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☆ Bitcoin tops $82,000 as crypto euphoria over Trump win shows no sign of waning
▼ + stars: | 2024-11-11 | by ( Katrina Bishop | ) www.cnbc.com time to read: +2 min

ET, bitcoin was trading 3.6% higher at $82,216, according to Coin Metrics. Stock Chart Icon Stock chart icon Bitcoin touches $80,000 on Sunday for the first time ever. "His pledge to go all in on crypto has sent Bitcoin to fresh heady heights," she said in a research note Monday. "He's made an about turn on supporting the industry and is now vowing to turn the U.S. into the crypto capital of the world. On the campaign trail, Trump made a slew of promises to the crypto industry, including making the U.S. the "crypto capital of the planet" and insisting that all bitcoin should be mined in the country.

Persons: Chukrut, cryptocurrencies, Donald Trump's, XRP, Memecoins, Shiba, Susannah Streeter, Hargreaves Lansdown, He's, clement, Trump, Gary Gensler — Organizations: Getty, Metrics, U.S, U.S . Securities, Exchange Locations: U.S

☆ Hong Kong plans to install thousands of surveillance cameras. Critics say it’s more proof the city is moving closer to China
▼ + stars: | 2024-10-05 | by ( Jessie Yeung | ) edition.cnn.com time to read: +11 min

Hong Kong CNN —Glance up while strolling through parts of downtown Hong Kong and, chances are, you’ll notice the glassy black lens of a surveillance camera trained on the city’s crowded streets. Hong Kong police had previously set a target of installing 2,000 new surveillance cameras this year, and potentially more than that each subsequent year. Facial recognition gates at the departure hall of Hong Kong International Airport. Tang and the Hong Kong police have repeatedly pointed to other jurisdictions, including Western democracies, that also make wide use of surveillance cameras for law enforcement. Protesters on the streets covered their faces with masks and goggles to prevent identification, at times smashing or covering security cameras.

Persons: Chris Tang, Budrul Chukrut, Tang, haven’t, Kong’s, ”, Samantha Hoffman, Hoffman, Joshua Wong –, –, “, Miguel Candela, Qilai Shen, ” Hoffman, Sing, Sing Tao, Steve Tsang, it’s, doesn’t, Normann Witzleb, Chan Long Hei, Witzleb, they’re, ” Witzleb Organizations: Hong Kong CNN —, Hong Kong, Hong Kong International Airport, Budrul, CNN, Hong Kong Police Force, National Bureau of Asian Research, New, London, Protesters, New Town, QR, New York Times, Bloomberg, Getty, SOAS China Institute, University of London, Chinese University of Hong Locations: Hong Kong, China, Hong, Singapore, United Kingdom, Tao, United States, Hong Kong Hong Kong, New York City, Beijing, Xinjiang, Bund, Shanghai, Sing Tao, Chinese University of Hong Kong, Victoria Harbour

☆ Rich Chinese millennials are creating new status symbols. Here are 11 ways they are redefining luxury.
▼ + stars: | 2024-05-19 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +12 min

Rich millennials in the US have been known to splash out on their pets, new laundry rooms, and expensive coffee machines. And over in China, rich millennials have their own ideas of what counts as a luxury status symbol. AdvertisementExpect to see these rich millennials mixing luxury casual wear like T-shirts and sneakers with traditional luxury brands, Banta told BI. And getting regular aesthetic treatments has become a top priority for affluent millennials, Banta told BI. Independent luxury brands that offer more authentic products and those that draw on cultural heritage are also highly in demand, she said.

Persons: —, they've, Rich millennials, They've, Claudio Lavenia, Louis Vuitton, Daniel Langer, Amrita Banta, Budrul Chukrut, Elisa Harca, Ant Asia, Mary, Kate, Ashley Olsen, prioritizes, Harca, Banta, JUAN BARRETO, Olivia Plotnick, Port Ellen, Alexandra Bacon, Ewan Andrew, Langer, Black Pearl, JOHANNES EISELE, Olivier Morin, Plotnick, Tom Dixon, Potnick, Gen, Gabriella Tegen, Gen Z Organizations: Service, Business, Pepperdine University, Research, Getty, JUAN BARRETO Travel, Wai, Social, Diageo, Michelin, China Morning, Meituan, Clover, Bloomberg, Clover Suites, China News Service, McKinsey, Brands, Independent Locations: China, Antarctica, Iceland, Shanghai, Port, Scotland, That's, Harca, Singapore, Banta, millennials

☆ H&M shares jump 14% as profit smashes expectations
▼ + stars: | 2024-03-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

(Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)Shares of H&M leapt 14% in early deals on Wednesday, after the Swedish retailer significantly beat profit expectations for its fiscal first quarter. Operating profit rose to 2.08 billion Swedish krona ($196 million), versus the 1.43 billion krona forecast in a LSEG poll of analysts. The company's operating margin rose to 3.9% from 1.3%, as it reiterated its target of a 10% operating margin this year. Net sales fell year-on-year in the first quarter, hitting 53.7 billion krona from 54.9 billion krona. Credibility was lent to the company's 10% operating margin target by positive sales momentum in the early spring/summer season, the Jefferies note added.

Persons: Budrul Chukrut, Inditex, Daniel Ervér, Helena Helmersson, Ervér, Jefferies Organizations: Getty, M Locations: HONG KONG, CHINA, Swedish, Hong Kong, Zara

Binance faces charges of alleged non-payment of Value-Added Tax (VAT) and company income tax, failure to submit tax returns and complicity in aiding customers to evade taxes through its platform, the reports said. Alongside the company, two senior executives — U.S. citizen Tigran Gambaryan and British-Kenyan Nadeem Anjarwalla — were both charged and remanded in custody by Nigerian authorities. "We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue," a Binance spokesperson told CNBC. watch nowThe families of the two employees declined to comment at this time, but issued statements on March 20, following a hearing at which Nigerian authorities extended their detainment.

Persons: Budrul Chukrut, Tigran Gambaryan, Nadeem Anjarwalla —, Anjarwalla, Nadeem, Anjarwalla's, Elahe Anjarwalla, Tigran, Binance, Yuki, Samuel Alabi Organizations: Getty, Federal Inland Revenue Service, Federal High Court, —, CNBC, British, U.S ., Locals, Abuja, Afp Locations: Nigeria, Abuja, British, Binance, Nigerian, IBADAN, Ibadan

☆ Estee Lauder sinks on disappointment that CEO Fabrizio Freda didn't have better news about China
▼ + stars: | 2024-03-14 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Estee Lauder shares declined Thursday after CEO Fabrizio Freda offered an underwhelming outlook on China at a retail conference earlier in the day. Freda, who has been CEO for 14 years, said China remains an important growth segment for Estee Lauder, and the trend of more consumption there is not changing. While management is confident that performance will improve going forward, we still see Estee Lauder as a "show me" story. In the second half of fiscal 2024, Estee Lauder said it's positioned for stronger profitability versus the first half. Pedestrians walk past the American multinational skincare, and beauty products brand, Estée Lauder (Estee Lauder) logo seen in Hong Kong.

Persons: Estee Lauder, Fabrizio Freda, Freda —, Freda, it's, Jim Cramer's, Jim Cramer, Jim, Estée Lauder, Budrul Organizations: UBS Global Consumer, Retail Conference, UBS, Management, CNBC, Lightrocket, Getty Locations: China, New York City, U.S, Asia, American, Hong Kong

☆ Vodafone signs $1.5 bln Microsoft deal for AI, cloud and IoT
▼ + stars: | 2024-01-16 | by ( ) www.cnbc.com time to read: +2 min

(Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)Vodafone has agreed a 10-year partnership with Microsoft to bring generative AI, digital, enterprise and cloud services to more than 300 million businesses and consumers across its European and African markets. Microsoft's Chief Commercial Officer Judson Althoff said Vodafone's strength in IoT and financial services were strategically important. Microsoft deploys "digital twins" to model manufacturing environments so that process improvements can be tested in the cloud. "Vodafone's IoT stack allows us to go into those environments, model the environment, create large-scale data stores, and use AI to help customers meet their sustainability goals," he said. "We are excited to bring generative AI capabilities to help customers make more intelligent financial decisions," he said.

Persons: Budrul Chukrut, Vodafone's, Luka Mucic, Judson Althoff Organizations: Vodafone, LON, Getty Images, Microsoft Locations: CHINA, British, Africa, Kenya, Tanzania, South Africa

☆ Can troubled Estee Lauder be saved? Wall Street analysts say yes, but we're not so sure
▼ + stars: | 2023-11-29 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

It's no secret: Estee Lauder (EL) has lost its way. Fabrizio Freda, the CEO of Estee Lauder since July 2009, was once an industry "wunderkind," Jim Cramer acknowledged Tuesday. Shares of Estee Lauder have fallen 50% year to date and lost two-thirds of their value over the past two years. We have been expecting consecutive poor quarters from Estee Lauder since China's post-Covid economic rebound has stalled. Rather, the investment case is more about how Estee Lauder can right the ship.

Persons: Estee Lauder, Bobbi Brown, Jo Malone, Fabrizio Freda, Jim Cramer, Freda, Jim, we're, Lauder, China's, Jim Cramer's, Budrul Organizations: HSBC, L'Oreal, CNBC, Lightrocket, Getty Locations: China, Korea, Asia, New York City, Hong Kong

☆ IRS Delays Tax Rule for Online Sellers—Again
▼ + stars: | 2023-11-21 | by ( Ashlea Ebeling | Richard Rubin | ) www.wsj.com time to read: 1 min

The IRS again postponed enforcement of a law requiring e-commerce platforms like eBay to send the agency information about users earning more than $600 in revenue a year. Photo Illustration: Budrul Chukrut/SOPA Images/Getty ImagesThe Internal Revenue Service offered a surprise paperwork reprieve to millions of Americans as tax-filing season nears, delaying a new requirement affecting people who sell stuff on eBay , resell concert tickets, and use payment processors such as Venmo. For the second straight year, the IRS postponed enforcement of a law that requires those e-commerce and payment platforms to send the agency information about many users who receive more than $600 in revenue a year.

Persons: Budrul Chukrut Organizations: IRS, eBay, Internal Revenue Service

☆ Shares of American Eagle plummet 17% on unimpressive holiday forecast
▼ + stars: | 2023-11-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

American clothing and accessories retailer American Eagle store seen in Hong Kong. (Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)Shares of American Eagle plummeted about 17% Tuesday after the company issued a holiday forecast that failed to impress. For its holiday quarter, American Eagle expects sales to be up high-single digits, ahead of the 3.4% sales growth analysts had expected, according to LSEG. However, it's expecting its operating income to be between $105 million and $115 million, which is mostly below expectations of $114 million, according to StreetAccount. For the full year, American Eagle is projecting revenue to be up mid-single digits, compared to previous guidance of up low single digits.

Persons: Budrul Chukrut, it's Organizations: Eagle, Getty, American Eagle, LSEG, Abercrombie, Fitch, Retailers Locations: Hong Kong

☆ China Shut the Door on Two Online Brokers. Then Their Stock Prices Boomed.
▼ + stars: | 2023-10-24 | by ( Elaine Yu | ) www.wsj.com time to read: 1 min

An advert for online brokerage Futu in Hong Kong. The company’s shares have risen more than 40% this year. Photo: BUDRUL CHUKRUT/SIPA PRESS/ASSOCIATED PRESSWhen a Chinese regulator blocked investors from opening accounts with online brokers Futu and Up Fintech, it dealt a blow to the pair, which had for years seen mainland China as a key source of growth. So why have the U.S.-listed stocks of the two companies surged since then?

Persons: BUDRUL Locations: Hong Kong, China, U.S

☆ North Korean hackers have allegedly stolen hundreds of millions in crypto to fund nuclear programs
▼ + stars: | 2023-09-06 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

The FBI claims North Korea-linked hackers were behind a $100 million crypto heist on the so-called Horizon bridge in 2022. Budrul Chukrut | Sopa Images | Lightrocket | Getty ImagesNorth Korea-linked hackers have stolen hundreds of millions of crypto to fund the regime's nuclear weapons programs, research shows. "In recent years, there has been a marked rise in the size and scale of cyber attacks against cryptocurrency-related businesses by North Korea. And this is just obviously a much more efficient way for North Korea to make money. North Korean hackers' exploitsNorth Korea-affiliated hackers exploit vulnerabilities in the crypto ecosystem in a variety of ways.

Persons: Budrul Chukrut, TRM, Chainalysis, Nick Carlsen, Carlsen, cybercriminals, Mavis Organizations: FBI, Getty, TRM Labs, cryptocurrency, Labs, North, United Nations, UN, Democratic People's, CNBC, Korean, Street Journal, Sky Locations: North Korea, North, New York, Democratic People's Republic, Korea, Chainalysis

☆ China's richest people are leaning hard into quiet luxury, wielding stealth wealth like a weapon and scorning their flashy, label-chasing peers
▼ + stars: | 2023-08-26 | by ( Mary Hanbury | Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +12 min

And rich Chinese people are leaning in, ditching "logo hunting" in favor of elegance, experts say. In a similar vein to the US and Europe – the "quiet luxury" aesthetic has emerged as a reaction to the economic climate. Chinese social media's got quiet luxury down to a sciencePeople have posted tutorials and photos on the “laoqian” style on China’s Pinterest-like site, Xiaohongshu. XiaohongshuTo be sure, there's being rich and looking rich, and the latter is where it's at on Chinese social media. WeiboSome influencers have also uploaded video tutorials on the "laoqian" style, to guide people on how best to dress for success.

Persons: that's, Dior, Gucci, Louis, Rich, Tom Wambsgan, Chukrut, you've, Javier Gonzalez Lastra, it's, Xi Jinping's, Milton Pedraza, Pedraza, media's, you'll, Richemont, Louis Vuittons, Thomaï Serdari, Joe, they're Organizations: Service, Bain, Co's, Burberry, Louis Vuitton, Getty, West, Ivy League, China Morning Post, Crazy, Luxury Institute, Twitter, NYU's Stern School of Business Locations: China, Wall, Silicon, America, bucketloads, Shanghai, Europe, Tema, Nanjing, Nikada, Beijing, Weibo

☆ DraftKings falls 10% on new threat for sports gambling market share from ESPN-Penn partnership
▼ + stars: | 2023-08-09 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Budrul Chukrut | Lightrocket | Getty ImagesOne of the leading sports gambling stocks fell sharply on Wednesday after media giant ESPN took a large step into the online betting world. Shares of DraftKings sank 10.9% after Penn Entertainment announced that it had signed a 10-year deal with ESPN. Stock Chart Icon Stock chart icon Shares of DraftKings was under pressure after ESPN and Penn National Gaming announced a partnership. ESPN, which is part of Disney , had previously been reluctant to fully embrace the highly competitive online gambling industry. As part of the deal, Penn will pay ESPN $2 billion in cash and stock warrants over 10 years to license the brand.

Persons: Barstool —, Bob Iger Organizations: Lightrocket, ESPN, DraftKings, Penn Entertainment, Penn, ESPN Bet, Penn National Gaming, Disney, CNBC

Budrul Chukrut | Lightrocket | Getty ImagesAt midnight on Tuesday, the moderators of the Reddit community r/Gaming decided to go dark. "We're talking hundreds of thousands of volunteers putting in hours a day to keep the site safe, entertaining and enjoyable for community members. As a private company, Reddit doesn't have to disclose its financials or provide revenue and profit projections. "You have a lot of people, both professionals and general community members, who are running the numbers on this," Croach said. Jacqueline Sheeran, known as "MCHammerCurls," is the head moderator of r/Fitness, which has more than 10 million members.

Persons: Budrul, Dacvak, Slack, weren't, Croach, Reddit, Christian Selig, Selig, Steve Huffman, Huffman, Horacio Villalobos, subreddits, they're, –, David DeWald, subreddit, Shane McCarthy, McCarthy, Meepster23, ModCoord, Omar, Jacqueline Sheeran, Sarah Gilbert, Gilbert, Huffman's, RamsesThePigeon, that's, there's Organizations: Lightrocket, Reddit, CNBC, Facebook, Twitter, YouTube, Google, Amazon, Yahoo, Microsoft, Corbis, NBC, Wall, NBC News, Cornell University, school's Citizens, Technology Locations: U.S, Lisbon, Portugal

☆ Alo Yoga says it's the 'Tesla' of athleisure, and it's loosening Lululemon's grip on Gen Z
▼ + stars: | 2023-06-07 | by ( Leslie J. Allen | ) www.businessinsider.com time to read: +5 min

Alo Yoga's "studio-to-street" fitness clothes are a hit with Gen Z and Gen Alpha, the Wall Street Journal reports. Segment leader Lululemon faces growing competition not just from upstarts like Alo, but also legacy brands like Nike. Alo Yoga is building a following among two key demographics, Gen Zers, loosely defined as those born between 1997 and 2012, and their younger counterparts, Gen Alpha, according to an article in The Wall Street Journal. Alo YogaAlo's growth was boosted by influencers and its digital rootsAlo Yoga started in Los Angeles in 2007. It's created openings for others beyond Alo, but Alo certainly has started to set itself apart as a power brand in its own right."

Persons: Alo Yoga's, Gen Z, Alpha, Alo, —, Lululemon, Alo Yoga, Gen Zers, Gen Alpha, it's, I'd, Andrew Lipsman, Lipsman, Hailey Bieber, Bella Haddad, Budrul Chukrut, Danny Harris, Wall, It's, Lisman Organizations: Wall Street, Nike, Service, Street, Intelligence, influencers, Ford, GM, Chrysler Locations: Los Angeles, China, Alo

☆ How to dress for your Wall Street summer internship, from Lululemon trousers to Allbird sneakers
▼ + stars: | 2023-05-29 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +10 min

From Allbirds sneakers to Lululemon pants, Wall Street work attire has gotten more casual. It's an awkward time for the Wall Street wardrobe. Trying to nail the modern Wall Street look can be intimidating. But blazers still have a place on Wall Street, even if they're not as omnipresent as they once were. All-white Sam Smith sneakers is now acceptable Wall Street internship attire.

☆ Two Trading Apps That Allowed Chinese Citizens to Invest Overseas Get Pulled From China
▼ + stars: | 2023-05-16 | by ( James T. Areddy | Elaine Yu | ) www.wsj.com time to read: 1 min

Futu offers services to Chinese citizens who already hold dollars and other currencies in bank accounts abroad. Photo: Budrul Chukrut/Zuma PressTwo Nasdaq-listed online brokerages that cater to clients in China are preparing to further curtail their offerings in the country, amid tightening controls by Beijing on private firms, capital flight and data flows. Futu Holdings and Up Fintech Holding, known as Tiger Brokers, are planning to remove apps from online stores in China that allow their customers to trade stocks overseas, according to people familiar with the matter.

☆ Two U.S.-Listed Online Brokers Cut China Apps as Regulatory Pressure Persists
▼ + stars: | 2023-05-16 | by ( James T. Areddy | Elaine Yu | ) www.wsj.com time to read: 1 min

☆ Futu, Tiger to Remove China Trading Apps as Regulatory Pressure Mounts
▼ + stars: | 2023-05-16 | by ( James T. Areddy | Elaine Yu | ) www.wsj.com time to read: 1 min

☆ Estée Lauder, L’Oréal Look to Local Investments to Grow Business in China
▼ + stars: | 2023-05-10 | by ( Sabela Ojea | ) www.wsj.com time to read: 1 min

Estée Lauder is among the multinational beauty companies looking to invest in local brands in China. Photo: Budrul Chukrut/SOPA Images/ReutersSome of the beauty industry’s biggest players are finding a rocky road to winning shoppers in China. Their response: invest locally. Estée Lauder and L’Oréal for years have aimed to boost their business in one of the world’s largest consumer markets, where demand for beauty products is high.

☆ Wall Street style guide: Bankers break down what interns should — and should not — wear this summer, from Lululemon trousers to Allbird sneakers
▼ + stars: | 2023-05-10 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +10 min

From Allbirds sneakers to Lululemon pants, Wall Street work attire has gotten more casual. It's an awkward time for the Wall Street wardrobe. Trying to nail the modern Wall Street look can be intimidating. But blazers still have a place on Wall Street, even if they're not as omnipresent as they once were. "If you're going to do a sneaker, it's got to be what I call a 'fashion sneaker.'

☆ This clothing stock can jump more than 20% on new products, strong management strategy, Goldman Sachs says
▼ + stars: | 2023-04-14 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Goldman Sachs thinks VF Corp 's latest strategic moves will boost the stock. The firm double upgraded the parent company of Vans and The North Face to buy from sell with a new price target of $27 per share. "Looking ahead, we believe strategic initiatives now in place to improve execution will drive relative outperformance in the stock," Roach said. Budrul Chukrut | LightRocket | Getty ImagesGoldman Sachs thinks VF Corp 's latest strategic moves will boost the stock. VF Corp VFC ANALYST CONSENSUS 22 Ratings Hold 2 Strong Buy 2 Strong Buy 5 Buy 5 Buy 11 Hold 11 Hold 4 Underperform 4 Underperform 0 Sell 0 Sell 38.00 Highest Price Target Upside (32.22%) 28.85 Average Price Target 18.00 Lowest Price Target

☆ China's Tencent wants to expand its presence in Singapore — and Chinese tourists are a big reason
▼ + stars: | 2023-02-03 | by ( Kimberley Kao | ) www.cnbc.com time to read: +3 min

Budrul Chukrut | Sopa Images | Lightrocket | Getty ImagesTencent is expanding its presence in Singapore — and China's a big reason. The Chinese tech giant has struck new partnerships with Singapore businesses such as ride-hailing app Grab through its digital messaging app, WeChat/Weixin. In Grab's mini-program, Chinese travelers can also choose to pay via WeChat/Weixin Pay in Chinese yuan. "Chinese travelers represented the largest group of non-Southeast Asian users using the Grab app in 2019," he added. Singapore did not tighten travel restrictions for Chinese travelers after China announced the easing of its border controls.

☆ Investments are set to flow back into China as tech giants avoid U.S. delisting, government pledges policy support, says investment manager
▼ + stars: | 2022-12-21 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

Budrul Chukrut | Sopa Images | Lightrocket | Getty ImagesInvestors could regain the confidence to put their money in Chinese tech stocks as these companies avoid delisting from U.S. stock exchanges and the Chinese government pledges policy support, according to one investment manager. Last week, U.S. accounting watchdog the Public Company Accounting Oversight Board said it gained full access to inspect and investigate Chinese companies for the first time, after China finally granted the U.S. access in August. Investors often grapple with a lack of transparency into Chinese stocks. watch nowAs of Sept. 30, there were 262 Chinese companies listed on U.S. exchanges with a total market capitalization of $775 billion, according to the United States-China Economic and Security Review Commission. "These internet giants are really where investors want to invest when it comes to China," said Ahern.

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