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☆ Chinese tech startups quietly stop testing driverless cars on Californian roads
▼ + stars: | 2024-02-14 | by ( Tom Carter | ) www.businessinsider.com time to read: +5 min

Read previewChina’s leading ride-hailing firm has dropped out of a program that allows it to test self-driving vehicles on Californian public roads. Ride-hailing giant Didi has withdrawn from California’s autonomous vehicle testing program, according to the California Department of Motor Vehicles, as several rival Chinese firms also scaled back their self-driving operations in the state. Future Publishing/Getty imagesDidi is not the only Chinese company that appears to be scaling back autonomous vehicle testing in California, or pulling out entirely. That's a significant decline from the previous year, when Chinese autonomous vehicle companies conducted over 450,000 miles of testing. AdvertisementHe said that public backlash toward autonomous vehicles in cities like San Francisco had increased the risks of negative PR for companies testing the technology on public roads.

Persons: —, Didi, WeRide, AutoX —, That's, Sesame, Bob Latta, Cruise, that's, ” John Helveston, ” Helveston Organizations: Service, California Department of Motor Vehicles, Business, DMV, Baidu, Future Publishing, Pegasus Technology, NBC, Republican, Anadolu, Getty, George Washington University Locations: California, Shanghai, China, Jiaxing, San Francisco

☆ Stocks making the biggest moves midday: New York Community Bancorp, Diamondback Energy, VF Corp. and more
▼ + stars: | 2024-02-12 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Bank of America also reiterated its neutral rating on Monday, while noting that leadership has "the playbook to turn things around." Diamondback Energy — The shale producer jumped 9.4% after announcing its purchase of Endeavor Energy, the biggest private company that produces natural resources from the Permian Basin. CymaBay Therapeutics , Gilead — Shares of CymaBay soared 25.4% after Gilead agreed to buy the drug developer. The deal comes as Gilead, whose shares were up around 1% in Monday's session, looks to expand beyond HIV drugs. Marqeta — The credit card technology stock added 5.7% after a Bank of America upgrade to buy from neutral.

Persons: Gilead, Bracken Darrell, Trimble, —, Joe Ahlersmeyer, Piper Sandler, Teva, Samantha Subin, Sarah Min Organizations: New York Community Bancorp, Bank of America, Endeavor Energy, CymaBay Therapeutics, Gilead, VF Corp, Reuters, Mohawk Industries, Deutsche Bank, Citi, Space Development Agency, Teva Pharmaceutical —, JPMorgan, Nvidia Locations: Israel

☆ China's market crash could be the last straw for many foreign investors who leave permanently, think tank says
▼ + stars: | 2024-02-09 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China's crashing stock market could be the breaking point for foreign investors, Atlantic Council's Jeremy Mark said. AdvertisementThe decline of China's stock market may have scarred it for the long-term, as foreign investors likely aren't coming back, the Atlantic Council wrote on Friday. China's property market is the leading concern, considering the sector accounts for around a quarter of the nation's GDP. Foreign investors have been disenchanted by Beijing's slow response, while the government's 2020 crackdown on the tech sector provided another incentive to move out of Chinese markets, Marks noted. "Even if the economy and property market bottom out in 2024, there are worrying signals about the government's intentions for stock investors.

Persons: Jeremy Mark, —, Mark, Beijing's, Marks, It's Organizations: Service, Atlantic Council Locations: Atlantic, China, Beijing

☆ SoftBank's Vision Fund logs $4 billion gain, its biggest in nearly 3 years, as tech valuations recover
▼ + stars: | 2024-02-08 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

SoftBank posted its biggest gain in nearly three years at the flagship tech investment arm, the Vision Fund, in the December quarter amid a recovery in valuation of technology companies. Here's how SoftBank did in the December quarter against LSEG estimates:Net sales: 1.77 trillion Japanese yen ($11.9 billion) versus 1.8 trillion Japanese yen expected. Net income: 950 billion Japanese yen versus 196.5 billion yen expected. The Vision Fund logged a gain on investment of 600.7 billion Japanese yen, continuing a recovery after record losses in the previous fiscal year. That gain is the highest since the March 2021 quarter when the Vision Fund posted a 3.59 trillion yen gain.

Persons: Son, SoftBank Organizations: Nvidia, Vision Fund Locations: China

☆ GOP lawmaker concedes House Republicans 'don't have the votes right now' to impeach Biden
▼ + stars: | 2024-02-02 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +1 min

Republican lawmakers are reportedly souring on the prospects of impeaching President Joe Biden after months of investigations. Advertisement"We don't have the votes right now," one GOP lawmaker told CNN. CNN reported that no major decision is expected before Hunter Biden and James Biden sit for their depositions. Lawmakers haven't produced direct evidence of President Joe Biden's wrongdoing. And I watch the news," Rep. Mike Kelly, a Pennsylvania Republican, told CNN.

Persons: Joe Biden, Hunter Biden, James Biden, haven't, Joe Biden's, George, Jonathan Turley, Biden, Donald Trump, Mike Kelly Organizations: CNN, Capitol, Republicans, George Washington University, Judiciary, Pennsylvania Republican Locations: Pennsylvania

☆ Japan's Aozora Bank hits near 3-year lows as bad U.S. property loans prompt loss forecast
▼ + stars: | 2024-02-02 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

The bank's Tokyo-listed shares fell for a second day, tracking losses in U.S. regional lenders overnight. Aozora Bank shares hit near three-year lows Friday, as investors continued to hammer the Japanese commercial lender after it downgraded its annual outlook to a loss on bad U.S. commercial real estate loans. "U.S. real estate lending for around 10% of (its) total lending with a CET1 ratio of below 7% due to unrealized losses on securities has no precedent." Aozora's update came shortly after U.S. regional bank New York Community Bancorp announced a surprise net loss of $252 million for the fourth quarter. "However, higher losses tied to commercial real estate office exposure, increase in criticized loans tied to multi-family CRE [commercial real estate] are a reminder of ongoing credit normalization that we are likely to witness across the industry," Bank of America U.S. banking analysts wrote.

Persons: Goldman Sachs, Aozora, Masahiko Sato, Sato, NYCB, — CNBC's Michael Bloom Organizations: Aozora Bank, Japan's Aozora Bank, Nikkei, Equity, SMBC Nikko Securities, New, New York Community Bancorp, Signature Bank, Bank of America, Bank of America U.S Locations: Tokyo Japan, Tokyo, U.S, New York

☆ A Biden-Trump rematch would be mostly about Trump
▼ + stars: | 2024-02-01 | by ( Zachary Wolf | Analysis Zachary B. Wolf | ) edition.cnn.com time to read: +7 min

Most Biden supporters (68%) said they would be casting their vote against Trump as opposed to just 32% who said it would be a vote to support Biden. It’s the opposite for registered voters supporting Trump; 60% said it would be a vote for Trump compared with 40% who would be casting a vote against Biden. For now, Trump has an edge; he gets the support of 49% of registered voters in CNN’s poll compared with 45% who back Biden. Trump’s roseMore Americans have an unfavorable opinion of Biden than have an unfavorable view of Trump in CNN’s poll. Concerns about Biden’s age stickThe most-cited concern about Trump among Republicans and Republican-leaning registered voters is his demeanor.

Persons: Joe Biden, Biden, Donald Trump, SSRS, Trump, ”, Jennifer Agiesta, Ariel Edwards, Levy, Biden’s favorability, Trump’s, It’s, Haley, Nikki Haley, Jake Tapper, “ We’ve, ” Haley, Tapper, “, I’m, He’ll, he’ll, souring, it’s, Kamala Harris, Hillary Scholten, CNN’s Manu Raju, ” Scholten, Raju Organizations: CNN, Trump, Biden, Republican, Quinnipiac, Republicans, Democratic, Haley Republicans, South Carolina Gov, GOP, Republican Party, Teamsters, United Auto Workers, UAW, Michigan Democrat Locations: CNN’s, Agiesta, Quinnipiac, Iowa, New Hampshire, Trump, – Pennsylvania, Wisconsin , Michigan, Georgia, Arizona, Nebraska, Washington ,, Belt, Michigan, –, Israel, Gaza

☆ Italy's Meloni Urges Swift Trial for Italian Activist Held in Hungary
▼ + stars: | 2024-02-01 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

BRUSSELS (Reuters) - The Italian anti-fascist activist held in Hungary for assaulting far-right militants should be granted a quick trial, Italian Prime Minister Giorgia Meloni said on Thursday, wading into a controversy that is souring relations between Rome and Budapest. The case is politically sensitive due to the long-standing ties between Meloni and her Hungarian counterpart Viktor Orban, who met in Brussels as part of a summit of European Union leaders. "What I talked about with the Hungarian prime minister is ensuring that our compatriots are treated with dignity, respect, and (given) a fair trial, and I would also say a speedy one," Meloni told reporters. Prosecutors are seeking an 11-year sentence for Salis, who is next due in court on May 24. Meloni told reporters she hoped Salis could prove her innocence, and said that while in Italy prisoners are never put in chains and shackles, this was normal in Hungary.

Persons: Giorgia Meloni, Ilaria Salis, Viktor Orban, Meloni, Salis, Prosecutors, Angelo Amante, Alvise Armellini, Angus MacSwan Organizations: Italian, Union Locations: BRUSSELS, Italian, Hungary, Rome, Budapest, Italy, Meloni, Brussels, Milan

☆ Unemployment will double by the end of the year with an economic hard landing inevitable, strategist says
▼ + stars: | 2024-01-29 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Unemployment will double to 6%-7% and a hard landing will hit by the end of 2024, a Mizuho strategist said. "The inflation decline is not a benign indicator of, oh, we've done it, we've got a soft landing." "The hard landing will be a sharp increase in unemployment," Mizuho strategist Dominic Konstam told Bloomberg TV on Monday, forecasting unemployment rates at 6% or 7% by the end of the year. The labor market is increasingly coming into focus in the soft landing debate, as hiring stalls and layoffs increase. "The inflation decline is not a benign indicator of, 'oh, we've done it, we've got a soft landing,'" he said.

Persons: we've, —, Mizuho, Dominic Konstam, Goldman Sachs, Konstam, Powell Organizations: Service, Bloomberg, ata Locations: Covid

☆ The Vision Pro needs apps. Now is not a good time for Apple to be at odds with developers.
▼ + stars: | 2024-01-29 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Read previewWhen Apple launches the Vision Pro on Friday, it could really do with developers lapping it up. Given the price tag, Apple watchers aren't expecting the Vision Pro to fly off the shelves immediately. AdvertisementTo spur future consumer sales then, Apple really needs developers onside to help make the Vision Pro a success. In theory, it means developers aren't strictly limited to releasing their apps to Apple users through its own App Store. More broadly, it puts Apple and developers at odds with each other at a moment when Apple really needs apps for Vision Pro.

Persons: —, It's, aren't, Apple Apple, Daniel Ek, Ek, Tim Sweeney, Sweeney, Apple, Apps, Mark Gurman Organizations: Service, Apple, Business, Vision, European Union, bloc's, Epic, Microsoft, Valve, Vision Pro

☆ Former Philippine Leader's Son Calls President Marcos 'Lazy', Urges Him to Quit
▼ + stars: | 2024-01-28 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

By Karen LemaMANILA (Reuters) - Former Philippine leader Rodrigo Duterte's son urged President Ferdinand Marcos Jr to resign on Sunday, calling him lazy and uncompassionate in a deepening rift between the two politically powerful families. Marcos teamed up with Duterte's daughter Sara to make her vice-president in their 2022 election win. Sebastian Duterte, who is mayor of Philippines' third most populous city Davao, said there had been a resurgence in crime after his father's hardline campaign had been relaxed. "He is putting politics first, their self-preservation ... rather than focusing on the job," Sebastian Duterte said. There was no immediate comment from Marcos' office or from the vice president on Sebastian Duterte's remarks.

Persons: Karen Lema MANILA, Rodrigo Duterte's, Ferdinand Marcos Jr, Marcos, Duterte's, Sara, Sebastian Duterte, Sara Duterte, Mr, Sebastian Duterte's, Karen Lema, Andrew Cawthorne Organizations: Bagong Pilipinas Locations: Philippine, Philippines, Davao, Taiwan, China

☆ Monthly Meeting Q&A with Jim Cramer: Everything from health care to industrials to portfolio management
▼ + stars: | 2024-01-28 | by ( Paulina Likos | ) www.cnbc.com time to read: +13 min

(Luca) Jim Cramer: I am getting over the pain of Morgan Stanley but not the simmering anger. Jeff Marks: A general rule of thumb is look for a pullback of about 3% to 5% to put some on. Jeff Marks: You should do what you are comfortable with but a general rule of thumb is five to ten. (Austin) Jim Cramer: We made a nice sale in CAT, sold half of the position. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jim Cramer's, Jeff Marks, Brian, Jim Cramer, Eaton, There's, Jim, Morgan Stanley, gravitating, Goldman Sachs, Ted Pick, Luca, Eli Lilly, Jenny, I'm, We've, Palo, Dan, I've, Max, Carly Garner, CTRA, We're, we'd, Ford, Estee Lauder, Kimberly, didn't, –, Mike, that's, Austin, it's, Jim Umpleby, Bill, Jason Robins, Jason, DraftKings, They're, Sandy, WYNN Organizations: Investing Club, Abbott Laboratories, Wealth Management, Disney, Fed, Palo Alto Networks, Microsoft, Nvidia, Nasdaq, Club, Energy, Ford, Bronco, CME Fed, Caterpillar, China, Wynn Resorts, DuPont, CNBC Locations: IPOs, New York City, Palo Alto, China, California, Texas, Macao

☆ How the 1970s oil crisis created the right turn on red
▼ + stars: | 2024-01-20 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

New York CNN —In America, traveling through red lights on right turns has become a rule of the road. States introduced it as a gas-savings measure: The theory was that it would reduce idling at red lights. Right-on-red was a gas-savings tool during the 1970s oil crisis. There has been little national research in recent years on the effect of right-on-red turns on pedestrian safety. Banning right on red is not a “panacea for pedestrian safety problems,” Dumbaugh said, but could help prevent pedestrian and car accidents in busy intersections.

Persons: Woody Allen, Hall ”, he’d, Marty Lederhandler, Hyoung Chang, ”, Eric Dumbaugh, Jason Dozier, Bill Clark, RTOR, Banning, ” Dumbaugh, that’s, don’t Organizations: New, New York CNN —, AP, New York City —, Washington D.C, MediaNews, Denver Post, Florida Atlantic University, Atlanta City, Nationwide, Governors Highway Safety Association, Getty, Research, Atlanta, Republican, ” Locations: New York, America, California, Los Angeles, United States, New York City, Connecticut, Atlanta, Denver, Indianapolis, Raleigh, Washington, San Francisco, Indiana

☆ The state of Wall Street's drug culture
▼ + stars: | 2024-01-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, we're looking at the state of Wall Street's drug culture. What's on deck:AdvertisementBut first, does Wall Street have a drug problem? The big storyHigh on Wall StreetVartika Sharma for BIOf the many stereotypes about Wall Street, one of the most prevalent is the industry's rampant drug use. From Martin Scorsese's "The Wolf of Wall Street" to HBO's "Industry," extreme drug use and working in finance are often portrayed as being hand-in-hand. Business Insider's finance team spoke to more than a dozen current and former finance professionals, along with several health professionals, to get a sense of Wall Street's drug culture these days.

Persons: —, Jennifer Lopez's, Vartika Sharma, Martin Scorsese's, JAMES ARTHUR GEKIERE, Marty Chavez, Goldman Sachs, Chavez, that's, It's, Ted Shaffrey, Justin Sullivan, MGM Studios Jen Salke, Rachel Weisz, Alice Birch, MGM Studios Sue Kroll, Kevin Mazur, they'll, Josephine Maida, I've Organizations: Service, Business, BI, Sixth, Apple, Netflix, Big Tech, Tech, Amazon, MGM Studios, Apple Vision, Schlumberger Locations: Wall

When Iran and Pakistan traded airstrikes this week, both targeting what they said were militant camps, the exchange raised fears that the upheaval sweeping the Middle East was moving into new territory. To Pakistan, which was hit first, it was important to send a clear message that violations of its sovereignty would not be tolerated. Pakistan signaled that it was seeking de-escalation by calling the two nations “brotherly countries” and urging dialogue and cooperation, language that Iran echoed in a statement of its own on Friday. Pakistan’s appeal, analysts said, underlined a plain fact: It could hardly be in a worse position to fight a war. And already at odds with its archrival India, it has seen a souring of its once-friendly relations with the Taliban government in neighboring Afghanistan.

Organizations: archrival Locations: Iran, Pakistan, archrival India, Afghanistan

☆ Elon Musk and MrBeast have a complicated friendship — and it may be beginning to turn sour
▼ + stars: | 2024-01-14 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +1 min

The world's richest man and YouTube's biggest star have a long-standing friendship. Elon Musk and Jimmy Donaldson, AKA MrBeast, have quipped back and forth on social media for years. AdvertisementElon Musk and YouTube's biggest star, MrBeast, have had a long-standing friendship based on back-and-forth quips on social media. But their relationship may be beginning to sour, judging by Musk's notorious dislike for his critics. AdvertisementSo it's no surprise he and the world's richest man hit it off.

Persons: Elon Musk, Jimmy Donaldson, Donaldson, —, Elon, Musk's, MrBeast Organizations: Service, YouTube, Twitter

☆ China is producing vast undersea maps for submarine warfare, report says
▼ + stars: | 2024-01-11 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewChina is mapping vast areas of the Indian Ocean under the guise of civilian research — and it could be to plan submarine warfare, a think tank said. The CSIS said that while much of the research was in the western Pacific and South China Sea, Chinese research vessels increasingly focused on the Indian Ocean. AdvertisementUsing data from Windward, a maritime AI-data company, the think tank said it found Chinese research boats had conducted "hundreds of thousands of hours of operations globally over the past four years." AdvertisementThe Indian Ocean is a vital area for China's "strategic and economic interests," Matthew Funaiole, a senior fellow at CSIS who worked on the report, told The Washington Post.

Persons: —, Matthew Funaiole, Andrew Scobell Organizations: Service, Business, Center for Strategic, International Studies, China's People's Liberation Army, CSIS, Washington Post, United States Institute of Peace, Associated Press Locations: China, Pacific, South China, Windward, Beijing, India, New Delhi, Sri Lanka

☆ In death, Charlie Munger is loved by China
▼ + stars: | 2023-11-29 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Chinese social media is treating Charlie Munger, who died at 99 on Tuesday, with great reverence. AdvertisementAs Wall Street mourns the death of investing legend Charlie Munger, Chinese social media is tipping its hat to the man. Advertisement"Live long, be rich, have children and grandchildren, what a perfect life," wrote another user under a news report about his death. Munger, who amassed a net worth of around $2.3 billion, had a reputation for witty one-liners on life, geopolitics, business, and governance. Munger, who was outspoken against cryptocurrencies, also lauded China's main bank for banning crypto in 2021.

Persons: Charlie Munger, —, Berkshire Hathaway, Munger, aplenty, Warren Buffet's, Xi Jinping, Jack Ma, Ma, cryptocurrencies, Elon Musk's Tesla Organizations: Service, Berkshire, Weibo, Twitter, Sina Finance, Business, Communists Locations: Weibo, Munger, China, Berkshire, Nebraska, America, Washington, Beijing, Shenzhen

Bernstein named Taiwan Semiconductor a "best idea" for 2024, raising its price target on the stock. — Alex Harring 7:01 a.m. In addition to the best-pick honor, analyst Steve Scala has an outperform rating and $86 price target. Analyst Michael Lavery downgraded the stock to neutral from overweight and slashed his price target by $40 to $200. ET: Morgan Stanley hikes PDD price target, calls stock a top pick following earnings Morgan Stanley named Chinese e-commerce name PDD Holdings a top pick following its latest quarterly earnings report.

Persons: Bernstein, Morgan Stanley, LSEG, Bank of America's Tal Liani, Morgan Stanley's Hamza Fodderwala, Alex Harring, Craig Siegenthaler, Blackstone, That's, — Alex Harring, Ken Hoexter, Hoexter, TD Cowen, Steve Scala, Scala, Jefferies, John Colantuoni, bode, Colantuoni, Neil Beveridge, Josh Silverstein, Silverstein, JMP, Baldwin, Mitch Germain, Germain doesn't, Germain, Piper Sandler, Michael Lavery, Lavery, elasticities, HSY's, Hershey, Eddy Wang, Wang, Mark Li, Li, — Fred Imbert Organizations: CNBC, Taiwan Semiconductor, Holdings, Wall, Bank of America, Bank of America's, KKR, Apollo Global Management, Pacific, Transport, AstraZeneca, pharma, Airbnb, Toyota, UBS, Exxon Mobil, Natural Resources, Exxon Mobil's, Hershey, PDD, U.S, LSEG, Commerce, PDD's U.S, Apple, Huawei Locations: Tuesday's, Ivory Coast, Ghana, 4Q23, Taiwan, China

The group usually has one active case against financial regulators, but currently has two against the Securities and Exchange Commission (SEC) and one against the Consumer Financial Protection Bureau (CFPB), he said. To be sure, the financial regulators have been sued many times during previous administrations, including by pro-reform advocacy groups. "There are some financial regulators that are walking right into it," he added. In September, for example, bank groups accused regulators including the Federal Reserve of violating the APA with a new capital rule. According to research by Wharton School professor David Zaring, neither industry groups nor individual lenders have filed more than one suit over the past decade challenging Fed policymaking.

Persons: Jim Bourg, Gibson, Dunn, Crutcher, Joe Biden's, Donald Trump's, Tom Quaadman, Jack Inglis, CFPB, Dennis Kelleher, Trump, Eugene Scalia, Gibson Dunn, Scalia, Antonin Scalia, Rebeca Romero Rainey, David Zaring, Kelleher, Douglas Gillison, Chris Prentice, Pete Schroeder, Nate Raymond, Jody Godoy, Megan Davies, Nick Zieminski Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, WASHINGTON, Democratic, Republican, Reuters, APA, U.S . Chamber of Commerce, Securities and Exchange Commission, Consumer Financial Protection Bureau, Funds, Alternative Investment Management Association, Fifth Circuit, Appeals, Better Markets, Biden, American Bankers Association, Labor, Supreme, Independent Community Bankers of, Federal, Wharton School, Thomson Locations: Washington, Independent Community Bankers of America

☆ The market is entering deep overbought territory, and these stocks could be due for a pullback
▼ + stars: | 2023-11-17 | by ( Pia Singh | ) www.cnbc.com time to read: +5 min

Certain stocks, including Cintas and Chipotle Mexican Grill , may be due for a pullback as the market hovers close to overbought conditions, according to one popular metric. The broader market is on the cusp of entering overbought territory, however, according to Wolfe Research. A stock with a 14-day RSI greater than 70 is considered to be overbought and at risk of a pullback. American Express , another company that has seen a boost in its stock price this week, could also be due for a pullback. Analysts covering the company forecast a 7.8% upside for its stock price, and just above 50% rate it a buy.

Persons: Thursday's, Jasper Bibb, TD Cowen, Ingersoll Rand Organizations: Nasdaq, Dow Jones, Wolfe Research, CNBC, Truist Securities, American Express, Barclays, Qualcomm, TransDigm, APA Corp, Marathon Oil, Marathon, APA, UBS, Kroger, Coterra Energy, Cisco Systems Locations: overbought

The logo of Fisker Automotive is pictured on a car at the 2022 Paris Auto Show in Paris, France, October 18, 2022. But Fisker was limited by its delivery and service infrastructure rather than production and demand. "We have not been able to follow through with deliveries fast enough," CEO Henrik Fisker said on the call. "In the course of completing the preparation of the report, the company determined that it has material weaknesses in the company's internal control over financial reporting," Fisker said. The EV company reported a loss of $91 million, missing analysts' estimates for a loss of $75 million, according to Visible Alpha.

Persons: Stephane Mahe, Fisker, Geeta Fisker, Tesla, Elon, Henrik Fisker, Samrhitha Arunasalam, Jaiveer Singh Shekhawat, Akash Sriram, Abhirup Roy, Shounak Dasgupta, Stephen Coates Organizations: Fisker, REUTERS, Ford, General Motors, EV, Alpha, stoke, Revenue, Thomson Locations: Paris, France, U.S, Canada, Austrian, Bengaluru, San Francisco

☆ Moody's just reignited concerns about the US debt mountain. Here's what that means for the troubled Treasury-bond market.
▼ + stars: | 2023-11-13 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Moody's lowered its outlook for the US's credit rating to negative Friday. Negative credit outlookMoody's cut its outlook for the US's credit rating to negative Friday. The US's deficit: The US's debt pile is likely to "remain very large", per Moody's. The US's debt pile is likely to "remain very large", per Moody's. By stoking up worries about the government's massive debt pile, Moody's threatened to make a bad week worse – but the market reaction to it slashing its outlook has so far been muted.

Persons: Moody's, —, That's, Fitch, Biden, Karine Jean, Pierre, Hargreaves, Susannah Streeter Organizations: Treasury, Service, AAA, AA, Poor's, Federal, Treasury Department, Congress, White, Veterans Day Locations: Washington, British

Souring relations between Asian rivals Japan and China now seem to be snagged on calm-inducing beauty in spas, museums and gardens. In recent years, koi have become hugely popular in Asia, with Japan's koi exports doubling over the past decade to 6.3 billion yen ($43 million) — one-fifth of them shipped to China, the top Japanese koi importer, followed by the United States and Indonesia. Fisheries Agency official Satoru Abe, in charge of koi quarantine, said China has not provided any explanation as to why it hasn't taken the necessary steps to continue koi shipments. IS THIS RELATED TO FUKUSHIMA DAIICHI'S TREATED WASTEWATER RELEASE? Abe, the koi quarantine official, said Fukushima’s wastewater release is unlikely to be the cause of the koi export stoppage, noting that China allowed Japanese koi in for two months after the water discharge began.

Persons: Satoru Abe, Abe, Ichiro Miyashita, “, Hirokazu Matsuno Organizations: TOKYO, CHINA, Japan . Fisheries Agency, International Atomic Energy Agency, Forestry, Fisheries Locations: Japan, China, Asia, United States, Indonesia, Beijing, Tokyo, JAPAN, CHINA, East China

☆ SoftBank's Vision Fund ekes out gain but company posts $6.2 billion quarterly loss
▼ + stars: | 2023-11-09 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

SoftBank posted an investment gain on its Vision Fund in the fiscal second quarter but booked another quarterly loss. Here's how SoftBank did in the September quarter against LSEG estimates:Net sales: 1.67 trillion Japanese yen ($11 billion) versus 1.6 trillion yen expectedNet loss: 931.1 billion yen ($6.2 billion) versus an expected loss of 114.1 billion yenFor the first half of SoftBank's fiscal year, it posted a 1.41 trillion loss ($9.3 billion). This compares to a 3 trillion yen profit in the same period last year. SoftBank's Vision Fund posted an investment gain of 21.3 billion yen, its second straight quarter of gains. Correction: The headline of this article has been updated to reflect a $6.2 billion quarterly loss.

Persons: Masayoshi, SoftBank, Masayoshi Son, Arm Organizations: Vision Fund, Fund, U.S . Locations: U.S, SoftBank, China

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