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[1/2] 3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 16 (Reuters) - China's Alibaba Group Holding (9988.HK), said on Thursday it will scrap the spin off of its cloud unit in response to export curbs by the United States on chips used in artificial intelligence applications. Its U.S.-listed shares fell about 5% in premarket trading after it also reported second-quarter revenue in line with market expectations. "The recent expansion of U.S. restrictions on export of advanced computing chips has created uncertainties for the prospects of Cloud Intelligence Group," Alibaba said. The e-commerce giant posted revenue of 224.79 billion yuan ($31.01 billion) in the quarter, compared with analysts' average estimate of 224.32 billion yuan, according to LSEG data.
Persons: Dado Ruvic, Alibaba, Pinduoduo, Eddie Wu, Alibaba Group's, Jack Ma, Daniel Zhang, Akash Sriram, Sam Holmes, Arun Koyyur Organizations: REUTERS, HK, U.S, Cloud Intelligence Group, PDD Holdings, Thomson Locations: United States, Bengaluru
Auction services firm Copart tops Q1 estimates
  + stars: | 2023-11-16 | by ( ) www.reuters.com   time to read: +1 min
Nov 16 (Reuters) - Online vehicle auction services provider Copart (CPRT.O) beat market expectations for first-quarter revenue and profit on Thursday, helped by higher revenue from its services business. The Texas-based company provides virtual bidding services to customers across Americas, Europe, the UK and the Middle East. "Copart continues to grow its service business nicely, supported by underlying insurance industry growth and revenue growth," Stephens analyst Daniel Imbro said. The company posted quarterly revenue of $1.02 billion, compared with analysts' average estimate of $990.7 million, according to LSEG data. It reported profit of 34 cents per share, versus analysts' expectations of 33 cents per share.
Persons: Copart, Stephens, Daniel Imbro, Abhinav Parmar, Shilpi Majumdar Organizations: Revenue, Thomson Locations: The Texas, Americas, Europe, Bengaluru
U.S. President Joe Biden and China’s Xi Jinping, who met in San Francisco on Wednesday, may disagree on the terminology. Barely half the manufactured goods imported into the United States from low-cost Asian countries now come from China. Chinese firms have raised just $529 million from initial and secondary stock offerings in the United States in the year to mid-October. But the conscious decoupling between the U.S. and China looks set to continue. Follow @ugalani and @a_fitri_alias on XCONTEXT NEWSU.S. President Joe Biden and Chinese President Xi Jinping met on Nov. 15 in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation forum.
Persons: Xi, Joe Biden, Kevin Lamarque, friendshoring, China’s Xi Jinping, Breakingviews, Donald Trump, China’s ByteDance, Reuters Graphics Reuters Graphics Goldman Sachs, Xi Jinping, Una, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: U.S, Economic Cooperation, REUTERS, Rights, Reuters, People’s Republic . U.S, People’s, World Trade Organization, Reuters Graphics Reuters, FRAYING FINANCE, U.S . Federal Reserve, Federal, Investment Board, HK, Republican, Reuters Graphics Apple, United, Reuters Graphics Reuters Graphics, Thomson Locations: Filoli, Asia, Woodside , California, U.S, Rights MUMBAI, United States, China, Washington, People’s Republic ., San Francisco, People’s Republic, Southeast Asia, Hong Kong, That’s, New York, Greater China, India, TAIWAN, Taiwan, Una Galani, Mumbai, London
REUTERS/Johanna Geron/File Photo Acquire Licensing RightsNov 16 (Reuters) - Redwood Materials has signed a long-term contract to supply Toyota Motor (7203.T) with recycled materials for the Japanese automaker's $13.9 billion North Carolina electric vehicle battery plant, Redwood said Thursday. The Nevada-based materials specialist said it would remanufacture EV battery components from materials supplied by Toyota and recycled from end-of-life vehicles, mainly hybrid-electric models such as the Prius. Redwood, one of the world's leading battery recyclers, did not disclose details on value or timing of the agreement. Straubel said the company will supply battery components to Toyota from its Sparks, Nevada facility and eventually from a $3.5 billion facility it is building outside Charleston, South Carolina. Redwood also is selling remanufactured battery components to Panasonic, which jointly operates an EV battery plant with Tesla in Nevada.
Persons: Johanna Geron, Redwood, J.B, Tesla, Straubel, they'll, PitchBook, Paul Lienert, David Gregorio Our Organizations: Toyota, REUTERS, Redwood Materials, Carolina, Redwood, of Energy, U.S, Panasonic, Volkswagen, Ford, EV, Thomson Locations: Zaventem, Belgium, Nevada, U.S, Sparks , Nevada, Charleston , South Carolina, Redwood, North America, China, Detroit
Gap hasn't managed to reverse its ongoing revenue slump, but its same-store sales were far better than expected. Gap saw modest improvements at Old Navy and its eponymous banner. The brand saw strength in women's and kids, and an uptick in activewear. The brand is still reeling from the shutdown of Yeezy Gap and saw comparable sales decline 1%. Banana Republic: Sales at Banana, known for its workwear and going out pieces, fell 11% compared to last year to $460 million.
Persons: Richard Dickson, Dickson, I'm, we've, Katrina O'Connell Organizations: LSEG, Old Navy, Banana Republic, Mattel, CNBC, Navy Locations: Banana, activewear, Gap
REUTERS/Joe Skipper/File Photo Acquire Licensing RightsNov 16 (Reuters) - Amazon.com (AMZN.O) said on Thursday its two prototype satellites for its planned Kuiper internet network have been operating successfully in orbit, with the project on track to start launching operational satellites by mid-2024. The Kuiper internet network is set to compete against billionaire Elon Musk's Starlink, the world's largest satellite operator, to offer broadband internet service globally to consumers, companies and governments. Amazon said it used the prototype satellites for brief two-way video calls, streaming a high-definition movie on Prime Video and ordering items off Amazon's website. Badyal declined to say how many satellites Amazon would launch per rocket. The Boeing-Lockheed joint venture United Launch Alliance is set to loft the first several batches of Kuiper satellites aboard its Atlas 5 and the company's upcoming Vulcan rocket.
Persons: Joe Skipper, Elon Musk's Starlink, Rajeev Badyal, Badyal, Jeff Bezos, Joey Roulette, Zaheer Kachwala, Tasim Zahid, Will Dunham Organizations: United, Alliance, Cape Canaveral Space Force, REUTERS, United Launch Alliance, U.S . Federal Communications Commission, Reuters, Vodafone, Verizon, Amazon, Boeing, Lockheed, Vulcan, SpaceX, Thomson Locations: Cape Canaveral , Florida, U.S, Florida, New York, Bengaluru
Carlyle, which started raising its sixth Asia-focused fund in mid-2022, has bagged less than $3 billion so far, two of the sources said. Investors in private equity companies, known as limited partners, typically reinvest after having booked returns from their previous investments. Private equity firms have made a total of $15.6 billion in exits in Asia, down 82% year-on-year, Dealogic data showed. Sources told Reuters last year Carlyle was aiming to raise $8.5 billion in the pan-Asia fund. Capital allocation to China had been bigger in Carlyle's previous Asia funds, different sources with knowledge of the matter have said.
Persons: Carlyle, Jack Ma's, Harvey Schwartz, Goldman Sachs, Patrick Siewert, Nina Gong, Herman Chang, Kane Wu, Sriram, Xie Yu, Sumeet Chatterjee, Miral Organizations: Carlyle, Investors, Reuters, Yes Bank, Thomson Locations: HONG KONG, MUMBAI, Asia, East, Europe, China, U.S, India, South Korea, Carlyle's, Beijing, Hong Kong, Greater China, Carlyle's Hong Kong, Mumbai
CNN —Dozens of young Americans have posted videos on TikTok this week expressing sympathy with Osama bin Laden, the notorious terrorist who orchestrated the September 11 attacks, for a two-decade-old letter he wrote critiquing the United States, including its government and support of Israel. TikTok is hugely popular with young Americans, with a majority of Americans under 30 using the app at least once a week, according to a KFF survey. The attack was orchestrated by Bin Laden, the former leader of the al Qaeda terrorist group who was killed in a US special forces raid in 2011. “There’s no proof it was written by bin Laden and some of the things that he focuses on are inconsistent with his other writings,” he told CNN. New data from the Pew Research Center released Wednesday shows TikTok is rapidly becoming a place where more and more young Americans get their news.
Persons: Osama bin Laden, TikTok, Bin Laden, influencer, , al, Andrew Bates, , ” Bates, ” Imran Ahmed, ” Ahmed, Peter Bergen, Bergen, bin Laden, Pew Organizations: CNN, Israel, Hamas, Center, CNN National Security, Guardian, Pew Research Center Locations: United States, Israel, New York City , Washington, Pennsylvania, America, New York, American, al Qaeda, Palestine, TikTok
A smartphone with a displayed Applied Materials logo is placed on a computer motherboard in this illustration taken March 6, 2023. Reuters reported Applied Materials is under U.S. criminal investigation for potentially evading export restrictions on China's top chipmaker SMIC. Santa Clara, California-based Applied Materials, expects first-quarter revenue of $6.47 billion, plus or minus $400 million, higher than analysts' estimates of $6.37 billion, according to LSEG data. Companies focusing on generative AI tools this year has also led to an increase in spending for Applied Materials' equipment. Rival Lam Research (LRCX.O) last month forecast revenue below estimates due to weak memory chip demand, while KLA (KLAC.O) forecast revenue above expectations on growing adoption of AI tools.
Persons: Dado Ruvic, Gary Dickerson, Samrhitha, Shounak Dasgupta Organizations: REUTERS, Reuters, United, Justice and Commerce, Intel, Devices, Materials, Revenue, Lam Research, KLA, Thomson Locations: United States, China, U.S, Santa Clara , California, Bengaluru
Cisco lowers annual forecasts on slowdown in new orders
  + stars: | 2023-11-15 | by ( Samrhitha A | ) www.reuters.com   time to read: +2 min
The Cisco logo is displayed, during the GSMA's 2023 Mobile World Congress (MWC) in Barcelona, Spain March 1, 2023. The company estimates one to two quarters of shipped product orders are still waiting to be implemented by customers. For the full year, Cisco expects revenue between $53.8 billion and $55.0 billion, and adjusted per-share earnings in the range of $3.87 to $3.93. The company had previously forecast annual revenue of $57.0 billion to $58.2 billion, and adjusted per-share earnings of $4.01 to $4.08. For the second quarter, Cisco expects revenue between $12.6 billion and $12.8 billion, missing analysts' estimates of $14.19 billion, according to LSEG data.
Persons: Nacho, Scott Herren, Samrhitha, Shounak Dasgupta Organizations: Cisco, Congress, REUTERS, Cisco Systems, Juniper Networks, Arista Networks, Revenue, Thomson Locations: Barcelona, Spain, Bengaluru
The Recruit logo is displayed at its headquarters in Tokyo, Japan May 10, 2022. REUTERS/Mayu Sakoda/ Acquire Licensing RightsNEW YORK, Nov 15 (Reuters) - ValueAct Capital Management has bought stakes in job search site Indeed's parent Recruit Holdings (6098.T) and in online travel services provider Expedia Group (EXPE.O) and believes both are poised for strong growth. Recruit is valued at roughly $49 billion while Expedia has a market value of about $17 billion. ValueAct CEO Mason Morfit was invited onto Salesforce's board this year and the stock price has surged 64% since January. There was no mention of Recruit or Expedia.
Persons: Mayu, Expedia, ValueAct, Mason Morfit, Svea Herbst, Bayliss, Edwina Gibbs Organizations: REUTERS, ValueAct Capital Management, Recruit Holdings, Expedia, Reuters, Recruit, Microsoft, Danaher Corp, Roblox, Alarm.com Holdings, Svea, Thomson Locations: Tokyo, Japan, Austin , Texas, Expedia, Illumina
Burry also closed out bearish options against the broad S&P 500 and Nasdaq 100 Index, the filings showed. His Scion Asset Management’s biggest new position last quarter was in bearish options on an exchange-traded fund focused on semiconductors. He bought put options with a notional value of $47.4 million against the iShares Semiconductor ETF (SOXX.O), according to the filing. The filings also showed that Burry's fund no longer held puts on the Nasdaq 100 and S&P 500. Hedge fund Man Group also sold its 1.1 million shares in Nvidia, while Renaissance Technologies LLC sold its entire stake in the company.
Persons: Michael Burry, Burry, George Soros, Carolina Mandl, David Gregorio, Anna Driver, Deepa Babington Organizations: U.S, Nasdaq, iShares Semiconductor, Soros Fund Management, Society, Nvidia, Taiwan Semiconductor Manufactoring, Man, Renaissance Technologies, Tiger Global Management, Eisler Capital, Man Group, Duquesne Family Office, Thomson Locations: U.S, TSMC, New York
What Long-Term Care Looks Like Around the World
  + stars: | 2023-11-14 | by ( Jordan Rau | ) www.nytimes.com   time to read: +4 min
Provinces and territories fund long-term care services through general tax revenue. Notably, Canada’s long-term care system is separate from its national health care system, which pays for hospitals and doctors with no out-of-pocket costs to patients. on long-term care, 80 percent more than the United States spent. Britain has also taken steps to shield people from losing all of their wealth to pay for long-term care. Singapore recently instituted a system of mandatory long-term care insurance for those born in 1980 or later.
Persons: D.P., 🇸 🇬, ove, , Kath l Organizations: Uni, pla, Citi, emi Locations: D. data, nis
The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. Dutch holding company Yandex NV's planned restructuring is aimed at recouping some shareholder funds with the sale of its main revenue-generating Russian businesses, such as its search and ride-hailing operations. 'CONTROL FOR LESS'Yandex NV may sell 100% of a holding company set up in Russia's Kaliningrad region, said one of the people. A third source said this scenario would see Yandex NV make a clean break with Russia. Yandex NV shareholders could easily have been left with nothing, said one of the sources.
Persons: Evgenia, Yandex, Yandex's, Arkady Volozh, Russia's, nationalising Yandex, Darya Korsunskaya, Alexander Marrow, David Goodman, Bernadette Baum Organizations: REUTERS, Kremlin, VK, Reuters, Carlsberg, Danone, Yandex, Thomson Locations: Moscow, Russia, Ukraine, Yandex, Dubai, Russia's Kaliningrad, nationalising
CNN —Hate groups and far-right internet trolls have seized on the tensions surrounding the Israel-Hamas war, while leveraging advances in artificial intelligence to further stoke antisemitism in the United States. “We’ve seen a real concerning ideological convergence between far-right communities online and pro-Hamas sentiment,” said Ben Decker, CEO of Memetica, a threat analysis company that monitors online hate. Karen Dunn, an attorney who sued the people responsible for the violence at the deadly 2017 Unite the Right rally in Charlottesville, Virginia, told CNN the hate groups “hate everybody, but they hate the Jews the most.”Antisemitism is a commonality that can unite multiple different and competing hate groups, which can then metastasize into hate directed at others, she said. Minadeo, the hate group’s leader, was sentenced this month to 30 days behind bars in Florida, after distributing the antisemitic fliers. Since the October 7 attack on Israel, hate groups also have attempted to latch onto the pro-Palestinian movement to push their own antisemitism-promoting agenda.
Persons: “ We’ve, , Ben Decker, Christopher Wray, Memetica, Decker, Karen Dunn, , ” Dunn, ” Decker, “ It’s, I’m Jon Greenblatt, Jonathan Greenblatt, Greenblatt, ” Jon Minadeo, David Shapiro, “ Heil, Carla Hill, Organizations: CNN, Defamation, Hamas, FBI, Department of Homeland Security, Capitol, DHS, National Justice Party, 4chan, Meta, YouTube, Microsoft, Carnegie Mellon, ADL, Goyim Defense, Third, , Extremism, CNN Center, Minadeo, Palestine Locations: Israel, stoke, United States, Charlottesville , Virginia, Charlottesville, Calabasas , California, Calabasas, council, Covid, California, Iowa , Massachusetts, Oregon, Fairfax , Virginia, Atlanta, Florida, Palm Beach, Missoula , Montana, Arizona
REUTERS/Brendan McDermid Acquire Licensing RightsNEW YORK, Nov 13 (Reuters) - Shares of financial services firm B. Riley (RILY.O) plummeted nearly 35% on Monday, extending losses for the fourth consecutive session, after it disclosed unrealized investment losses and S&P Global Ratings downgraded a key asset. That markdown resulted in B. Riley reporting a net loss of $75.8 million in the third quarter, compared with a profit of $45.8 million a year earlier. "We do not believe that the recent movement in our share price is warranted based on the fundamental strength and performance of our diversified platform," a B. Riley spokesperson said in a statement. B. Riley has also been targeted by a short seller. "Although B Riley attempted to address short seller concerns on their recent earnings call, the information they provided was limited," said Rick Meckler, partner at Cherry Lane Investments.
Persons: Brendan McDermid, Riley, Brian Kahn, Kahn, John Hughes, Bryant Riley, Rick Meckler, Meckler, Chibuike Oguh, Medha Singh, Niket, Deepa Babington, Stephen Coates Organizations: New York Stock Exchange, REUTERS, Reuters Graphics, Group's, Bloomberg, Reuters, Wolfpack Research, Cherry Lane Investments, Thomson Locations: New York City, U.S, Los Angeles, New York
The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsNov 13 (Reuters) - Chip technology design maker Imagination Technologies plans to lay off 20% of the company’s staff, according to sources familiar with the matter. The cuts are company-wide and every unit will be affected, according to one of the sources. Imagination Tech is owned by the private equity firm Canyon Bridge, which is backed by the Chinese state-owned China Reform holdings. For last year, Imagination reported profit before tax of £17 million ($20.9 million) on revenue of £120.3 million, according to filings.
Persons: Hannah McKay, Imagination, Max A, Chris Reese, Stephen Coates Organizations: Imagination Technologies, REUTERS, Apple, Reuters, Arm Holdings, Imagination Tech, China Reform, Imagination, Thomson Locations: London, Britain, China, San Francisco
Federal rules require banks to reimburse customers for payments made without their authorization, such as by hackers, but not when customers themselves make the transfer. Following its launch in 2017, Zelle grew to become one of the largest U.S. peer-to-peer payments networks by total payments. A March 2022 New York Times report that scams were flourishing on Zelle caught the attention of lawmakers frequently critical of big banks, including Senator Elizabeth Warren. He said Zelle has seen "a step-change reduction" in fraud and scam rates this year but declined to provide details. Chance said EWS has been engaging with policymakers on the need for a "holistic approach" to combating scams, including advocating for more dedicated law enforcement resources.
Persons: Jamie Dimon, Jane Fraser, Brian Moynihan, Banks, Ben Chance, Zelle, Elizabeth Warren, Warren, Dimon, EWS, Chance, , Trace, Carla Sanchez, Adams, we're, Lindsey Johnson, Hannah Lang, Chris Prentice, Michelle Price, Rod Nickel Organizations: JPMorgan Chase, Citigroup, Bank of America, Banking, Housing, Urban Affairs, Capitol, Warning, Reuters, Federal, JPMorgan, New York Times, Federal Trade Commission, Consumer Financial Protection Bureau, PayPal, National Consumer Law, Consumer Bankers Association, Thomson Locations: Zelle, U.S, Warren, Washington, New York
LSEG Workspace, a financial news and data platform, calculated inventory turnover ratios of 30 major U.S. retailers for Reuters. "I am relatively pessimistic about the holiday season," said Gerald Storch, retail consultant and former Target vice chairman and ex-CEO of Hudson's Bay. Department stores' holiday season is "likely not going to be that strong," said David Swartz, a Morningstar analyst. Reuters Graphics Reuters GraphicsTo be sure, inventory turnover is not the only metric Wall Street investors use to judge retailers' inventory levels. Some are already slashing prices and dangling discounts to clear excess inventory before Black Friday, the start of holiday shopping season.
Persons: King, King of Prussia, Sarah Silbiger, Gerald Storch, Jeff Bornino, David Swartz, Ulta, pare, Jason Benowitz, Joseph Feldman, Jane Hali, Nordstrom, Brian Mulberry, Savyata Mishra, Ananya Mariam Rajesh, Richa Naidu, Siddharth Cavale, Aishwarya Venugopal, Rod Nickel Organizations: REUTERS, Dollar, Walmart, Reuters, North America, Kroger, Department, Morningstar, TJX Companies, Dick's Sporting, Reuters Graphics Reuters, Roosevelt, Telsey Advisory, Research, Associates, Nordstrom, Zacks Investment Management, Thomson Locations: King of, King, King of Prussia , Pennsylvania, U.S, Hudson's, North
The logo of Israeli analog integrated circuits developer, Tower Semiconductor is seen at their offices in Migdal HaEmek, northern Israel, February 28, 2022. REUTERS/Amir Cohen/File Photo Acquire Licensing RightsNov 13 (Reuters) - Israeli firm Tower Semiconductor forecast a decline in quarterly revenue on Monday as chip firms faced with a supply glut continue to correct inventory. Chip giant Intel (INTC.O) had terminated its plans to acquire Tower Semiconductor in August after it was unable to get timely regulatory approval from China for the $5.4 billion deal. Approval from Chinese competition regulators is needed if companies involved in a deal have a sizable business presence in the country. Tower reported revenue of $358.2 million for the quarter ended Sept. 30, a decline of about 16% from a year ago.
Persons: Amir Cohen, Arsheeya, Pooja Desai Organizations: Semiconductor, REUTERS, Tower Semiconductor, Intel, LSEG, Thomson Locations: Migdal HaEmek, Israel, automotives, China, Intel's New Mexico, Bengaluru
Palantir’s mythology is far too precious
  + stars: | 2023-11-13 | by ( Robert Cyran | ) www.reuters.com   time to read: +3 min
Yet Palantir’s top line is only expected to grow 16% this year, according to forecasts gathered by LSEG. There’s also a risk that Palantir’s ability to secure government contracts, which account for more than half its top line, will be restrained by its politics. For example, Palantir bought about $50 million of gold bars in 2021 to prepare for unpredictable “black swan” events. Also sitting on Palantir’s balance sheet are stakes in targets of special purpose acquisition companies, which it bought in exchange for purchase orders. It doesn’t take a wizard to see that in the eyes of investors Palantir is far too precious.
Persons: Peter Thiel, Alex Karp, “ Palantir, Palantir, Jeffrey Goldfarb, Aditya Sriwatsav Organizations: Reuters, Palantir Technologies, LSEG, Microsoft, Rubicon Technologies, Technologies, Thomson Locations: Snowflake, Israel, Health
Germany approves global minimum corporate tax
  + stars: | 2023-11-10 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Thilo Schmuelgen Acquire Licensing RightsBERLIN, Nov 10 (Reuters) - The German parliament on Friday approved the implementation of a global minimum corporate tax, as part of an international deal to ensure large companies pay a minimum tax rate of 15%. This will apply to all such companies and large-scale domestic groups with turnover above 750 million euros ($800 million) per year. The law was approved in Germany with the support of all the coalition parties and the main opposition party. The Ministry of Finance estimated earlier this year that additional tax revenue of 910 million euros could be expected in Germany from 2026. In 2027 and 2028, the tax is forecast to bring in 535 and 285 million euros, respectively.
Persons: Thilo, Maria Martinez, Hugh Lawson Organizations: REUTERS, Rights, Economic Cooperation, Development, Google, European Union, EU, Finance, Thomson Locations: Germany, Cologne
The world's biggest shopping event happens in China each year - and it's called Singles Day. WHEN DID THE IDEA OF SINGLES DAY ORIGINATE? The idea for Singles Day had originated at China's Nanjing University back in 1993 and was originally called "Bachelor's Day." Cyber Monday immediately follows Black Friday, which falls on the day after the U.S. Thanksgiving Day holiday, the busiest shopping day of the year in the United States. "The presale period of Tmall and particularly on -- in general, the Singles Day, confirms a softer trend versus a year ago," said Estee Lauder CEO Fabrizio Freda last week, adding that the company was more optimistic about the next part of the Singles Day events in November.
Persons: it's, Bain, Jacob Cooke, Pinduoduo, Cooke, Estee Lauder, Nike, JD.com, Fabrizio Freda, Nicolas Hieronimus, Hieronimus, Granth, Aditya Soni, Diane Craft Organizations: China's Nanjing University, Adobe Analytics, U.S, Reuters, Technologies, Cyber, HK, PDD Holdings, Adobe, Bain, HOPE, Nike, Procter & Gamble, Apple, L'Oreal, Thomson Locations: China, United States, Beijing, Greater China, Bengaluru
The world's biggest shopping event happens in China each year - and it's called Singles Day. WHEN DID THE IDEA OF SINGLES DAY ORIGINATE? The idea for Singles Day had originated at China's Nanjing University back in 1993 and was originally called "Bachelor's Day." Cyber Monday immediately follows Black Friday, which falls on the day after the U.S. Thanksgiving Day holiday, the busiest shopping day of the year in the United States. "The presale period of Tmall and particularly on -- in general, the Singles Day, confirms a softer trend versus a year ago," said Estee Lauder CEO Fabrizio Freda last week, adding that the company was more optimistic about the next part of the Singles Day events in November.
Persons: it's, Bain, Jacob Cooke, Pinduoduo, Cooke, Estee Lauder, Nike, JD.com, Fabrizio Freda, Nicolas Hieronimus, Hieronimus, Granth, Aditya Soni, Diane Craft Organizations: China's Nanjing University, Adobe Analytics, U.S, Reuters, Technologies, Cyber, HK, PDD Holdings, Adobe, Bain, HOPE, Nike, Procter & Gamble, Apple, L'Oreal, Thomson Locations: China, United States, Beijing, Greater China, Bengaluru
Plug Power shares dive on raising going concern doubts
  + stars: | 2023-11-10 | by ( ) www.reuters.com   time to read: +2 min
Nov 10 (Reuters) - Shares of Plug Power (PLUG.O) plunged nearly 30% in premarket trading on Friday after the hydrogen fuelcell maker raised going concern doubts. Plug has been facing liquidity issues and has lost more than half of its market capitalization since the start of the year. Its annual financial performance has also been impacted by "unprecedented" supply challenges in the hydrogen network in North America. The Latham, New York-based Plug said cash and equivalents at the end on Sept. 30 stood at $110.8 million. Plug on Thursday also reported a bigger loss for the three months ended Sept. 30 and its revenue of $198.7 million widely missed estimate of $228.2 million, according to LSEG data.
Persons: The Latham, J.P, Morgan, Bill Peterson, Tanay, Maju Samuel Organizations: U.S . Department Of Energy, Thomson Locations: North America, New York, Bengaluru
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