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A Zeekr 001 electric vehicle (EV) by Geely is seen displayed at the Zeekr booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. Chinese electric vehicle maker Zeekr priced its initial public offering at $21 a share Thursday, at the top end of its range, according to news reports. Zeekr, which is backed by Chinese-based automotive group Geely, offers several luxury vehicle models, including an upscale sedan it began delivering in January. "Our sales gap with Tesla keeps on narrowing," Zeekr CEO Andy An told CNBC in an interview last month translated from Mandarin. Zeekr has said it plans to use the proceeds from the offering to develop more advanced battery electric vehicle technologies.
Persons: Geely, Tesla, Andy, Zeekr, Goldman Sachs, Morgan Stanley, Merrill Lynch Organizations: Auto Shanghai, New York Stock Exchange, Reuters, Bloomberg News, Securities and Exchange Commission, SEC, Tesla, CNBC, Underwriters, China International Capital Locations: Shanghai, China, Zhejiang, Europe, Latin America, Sweden, Netherlands
The CEO of Trump Media urged leading House committee chairmen to investigate eight financial firms over concerns of potentially illicit short selling of DJT, whose majority shareholder is former President Donald Trump. A spokesperson for Clear Street declined to comment on Nunes' letter. DJT shares were trading 6% higher early Thursday at $47.84 per share, which is 32% lower than its opening price on March 26. Trump, who is the presumptive Republican presidential nominee, faces pending civil legal judgments of more than $500 million. "Based on factors including the volume and price of purportedly available 'locates,' [Trump Media] has identified ongoing anomalies in DJT trading," Nunes wrote the House Judiciary, Ways and Means, Financial Services, and Oversight and Reform chairmen in his new letter.
Persons: Donald Trump, Devin Nunes, Nunes, Donald Trump's, Trump Organizations: Trump Media, Republicans, Trading, Cowen, Company, Securities, StoneX Securities, Clear, CNBC, Nasdaq, Market, Trump, Judiciary, Financial Services, Exchange, Depository Trust Company, SEC
When Senator Robert Menendez was charged last year with corruption after investigators found $486,000 in cash stashed around his house in New Jersey, he offered a simple, “old-fashioned” explanation: It had been his custom to withdraw cash from a personal savings account to keep at home, a habit he learned from his Cuban immigrant parents. But federal prosecutors, in papers filed late Friday, presented fresh details that they suggested undercut Mr. Menendez’s claim. Some of the cash was wrapped in bands showing it had been withdrawn, at least $10,000 at a time, from a bank where Mr. Menendez and his wife “had no known depository account.” This, prosecutors said, indicated “that the money had been provided to them by another person.”
Persons: Robert Menendez, Menendez’s, Menendez, , Locations: New Jersey
Aging population plays In developed markets with aging populations , health-care needs will rise, creating an investment opportunity in the sector, Li said. "The relative outperformance of the health-care sector is to be expected in the context of an aging population," Li said. It tracks the health-care sector of the S & P 500 . "An economy-wide, sustained productivity boom is very hard to achieve, especially in the context of the supply constraint coming from, among other things, demographic shortage, aging population," Li said. "If India is able to bring more people into the working population, especially women, that will significantly boost its growth trajectory," she said.
Persons: Wei Li, dwindles, BlackRock, Li, It's, it's Organizations: BlackRock, World Health Organization, United Nations, Healthcare, Bank Locations: BlackRock, Japan, U.S, Indonesia, Mexico, Saudi Arabia, South Africa, India, China
The Federal Insurance Deposit Corporation, or FDIC, implemented new requirements for deposit insurance for trust accounts starting April 1. FDIC insurance generally covers $250,000 per depositor, per bank, in each account ownership category. How FDIC coverage of trust accounts has changedUnder the new rules, trust deposits are now limited to $1.25 million in FDIC coverage per trust owner per insured depository institution. Each beneficiary of the trust may have a $250,000 insurance limit for up to five beneficiaries. However, if there are more than five beneficiaries, the FDIC coverage limit for the trust account remains $1.25 million.
Persons: Jamie Grill, Ken Tumin, Tumin, Organizations: Federal Insurance Deposit Corporation, FDIC
Daniel A. Moore Sr., who created a pioneering African American history museum in Atlanta when such initiatives were rare, died on March 4 in Decatur, Ga. His death, in a hospital, was confirmed by his son Dan Moore Jr.Mr. Moore started his eclectic collection of artifacts in 1978 and in 1984 moved it to a handsome 1910 brick building on Auburn Avenue, known as “Sweet Auburn” for its centrality to African American history. The building, which had been a schoolbook depository and a tire warehouse, was “erected brick by brick by African American masons,” the museum says. Mr. Moore took a longer view, though memories of the civil rights movement were still fresh when he was getting started, with help from a handful of well-off patrons and from Fulton County, which donated the land. Unlike the King Center, his focus was on the whole African American experience, from Africa to the Middle Passage, and from enslavement to the civil rights campaign and beyond.
Persons: Daniel A, Moore, Dan Moore Jr, Martin Luther King Jr Organizations: Auburn, King Center Locations: Atlanta, Decatur , Ga, Auburn, Fulton County, American, Africa
Explainer-How the West Might Use Russia's Frozen Reserves
  + stars: | 2024-03-12 | by ( March | At P.M. | ) www.usnews.com   time to read: +5 min
Here are some of the ideas that have been suggested:CONFISCATIONSome international policymakers and lawyers say the immobilised Russian reserves can simply be confiscated under a doctrine of international law known as "countermeasures". Some in the bloc are still wary, though, and the European Central Bank has warned that claiming the trapped Russian assets should only be done in tandem with G7 powers. The bondholders would not have a contractual claim on the Kremlin’s frozen reserves. Ukraine would have a plausible way to collect on any damages awarded up to the value of the reserves. If Moscow refused to pay the damages, the allies could then use Russia’s frozen assets to pay off the loan.
Persons: Marc Jones, Lee Buchheit, Daleep Singh, Mark Heinrich Organizations: Marc Jones LONDON, Emergency Economic, U.S, European Central Bank Locations: Ukraine, Russia, Kuwait, United States, EU, Russian, Brussels, Belgium, U.S, Britain, China, Hong Kong, Dubai, Moscow
Target — Target surged nearly 12% after the retailer topped Wall Street's fourth-quarter estimates . Advanced Micro Devices — Shares fell more than 2% after Bloomberg said AMD failed to get a made-for-China chip past U.S. regulators. Profit forecasts also missed expectations, with GitLab guiding between 19 cents and 23 cents, versus a consensus estimate of 35 cents. Paymentus Holdings — The payment technology stock popped 21% after surpassing Wall Street's fourth-quarter revenue and earnings estimates. AeroVironment — The defense stock soared nearly 28% and headed for its second-best day ever after topping Wall Street's fiscal third-quarter expectations and offering stronger-than-expected full-year guidance.
Persons: Apple —, Tesla, — Microstrategy, Albemarle, GitLab, Wall, AeroVironment, , Yun Li, Michelle Fox, Jesse Pound, Hakyung Kim Organizations: Apple, Apple — Apple, Research, , Bloomberg, AMD, Commerce Department, Preferred Stock, Paymentus Holdings, Technologies, Wolfe Research Locations: China, Berlin, Australia
Check out the companies making the biggest moves in premarket trading: Target — Shares of the retailer jumped nearly 8% after a stronger-than-expected fourth-quarter report. Target generated $2.98 in earnings per share on $31.92 billion of revenue. Analysts surveyed by LSEG were looking for Target to earn $2.42 per share on $31.83 billion of revenue. Stitch Fix — Shares tumbled 13.4% a day after the online personalized styling service company reported an earnings miss for its second quarter. AeroVironment — The stock rallied nearly 18% a day after the defense company exceeded estimates for its third-quarter adjusted earnings per share and revenue.
Persons: Tesla, Microstrategy, Albemarle, GitLab, , Jesse Pound, Lisa Han Organizations: Apple, Counterpoint Research, Reuters, Police, CNBC, Bloomberg, Department of Commerce's, of Industry, Security, Paymentus Holdings Locations: China, Berlin
Of the 194 members of parliament who voted, just six rejected Sweden’s accession. NATO Secretary-General Jens Stoltenberg confirmed that Sweden will join the alliance now that all allies have approved Sweden’s bid to join. As NATO states, Finland and Sweden will enjoy the protection granted under Article 5 of the treaty that established the alliance – which states that an attack on one member is considered an attack against all. While most NATO members quickly approved Finland and Sweden’s applications, Hungary and Turkey held out for some time. Video Ad Feedback Turkish parliament approves Sweden's NATO membership bid 01:05 - Source: CNNShortly after the Turkish vote, Orban told NATO chief Stoltenberg that his government would also support Swedish membership.
Persons: CNN —, Vladimir Putin, Ulf Kristersson, Viktor Orban, Sweden’s, ” Kristersson, Jens Stoltenberg, Recep Tayyip Erdogan, Orban, Stoltenberg, Putin, Luke McGee, Lauren Kent Organizations: CNN, NATO, Stockholm, Swedish, Gripen, , United, Russia, Ukraine, Union, EU, Sweden’s, Budapest, Kyiv Locations: Budapest, Hungary, Swedish, “ Sweden, Sweden, United States, Atlantic Treaty, Eastern Europe, Russia’s, Finland, Russia, Ukraine, Turkey, Stockholm, EU, Europe, Israel
Today, I'm the owner of a barber shop and the founder of the Washington Barber College. Courtesy of Story SyndicateI took $500 from the check and put it down on a rental space for a barber shop. I later purchased another barber shop, and with the profits from that business, bought an additional shop that was going out of business. AdvertisementThe People Trust Community Loan Fund. We would also pick up homeless individuals and bring them to the barber shop to provide haircuts.
Persons: Arlo Washington, , Oscar, Barber, it's, Syndicate I'm, we've, We've, Mr, We're, Little, I've, It's Organizations: Service, Washington, Washington Barber College, Syndicate, People Trust Loan Fund, People Trust, Federal Credit Union, University of Arkansas, Little, Trust Community Loan Fund, Winthrop Rockefeller Foundation, The Treasury Department, Trust Loan, People Trust Loan, Depository Institution Locations: Little Rock , Arkansas, Local, Washington, Arkansas, Little, Central Arkansas, Little Rock, Rock, Wrightsville , Arkansas
US banks have given out $1 trillion of loans to non-regulated "shadow banks." Regulators said that these alternative lenders increase banks' exposure to higher risk debt. Several major banks including Citigroup and Wells Fargo have strengthened their ties with alternative asset lenders. AdvertisementThe amount of loans made by US banks to less regulated shadow lenders surpassed $1 trillion in January. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Regulators, Citigroup, Service, US Federal Reserve, Business Locations: Wells
One stock frequently showed up among analysts' top calls this month: South Korean chipmaker SK Hynix . In December, HSBC raised the price target for the stock from 150,000 Korean ($112) won to 180,000 Korean won ($134). "We also expect positive impact from ongoing AI demand on expanding On-device AI adoption. For global investors who wish to buy SK Hynix shares, its shares are listed on the Korea Stock Exchange and its depository receipts are listed on the Luxembourg Stock Exchanges. Investors can also buy into SK Hynix via the ETF route.
Persons: Trent Masters, CNBC's Michael Bloom Organizations: Korean chipmaker SK Hynix, SK Hynix, Nvidia, SK Hynix's, UBS, HSBC, Korean, Trent, Alphinity Investment Management, CNBC, Samsung, SK, Korea Stock Exchange, Luxembourg Stock Exchanges, Franklin FTSE, Franklin FTSE South Korea ETF, Korea ETF Locations: Franklin FTSE South Korea, Korea
Alibaba co-founders Jack Ma and chairman Joe Tsai, in front of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Sept. 19, 2014. An entity linked to Tsai's family office, Blue Pool, acquired nearly 2 million Alibaba depository shares worth $152 million in the fourth quarter, according to a Tuesday regulatory filing. Separately, sources familiar with the matter told the Times that Ma acquired $50 million worth of Alibaba's Hong Kong stock during the same period. Around the same time the spinoff was canceled, Ma in a regulatory filing said that he would sell 10 million shares worth $870 million. Alibaba shares are down roughly 21% since the cancelled spin-off.
Persons: Alibaba, Jack Ma, Joe Tsai, Ma, Tsai Organizations: New York Stock Exchange, New York Times, Times, Depository, Brooklyn Nets, Ant, CNBC Locations: New York, U.S, Hong Kong
Alibaba cofounder Jack Ma walked back on plans to sell the company's stock. The Chinese tech giant's stock crashed last week after it nixed a plan to spin off its $11 billion cloud business. AdvertisementAlibaba cofounder Jack Ma reversed plans to sell the company's stock following a slump in its stock price last week. The company's stock sank in response, wiping out $26 billion in value over two days. But Ma isn't selling the stock since its current value is lower than its actual value, she said in the memo.
Persons: Jack Ma, , Alibaba, Ma, Jane Jiang Fang, Jiang, Ma's Organizations: Service, Reuters, Bloomberg, South China Morning, Big Tech, Baidu, Business Locations: Beijing, China,
3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. Two company sources told Reuters that Ma's move had generated a lot of discussion within the company, as did Jiang's post. Alibaba and the Jack Ma Foundation, the philanthropic organization that handles media queries for the billionaire, did not immediately respond to requests for comment. In her internal note, Jiang also repeated comments from Ma's family office shared with the Alibaba-owned newspaper South China Morning Post on Friday that Ma remained "very positive" about Alibaba and that his family trust eventually did not sell a single share. The company has also been grappling with some upheaval in its top ranks, welcoming a new CEO, Eddie Wu, in September.
Persons: Dado, Jack Ma's, Jiang Fang, Jiang, Jack Ma, Ma, Alibaba, Eddie Wu, Daniel Zhang, Casey, Jenny Wang, Brenda Goh, David Evans Organizations: REUTERS, Rights, HK, Reuters, Jack Ma Foundation, China Morning, Casey Hall, Thomson Locations: Rights SHANGHAI, BEIJING, Shanghai, Beijing
The significant advantage to buyers is negotiating power, and if done right, it could help offset some of those higher mortgage rates. Below is a list of 20 metro areas with the highest share of home sellers dropping their listing prices in October. The data is based on the top 50 most populated areas as defined by the US Census Bureau. If they need to move by a specific date or need that cash, you can offer a quick closing. More than one-third — or 35% — of home sales in the three months ending October 31 included concessions to buyers, according to Redfin.
Persons: Shmuel Shayowitz, It's, Shayowitz, Dottie Herman, Douglas Elliman, Herman, Price Organizations: Competition, Business, US Census Bureau, Orlando, Phoenix, DC Locations: Redfin, Metro, Cincinnati, Indianapolis, Denver, Tampa, Portland, Antonio, Austin, Dallas, Minneapolis, Worth , TX, Jacksonville, Louis, Sacramento, Seattle, WA, Baltimore, Cleveland, Houston, AZ, Kansas City, Washington
People still flock to Dealey Plaza, which the presidential motorcade was passing through when Kennedy was killed. “I was just with a great mass of other reporters, just trying to find any bit of information,” she said. “As an AP reporter, you just go for the phone, you can’t process anything at that point,” she said. Simpson's recollections are included in an oral history collection at the Sixth Floor Museum that now includes about 2,500 recordings, according to Fagin. Many of the more recent ones have been with people who were children in the '60s and remembered hearing about the assassination while at school.
Persons: , John F, Kennedy, Peggy Simpson, , ” Simpson, , Stephen Fagin, Lee Harvey, Simpson, Clint Hill, Ella Wright, ” Wright, Fagin, Lee Harvey Oswald, Oswald, Jack Ruby, Ruby, didn’t, ” Fagin Organizations: DALLAS, Associated Press, Dealey Plaza, Texas, . Secret, National Geographic, The Dallas Times, AP, Sixth, Museum Locations: Dallas, “ JFK, America, Austin, Dealey
Milei's dollar plans, however, put pressure on the embattled peso currency, which is held in check by strict capital controls. The official exchange rate is near 350 per dollar, but dollars trade well over twice that in popular parallel markets. Milei said in the run-up to the election he wanted to ditch the peso altogether in favour of the dollar. Milei had also heavily criticised China and Brazil in the runup to the elections, two of Argentina's main trading partners. China said on Tuesday it would be a "serious mistake" if Milei opted to cut ties between the two countries.
Persons: dollarization, Javier Milei, Miel, Milei, Morgan Stanley's, Viktor Szabo, Banks, Banks Grupo Supervielle, Marc Jones, Elizabeth Howcroft, Mayur Kamdar, Karin Strohecker, Bernadette Baum, Emelia Organizations: Argentina, Abrdn, U.S ., Banks Grupo, Banco, Banco BBVA Argentina, Grupo Financiero, Thomson Locations: BUENOS AIRES, MERV, London, Argentina, U.S, Grupo Financiero Galicia, China, Brazil
"Investors had hoped to receive separate shares of the cloud business in hopes the segment could achieve a higher multiple in the public markets due to its growth potential." The company then appointed Eddie Wu, one of Alibaba Group's co-founders and long-time lieutenant of former chief Jack Ma, as both CEO of Alibaba and the cloud business. Instead the group would focus on growing the cloud business and providing investment for its AI drivers, he said. [1/2]3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. Alibaba International Digital Commerce, a business that includes platforms such as Lazada and AliExpress, however reported a 53% rise in revenues, with retail revenue up 73% year-on-year.
Persons: Cainiao, Thomas Hayes, Alibaba's, Daniel Zhang, Eddie Wu, Alibaba Group's, Jack Ma, Zhang, Joseph Tsai, Tsai, Wu, Dado Ruvic, Alibaba, Akash Sriram, Brenda Goh, Sam Holmes, Arun Koyyur, Jane Merriman Organizations: Alibaba, HK, Tencent Holdings, Alibaba's, Investors, Analysts, Cloud Intelligence Group, REUTERS, Alibaba Group Holdings, PDD Holdings, Digital Commerce, Casey Hall, Thomson Locations: U.S, China, Hong Kong, Alibaba's U.S, Bengaluru, Shanghai
Alibaba Group's Hong Kong shares closed down 10%, their biggest single-day drop in more than a year. Some analysts said keeping the cloud unit could assist Alibaba's AI push. But (it) also points to the increasing importance of retaining the cloud unit given the surging demand for AI computing in China," said US Tiger Research analyst Bo Pei. Alibaba reported second-quarter revenue of 224.79 billion yuan ($31.01 billion), in line with the 224.32 billion expected by analysts, LSEG data showed. The company also said it will press ahead with a listing of Alibaba's logistics arm, Cainiao, which applied for a Hong Kong initial public offering in September.
Persons: Group's, Jon Withaar, Alibaba, Joseph Tsai, Aly, Jack Ma, Kenneth Fong, Bo Pei, Eddie Wu, Daniel Zhang, Vey, Sern Ling, Donny Kwok, Josh Ye, Casey Hall, Gu Li, Yelin, Ankur Banerjee, Anne Marie Roantree, Brenda Goh, Muralikumar Anantharaman Organizations: HK, Pictet Asset Management, Tencent Holdings, Artificial Intelligence, REUTERS, UBS, Tiger Research, Union Bancaire, Hong, Thomson Locations: HONG KONG, China, Hong Kong, Asia, U.S, Singapore, Washington, Hangzhou, Shanghai, Alibaba, Union, Yelin Mo, Beijing
Founder and Chairman of Chinese internet giant Alibaba Jack Ma gives a speech at Paris' high profile startups and high tech leaders gathering, Viva Tech, in Paris, France May 16, 2019. REUTERS/Charles Platiau Acquire Licensing RightsNov 17 (Reuters) - Alibaba co-founder Jack Ma is "very positive" about the company and will continue to hold its shares, the South China Morning Post reported on Friday, citing a communiqué from his office. The comments from Ma's office come a day after a regulatory filing showed that his family trust was set to sell 10 million American Depository Shares of Alibaba Group Holdings (9988.HK), for about $871 million. The sale will be on Nov. 21 by JSP Investment and JC Properties, funds that are part of Ma's family trust. Ma stepped down as Alibaba chairman in 2019 but remains a major shareholder through his family trust.
Persons: Jack Ma, Charles Platiau, Alibaba, Ma, Yuvraj Malik, Saumyadeb Organizations: Viva Tech, REUTERS, China Morning Post, Alibaba Group Holdings, HK, JSP Investment, JC, Hong, Alibaba, Thomson Locations: Paris, France, U.S, Hong Kong, Bengaluru
The logo of Lilly is seen on a wall of the Lilly France company unit, part of the Eli Lilly and Co drugmaker group, in Fegersheim near Strasbourg, France, February 1, 2018. REUTERS/Vincent Kessler Acquire Licensing RightsNov 17 (Reuters) - Retail flows into Eli Lilly (LLY.N) spiked to a more than two-year high in November, as small investors rushed to buy the stock after the U.S. pharma major received a highly anticipated approval for its weight-loss drug Zepbound. Lilly and Novo Nordisk (NOVOb.CO) - seen as leaders in a potential $100 billion obesity treatment market - have helped rekindle retail investor interest in the healthcare sector. "During the COVID period, retail investors were piling into healthcare because of the vaccines and after that there was a bit of a hangover of purchases. Reuters GraphicsRetail investors are now "catching up" with institutional investors, said Sel Hardy, vice president of equity research at CFRA.
Persons: Lilly, Eli Lilly, Vincent Kessler, Zepbound, Marco Iachini, Hardy, JPMorgan Chase, Vanda, Ozempic, drugmakers, Iachini, Bhanvi Satija, Sriraj Organizations: REUTERS, U.S . pharma, Vanda Research, Novo Nordisk, Graphics Retail, Sel Hardy, JPMorgan, BlackRock, AMC, Thomson Locations: Lilly France, Fegersheim, Strasbourg, France, U.S, Bengaluru
The drop, potentially its biggest one-day fall in more than a year, wiped about $20 billion off the Chinese tech giant's market value. It was the first market reaction in Asia since the stunning strategy reversal was announced late on Thursday. "The cancellation of a full spin-off of AliCloud is a negative surprise," said Nomura analyst Shi Jialong in a note. The company said it will press ahead with a listing of Alibaba's logistics arm, Cainiao, which applied for a Hong Kong initial public offering in September. Reporting By Donny Kwok and Josh Ye in Hong Kong, Casey Hall and Gu Li in Shanghai; Writing by Anne Marie Roantree and Brenda Goh; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.
Persons: Aly, Group's, Nomura, Shi Jialong, Alibaba, Jack Ma, Kenneth Fong, Joseph Tsai, Bo Pei, Eddie Wu, Donny Kwok, Josh Ye, Casey Hall, Gu Li, Anne Marie Roantree, Brenda Goh, Muralikumar Organizations: Artificial Intelligence, REUTERS, Hong, Tencent Holdings, HK, UBS, Tiger Research, Thomson Locations: Shanghai, China, HONG KONG, SHANGHAI, HK, Hong Kong, Asia, AliCloud, Washington, U.S, Hangzhou, Alibaba
Nov 16 (Reuters) - Chinese billionaire Jack Ma's family trust is set to sell 10 million American Depository Shares of Alibaba Group Holdings (9988.HK), for about $871 million, the ecommerce company said in regulatory filings. The sale will be done on Nov. 21 by JSP Investment and JC Properties, funds that are part of the family trust. Alibaba and the Jack Ma Foundation, the philanthropic organization that handles media queries for the billionaire, did not immediately respond to requests for comment. U.S.-listed shares of Alibaba were down more than 3% in premarket trading ahead of its quarterly results. Reporting by Akash Sriram in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.
Persons: Jack Ma's, Jack Ma, Ma, Eddie Wu, Akash Sriram, Arun Koyyur Organizations: Alibaba Group Holdings, HK, JSP Investment, JC, Jack Ma Foundation, Thomson Locations: Ma . U.S, Alibaba, Bengaluru
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