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☆ The US government is paying $2 million of interest a minute as rates stay high
▼ + stars: | 2024-05-06 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The US government is shelling out $2 million per minute in interest payments on its debt. The surge in interest rate expenses has coincided with higher for longer interest rates. The US government is on track to pay more than $1 trillion in interest expenses this year. And that in turn means higher interest rates have actually helped fueled inflation rather than tame it. And you're not going to see meaningful downward pressure on shelter costs, until the Fed lowers interest rates," Manley said.

Persons: —, Louis Fed, Jack Manley, Manley Organizations: Service, US Treasury, Bloomberg, Federal Reserve, Fed, Treasury

Has South Africa Truly Defeated Apartheid? U.S.A., 2020 – 63% U.K., 2019 – 62% 60% 49% 40% 20% 1994 2004 2014 2019 Sources: Collette Schulz-Herzenberg, "The South African non-voter: An analysis"; Konrad Adenaur Stiftung, 2020 (South Africa); Pew Research (United States and U.K.)On a continent where coups, autocrats and flawed elections have become common, South Africa is a widely admired exception. −4% −6% Sources: Harvard Growth Lab analysis of World Economic Outlook (South Africa and sub-Saharan Africa) and World Development Indicators (upper-middle-income countries). 50% unemployment rate 40% Black unemployment rate 30% The unemployment gap between Black and white South Africans remains wide. In 2022, about 6 percent of South Africans aged 18 to 29 were enrolled in higher education, according to Statistics South Africa.

Persons: Nelson Mandela, they’ve, Collette Schulz, Konrad Adenaur Stiftung, —, Walter Sisulu, Joao Silva, New York Times Jack Martins, ”, Mandela’s, Wandile Sihlobo, Johann Kirsten, Sihlobo, Kirsten, haven’t, Zinhle Nene, Peter Mokoena, “, Mokoena, Nokuthula Mabe, Mabe, Jacob Zuma, Chrispin Phiri, Cyril Ramaphosa, Israel, Sibusiso Zikode, Zikode, Mr Organizations: African National Congress, Pew Research, Human Sciences Research, World Bank, Black South, Charter, New York Times, University of Cape Town’s Liberty Institute of Strategic Marketing, Johannesburg Stock Exchange, Economic Empowerment, South, Harvard, Economic, Government, Black, Mr, Stellenbosch University . White, Statistics, Security, JOHANNESBURG Jobs, JOHANNESBURG Sandton Downtown, West University, Education, Statistics South, General Household Survey, of, Stellenbosch University, Ministry of Justice and Correctional Services, Institute for Security Studies, International Court of Justice Locations: Africa, South Africa, Black, States, Soweto, Kliptown, Johannesburg, South, Saharan Africa, Carletonville, JOHANNESBURG, Downtown Soweto, JOHANNESBURG Sandton, JOHANNESBURG Sandton Downtown Soweto, North, Mahikeng, Botswana, Statistics South Africa, Brazil, Mexico, Philippines, African, Germany, Russia, India, China, Ethiopia, Burundi, Zimbabwe, Ukraine, New York Times South Africa, Gaza, Durban, South Africa’s

☆ Jack Ma is praising Alibaba. Wall Street is more cautious
▼ + stars: | 2024-04-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Alibaba shares got a boost last week from news founder Jack Ma is pleased with the company's turnaround so far. They cut their price target to $100 a share, down from $105 previously, while maintaining an overweight rating. Eddie Wu became CEO of Alibaba in September, and is also acting head of the cloud business. They cut their price target by $1 to $105 a share and maintained their buy rating. They have a price target of $85, and, in contrast to the many buy ratings, rate the stock equal weight.

Persons: Jack Ma, Joe Tsai, Ma, Alex Yao, Tsai, Nicolai Tangen, We've, Eddie Wu, Trudy Dai, Daniel Zhang, Kenneth Fong, Douyin, Nomura, Doubao, Ernie, Qianwen, monetization, Morgan Stanley, Gary Yu, — CNBC's Michael Bloom, Arjun Kharpal Organizations: CNBC, Wall Street, JPMorgan, Norges Bank Investment, Alibaba, Commerce, UBS, PDD Holdings, Norges Bank Investment Management Locations: China, U.S, Taobao, BABA

☆ Jim Cramer shares his thoughts on Delta Air Lines, TSMC, Cava Group, Albemarle and Alibaba
▼ + stars: | 2024-04-10 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +1 min

Delta Air Lines : Delta on Wednesday reported better-than-expected first quarter results and issued second-quarter guidance that shows that demand for travel is still strong. "Here's the two things you can do: If you know Nvidia you can say, 'Oh, well that's wrong.' If you don't know Nvidia, you would say, 'Oh my god, what do I do?' Cava Group : Analysts at Argus upgraded the Mediterranean restaurant chain's stock to a buy rating from hold after a period of weakness. Albemarle : Bank of America upgraded shares of the lithium producer to buy from neutral, arguing prices of lithium have bottomed.

Persons: Jim Cramer's, Ed Bastian, Jim Cramer, Cramer, Jack Ma Organizations: CNBC, Club, Delta Air Lines, Delta, Taiwan Semiconductor Manufacturing Company, Nvidia, Argus, Bank of America Locations: Taiwan, Albemarle

☆ Jack Ma sends longest memo to Alibaba employees in 5 years
▼ + stars: | 2024-04-10 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

Jack Ma has some words of encouragement for Alibaba Group employees. AdvertisementAlibaba employees received a rare memo from cofounder Jack Ma, and the message was motivational. Ma spent years out of the public eye but resurfaced with some appearances and quiet business moves in 2023. His most recent venture into the spotlight is a long message shared to employees on an internal Alibaba forum, Reuters reported. This story is available exclusively to Business Insider subscribers.

Persons: Jack Ma, —, Ma, Eddie Wu, Joe Tsai Organizations: Alibaba Group, Service, Reuters, Business

☆ Stocks making the biggest moves midday: Cava, Nvidia, Deckers, Block, Taiwan Semiconductor and more
▼ + stars: | 2024-04-10 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Cava — Shares jumped 4.4% after Argus upgraded the Mediterranean food chain to buy from hold, saying investors should buy the dip. Cava has a "long runway to growth," the firm said. Nvidia — Shares rose 1.7% as the "Magnificent Seven" leader tried to claw its way out of correction territory . Earnings came in at 45 cents per share, 9 cents ahead of the 36 cents expected by analysts polled by LSEG. Alibaba — Shares rose 1.2% on news that Jack Ma, co-founder of the China-based e-commerce company, touted Alibaba's management and talked about the potential for AI in an internal memo to employees.

Persons: Truist, Cava —, William Blair, Vital, Jefferies, Wednesday's, Albemarle, Jack Ma, Samantha Subin, Michelle Fox Theobald, Lisa Kailai Han Organizations: Hoka, Argus, Nvidia, Vital, Mizuho, Zillow, National Association of Realtors, GoodRx Holdings, Delta Air Lines, LSEG, Bank of America, Taiwan Semiconductor Manufacturing Locations: Cava, China

☆ Why the Fed needs to cut interest rates to lower inflation, according to a JPMorgan strategist
▼ + stars: | 2024-04-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

If the Federal Reserve wants to lower inflation, they need to cut interest rates, according to JPMorgan. JPMorgan strategist Jack Manley said lower interest rates would help lower shelter costs. "You're not going to see meaningful downward pressure on shelter costs until the Fed lowers interest rates," Manley said. AdvertisementIf the Federal Reserve wants to lower inflation back to its long-term target of 2%, it needs to start cutting interest rates, according to JPMorgan strategist Jack Manley. "A lot of what's going on today can be very closely linked to the level of interest rates.

Persons: Jack Manley, Manley, — Organizations: Federal Reserve, JPMorgan, Service, Bloomberg

☆ Alibaba shares jump after founder Jack Ma reemerges with praise of Chinese giant's 'transformations'
▼ + stars: | 2024-04-10 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Jack Ma, founder of Alibaba, reappeared in the public view in China for the first time in months. Alibaba founder Jack Ma on Wednesday praised the company's reorganization and change over its tumultuous past year, marking the billionaire's second major public statement to employees in just a few months. Daniel Zhang, longtime CEO of Alibaba Group, unexpectedly quit and then stepped down as CEO of the company's cloud unit. Ma is reemerging at a time when Alibaba employees are likely in need of a morale boost. The Alibaba founder also said Alibaba needs to think what e-commerce looks like in three years' time, especially since the arrival of artificial intelligence.

Persons: Jack Ma, Alibaba, Ma, ByteDance, Daniel Zhang, Eddie Yongming Wu, Joe Tsai, Tsai, Wu Organizations: CNBC, Wednesday, Ant Group, Alibaba, Cainiao Locations: China, Beijing

☆ Stocks making the biggest moves premarket: Albemarle, Deckers Outdoor, GoodRx, Nvidia and more
▼ + stars: | 2024-04-10 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Nvidia — Stock in the chipmaker slipped less than 1% before the opening bell, but the artificial intelligence play and "Magnificent Seven" leader officially entered correction territory on Tuesday. Shares have fallen 10% from an all-time closing high of $950 per share on March 25. Alibaba Group — The China-based e-commerce stock rose nearly 3% on media reports that co-founder Jack Ma touted the company's management in an internal memo to employees. GoodRx — Shares climbed nearly 4% after KeyBanc upgraded the telemedicine stock to overweight on the heels of a strong subscriber growth forecast. Deckers Outdoor — Shares slipped more than 2% after Truist downgraded the footwear stock to hold over concerns that demand for core products including Hoka is declining.

Persons: Jack Ma, Truist, Ed Bastian, —, Sarah Min, Tanaya Macheel Organizations: Nvidia —, Alibaba, Albemarle —, Bank of America, KeyBanc, Delta Air Lines, CNBC Taiwan Semiconductor Manufacturing Locations: China

☆ Opinion: The dangers in leaving TikTok at Beijing’s disposal
▼ + stars: | 2024-03-14 | by ( Opinion Frida Ghitis | ) edition.cnn.com time to read: +8 min

CNN —For many of the 170 million TikTok users in the United States, Wednesday’s vote in the House of Representatives to effectively ban the social media platform is worrisome. That’s just one reason why it’s laughable to hear China’s foreign ministry claim that the TikTok bill would disrupt market operations and undermine investor confidence. Most of the world’s most popular social media apps, incidentally, are banned in China unless they — or their user data — are locally based and thus easily overseen by the government. She has had multiple meetings with legislators and has spoken with Trump about protecting TikTok, according to the Washington Post. The government needs to develop oversight rules for all social media.

Persons: Frida Ghitis, Donald Trump, TikTok, Shou Chew, “, Jack Ma —, Xiao Jianhua, National Intelligence Avril Haines, Trump, ” Trump, ”, Jeff Yass, Kellyanne Conway, Meta’s Mark Zuckerberg Organizations: CNN, Washington Post, Politics, ByteDance, Frida Ghitis CNN, Pew Research, Facebook, Oracle, National Intelligence, Rutgers University, Air Force One, Microsoft, Trump, Citizens United Locations: United States, Washington, Russia, TikTok, Beijing, That’s, China, Israel, Tibet, Hong Kong, USSR

☆ China is getting hyped over a suggestion that people get more than 5 days of paid time off
▼ + stars: | 2024-03-06 | by ( Matthew Loh | ) www.businessinsider.com time to read: +6 min

Current laws give employees five days of annual paid time off, which increases to 10 days after they have worked 10 years, and 15 days if they have worked for 20 years or more. Fok's proposal would let young workers scale their annual leave from five to 10 days until they hit the 10-year mark. His suggestion sparked hopes on Weibo, China's version of X, that the country might soon align with international paid leave standards. The International Labor Organization recommends three weeks of paid annual leave. AdvertisementShanghai-based outlet The Paper ran an informal poll on Tuesday, asking if its readers felt they could take vacation days.

Persons: —, Kenneth Fok, Fok, we've, Jack Ma Organizations: Service, People's, China Youth, International Labor Organization, China, Daily, Business, Ministry of Human Resources, Social Security, Pew Research Center Locations: China, Hong Kong, Kong, Beijing, Weibo, Shanghai

☆ Immigration is 'taking pressure off' the job market and U.S. economy, expert says
▼ + stars: | 2024-03-02 | by ( Greg Iacurci | ) www.cnbc.com time to read: +10 min

Mark Zandi, chief economist at Moody's Analytics, said the increase in foreign-born workers is "taking pressure off the economy." The growth in foreign-born workers comes amid a contentious immigration policy debate in the U.S. Immigrants' share of the labor force has increased since 1996, when the Bureau of Labor Statistics began collecting such data. A growing population and labor force are key components of a healthy economy and the nation's ability to pay its bills, economists said. In other words, the economy is both absorbing immigrants and generating job opportunities for U.S.-born workers, the institute said.

Persons: Mark Zandi, it's, Alejandro Mayorkas, John Moore, Muzaffar Chishti, Jack Malde, Qian Weizhong, Steven Camarota, Camarota, Paul Ratje, Eric Thayer, Malde, EPI, Zandi, There's, Luis Alvarez Organizations: U.S . Bureau of Labor Statistics, Moody's, Republicans, U.S, Department of Homeland, U.S . Border Patrol, U.S . Department of Homeland, Getty, Migration Policy Institute, CNBC, Foreign, U.S . Immigrants, Bureau of Labor Statistics, Pew Research Center, Social Security, Congressional, Office, Center, Immigration, . Border Patrol, Getty Images, Federal Reserve Bank of San, Center for Immigration Studies, Afp, Bloomberg, Economic Policy Institute, National Academies of Sciences, Engineering, Medicine, Digitalvision Locations: U.S, Mexico, Eagle Pass , Texas, San Diego , California, Federal Reserve Bank of San Francisco, Paso, Ciudad Juarez , Mexico, Los Angeles

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin dips to start March after climbing 45% in February: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Jack Mallers, the CEO of Strike, discusses February's crypto rally and weighs in on the future of bitcoin.

Persons: explainers, Jack Mallers Organizations: CNBC Crypto, CNBC Locations: bitcoin

☆ How America’s once great department stores became a dying breed
▼ + stars: | 2024-02-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +12 min

But department stores, focused on America’s middle class, are fading. The victims of shifting consumer tastes were not the department stores that anchored the local mall, it was the small, locally owned stores along downtown shopping districts that were closing their doors. And possibly even more than the big box competitors, department stores have suffered from consumers shifting to buying items online rather than in person. The steady closing of the department stores that once served as “anchors” of malls across suburban America has been another nail in the coffin of many malls, hurting the department stores that remained in hollowed-out malls with a fraction of their earlier traffic. Saunders said one of the primary problem for Macy’s is that its holding company, formerly known as Federated Department Stores, spent much of its resources on buying other department store brands, such May’s Department Stores, and Filene’s, rather than investing in the stores its held.

Persons: New York CNN —, Neil Sauders, ”, JC Penney, It’s, “, Neil Saunders, Shannon Stapleton, Saunders, ” Saunders, Al Bello, Sunny Zheng, Macy’s, Tony Spring, Taylor, Brian Snyder, Eddie Lambert, Michael Brown, Kearney, ” Brown, Mike Segar, Richard W, Sears, Alvah Roebuck, Sears Roebuck, Bettmann, PhotoQuest, Jack Manning, Frank Scherschel, Owen, Lucille Jagusch, Arlene Hardt, Martin Luther King Jr, Michael Ochs, Ron Frehm, Ralf, Finn Hestoft, Mark Peterson, Seth Meyers, Hugh Jackman, NBCUniversal, Kaylin Wilson, Jim Cole, Rene Johnston, Maria Alejandra Cardona, Scott Olson, Cesar Villasenor, Mel Melcon, Sarah Blesener, Paul Hennessy, Patti Naleck, Naleck, Stacey Wescott, Brown Organizations: New, New York CNN, American, Walmart, Company, Department, Sears, Target, GlobalData, JCPenney, Research, RadioShack, Reuters Sears, Federated Department Stores, May’s, Reuters, Chicago History, Sears Roebuck, Roebuck, Hulton, AP, AP Soldiers, Michael Ochs Archives, Getty, Bettmann, Kmart, Bloomberg, Toronto Star, Reuters Residents, Los Angeles Times, New York Times, Chicago Tribune, Tribune, Service Locations: New York, GlobalData, America, Nanuet , New York, North Redwood , Minnesota, Chicago, El Paso , Texas, Jackson , Mississippi, Tucson , Arizona, Caracas, Venezuela, Niles , Illinois, Morton Grove , Illinois, Baltimore, White Plains , New York, Woodfield , Illinois, Hicksville , New York, Nashua , New Hampshire, Mentor , Ohio, Mississauga , Ontario, Hialeah , Florida, Janesville , Wisconsin, Santa Monica , California, Rockaway , New Jersey, Leesburg , Florida, Schaumburg , Illinois

☆ Zong Qinghou, self-made billionaire founder of top Chinese beverage brand Wahaha, dies
▼ + stars: | 2024-02-26 | by ( Nectar Gan | ) edition.cnn.com time to read: +6 min

The self-made billionaire, who was once China’s richest man, died of an illness on Sunday at the age of 79, his company Hangzhou Wahaha Group said in a brief statement, without providing further details. Victory in that bitter battle boosted Zong’s wealth to $8 billion, making him China’s richest man in 2010 and again in 2012, according to Forbes. He was nicknamed “the richest man in cloth shoes” for always sporting plain black shoes, complete with a dark jacket and slacks. That year, Zong founded the Hangzhou Wahaha Group after acquiring a failing state-run canned food factory. The dispute was eventually settled in 2009, with Danone selling its stake for about $500 million and ceding all control to Wahaha.

Persons: Hong Kong CNN — Zong Qinghou, Zong, Forbes, Jack Ma, Lei Jun, Zong Fuli, Mao Zedong’s, ”, Deng Xiaoping, Wahaha, Danone Organizations: Hong Kong CNN, Hangzhou Wahaha, Danone, Forbes, Getty Locations: China, Hong Kong, Hangzhou, “, Guangzhou, Beijing

☆ Super Bowl 2024: Online superstore Temu doubles down with TV ad and $15 million in giveaways
▼ + stars: | 2024-02-12 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A year after making its advertising debut at the Super Bowl, Chinese-backed online shopping platform Temu is redoubling efforts in its most important market with a second ad on America’s biggest stage and $15 million in coupons and other giveaways. The Boston-based firm — owned by PDD (PDD), the group behind Chinese online shopping giant Pinduoduo — paid for three ads during the game and two after the game. Commercials for the 2024 Super Bowl sold for higher rates than for last year’s game, with a range of $6.5 million to $7 million per 30-second spot broadcast on TV channel CBS, two individuals familiar with this year’s advertising sales told CNN. “The commercial marks the highlight of a Super Bowl campaign that featured more than $15 million in coupons and giveaways,” Temu said in a statement. As a result, PDD’s market capitalization soared that month, eclipsing that of older e-commerce rival Alibaba (BABA) for the first time.

Persons: Hong Kong CNN —, ”, ” Temu, Seema Shah, ” Shah, “, Temu, spender, Earnest Analytics, PDD, Alibaba, Alibaba’s, Jack Ma Organizations: Hong Kong CNN, Super Bowl, PDD, CBS, CNN, Bowl, Amazon, Super, Facebook, Dollar Locations: China, Hong Kong, Boston, United States, United Kingdom, Mexico, Germany, Australia

☆ Masayoshi Son made $72 billion betting on Jack Ma's Alibaba. Now he wants to do it again with AI.
▼ + stars: | 2024-02-10 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Read previewMasayoshi Son owes much of his success to an incredibly prescient dot-com era bet on Alibaba. The SoftBank chief first invested $20 million in Jack Ma's ecommerce upstart in 2000, when it was just a year old. That faith was handsomely rewarded, with SoftBank realizing an incredible $72 billion gain on its investments in Alibaba over the course of 23 years. Arm and the Vision Funds collectively represent 70% of SoftBank’s net asset value, a key performance indicator that reflects the total value of its holdings. Arm, SoftBank's latest golden child, is on course to deliver, but there is still much work to be done to get the Vision Funds back on track.

Persons: —, Jack Ma's ecommerce, Ma, Son, Masayoshi Son's, Jack Ma, Alibaba, ChatGPT, Yoshimitsu Goto, SoftBank, Uber, Sam Altman, he'll Organizations: Service, Business, Future Publishing, Vision, Apple, Google, Nvidia, Samsung, Nasdaq, Funds Locations: Alibaba, China, British, London

☆ Alibaba shares sink after it shelves IPO plans for two units
▼ + stars: | 2024-02-08 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Shares in Alibaba sank as much as 7% in Hong Kong on Thursday, after the Chinese tech giant reported disappointing sales figures and announced it would suspend listings plans for two of its units. The news comes at a tough time for the tech giant. In December, the company reshuffled its top ranks after the stellar performance of a competitor caused a stir at Alibaba. The company’s announcement of a $25 billion share repurchase program, which it said demonstrated its confidence in its business and cash flow outlook, also failed to ignite interest among investors. Alibaba shares in New York closed 5.9% lower on Wednesday.

Persons: Joseph Tsai, ”, Alibaba, Jack Ma, PDD, Alicia Yap, Ma, —, Laura Organizations: Hong Kong CNN —, Cainiao, Reuters, Refinitiv, ” Citi Locations: China, Hong Kong, Alibaba, New York

☆ Alibaba shares jump 4% in premarket trade after it hikes share buyback program by $25 billion
▼ + stars: | 2024-02-07 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Shares of Alibaba jumped in premarket trade, as the company missed market expectations for revenue in the December quarter, but announced it is increasing the size of its share buyback program by $25 billion. U.S.-listed shares in the Chinese e-commerce giant were more than 4% higher in pre-market trade. Here's how Alibaba did in its fiscal third quarter, compared to LSEG estimates:Revenue: 260.35 billion Chinese yuan ($36.6 billion) versus 262.07 billion yuan expected. On top of its structural changes, Alibaba also scrapped the hotly-anticipated spinoff of its cloud computing business last year. More recently, two of Alibaba's co-founders, Jack Ma and Joe Tsai, in January bought shares worth around $200 million in the Chinese e-commerce giant.

Persons: Alibaba, Pinduoduo, Eddie Wu, Daniel Zhang, Alibaba's, Jack Ma, Joe Tsai, Evelyn Cheng Organizations: Revenue, Alibaba Locations: Suqian City, Jiangsu Province, China, premarket, U.S, Beijing

☆ Bill Gates and Jeff Bezos-backed startup discovers large-scale copper deposit in Zambia
▼ + stars: | 2024-02-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

KoBold Metals, a California-based metals exploration company backed by billionaires including Bill Gates and Jeff Bezos, said that it has discovered a vast copper deposit in Zambia. A spokesperson for KoBold Metals told CNBC on Monday that the company believes its Mingomba copper project in Zambia "will be one of the world's biggest high-grade large copper mines." "It is Kakula-scale in size and grade," KoBold Metals President Josh Goldman said in a statement shared on the firm's social media site X. Ivanhoe Mines, a Canadian mining company founded by billionaire magnate Robert Friedland, owns nearly 40% of the Kamoa-Kakula copper mine. KoBold Metals says it uses artificial intelligence to create a "Google Maps" of the Earth's crust to help find new deposits of copper, lithium, cobalt and nickel.

Persons: Bill Gates, Jeff Bezos, Josh Goldman, Robert Friedland, Andreessen Horowitz, Ray Dalio, Virgin Group's Richard Branson, Alibaba's Jack Ma Organizations: KoBold Metals, CNBC, Democratic, Ivanhoe Mines, KoBold, BHP, Breakthrough Energy, Bridgewater Associates Locations: Victoria, Zambia, Zimbabwe, Livingstone, California, Democratic Republic of the Congo, Canadian, Norwegian

☆ Meta's continued rally could hinge on the fortunes of upstart retailers Temu and Shein
▼ + stars: | 2024-01-31 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +9 min

Temu is owned by PDD Holdings , a Chinese company that moved its principal office to Ireland last year. Meta is expected to report revenue growth of 22% for the quarter to $39.2 billion, according to analysts surveyed by LSEG, formerly Refinitiv. JMP analysts estimated that Temu and Shein spent roughly $600 million and $200 million, respectively, on Facebook and Instagram ads in the third quarter. In December, Temu sued Shein, alleging questionable business practices and a "mafia-style intimidation of suppliers," according to legal documents. Meta isn't the only U.S. internet company effected by the speedy growth from Temu and Shein.

Persons: Mark Zuckerberg, Jack Ma, Shu Zhang, Victor Lee, Lee, who's, Shein, Meta, Pavlo Gonchar, Temu, didn't, Susan Li, data.AI, It's, Chris Mack, Harding Loevner, they've, Mack, Shein confidentially, Mike Gallagher, Gallagher, Brian Wieser, Josh Silverman, Silverman Organizations: Alibaba, China Development Forum, Reuters, Facebook, Hasbro, Unified Commerce, Amazon, PDD Holdings, U.S, Mobile, Meta, LSEG, Getty, CNBC, Cyberspace Administration, China, Street Journal, Google Locations: Beijing, China, Ireland, Singapore, UKRAINE, U.S, United States, Wall, Asia, Pacific, Temu, Meta

☆ Here are five stocks to buy as the market keeps rallying to record highs
▼ + stars: | 2024-01-30 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

The market has officially entered a new bull market, leaving investors wondering which stocks can continue to outperform. Will Rhind, CEO at GraniteShares, thinks AI remains one of the strongest market themes in 2024. Nvidia Nvidia is "very much the leader in terms of AI stocks," said Rhind. AMD shares are up more than 20% year to date, and 135.8% during a 12-month period. Alibaba The China-based tech giant has experienced some turbulence, amid greater concerns of a weak Chinese economy and battered stock market.

Persons: Will Rhind, Rhind, hasn't, Alibaba, Jack Ma, Joe Tsai, Meta Rhind, we're Organizations: Dow Jones, Nasdaq, Nvidia, AMD, Meta Locations: China

☆ Alibaba co-founders buy more than $200 million worth of shares, sending stock up
▼ + stars: | 2024-01-23 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

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

(Both men already hold sizable amounts of Alibaba stock.) Alibaba itself bought back $9.5 billion worth of stock last year, reducing its share count by over 3 percent. The stock purchases will probably bring attention back to Ma, a former English teacher who helped start Alibaba as an e-commerce platform. Ma, who hasn’t held a management role at Alibaba or Ant in years but remains a lifetime partner in the Alibaba Partnership, now largely focuses on Bill Gates-style philanthropy. And she’s expected to take swipes at Trump’s economic record as president.

Persons: Tsai, Ma, Alibaba, Ant, hasn’t, Bill Gates, Nikki Haley, Donald Trump, Eric Rosengren, Robert Kaplan, Kaplan, Rosengren, Archer, Daniels, Vikram Luthar, Scott Stuber, Spike Lee, Martin Scorsese, Jane Campion, Stuber, Ted Sarandos, Netflix’s, Bela Bajaria, Biden’s, Janet Yellen, Lael Brainard, they’re, Biden, ” Ray Fair Organizations: Pool Management, Alibaba, Brooklyn Nets, New York Liberty, Nets, Boston Fed, Dallas Fed, Republican, Biden, Yale, Times Locations: U.S, Hong Kong, China, Ma, Beijing, ’, Paris, New Hampshire, Dixville

☆ First he was a teacher. Then he was China's top tech titan. Now, meet Jack Ma 3.0 — a high-tech farmer.
▼ + stars: | 2024-01-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +8 min

Read previewAlibaba cofounder Jack Ma was once the invincible poster boy of Chinese tech. Now, it appears Ma is debuting a refreshed version of himself, in what you just might call Jack Ma 3.0. Jack Ma 1.0: A struggling teacher who wanted in on the tech sceneIt's easy to understand why Ma is so popular in the US and China alike. His first business — China Pages — failed, but he gathered a band of 17 friends in 1999 to set up Alibaba. AdvertisementMa himself cavorted with the biggest names in business, tech, and government globally — from Bill Gates and Softbank CEO Masayoshi Son to then president-elect Donald Trump.

Persons: —, Jack Ma, Michael Jackson, Ma, Ma —, Xi Jinping's, he's, Ma Yun, He's, Brian Wong, Wong, Jack, it's, Alibaba.com, behemoth Goldman Sachs, Alibaba, Charlie Rose, cavorted, Bill Gates, Masayoshi Son, Donald Trump, Supakit Chearavanont, Ma hasn't, SCMP Organizations: Service, Business, Communist Party, Hangzhou Teachers Institute, KFC —, Economic, Big Tech, New York Stock Exchange, Financial Times, Tokyo College, Charoen, China Morning Locations: Beijing, China, Hangzhou, Davos, Switzerland, Alibaba, Asia, Spain, Netherlands, Japan, Thailand, Agriculture

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