank's trading business blunted gains from its personal banking and wealth management unit.
Wall Street traders have hit a rough patch, joining investment bankers whose businesses have been weighed down for months by a slump in dealmaking.
Citi's markets revenue fell 13% to $4.6 billion on more subdued activity in fixed income and equities, while its investment banking fees plunged 24% to $612 million.
While its Wall Street operations dragged, the lender's consumer business helped partly offset some of the weakness.
Revenue from its personal banking and wealth management division climbed 6% to $6.4 billion, including an 8% gain for branded cards to $2.4 billion.
Net income sank to $2.92 billion, or $1.33 per share, in the three months to June 30, the bank reported on Friday. That compares with $4.55 billion, or $2.19 per share, a year earlier.
In contrast, earlier in the day, JPMorgan Chase posted a 67% jump in profit as it earned more from interest payments and also benefited from the purchase of First Republic Bank, while Wells Fargo reported a 57% rise in profit.
(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Sriraj Kalluvila and Lananh Nguyen)
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Wall Street traders have hit a rough patch, joining investment bankers whose businesses have been weighed down for months by a slump in dealmaking. Citi's markets revenue fell 13% to $4.6 billion on more subdued activity in fixed income and equities, while its investment banking fees plunged 24% to $612 million. While its Wall Street operations dragged, the lender's consumer business helped partly offset some of the weakness.
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summarize: Municipality Finance Plc
Stock exchange release
14 February 2022 at 10:00 am (EET)
Municipality Finance issues EUR 10 million notes under its MTN programme
Municipality Finance Plc issues EUR 10 million notes on 15 February 2022. The maturity date of the notes is 15 November 2030. MuniFin has a right but no obligation to redeem the notes early on 15 November 2026. The notes bear interest at a fixed rate of 0.74% per annum.
The notes are issued under MuniFin’s EUR 40 billion programme for the issuance of debt instruments. The offering circular and the supplemental offering circular are available in English on the company's website at www.munifin.fi/investor-relations.
MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 15 February 2022.
DekaBank Deutsche Girozentrale acts as the Dealer for the issue of the notes.
MUNICIPALITY FINANCE PLC
Further information:
Joakim Holmström
Executive Vice President, Capital Markets and Sustainability
tel. +358 50 444 3638
MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the Republic of Finland. MuniFin Group also includes the subsidiary company, Financial Advisory Services Inspira Ltd. The Group’s balance sheet is over EUR 46 billion.
MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers are Finnish municipalities, municipal federations, municipally controlled entities and non-profit housing organisations. Lending is used for environmentally and socially responsible investment targets such as public transportation, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.
MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.
Read more: www.munifin.fi
Important Information
The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
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Municipality Finance PlcStock exchange release 14 February 2022 at 10:00 am (EET) Municipality Finance issues EUR 10 million notes under its MTN programme Municipality Finance Plc issues EUR 10 million notes on 15 February 2022. The maturity date of the notes is 15 November 2030. MuniFin has a right but no obligation to redeem the notes early on 15 November 2026. The notes bear interest at a fixed rate of 0.74% per annum. The notes are issued under MuniFin’s EUR 40 billion programme for the issu
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summarize: This month, we saw the Magnachip Semiconductor Corporation (NYSE:MX) up an impressive 34%. But that doesn't change the reality of under-performance over the last twelve months. In fact, the price has declined 40% in a year, falling short of the returns you could get by investing in an index fund.
It's worthwhile assessing if the company's economics have been moving in lockstep with these underwhelming shareholder returns, or if there is some disparity between the two. So let's do just that.
Check out our latest analysis for Magnachip Semiconductor
Magnachip Semiconductor isn't currently profitable, so most analysts would look to revenue growth to get an idea of how fast the underlying business is growing. Generally speaking, companies without profits are expected to grow revenue every year, and at a good clip. That's because fast revenue growth can be easily extrapolated to forecast profits, often of considerable size.
In just one year Magnachip Semiconductor saw its revenue fall by 36%. That's not what investors generally want to see. Shareholders have seen the share price drop 40% in that time. That seems pretty reasonable given the lack of both profits and revenue growth. It's hard to escape the conclusion that buyers must envision either growth down the track, cost cutting, or both.
You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).
Take a more thorough look at Magnachip Semiconductor's financial health with this free report on its balance sheet.
A Different Perspective
Investors in Magnachip Semiconductor had a tough year, with a total loss of 40%, against a market gain of about 10%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Longer term investors wouldn't be so upset, since they would have made 0.2%, each year, over five years. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. It's always interesting to track share price performance over the longer term. But to understand Magnachip Semiconductor better, we need to consider many other factors. For instance, we've identified 1 warning sign for Magnachip Semiconductor that you should be aware of.
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: insiders have been buying them).
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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This month, we saw the Magnachip Semiconductor Corporation ( NYSE:MX ) up an impressive 34%. But that doesn't change...
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summarize: TORONTO, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) announces that James I. Golla has resigned from the Company’s Board of Directors, effective immediately. Mr. Golla has served as a Director of the Company since June 2001.
Róisín Magee, Board Chair of Galantas, commented: “On behalf of Galantas, I would like to thank James for serving on our Board over the past 20 years. His insightful and experienced contributions were highly valued, and we wish him well in the future.”
Mr. Golla stated: “My resignation is a result of my decision to retire and does not take away my enthusiasm for the Omagh project, which I believe will become a leading gold operation in Northern Ireland. I wish the Galantas team the best in moving the project forward.”
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Galantas Gold Corporation
Galantas Gold Corporation is a Canadian public company that trades on the TSX-Venture Exchange and the London Stock Exchange AIM market, both under the symbol GAL. It also trades on the OTCQX Exchange under the symbol GALKF. The Company's strategy is to create shareholder value by operating and expanding Northern Ireland's first gold mine.
Enquiries
Galantas Gold Corporation
Mario Stifano: Chief Executive Officer
Email: [email protected]
Website: www.galantas.com
Telephone: +44 (0)28 8224 1100
Grant Thornton UK LLP (AIM Nomad)
Philip Secrett, Harrison Clarke, George Grainger
Telephone: +44(0)20 7383 5100
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TORONTO, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) announces that James I. Golla has resigned from the Company’s Board of Directors, effective immediately. Mr. Golla has served as a Director of the Company since June 2001. Róisín Magee, Board Chair of Galantas, commented: “On behalf of Galantas, I would like to thank James for serving on our Board over the past 20 years. His insightful and experienced contributions
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summarize: SANTA ANA, CA / ACCESSWIRE / February 15, 2023 / Go Ads is an innovative media agency enterprise based in Santa Ana, CA, and founded by Nicholas Kohlschreiber, who recognized and improved important technological trends and frameworks in his niche. One such catalyst for success is multichannel internet marketing (also known as "cross-channel marketing"), a strategy described by the team at GoAds.com as crucial for any business venture operating within today's digital landscape.
Go Ads has been using this approach since its inception, and its principle is straightforward-enterprises need to provide customers with as many choices as possible when it comes to accessing information about a product or a service, which will ultimately deliver optimized conversion rates. According to Go Ads' founder, "Communicating with the target audience should involve a combination of direct and indirect channels - such as email, retail, website, direct mail, mobile, and pay-per-click - implemented in real time and responsive to shifting needs and market climates". Campaign managers now have a rapidly expanding set of digital tools designed to facilitate this task, importantly offering analytical feedback that provides insight into effective or ineffective strategies. Among the automation applications available to choose from are Marketo, Salesforce's Pardot, and Oracle's Eloqua.
Certain challenges associated with multichannel internet marketing are recognized by Go Ads, since it requires identifying the right mix of channels, giving proper consideration to the cost per acquisition, appropriately targeting messages, effectively choreographing campaigns, and monitoring customer touchpoints. As a veteran specialist in the field, Nicholas Kohlschreiber provides Go Ads' clients with a balanced approach, which is critical for many small- to medium-sized businesses that lack the know-how or infrastructure to implement a successful marketing strategy.
A think piece produced by Adobe Digital Insights revealed that many businesses have yet to integrate a cross-channel framework despite understanding the obvious benefits. In fact, there has been a marked decline in usage, as observed in one study. For those who have begun to use the available technology, it becomes increasingly important to develop a deep understanding of a customer's journey in order to apply digital marketing toolsets appropriately. The above-mentioned study highlighted that "only 17% of organizations indicate they are fully capable of analyzing their customers' journeys." Notably, over half of the surveyed companies that use tools effectively "usually" or "always" reach their financial targets.
About Go Ads:
California-based, Go Ads is an internet marketing company specializing in the organic proliferation of new businesses through creative marketing solutions. The company was founded by Nicholas Kohlschreiber, an enthusiast for originality and innovation, who began his career driving traffic for mom and pop shops for their local SEO while leaving school on a soccer scholarship. Kohlschreiber has grown his firm to oversee 800 employees in three different countries and tens of thousands of clients, while seeking to strengthen the connections to the modern communication platforms, including online, multimedia-driven business development.
goads - Sales Leads & Internet Marketing Experts: https://goads.com
Founder of Go Ads, Nicholas Kohlschreiber, Examines the Relationship Between Marketing and Tech: https://www.yahoo.com/now/founder-ads-nicholas-kohlschreiber-examines-203000849.html
Go Ads Founder, Nicholas Kohlschreiber, on Helping Businesses Optimize Social Media Footprint: https://www.yahoo.com/now/ads-founder-nicholas-kohlschreiber-helping-144000239.html
Contact Information
Go Ads
Nicholas Kohlschreiber
[email protected]
949-880-0000
www.goads.com
SOURCE: GoAds.com
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Go Ads is an innovative media agency enterprise based in Santa Ana, CA, and founded by Nicholas Kohlschreiber, who recognized and improved important technological trends and frameworks in his niche.
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summarize: (Bloomberg) -- Facebook Inc. says there are still “many open questions” about how it will use and keep data such as users’ Internet Protocol addresses as part of its years-long plans to focus on privacy through messaging and groups.
Nearly three months after announcing that the company would address months of privacy missteps by rebuilding many of its features to emphasize smaller groups and ephemeral and encrypted communication, Facebook cited unresolved questions around so-called metadata and suggested it could be shared with the company’s advertising arm in a letter to Senator Josh Hawley, a Missouri Republican.
“This is a work in progress that we expect to take several years, and it is still in its early stages,” wrote Kevin Martin, Facebook’s vice president for U.S. public policy.
In the letter, which was dated Monday, Martin, a former Federal Communications Commission chairman, wrote that Facebook aims to collect less data, keep it for a shorter time and hide message content even from the company itself. But he left open several possibilities about the use of the information to deepen what the company knows about users.
Metadata is not the actual content of messages, but can contain information on users’ contacts, devices and location from which, privacy advocates say, companies that already possess vast amounts of data on consumers could still collect valuable information and make inferences.
In the case of Facebook, the advocates say, that information would still prove lucrative in the ad-targeting infrastructure that brought in much of the company’s $15 billion revenue last quarter.
In his letter to Facebook, Hawley asked what data the company would glean when users exchanged messages with advertisers, especially if they used a Facebook subsidiary that facilitates online payments, and whether that would be fed back into the advertising architecture.
“Information about transactions can be used for personalization on the Facebook platform in accordance with Facebook’s data policy,” Martin responded.
Hawley, who has emerged as one of the foremost Republican critics of big tech companies, said in a statement that he was “frankly shocked by Facebook’s response.”
“I thought they’d swear off the creepier possibilities I raised,” said Hawley, who floated the possibility that Facebook could determine which users live together through rent payments on the platform. “But instead, they doubled down.”
While Congress continues to debate privacy measures that would allow consumers to opt out of data collection service by service, Hawley has championed a proposal that would block all websites from collecting unnecessary data.
Elsewhere in the letter, Martin noted the company uses metadata to “help make the platform safer, reduce Spam and fraud, and cooperate with law enforcement requests” -- a purpose that he said would become more important once the company cannot see content directly.
The company did provide some specifics. It said it planned to encrypt private messages between more than two participants, but did not plan to offer complete encryption for the content shared in groups, which Martin said “are well-suited for easily finding new communities of people with similar interests.”
To contact the reporter on this story: Ben Brody in Washington at [email protected]
To contact the editors responsible for this story: Sara Forden at [email protected], John Harney, Kathleen Hunter
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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Nearly three months after announcing that the company would address months of privacy missteps by rebuilding many of its features to emphasize smaller groups and ephemeral and encrypted communication, Facebook cited unresolved questions around so-called metadata and suggested it could be shared with
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summarize: NEW YORK (AP) -- Baseball fans can like their team's games with a click starting Friday.
Major League Baseball announced Facebook will carry a live game nationally each Friday starting with Colorado at Cincinnati this week. The Facebook package of 20 games will use the broadcast feed of one of the involved teams.
Baseball Commissioner Rob Manfred made the announcement Thursday. He calls it "really important for us in terms of experimenting with a new partner in this area."
The Twitter feed of a game each Friday, which started April 7, will be moved to Tuesdays.
Dan Reed, Facebook's head of global sports partnerships, says in a statement "baseball games are uniquely engaging community experiences, as the chatter and rituals in the stands are often as meaningful to fans as the action on the diamond."
"By distributing a live game per week on Facebook, Major League Baseball can re-imagine this social experience on a national scale," he adds.
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Baseball fans can like their team's games with a click starting Friday. Major League Baseball announced Facebook will carry a live game nationally each Friday starting with Colorado at Cincinnati this ...
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summarize: Japan's equivalent to Amazon, e-commerce giant Rakuten, has publicly launched its cryptocurrency exchange, Rakuten Wallet.
Announcing the news on Monday, the company said that users can start spot trading in three cryptocurrencies - bitcoin (BTC), ether (ETH) and bitcoin cash (BCH) - via a mobile app. The app is currently available on Android platform, with an iOS version planned for "early September."
Rakuten further said that customers' assets will be held in "cold wallet" to ensure safety, private keys will be managed through a multi-signature scheme, and that two-step authentication is also enabled for logging in and withdrawing funds. It also keeps customers' funds separate from its own funds, per the announcement.
Rakuten Wallet initially began accepting registrations in April, from Rakuten Bank clients. Most recently, the exchange also partnered with blockchain security firm CipherTrace for anti-money laundering protections.
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Japan's equivalent to Amazon, e-commerce giant Rakuten, has publicly launched its cryptocurrency exchange, Rakuten Wallet. Announcing the news on Monday, the company said that users can start spot trading in three cryptocurrencies - bitcoin (BTC), ether (ETH) and bitcoin cash (BCH) - via a mobile
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summarize: Twitter has published its Q2 2022 results, with the social networking giant's numbers falling short of analysts' estimates across user growth and revenues.
Perhaps more interestingly, however, Twitter also revealed that it spent $33 million in Q2 on Elon Musk's pending acquisition.
Twitter vs. Musk
Today's results represent Twitter's second earnings since accepting Elon Musk's $44 billion acquisition bid back in April, but a lot has happened in those intervening months. To cut a long story short, Musk decided he didn't want to buy Twitter any more, but Twitter is trying to force the deal through, and a judge ruled last week that the company could expedite legal proceedings against the billionaire.
However, that is still months away from reaching anything close to a resolution, and until then Twitter remains a public company that is answerable to its many shareholders. And so today, Twitter announced that its Q2 revenue amounted to $1.18 billion, down around 5% on the previous quarter and 1% on the corresponding period last year -- analysts had estimated its Q2 revenues at around $1.32 billion. This, according to Twitter, reflects "headwinds' in the advertising industry related to the current economic environment, while it also pointed to "uncertainty" caused by Musk's attempts to pull out from the deal.
Elsewhere, Twitter's monetizable daily active users (mDAUs) actually increased 16.6% year-on-year to 237.8 million, however this fell marginally short of estimates, which were pegged at 238.08 million.
Perhaps unsurprisingly, Musk's name cropped up quite a few times in Twitter's Q2 results. For instance, the company said that it would not be hosting its usual post-earnings conference call due to the pending acquisition, nor would it issue a shareholder letter or provide any form of future-gazing financial guidance. The company also called Musk's planned termination "invalid and wrongful."
But arguably the most interesting nugget was its year-on-year increase in costs and expenses, which grew 31% to $1.52 billion.
As with many other companies across the industrial spectrum, Twitter has had costs to bear in terms of downsizing and restructuring, with a number of senior executives leaving the company -- and it's against that backdrop that Twitter today reported $19 million in severance costs this quarter. In preparation of a broader hiring freeze, Twitter also recently laid off 30% of its talent acquisition team, however that hit won't show up until its Q3 report later this year.
But star of the show in its costs and expenses surge was undoubtedly the aforementioned $33 million it spent on Musk's flip-flopping acquisition offer -- a figure that will only increase as Musk does his damndest to u-turn on the multi-billion-dollar transaction.
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Twitter has published its Q2 2022 results, with the social networking giant's numbers falling short of analysts' estimates across user growth and revenues. Perhaps more interestingly, however, Twitter also revealed that it spent $33 million in Q2 on Elon Musk's pending acquisition. Today's results represent Twitter's second earnings since accepting Elon Musk's $44 billion acquisition bid back in April, but a lot has happened in those intervening months.
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summarize: ELKHART, Ind., June 29, 2022 /PRNewswire/ -- THOR Industries, Inc.'s (NYSE: THO) film, "Finding Strength and Redemption: The Blackfoot River Adventure with First Descents," chronicling the life-changing collaboration with non-profit First Descents, was awarded gold in two categories at the inaugural Anthem Awards.
Produced by The Public Works, "Finding Strength and Redemption: The Blackfoot River Adventure with First Descents" shares the story of young adults impacted by cancer and their healing journey on the Blackfoot River in southwest Montana. First Descents invited the group to discover the river's restorative effects while paddling their way toward recovery and to draw themselves closer to nature through the RV camping experience.
The partnership with THOR Industries helped generate support and funding for First Descents as well as provide a fleet of RVs at the Montana backcountry campsite where participants found their lives forever altered.
"THOR is unbelievably proud to have been a part of this project and continue to partner with First Descents to help promote the healing experiences of outdoor adventure," shared THOR President and CEO Bob Martin. "We are grateful our RVs enabled the Blackfoot River program, connecting many incredible young adults with nature and one another, which is truly inspiring."
The project received the highest marks in two for-profit categories at the Anthem Awards: Health – Brand Campaign Fundraising Category and Health — Best Brand Campaign Product/Innovation/Service. Presented by the Webby Awards, the Anthem Awards celebrate purpose and mission-driven work from people, companies, and organizations worldwide.
To learn more about the project, watch "Finding Strength and Redemption: The Blackfoot River Adventure with First Descents" on the THOR Industries YouTube channel.
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles. For more information on the Company and its products, please go to www.thorindustries.com.
About First Descents
First Descents (FD) is a leader in adventure-based healing. Through outdoor adventure, community building, and lifestyle development, FD improves long-term survivorship and quality of life for young adults impacted by cancer, multiple sclerosis, and other serious health conditions. Headquartered in Denver, First Descents has served more than 10,000 participants over the last 20 years. Beginning in 2020, First Descents launched programs for healthcare workers on the frontlines of COVID-19. All services are fully-adaptive and free of charge. A Guidestar Platinum-ranked nonprofit, First Descents has been recognized on CNN Heroes and Outside Magazine's Best Places to Work.
About The Public Works
The Public Works (TPW) is a unique creative agency built to amplify awesome. For almost 20 years, TPW has worked with the biggest brands in the world to tell powerful stories through diverse mediums- moving pictures, still imagery, industrial design, fabrication, and brand activations. TPW's agile multi-talented team of creatives work off the strict ethos of 'work hard, have fun, and make great freaking work'.
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SOURCE THOR Industries
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THOR Industries, Inc.'s (NYSE: THO) film, "Finding Strength and Redemption: The Blackfoot River Adventure with First Descents," chronicling the life-changing collaboration with non-profit First Descents, was awarded gold in two categories at the inaugural Anthem Awards.
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summarize: Luxembourg, June 3, 2022 – On May 18, 2022, Millicom International Cellular S.A. ("Millicom") announced the terms of its rights offering, including a statement of support from management that all members of the executive team had indicated that they planned to exercise their rights in full, except for one executive who had indicated an intention to partially exercise his rights.
On June 1, 2022, the executive sold 11,000 rights and subscribed for 43,233 rights to acquire additional shares.
Details of the sale are disclosed on Millicom’s website.
For further information, please contact
About Millicom
Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of March 31, 2022, Millicom employed approximately 20,000 people and provided mobile and fiber-cable services through its digital highways to around 50 million customers, with a fiber-cable footprint of close to 13 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg.
Attachment
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Partial Sale and Subscription of Rights by Millicom Executive Luxembourg, June 3, 2022 – On May 18, 2022, Millicom International Cellular S.A. ("Millicom") announced the terms of its rights offering, including a statement of support from management that all members of the executive team had indicated that they planned to exercise their rights in full, except for one executive who had indicated an intention to partially exercise his rights. On June 1, 2022, the executive sold 11,000 rights and su
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summarize: (Bloomberg) -- Citigroup Inc.’s $41 share price reflects too much fear, and investors looking for a long-term opportunity should buy the stock, according to Wells Fargo & Co. analyst Mike Mayo.
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The Wall Street bank’s shares are trading at prices that imply its balance sheet could take a big hit from asset losses, analysts led by Mayo wrote. But that seems unlikely given the current strength of the company’s assets and its relatively high capital levels, the analysts wrote.
“Even for Citi, this is getting to be too much,” the analysts wrote. Shares of Citi fell more than 8% this year through Friday’s close.
Wells Fargo believes the bank’s share price could rise to around $55 over the next 12 months, an increase of almost a third from Friday’s close.
The low valuation of Citigroup’s shares gives the bank a strong incentive to buy back shares, the analysts wrote. Doing so could give a quick boost to earnings per share and tangible book value per share. Wells Fargo projects about $22 billion of buybacks over the next 10 quarters, equal to more than a quarter of Citigroup’s market value as of August 31.
The bank has been cutting costs, and its consumer business is exiting many foreign markets, which should also help cut expenses.
Citigroup’s share price is around half its tangible book value per share, a measure of the net accounting value of the company’s tangible assets, according to the analysts. That’s close to the lowest since the financial crisis— the average over that period is around 0.8 times. Current levels seem to reflect concerns of a hole on the balance sheet, the analysts wrote.
But Wells Fargo expects the bank to keep boosting its tangible book value. Citigroup has taken measures to cut the riskiness of its assets, including keeping its commercial real estate exposure relatively low, and focusing its corporate credit exposures on high-grade companies.
“We are very familiar with the problems at Citi, but even for us, this valuation seems unreasonable relative to our targeted returns, the strength of the balance sheet, likely continued growth in tangible book value, and a strategy that is finally addressing problems that have been in place for several decades,” the analysts wrote.
The analysts did flag some headwinds, like upcoming Basel 3 regulatory changes. But Citigroup has high capital ratios and is generally well positioned to face these, the analysts wrote.
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©2023 Bloomberg L.P.
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(Bloomberg) -- Citigroup Inc.’s $41 share price reflects too much fear, and investors looking for a long-term opportunity should buy the stock, according to Wells Fargo & Co. analyst Mike Mayo. Most Read from BloombergHuawei Teardown Shows Chip Breakthrough in Blow to US SanctionsChina Slowdown Means It May Never Overtake US Economy, Forecast ShowsWhy China Is Avoiding Using ‘Bazooka’ to Spur EconomyReturn-to-Office Is a $1.3 Trillion Problem Few Have Figured OutOpenAI CEO Sam Altman First Perso
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summarize: Former and current warehouse workers at JFK8, Amazon's fulfillment center in Staten Island, New York, have refiled an application to hold a vote on unionization. The workers originally filed a petition with the National Labor Relations Board back in November, but they had to withdraw it after failing to gather enough signatures to be approved. This time, the organizers were reportedly able to gather over 2,500 worker signatures or half of the 5,000 people employed at the facility.
The workers are hoping to form the Amazon Labor Union, which will be an independent group that's not connected to any major national union. One of their lead organizers is Christian Smalls who led a walkout at JFK8 over the e-commerce giant's handling of COVID safety at the warehouse. Amazon fired Smalls after that, telling CNBC that he "received multiple warnings for violating social distancing guidelines." Even so, Smalls is still very much involved in the facility's renewed efforts to unionize. In an email to The Washington Post, he referenced what happened at Amazon's Bessemer warehouse, saying that "long drawn-out voting processes are controlled by the bosses who use that period to lie to, intimidate and threaten the workers into voting no for the union."
Majority of the workers at the company's Bessemer, Alabama facility voted against unionization back in April. However, the election was fraught with controversy, with the Retail, Wholesale and Department Store Union (RWDSU) — the union the workers were supposed to join — accusing Amazon of interfering with the elections. One of the main issues they pointed out was that the company installed the ballot box in front of the warehouse and in view of security cameras, making workers feel as if their votes were being monitored. After looking into the RWDSU's complaint, the NLRB ordered Amazon to hold another vote.
Amazon has been adamantly opposed to its workers joining unions. When the people at JFK8 first filed a petition to unionize, the e-commerce giant told Engadget in a statement:
The NLRB has confirmed to The Post that it received the group's petition and would be reviewing signatures over the coming days.
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Former and current warehouse workers at JFK8, Amazon's fulfillment center in Staten Island, New York, have refiled an application to hold a vote on unionization.
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summarize: *
Nvidia down as Reuters reports AI chip launch delay in China
*
iRobot up on report Amazon wins EU approval for takeover
*
Vista Outdoor gains on Colt CZ's merger offer
(Updates to U.S. market close)
By Stephen Culp
NEW YORK, Nov 24 (Reuters) -
U.S. stocks ended little changed in holiday-shortened trading on Friday, with low volume and conviction as investors watched the start of the seasonal shopping season for signs of consumer resiliency.
The S&P 500 closed essentially unchanged, while the Dow eked out a modest gain. The Nasdaq was dragged slightly lower by weakness in megacap momentum stocks.
All three indexes notched their fourth consecutive weekly gains.
"We had mixed macroeconomic data and the post-Thanksgiving session is only half a day, so there aren't that many participants," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. "But we're seeing a market that's on the right path of a year-end rally."
Retailers around the world were attempting to attract millions of shoppers, many offering steep "Black Friday" discounts the day after the U.S. Thanksgiving holiday.
"Consumers are being very frugal and while they might spend, they're looking for bargains," Cardillo added. "The higher cost of money is hitting consumers' pocketbook."
A survey by NRF, a U.S. retail trade group, showed U.S. shoppers are planning to spend an average of $875 on holiday purchases this year, an annual increase of about 5%.
S&P Global's advance purchasing managers' index (PMI) showed steady U.S. business activity in November, but private sector employment declined for the first time in almost 3-1/2 years, possibly due to the Federal Reserve's restrictive monetary policy.
Next week's most anticipated data include the Commerce Department's second estimate on third-quarter gross domestic product on Thursday, followed on Friday by its wide-ranging Personal Consumption Expenditures (PCE) report, which will provide further clues on the extent of the Fed's rate-hike impact.
The focus has increasingly shifted to the likely timing of the U.S. central bank's first rate cut, which will be largely determined by the rate at which inflation cools down toward the Fed's average 2% target.
New and pending home sales, home prices, consumer prices and ISM PMI are also expected next week.
Unofficially, the Dow Jones Industrial Average rose 117.58 points, or 0.33%, to 35,390.61, the S&P 500 gained 2.72 points, or 0.06%, to 4,559.34 and the Nasdaq Composite dropped 15.00 points, or 0.11%, to 14,250.86.
Nvidia dipped after Reuters reported a delay in the launch of the company's new China-focused AI chip designed to comply with U.S. export rules until the first quarter of 2024.
IRobot surged in the wake of a report that Amazon is set to win unconditional EU antitrust approval for its $1.4 billion acquisition of the robot vacuum maker.
Vista Outdoor advanced after Czech gunmaker Colt CZ Group's cash-and-stock merger offer worth nearly $1.7 billion.
U.S.-listed shares of Chinese EV maker Xpeng jumped after Volkswagen said it will develop a new platform for entry-level electric vehicles in China.
(Reporting by Stephen Culp; Additional Reporting by Sruthi Shankar and Shristi Achar A in Bengaluru; Editing by Richard Chang)
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The Nasdaq was dragged slightly lower by weakness in megacap momentum stocks. "We had mixed macroeconomic data and the post-Thanksgiving session is only half a day, so there aren't that many participants," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
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summarize: (Bloomberg) -- Although Facebook Inc. doesn’t sell robots, its researchers use plenty of them -- and the company said its machines are getting a lot smarter, a lot faster.
The social media giant announced in a blog post Monday that its engineers, working with computer scientists from New York University, have reduced the time it takes to teach a robotic arm how to grasp objects to tens of tries, rather than hundreds or thousands.
It may seem like a tangential development -- Facebook doesn’t sell robots, after all -- but advancements in robotics can lead to improvements in other forms of machine-learning, smartening the software Facebook has begun to use to spot harmful or unfavorable behavior of users on the social network.
The company has been under ever increasing pressure to use AI to police extremist violence, hate speech and misinformation on its platform. The company has said it is making progress, but that systems that can reliably block such content without human intervention are still years away.
“The great thing about robotics is that it takes place in real time, in the real world,” Antoine Bordes, co-managing director of the company’s artificial intelligence research labs, said in an interview last week in Paris.
He contrasted this to research that taught AI to master games, such as chess or Go, which can be run at super-human speeds allowing a software agent to learn from playing millions of games against itself in a period of just a few weeks. Many contemporary AI methods are extremely data hungry, requiring thousands or even millions of labeled examples to learn from, or, thousands or millions of attempts in a simulated environment to equal or exceed human performance.
Facebook began working on robots in the past year because it forced researchers to think creatively about how to make machine-learning more efficient, Bordes said, but added that the company has no plans to commercialize its robots any time soon.
In addition to the robotic arm, Facebook has experimented with finding ways for a six-legged robot to teach itself how to walk. It said it eventually hoped to reduce the time needed to train such a skill to hours instead of days or weeks.
With computer scientists from the University of California at Berkeley, Facebook has experimented with having robots learn about their world through tactile sensors that give them “a sense of touch,” rather than relying solely on computer vision.
Yann LeCun, Facebook’s chief AI scientist, said in an interview Friday that the company’s researchers had a responsibility to “see around corners” to where technology might be heading. If robots did eventually become a popular consumer good and Facebook decided to sell them, he said, it would need to have experts already on staff.
“You’ve got to start early," he said. "It’s not just something you can jump into when it picks up.”
To contact the reporter on this story: Jeremy Kahn in London at [email protected]
To contact the editors responsible for this story: Giles Turner at [email protected], Nate Lanxon
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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The social media giant announced in a blog post Monday that its engineers, working with computer scientists from New York University, have reduced the time it takes to teach a robotic arm how to grasp objects to tens of tries, rather than hundreds or thousands. It may seem like a tangential development
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summarize: By Svea Herbst-Bayliss and Nupur Anand
NEW YORK, Sept 8 (Reuters) - Barclays hired Christian Oberle from JPMorgan Chase to oversee its relationships with private equity (PE)firms in the Americas region, Barclays confirmed on Friday.
Oberle will join the British bank as the head of its financial sponsors group in the Americas, and report to Jean-Francois Astier, who leads the group globally. Barclays has long wanted to grow its relationships in PE.
JPMorgan declined to comment. Oberle did not immediately respond to a phone call and voicemail seeking comment.
Oberle's hire comes at a time when Barclays is drawing up plans to cut hundreds of jobs in its domestic retail business and separately as part of its annual review of investment bankers' performance.
CEO C.S. Venkatakrishnan installed new leaders atop the investment banking division this year. While the unit has added more than 20 managing directors, it has also seen a wave of departures.
Oberle's exit from JPMorgan comes months after Marco Caggiano, another former senior JPMorgan banker, left the U.S. bank to join rival Morgan Stanley as vice chairman of mergers and acquisitions.
Wall Street banks have cut thousands of employees in recent months in response to a slowdown in deals. The doldrums have also prompted veteran bankers to move from firms including Goldman Sachs and Bank of America to join large rivals or smaller competitors. (Reporting by Svea Herbst-Bayliss and Nupur Anand in New York; Editing by Lananh Nguyen and Diane Craft)
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Barclays hired Christian Oberle from JPMorgan Chase to oversee its relationships with private equity (PE)firms in the Americas region, Barclays confirmed on Friday. Oberle will join the British bank as the head of its financial sponsors group in the Americas, and report to Jean-Francois Astier, who leads the group globally.
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summarize: NEW ORLEANS, LA / ACCESSWIRE / September 16, 2021 / Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors of pending deadlines in the following securities class action lawsuits:
Annovis Bio, Inc. (NYSE American:ANVS)
Class Period: 5/21/2021 - 7/28/2021
Lead Plaintiff Motion Deadline: October 18, 2021
SECURITIES FRAUD
To learn more, visit https://www.ksfcounsel.com/cases/nyse-anvs/
Sesen Bio, Inc. (NASDAQ:SESN)
Class Period: 12/21/2020 - 8/17/2021
Lead Plaintiff Motion Deadline: October 18, 2021
SECURITIES FRAUD
To learn more, visit https://www.ksfcounsel.com/cases/nasdaqgm-sesn/
PayPal Holdings, Inc. (NASDAQ:PYPL)
Class Period: 2/9/2017 - 7/28/2021
Lead Plaintiff Motion Deadline: October 19, 2021
SECURITIES FRAUD
To learn more, visit https://www.ksfcounsel.com/cases/nasdaqgs-pypl/
If you purchased shares of the above companies and would like to discuss your legal rights and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner, Lewis Kahn, toll-free at 1-877-515-1850, via email ([email protected]), or via the case links above.
If you wish to serve as a Lead Plaintiff in the class action, you must petition the Court on or before the Lead Plaintiff Motion deadline.
About
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients - including public institutional investors, hedge funds, money managers and retail investors - in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
CONTACT:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 3200
New Orleans, LA 70163
SOURCE: Kahn Swick & Foti, LLC
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NEW ORLEANS, LA / ACCESSWIRE / September 16, 2021 / Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C., remind investors of pending deadlines in the following securities class action lawsuits:Annovis Bio, Inc.
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summarize: Experienced nursing executive brings passion for technology, analytics and collaboration
TAMPA, Fla., Jan. 6, 2022 /PRNewswire/ -- Syft,®a leading provider of AI-enhanced inventory control and end-to-end hospital supply chain management software and services, announced today that Betty Jo Rocchio, DNP, Mercy's chief nursing officer (CNO), has been named a strategic board advisor to Syft.
In this role, she will provide Syft with guidance and direction on clinical operations and nursing workflows, as well as offer insight on clinically-integrated products and front-line efficiency.
"Betty Jo brings with her an extraordinary clinical background and highly-respected national reputation," said Todd Plesko, CEO for Syft. "She understands the importance of analytics in helping decrease unnecessary procedural costs and supply waste, improving nursing workflow challenges, and increasing collaboration across the front lines of care. Her innovative clinical and business experiences will further guide our ability to provide exceptional service and solutions to hospitals."
Rocchio has served as a senior vice president and CNO for Mercy since October 2020. Previously, she was the chief nursing optimization officer. Mercy, a multi-state health care system and one of the 25 largest in the U.S., serves millions each year with more than 40 hospitals and 40,000 co-workers. Prior to joining Mercy, Betty Jo held several leadership positions in the Mount Carmel Health System in Columbus, Ohio. These included Chief Nurse Anesthetist, System Director of Surgical Services, and Vice President of Nursing and Chief Nursing Officer.
On why she joined the Syft advisory team, Rocchio said, "Healthcare leaders need to realize that bad data leads to bad analytics, which leads to bad decision making. This has never been more important as hospitals try to recover financially from the pandemic." She adds, "Syft has a great product that helps reduce nursing workflow challenges but even more impressive is their integrated analytics package that allows both clinical and supply chain leaders to access and analyze the same data and really understand each other's daily work." She adds, "There is no other set of integrated analytics out there that helps these teams make decisions together. The integrated analytics Syft offers, that's where the magic happens."
Rocchio holds a bachelor's degree in nursing and an associate degree in business administration from the Franciscan University of Steubenville in Ohio. She started her career in direct patient care as a registered nurse in the intensive care unit; returned to school to become a certified registered nurse anesthetist and at the same time earned her master's degree in health sciences at LaRoche College in Pennsylvania. Betty Jo holds a certification in executive nurse practice from American Organization for Nursing Leadership. Most recently, she obtained a doctor in nursing practice in the nurse executive track at The Ohio State University. Betty Jo is an accomplished speaker and has written publications in support of nursing practice and operations, technology, supply chain, and analytics.
About Syft. Syft® enables enterprise-wide inventory management through a powerful combination of services, automation tools, and real-time data analytics. The comprehensive Syft Synergy® platform eliminates the need for multiple point solutions and facilitates immediate supply savings with a range of capabilities including master data management, inventory services, supply chain management software, analytics, and advanced reporting. Founded in 1999, Syft is used by more than 245 customers (970 U.S. hospitals) to control costs, processes, and productivity across the entire organization. In the last decade alone, Syft has conducted more than 9,200 inventory counts, totaling over $15 billion in inventory valued. For more information, visit Syft at www.syftco.com.
For More Information
John Gonda
616-309-4888
[email protected]
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SOURCE Syft
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Syft,®a leading provider of AI-enhanced inventory control and end-to-end hospital supply chain management software and services, announced today that Betty Jo Rocchio, DNP, Mercy's chief nursing officer (CNO), has been named a strategic board advisor to Syft.
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summarize: (Bloomberg) -- European stocks fell on Thursday, extending this week’s declines, after minutes from the Federal Reserve’s policy meeting in July suggested further interest-rate increases could be needed to contain inflation.
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Goldman CEO’s Most Loyal Deputy Is Tested by Mutinous Partners
The Stoxx Europe 600 fell 0.7% by 3:08 p.m. in London, declining for a third session. Industrial goods and services stocks led the retreat, while the basic resources and energy sectors were the biggest gainers.
Among individual stocks, Adyen NV slumped by the most on record after reporting first-half earnings that missed estimates as increased competition in North America contributed to the Dutch payment company’s slowest revenue growth since its IPO. Swiss building materials firm Geberit AG fell after reporting second-quarter results that analysts said represented a “sizeable” miss.
Minutes from the Fed’s July policy meeting showed that most participants continued to see “significant upside risks to inflation, which could require further tightening of monetary policy.” However, two officials favored leaving rates unchanged or “could have supported such a proposal” instead of the rate hike authorized by the Federal Open Market Committee.
“The minutes came across as reasonably hawkish, not altogether surprising given recent commentary from various Fed officials,” said Michael Hewson, chief market analyst at CMC Markets. “However, there was some surprise that only two members appeared to support keeping rates unchanged.”
Investors remained concerned about signs of weakness in Chinese markets. Zhongzhi Enterprise Group Co., the Chinese shadow banking giant whose liquidity crisis has fanned fears about financial contagion, is planning to restructure its debt and hired KPMG LLP to conduct an audit of its balance sheet, according to people familiar with the matter.
“In driving Asian indices to nine-month lows, the current Chinese property woes may prompt an uneasy feeling of déjà vu for investors who remember previous episodes of turbulence in the country’s real estate sector and the knock-on effect they had on wider markets,” said Russ Mould, investment director at AJ Bell.
“Officials in Beijing are doing their best to allay fears, but their efforts at reassurance may fall on deaf ears for now as the crisis plays out.”
For more on equity markets:
Wind Looks to Be Shifting in Favor of Clean Energy: Taking Stock
M&A Watch Europe: BAE Systems, GAM, ArcelorMittal, FLSmidth, SBB
Amsterdam’s Sleepy IPO Scene Gets Some Good News: ECM Watch
Aviva Crosses Inflationary Headwinds to Growth: The London Rush
You want more news on this market? Click here for a curated First Word channel of actionable news from Bloomberg and select sources. It can be customized to your preferences by clicking into Actions on the toolbar or hitting the HELP key for assistance. To subscribe to a daily list of European analyst rating changes, click here.
--With assistance from Farah Elbahrawy.
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(Bloomberg) -- European stocks fell on Thursday, extending this week’s declines, after minutes from the Federal Reserve’s policy meeting in July suggested further interest-rate increases could be needed to contain inflation.Most Read from BloombergFed Saw ‘Significant’ Inflation Risk That May Merit More Hikes'Poor Man's Cocaine' Costing $3 a Pill Threatens to ProliferateNiger Soldiers Killed in Attacks by Armed Group, Ecowas SaysKen Griffin Reshaped Law Banning Chinese Real Estate PurchasesGoldm
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summarize: Farm managers use digital tools to provide enhanced decision-making and collaboration between landowners and tenants
OMAHA, Neb., Aug. 1, 2022 /PRNewswire/ -- Farmers National Company, the nation's leading agricultural land and mineral owner services company, has partnered with Climate FieldView™, Bayer's flagship digital farming product, to offer increased digital management for landowners and tenants working with Farmers National Company. Farm managers at Farmers National Company now have access to digital agriculture tools provided by FieldView to complement collaboration between landowners, tenants, and management services provided by the company.
This partnership leverages agriculture technology to drive decision-making and uncover management opportunities between farmers and landowners, while offering another option for tenants to share required data for leases more easily. Tenant farmers can choose to initiate a sharing connection to a Farmers National Company farm manager through the Climate FieldView platform, if desired. Farm managers within the company will be able to gain field-level insights on a variety of management areas including real-time field-level weather, satellite imagery, and data entry for field operations. Tenants interested in the collaboration should contact their Farmers National Company farm manager for more details.
"We are committed at Farmers National Company to the highest level of support and professional service to our landowners and tenants, and this collaboration enhances our ability to connect to all stakeholders digitally and enhance collaboration to ensure farm managers have the tools available to them to help our landowners and tenants make the best decisions on each farm," says Clayton Becker, President at Farmers National Company.
"Climate FieldView has proven value to farmers across the world, and now is being used for farm managers to provide efficient decision-making and transparency for landowners and tenants. Farmers National Company has a history of progressive expansion in agriculture and this new opportunity to connect to clients digitally shows a commitment to further growth," said Ron Dunker, who supports Farm Manager Accounts at Bayer Crop Science.
About Farmers National Company
Farmers National Company, an employee-owned company, is the nation's leading agricultural land and mineral owner services company. Farmers National Company manages more than $10 billion in assets comprising of 5,000 farms and ranches in 29 states totaling 2 million acres, sold more than $765 million in agricultural real estate last year and manages over 218,000 oil and gas interests. Additional services provided by the company include appraisals and valuation services, insurance, consultations, a national hunting lease program, forest management, and FNC Ag Stock. Additional information about the company and the services provided, can be found at website at www.FarmersNational.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/farmers-national-company-partners-with-climate-fieldview-to-digitize-farm-management-301597311.html
SOURCE Farmers National Company
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Farmers National Company, the nation's leading agricultural land and mineral owner services company, has partnered with Climate FieldView™, Bayer's flagship digital farming product, to offer increased digital management for landowners and tenants working with Farmers National Company. Farm managers at Farmers National Company now have access to digital agriculture tools provided by FieldView to complement collaboration between landowners, tenants, and management services provided by the company.
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summarize: WASHINGTON (Reuters) - Amazon.com Inc plans to launch its first pair of prototype internet satellites late next month on a different rocket than previously planned, a spokesman said on Monday, again switching rides for the spacecraft to avoid mounting rocket delays.
The company will launch the two satellites, the first in Amazon's Kuiper program to offer internet globally from space, aboard a dedicated Atlas V rocket from the Boeing-Lockheed joint venture United Launch Alliance, spokesman James Watkins said.
The targeted launch date is Sept. 26, he said.
Amazon last year announced plans to launch the satellite pair aboard the first flight of ULA's new Vulcan rocket, moving them off previously planned rockets from launch startup ABL Space to avoid delays in ABL's rocket development.
But delays with Vulcan have prompted Amazon to again switch rides. Vulcan, which had been expected to launch in early 2023 at the time of Amazon's decision, has run into testing hiccups that now peg its target launch date in the fourth quarter of 2023, a ULA spokeswoman said.
(Reporting by Joey Roulette; Editing by Leslie Adler)
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Amazon.com Inc plans to launch its first pair of prototype internet satellites late next month on a different rocket than previously planned, a spokesman said on Monday, again switching rides for the spacecraft to avoid mounting rocket delays. The company will launch the two satellites, the first in Amazon's Kuiper program to offer internet globally from space, aboard a dedicated Atlas V rocket from the Boeing-Lockheed joint venture United Launch Alliance, spokesman James Watkins said. Amazon last year announced plans to launch the satellite pair aboard the first flight of ULA's new Vulcan rocket, moving them off previously planned rockets from launch startup ABL Space to avoid delays in ABL's rocket development.
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summarize: (Bloomberg) -- Jim Chanos, the legendary short-seller known for his bearish bets against Enron and Tesla Inc., is shuttering his hedge funds after almost four decades.
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Chanos & Co., which he founded as Kynikos Associates in 1985, plans to return capital to investors by the end of the year, according to a letter to clients Friday.
“It is no secret that the long/short equity business model has come under pressure and interest in fundamental stock pickers has waned,” Chanos wrote. “While I am as passionate as ever about research and investing, I feel compelled to pursue these passions in a different construct.”
Chanos, a frequent presence on television and X, the social media platform previously known as Twitter, said he’s winding down his funds after returning almost $5 billion of profits to investors since the firm’s inception.
The Wall Street Journal reported on his decision earlier.
Chanos, 65, said his firm will continue to offer investors “bespoke advice on fundamental short ideas and portfolios as well as the occasional profitable macro insight.”
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©2023 Bloomberg L.P.
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(Bloomberg) -- Jim Chanos, the legendary short-seller known for his bearish bets against Enron and Tesla Inc., is shuttering his hedge funds after almost four decades.Most Read from BloombergAston Martin Owner Lawrence Stroll Sells F1 Team Stake at £1 Billion ValuationBacklash Spreads Over Musk’s Endorsement of Antisemitic PostAltman Ousted From OpenAI, Board Says It Lost ConfidenceHamas Mastermind Who Tricked Israel Is Top Target in Gaza TunnelsApple Plans to Make It Easier to Text Between iPho
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summarize: Perfect pitch, a singer’s ability to produce any given musical note without a reference tone, is a rare phenomenon — only 1-5 people out of every 10,000 have it. While your odds of creating a perfect pitch deck that captures coveted VC interest aren’t quite that dire, they’re not exactly in your favor, either.
Venture capital shattered records around the world in Q4 2021. The number of startups seeking funding increased 33% YOY, and the time investors spent looking at individual pitch decks dropped to an all-time low: 2 minutes and 28 seconds. That’s a 12% decrease from the previous year.
When competition for investor time and attention is this intense, you need a stand-out pitch deck. It’s the most powerful tool you have to convince investors they should schedule a meeting to learn more about you, your product and your company.
The road to a perfect pitch deck is paved with countless revisions, and a source of constructive, expert feedback can be invaluable. That’s why we’re thrilled to announce that Carlotta “Lotti” Siniscalco, a partner at Emergence Capital, will lead an interactive session called Pitch Deck Teardown at TechCrunch Early Stage on April 14.
During this session, Siniscalco will dissect and critique actual work-in-progress pitch decks submitted by audience members. She’ll call out which elements work and which ones fall flat -- and she'll explain why on both counts.
Siniscalco is the first female partner at Emergence Capital, and she earned that distinction as a result of the extraordinary impact she’s had on the firm, the team and EC’s portfolio companies. She invests in early-stage enterprise software companies, and her portfolio includes Convex, High Alpha, Oyster, Talent Hack and Whistic.
Prior to joining Emergence, Siniscalco served at Advent International — a large global private equity fund — as an investor in financial services and financial technology companies and also as an observer on the Transunion board.
Her early career, which began as an investment banker at Goldman Sachs, includes a stint in the BizOps group at Nerdwallet and as an early-stage investor at Ribbit Capital, a fintech-focused VC.
A pitch deck has but one job: get the meeting. It's the entry point for everything you want to come next. Take advantage of this opportunity to look at pitch decks from an investor’s point of view. Join Lotti Siniscalco and learn the mission-critical dos and don’ts for building a perfect pitch deck.
TC Early Stage sessions provide plenty of time to engage, ask questions and walk away with a deeper, working understanding of topics and skills that are essential to startup success. Register now before $249 founder tickets sell out!
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Perfect pitch, a singer’s ability to produce any given musical note without a reference tone, is a rare phenomenon — only 1-5 people out of every 10,000 have it. While your odds of creating a perfect pitch deck that captures coveted VC interest aren’t quite that dire, they’re not exactly in your favor, either. Venture capital shattered records around the world in Q4 2021.
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summarize: With fresh research, bright stars, and big ideas, O.C. Tanner hosts the world's most exclusive employee recognition and workplace culture conference
SALT LAKE CITY, Sept. 21, 2022 /PRNewswire/ -- O.C. Tanner, the global leader in employee recognition and workplace culture, will host its sixth annual Influence Greatness conference September 27-29, 2022. Organizations continue to deal with change and uncertainty as a global pandemic subsides and the possibility of an economic recession looms. This year's conference, offered live and virtually, will focus on how companies can move more successfully into the future of the workplace and better address employee fulfillment in the midst of ongoing transformation. HR and senior leaders from all over the world will come together to learn, share, and connect on teamwork, connection, and building a culture where people thrive. Tickets to the in-person experience are sold out, but viewers can sign up to attend the event virtually for free here.
As a hallmark of the conference, the award-winning O.C. Tanner Institute will unveil its 2023 Global Culture Report, featuring data and insights gathered from over 36,000 employees across 20 countries. Attendees will be the first to learn about the latest trends and strategies to win and retain people, including: reconnecting workplace community, creating fulfilling employee experiences, fortifying weary leaders, and integrating recognition and symbolism early and often.
In addition to being able to glean on-demand insights from interviews with progressive HR leaders from leading organizations as they discuss unique recognition challenges and solutions, attendees will experience keynote speeches from luminaries such as:
Dr. Brené Brown – research professor, storyteller, and New York Times bestselling author
David Epstein – science and investigative reporter, and New York Times bestselling author
Erica Dhawan – thought leader, bestselling author, and "Oprah of Management Thinkers"
Tunde Oyeneyin – author of "Speak," motivational speaker and elite fitness instructor
Nathan Chen – 2022 Olympic Gold Medalist and three-time World Figure Skating Champion
Mindi Cox – host of Influence Greatness and chief marketing & people officer at O.C. Tanner
Also, there are even more ways to engage in this year's conference, including:
Connect and interact with fellow HR leaders, peers, movers and shakers before, during, and after the conference in the conference LinkedIn group.
Stream on-demand master classes presented by HR leaders from global companies like Infosys, Irdeto, and Workday. All master classes will be on demand for 30 days after the event.
What: 2022 Influence Greatness Conference, presented by O.C. Tanner
When: September 27-29, 2022
Where: Park City, Utah and online.
While in-person registration is sold out, you can register virtually for free here: https://www.octanner.com/influencegreatness/landing/virtual-registration.html
About O.C. Tanner
O.C. Tanner is the global leader in software and services that improve workplace culture through meaningful employee recognition experiences. Our Culture Cloud™ employee recognition platform helps millions of people thrive at work.
Our team of more than 1,500 programmers, researchers, designers, client professionals, and craftspeople hail from 58 countries and speak 62 languages. Together, we create the technology, tools, and awards that help our clients shape productive work environments, drive innovation, and fuel positive business results. Learn more at octanner.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/oc-tanner-to-host-sixth-annual-influence-greatness-conference-as-companies-continue-to-navigate-ongoing-workplace-transformation-301629816.html
SOURCE O.C. Tanner
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O.C. Tanner, the global leader in employee recognition and workplace culture, will host its sixth annual Influence Greatness conference September 27-29, 2022. Organizations continue to deal with change and uncertainty as a global pandemic subsides and the possibility of an economic recession looms. This year's conference, offered live and virtually, will focus on how companies can move more successfully into the future of the workplace and better address employee fulfillment in the midst of ongo
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summarize: Creating a BRICS currency backed by gold makes no sense, says a former top Bank of America strategist.
David Woo questioned what would be achieved by creating "just another gold derivative."
The group of emerging economies are stepping up efforts to reduce their reliance on the US dollar.
The idea of a common currency for the BRICS nations that's backed by gold "makes no sense whatsoever," said strategist David Woo.
The group of major emerging economies have called for ways to end the dollar's dominance as the world's premier reserve currency, and some think gold reserves could be used to back a new note.
However, that approach would mean the new currency tracks the price of gold rather than the BRICS' individual currencies, according to the former head of global interest rates, foreign exchange, and emerging market fixed income strategy and economic research at Bank of America.
"In any event, we have to ask what exactly the BRICS would accomplish by creating what would be essentially just another gold derivative?" Woo said in a video on his Youtube channel.
He pointed out that gold reserves were finite, and the more gold China used to prop up the new exchange, the less it would have to back its own currency – the renminbi.
"If you think having more gold backing a currency makes it stronger, then the more gold China allocates to the BRICS currency means there is less gold backing the RMB which, if we follow this logic, means a weaker RMB," he added.
"The bottom line: the BRICS can create a currency backed by gold, but its purpose would be purely symbolic."
In recent months, China and several other countries have stepped up efforts to reduce their reliance on the greenback in international trade and investments – especially with the US leveraging the dollar's global supremacy to impose economic and financial sanctions on countries including Russia and Iran.
The BRICS group – Brazil, Russia, India, China, and South Africa — has been accelerating efforts to dedollarize, and Brazilian President Luiz Inácio Lula da Silva has called for a common trading note.
Even the idea of a BRICS currency was labelled "just ridiculous" by Jim O'Neill, the economist who first coined the BRICS acronym, last month.
The broader dedollarization movement is struggling to gain momentum. SWIFT payments involving the US dollar rose to a record 46% in July, Bloomberg reported.
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David Woo, previously a top strategist at Bank of America, questioned what would be achieved by creating essentially "just another gold derivative."
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summarize: Walmart Inc. WMT has been a preferred investment pick, thanks to the company’s robust efforts to enhance both store and e-commerce businesses. The company has been making concerted efforts to keep pace with consumers’ evolving shopping patterns and stay firm against Amazon AMZN.
These factors have been driving this Zacks Rank #2 (Buy) stock that has gained 11% in the past six months, while the industry rallied 10.3%. Let’s delve deeper. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Splendid E-Commerce Strategies
Walmart company has been taking several e-commerce initiatives, including buyouts, alliances, and improved delivery and payment systems. To this end, the company’s partnership with Microsoft MSFT is likely to strengthen its digital capabilities. Also, Walmart concluded the buyout of 77% stake in Flipkart, which is now included as part of the company’s results.
Apart from this, Walmart’s buyouts of ShoeBuy, Moosejaw, Bonobos, ModCloth and Jet.com, and deals with Rakuten, and Lord and Taylor underscore its quest to build an impressive digital brand portfolio. The company’s plans to venture into the subscription-based video streaming arena, improve its website, conclude the deal with PayPal, launch Bonobos and Nike NKE on Jet.com, enhance check-out process, and focus on Walmart2World money transfer service along with Walmart Pay mobile payment system and Mobile Express Returns program further highlight the company’s initiatives to accelerate online business.
Backed by such endeavors, U.S. e-commerce sales surged 43%. These factors keep management encouraged about achieving 40% U.S. e-commerce sales growth in fiscal 2019.
Focus on Online Grocery a Key Driver
Walmart is making aggressive efforts to expand in the booming online grocery space, which was a major contributor to its e-commerce sales in the third quarter. Given the rising demand for online grocery, Walmart is committed to enrich consumers’ experiences by providing easy shopping methods and seamless grocery deliveries.
To this end, Walmart’s alliance with Jet.com and Blue Apron to provide on-demand meal kits is noteworthy. Also, Walmart recently raised its stake in Dada-JD Daojia to 10% to strengthen its last-mile delivery service. In an earlier development, Walmart inked a deal with Postmates to extend its online grocery delivery service to cover more than 40% of the families in the United States.
Other than this, the company’s contract with DoorDash and the acquisition of Parcel Inc. highlight its focus on enhancing grocery sales. Further, the company’s Walmart Pickup program enables customers to place orders online and then pick them up at a store for free.
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Walmart (WMT) has been making concerted efforts to keep pace with consumers' evolving shopping patterns and stay firm against Amazon.
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summarize: (Bloomberg) -- Apple Inc. grew revenue in China a surprisingly strong 8% while setting a record for Indian iPhone sales, bright spots in an otherwise disappointing quarterly check-in from the world’s most valuable company.
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Those twin milestones stood out after Apple posted its third straight quarter of declining sales and predicted a similar performance in the current period, hurt by an industry-wide slump that has sapped demand for phones, computers and tablets. The iPad and Macbooks maker reported a better-than-expected 7.9% rise in revenue from China — which includes Hong Kong and Taiwan — to $15.7 billion. And iPhone sales in India grew double-digits to a new high, though executives didn’t disclose precise numbers.
China in particular has been a major drag on the global smartphone arena since last year, and has failed to bounce back as anticipated because of post-Covid economic turbulence. Chief Executive Officer Tim Cook suggested users in the world’s biggest mobile market were abandoning Android alternatives from its biggest rivals, which include Xiaomi Corp. and Huawei Technologies Co.
“Switchers were a very key part of our iPhone results for the quarter, we did set a record,” Cook told analysts on a post-results briefing.
Read more: Apple Faces Longest Sales Slowdown in Decades as iPhone Slumps
China’s smartphone market is struggling alongside a sputtering economy. Shipments have shrunk every quarter since the start of 2022, as consumers tighten their budgets to deal with a post-Covid downturn. The market could bounce back in the fourth quarter when Apple and its rivals typically release their latest devices, but that growth could be weaker than expected, IDC predicts.
Heavy discounting during the “6.18” annual June shopping festival likely propelled device sales in general, but Apple’s brand helped it outpace rivals, IDC analyst Will Wong said.
“Apple showed that it’s still the best alternative in China’s high-end segment, despite all the tensions between the US and China,” he said. “If we look at the recent 6.18 shopping festival, Apple’s price-discount promotions successfully stimulated consumer demand, but of course its premium brand name allowed consumers to feel that it’s value for money.”
While unsurprising, the Indian performance also vindicates the company’s renewed focus on a market where the iPhone has long been beyond the reach of many consumers. Apple now views the fast-expanding country as both a massive retail opportunity and an important production base for its gadgets in the longer term.
Apple’s revenue there grew by nearly 50% in the year through March to almost $6 billion, Bloomberg News has reported. The company, which just opened its first stores in the country, is planning to extend its network in India as part of an Asia-wide thrust.
Five Takeaways From Apple Third-Quarter Earnings Report: TOPLive
--With assistance from Mark Gurman and Nick Turner.
(Updates with an analyst’s comment from the sixth paragraph)
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©2023 Bloomberg L.P.
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(Bloomberg) -- Apple Inc. grew revenue in China a surprisingly strong 8% while setting a record for Indian iPhone sales, bright spots in an otherwise disappointing quarterly check-in from the world’s most valuable company.Most Read from BloombergQQQ Churns in Late Hours on Apple, Amazon Earnings: Markets WrapTrump Cites Self Incrimination Concern in Lawsuit Against CohenElon Musk Says Treasury Bills Are ‘No-Brainer’The Strange Story Behind ‘Baldur’s Gate 3,’ One of the Year’s Biggest ReleasesHow
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summarize: By David Shepardson
(Reuters) - Two U.S. senators proposing to give the Biden administration new powers to ban Chinese-owned short video app TikTok on Thursday rejected criticism arguing it is the best way to address security concerns about a broad range of foreign-owned apps.
Senators Mark Warner, a Democrat and John Thune, a Republican, last month proposed the Restrict Act that would grant the Commerce Department new authority to review, block, and address a range of transactions involving foreign information and communications technology that pose national security risks.
"Our bill is designed to modernize the president’s international economic authorities for the digital era, put significant guardrails on presidential authority, give Congress the authority to overturn certain decisions made by the president, and establish a risk-based process to deal with foreign-adversary technology," Warner and Thune said in a Wall Street Journal essay.
The White House and 26 senators support the Restrict Act that would apply to foreign technologies from China, Russia, North Korea, Iran, Venezuela and Cuba. Critics say the bill is overbroad and hurts civil liberties of Americans including the more than 150 million U.S. TikTok users.
The Republican House Financial Services Committee tweeted last week that the Restrict Act would make the Commerce Department "a dictator over trade, sanctions, investment, cryptocurrency, and more."
The senators denied targeting individual users or people using a virtual private network to access TikTok.
"An intense, well-funded lobbying campaign from the Chinese company has misrepresented our bill in bad faith," they wrote. "It isn’t hard to figure out why: There’s money to be made by allowing TikTok to continue its current operations in the U.S. and not much to be made by protecting American citizens from national-security threats."
TikTok CEO Shou Zi Chew appeared before Congress last month and faced tough questions about national security concerns over the ByteDance-owned app.
TikTok, which did not immediately comment Thursday, says it has spent more than $1.5 billion on rigorous data security efforts and rejects spying allegations.
Last week, Republican Senator Rand Paul blocked a bid to fast-track a separate bill to ban TikTok introduced by Senator Josh Hawley, who said the Restrict Act "doesn’t ban TikTok. It gives the president a whole bunch of new authority."
The Biden administration has demanded TikTok's Chinese owners divest their stakes or face a U.S. ban. Then President Donald Trump's attempts in 2020 to ban TikTok were blocked by U.S. courts.
Democratic Representative Cori Bush said last week "Congress should pass comprehensive data privacy legislation, rather than target one company for industry-wide concerns."
(Reporting by David Shepardson; Editing by Marguerita Choy)
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Two U.S. senators proposing to give the Biden administration new powers to ban Chinese-owned short video app TikTok on Thursday rejected criticism arguing it is the best way to address security concerns about a broad range of foreign-owned apps. Senators Mark Warner, a Democrat and John Thune, a Republican, last month proposed the Restrict Act that would grant the Commerce Department new authority to review, block, and address a range of transactions involving foreign information and communications technology that pose national security risks. "Our bill is designed to modernize the president’s international economic authorities for the digital era, put significant guardrails on presidential authority, give Congress the authority to overturn certain decisions made by the president, and establish a risk-based process to deal with foreign-adversary technology," Warner and Thune said in a Wall Street Journal essay.
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summarize: American City Business Journals
Early Money: A startup founded by twin sisters that's working on turning carbon emissions into fabrics raised a $4.5M seed round
What if you could take some of the excess carbon dioxide in the air and turn it into clothes? The Sausalito startup has found a way to convert carbon emissions into naturally biodegradable textiles. Rubi's process involves taking carbon emitted by manufacturing plants and converting it into viscose, which is also known as rayon and is one of the world's most popular textiles.
American City Business Journals
Intel chip seen as challenge to Chinese dominance in crypto mining
A bitcoin mining hardware from Intel Corp. is seen as the first major challenge in years to Chinese companies that have dominated the industry.
Motley Fool
Why Boeing Stock Was Down More Than 5% Today
Shares of aerospace giant Boeing (NYSE: BA) are among the highest-profile victims of today's sell-off on the latest escalation of Russia's moves against Ukraine. As of 2:05 p.m. ET Tuesday, Boeing stock was down 5.2%, roughly three times the loss of the S&P 500 as a whole. Why would a full-scale Russian invasion of Ukraine be bad news for Boeing?
Motley Fool
Data Centers Are Up Against a Big Challenge
Demand for data center capacity has soared in recent years, driven by rapid growth in data. As a result, the industry completed a record number of new data centers last year. While demand for data infrastructure isn't slowing, the industry is starting to feel the impact of global supply chain issues.
TheStreet.com
ARK Innovation: Feast or Famine?
In his "No Huddle Offense" segment of Tuesday's Mad Money program, Jim Cramer sounded off against chasing innovation at all costs, a strategy made popular by Cathie Wood and her ARK Innovation ETF . You can't just innovate for the sake of innovation, you need to also make money, Cramer said. In this daily Japanese candlestick chart of ARKK, below, we can see that prices have been cut in half in less than four months.
Barrons.com
Alibaba’s Quarterly Profit Is Set to Plummet 60%. Here’s Why.
Investors shouldn't worry too much. Despite what is set to be a massive drop in yearly profit on a percentage basis, Alibaba likely did well in the fourth quarter.
Investopedia
How AT&T Makes Money: Communications, WarnerMedia, and Latin America
AT&T Inc. (T) is one of the biggest telecommunications companies in the world. It operates as a holding company that provides telecommunications, media, and technology services globally. AT&T offers a broad range of products and services that vary by market, and it operates through three reportable business segments: Communications; WarnerMedia; and Latin America.
MarketWatch
UPS workforce declined by 9,000 employees in 2021, as losses in the U.S. offset gains internationally
United Parcel Service Inc. disclosed Tuesday that its workforce was reduced by about 9,000 employees in 2021, as job cuts in the U.S. more than offset net hiring internationally. The package delivery giant said in its 10-K filing with the Securities and Exchange Commission that it had 534,000 global employees at the end of 2021, excluding seasonal employees, of which 444,000 were in the U.S. and 90 were located abroad. That compares with 543,000 global employees at the end of 2020, of which 458,
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A new electricity rate hike for crypto miners in China’s southeastern province Zhejiang is a penalty, not a green light, province capital Hangzhou authorities said, the China Times reported on Wednesday. See related article: China’s Zhejiang province busts dozens of state-owned entities for mining crypto Fast facts Zhejiang Province announced this month that it would […]
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summarize: (Bloomberg) -- Iron ore’s rally over the past month, with benchmark material pushing back into the $70s, is at risk as banks including Goldman Sachs Group Inc. and Morgan Stanley warn that prices are poised to drop back.
While industry fundamentals have improved, current prices won’t last as more supply is on the way, Goldman analysts including Hui Shan said in a note received on Wednesday. The bank expects a decline to $60 in six months.
After a sell-off in November driven by declining mill margins, iron ore staged a comeback with benchmark spot prices surging 11 percent in December, the biggest monthly gain in more than a year. The raw material has maintained that advance even as signs of slowing growth stacked up in China, the top user.
“The $75 a ton iron ore price is not sustainable for two reasons,” the Goldman analysts said. “First, part of the rally was fueled by mills restocking ahead of the Chinese New Year. Second, supply is set to increase in 2019.”
Spot ore with 62 percent iron content hit $74.70 a ton on Monday, the highest since Nov. 19, according to Mysteel.com. The raw material capped a fifth weekly gain last Friday, the best run since August. On Wednesday, futures fell.
Morgan Stanley also see losses. After the gains, “we’re iron ore bears from here, though, expecting falling crude steel output and growing seaborne supply to ultimately bring price back to the mid-low-$60s/ton,” it said Jan. 7.
This year, more supply is expected to come from Brazil’s Vale SA as it continues to ramp up its vast S11D mine. Anglo American Plc is also restarting its Minas-Rio mine, which was offline last year after pipeline leaks.
A retreat in iron ore would crimp earnings at top miners including BHP Group, Rio Tinto Group, Fortescue Metals Group Ltd. and Vale. Still, the industry is still highly profitable due to low costs, according to Macquarie Wealth Management.
(Updates to add futures prices in fifth paragraph.)
To contact the reporter on this story: Krystal Chia in Singapore at [email protected]
To contact the editors responsible for this story: Phoebe Sedgman at [email protected], Jake Lloyd-Smith, Alpana Sarma
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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While industry fundamentals have improved, current prices won’t last as more supply is on the way, Goldman analysts including Hui Shan said in a note received on Wednesday. After a sell-off in November driven by declining mill margins, iron ore staged a comeback with benchmark spot prices surging 11
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summarize: New offering enables agencies and organizations to rapidly pivot to zero trust policies across multiple domains and cloud environments
RESTON, Va., Sept. 16, 2021 (GLOBE NEWSWIRE) -- Carahsoft Technology Corp., The Trusted Government IT Solutions Provider®, and Cygnus Technologies, a cloud-focused technology reseller and services provider, today announced the availability of CloudStack, a turnkey cloud services stack that enables Federal, State and Local Government agencies and Public Sector organizations to rapidly deploy scalable zero trust data management capabilities.
CloudStack is designed for rapid deployment to manage, migrate and secure mission critical data which is created, shared and consumed across edge, cloud, data center and hybrid environments. The solution stack leverages an API-first, platform agnostic architecture for maximum development flexibility, allowing Public Sector customers to select their compute, storage, data protection, application, infrastructure monitoring, networking and zero trust security components from a flexible configuration menu. This speeds the deployment of foundational cloud services technologies that can be managed either internally or by a third party as a service.
“We are proud to offer a solution that will enable the Public Sector to revolutionize how it handles and protects its data,” said Maryam Emdadi, Vice President at Carahsoft. “We are also thrilled to collaborate with vendor, services and reseller partners across the channel to make CloudStack responsive to the requirements of customers’ highly complex missions and environments.”
Under the partnership agreement, Carahsoft will serve as the lead distributor for CloudStack, and Cygnus Technologies will provide installation and configuration services. Hardware and ancillary software is supplied by Carahsoft’s vendors, including:
“Cygnus is proud to partner with Carahsoft to introduce this Capabilities Bundle from our Constellation Solutions Portfolio,” said Chris Prophett, Managing Partner, Cygnus Technologies. “CloudStack is a modular commercial cloud services capability designed for Public Sector, DoD and Intel customers who need highly secure configuration options to meet their mission requirements.”
CloudStack is delivered as a fully assembled, crated and ready-to-configure system. This offering is available through Carahsoft’s Cloud Purchasing Program (CPP) and the company’s reseller partners. Through CPP, customers can purchase cloud products and services on a monthly or prepaid basis to match their mission and usage needs. By offering an online portal and pay-as-you-go option, CPP is suited to Government agencies and Public Sector organizations seeking to avoid the costs and vendor lock in of the traditional procurement process. More information is available on Carahsoft’s dedicated CPP resource center.
CloudStack is available to the Public Sector through Carahsoft’s NASA SEWP V contracts NNG15SC03B and NNG15SC27B and the company’s NASPO ValuePoint, NCPA and The Quilt cooperative purchasing contracts. To learn more, contact the CloudStack Team at Carahsoft at (703) 889-9884 or [email protected].
About Carahsoft
Carahsoft Technology Corp. is The Trusted Government IT Solutions Provider®, supporting Public Sector organizations across Federal, State and Local Government agencies and Education and Healthcare markets. As the Master Government Aggregator® for our vendor partners, we deliver solutions for Cybersecurity, MultiCloud, DevSecOps, Big Data, Artificial Intelligence, Open Source, Customer Experience and more. Working with resellers, systems integrators and consultants, our sales and marketing teams provide industry leading IT products, services and training through hundreds of contract vehicles. Visit us at www.carahsoft.com.
About Cygnus Technologies
As a value added reseller, the Cygnus Technologies team brings deep experience advising Public Sector agencies on all technology aspects of their respective Cloud Adoption journeys. We work to earn our customers’ trust by focusing on their business needs, and by helping them drive operational excellence by executing more efficiently and cost effectively against their Mission Objectives as they embrace the Cloud.
Contacts:
Mary Lange
Carahsoft Technology Corp.
(703) 230-7434
[email protected]
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New offering enables agencies and organizations to rapidly pivot to zero trust policies across multiple domains and cloud environmentsRESTON, Va., Sept. 16, 2021 (GLOBE NEWSWIRE) -- Carahsoft Technology Corp., The Trusted Government IT Solutions Provider®, and Cygnus Technologies, a cloud-focused technology reseller and services provider, today announced the availability of CloudStack, a turnkey cloud services stack that enables Federal, State and Local Government agencies and Public Sector orga
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summarize: French billionaire Patrick Drahi has increased his holding in BT to almost 25pc in a move that puts the tycoon on the verge of a blocking stake in the British telecoms giant.
The investment vehicle controlled by Mr Drahi, Altice UK, has increased its stake from 18pc to 24.5pc after buying a further 650m shares in the company.
Altice said it did not intend to make a takeover offer for BT, while a spokesman said the group was supportive of the group’s management and strategy.
However, the increase takes the tycoon just shy of a blocking stake that would allow him to oppose resolutions at the company’s annual general meeting and obstruct any rival bidder.
Under UK takeover rules, Mr Drahi does not have to table a bid until he owns 30pc of BT. However, insiders have expressed concerns about his “creeping control”.
Altice UK said Drahi was not seeking a seat on BT’s board, adding that it “continues to hold management in high regard and remains fully supportive of their strategy”.
The stake-building also risks rekindling national security concerns after Mr Drahi’s previous investments triggered a government review.
The Franco-Israeli billionaire first took a 12pc stake in BT in 2021, before increasing it to 18pc later that year.
Then-Business Secretary Kwasi Kwarteng announced a national security assessment amid concerns Britain’s biggest broadband builder could fall into private foreign ownership.
In August last year, Mr Kwarteng said the Government would take no further action.
Mr Drahi’s holding is now just below the 25pc level at which the Government can officially intervene under the National Security and Investment Act, though BT insiders believe there is flexibility in how these rules are applied.
In 2021, BT hired advisers at Robey Warshaw and Goldman Sachs to help strengthen its defence against potential takeover bids, including staging scenario planning exercises in the event that Mr Drahi pushed for a spin-off of part of the business.
While Altice has said it does not intend to make a takeover offer, this could change under certain circumstances such as a rival bid or the backing of the BT board.
Altice is one of France’s largest telecoms companies with operations spanning countries including the Dominican Republic, Israel and Portugal.
Mr Drahi has built a reputation for cost-cutting and debt-funded deal making, and last year took Altice private in a deal valuing the business at €6.4bn (£5.6bn).
His latest investment comes just days after BT announced it will cut up to 55,000 jobs by the end of the decade, including replacing around 10,000 roles with AI.
The cuts, equivalent to more than 40pc of BT’s workforce, mark efforts by chief executive Philip Jansen to reduce costs and slimline the group’s operations as its full-fibre broadband rollout comes to an end.
Shares in BT dropped as much as 9pc following the announcement, though later recovered those losses.
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French billionaire Patrick Drahi has increased his holding in BT to almost 25pc in a move that puts the tycoon on the verge of a blocking stake in the British telecoms giant.
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summarize: The God of Mischief will chase his glorious purpose in another season. If that sounds like complete gibberish, you probably haven't been watching Loki. Today, Disney revealed that the Marvel Studios series will return for a second season on Disney+. The media giant used the show's finale to announce the news. Mid-way through the sixth episode's end credits, Loki's case file can be seen with a stamp that reads "Loki will return in season 2.”
The decision was likely a no-brainer: Loki had the streaming service's most-watched premiere back in June when Disney+ shifted its release days for originals from Friday to Wednesday. Now, it has become the first Disney+ Marvel show to get a second season renewal. Meanwhile, the fate of WandaVision and The Falcon and Winter Soldier remains a lot less certain, despite the originals garnering 23 and five Emmy nominations, respectively.
Loki helped to establish some of the major narrative elements that will percolate through phase four of the Marvel Cinematic Universe, including the multiple universes set to be explored in the upcoming movie Doctor Strange in the Multiverse of Madness.
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Disney+ original 'Loki' has been renewed for a second season.
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summarize: Giverny Capital Asset Management, LLC, an investment management company, recently published its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm’s model portfolio appreciated 7.92%, net of fees in the second quarter compared to an 8.74% return for the Standard & Poor’s 500 Index. Year-to-date, the portfolio returned 14.46% compared to 16.89% for the Index. Since inception, the portfolio generated an annualized performance of 17.4%, net of fees, vs. 20.1% for the Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Giverny Capital Asset Management highlighted stocks like Ciena Corporation (NYSE:CIEN) in the second quarter 2023 investor letter. Headquartered in Hanover, Maryland, Ciena Corporation (NYSE:CIEN) provides network and communication infrastructure. On August 24, 2023, Ciena Corporation (NYSE:CIEN) stock closed at $41.11 per share. One-month return of Ciena Corporation (NYSE:CIEN) was -4.95%, and its shares lost 25.91% of their value over the last 52 weeks. Ciena Corporation (NYSE:CIEN) has a market capitalization of $6.146 billion.
Giverny Capital Asset Management made the following comment about Ciena Corporation (NYSE:CIEN) in its second quarter 2023 investor letter:
Photo by Mika Baumeister on Unsplash
Ciena Corporation (NYSE:CIEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Ciena Corporation (NYSE:CIEN) at the end of second quarter which was 32 in the previous quarter.
We discussed Ciena Corporation (NYSE:CIEN) in another article and shared Madison Small Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Giverny Capital Asset Management, LLC, an investment management company, recently published its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm’s model portfolio appreciated 7.92%, net of fees in the second quarter compared to an 8.74% return for the Standard & Poor’s 500 Index. Year-to-date, the portfolio returned 14.46% compared […]
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summarize: A look at the day ahead in U.S. and global markets from Mike Dolan
As U.S. markets return from Independence Day, the Federal Reserve's slightly awkward deliberations are laid bare again just as China's markets shrink from more unnerving economic signs.
Minutes from the Fed's last policy making meeting - where it paused its brutal rate hike campaign despite signalling two more rises to come - top Wednesday's macro diary after a relatively quiet first two trading days of July for world markets.
That early week calm was disturbed somewhat in China earlier today as Shanghai and Hong Kong shares and the yuan skidded lower again on a mix of dour service sector business surveys, geopolitical tensions and banking fears.
With U.S. Treasury Secretary Janet Yellen due in Beijing on Thursday, trade relations are tense - with China on Tuesday restricting exports of two key chipmaking metals and Washington reportedly banning Chinese firms from accessing cloud computing.
Despite a broad rally in developed market equities in the first half of the year, China's CSI300 index is down almost 6% in dollar terms for 2023 to date and lost 0.8% on Wednesday alone.
Hong Kong stocks dropped 1.6% and the Hang Seng's Mainland Bank index lost more than 3% in its worst day for eight months after Goldman Sachs downgraded ratings on some Chinese banks and raised questions about the whole sector.
Stuck between the dilemmas of the inflation hawks in the West and China's spluttering economy and likely renewed policy stimulus, the Reserve Bank of Australia on Tuesday paused its interest rate hiking again for the second time this year - saying it wanted more time to assess the situation.
The Fed minutes out later will sketch out how close that is to the thinking in Washington. Going into the release, futures markets are 80% priced for another quarter-point policy rate rise to 5.5-5.75% this month and have 33 basis points of hikes pencilled in by November.
After more encouraging data on disinflation during May, a Fed research paper released on Friday showed financial conditions were at their tightest since the banking crash more than a decade ago.
Two-year Treasury yields hovered about 4.90% on Wednesday, well back from Monday's 4.96% high. The dollar was steady to firmer, with China's offshore yuan reversing all of Tuesday's gains.
U.S. stock futures were down about 0.2% ahead of the bell, with the VIX index of implied volatility popping back above 14 as the new quarter gets underway in earnest.
Along with China, and likely affected by it, updated euro zone composite business survey readings for last month showed activity contracting again for the first time this year and producer prices falling at an annual rate of 1.5% in May.
The global industrial picture saw crude oil prices slip back again on Wednesday despite fresh attempts by Saudi Arabia and Russia this week to further limit supplies.
Events to watch for later on Wednesday:
* U.S. May factory orders
* Federal Reserve releases minutes of its latest policy meeting
* New York Fed President John Williams speaks
(By Mike Dolan, editing by Christina Fincher, [email protected]. Twitter: @reutersMikeD)
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As U.S. markets return from Independence Day, the Federal Reserve's slightly awkward deliberations are laid bare again just as China's markets shrink from more unnerving economic signs. Minutes from the Fed's last policy making meeting - where it paused its brutal rate hike campaign despite signalling two more rises to come - top Wednesday's macro diary after a relatively quiet first two trading days of July for world markets. That early week calm was disturbed somewhat in China earlier today as Shanghai and Hong Kong shares and the yuan skidded lower again on a mix of dour service sector business surveys, geopolitical tensions and banking fears.
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summarize: Two Amazon employees have accused the company of retaliating against them for their efforts to organize workers at a warehouse in Liverpool, New York. Ashley Mercer and Jason Main filed an unfair labor practice complaint with the National Labor Relations Board (NLRB) on May 17th.
According to Vice News, Amazon tasked Mercer last week with picking up cigarette butts, broken glass and other discarded trash in the parking lot of its SYR1 warehouse in Liverpool. Mercer told the outlet her manager sent her out alone and without water or sunscreen on a day when the temperature went above 80 degrees Fahrenheit. Making the optics of the situation worse, Mercer is about six months pregnant, putting her at the end of her second trimester. “Approved for 10 hours parking lot clean-up,” an accommodation report obtained by Vice states.
On the same day, the company suspended Mercer's partner, Jason Main, who is also named in the NLRB complaint. Amazon later fired him for reportedly not using a step stool for moving merchandise. Mercer and Main have both been involved in agitating on behalf of the Amazon Labor Union (ALU) at a variety of warehouses in New York. Additionally, the two have come to work at the Liverpool facility wearing ALU-branded shirts and masks, while Mercer has also done the same at two warehouses in nearby Syracuse, and passed out leaflets at JFK8, the Staten Island facility that became the first unionized Amazon warehouse in the US last month.
“It wasn't until I started mentioning that I am part of Amazon Labor Union that they pulled me out of my position and put me outside the building,” Mercer told Vice. “I think it’s retaliation because I’m a big part of [the ALU] and it feels like as soon as you bring up the union, they treat you differently.”
We’ve reached out to Amazon for comment.
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Two Amazon warehouse employees have accused the company of retaliating against them for their efforts to organize workers at a warehouse in Liverpool, New York.
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summarize: WASHINGTON (AP) — The Republican chairman of the House Judiciary Committee is threatening to hold Meta CEO Mark Zuckerberg in contempt of Congress for failing to supply documents related to an investigation into supposed censorship by tech companies of conservatives.
Rep. Jim Jordan, chair of the Judiciary Committee, said the panel plans to hold a hearing Thursday to vote on a contempt report detailing how Zuckerberg has “willfully refused” to comply with a February subpoena.
The measure is likely to pass the GOP-controlled committee. It would then be up to House Speaker Kevin McCarthy to hold a full House vote on the contempt resolution as early as this fall, after the August recess.
If the House were to hold Zuckerberg in contempt, the Justice Department would decide whether to prosecute him.
Andy Stone, a spokesperson for Meta, said the company has delivered more than 50,000 pages of both internal and external documents to the committee since February. He added that they also have made current and former employees available for interviews with lawmakers.
“For many months, Meta has operated in good faith with this committee’s sweeping requests for information," Stone said in a statement.
Jordan, R-Ohio, issued the subpoenas to the chief executives of the five largest tech companies, including Zuckerberg, shortly after Republicans took over the House in January — looking to make good on a campaign promise to investigate Big Tech’s content moderation, particularly over COVID-19.
The letters were also sent to Sundar Pichai of Alphabet; Satya Nadella of Microsoft; Tim Cook of Apple; and Andy Jassy of Amazon.com. All were asked to turn over any documents related to what they assert is widespread corporate censorship of conservative voices.
Twitter was notably absent from the list of companies subpoenaed. Its owner, Tesla founder Elon Musk, has proven to be more sympathetic to conservatives than Twitter’s previous management, and Republicans in Congress have gone to bat for him. Republicans held hearings in February with former Twitter executives where GOP lawmakers grilled the witnesses about the company’s decision to initially block a New York Post article in October 2020 about the contents of a laptop belonging to Hunter Biden.
Since then, Jordan has put pressure on Meta specifically, even sending a letter last week to Zuckerberg asking for the platform to produce a whole new series of documents related to content moderation on its new app, Threads, a new rival to Twitter.
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Associated Press reporter Barbara Ortutay in San Francisco contributed to this report.
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The Republican chairman of the House Judiciary Committee is threatening to hold Meta CEO Mark Zuckerberg in contempt of Congress for failing to supply documents related to an investigation into supposed censorship by tech companies of conservatives. Rep. Jim Jordan, chair of the Judiciary Committee, said the panel plans to hold a hearing Thursday to vote on a contempt report detailing how Zuckerberg has “willfully refused” to comply with a February subpoena. If the House were to hold Zuckerberg in contempt, the Justice Department would decide whether to prosecute him.
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summarize: By Bansari Mayur Kamdar
(Reuters) - Meme stocks have surged in the last few weeks as retail investors shun pricier stocks for cheaper speculative names, but some experts worry that this could choke the current rally in broader markets.
At a time when the wider rally has made some stocks, especially in the tech space, too expensive, the return of meme stocks is offering retail investors a more affordable option to participate in 2023's market rebound and pocket big returns.
Roundhill's Meme index hit a one-year high last week and was last up 60% for 2023 so far, dwarfing gains of more than 18% recorded by the benchmark S&P 500.
The NYSE FANG+ index , housing megacap technology and growth stocks like Microsoft and Alphabet, has climbed 77% so far this year.
"Some of the retail animal spirits are coming back, but it's a little bit more complex than the first time around," said Thomas Hayes, managing member at Great Hill Capital.
"There's widespread panic-buying and catch-up trade from those who risk going into the year-end flat while the S&P is up 18%."
Retail investors poured in $1.27 billion per day on average into U.S. equities in July, closing in on the all-time record of $1.5 billion a day in March, Vanda Research said.
"What we have seen historically is that when short squeezes are happening in some of these zombie-like companies that are burning cash or in really beaten down names, that's usually more indicative of a sign of the end of the bull market as opposed to beginning," said Dennis Dick, market structure analyst at Triple D Trading.
The meme index consists of 25 equal-weighted U.S.-listed stocks with a combination of elevated social media activity and high short interest. It is rebalanced every two weeks.
Recent examples of rallies include a 33% jump in shares of cinema operator AMC Entertainment on Monday and a 40% rise in shares of troubled used-car retailer Carvana last Wednesday.
Net retail investor flows into Carvana hit their highest in over a year last week, before sliding a little on profit-taking, according to data by Vanda Research, while flows into AMC touched 11-month highs on Monday.
Shares of Carvana, which is also the top holding of Roundhill's meme index with a nearly 5% weighting, are up about 850% so far this year but are still far from their all-time highs hit during the meme stock mania of 2021.
About 28.1% of AMC's publicly available shares are under short position, according to data by analytics firm Ortex, while 55.2% of Carvana's free float shares are shorted.
(Reporting by Bansari Mayur Kamdar in Bengaluru; additional reporting by Lance Tupper in New York; Editing by Devika Syamnath)
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Meme stocks have surged in the last few weeks as retail investors shun pricier stocks for cheaper speculative names, but some experts worry that this could choke the current rally in broader markets. At a time when the wider rally has made some stocks, especially in the tech space, too expensive, the return of meme stocks is offering retail investors a more affordable option to participate in 2023's market rebound and pocket big returns. Roundhill's Meme index hit a one-year high last week and was last up 60% for 2023 so far, dwarfing gains of more than 18% recorded by the benchmark S&P 500.
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summarize: Rapid growth, a massive user base and stealing the market out from under an industry Goliath — this is the stuff of which tech startup founders dream. It’s also the story of Figma, a cloud-based platform for designing websites, apps, logos or just about any software, created by game-changers Dylan Field and Evan Wallace.
Dubbed "the Google Docs of design" for its flexible simplicity, Figma lets teams of product, user experience (UX) and user interface (UI) designers collaborate, edit and comment on projects in real time.
Enterprise design has exploded in the past 10 years, and Figma’s success in stealing the market from Adobe — the aforementioned Goliath — is just one reason we’re thrilled that Dylan Field, Figma’s co-founder and CEO will join us on stage at TechCrunch Disrupt in San Francisco on October 18-20.
Consider this: Field was just 20 years old when he started Figma in 2012, and the product became available to the public in 2016. Between April 2020 and May 2021, Figma’s valuation increased from a $2B valuation to $10B. Roughly 4 million people use Figma including big tech companies like Dropbox, Rakuten, Slack, Twitter and Volvo.
We’ll certainly talk with Field about Figma’s remarkable growth and how the nature of design work has changed since he co-founded Figma in 2012. But Field is a decade into his founder’s journey, and we’re also interested in his evolution as a leader.
Figma places high value on inclusion, creativity and fun — those values are at the forefront of the company’s culture. We’ll ask how he developed the skills required to build a company where people actually want to work — and why those values matter.
Field studied computer science and mathematics at Brown University where he and his co-founder, Evan Wallace, first started experimenting with design tools built on (and for) the web. They began Figma with funding from a Thiel fellowship. Prior to Figma, Field interned at O'Reilly Media, LinkedIn and Flipboard.
Don’t miss a fascinating conversation with Dylan Field on business growth, the evolution of leadership and why maintaining a company culture that fosters inclusion, creativity and fun is key to Figma’s continued success.
TechCrunch Disrupt is back in person on October 18-20 in San Francisco. Buy your passes now and save up to $1,300. Prices increase on July 29.
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Dubbed "the Google Docs of design" for its flexible simplicity, Figma lets teams of product, user experience (UX) and user interface (UI) designers collaborate, edit and comment on projects in real time. Enterprise design has exploded in the past 10 years, and Figma’s success in stealing the market from Adobe — the aforementioned Goliath — is just one reason we’re thrilled that Dylan Field, Figma’s co-founder and CEO will join us on stage at TechCrunch Disrupt in San Francisco on October 18-20. Consider this: Field was just 20 years old when he started Figma in 2012, and the product became available to the public in 2016.
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summarize: ST JULIAN'S, Malta, April 11, 2023 /PRNewswire/ -- Gaming Innovation Group Inc. (GiG), has today completed its full agreement with Palasino Malta Ltd (PML), part of Trans World Hotels & Entertainment a.s. (TWHE) , following a head of terms announced on 24 January.
The partnership will see GiG provide its award winning player account management platform (PAM), front-end delivery and content management system (CMS), powering the online entry of TWHE's traditional retail business through Palasino.com and providing opportunities within multiple international established and emerging online markets.
The announcement marks the ninth traditional retail operator choosing to partner with GiG to digitally transform their business and add an additional online revenue stream to their retail portfolio.
TWHE, who have operated for over 25 years in the retail casino industry, was acquired by the Hong Kong based international development specialist Far East Consortium (FEC) in 2018. Operating a range of casinos and boutique hotels across Europe, the group, which has interests in Germany, Czech Republic and Austria have pursued plans to expand operations, elevating its status as a premier brand in the European gaming and hospitality markets.
Overall European online growth of regulated GGR is projected to climb at an annual rate of 7.6 percent to €37.3bn by 2026, according to forecasts from VIXIO Gambling Compliance.
As a leading iGaming platform and sportsbook provider, GiG has built a strong reputation with land-based operators looking to expand on their digital aspirations. Specifically designed to provide a flexible, localised and personalised solution, tailored to the needs of individual operators in complex markets, GiGs platform boasts an expansive global footprint that currently covers 29 regulated markets, and a further 8 in the pipeline.
The agreement is signed for an initial period of five years, and is expected to be live during H1 2023.
Marcel Elfersy, CCO of GiG, said: "We're really pleased to have the ink dry on this deal with Palasino, seeing a wealth of opportunity in the partnership for both businesses to expand into. We're continuing to see growth in the online gaming space across the industry, with the brand equity of experienced retail brands gelled with specialised third party technology such as ours, positioned well to establish a strong foothold in global markets."
Colin Chapman Stewart, Director of Gaming at FEC commented: "Partnering with GiG provides TWHE, Palasino and our shareholders with the confidence and ability to launch our online division operating out of Malta with an MGA license. Bringing our brand online to new international players who can experience the same feeling in the casinos we have successfully operated for the past quarter century, is an exciting time for us all here at Palasino."
For further information, please contact:
Richard Brown, CEO GiG, [email protected], +34 661599025
About Gaming Innovation Group (GiG)
Gaming Innovation Group is a leading iGaming technology company, providing solutions, products and services to iGaming Operators. Founded in 2012, Gaming Innovation Group's vision is 'To be the industry-leading platform, sportsbook and media provider delivering world-class solutions to our iGaming partners and their customers. GiG's mission is to drive sustainable growth and profitability of our partners through product innovation, scalable technology and quality of service. Gaming Innovation Group operates out of Malta and is dual-listed on the Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under the ticker symbol GIGSEK. www.gig.com
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Gaming Innovation Group Inc. (GiG), has today completed its full agreement with Palasino Malta Ltd (PML), part of Trans World Hotels & Entertainment a.s. (TWHE) , following a head of terms announced on 24 January.
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summarize: The Company Earned a Top Spot on the Financial Times’ List of the 500 Fastest Growing Companies in the Americas
LAS VEGAS, April 13, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, has earned the 44th spot on the Financial Times’ list of the 500 fastest growing companies in the Americas.
The list identifies the top 500 companies based in twenty North, Central and South American countries, ranked by revenue growth rate from 2017 to 2020. An in-depth analysis was conducted by the Financial Times in partnership with Statista to determine which companies made the list. Winners were required to generate revenue of at least $100,000 in 2017 and $1.5 million in 2020.
CleanSpark has seen tremendous growth in its sustainable bitcoin mining operations. The Company operates two bitcoin mining facilities in the Atlanta, GA, suburbs, co-locates machines in upstate New York, and recently signed a contract for a 200MW co-location site in West Texas.
“CleanSpark is a top bitcoin miner, not only in terms of our network strength and other bitcoin-specific metrics, but also in terms of our financial strength. Accolades like this confirm what our team has known for a long time—we're making a name for ourselves as a leading North American sustainable bitcoin miner,” said Zach Bradford, CEO.
“This is a strong testament to the strength of our operational strategy. It shows how being mindful of dilution, selective of energy, aggressive with technology and transparent with our partners and stakeholders can generate impressive results,” said Executive Chairman Matthew Schultz.
About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations.
Investor Relations Contact
Matt Schultz
[email protected]
Media Contacts
Isaac Holyoak
[email protected]
BlocksBridge Consulting
Nishant Sharma
[email protected]
CONTACT: Isaac Holyoak CleanSpark, Inc. 702-989-7694 [email protected]
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The Company Earned a Top Spot on the Financial Times’ List of the 500 Fastest Growing Companies in the AmericasLAS VEGAS, April 13, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, has earned the 44th spot on the Financial Times’ list of the 500 fastest growing companies in the Americas. The list identifies the top 500 companies based in twenty North, Central and South American countries, ranked
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summarize: For many people, the list of their most hotly anticipated video games will include "whatever Hideo Kojima is working on." If you're one of those folks, you may be interested to learn that a video showing the Death Stranding auteur's next title seems to have leaked ahead of a formal reveal from his studio, Kojima Productions.
The video, which has been removed from Streamable for violating the platform's terms of service, shows a character who looks like Mama from Death Stranding. That character was played by Maid and Once Upon a Time in Hollywood actor Margaret Qualley. The character shown here navigates dark corridors with the help of a flashlight while an ominous figure follows them. Eventually, someone or something catches up to them. A game over screen is then shown, along with text reading "A Hideo Kojima Game" and "Overdose."
Reporter Tom Henderson noted that the footage was the same as the leaked video he described in June at Try Hard Guides. Kojima Productions seemingly asked him to take down the initial report — a request that Try Hard declined.
The presentation of the video is bizarre. The gameplay footage has a picture-in-picture view of a person seemingly playing the game, as though they are a Twitch streamer. Text reading "camera player 1" appears at the top of the screen, suggesting that this is from a playtest. The footage appears on a YouTube-style interface, indicating that it may have been stored on Google Drive. It gets stranger, because someone has filmed that footage offscreen. That version of the video is then played on a tablet, which, according to a pretty prominent reflection on that screen, is being filmed offscreen a second time by a shirtless person.
It's all very unusual. As Polygon notes, there's at least a small chance that the footage is fake, even though creating it would require a lot of effort from some prankster. Qualley's character model looks just like the one used in Death Stranding —which may indicate that Overdose is a direct follow-up to Kojima's last game. It's also odd to see the name of a game's creator pop up during a game over screen, though this is likely work-in-progress footage (though it's not impossible to imagine Kojima actually putting his name on a game over screen).
In any case, we may not have to wait too much longer to gain more clarity as to what's going on here. Kojima has been teasing his next project, and he's a regular presence at The Game Awards, the next edition of which takes place in a month. Kojima is developing a game in partnership with Microsoft, but a Death Stranding sequel is reportedly in the works too.
If the reports and rumors hold up, Overdose will be the first full horror game from Kojima. The only horror project that the Metal Gear creator has released to date is P.T., an infamous playable teaser that's no longer available. It was designed as a proof of concept for Silent Hills, a project that was canceled amid Kojima's acrimonious departure from Konami (which, coincidentally, just revived the Silent Hill franchise).
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We may get more clarity about the 'Death Stranding' creator's next project at The Game Awards next month.
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summarize: Charlie Munger has nothing but praise for embattled Activision Blizzard (ATVI) CEO Bobby Kotick. Speaking during The Daily Journal’s annual shareholders meeting, Munger, who serves as chairman of The Daily Journal as well as vice chairman of Berkshire Hathaway, applauded Kotick’s management capabilities.
“I like Bobby Kotick a lot,” Munger told Yahoo Finance Editor-in-Chief Andy Serwer in an interview prior to the shareholder meeting. “I consider him one of the reasonable people in that field. And I don’t think he personally tolerated a lot of crazy misbehavior either.”
Berkshire Hathaway purchased roughly 14.7 million shares of Activision Blizzard in Q4. Microsoft announced it will purchase the video game publisher for $68.7 billion in January at a price of $95 per share.
Kotick is staring down a maelstrom of controversy at Activision after The Wall Street Journal reported that the CEO knew of ongoing sexual harassment issues at the firm.
The California Department of Fair Employment and Housing filed suit against Activision Blizzard in July claiming the company allowed a culture of sexual harassment to fester unchecked for years.
The suit portrays a company as one that fostered a “fratboy culture” with men groping female colleagues and women being denied promotions and raises. One woman died by suicide due to a relationship with a male supervisor, the complaint alleged.
According to the suit, one employee noted that “women on the Battle.net team were subjected to disparaging comments, the environment was akin to working in a frat house, and that women who were not ‘huge gamers’ or ‘core gamers’ and not into the party scene were excluded and treated as outsiders.”
The Securities and Exchange Commission is also looking into the gaming giant over allegations that executives didn’t inform investors of continued workplace harassment. And Activision Blizzard agreed to pay $18 million to the Equal Employment Opportunity Commission to settle that commission’s own investigation into the company.
Kotick is expected to step down from Activision Blizzard when the Microsoft acquisition is finalized in 2023.
Despite Berkshire’s investment in Activision Blizzard and Munger believing "gaming is here to stay," he criticized those who play video games for long periods of time.
“I don’t like a bunch of addicted young males spending 40 hours a week playing games on the TV,” he said. “It does not strike me as good. I don’t like anything which is so addictive that you give over everything else to do it.”
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More from Dan
Apple is 'ungodly well-managed,' Berkshire's Charlie Munger says
Nvidia beats Q4 estimates on power of data center, gaming businesses
Roblox misses on Q4 earnings despite revenue jumping 83%
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Berkshire Hathaway vice chairman Charlie Munger says embattled Activision Blizzard CEO Bobby Kotick is 'one of the reasonable people' in the gaming industry.
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summarize: (Bloomberg) -- After a dismal December, dealmakers made a comeback in January, logging $275 billion of mergers and acquisitions globally to mark the best start to a year in almost two decades.
“M&A came back even though the markets felt choppy, and that shows how confident CEOs are,” said Susie Scher, co-head of the global financing group at Goldman Sachs Group Inc.
The surge was led by North American deals, with $187 billion of transactions announced during the month -- up 40 percent from 2018 -- according to data compiled by Bloomberg. Asia was next with $47 billion, an increase of about 10 percent from a year ago, while in Europe M&A volumes fell about 24 percent to $30.5 billion, the data show.
In the U.S., Bristol-Myers Squibb’s purchase of Celgene Corp. alone, valued at $89 billion including debt, made sure December’s $52 billion total was surpassed on the third day of the year.
$80 Billion Bonds
You’d have to go back all the way to 2000 to find more M&A announced in the first 31 days of the year globally. That’s when the biggest deal on record -- Time Warner Inc.’s merger with America Online Inc. for $186 billion including debt -- catapulted the monthly total to almost $410 billion.
Goldman’s Scher is expecting a solid year for M&A as investment grade financing markets -- where blue-chip companies such as Bristol-Myers raise debt for funding acquisitions -- recovered from a downbeat December and debt investors show a greater willingness to lend to riskier companies.
“Could you see $70 to $80 billion of bonds sold globally for an investment-grade deal? Absolutely,” she said. “In the high-yield market there’s capacity for $20-billion deals globally across bonds and loans.”
That would top last year’s biggest deals. The largest bond sale in the investment-grade market in 2018 came from CVS Health Corp., which issued $40 billion of debt in March to help finance its takeover of Aetna Inc. Blackstone Group LP’s sale of $13.5 billion in bonds and loans to fund its acquisition of Thomson Reuters Corp.’s financial-and-risk operations was the largest leveraged buyout of the year.
On top of easily available financing -- for now -- said Scher, some companies also have extra cash on their balance sheets after U.S. tax cuts last year. While some of the funds have already been pledged for buybacks, there’s still plenty to deploy on potential M&A.
To contact the reporters on this story: Nabila Ahmed in New York at [email protected];Michael Hytha in San Francisco at [email protected]
To contact the editors responsible for this story: Elizabeth Fournier at [email protected], Matthew Monks
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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“M&A came back even though the markets felt choppy, and that shows how confident CEOs are,” said Susie Scher, co-head of the global financing group at Goldman Sachs Group Inc. The surge was led by North American deals, with $187 billion of transactions announced during the month -- up 40 percent from
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summarize: This is The Takeaway from today's Morning Brief, which you can sign up to receive in your inbox every morning along with:
The chart of the day
What we're watching
What we're reading
Economic data releases and earnings
We who track markets for a living tend to focus a lot of attention on the noisiest, the buzziest. Tesla anything. Apple product release. AI whatever.
So it’s good to take a step back sometimes to find the stuff that’s happening without getting as much notice.
Energy stocks have been the stealth winner this quarter, and this month. The group has topped the S&P 500 since the end of June, climbing 13%, and then again since the end of August, with a 4% gain.
Of course, the rebound in crude oil is part of the impetus for the outperformance. WTI has gained more than 25% this quarter, spurred in part by Saudi Arabia’s production-cut extensions.
But gains in the underlying commodity haven’t been the only reason behind the rally, according to Lori Calvasina, RBC Capital Markets head of US equity strategy, who spoke to Yahoo Finance on Tuesday.
“We are in the very early stages of an earnings revision recovery in the energy space,” she said. “We’re starting to see energy do what tech was doing at the beginning of the year — exiting that downward revision cycle.”
In addition to that recovery — which she said is still in its early stages — valuations for energy stocks look attractive. That’s especially true when they’re contrasted with tech, which looks overstretched and overvalued, she said.
"The leadership [stocks] are tired and need to take a break," Calvasina said. "Money is going to rotate into these value-oriented sectors, and I think energy is giving you one of the best alternatives."
There are other strategists, including Oppenheimer’s John Stoltzfus, who agree, especially given continued inflation concerns.
But on the flip side, the investors don't see it — or are still hoping to squeeze a few more drops of growth out of tech. According to Bank of America's latest fund flow survey, the bank's clients haven’t been putting their money into energy stocks. And energy stocks, along with industrials and utilities, have seen outflows this year, even over the past month as actual energy pricing has climbed.
Tech remains the shiny object this year, with the trebling in Nvidia shares and returns of around 40% for communication services and information technology. But with that performance wavering as of late, some investors are looking elsewhere.
Click here for in-depth analysis of the latest stock market news and events moving stock prices.
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Tech has been the shiny object this year, but there's a stealth winner this quarter — energy stocks.
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summarize: Barrons.com
Don’t Trust This Stock Rally. Strategists See More Trouble Ahead for S&P 500.
Bank of America strategists are remaining cautious. U.S. households represent $38 trillion in assets, or about 52% of the U.S. equity market, and these folks have not yet begun to sell, they say.
CNW Group
Hut 8 Reports Operating and Financial Results for Q2 2022
Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT), ("Hut 8" or the "Company") one of North America's largest, innovation-focused digital asset mining pioneers and high performance computing infrastructure provider, is pleased to announce its financial results for the quarter ended June 30, 2022. All dollar figures are in Canadian Dollars ("CAD"), unless otherwise stated.
TipRanks
Elon Musk Says Lithium Demand Will Continue to Boom — Here Are 2 Stocks That Could Benefit
Let’s talk about electric vehicles (EVs) and their batteries. The high price of gasoline – still up about $2 since President Biden took office – has boosted interest in EVs. Greater customer curiosity will lead naturally to higher demand, and now we get to batteries, and lithium. Lithium is a metallic element essential in the construction of high-voltage battery systems, and every EV built needs an average of 8 kilos of the metal. Industry experts are saying that lithium demand will far outstrip
Motley Fool
2 Stock-Split Stocks That Have Never Been Cheaper and 1 Value Trap to Avoid Like the Plague
Among the dozens of stocks to enact splits this year are two industry leaders that scream value and one cash-rich company that's clobbering its shareholders.
MarketWatch
Grocery prices in July had largest price increase since 1979 — with one food staple rising by 38% on the year
The rise in the cost of living cooled in July, but not for grocery prices. The price of consumer goods and services was steady in July from the previous month, as the Labor Department said Wednesday. In July, the inflation rate compared to a year ago was 8.5%, lower than 9.1% in June, a 41-year record, helped by lower prices in energy.
Motley Fool
Is Beyond Meat Stock a Buy?
The plant-based meat producer's revenue declined 2% year over year to $147 million, missing analysts' estimates by $2 million. Beyond Meat isn't down for the count, but major setbacks have made it an easy target for the short sellers.
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The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) voted to extend reporting requirements for large hedge funds to include cryptocurrency.
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summarize: One week ago, UPS and Teamsters, the union representing roughly 340,000 rank-and-file UPS workers, avoided what would have been the largest single employer strike in U.S. history by reaching a tentative agreement on a full labor contract.
Now, one day after the current contract has expired, Teamsters are taking the next steps toward ratification of the new contract.
On Monday, the Teamsters local union barns representing about 10,000 UPS workers in the metro area, "voted 161-1 to endorse the tentative agreement reached with the delivery giant on July 25 and recommend its passage by the full membership," according to a press release from the International Brotherhood of Teamsters.
Now that the majority of local unions have endorsed the tentative agreement, all rank-and-file UPS Teamsters will have the chance to vote on ratification between Aug. 3-22.
Teamsters: Yellow trucking company headed for bankruptcy, putting 30,000 jobs at risk
"Our tentative agreement is richer, stronger, and more far-reaching than any settlement ever negotiated in the history of American organized labor," International Brotherhood of Teamsters General President Sean O’Brien said in the release. "The Teamsters are immensely proud of reaching agreement with UPS to improve the lives of our members, their families and working people across the country.”
The new five-year tentative agreement covers U.S. Teamsters-represented employees in small-package roles and is subject to voting and ratification by union members, Jim Mayer, a UPS spokesperson, previously told the Louisville Courier Journal, part of the USA TODAY network. Ratifying the contract could take about three weeks, according to previous statements from O'Brien, and Secretary-Treasurer Fred Zuckerman.
Of the 176 local unions with UPS members, 14 did not show up for a meeting in Washington, D.C., to review the tentative agreement. Monday, the 162 Teamsters locals that were at the meeting discussed the more than 60 changes to the UPS Teamsters National Master Agreement, the largest private-sector collective bargaining agreement in North America.
"Teamster labor moves America. The union went into this fight committed to winning for our members. We demanded the best contract in the history of UPS, and we got it,” O’Brien previously said.
UPS previously described the deal as a "win-win-win" for union members, customers and the company.
"This agreement continues to reward UPS’s full- and part-time employees with industry-leading pay and benefits while retaining the flexibility we need to stay competitive, serve our customers and keep our business strong,” UPS CEO Carol Tomé said.
Teamsters said the new tentative agreement is "valued at $30 billion" and provides higher wages for all workers, the end of two-tier wages for drivers, installation of air conditioning in new vehicles, raises for part-time workers, Martin Luther King Jr. Day as a paid holiday for the first time, no more forced overtime on days off and more.
"This agreement is a testament to the power of employers and employees coming together to work out their differences at the bargaining table in a manner that helps businesses succeed while helping workers secure pay and benefits they can raise a family on and retire with dignity and respect," President Joe Biden said previously in a statement.
Contact business reporter Olivia Evans at [email protected] or on Twitter at @oliviamevans_.
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After avoiding a massive strike, UPS Teamsters union members are now taking the next steps toward ratification of the new contract.
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summarize: DRESDEN, Germany (Reuters) - European Commission President Ursula von der Leyen on Tuesday hailed the construction of a new factory by Germany's Infineon a milestone in mass chip production as Europe tries to capture a larger slice of the strategic industry.
Speaking at the groundbreaking ceremony of Infineon's factory in the German city of Dresden, von der Leyen said it was a step in Europe's goal of doubling its share of global chip production to 20% by 2030 by quadrupling its current capacity.
But she warned that Europe was still too dependent for raw materials on individual suppliers, citing in particular that China has a 76% share of producing the silicon metals needed in chip production.
The European Union wants to catch up with Asia and the United States and reduce its reliance on Asia at a time of heightened tensions between Taipei and Beijing.
The bloc last month agreed a 43-billion-euro ($47 billion) chip subsidies plan in a bid to secure supplies of critical components after COVID-19 lockdowns caused shortages that hurt output of everything from phones to cars and refrigerators.
"We are all experiencing how drastically geopolitical risks have grown. This is why it is vital that we in Europe strengthen the supply chains of our most important goods and technologies," von der Leyen said in a speech.
"This also means broadening our position when it comes to chips and having more of our own capacity available. For semiconductors, which are so vital, we need more mass production here in Europe."
Infineon expects production at the 5-billion-euro semiconductor plant, the largest investment in the company's history, to start in 2026.
Other chip manufacturers are also currently investing in Germany. The U.S. group Wolfspeed is building a plant in Saarland, investing 2.75 billion euros. Intel is building a large factory in Magdeburg.
($1 = 0.9127 euros)
(Reporting by Christina Amann and Matthias Williams; Editing by Susan Fenton)
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European Commission President Ursula von der Leyen on Tuesday hailed the construction of a new factory by Germany's Infineon a milestone in mass chip production as Europe tries to capture a larger slice of the strategic industry. Speaking at the groundbreaking ceremony of Infineon's factory in the German city of Dresden, von der Leyen said it was a step in Europe's goal of doubling its share of global chip production to 20% by 2030 by quadrupling its current capacity.
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summarize: CMM's integration with mobile and robot-mounted systems for rapid measurement expedites global stationary CMM market growth, says Frost & Sullivan
SAN ANTONIO, Feb. 22, 2022 /CNW/ -- Frost & Sullivan's recent analysis finds that integration with mobile and robot-mounted systems for rapid measurement is expediting the global stationary coordinate measuring machine (CMM) market growth. The global stationary CMM market revenue is estimated to reach approximately $1.68 million by 2025, up from $1.33 million in 2020 at a compound annual growth rate (CAGR) of 4.8%. Automotive, aerospace and machine shops are the key industry verticals expected to accelerate demand for stationary CMMs over the forecast period.
For further information on this analysis, please visit: https://frost.ly/709
"The increasing need to maximize productivity on the shop floor is driving demand for more automation and robotics. With customers demanding inline measurement solutions to increase throughput, several vendors have introduced shop-floor CMMs," said Ram Ravi, Measurement & Instrumentation Research Analyst at Frost & Sullivan. "Additionally, CMMs equipped with scanners or multi-sensor systems are gaining prominence with the growing adoption of Industry 4.0 across manufacturing."
Ravi added: "From a product perspective, bridge and gantry CMMs will dominate the total stationary CMMs space. The popularity of bridge CMM is attributed to its affordability and ability to offer precise measurements. In contrast, sectors which require high precision such as aerospace and automotive will propel the demand for gantry CMM."
To take advantage of the growing stationary CMM industry, market participants should:
Establish relationships with automotive suppliers as electric vehicles (EVs) and fuel cells will continue to augment CMM growth prospects.
Continuously review and align testing procedures/techniques with the latest materials used in additive manufacturing.
Materialize the opportunity rendered by major applications within the automotive and aerospace industries that are set to enhance robot features and flexibility to perform complex operations.
Global Stationary CMM Growth Opportunities is the latest addition to Frost & Sullivan's Measurement & Instrumentation research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.
Global Stationary CMM Growth Opportunities
K68B
Contact:
Melissa Tan
Corporate Communications
T: +65 6890 0926
E: [email protected]
http://www.frost.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/automotive-aerospace-industries-lead-demand-for-stationary-coordinate-measuring-machine-market-301487229.html
SOURCE Frost & Sullivan
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Frost & Sullivan's recent analysis finds that integration with mobile and robot-mounted systems for rapid measurement is expediting the global stationary coordinate measuring machine (CMM) market growth. The global stationary CMM market revenue is estimated to reach approximately $1.68 million by 2025, up from $1.33 million in 2020 at a compound annual growth rate (CAGR) of 4.8%. Automotive, aerospace and machine shops are the key industry verticals expected to accelerate demand for stationary C
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summarize: Video gaming might well qualify as the world’s favorite pastime. Experts project that global gaming revenues will surpass $235 billion in 2022 and $321 billion by 2026. So it’s not at all surprising that avid gamers, like any devoted hobbyist, are willing to spend money to improve their skills.
Enter Metafy, a marketplace where aficionados can book one-on-one coaching sessions from champion-level gamers. By the end of 2021, the startup — founded in 2020 — had raised more than $8 million and acquired rival games-coaching platform GamersRdy. Then, in early 2022, Metafy closed a $25 million Series A round — led by Tiger Global and Seven Seven Six.
That’s a lot to unpack, and it’s why we’re thrilled that Josh Fabian, co-founder and CEO at Metafy, and backer Katelin Holloway, founding partner at Seven Seven Six, will join us onstage for a fireside chat at TechCrunch Disrupt on October 18–20 in San Francisco.
Historically, Metafy has seen rapid growth. Between April and September 2021, the startup’s monthly platform spend grew from $76,000 to $190,000 — up 52% from August to September alone. We’re curious to learn more about the company’s plans to scale and whether it can maintain that kind of hyper-growth.
We’re also looking forward to following up on Metafy’s stated plans to use that $25 million for new hires and more acquisitions and to create a fund to invest in competitive tournaments and other gaming-community events.
Fabian’s vision for the future wasn’t always so clear. At age 16, he dropped out of high school, determined to make it on his own. Bootstrapping his way to a career as a web designer to support his young family, Fabian eventually became lead designer at Groupon.
He then founded Kitsu, an anime social curation community with more than 1 million users. After his kids started playing Pokémon competitively, Fabian hired one of the best players in the world to coach them at just $20 per hour.
When Fabian learned that this world-champion gamer also worked a full-time job to survive, it sparked the idea that became Metafy — a platform built by gamers for gamers — to help the best players in the world make a living doing what they love.
Katelin Holloway is a founding partner at Seven Seven Six. She spent her early career at Pixar Animation Studios before transferring her culture-building skills from film to tech and dedicating more than a decade to developing teams as a senior executive at some of the internet’s most influential startups, including Klout and Reddit.
In early 2020, Holloway made the leap from operator to investor, helping entrepreneurs evolve their diversity, equity, inclusion and belonging practices, creating new opportunities and access to wealth for people and products typically underrepresented in the tech industry. As an investor, she focuses on funding and supporting the companies that will shape the future of work, life and sustainability.
TechCrunch Disrupt takes place on October 18–20 in San Francisco. Buy your pass now and save up to $1,100. Student, government and nonprofit passes are available for just $295. Prices increase September 16.
Is your company interested in sponsoring or exhibiting at TechCrunch Disrupt 2022? Contact our sponsorship sales team by filling out this form.
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Video gaming might well qualify as the world’s favorite pastime. Enter Metafy, a marketplace where aficionados can book one-on-one coaching sessions from champion-level gamers. Then, in early 2022, Metafy closed a $25 million Series A round — led by Tiger Global and Seven Seven Six.
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summarize: MISSION VIEJO, Calif., Feb. 8, 2023 /PRNewswire/ -- Vereco Healthcare Solutions, Inc., the nation's leading healthcare document services and solutions provider, today announced the appointment of Paul Anthony as Chief Financial Officer. Mr. Anthony is a seasoned finance executive, who brings over 30 years of experience working in the healthcare, technology, and managed print services industries. Most recently he served as Chief Financial Officer and Corporate Secretary for CynergisTek, Inc., a NYSE listed cybersecurity services company.
"I am happy to welcome Paul back to the Vereco team. Paul understands this business deeply, he has a strong history of building great teams and partnering with customers and manufacturers," commented Jeff Felton, Chief Executive Officer of Vereco. "He has vast experience overseeing rapid growth and ensuring the teams are equipped with the resources they need to achieve success."
"I'm excited to join a team at Vereco that is so committed to supporting healthcare providers and the many challenges this industry has faced over the last few years," said Vereco Chief Financial Officer Paul Anthony. "Vereco's continued innovation and flexibility in adjusting and expanding its services to better tailor its offerings is a testament to the strategic vision this team embodies. Vereco has built a strong foundation from which the company will continue to grow and execute."
About Vereco Healthcare Solutions
Since 2004, Vereco Healthcare Solutions has been helping health systems manage their print device fleets, print volume, supplies, and device security to increase up time and reduce the burden placed on IT, supply chain, and end users. Vereco operates in 48 states, services over 300 acute facilities, more than 300 behavioral health locations and 4000+ affiliated physician practices. Over the past 19 years, Vereco has perfected a program that addresses and supports the print management challenges faced by health systems. Vereco's program streamlines, simplifies, and removes the burden and financial uncertainty that health systems face each day. Vereco's teams of onsite personnel work directly with healthcare provider's IT staff to ensure print infrastructure is aligned with EHR systems, and other clinical and non-clinical processes. For more information, visit www.vereco.com.
Media Contact:
Jennifer Dixon
[email protected]
(251) 209-3637
View original content to download multimedia:https://www.prnewswire.com/news-releases/vereco-healthcare-solutions-welcomes-paul-anthony-as-new-chief-financial-officer-301741329.html
SOURCE Vereco Healthcare Solutions
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Vereco Healthcare Solutions, Inc., the nation's leading healthcare document services and solutions provider, today announced the appointment of Paul Anthony as Chief Financial Officer. Mr. Anthony is a seasoned finance executive, who brings over 30 years of experience working in the healthcare, technology, and managed print services industries. Most recently he served as Chief Financial Officer and Corporate Secretary for CynergisTek, Inc., a NYSE listed cybersecurity services company.
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summarize: Activist investors had their busiest quarter ever, with slumping share prices stoking campaigners, the FT said.
Fights against Disney and Salesforce were among boardroom battles, although US activity fell 30%.
A South Korean firm was the most prolific and took on K-pop music pioneer SM Entertainment.
Activist investors worldwide have had their busiest quarter on record, with slumping share prices stoking campaigners to buy what they see as undervalued stocks and then putting their newfound power toward pushing for changes, according to a Financial Times report.
The upswing took place after activists pared back work during the height of the COVID pandemic, then returned when stocks worldwide slid on a mix of factors including company-specific issues and rising interest rates.
During the first quarter, 83 new campaigns were launched, the report said, citing data collected by Barclays. For the first time, campaigns in Europe and Asia accounted for more than 50% of overall activity.
South Korea's Align Partner was the most prolific activist investor during the first quarter, launching eight campaigns, including a high-profile battle against SM Entertainment, whose founder Lee Soo-Man is credited with bringing K-pop music to worldwide audiences with acts including BoA, Super Junior and EXO.
US activity was down 30% year over year. Walt Disney's short proxy battle started by Nelson Peltz's Trian Fund Management was among the boardroom battles. Peltz in February said Trian would end its three-month proxy fight against Disney after CEO Bob Iger unveiled restructuring efforts, including layoffs and other cost cuts. Peltz reportedly made a $150 million paper profit from his battle against Disney.
In other action, hedge fund Elliott Management in January took a multibillion-dollar stake in Salesforce, as the cloud-software maker dealt with layoffs and a management shake-up.
And last month, billionaire investor Carl Icahn was pushing forward with a proxy fight against Illumina, as he wants the company to divest cancer test developer Grail Inc. The Federal Trade Commission last week ordered Illumina, a maker of gene-sequencing machines, to divest Grail.
The FT report said the landscape for boardroom battles may be reset after the Securities and Exchange Commission last year introduced a so-called universal proxy card, which must include all director nominees presented by management and investors for election at shareholder meetings.
The rules will "enhance shareholder democracy," SEC Commissioner Gary Gensler said in November. "It will put investors voting in person and by proxy on equal footing.
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During the first quarter, 83 new campaigns against companies worldwide were launched by activists, according to Barclays data.
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summarize: By Gabriel Araujo
SAO PAULO (Reuters) - France's Thales SA will provide maintenance services for Brazilian airline Gol in Brazil instead of abroad, the companies outlined on Tuesday in a deal that aims to cut turnaround time and lower costs.
Under the deal, Gol Linhas Aereas Inteligentes SA, as the airline is formally known, will no longer need to ship its Thales equipment to the United States or France for maintenance, as they will now be repaired at a Thales plant near Sao Paulo.
Thales supplies avionics to Gol, which has a fleet of roughly 120 Boeing aircraft, and to local rival Azul, which mainly operates Airbus and Embraer aircraft.
The offshoring of manufacturing work is a sensitive political issue in France, where President Emmanuel Macron last year met business leaders to try to convince them to keep more work in Europe despite soaring energy costs.
But analysts say the aerospace industry has long maintained global networks for the servicing of previously manufactured parts in an effort to reduce costs.
Gol and Thales did not disclose financial details of their deal, but the carrier's director of maintenance, Fernando Miwa, said Thales' investments in Brazil would provide local operators with an opportunity to cut costs.
"The market for this type of service in Brazil is still very limited," Miwa said.
Thales, which had expanded its plant in Sao Bernardo do Campo in 2021 to be able to provide such services, said the deal would allow Gol to reduce turnaround time, pay in local currency and receive support in its own time zone.
Turnaround time is expected to be cut to two days from 30 previously, the French company said, estimating Gol to save around 60% in logistics and taxes. The plant could also serve other Latin American airlines in the future, it added.
The contract is initially set to last for three years but could be extended.
(Reporting by Gabriel Araujo; Editing by Stephen Coates)
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France's Thales SA will provide maintenance services for Brazilian airline Gol in Brazil instead of abroad, the companies outlined on Tuesday in a deal that aims to cut turnaround time and lower costs. Under the deal, Gol Linhas Aereas Inteligentes SA, as the airline is formally known, will no longer need to ship its Thales equipment to the United States or France for maintenance, as they will now be repaired at a Thales plant near Sao Paulo.
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summarize: (Bloomberg) -- Chinese tech stocks have powered ahead into the new year, but one internet giant has been notably left out with a staggering ten-day loss.
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Shares of Meituan have fallen more than 8% this year, trailing all peers in the Hang Seng Tech Index, which has rallied 7.8%. The stock’s losing streak now matches its record in May 2021.
The food delivery giant’s slide is in stark contrast to bullish sentiment on the sector as China fully reopens from Covid restrictions and a sweeping regulatory crackdown draws to a close. Its woes reflect growing competition, as well as pricier valuation and mounting selling pressure from a major shareholder.
While still a dominant one-stop shop for local consumer products, Meituan is facing increased competition from ByteDance Ltd. The TikTok Inc. parent has been taking on Meituan’s core business by attracting restaurant chains and local businesses to its platform.
Some of the latest developments are worrying for Meituan’s investors. ByteDance is reportedly planning to double its gross merchandise value target for local life service business this year, a segment that connects consumers with the best-rated shops. That comes after TikTok’s local app Douyin teamed up with Alibaba Group Holding Ltd.’s Ele.me to send meals ordered on the video platform.
“Douyin has been so devastating to so many other sectors that naturally the first reaction is fear,” said Adam Montanaro, investment director of global emerging markets equities at Abrdn. Douyin being a formidable competitor “does clearly reduce Meituan’s addressable market and potentially caps their pricing power,” he said.
Meituan is also facing selling pressure from Tencent Holdings Ltd., a major stakeholder who is divesting the delivery platform’s shares to other investors. Among those who will receive them, Prosus NV has already announced it will sell the shares.
High valuation is another drag. Priced at 6.8 times its book value, the stock is much pricer than Tencent, and three times as expensive as Alibaba.
Still, Atlantic Equities analyst Xiao Ai sees some of the concerns as overblown. There is plenty of room for both Douyin and Meituan to grow, with the former better at capturing impulse buying and the latter tailored to more thoughtful purchases, she said.
Meituan’s share-price loss this year has curbed its rebound since an Oct. 24 trough to 33%, less than half the gains of Alibaba at 82% and Tencent at 95%.
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(Bloomberg) -- Chinese tech stocks have powered ahead into the new year, but one internet giant has been notably left out with a staggering ten-day loss.Most Read from BloombergMore Young Americans Are Dying, But Not From VaccinesNew Zealand Prime Minister Ardern Announces Shock ResignationTreasury Taps Retirement Funds to Avoid Breaching US Debt LimitBiden Revives Housing Rule That Trump Derided as ‘Abolishing the Suburbs’Crypto Firm Genesis Is Preparing to File for BankruptcyShares of Meituan
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summarize: Seth Stephens-Davidowitz, New York Times writer, former Google data scientist, and author of "Everybody Lies" reveals how employers could use online data in their hiring practices. Following is a transcript of the video.
Everything you do correlates with something else you might do. That’s just the way the world works. If you wear blue shirts, you’re more likely to do something than people who wear red shirts. It may be a small difference, it may be a huge difference, but in general everything you do has some predictive power for something else you’ll do.
Historically, companies have only known five or six things about you. They knew maybe your race, your religious background, what school you attended, your income, your previous employment history, and then lawyers or politicians could determine what are companies allowed to use. If they know six things, well they can’t use these two things.
But now we’re entering a world where employers know a million things about you. They know everything on your social media, they know a lot of your purchase history, they know maybe things you’ve done on computers in various places. Many of these things are going to correlate with your likelihood of being a productive employee. There are random correlations people have found that if you like curly fries on Facebook, you’re more likely to be intelligent. Why? No clue, just everything correlates with everything. It’s some weird correlation. but you could imagine a world where employers would be wise to give you a downgrade if you don’t like curly fries, if you like straight fries instead of curly fries. I think the legal and ethical framework is not prepared for big data.
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Seth Stephens-Davidowitz, New York Times writer, former Google data scientist, and author of...
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summarize: (Bloomberg) -- Central banks bought more bullion last year than anytime since 1971, when the U.S. ended the gold standard.
Governments added 651.5 tons of gold to their coffers in 2018, a 74 percent increase from the previous year, according to a report from the World Gold Council.
Russia, which is "de-dollarizing" its reserves, was the biggest buyer, followed by Turkey and Kazakhstan. Hungary also made a large purchase, citing gold’s lack of counterparty risk and role as a hedge against changes in the international finance system, the WGC said.
“Central banks chose to significantly increase their gold reserves, reinforcing the importance of gold as a reserve asset,” the WGC said.
Central banks are expected to acquire an additional 600 tons this year, according to the consulting firm Metals Focus Ltd. The buys, which will help the banks diversify their foreign-exchange assets in a time of extraordinary political volatility, signal a growing confidence in the metal’s value moving forward.
The banks "were not net buyers even a decade ago," said Juan Carlos Artigas, director of investment research at the WGC, in a telephone interview. "As their foreign reserves expand, they are increasingly diversifying away from pure dollar exposure."
Slowing global growth, a weaker U.S. dollar and a drive by central banks to expand the amount of gold they hold could be a winning trifecta for investors seeking a recovery in the metal’s price after its first annual loss in three years.
Gold prices ended 2018 little changed, but rallied toward the end of the year amid concerns about Brexit, a falling stock market and expectations for a less aggressive U.S. monetary policy. The trend has continued this month, with bullion climbing to the highest since May.
To contact the reporter on this story: Rupert Rowling in London at [email protected]
To contact the editors responsible for this story: Lynn Thomasson at [email protected], Liezel Hill
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.
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Governments added 651.5 tons of gold to their coffers in 2018, a 74 percent increase from the previous year, according to a report from the World Gold Council. Hungary also made a large purchase, citing gold’s lack of counterparty risk and role as a hedge against changes in the international finance
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summarize: LONDON, March 25, 2022 /PRNewswire/ -- Metapolis, the metaverse for all and powered by leading L1 blockchain Zilliqa, has announced a new partnership with Agora, the global talent awards app.
Metapolis is the first metaverse as a Service (MaaS) platform built on unreal engine, unity and Nvidia Omniverse. Metapolis is set to launch publicly with a VIP event on 2 April 2022 in Miami, Florida. The physical event taking place is a signal towards entering the US market and the vision of bridging the gap between the physical and digital worlds. Metapolis has already garnered interest in its hyper-realistic graphics and ability to engage through gamification and e-commerce and NFTs. And, now major creator-focussed brands and esports brands are joining the equation. Indeed, between now and its April launch, Metapolis has already amassed $2million in pre-launch revenues from its client pipeline.
Essentially, Agora is a global talent awards app where individuals can upload their creations and participate in contests to win support, visibility and recognition in the international community. Users - amateur and professional photographers - submit photographs based on the hashtag for the week on the app. The app is also open to video, music and now, NFTs. It is the first digital democratic system that ensures that talent is not measured by the number of likes, the followers or an algorithm, but by the people's vote.
Agora's partnership with Zilliqa as its leading blockchain and Metapolis as its metaverse aligns with the vision shared by all in regards to empowering and innovating the Creator Economy and adding new layers of engagement that are open and accessible to all through the Metaverse across various industries such as esports, luxury, music, health and wellness and more.
Other brand partnerships to hit Metapolis include the likes of Swedish esports juggernaut, Ninjas In Pyjamas, Indonesian esports organisation, RRQ, and Spanish esports team, MAD Lions.
With the focus being on increased user engagement with loved entities and figureheads, Zilliqa is looking to entice as many brands and users as possible to join Metapolis and allow for a much more enriched and involved user experience, inspiring all corners of the consumer and corporate market on a never-before seen plain of digital infrastructure, that will in return give the emergence of web 3.0 technology purpose and leverage within the modern day.
Sandra Helou, Head of Metaverse and NFTs at Zilliqa, commented: "We are excited for this partnership as we are able to bring not only creativity to life within the metaverse but also open borderless access for creatives worldwide to connect in the digital world. The partnership between Agora, Zilliqa and Metapolis means we are at the forefront of web 3 innovation."
About Metapolis
Metapolis is the first metaverse-as-a-service (MaaS) platform powered by a leading L1 blockchain, Zilliqa, providing the infrastructure for tomorrow's digital future. Unlike other metaverses, Metapolis is an immersive always-on layer of engagement built for flexibility, engagement, user experience, and MetaFi opportunities. Through Metapolis, brands and clients are able to create digital locations that suit their needs. Metapolis has already built multiple cities for clients, including top esports teams and luxury brands. Metapolis has built a completely interoperable metaverse that allows users to move to and from cities within Metapolis.
View original content:https://www.prnewswire.com/news-releases/zilliqa-powered-metaverse-metapolis-announces-key-brand-partnership-with-creative-global-talent-award-marketplace-agora-301510272.html
SOURCE Metapolis
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Metapolis, the metaverse for all and powered by leading L1 blockchain Zilliqa, has announced a new partnership with Agora, the global talent awards app.
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summarize: Amazon (AMZN) investors may have to endure some near-term black clouds as the Federal Trade Commission (FTC) lurks.
"Anytime something regulatory comes into the headline, it's going be an overhang," Goldman Sachs managing director Eric Sheridan told Yahoo Finance Live at the Goldman Sachs Communacopia and Tech Conference in San Francisco (video above). "I will tell you until this lawsuit probably gets filed, the next three weeks will be investors asking me, 'What do you think is going to be in it, and what could the potential outcomes be?'"
Sheridan provides coverage on Amazon, Meta, and other big-cap tech companies for clients. He has Amazon as his "top pick" for the next 12 months.
The two mega forces appear to be on a collision course.
Execs at Amazon haven't offered concessions to the FTC in the pursuit of a settlement regarding antitrust claims, The Wall Street Journal reported on Wednesday. That has reportedly set the table for the FTC to file a lawsuit against Amazon later this month with an eye toward breaking up the e-commerce and cloud computing powerhouse.
A spokesperson for Amazon declined to comment to Yahoo Finance on the matter.
However, Sheridan added: "We still put a low probability on that [a breakup of Amazon]."
Investors appear to be assigning the same low probability to an Amazon breakup too.
Amazon stock closed out six straight months in the green in August, Yahoo Finance's Allie Garfinkle pointed out. That rise, which marked Amazon's longest consecutive streak of monthly gains since July 2011, was fueled by better-than-expected second quarter earnings.
The tech giant has gained more than $400 billion in market cap since the beginning of its winning streak. Shares are up 62% year to date, outperforming the 16% gain for the S&P 500.
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Yahoo Finance's Alexandra Garfinkle contributed to this story.
Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn. Tips on deals, mergers, activist situations, or anything else? Email [email protected].
Click here for the latest stock market news and in-depth analysis, including events that move stocks
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Amazon's potential battle with the FTC could weigh on the stock near-term, says Goldman Sachs' top tech analyst.
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summarize: SAO PAULO (Reuters) - Brazilian state-run oil company Petrobras said on Monday it has decided to halt some key asset sales after concluding a broad revision of divestment processes, which were launched during the country's previous administration.
The oil giant said in a securities filing it will no longer sell the onshore Urucu and Bahia-Terra clusters, as well as the Manati oilfield and Petrobras Operaciones, its subsidiary in Argentina.
The divestment processes had been kicked off by Petrobras' previous management under former President Jair Bolsonaro, as the company sought to sell non-core assets to focus on deepwater oil exploration and reduce its debt.
But after President Luiz Inacio Lula da Silva took office in January, some of those processes were halted and expected to be called off - including that of Bahia-Terra, which the company had already said it would not move forward with.
The decision was a blow to smaller Brazilian energy firms Petroreconcavo and Eneva, which last year had a joint $1.4 billion offer for Bahia-Terra selected to move on to the negotiation stage.
Despite backing out of the sale, Petrobras had previously said it could still search for potential partners for the asset.
Petrobras said on Monday its new policy for the oil exploration and production segment is based on "maximizing portfolio value by focusing on profitable assets" as it justified the decision to call off the sales.
The policy also includes "replenishing reserves of oil and gas (including exploring new frontiers), increasing the supply of natural gas and promoting the decarbonization of operations," the firm added.
Petrobras said the possibility of maintaining "other assets" in its portfolio would be periodically reassessed based on updated profitability targets and decarbonization opportunities, leaving the door open for potential new divestitures ahead.
The state-run company added it would move forward with the sale of its stakes in thermoelectric power plants Brasympe/Termocabo, Suape II and Araucaria. It holds about a 20% share in each of those assets.
In a separate filing, Petrobras also announced it had signed a memorandum of understanding with Mubadala Capital to explore a potential investment in a biofuel project being developed by the Abu Dhabi investor in Brazil.
(Reporting by Gabriel Araujo; Editing by Steven Grattan and Tomasz Janowski)
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Brazilian state-run oil company Petrobras said on Monday it has decided to halt some key asset sales after concluding a broad revision of divestment processes, which were launched during the country's previous administration. The oil giant said in a securities filing it will no longer sell the onshore Urucu and Bahia-Terra clusters, as well as the Manati oilfield and Petrobras Operaciones, its subsidiary in Argentina. The divestment processes had been kicked off by Petrobras' previous management under former President Jair Bolsonaro, as the company sought to sell non-core assets to focus on deepwater oil exploration and reduce its debt.
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summarize: Tesla has posted its lowest profit in two years as the world’s biggest electric car maker feels the impact of a price war in China and the US.
The company, led by Elon Musk, said sales rose by 9pc in the three months to October after it sold more vehicles than in the same period last year.
However, profits fell by 44pc to $1.9bn (£1.6bn). The company’s operating margins - a measure of profitability - shrunk from 9.6pc three months ago to 7.6pc.
Tesla has embarked on a string of price cuts this year in an attempt to sustain demand amid growing competition. It has also been hit by higher electricity prices in some countries that has hit demand for electric vehicles.
The company said on Wednesday night it was cutting internal costs, meaning it is able to produce cars more cheaply.
It said: “We continue to believe that an industry leader needs to be a cost leader.”
The company added that the profit drop was partly due to a big increase in expenses as it invests in areas such as artificial intelligence systems used to power its self-driving car technology.
Tesla had already revealed that sales of its cars were slowing down. Earlier this month it posted quarterly figures showing that deliveries had fallen from the second quarter of the year.
BYD, China’s biggest electric car manufacturer, came close to surpassing Tesla’s sales and is expected to by the end of the year.
On Tuesday, the company cut the price of its Model 3 car in the UK, making the new entry level version of the vehicle £3,000 cheaper.
It has also aggressively cut prices in the US and China, its key markets.
Tesla has faced questions about Mr Musk’s priorities after the billionaire bought Twitter last year and funded a new artificial intelligence company, x.ai.
The company is gearing up to start sales of its Cybertruck pickup, which has been delayed. Mr Musk has also said he wants to release a cheaper, $25,000 vehicle as well as a fully autonomous “robotaxi”.
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Tesla has posted its lowest profit in two years as the world’s biggest electric car maker feels the impact of a price war in China and the US.
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summarize: Boeing will have to wait yet again to prove the worth of its Starliner spacecraft. The company and NASA had planned to launch the capsule on Tuesday on top of an Atlas V rocket at 1:20PM ET, but that's not happening anymore.
"We're standing down from today's #Starliner Orbital Flight Test-2 launch," Boeing said on Twitter. The company attributed the delay to "unexpected valve position indications in the propulsion system" engineers spotted during pre-launch preparations. It's currently unclear if the issue is related to Starliner or the Atlas V rocket that was supposed to carry the vessel to space. Boeing and NASA said they will provide an update on the situation on Wednesday, August 4th.
“We’re disappointed with today’s outcome and the need to reschedule our Starliner launch,” John Vollmer, vice president and program manager for Boeing’s Commercial Crew Program, said. “Human spaceflight is a complex, precise and unforgiving endeavor, and Boeing and NASA teams will take the time they need to ensure the safety and integrity of the spacecraft and the achievement of our mission objectives.”
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Boeing and NASA have delayed the launch of Starliner, again.
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summarize: In the new era of remote and hybrid working, companies need to manage people who either relocate to join, or work remotely. For obvious reasons, that has created a huge headache for HR directors.
Back in 2014, FlatClub had an apartment rental platform. But a chance encounter encouraged them to pivot in 2017 to become Benivo, a B2B SaaS HR platform solution for mobile or moving workforces. The then used the funding and revenues from the consumer business to scale up the new company.
The result is a $12m growth funding round led by Updata Partners, a Growth Equity Fund, which brings the total amount invested in the company to $30m. Not bad for a start-up that began with apartments.
Playing in a similar space to Benivo is Topia, formerly MoveGuides which has burned through around $140m. Benivo has now managed to secure clients including Google, Mondelez, General Electric, Phillips 66, Unity, Wayfair, CGI, Bloomberg and around 50 others.
The so-called ‘global mobility’ market is pretty large but many processes are still manual and often require the use of several platforms by staff or their companies.
Benivo’s pitch is that it uses AI to automate and predictive analytics to help that poor person in HR who needs to move staff around, or monitor where the hell they are going.
Founder Nitzan Yudan tells me the journey started in Silicon Roundabout’s original startup co-working space TechHub, when a chance meeting with the Google HR team resulted in the idea to pivot in this new direction.
“Despite presenting Google with the ugliest page in the history of internet pages (which was our not-even-MVP product then), they cared about their employees and really wanted to solve a problem. So they went ahead with us. With Google as our first client, deciding to pivot from the consumer business and stop competing with Airbnb was a natural step for the company,” he said via email.
Benivo says it competes on various levels with ‘Assignment Management Systems such as Equus, Topia, KPMG and ‘Relocation Management Companies’ such as SIRVA, WIchert, Cartus, BGRS, AIRES, Altair), but addresses both issues with a single platform.
The company will use the new funding to grow its teams in the US, UK, Armenia, and India.
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In the new era of remote and hybrid working, companies need to manage people who either relocate to join, or work remotely. For obvious reasons, that has created a huge headache for HR directors. Playing in a similar space to Benivo is Topia, formerly MoveGuides which has burned through around $140m.
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summarize: SHANGHAI (Reuters) -Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology unveiled on Monday a new platform it developed in-house for making vehicles which its CEO said it wants to license to other automakers.
The "Four Leaf Clover" architecture features an integrated computing platform capable of controlling all intelligent functions including an EV's autonomous driving and smart cockpit functions, Leapmotor's CEO Zhu Jiangming told reporters in Shanghai.
The company hopes to sell the platform to other automakers via tech licensing agreements, he said.
"We hope Leapmotor will not only be an EV brand but also a licensor of core technologies," Zhu said.
Companies in the automotive sector use the terms platform and architecture to describe the basic engineering and design that determines a vehicle’s size, weight and key elements of performance.
A senior Leapmotor engineer told the event the firm had achieved cost savings with the architecture by reducing the use of controls and wire harnesses, and Zhu said this would cut the bill of materials cost per car by 500 yuan ($70).
The company is already planning to launch the platform's next generation in 2025, which would include improvements in computing capabilities and smart cockpits, Zhu said.
Zhu, a veteran electronics engineer who co-founded surveillance giant Dahua, launched Leapmotor in 2015 with the backing of investors including state-owned Shanghai Electric Group Corp and Hongshan, formerly known as Sequoia Capital China.
The company and its fellow Chinese EV startups have been struggling with losses and sales slumps since U.S. rival Tesla started a price war at the beginning of the year.
Leapmotor, which employs more than 2,000 engineers, sold 44,500 units in the first half, 14% fewer than a year ago.
But some young EV manufacturers, thanks to their heavy R&D investment, have been at the forefront of EV technology innovation that appeal to the preferences of tech-savvy Chinese consumers who like having more intelligent features in cars.
Leapmotor spent 11% of its total revenue on R&D in 2022.
Volkswagen and Xpeng announced last week a partnership to jointly develop EVs on Xpeng's G9 "Edward" platform, in a fillip for the Chinese startup that analysts said could boost its sales and profitability.
($1 = 7.1512 Chinese yuan renminbi)
(Reporting by Zhang Yan and Brenda Goh; Editing by Jacqueline Wong, Robert Birsel)
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SHANGHAI (Reuters) -Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology unveiled on Monday a new platform it developed in-house for making vehicles which its CEO said it wants to license to other automakers. The "Four Leaf Clover" architecture features an integrated computing platform capable of controlling all intelligent functions including an EV's autonomous driving and smart cockpit functions, Leapmotor's CEO Zhu Jiangming told reporters in Shanghai. "We hope Leapmotor will not only be an EV brand but also a licensor of core technologies," Zhu said.
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summarize: The U.S. IPO market is slowly waking up from an 18-month hibernation, despite the Federal Reserve’s continuing tight monetary policies and economic uncertainties, noticed Lynn Martin, the president of the New York Stock Exchange.
“What’s getting my attention is the reopening of the IPO market, finally. Man, it has been closed for a minute, right?” Martin said during the Forbes Powerful Women’s Summit in New York City yesterday (Sept. 14).
Martin said a “soft reopening” of the IPO market started in the second quarter with an uptick in dealmaking of both U.S. and foreign companies in the forms of regular initial public offerings, spinoffs and SPAC mergers. The quarter saw notable listings on the NYSE such as restaurant chain Cava and Kenvue, Johnson & Johnson’s consumer health spinoff.
“A cautious reopening has started and continued,” Martin said.
Hours before Martin’s onstage speech, SoftBank (SFTBF)-owned chip design giant Arm began trading on Nasdaq at $51 per share, valuing the company at more than $51 billion and making it the largest IPO this year so far. Next week, marketing software maker Klaviyo is set to debut on the NYSE targeting a valuation north of $8 billion. It will be the first software IPO this year.
“The fact that there is a software IPO is going to get the venture market very excited,” Martin said, noting a yearlong funding drought in the private market in part due to the Federal Reserve’s interest rate hikes.
There have been 109 IPOs in the U.S. (on the NYSE and Nasdaq) in 2023, still down 30 percent from the same period last year, according to Stock Analysis. But the number of listings has steadily increased each month, suggesting an upward trend.
The U.S. market is “reopening in a very meaningful way before the rest of the world,” Martin said. And it could have major implications for the broader economy, because “the NYSE is more than just a listing venue,” she said. “We represent the U.S. capital market, which is the greatest market in the world for fundraising. If IPOs go well, it shows how the U.S. is the place to raise capital that funds innovation and entrepreneurs who bring in amazing products.”
“It’s not just about an IPO,” Martin added. “It’s about those innovations that change the world—clean energy, green energy, advancements in health care, etc.—that doesn’t happen if U.S. markets don’t work.”
Martin was appointed the president of NYSE in January 2022. She is the second woman to lead the stock exchange in its 231-year history. Before that, Martin worked for the NYSE’s parent company, the Intercontinental Exchange, leading its fixed-income and data business unit.
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"The NYSE is more than just a listing venue. We represent the U.S. capital market. If IPOs go well, it shows how the U.S. is the place to raise capital," said NYSE president Lynn Martin.
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summarize: By Rae Wee
SINGAPORE (Reuters) - The dollar drew support from a bout of risk aversion on Friday as hawkish comments from global central banks, including the Federal Reserve, stoked fears that their aggressive monetary tightening could push economies into a deeper downturn.
Sterling struggled to hold gains from a larger-than-expected 50-basis-point rate rise from the Bank of England (BoE) on Thursday in response to sticky inflation, with traders similarly worried about a UK recession.
While higher rates are typically supportive of currencies, the risk that they will trigger an economic downturn has pushed some investors to seek safe-haven assets like the U.S. dollar.
The pound was last 0.07% lower at $1.2740, having jumped briefly in the wake of the BoE's hike to a near one-year high, before being pulled lower. It was on track for a weekly loss of more than 0.5%, snapping three straight weeks of gains.
"With the Bank of England set to raise rates substantially further, we expect the UK economy to come under renewed pressure by late 2023, and look for growth to either stagnate or even for the economy to contract," said Nick Bennenbroek, international economist at Wells Fargo.
"Only once there are clearer signs of a growth slowdown and a deceleration of inflation, do we believe those factors will convince the Bank of England to bring its tightening cycle to an end."
The Turkish lira slid to a record low of 25.589 against the U.S. dollar, after the Turkey's central bank 650 basis points hike to 15% on Thursday missed expectations.
In other currencies, the dollar rose broadly and stood near an over seven-month high against the yen at 142.90. The Japanese currency has come under renewed pressure as the Bank of Japan (BOJ) continues to maintain its ultra-dovish stance in the face of its hawkish peers elsewhere.
Data out on Friday showed that Japan's core consumer prices stayed above the BOJ's 2% target for the 14th straight month, while separate data showed its manufacturing activity fell back into contraction in June and service sector growth slowed for the first time in seven months.
The euro slipped 0.04% to $1.0950, while the U.S. dollar rose 0.05% against a basket of six major peers to 102.44.
Fed Chair Jerome Powell said on Thursday the central bank would move interest rates at a "careful pace" from here, with an overwhelming number of people on the Federal Open Market Committee seeing more rate hikes coming.
Money markets are now pricing in a 74% chance that the Fed will raise rates by 25 bps at its policy meeting next month.
The Swiss National Bank and Norway's central bank likewise signalled that more tightening was likely to come after they had raised rates by 25 bps and 50 bps, respectively, on Thursday.
"Most of the Western central banks are now more hawkish than previously projected," said Tina Teng, market analyst at CMC Markets.
"Inflation is hot and interest rates are still rising as well. There's now a slowdown in economic growth, (which could) probably cause a potential recession as well. So sentiment is actually not great."
The risk-sensitive Australian dollar fell 0.16% to $0.6746, after having slid nearly 0.6% on Thursday, while the New Zealand dollar edged 0.05% lower to $0.6174, after declining 0.4% in the previous session.
(Reporting by Rae Wee; Editing by Sam Holmes)
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The dollar drew support from a bout of risk aversion on Friday as hawkish comments from global central banks, including the Federal Reserve, stoked fears that their aggressive monetary tightening could push economies into a deeper downturn. Sterling struggled to hold gains from a larger-than-expected 50-basis-point rate rise from the Bank of England (BoE) on Thursday in response to sticky inflation, with traders similarly worried about a UK recession. "With the Bank of England set to raise rates substantially further, we expect the UK economy to come under renewed pressure by late 2023, and look for growth to either stagnate or even for the economy to contract," said Nick Bennenbroek, international economist at Wells Fargo.
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summarize: Amazon is ushering in the weekend with a one-day-only sale on a bunch of Razer laptops and gaming accessories. Everything from headsets to mice to microphones has been discounted, but the biggest savings you'll find are on some of the 2020 Razer Blade 15 laptops. Of note is the Raze Blade 15 Advanced gaming laptop with a 10th-gen Core i7 processor, NVIDIA GeForce RTX 2070 Super Max-Q graphics, 16GB of RAM and 512GB of storage, which is down to a record-low of $1,700.
Shop Razer one-day sale at Amazon Buy Razer Blade 15 Advanced at Amazon - $1,700
Those looking for slightly better graphics and more storage have another option. The Blade 15 Advanced with the same specs as listed above but with NVIDIA RTX 2080 Super Max-Q graphics and 1TB of storage has dropped down to $2,200, or $285 off its normal price. The 2020 Blade 17 Pro is also on sale: a model with a 10th-gen Core i7 processor, RTX 2080 Super Max-Q graphics, 16GB of RAM and 512GB of storage is $950 off, bringing it down to $2,250. If you're just looking to get your foot in the door with one of these gaming laptops, you can snag the Razer Blade 15 base with a Core i7 processor, GeForce GTX 1660 Ti graphics, 16GB of RAM and 256GB of storage for $1,048 (although we did it about $50 less on Prime Day back in June).
The Blade has been one of our favorite gaming notebooks for a while. It's on the pricier side, but it's worth it if you want a slick-looking laptop with a bunch of customization options when it comes to specs. And since it is on the higher end of the price spectrum, it's always better to wait for a sale like this so you can get the model you want while saving a bit of cash. Just keep in mind that these discounted models aren't the latest from Razer. The 2021 laptops came out recently, decked out with 11th-gen Intel processors, NVIDIA RTX 30-series graphics and QHD displays — along with steep price tags to match.
If you already have a solid gaming machine, there are a bunch of Razer peripherals on sale, too. The BlackWidow V3 mechanical keyboard is down to an all-time low of $90, and it has yellow switches, a a digital roller and media key, Chroma RGB lighting and an included wrist rest. Also discounted are the Kraken headset, which is down to $50, and the DeathAdder Essential wired mouse, which you can grab for only $20.
Buy BlackWidow V3 at Amazon - $90 Buy Kraken headset at Amazon - $50 Buy DeathAdder Essential (wired) at Amazon - $20
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Save big on Razer gaming devices at Amazon in a new one-day-only sale.
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summarize: WhatsApp announced this week that it's rolling out the ability for users to select who from their contact list can see their profile photo, about and "Last seen" status. Prior to the official launch, the new privacy setting was available to select users as part of a limited beta.
Up until now, users had three privacy options to choose from to decide who could see their profile photo, about and Last seen status. The options were: everyone, my contacts, and nobody. Now, there's a fourth option titled "My contacts except..." With this new option, you can exclude specific people in your contacts from seeing your profile photo, about and Last seen status. It's worth noting that if you choose to hide your Last seen status from others, you won't be able to see theirs either.
The new privacy option is now rolling out to all iPhone and Android users around the globe. You can access them by navigating to the privacy section in your account settings.
WhatsApp announced this week that it's also rolling out new features for group calls. Most notably, the app now lets you mute or message specific people on a call. The app has also added a new helpful indicator to make it easier for users to see when more people join large calls.
The launch of these new features come as WhatsApp announced earlier this week that it was adding the ability for users to transfer their conversation chat history, photos, videos and voice messages from Android to iPhone via Apple’s Move to iOS app. Prior to this expansion, users only had to option to transfer chats from iPhone to Android. The ability to transfer WhatsApp data from Android to iPhone is rolling out now in beta.
Although it’s been easy to transfer WhatsApp data from one iPhone to another, or from one Android to another, users have had to find difficult workarounds when moving from Android to iPhone. The new tool will solve this problem and make it a lot easier to make the switch.
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WhatsApp announced this week that it's rolling out the ability for users to select who from their contact list can see their profile photo, about and "Last seen" status. Up until now, users had three privacy options to choose from to decide who could see their profile photo, about and Last seen status. With this new option, you can exclude specific people in your contacts from seeing your profile photo, about and Last seen status.
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summarize: (Bloomberg) -- Aramco will introduce performance-linked dividends, potentially boosting payouts for the Saudi Arabian government by billions of dollars just as weaker oil prices edge the state’s budget into a deficit.
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The new dividend will be “in the amount of 50%-70%” of Saudi Aramco’s annual free cash flow, net of the base dividend and other amounts including external investments, the world’s largest energy company said on Tuesday, shortly before it was scheduled to release first quarter earnings. The amount will be “determined with the annual results.”
Aramco Cash Generation Seen ‘Robust’ Amid OPEC+ Cut: Preview
The company’s free cashflow soared, along with oil prices, to almost $149 billion last year, easily covering the annual dividend of $75.8 billion, which is already the largest for any listed company.
Aramco’s net profit was probably around $32 billion for the first quarter of this year, according to analyst estimates. The company is targeting capital expenditure of $45 billion to $55 billion for all of 2023.
The Saudi Arabian government owns 90% of Aramco’s stock directly, with a further 8% held by the sovereign wealth fund. The shares have climbed 11% this year, outperforming those of Western Big Oil rivals such as Shell Plc and
(Updates with context.)
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©2023 Bloomberg L.P.
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(Bloomberg) -- Aramco will introduce performance-linked dividends, potentially boosting payouts for the Saudi Arabian government by billions of dollars just as weaker oil prices edge the state’s budget into a deficit.Most Read from BloombergPowell’s Bet Against Recession Looks Good — Minus the Credit Crunch and a DC StandoffGoldman to Pay $215 Million to End Case on Underpaying WomenTexas Mass Shooting’s Bloody Images Add to Fervor in Gun DebateWhy Airfares, Hotels and Cars Are Getting So Expens
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summarize: Prospective homebuyers are slowly growing less sensitive to home prices and high-interest rates, and fewer of them are willing to wait for a better market to buy a home.
According to Bank of America’s 2023 Homebuyer Insights report, only 62% of prospective homebuyers are willing to wait for home prices and/or rates to fall, down from 85% in June 2023. Purchase activity picked up in September, as sales of new single-family homes increased to a seasonally adjusted level of 719,000, up from 680,000 sales in April 2023.
“When it comes down to it, if buying a home is your goal and within your budget, the best time to buy is when you’re ready financially and you can find a home that fits your needs,” Matt Vernon, head of consumer lending at Bank of America, said in the report. “Even in the current interest rate environment, there are clear benefits to purchasing a home and beginning to build equity.”
As of July 2023, about 80% of outstanding U.S. mortgages had an interest rate below 5%, according to Zillow. Meanwhile, the average 30-year fixed mortgage rate topped 8% in October. As a result, many homeowners stayed put and kept their mortgages and postponed listing their homes. It deepened an already existing inventory shortage and worsened affordability woes. First-time homebuyers were particularly harmed by this trend.
However, homebuyers are resourceful and show signs of adaptation to the current market
BofA researchers found that homebuyers were willing to sacrifice several features to find their home quicker. Almost a third of people surveyed reported being ready to give up on having a brand new home, living close to their family, having access to public transportation, or living in a neighborhood with historical charm. There were also some generational disparities in what would-be buyers were willing to sacrifice. Gen Zers, individuals born between 1997 and 2012, cared more about space but were willing to compromise on location, whereas boomers, who were born between 1946 and 1964, were the opposite.
Meanwhile, 50% of current homeowners would be willing to exit their mortgage to buy their dream home
According to the survey, 50% of homeowners would be prompted to sell their homes if their dream home became available, and 54% would move if they found a more affordable area, regardless of the current mortgage rates.
Homeowners listed other reasons that could prompt them to sell:
40% of respondents said they would move for a job opportunity or a nicer neighborhood
Between 30-to-40% said they would be willing to sell for a bigger house or a social community to be a part of
Between 20-to-30% said they wanted to explore a new area or live in a home with rental potential
For 53% of the participants, homeownership was the top indicator of financial success
Homeownership ranked number five in a list of top indicators of success. It came after being healthy, having personal growth, strong relationships, and having a good work-life balance. It came before career fulfillment, having a family, and reaching a certain amount of money in savings.
However, homeownership scored the first position in the list of top indicators of financial success, with 53% of respondents naming homeownership. Two-thirds of the surveyed homeowners said that owning a home was “one of their greatest achievements,” more than raising a family (50%) or being in a committed relationship (32%).
“There’s a clear desire for homeownership, but for some, it has become more challenging to achieve due to current market realities,” Vernon said.
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Fewer prospective homebuyers are willing to wait for a better market to buy a home.
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summarize: SAN FRANCISCO, April 04, 2022 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the world’s largest work marketplace that connects businesses with independent talent, as measured by gross services volume (“GSV”), today announced that it will report its financial results for the first quarter of 2022 on Wednesday, April 27, 2022 after market close. The company will host a Q&A conference call to discuss these results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day.
A live webcast of the call will be available on the Upwork Investor Relations website at investors.upwork.com.
An audio replay of the conference call will be available for one week following the call and will be archived via webcast on the Upwork Investor Relations website at investors.upwork.com for approximately one year.
About Upwork
Upwork is the world’s largest work marketplace, as measured by GSV, that connects businesses with independent talent. We serve everyone from one-person startups to over 30% of the Fortune 100 with a powerful, trust-driven platform that enables companies and talent to work together in new ways that unlock their potential. Our talent community earned over $3.3 billion on Upwork in 2021 across more than 10,000 skills in categories including website & app development, creative & design, customer support, finance & accounting, consulting, and operations. Learn more at upwork.com and join us on LinkedIn, Twitter, Facebook, Instagram, and TikTok.
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SAN FRANCISCO, April 04, 2022 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the world’s largest work marketplace that connects businesses with independent talent, as measured by gross services volume (“GSV”), today announced that it will report its financial results for the first quarter of 2022 on Wednesday, April 27, 2022 after market close. The company will host a Q&A conference call to discuss these results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day. A live webcast
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summarize: Instacart founder's empty fridge was the "lightbulb moment" for coming up with the idea for the delivery startup, he said.
Apoorva Mehta walked away with over $1.1 billion in net worth after the delivery startup's IPO on Wednesday.
However, Instacart shares slumped 11% a day after the IPO.
Apoorva Mehta, the founder and former CEO of Instacart, credited his constantly empty fridge as the "lightbulb moment" behind his delivery startup.
"More than a decade ago, I was sitting in my apartment in San Francisco bemoaning the fact that the only thing I had in my refrigerator was hot sauce," Mehta wrote in a post on X on Wednesday.
"Don't get me wrong, I love hot sauce, but you can't exactly make it a meal," he added in the post that's been viewed over 500,000 times since being posted.
The realization that he could shop for everything online except for groceries inspired him to code the first version of Instacart, he added.
Mehta walked away with a fortune of over $1.1 billion after his delivery startup's IPO on Tuesday. He stepped down as the CEO in 2021 and left the company's board on Tuesday.
In the lead-up to his handing over the reins as CEO to former Meta executive Fidji Simo, Mehta was involved in a dispute with key investors who were pushing for the company to go public — at a time when the company's valuation peaked at $39 billion.
For context, Instacart's IPO valued the company at $9.9 billion on Tuesday. And Mehta's net worth now represents a stark contrast from a peak of $3.5 billion in 2021, per Bloomberg. Before going public, the company's SEC filings stated that the company had delivered over 900 million orders since it began in 2012.
Shares of Instacart — which went public on Tuesday at $30 a share — slumped 11% a day after the IPO. The company's shares were at $30.00 apiece at Friday's close.
One expert — Aswath Damodaran, a professor of finance at NYU's Stern School of Business — had a dim view of the company's prospects. In an analysis published Tuesday, Damodaran wrote, "This IPO represents vastly downgraded expectations for the company's future."
Before starting the company, Mehta quit his job at Amazon in 2010 and moved to San Francisco to become an entrepreneur. During this time, he said he founded twenty failed startups.
He told CNBC Squawk Box in an interview on Tuesday that these failed ideas included a social network for lawyers and an advertising company aimed at gaming companies.
During the early stages of Instacart, Mehta also said he missed the application deadline for the startup accelerator YCombinator by over two months. He used his app to order a six-pack of beers for YCombinator's headquarters, a stunt which earned him an interview with the company — and eventually led to them becoming the startup's first investors.
Mehta and Instacart did not immediately respond to requests for comment from Insider, sent outside regular business hours.
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"More than a decade ago, I was sitting in my apartment in San Francisco bemoaning the fact that the only thing I had in my refrigerator was hot sauce," he wrote on X.
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