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☆ Take Five: Everything to play for
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +5 min

Markets are hopeful the Federal Reserve will soon slow the pace of its aggressive rate hikes. The U.S. economy likely created 200,000 new jobs, a Reuters poll of economists forecasts found, in what would be the smallest gain since December 2020. Manufacturing indicators, mainly PMIs, due next week might attest to the weakness already seen across the economy. Inflation in the euro zone was 10.6% in October, more than five times the European Central Bank's 2% target. Indeed, the Fed may be getting ready to slow the pace of its rate hikes, but the ECB is not there yet.

China’s technology sector has taken a pounding since watchdogs cancelled Ant’s $37 billion stock market debut at the last minute in 2020. The Hang Seng Tech index (.HSTECH), which includes social media giant Tencent (0700.HK) and JD, has fallen another 38% this year. China's powerful market regulator proposed amendments on Tuesday to a law on unfair competition. The e-commerce giant intends, in addition, to allocate at least 10 billion yuan to offer employees interest-free loans to buy a house. The benefits include plans to allocate 10 billion yuan ($1.40 billion) to a fund to assist employees of JD and recently acquired courier firm Deppon Logistics with buying homes.

☆ Exclusive: China set to fine Ant Group over $1 billion, signalling revamp nears end-sources
▼ + stars: | 2022-11-22 | by ( Julie Zhu | ) www.reuters.com time to read: +5 min

The central bank has been in informal communication with Ant about the fine over the past few months, said three of the sources. It plans to hold more discussions with other regulators about Ant's revamp later this year and announce the fine as soon as the second quarter of next year, said a source. Ant's fine would be the largest regulatory penalty imposed on a Chinese internet company since ride-hailing major Didi Global was fined $1.2 billion by China's cybersecurity regulator in July. The fintech firm's affiliate, e-commerce titan Alibaba Group (9988.HK), last year received a record fine of 18 billion yuan ($2.51 billion) for antitrust violations. The PBOC, however, is unlikely to formally disclose the application till Ant wraps up its revamp, added the sources.

☆ Stocks could fall by up to 10% in the short term and the big question facing investors in 2023 is how bad earnings will be, says JPMorgan strategist
▼ + stars: | 2022-11-21 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Stocks look vulnerable to a short-term decline of up to 10%, a JPMorgan Asset Management strategist told Bloomberg. I don't really think it has legs," said global market strategist Jack Manley. I don't think it has a whole lot to stand on," Jack Manley, global market strategist at JPMorgan Asset Management, said in a Bloomberg TV interview. The S&P 500 has cut down its year-to-date loss but remains lower by 17%. For the fourth quarter of 2022, analysts cut per-share earning estimates for S&P 500 companies by 3.3% in aggregate during October, according to FactSet.

☆ A former Harvard chemist just raised $178 million for a biotech startup that plans to treat previously untreatable cancers
▼ + stars: | 2022-11-21 | by ( Andrew Dunn | ) www.businessinsider.com time to read: +6 min

The biotech FogPharma has raised $178 million in a Series D round. The longtime Harvard chemist Greg Verdine founded Fog to tackle "undruggable" cancers. Fog's drugs, known as polypeptides or short fragments of proteins, blur the line between small molecules and biologics, sharing characteristics of both types of medicines. Verdine calls it "the magic structure" for Fog's drugs. "I thought he'd be able to find things that bind, but I was very skeptical that he could turn them into drugs," Klausner told Insider.

☆ There's Bitcoin and there's everything else, says Jack Mallers, CEO of Strike
▼ + stars: | 2022-11-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's Bitcoin and there's everything else, says Jack Mallers, CEO of StrikeJack Mallers, CEO of Strike, joins 'Power Lunch' to discuss differences between crypto currencies, the setbacks crypto faces from the FTX fallout and the regulatory future of bitcoin.

☆ China's super-rich see fortunes plunge as economy slows
▼ + stars: | 2022-11-08 | by ( Brenda Goh | ) www.reuters.com time to read: +2 min

Nov 8 (Reuters) - China's super-rich saw their wealth tumble by the most in over two decades this year, as the Russia-Ukraine war, Beijing's zero-COVID measures and falling mainland and Hong Kong stock markets pummelled fortunes, an annual rich list said on Tuesday. The Hurun Rich list, which ranks China's wealthiest people with a minimum net worth of 5 billion yuan ($692 million), said only 1,305 people made the mark this year, down 11% from last year. "This year has seen the biggest fall in the Hurun China Rich List of the last 24 years," said Rupert Hoogewerf, chairman and chief researcher of research firm Hurun Report which compiles the list. The founder of TikTok owner ByteDance, Zhang Yiming, took second place, but saw his wealth fall 28% to $35 billion due to a drop in ByteDance's valuation. Tencent founder Pony Ma posted the second largest drop in wealth of $14.6 billion amid sliding tech stock prices, to take fifth place on the list.

☆ Alibaba’s Jack Ma and China’s super-rich see billions wiped off fortunes as economy slows
▼ + stars: | 2022-11-08 | by ( Story Reuters | ) edition.cnn.com time to read: +2 min

China’s super-rich saw their wealth tumble by the most in over two decades this year, as the Russia-Ukraine war, Beijing’s zero-Covid measures and falling mainland and Hong Kong stock markets pummeled fortunes, according to an annual rich list. Tencent founder Pony Ma posted the second largest drop in wealth amid sliding tech stock prices. The founder of TikTok owner ByteDance, Zhang Yiming, took second place, but saw his wealth fall 28% to $35 billion due to a drop in ByteDance’s valuation. Tencent (TCEHY) founder Pony Ma posted the second largest drop in wealth of $14.6 billion amid sliding tech stock prices, to take fifth place on the list. Alibaba (BABA) founder Jack Ma and his family tumbled four places to be ranked No.

☆ China's super-rich like Alibaba's Jack Ma see billions of dollars wiped from their fortunes as the economy slumps
▼ + stars: | 2022-11-08 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

China's super-wealthy have seen their fortunes tumble by the most in 24 years, per the Hurun Rich List. Alibaba founder Jack Ma's net worth dropped 29% to $25.7 billion, as tech bosses took a hit. His ranking on the rich list sank four places to ninth. Overall, the number of people with a net worth of $10 billion dropped by 29 to 56, while the number of dollar billionaires fell by 239 to 946. But Hoogewerf said that despite the declines, the rich list is still 50% bigger than five years ago.

☆ Apple has instituted a hiring freeze. Here's what to know.
▼ + stars: | 2022-11-03 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

Netflix's lower-priced subscription tier, Basic with Ads, is now available, so you can spend less to watch your favorite shows. Hiring freezes are underway at Apple. Since the summer, the company has touted its "deliberate" decisions about investment and hiring. But three sources with close knowledge of conversations at the company told Insider it has paused almost all hiring. Musk's Twitter has a list of thousands of employees who will be laid off, representing about 50% of the company's workforce.

☆ A survey of first-year investment bank analysts could indicate a shift in how future junior bankers are trained up
▼ + stars: | 2022-11-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Would you like to get inside the mind of Wall Street's junior bankers? Insider's Emmalyse Brownstein got her hands on recruitment firm Odyssey Search Partners' survey of first-year investment banking analysts. Click here to check out 13 of the most interesting data points from a survey of first-year investment banking analysts. 3. Business students don't want to work on Wall Street. Almost 90,000 business students from around the globe were surveyed on the top employers they would most want to work for.

☆ The former assistant to Jack Ma reveals the 'secret sauce' behind Alibaba's meteoric rise in a new book
▼ + stars: | 2022-11-02 | by ( Jonathan A. Knee | ) www.businessinsider.com time to read: +5 min

Brian A. Wong is a long-time Alibaba executive and former special assistant to Jack Ma, the company's founder. to Jack Ma, the company's founder. In a new book, Wong details Alibaba's management ethos and how it can be applied by others to achieve similar success. Brian Wong joined Alibaba as its first American employee shortly after meeting CEO Jack Ma in 1999, the same year the trailblazing e-commerce behemoth was founded. Like Steve Jobs, Jack Ma was haunted by the decline of once great technology companies like Hewlett Packard after the departure of their founding team.

☆ Chinese leader Xi Jinping's power grab fueled a $6 trillion stock selloff and the yuan's decline. These 4 charts capture the market meltdown.
▼ + stars: | 2022-10-30 | by ( George Glover | ) www.businessinsider.com time to read: +5 min

China's President Xi Jinping has tightened his grip on power — and that has rocked markets. Investors dumped Chinese stocks in a $6 trillion blowout as Xi shut reformers out of decision making. Spooked investors dumped Chinese stocks in a $6 trillion blowout Monday, according to Bloomberg data. Under Xi, the People's Bank of China has tended to favor softer yuan fixes, allowing the currency to depreciate. Alibaba, the largest US-listed Chinese stock by market value, fell 12% Monday, and about 46% this year so far.

☆ China's richest people lost about $13 billion in just one day due to a market sell-off after President Xi Jinping secured a third term
▼ + stars: | 2022-10-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The 13 richest people in China lost $12.7 billion on Monday alone, per Bloomberg. Their losses were due to a massive market sell-off over President Xi Jinping's third term in office. Tencent founder and CEO, Pony Ma, was the biggest loser in the market rout, as his net worth plunged by $2.5 billion to $24 billion, per Bloomberg. Alibaba founder Jack Ma lost $1.2 billion, bringing his net worth down to $29 billion, while JD.com's Richard Liu saw his net worth fall by $1.3 billion to $9 billion, according to Bloomberg. Alibaba shares fell 13% on the Nasdaq and 11% in Hong Kong.

☆ Photos: Unfinished Superyacht From 2007 up for Auction for $1.5 Million
▼ + stars: | 2022-10-21 | by ( Brittany Chang | ) www.businessinsider.com time to read: 1 min

But to finish the project, its future owner will have to cough up at least $16 million for lower-end finishes, according to estimates from shipyards in Greece and Turkey, Jack Mahoney, a director at Boathouse Auctions, told Insider in an email.

☆ Singapore's Love, Bonito brand owner to open first U.S. store in 2023, eyes IPO
▼ + stars: | 2022-10-19 | by ( Yantoultra Ngui | ) www.reuters.com time to read: +2 min

A view of the Love, Bonito flagship store at ION Ochard shopping mall, Singapore October 19, 2022. The Chinese private equity firm led a $50 million funding round in Lovebonito Holdings in October 2021. Among the other investors are Singapore-based Openspace Ventures, Japanese comparison-shopping site Kakaku.com (2371.T), Shanghai-headquartered venture capital firm Ondine Capital and Japanese fashion chain store Adastria (2685.T). Song, 33, said Lovebonito Holdings' plans for an IPO were "definitely in the mid-term horizon", but she declined to give specifics. This week, Lovebonito Holdings announced the acquisition of butter., a women-led activewear brand, and a small investment in Moom Health, a Singapore healthcare startup.

☆ Formula shortage has improved in the US but still poses challenges for many
▼ + stars: | 2022-10-18 | by ( Deidre Mcphillips | ) edition.cnn.com time to read: +8 min

CNN —Despite improving stock rates, many families with new babies in the United States are still having trouble finding baby formula. But stock rates are still worse than they were before the formula shortage hit. My baby’s 7 months old now.”Throughout the formula shortage, quantifying the severity of the situation has been challenging. The Census survey data adds an important measure of personal experience to the mix, but it has limitations, too. About half of all baby formula sold in the United States is purchased with WIC benefits.

☆ We think of the Lightning Network like Visa or a bank, says Strike CEO Jack Mallers
▼ + stars: | 2022-10-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe think of the Lightning Network like Visa or a bank, says Strike CEO Jack MallersJack Mallers, Strike founder and CEO, joins 'Power Lunch' to discuss how he was able to get $80 million in funding for Strike, where the company plans on spending the money and his thoughts on bitcoin.

Unilever logo is displayed on Dove soap boxes in this illustration taken on January 17, 2022. Unilever's search begins at a time of soaring food and energy prices which are hitting household budgets and hurting consumer confidence. The move was met with disapproval from shareholders, some of whom also criticised Unilever for prioritising sustainability over core growth. "This may signal more welcome future change at Unilever," Tineke Frikee, fund manager at Unilever investor Waverton Asset Management, said. A Unilever spokesperson said the company is "fully committed to the organisational changes" and that Jope is "completely committed to delivering against that strategy."

☆ What Kroger, Walmart, Target learned from China's Alibaba about grocery's future
▼ + stars: | 2022-09-25 | by ( Rebecca Fannin | ) www.cnbc.com time to read: +5 min

Kroger has adopted an omnichannel strategy, integration of offline or in-store sales with online orders and logistics. They looked at the New Retail model born in China for complete integration of offline and online channels," he said. But the action was jumpstarted when Amazon bought Whole Foods Market in 2017 and began introducing several advanced technologies to streamline in-store shopping, a shift that also spread to large retailers Walmart and Target. Kroger digital sales gained by 8 percent in the second quarter of 2022, while in-store and online combined gained 5.8 percent from a year earlier. He pointed out that "half of Kroger's app stores are bringing in incremental business and half are cannibalizing in-store sales."

Over the last decade, the rise of internet giants like Tencent (0700.HK) exposed the flimsiness of the stereotype. “Influence Empire: Inside the Story of Tencent and China’s Tech Ambition” by Lulu Yilun Chen tracks the company’s evolution into a $350 billion social media and gaming behemoth. The backlash also undermined confidence in China’s private tech sector. U.S. venture capital investment has dwindled, and even Chinese tech investors are now venturing abroad. Follow @ywchen1 on TwitterCONTEXT NEWS“Influence Empire: Inside the Story of Tencent and China’s Tech Ambition”, by Lulu Yilun Chen, was published by Hodder & Stoughton on July 14.

☆ China’s ‘Lipstick King’ returns to live-streaming show after mysterious three-month disappearance
▼ + stars: | 2022-09-21 | by ( Laura He | ) edition.cnn.com time to read: +5 min

On Tuesday night, Li Jiaqi reappeared on Alibaba’s Taobao Live, a live-streaming platform for the e-commerce giant. By the end of the two-hour show, 63 million viewers had watched his live-stream, higher than most of his previous shows. The 30-year-old livestreamer, also called Austin Li, was one of China’s biggest internet celebrities, with 64 million followers on Alibaba’s Taobao. Just before the abrupt ending, Li had shown his audience a multi-layered ice cream treat decorated with Oreos and wafers. In June, just two weeks after Li disappeared, Beijing intensified its crackdown on the the country’s booming livestreaming industry.

☆ China's 'Lipstick King' returns to live-streaming show after mysterious three-month disappearance
▼ + stars: | 2022-09-21 | by ( Laura He | Cnn Business | ) edition.cnn.com time to read: +1 min

On Tuesday night, Li Jiaqi reappeared on Alibaba's Taobao Live, a live-streaming platform for the e-commerce giant. His show immediately attracted thousands of viewers within the first few minutes, despite no prior notices on his social media accounts. The 30-year-old livestreamer, also called Austin Li, was one of China's biggest internet celebrities, with 64 million followers on Alibaba's Taobao. He once sold 15,000 lipsticks within five minutes in a sales competition against Alibaba founder Jack Ma, winning himself the nickname "China's lipstick king." E-commerce livestreamer Austin Li Jiaqi attends a public-welfare livestreaming ceremony on September 23, 2021 in Hangzhou, Zhejiang Province of China.

☆ El Salvador, prima ţară din lume care ar putea adopta Bitcoin ca mijloc de plată
▼ + stars: | 2021-06-07 | by ( ) www.jurnal.md time to read: +1 min

Sursa foto: reuters.comEl Salvador, prima ţară din lume care ar putea adopta Bitcoin ca mijloc de platăEl Salvador se pregăteşte să introducă o legislaţie prin intermediul căreia ar deveni prima ţară din lume care adoptă Bitcoin-ul ca metodă de plată, alături de dolarul american. Într-o videoconferinţă din cadrul Bitcoin 2021, cel mai mare eveniment despre criptomonede din istorie, organizat anul acesta în Miami, preşedintele Nayib Bukele a anunţat încheierea unui parteneriat între El Salvador şi Strike, companie dedicată producţiei de portofele digitale care va construi infrastructura financiară a ţării folosind tehnologia Bitcoin, potrivit CNBC. „Săptămâna viitoare voi trimite către congres un plan prin intermediul căruia Bitcoin-ul va deveni un mijloc legal de plată”, spune Bukele. Jack Mallers, fondatorul şi CEO-ul grupului Strike, susţine că decizia va reprezenta o „lovitură auzită în toată lumea”.

Persons: Jack Mallers Locations: Salvador, american, Miami, Strike

☆ The SEC just charged Justin Sun, the crypto CEO who bid $4.6 million on lunch with Warren Buffett, with fraud. Here's everything you need to know about him.
▼ + stars: | 2021-03-12 | by ( Theron Mohamed | Samantha Delouya | ) www.businessinsider.com time to read: 1 min

Sun attending a business school founded by Alibaba executive chairman Jack MaSun with Alibaba's Jack Ma. Instagram/Justin SunSun's oldest photo on Instagram shows him receiving a certificate from Ma. Sun was the youngest member of the inaugural class at Hupan University, a Chinese business school founded by Ma in 2015, according to the South China Morning Post. Ma recruited 30 students who he believed could revolutionize the Chinese business world. Sun wrote his thesis on the blockchain industry, titled "The Birth of a Decentralized Internet," SCMP said.

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