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☆ An engineer who trades stocks from his phone shares the stock filter that enabled him to find Nvidia when it was trading below $15 in 2016
▼ + stars: | 2024-05-12 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

IBD recommends a minimum of 25% increase, but he loosened it slightly because it would filter out too many stocks. IBD recommends 80 or higher. IBD recommends 80, but reducing it allows for more stocks to show up for him to review. IBD recommends 95 or higher, but he loosened it to see more stocks. IBD recommends 15% to 17%.

Persons: Adam Graham, Nicolas Darvas, Graham, William O'Neil, IBD Organizations: Service, Business, Investor's Business, Nvidia, IBD Locations: Georgia, Terracon

☆ A software consultant trading stocks on the side is up 318% in 2024. He shares the stock screener he uses to find the trades he makes.
▼ + stars: | 2024-05-11 | by ( Laila Maidan | ) www.businessinsider.com time to read: +8 min

He was 13 when he first heard about trading stocks. Finally, he filters for volume with the "50-day average volume"— the average number of shares traded daily over 50 days — above 25,000 shares. He had been watching Nvidia's chart since December, and it had a consistent 200-day moving average trend upward. As of January 3rd, it held above its 50-day moving average, bouncing off resistance points around $8.83 and $8.94 with minor pullbacks. The stock had a strong 150- and 200-day average uptrend.

Persons: Leoš, Benjamin Graham's, William O'Neil, Mark Minervini, Norman Zadeh, Mikulka Organizations: Investor's, Gamestop, US, Business, Apple, Nvidia, Mitsubishi UFJ Financial, Holdings Locations: Prague, IBD

☆ Meet the woman who engineered Russia's wartime economy and helped secure another term for Putin
▼ + stars: | 2024-04-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +12 min

Russian central bank governor Elvira Nabiullina has played a key role in stabilizing Russia's sanctions-hit economy. It's also aimed at the woman behind him: Elvira Nabiullina, the country's central bank governor, who plays a chief role in keeping Russia's wartime economy ticking. At the time, she was the first woman to lead a Group of Eight, or G8, central bank. In 2015, Euromoney, a finance trade publication, named Nabiullina Central Bank Governor of the Year. In December, she issued a warning that Russia's economy was at risk of overheating.

Persons: Elvira Nabiullina, —, Putin, It's, Nabiullina, Daniel McDowell, McDowell, wined, Christine Lagarde, Nabiullina —, Richard Portes, Portes —, Portes, Anders Åslund, Åslund, Leo Tolstoy, Fyodor Dostoevsky, Franz Kafka, Yaroslav Kuzminov, Kuzminov, Nabiullina's, Alan Harvey, Herman Gref —, Central Bank Governor Elvira Nabiullina, Maxim Shemetov, Michel Camdessus, she's, isn't, Sergei Aleksashenko, Alexei Makarkin, Vladimir Pesnya, Nabiulina, let's Organizations: Ukraine, Service, Russian, KGB, Syracuse University, Kremlin, International Monetary Fund, US, London Business School, Moscow Times, Bloomberg, Higher School of Economics, —, Moscow State University, SNS, USSR, Industrial Union Board, Gref, Central Bank Governor, Nabiullina Central Bank Governor, Banker, Central Banker, IMF, Monetary Fund, Financial Times, Government, Political Technologies, Wall Street Journal, RBC, Politico Europe Locations: Russian, Ukraine, Russia, Brussels, Nabiullina, Swedish, Moscow, Ufa, Central Russia, Tatars, Crimea, Euromoney, Europe, steadying

☆ How the stars aligned for Wingstop stock to gain 380% in 5 years
▼ + stars: | 2024-03-23 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +5 min

In the past five years, Wingstop, which is listed on the Nasdaq, saw its stock grow 380%, from $72.36 in March 2019 to $348 as of Thursday. Not the wildest 5-year rally by any means, but those are some eye-catching gains for a chicken wing-slinging, fast-food chain. Fast food chains were no exception. It's also difficult to look at other more storied fast food restaurants, such as McDonald's, which is trading at $282.63 as of Friday, and compare that to Wingstop, Gargiulo said. But overall, there are very few fast food restaurants that look and operate like Wingstop.

Persons: —, Danilo Gargiulo, Gargiulo, Wingstop, Gen Z, Uber, It's, McDonald's, There's Organizations: Service, Nasdaq, Business Locations: AllianceBernstein, Garland , Texas

☆ Russia's economy appears resilient, but companies are going bankrupt by the hundreds
▼ + stars: | 2024-03-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementRussia's economy appears resilient after two years of war with Ukraine, but a rising number of companies in the country are in trouble. The number of companies in Russia that have gone bankrupt has soared in the first two months of 2024, Russian business daily Kommersant reported on Thursday. In January, 571 companies in Russia declared bankruptcy — a rise of 57% from 364 a year ago, Kommersant reported, citing data from the federal register for bankruptcy. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Kommersant, Business Locations: Russia, Ukraine

☆ The 'Grand Theft Auto 6' halo effect is causing decades-old GTA games to dominate on Netflix
▼ + stars: | 2024-02-10 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

AdvertisementPeople are so excited for "Grand Theft Auto 6" that decades-old GTA games are shooting to the top of Netflix's gaming platform. The "Grand Theft Auto Trilogy" — released in 2021 — combines three classic titles from the series: "Grand Theft Auto III," "Grand Theft Auto: Vice City," and "Grand Theft Auto: San Andreas." After Netflix Games added the "Grand Theft Auto Trilogy" to its platform, it quickly became their top games, according to Netflix. Zelnik said the announcement of "Grand Theft Auto 6" in December has had a "halo effect across the entire franchise." Take Two CFO Lainie Goldstein said sales of "Grand Theft Auto V" also "exceeded expectations" last quarter.

Persons: —, Strauss Zelnik, Zelnik, Lainie Goldstein, Goldstein Organizations: Service, Interactive, Rockstar Games, Auto, Vice, Netflix, Netflix Games, Business Daily, Nasdaq Locations: Andreas

TOKYO (AP) — Japanese transport officials raided a Toyota-affiliated plant Tuesday after the company admitted to cheating on engine testing, as Toyota Motor Corp. reported it sold over 11 million vehicles in 2023 to retain its status as the world’s top car manufacturer. In April, a whistleblower exposed that Daihatsu Motor Corp., which makes small cars and is 100% owned by Toyota, had been cheating on its testing for decades. In 2022, Hino Motors, a truck maker that’s also part of the Toyota group, said it had systematically falsified emissions data dating back as far as 2003. But production has been halted on some of the models, including the 10 models affected by the latest cheating. Sato has acknowledged Toyota group companies need better communication and education about the importance of complying with rules.

Persons: Akio Toyoda, ” Toyoda, Toyoda, Sakichi Toyoda, Kiichiro Toyoda, Akio’s, Koji Sato, that’s, Sato, Daisuke Uchida, ” Uchida, “, ” ___ Yuri Kageyama Organizations: TOKYO, Toyota, Toyota Motor Corp, Toyota Industries Corp, Lexus, Volkswagen AG, Reporters, Daihatsu Motor Corp, Hino Motors, Nikkei, Toyota Industries, Cruiser, General Motors Co, Pontiac, Keio University Locations: Hekinan, Aichi Prefecture, Japan, Nagoya, Tokyo, Europe, East, Africa, Asia, North America, United States, California

☆ Russia is using electronic-warfare devices to stop Ukraine's drones — but it's messing up its internet access
▼ + stars: | 2024-01-30 | by ( Tom Porter | ) www.businessinsider.com time to read: +2 min

Russia is deploying electronic-warfare systems to counter drone attacks. The report, citing Russian telecommunications sources, said that LTE wireless broadband and electronic-warfare units both operate on the same frequencies. AdvertisementIt said that Russia may have turned off internet services while it tested electronic-warfare systems, or redeployed its air defenses. Electronic-warfare units work by scrambling the systems used to navigate drones to their targets. AdvertisementAccording to reports, GPS data in Poland and the Baltic region was recently disabled as a result of possible Russian electronic-warfare exercises.

Persons: it's, —, Russia's Organizations: Service, Kommersant, NATO Locations: Russia, Ukraine, Leningrad, Novgorod, Pskov, US, St Petersburg, Poland, Baltic

☆ Zee founder family to eventually lift stake to 26%, according to reports
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: +1 min

Logos of Zee Entertainment Enterprises Ltd. displayed on computer screens arranged in Mumbai, India, on Tuesday, Jan. 9, 2024. Zee Entertainment founder Subhash Chandra's family will eventually lift their stake in the media house to 26% from 4% currently, Mint reported on Monday, days after a merger with Sony 's India unit collapsed. "I have advised my immediate and extended family to increase their shareholding in Zee... We eventually want to go back to 26%, but it will take time," Chandra told Mint, a business daily, in an interview. Chandra, who set up Zee in 1992 and is often dubbed the "Father of Indian Television", is now chairman emeritus at Zee. Chandra, who is Goenka's father, told Mint "Punit is the right person to run the company and there is no problem with Zee."

Persons: Subhash Chandra's, Zee, Chandra, Punit Goenka, Goenka, Mukesh Ambani's Organizations: Zee Entertainment Enterprises, Zee, Sony Group Corp, Zee Entertainment, Mint, Sony, Indian, Walt Disney, India Locations: Mumbai, India, Zee .

☆ A software consultant who day trades stocks gained 805% in 2023. He shares 3 chart indicators that led him from consistent losses to becoming profitable.
▼ + stars: | 2024-01-20 | by ( Laila Maidan | ) www.businessinsider.com time to read: +8 min

He joined his private access program, a paid educational platform for trading stocks, where he spent a year learning the content. The stock's price should pull back organically, meaning the volume parallel to the downward price move should be gradual. On a daily chart like the one above, it's based on the past nine days. If the stock's price doesn't fall below it or forms a support line, it signals that the price could likely retrace and increase. Instead of entering five to 10 trades daily, he now keeps it at two to three.

Persons: Goverdhan Gajjala, William O'Neil, Gajjala, Mark Minervini, It's, Minervini's, Norman Zadeh, Zadeh Organizations: Service, Investor's Business Daily, US, EMA, Health Intelligence Locations: Dallas

☆ Western companies have exited Russia in droves. New companies with owners from China and former Soviet republics are stepping in.
▼ + stars: | 2024-01-12 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

However, the number of new companies in Russia with cofounders from former Soviet republics and China has soared in those two years, per Vedomosti. Companies with cofounders from former Soviet republics including Belarus, Kyrgyzstan, and Kazakhstan accounted for 59% of all new companies that established operations in Russia last year, per Vedomosti. AdvertisementCompanies with cofounders from China accounted for 25% — or 1,500 — of new companies in Russia over the first 10 months of 2023. AdvertisementMeanwhile, Russian businesses overseas have also been moving their assets home amid the pressures of Western sanctions and a push by President Vladimir Putin's regime. This still marks a huge decrease from 14% of new companies registered in 2021.

Persons: —, cofounders, Mikhail Nikolayev, ACRA, Vladimir Putin's Organizations: Service, Business, cofounders, Companies Locations: Russia, Moscow, Ukraine, Soviet, China, Belarus, Kyrgyzstan, Kazakhstan, Turkey, India, Russian

MOSCOW (AP) — Heavy snowfall has hit the Russian capital, disrupting traffic on roads and flights in and out of three Moscow airports, officials and media reported on Monday. The snowfall that began Sunday and continued overnight has brought an additional 23 centimeters (nine inches) to already high levels of snow in Moscow, according to deputy mayor Pyotr Biryukov. A total of 53 flights were delayed and five more were canceled on Monday morning in three out of four Moscow airports, Russian business daily Vedomosti reported. At the Zhukovsky airport southeast of the city, flights were departing from Moscow on schedule, according to Vedomosti. Heavy snow, as well as temperatures below -50 C (-58 F), were also reported in the Siberian region of Yakutia.

Persons: Pyotr Biryukov Organizations: MOSCOW Locations: Moscow, Domodedovo, Zhukovsky, Siberian, Yakutia, Magadan

Workers at state-owned postal company PostNord joined the strike on Nov. 20 and stopped distributing the license plates to Tesla. The state-run transport agency turned down Tesla's request to pick up the license plates itself and also declined to send them via distribution channels other than PostNord. Tesla sued both PostNord and the transport agency in two separate lawsuits, first reported by Swedish business daily Dagens Industri. It said the refusal to deliver license plates could affect "a large number of consumers who ordered a new car from Tesla". The transport agency confirmed to Reuters on Monday that Tesla had filed a lawsuit, believing the agency had not kept its obligations to deliver Tesla's license plates.

Persons: Yves Herman, PostNord, Tesla, Metall, carmaker, Seko, Marie Mannes, Louise Breusch Rasmussen, Terje Solsvik, Bernadette Baum Organizations: REUTERS, Swedish Transport Agency, U.S, Workers, Dagens, IF Metall, Reuters, Thomson Locations: Drogenbos, Belgium, Swedish, Sweden, U.S

☆ Tesla sues Sweden over blocked license plates, business daily DI reports
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The logo of a Tesla electric vehicle is placed on a car seen outside a dealership in Drogenbos, Belgium November 25, 2023. REUTERS/Yves Herman/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowCOPENHAGEN, Nov 27 (Reuters) - Tesla (TSLA.O) has filed a lawsuit against the Swedish government's Transport Agency over a workers' strike that has blocked the U.S. auto maker's requests for license plates for new vehicles, business daily Dagens Industri reported on Monday. IF Metall, Sweden's biggest manufacturing union, is locked in a fight with Tesla to get a collective bargaining agreement for its mechanics in Sweden. Members of other unions, including postal workers, dockworkers and cleaners have since joined in a sympathy action, resulting in Tesla not getting license plates distributed, among other things. The Swedish Transport Agency was not immediately available for comment.

Persons: Yves Herman, Tesla, Metall, Louise Breusch Rasmussen, Marie Mannes, Terje Solsvik Organizations: REUTERS, Swedish government's Transport Agency, Dagens, IF Metall, Swedish Transport Agency, Thomson Locations: Drogenbos, Belgium, Swedish, Sweden

☆ US, Japan and South Korea leaders hold brief meeting at APEC
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

[1/2] Ethan Rosenzweig, Acting Chief of Protocol shakes hands greeting Japan's Prime Minister Fumio Kishida for a welcome reception for Asia-Pacific Economic Cooperation (APEC) leaders in San Francisco, California, U.S., November 15, 2023. The leaders posed for a photograph together before leaving without making remarks at the Asia-Pacific Economic Cooperation (APEC) summit, news agency Yonhap reported. The brief meeting comes three months after the leaders met at Camp David in August for talks. Yoon and Kishida promised to push for deeper cooperation in a separate meeting earlier Friday, Yoon's office said. The pair met on Thursday, a day before they were due to attend a roundtable on technological cooperation at Stanford University.

Persons: Ethan Rosenzweig, Japan's, Fumio Kishida, Loren Elliott, Yoon Suk Yeol, Joe Biden, Yonhap, Camp David, Yoon, Kishida, Yoon's, Biden, Josh Smith, Sam Holmes, Christopher Cushing, Gerry Doyle Organizations: Economic Cooperation, REUTERS, Rights, U.S, Japanese, Camp, Stanford University, Nikkei, Thomson Locations: Asia, San Francisco , California, U.S, Rights SEOUL, San Francisco, United States, Japan, North Korea, South, Seoul

☆ Man Convicted in Russian Journalist’s Murder Is Pardoned After Serving in Ukraine
▼ + stars: | 2023-11-14 | by ( Ivan Nechepurenko | More About Ivan Nechepurenko | ) www.nytimes.com time to read: +1 min

President Vladimir V. Putin has pardoned one of the convicted organizers of the murder of the journalist Anna Politkovskaya in return for his service in Ukraine, his lawyer said on Tuesday, the latest in a series of such reprieves for high-profile criminals in Russia. Her murder caused shock waves in Russia and abroad as it highlighted the growing dangers of anti-Kremlin reporting in the country. The news of Mr. Khadzhikurbanov’s pardon was first reported by Baza, a Russian news outlet, and RBC, a Russian business daily. Mr. Mikhalchik said that he did not know when the decree had been signed. Activists said this year that the Russian government had started a mass campaign to pardon convicts in return for fighting in Ukraine.

Persons: Vladimir V, Putin, Anna Politkovskaya, Sergei G, Ms, Politkovskaya, Aleksei V, Mikhalchik, Khadzhikurbanov’s, Baza Organizations: Mr, RBC, Activists Locations: Ukraine, Russia, Chechnya, Moscow, Russian

The entrance to JPMorgan Chase's international headquarters on Park Avenue is seen in New York October 2, 2012. It is the bank's third-biggest city in the European Union in terms of staff with 900 people, coming after Warsaw (1,200) and Dublin (more than 1,000). In the wake of Britain's exit from the European Union, JPMorgan bought a seven-storey building near its historic headquarters in the first arrondissement to house more employees. JPMorgan will commit $50 million of the $60 million investment and Bpifrance will provide 10 million euros ($10.66 million). The aim is to raise between 150 million euros to 200 million euros by the end of 2024, the U.S. lender said.

Persons: Shannon Stapleton, Bpifrance, Cartier, Louis Vuitton, JP Morgan, Jamie Dimon, Mathieu Rosemain, Anousha Sakoui, Louise Heavens Organizations: JPMorgan Chase's, REUTERS, Rights, JPMorgan, U.S, European Union, Gardens, Justice, Ritz Paris Hotel, Spark, JPMorgan Asset Management, Thomson Locations: New York, France, London, Paris, Europe, Warsaw, Dublin, U.S, Vendome, Spark France

[1/2] The branch of Credit Agricole bank is seen in Warsaw, Poland, July 3, 2018. Its net income jumped 33% to 1.75 billion euros ($1.87 billion), above the 1.37 billion expected by analysts in a company-compiled poll. Group revenue rose 19% to 6.34 billion euros, topping the 5.99 billion expected by analysts. It reported lower-than-expected provisions of 429 million euros, helping its bottom line. Credit Agricole controls Europe's largest fund manager Amundi (AMUN.PA) and recently announced plans to acquire Belgian wealth management firm Degroof Petercam.

Persons: Marcin Goclowski, Morgan, Amundi, Degroof, Mathieu Rosemain, Augustin Turpin, Silvia Aloisi, Jason Neely Organizations: Credit Agricole, REUTERS, Credit, Credit Agricole Group, Societe Generale, BNP, Deutsche Bank, Barclays, Thomson Locations: Credit, Warsaw, Poland, PARIS, Italy, France

Bottom line: Fidelity Investments and Charles Schwab are two of the best robo-advisors for retirement savings, goal-building, and low-cost trading. Fidelity vs. Charles Schwab: The Biggest DifferencesFidelity and Charles Schwab are featured in a number of our guides, including the best brokerages for beginners. Fidelity Investments reviewAutomated Investing With FidelityFidelity offers two different automated accounts: Fidelity Go and Fidelity Personalized Planning & Advice. Charles Schwab Brokerage Account reviewAutomated Investing With Charles SchwabLike Fidelity, Charles Schwab's automated accounts — Schwab Intelligent Portfolios and Schwab Intelligent Portfolios Premium — also include an automated-only account and an automated-plus-advice option. Fidelity vs. Charles Schwab — Frequently Asked Questions (FAQs)Is Fidelity better than Charles Schwab?

Persons: Morningstar, Charles Schwab, Schwab, Charles Schwab's, It's, Fidelity's, you'll, Charles Schwab Charles Schwab, Roth, IRAs, Charles, Charles Schwab —, you've Organizations: Fidelity Investments, Fidelity, Business Daily, screeners, Fidelity Fidelity Investments, Fidelity Fidelity, Fidelity Go, Schwab, Better Business Bureau, & $ Locations: cryptocurrencies, Chevron

NII at the French retail division fell by 27% in the quarter, excluding two regulated savings accounts, "well below expectations," JP Morgan said in a note to clients. The French lender said it now saw NII of its French retail, private banking and insurance division falling by more than 20% in 2023. The French retail division's earnings also suffered from hedging contracts against the risks of low interest rates. SocGen's shares had edged up 0.6% by 0924 GMT. The bank has also finalised the merger of its two French retail networks.

Persons: Gonzalo Fuentes, JP Morgan, SocGen, Slawomir Krupa, Jefferies, Krupa, ALD, Mathieu Rosemain, Silvia Aloisi, Ingrid Melander, Emelia Organizations: Societe Generale, La Defense, REUTERS, European Central Bank, BNP, Deutsche Bank, Barclays, Thomson Locations: La, Paris, France

☆ Premarket stocks: American inequality is rising despite higher wages
▼ + stars: | 2023-11-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

The median (or mid-point) net worth for households has also increased. And while the median net worth has increased significantly, it’s still under $200,000 — far short of the estimated amount Americans should have in retirement savings. Bud Light sales keep sinkingBud Light continues to drag on Anheuser-Busch InBev’s bottom line in the United States, reports my colleague Jordan Valinsky. In the summer, Bud Light lost its long-held top-selling American beer title to rival Modelo. In an effort to jumpstart sales, Bud Light has been rolling out marketing campaigns and partnerships it thinks will placate fans.

Persons: it’s, ”, “ Consumers, ” Dana Peterson, Bud, Bud Light, Jordan Valinsky, Dylan Mulvaney, Elisabeth Buchwald, Biden, ’ Organizations: CNN Business, Bell, New York CNN, Labor Department, Consumer Finances, Governors, Federal Reserve, Conference, Board, “, Conference Board, Wall, Dow, Nasdaq, Bud Light, Anheuser, Busch, InBev, Modelo, Beer Business, NFL, UFC Locations: New York, Black, United States

☆ Bud Light sales keep sinking
▼ + stars: | 2023-10-31 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Bud Light continues to drag Anheuser-Busch InBev’s bottom line in the United States, but the world’s biggest brewer’s sales rose because of higher prices. The company reported a 13.5% decline in third-quarter US revenue per 100 liters, a key measure of beer sales, as an ongoing backlash to Bud Light continues. The brand’s customers turned their backs on Bud Light after the company partnered with a transgender influencer – and then muddled its response. Tuesday’s report painted a bleak picture for Bud Light, sales and shipments of which have weakened dramatically since its brief and limited partnership with trans influencer Dylan Mulvaney in the spring. Sales of Bud Light are still sinking, with volumes down 30% year-over-year for the four weeks ending on October 7, according to NIQ data given to Beer Business Daily newsletter.

Persons: Bud Light, –, Dylan Mulvaney Organizations: New, New York CNN, Anheuser, Busch, InBev, Modelo, UFC, Beer Business, BUD Locations: New York, United States, East, Africa, Asia, Pacific, Europe

To this aim UniCredit wants to get to around 20 billion euros of in-house funds, Orcel said. UniCredit and Amundi are tied by a 10-year distribution agreement they signed in 2017, when UniCredit sold its internal asset manager Pioneer to Amundi. Orcel, who has been working to increase the bank's fee income since arriving in 2021, said on Tuesday UniCredit had been "rebalancing" its relationship with Amundi. By replacing the Amundi funds with its own products or those of partners who pay the bank more to sell their funds, UniCredit increases the portion of distribution fees in asset management it pockets. "In terms of value, I think in-house, strictly speaking, we're looking at about 20 billion euros," he said.

Persons: Dado Ruvic, Andrea Orcel, UniCredit, Orcel, Valérie Baudson, Amundi, Mathieu Rosemain, Valentina Za, Matthew Lewis Organizations: REUTERS, Rights, Reuters, Thomson Locations: Paris

☆ Japan Inc is only winner in nixed chip deal
▼ + stars: | 2023-10-27 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

But this failed tie-up does have a winner of sorts: Japan Inc.That’s precious little consolation for the others involved. Reuters Graphics Reuters GraphicsThe nixed deal also complicates Bain Capital’s exit strategy from Kioxia. Yet Western Digital was set to be the majority partner in the proposed deal. The Nikkei business daily also said that Kioxia and Western Digital were unable to agree on conditions with top Kioxia shareholder Bain Capital. The news sent Western Digital shares down 9%.

Persons: Elliot, Bain, Nobuo Hayasaka, –, Antony Currie, Thomas Shum Organizations: Reuters, Japan Inc, Western Digital, Elliot Investment Management, Reuters Graphics Reuters, Toshiba, SK Hynix, Western Digital’s, Development Bank of Japan, Sumitomo Mitsui Financial, –, Western, South Korea's SK Hynix, U.S, Nikkei, Bain Capital, Thomson Locations: HYDERABAD, India, Japan, Tokyo

☆ Powerchip, SBI to build chip plant in northern Japan -Nikkei
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: 1 min

The logo of Powerchip Semiconductor Manufacturing Corp's Japanese business in pictured in Tokyo, Japan July 21 2023. REUTERS/Sam Nussey/File Photo Acquire Licensing RightsTOKYO, Oct 27 (Reuters) - Powerchip Semiconductor Manufacturing (6770.TW) plans to build a chip plant in northern Japan's Miyagi prefecture in cooperation with SBI Holdings (8473.T) with an initial investment of about 400 billion yen ($2.67 billion), the Nikkei business daily said on Friday. Powerchip aims to bring the new plant into operation in 2026, the paper said. Reuters reported earlier this month that Powerchip had closed in on five locations for a new plant and was negotiating subsidies to cover part of the first phase. ($1 = 150.0300 yen)Reporting by Tokyo Newsroom; editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Nussey, Powerchip, Christina Fincher Organizations: Powerchip Semiconductor Manufacturing, REUTERS, Rights, Powerchip Semiconductor, SBI Holdings, Nikkei, Reuters, Tokyo, Thomson Locations: Tokyo, Japan, Japan's Miyagi

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