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☆ Japan's SoftBank books hefty Vision Fund loss but returns to quarterly profit
▼ + stars: | 2022-11-11 | by ( Kiyoshi Takenaka | ) www.reuters.com time to read: +1 min

TOKYO, Nov 11 (Reuters) - Japan's SoftBank Group Corp (9984.T) on Friday unveiled a loss at its sprawling Vision Fund investment arm for the third straight quarter, even as the tech company posted a net profit from selling some of its stake in China's Alibaba (9988.HK). Vision Fund upended the world of venture capital with splashy bets on startups, but it has been hammered in recent quarters by a global tech rout, prompting SoftBank Chief Executive Masayoshi Son to sharply scale back fresh investments. Investment losses at flagship unit Vision Fund were 1.38 trillion yen ($9.75 billion) in the three months to September 30 as the value of its portfolio continued to slide. At SoftBank itself, net profit came to 3.03 trillion yen in the July-September second quarter. In the first quarter the group had posted a 3.16 trillion yen loss.

[1/4] A delivery worker sorts parcels at a makeshift logistics station ahead of Alibaba's Singles' Day shopping festival, following the coronavirus disease (COVID-19) outbreak in Shanghai, China, November 10, 2022. REUTERS/Aly SongSHANGHAI, Nov 11 (Reuters) - Alibaba Group Holding (9988.HK) and other Chinese e-commerce firms holding Singles Day shopping events together logged a 4.7% decline in sales for the first half of the final day, a research firm said. Chinese consultancy Syntun said it was estimating a combined 223 billion yuan ($31 billion) for the 12-hour time period. The Singles Day shopping festival, which despite its name has evolved into a multi-week event, is a key barometer of Chinese retail demand. Citi analysts said this week they were conservatively forecasting Alibaba's gross merchandise value (GMV) for the event to range between 545 billion yuan and 560 billion yuan ($75-77 billion), growth of 0.9% to 3.6%.

☆ E-Commerce Giant Alibaba Reports Weak Singles Day Sales Growth
▼ + stars: | 2022-11-11 | by ( Shen Lu | ) www.wsj.com time to read: 1 min

China’s largest annual shopping festival showed lackluster growth in one of its weakest performances since the e-commerce giant Alibaba Group Holding Ltd. launched it in 2009, a fresh sign of depressed consumer sentiment under the country’s stringent Covid-19 policy. Alibaba on Friday didn’t disclose exact sales figures for the first time since it started its signature event, known as Singles Day, saying the results were in line with last year’s turnout. Last year Alibaba reaped $84.5 billion in the total value of merchandise sold across its platforms, up 8.5% from 2020, the slowest increase since the company started the festival.

☆ SoftBank Posts Profit of More Than $21 Billion After Selling Alibaba Shares
▼ + stars: | 2022-11-11 | by ( Megumi Fujikawa | ) www.wsj.com time to read: 1 min

TOKYO— SoftBank Group Corp. swung back to black for the first time in three quarters in the July-to-September quarter with a profit of more than $21 billion as gains from a sale of some of its stake in Chinese e-commerce company Alibaba Group Holding Ltd. offset losses at its Vision Fund investments. SoftBank reported an investment loss of nearly $10 billion for its Vision Fund 1, Vision Fund 2 and other funds in the latest quarter.

☆ Japan's SoftBank returns to quarterly profit but unveils more Vision Fund pain
▼ + stars: | 2022-11-11 | by ( ) www.cnbc.com time to read: +2 min

SoftBank's Vision Fund, the brainchild of the company's founder Masayoshi Son, has faced a number of headwinds including a slump in technology stocks as a result of rising interest rates, a tough China market and geopolitics. Japan's SoftBank Group Corp reported its first quarterly profit in three quarters, buoyed by the sale of some of its stake in China's Alibaba even as its massive Vision Fund posted another heavy quarterly loss. Investment losses at flagship unit Vision Fund were 1.38 trillion yen ($9.75 billion) in the three months to September 30 as the value of its portfolio continued to slide. At SoftBank itself, net profit came to 3.03 trillion yen in the July-September second quarter. In the first quarter, the group had posted a 3.16 trillion yen loss.

☆ Futures point to fresh gains on Wall Street
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. The S&P 500 has now rallied over 10% from its mid-October closing lows, while the Nasdaq has climbed nearly 8%, aided by better-than-expected earnings reports and hopes of a Fed slowdown. ET, Dow e-minis were up 130 points, or 0.39%, S&P 500 e-minis were up 16.25 points, or 0.41%, and Nasdaq 100 e-minis were up 66 points, or 0.57%. Shares of megacap companies extended gains in premarket trading, with Apple Inc (AAPL.O) up 0.5% after a near 9% surge in the previous session. Reporting by Shubham Batra and Sruthi Shankar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Cramer's lightning round: Palantir is a sell
▼ + stars: | 2022-11-08 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

Loading chart...ChargePoint Holdings Inc : "I'm not recommending any stocks that are losing money. I can't lose money for people." Loading chart...Cenovus Energy Inc : "I like Cenovus. I wish it gave you a bigger yield, but it's got great assets." Loading chart...Loading chart...Alibaba Group Holding Ltd : "We have enough problems with American stocks; we do not recommend stocks of China."

[1/2] A Wall Street sign outside the New York Stock Exchange in New York City, New York, U.S., October 2, 2020. REUTERS/Carlo AllegriSummarySummary Companies Meta Platforms rises on report of job cutsFutures up: Dow 0.22%, S&P 0.21%, Nasdaq 0.23%Nov 7 (Reuters) - U.S. stock indexes were set to open higher on Monday following a rollercoaster week, with investor focus shifting to Tuesday's midterm elections that will determine control of Congress. Traders are now betting on 67% odds of a 50-basis point rate hike at the U.S. central bank's meeting in December. ET, Dow e-minis were up 72 points, or 0.22%, S&P 500 e-minis were up 7.75 points, or 0.21%, and Nasdaq 100 e-minis were up 25.25 points, or 0.23%. The CBOE Volatility index (.VIX), also known as Wall Street's fear gauge, rose to 25.38 points a day after closing at its lowest since Sept. 13.

[1/2] A Wall Street sign outside the New York Stock Exchange in New York City, New York, U.S., October 2, 2020. "In general we have seen stocks perform better after a split government, I expect that to continue." Economists expect the annual consumer prices inflation to slow to 8.0% and the core numbers to dip to 6.5%. Both the midterm elections and inflation are likely to provide major cues for Wall Street after a volatile week dominated by mixed jobs report and hawkish comments from Fed Chair Jerome Powell. All the three major U.S. stock indexes are in bear market territory, from their previous record closing highs.

HONG KONG, Nov 5 (Reuters) - U.S. audit watchdog's onsite inspection of the audit work of New York-listed Chinese companies, which started in Hong Kong in September, has ended, three people with knowledge of the matter said, raising hopes of a resolution of a long-pending dispute. The inspection started in Hong Kong after the two countries signed a pact in August to resolve a dispute that threatened to exclude more than 200 Chinese companies, including tech giant Alibaba Group Holding Ltd (9988.HK), from U.S. exchanges. Reuters reported in August that U.S. regulators had picked a number of U.S.-listed Chinese companies, including e-commerce groups Alibaba and Yum China Holdings Inc for onsite audit inspection. U.S. regulators have for more than a decade demanded access to audit papers of U.S.-listed Chinese companies, but Beijing has been reluctant to let U.S. regulators inspect its accounting firms, citing national security concerns. Reporting by Xie Yu and Julie Zhu in Hong Kong; additional reporting by Chris Prentice in Washington; Editing by Sumeet Chatterjee, Louise Heavens and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

Shares of Chinese companies listed in Hong Kong jumped on Friday, after U.S. officials wrapped up a crucial audit inspection in the city and a transcript circulated on social media suggesting China was considering reversing its strict coronavirus policies. The Hang Seng Index closed the day more than 5% higher after Chinese stocks in a variety of sectors saw heavy buying. Tech giant Alibaba Group Holding Ltd., vehicle maker Geely Automobile Holdings Ltd. and restaurant chain Haidilao International Holding Ltd. were all up by double-digits in percentage terms. China’s CSI 300 index ended the day up 3.3% and the Shanghai Composite Index was 2.4% higher.

☆ Wall St slips as jobs data dents hopes for Fed rate deceleration
▼ + stars: | 2022-11-01 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The sharp focus on labor market data overshadowed another report which showed U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years in October as rising rates cool demand for goods and pricing pressures on manufacturers lessened. People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. That also helped boost U.S.-listed shares of Chinese firms such as JD.Com , up 3.08% and Alibaba Group Holding , which gained 3.59%. Advancing issues outnumbered declining ones on the NYSE by a 1.56-to-1 ratio; on Nasdaq, a 1.29-to-1 ratio favored advancers. The S&P 500 posted 24 new 52-week highs and eight new lows; the Nasdaq Composite recorded 120 new highs and 110 new lows.

☆ Wall St slips as jobs data dents Fed deceleration wish
▼ + stars: | 2022-11-01 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

Investors have been paying close attention to labor market data for any signs of weakening in the job market, as decreasing wage pressures and easing demand would help reduce inflation, giving the Fed the ammunition to begin decelerating with a 50-basis-point rate hike in December. "From an employment standpoint things look really robust though, and that is putting some pressure on stocks." According to preliminary data, the S&P 500 (.SPX) lost 16.26 points, or 0.42%, to end at 3,855.79 points, while the Nasdaq Composite (.IXIC) lost 97.62 points, or 0.90%, to 10,889.23. Megacap growth names such as Amazon (AMZN.O) and Apple (AAPL.O), which have struggled since the Fed began raising interest rates, were once again under pressure. Pfizer (PFE.N) rose after the drugmaker raised full-year sales estimates for its COVID-19 vaccine, while Eli Lilly (LLY.N) fell after trimming its profit forecast.

☆ Future rise after strong month on Wall Street
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.58%, S&P 0.82%, Nasdaq 1.05%Nov 1 (Reuters) - U.S. stock index futures rose on Tuesday after a strong October on Wall Street, as investors clung to hopes that the Federal Reserve will signal a slower pace of future interest rate hikes as economic growth slows. But traders are hoping that the Fed could soon pause its rate hikes or at least shift to a less aggressive stance. ET, Dow e-minis were up 190 points, or 0.58%, S&P 500 e-minis were up 32 points, or 0.82%, and Nasdaq 100 e-minis were up 119.75 points, or 1.05%. ET, is expected to show manufacturing PMI fell to 50 last month after declining to 50.9 in September. Reporting by Sruthi Shankar and Amruta Khandekar in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street set to open higher as bond yields retreat
▼ + stars: | 2022-10-24 | by ( Amruta Khandekar | ) www.reuters.com time to read: +3 min

The 10-year yield was last seen at 4.17% after hitting a 15-year high at 4.34% on Friday. The earnings reports from the four biggest U.S. companies by market capitalization could test a nascent rally on Wall Street as stocks claw their way back from the latest lows. Of the 99 companies in the S&P 500 that reported third-quarter earnings through Friday, 74.7% had beat analysts' expectations, according to Refinitiv IBES estimates. Despite the recent rebound, the index is down 21% so far in 2022, on track for its biggest decline since 2008. ET, Dow e-minis were up 144 points, or 0.46%, S&P 500 e-minis were up 14.75 points, or 0.39%, and Nasdaq 100 e-minis were up 13.25 points, or 0.12%.

An advertisement promoting Alibaba's Singles' Day shopping festival is pictured, following the coronavirus disease (COVID-19) outbreak in Shanghai, China, October 22, 2022. Sweaty Betty China Vice President Lexie Morris told Reuters the active-wear brand would use only "one or two" livestream hosts this Singles Day season and that it was starting to work with much smaller and more sports-focused livestreamers. Analysts expect to see another year of slowing sales overall this Singles Day, dampened by a slowing economy and China's zero-COVID-19 policy. In June, Alibaba rival JD.com Inc (9618.HK) also recorded its slowest-ever sales growth for 618, China's second-largest shopping festival after Singles Day. "Instead of a traffic-driven model, Taobao Live helps merchants grow their businesses sustainably," it said.

☆ Futures slide as China worries sour global mood
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

All the three major indexes notched their biggest weekly percentage gains in four months last week, supported by better-than-feared third-quarter earnings so far. Of the 99 companies in the S&P 500 that have reported quarterly earnings as of Friday, 74.7% beat analysts' expectations, according to Refinitiv estimates. Focus now shifts to reports this week from big tech and growth companies. ET, Dow e-minis were down 197 points, or 0.63%, S&P 500 e-minis were down 26.5 points, or 0.7%, and Nasdaq 100 e-minis were down 95 points, or 0.84%. Register now for FREE unlimited access to Reuters.com RegisterReporting by Bansari Mayur Kamdar in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Singapore's GIC says global recession scenario possible, eyes Australia opportunities
▼ + stars: | 2022-10-18 | by ( Praveen Menon | ) www.reuters.com time to read: +3 min

SYDNEY, Oct 19 (Reuters) - Singapore sovereign wealth fund GIC, one of the world's biggest investors, said it is factoring in the potential for a global recession and was prepared to stress-test its portfolio if need be. Register now for FREE unlimited access to Reuters.com RegisterFears of a global recession continue to grow amid challenges posed by Russia's invasion of Ukraine, an inflation-driven cost-of-living crisis and a sharply slowing Chinese economy. Lim also said, however, that he was confident global central banks could contain inflation and eventually bring it down. GIC is ranked as the world's fifth-biggest sovereign investor with $690 billion in assets, according to research firm Global SWF. "If there are suitable projects or assets in Australia, our infrastructure team will definitely want to look at it very closely," he added.

Oct 7 (Reuters) - Deciding who gets hurt by sweeping new U.S. curbs on selling technology to China will come down in part to what constitutes a "supercomputer," experts told Reuters. Around the world, the semiconductor industry on Friday began to wrestle with wide-ranging U.S. restrictions on selling chips and chip manufacturing equipment to China. Shares of chip equipment makers drooped, but industry experts said a new U.S. definition of a supercomputer could be pivotal to the new rules' impact on China. The new definition is unlikely to change as industry technology improves. "The issue is that the definition of a supercomputer will change over time," he said by email.

NEW YORK/TOKYO, Sept 29 (Reuters) - Japan's SoftBank Group Corp (9984.T) is cutting around 150 staff globally at its Vision Fund unit and SoftBank Group International, a person familiar with the matter said, as CEO Masayoshi Son retrenches following huge loss on his tech bets. Register now for FREE unlimited access to Reuters.com RegisterThe cuts will affect staff in the investment teams and back-office staff in departments such as finance and legal, a second source said. The cuts also encompass SoftBank Group International, which was led by Marcelo Claure before he exited the firm and which manages other group investments. Vision Fund has radically scaled back investing activity, with Son saying SoftBank's second Vision Fund would primarily manage its existing portfolio. SoftBank has sold down its stake in key asset Alibaba Group Holding Ltd (9988.HK) and outlined plans to list Arm.

☆ Audits of Chinese Companies Start to Face U.S. Inspections
▼ + stars: | 2022-09-22 | by ( Michelle Chan | ) www.wsj.com time to read: 1 min

U.S. regulators have started inspecting China-based audits, kicking off a monthslong process that will determine whether companies from Alibaba Group Holding Ltd. to Yum China Holdings Inc. can remain listed on American stock exchanges. The inspection, which is set to last eight to 10 weeks in Hong Kong, would allow the U.S. audit watchdog to decide by the end of this year whether China is honoring a landmark agreement to give U.S. accounting inspectors full access to audit working papers of New York-listed Chinese companies.

read moreAbout 10 officials from the China Securities Regulatory Commission (CSRC) and the Ministry of Finance (MOF) have arrived in Hong Kong and joined the audit inspection, which started on Monday, three of the people said. State-owned China Southern Airlines and data centre company GDS Holdings are among the U.S.-listed Chinese companies for audit inspection in the Asian financial hub, two separate sources said. Reuters reported last month that U.S. regulators had picked a number of U.S.-listed Chinese companies including e-commerce majors Alibaba Group Holding Ltd (9988.HK) and JD.com Inc (9618.HK) for audit inspection. It was not clear whether the Chinese officials would be present for every step of the inspection process with PCAOB representatives. The onsite inspections by the PCAOB are being conducted in the Hong Kong offices of the selected Chinese companies' audit firms, said two of the sources.

read moreAbout 10 officials from the China Securities Regulatory Commission (CSRC) and the Ministry of Finance (MOF) have arrived in Hong Kong and joined the audit inspection, which started on Monday, three of the people said. However, in a speech on Thursday, PCAOB chair Erica Williams said agency officials had arrived in Hong Kong to begin the inspections. As with all inspections, they will look at factors, including the audits of the selected companies and the overall quality control systems of the audit companies. State-owned China Southern Airlines and data centre company GDS Holdings are among the U.S.-listed Chinese companies for audit inspection in the Asian financial hub, two separate sources said. The onsite inspections by the PCAOB are being conducted in the Hong Kong offices of the selected Chinese companies' audit firms, said two of the sources.

Celebrul antreprenor chinez a apărut în public ultima oară la un forum organizat la Shanghai, la finele lunii octombrie, ocazie cu care a criticat sistemul de reglementare din China, într-un discurs care l-a pus în opoziţie cu oficialii chinezi. Rezultatul a fost suspendarea procedurii de listare publică iniţială a Ant Group, una dintre diviziile Alibaba, operaţiune evaluată la 37 de miliarde de dolari. Cotidianul Financial Times susţine că Jack Ma a fost înlocuit de altcineva în poziţia de jurat pentru episodul final al unui show de televiziune pentru antreprenori denumit Africa's Business Heroes. În replică, un purtător de cuvânt de la Alibaba a spus luni că înlocuirea lui Jack Ma a fost determinată de programul încărcat al antreprenorului, dar nu a oferit detalii. Este vorba de o situaţie destul de unică, care are legătură cu mărimea Ant Group şi sensibilităţile ce ţin de reglementarea financiară”, a apreciat Duncan Clark, preşedintele firmei de consultanţă BDA China.

Persons: Jack Ma, Duncan Clark Organizations: Ant Group, Times, Heroes, Alibaba, consultanţă, JD.com, Pinduoduo, Alibaba Group Holding Ltd Locations: Shanghai, China, China continentală

☆ Dispariția misterioasă a celui mai bogat om din China ridică semne de întrebare: Unde a fost văzut miliardarul ultima oară
▼ + stars: | 2021-01-04 | by ( ) www.jurnal.md time to read: +2 min

Persons: Jack Ma, Duncan Clark Organizations: Ant Group, Times, Heroes, Alibaba, Agerpres, consultanţă, JD.com, Pinduoduo, Alibaba Group Holding Ltd Locations: Shanghai, China, China continentală

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