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REUTERS/Aly Song Acquire Licensing RightsSHANGHAI, Aug 16 (Reuters) - Alibaba Group's (9988.HK) work communication and collaboration platform DingTalk will split from the company's cloud division, according to two sources close to the company. Alibaba's Cloud Intelligence Business Group did not immediately reply to a request for comment on the matter. Though the Slack-like DingTalk will split structurally from Alibaba's Cloud Business Intelligence unit, the sources said it would continue to work closely with the cloud division technology-wise. The tech giant announced the split of its business in March and has said the cloud division was likely to IPO by May next year. Alibaba Group last week reported better than expected results for its first quarter, but sales for its Cloud Intelligence Business Group, a major growth driver outside of e-commerce, reported the smallest revenue growth among the group's business units of 4%.

Persons: Aly, Group's, DingTalk, Casey Hall, Himani Sarkar, Conor Humphries Organizations: Alibaba, Holding, REUTERS, Rights, HK, Alibaba Holding, Cloud Intelligence Business Group, Cloud Business Intelligence, Thomson Locations: Hangzhou, Zhejiang province, China

REUTERS/Adrees LatifNEW YORK, Aug 14 (Reuters) - Michael Burry, the money manager made famous in the book and film "The Big Short," held bearish options against the broad S&P 500 and Nasdaq 100 Index at the end of the second quarter, according to securities fillings released on Monday. Put options convey the right to sell shares at a fixed price in the future and are typically bought to express a bearish or defensive view. Michael Lewis' nonfiction book "The Big Short" was released in 2010 and the movie version came out in 2015. The S&P 500 (.SPX) is up roughly 17% for the year to date while the Nasdaq 100 (.IXIC) is up nearly 39% over the same period. Burry, who frequently turns over his portfolio, drew wide attention last August when he dumped all of his long positions and bought a stake in prison company Geo Group Inc (GEO.N).

Persons: Adrees Latif, Michael Burry, Michael Lewis, David Randall, Saqib Iqbal Ahmed, Ira Iosebashvili, Matthew Lewis Organizations: Nasdaq, REUTERS, YORK, Scion Asset Management, U.S, Nvidia, HK, Alibaba Group Holdings, Western Alliance Bancorp, First Republic Bank, RealReal Inc, Warner Bros ., Warner Brothers, Scion, Management, Geo Group Inc, Thomson Locations: Square, Midtown New York, New York

☆ A hedge fund manager shares 2 ChatGPT prompts and the AI plugin he used to filter top stock picks
▼ + stars: | 2023-08-12 | by ( Laila Maidan | ) www.businessinsider.com time to read: +9 min

He fed the LLM data from a terminal and asked it to filter its findings through top academic literature and fund managers. Building on the knowledgeIn his earlier experiments, Patel and his team manually pasted increments of stock data into ChatGPT's text box. Using Julius AI, Patel was able to input data for over 6,800 stocks to see if the outcomes or accuracy would change. The metrics Patel chose to input were based on company fundamentals that he felt were important when picking stocks. Patel concluded that whether it's a human analyst or AI that's picking stocks, there are no guarantees in the stock market.

Persons: Alpesh Patel, it's, Patel, Julius AI, Julius, Price, ChatGPT's, Warren Buffett, Cisco Systems Inc Patel, Johnson, Eli Lilly, Rahul Sonwalkar, you've Organizations: NYSE, Nasdaq, US Securities and Exchange Commission, FTSE, New York Stock Exchange, Alpha, Broadcom, Cisco Systems Inc, Apple Inc UnitedHealth, Johnson, Johnson Exxon Mobil Corp Visa Inc Tesla, Walmart, Taiwan Semiconductor Manufacturing Procter, Gamble, Chevron Corp Mastercard, Depot Inc, Pfizer, AbbVie Inc Merck, Co Inc, Cola Co, Pepsico, Broadcom Inc Alibaba

REUTERS/Dado Ruvic/Illustration/File PhotoAug 10 (Reuters) - China's Alibaba Group Holding (9988.HK) reported its strongest quarterly revenue growth in almost two years on Thursday, boosted by a mid-year shopping festival that attracted bargain hunting consumers amid a sober economic environment. The Chinese e-commerce giant posted first-quarter revenue of 234.16 billion yuan ($32.29 billion), up 14% from the prior-year quarter which was hit by strict pandemic lockdowns. The figurebeat analysts' estimates of 224.92 billion yuan, according to Refinitiv data. Regulatory concern has eased for China's tech giants, including Alibaba, this year, with Chinese authorities keen to boost private sector confidence. (1 Chinese yuan renminbi = $0.1387)Reporting by Yuvraj Malik in Bengaluru; Editing by Shounak Dasgupta and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Daniel Zhang, Eddie Yongming Wu, Alibaba's, Joseph Tsai, Yuvraj Malik, Shounak Dasgupta, Sharon Singleton Organizations: REUTERS, HK, Cloud Intelligence Group, Tmall, PDD Holdings, Thomson Locations: U.S, China, Alibaba, Bengaluru

☆ Ant group quarterly profit rises 17.5% on year to 13.37 bln yuan - Alibaba filing
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

A booth of Ant Group is pictured at the Singapore FinTech Festival, Singapore, November 4, 2022. REUTERS/Anshuman DagaSHANGHAI, Aug 10 (Reuters) - China's Ant Group made net profit of 13.37 billion yuan ($1.85 billion) in the three months to March 31, up 17.5% from a year earlier, according to Reuters calculations from Alibaba Group Holding's (9988.HK) earnings report released Thursday. The e-commerce giant reports profit from Ant one quarter in arrears. Chinese authorities in July announced a fine of 7.12 billion yuan ($984 million) for Ant Group for violating laws concerning consumer protection and corporate governance, ending a years-long regulatory overhaul of the fintech company. ($1 = 7.2097 Chinese yuan renminbi)Reporting by Casey Hall Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Ant's, Casey Hall, Bernadette Baum Organizations: Ant, Singapore FinTech Festival, REUTERS, Alibaba, HK, Ant Group, Thomson Locations: Singapore, SHANGHAI

☆ Seven oil service stocks are buys through year-end thanks to rising margins and fatter multiples, Goldman says
▼ + stars: | 2023-08-09 | by ( Scott Schnipper | ) www.cnbc.com time to read: +2 min

A pool of energy service stocks are likely to rally through year-end thanks to fatter profit margins leading to quarter-over-quarter earnings growth and higher price-to-earnings multiples, Goldman Sachs analysts said in a Tuesday note to clients. Service stocks as a whole have far outperformed the Energy Select Sector SPDR ETF this year, Goldman noted. OIH XLE 3M mountain Energy service ETF vs Energy ETF over past three months. SLB : SLB is benefiting from increased spending on oil and gas exploration and production in the Middle East. Other energy service stocks Goldman also rates a buy are Halliburton , MasTec and Expro Group Holdings .

Persons: Goldman Sachs, Goldman, Ati Modak, Brent, Baker Hughes, BKR, — CNBC's Michael Bloom Organizations: Energy, VanEck Oil Services, Companies, bbl, Weatherford, Halliburton, MasTec, Expro Group Holdings

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The ratings agency also warned that the sector's credit strength would likely be tested by funding risks and weaker profitability. Big banks Goldman Sachs (GS.N) and Bank of America (BAC.N) eased 0.8% and 1.4%, respectively, in premarket trading, while Bank of New York Mellon and U.S. Bancorp shed 2.3% each. "It also means that the concern that we had in March over those three bank defaults, is not over yet." Remarks by Philadelphia Fed President Harker and Richmond Fed President Barkin will be closely watched for cues about the U.S. central bank's rate path after mixed messages from New York Fed President John Williams and Fed Governor Michelle Bowman on Monday.

Persons: Brendan McDermid, Eli Lilly, Moody's, Goldman Sachs, Sam Stovall, Chris Montagu, Thursday's, Harker, Barkin, John Williams, Michelle Bowman, LLY.N, Zachary Kirkhorn, Elon Musk, Bansari Mayur Kamdar, Johann M, Sriraj Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Bank of New York Mellon, US Bancorp, Truist, Bank of America, U.S . Bancorp, U.S . Treasury, CFRA, Silicon Valley Bank, Signature Bank, Citi, Wall Street, Dow e, Philadelphia, Richmond Fed, New York Fed, United Parcel Service, Elon Musk ., Alibaba, Thomson Locations: New York City, U.S, Silicon, Richmond, New, Elon Musk . U.S, Bilibili, Bengaluru

☆ Fanatics and competitor Panini launch legal battle with a pair of lawsuits
▼ + stars: | 2023-08-07 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

The dispute comes down to licensing rights for professional sports league and their associated trading cards: Panini currently has the league and player union licenses to produce trading cards for the NBA and NFL. It's held those exclusive rights since 2009 and 2016, respectively. In its antitrust suit against Fanatics, Panini alleged that "Fanatics positioned itself to drive Panini and other potential competitors out of the market, and erected barriers to entry blocking their return." Fanatics claims Panini "embarked on a protracted, unlawful, and deceitful campaign of unfair trade practices, strong-arm tactics, and tortious misconduct to hamper Fanatics Collectibles' nascent business, in the hopes that it could force Fanatics Collectibles to pay an extortionate amount for Panini to terminate its licenses early." The move also helped to terminate a SPAC merger for Topps after it lost the MLB rights.

Persons: Brandon Igdalsky, Panini, countersued, It's, Silver Organizations: NASCAR, Pocono, Sports, NBA, NFL, Panini, International Olympic, MLB, Topps, Endeavor Group, Insight Partners, CNBC Disruptor Locations: Long Pond, PA

☆ SoftBank seen returning to profit as tech stocks gain
▼ + stars: | 2023-08-07 | by ( Anton Bridge | ) www.reuters.com time to read: +3 min

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. SoftBank is set to post net profit of 75 billion yen ($525 million) for April-June, showed the average of four analyst estimates compiled by Refinitiv. "Public valuations in tech are trending up again and I would expect private valuations to follow suit," said Bulk. Recent activity by SoftBank includes its creation of a joint venture to build automated warehouses and investment in insurance tech company Tractable. "SoftBank mandated Arm to reinvest all of its profit to enter new markets," New Street Research's Bulk said.

Persons: Issei Kato TOKYO, Masayoshi Son, Rolf Bulk, Refinitiv, Macquarie, Paul Golding, Anton Bridge, Sam Nussey, Christopher Cushing Organizations: SoftBank, REUTERS, Vision Fund, Alibaba, HK, New, Research, Vision, Analysts, Nvidia, Thomson Locations: Tokyo, Japan

☆ Australian competition regulator rejects $3.2 bln ANZ-Suncorp Bank deal
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Lucy CraymerAug 4 (Reuters) - Australia's competition regulator said on Friday it had denied authorisation for ANZ Group Holdings (ANZ.AX) to proceed with its proposed A$4.9 billion ($3.21 billion) acquisition of Suncorp Group's banking arm. The Australian Competition and Consumer Commission (ACCC) said it was not satisfied that the acquisition would not lessen competition in the supply of home loans to Australian customers. "Evidence we obtained strongly indicates that the major banks consider the second-tier banks to be a competitive threat," ACCC Deputy Chair Mick Keogh said in a statement. Keogh said the proposed acquisition would further "entrench an oligopoly" structure, with the country's four major banks dominating. "We believe the acquisition will improve competition, which will benefit Australian consumers, particularly in Queensland," ANZ said in a statement, noting that the ACCC's decision can be reviewed by the independent Australian Competition Tribunal.

Persons: Lucy Craymer, Mick Keogh, Keogh, Himanshi, Shri Navaratnam, Subhranshu Organizations: ANZ Bank, REUTERS, ANZ Group Holdings, Suncorp, Australian Competition, Consumer Commission, ANZ, Australian Competition Tribunal, Thomson Locations: Lambton Quay, Wellington , New Zealand, Melbourne, Queensland, Bengaluru

☆ Stocks making the biggest moves after hours: SolarEdge Technologies, Advanced Micro Devices, Starbucks and more
▼ + stars: | 2023-08-01 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

SolarEdge missed revenue expectations in its second quarter, posting $991 million compared to the expected $992 million from analysts polled by Refinitiv. Advanced Micro Devices — The chip stock jumped nearly 4% after Advanced Micro Devices reported better-than-expected quarterly results. Analysts polled by Refinitiv expected per-share earnings of 57 cents on revenue of $5.31 billion. The coffee chain reported fiscal third-quarter revenue of $9.17 billion, lower than the $9.29 billion estimated by analysts polled by Refinitiv. Devon Energy posted revenues of $3.45 billion, lower than the estimated $3.74 billion from analysts polled by Refinitiv.

Persons: SolarEdge, Refinitiv, — Pinterest, —, Samantha Subin Organizations: Technologies, Refinitiv, Devices, AMD, Starbucks, Virgin Galactic, Group, Devon Energy, Devon, Frontier Group Holdings, Electronic Arts, Caesars Entertainment

☆ Billionaire investor Loeb cuts bearish bets to avoid short squeezes
▼ + stars: | 2023-08-01 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

SALT brings together public policy officials, capital allocators, and hedge fund managers to discuss financial markets. REUTERS/Steve MarcusLONDON, Aug 1 (Reuters) - Billionaire investor Daniel Loeb has reduced the size of short bets on single named companies to limit the vulnerability of his hedge fund, Third Point, to short squeezes, he said in a letter on Tuesday. "The short-selling environment is much more challenging than it has been historically," said Loeb in the letter. Almost half of Loeb's net long exposure includes companies that will benefit from developments in artificial intelligence, the letter said. Elsewhere at Third Point, Loeb's corporate credit team returned a net 8.7% for the quarter after market instability in the March banking crisis created opportunities for the fund, Loeb said.

Persons: Daniel S, Loeb, Steve Marcus LONDON, Daniel Loeb, Ferguson, Nell Mackenzie, Amanda Cooper Organizations: Third, REUTERS, Pacific Gas and, Microsoft, HK, Offshore Fund, Web Services, Google, Thomson Locations: Las Vegas , Nevada, allocators

☆ Aussie competition regulator delays decision on ANZ's $3.3 bln Suncorp Bank buy
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Australia's competition regulator on Monday said it has delayed its decision on ANZ Group Holdings' (ANZ.AX) proposed A$4.9 billion ($3.30 billion) acquisition of Suncorp Bank (SUN.AX) by a week to August 4, and has requested a further extension of one week. "It is important that the ACCC has the opportunity to meaningfully consider the new information provided by ANZ and take it into account in its decision making," the regulator said. ANZ, the country's fourth-largest bank, in its response on Friday consented to an extension till August 4. This is the second time the regulator has sought an extension to its decision after the original deadline of mid-June was extended to late July. ($1 = 1.4865 Australian dollars)Reporting by Sameer Manekar in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Sameer Manekar, Varun Organizations: ANZ Group Holdings, Suncorp Bank, Australian Competition, Consumer Commission, ANZ, ACCC, Reuters, Thomson Locations: Bengaluru

☆ Opinion | Why California and Florida Have Become Almost Uninsurable
▼ + stars: | 2023-07-21 | by ( Peter Coy | ) www.nytimes.com time to read: +3 min

Wildfires in California and hurricanes in Florida produced lots of claims. The state Office of Insurance Regulation said last year that Florida accounted for 79 percent of the nation’s homeowners insurance lawsuits over claims filed while making up only 9 percent of the nation’s homeowners insurance claims. California is the only state that won’t allow insurers to use rising reinsurance costs to justify rate-hike requests. California’s FAIR Plan, short for Fair Access to Insurance Requirements, is backed by all the insurers licensed to operate in the state. If the FAIR Plan loses money, the state is entitled to assess the private insurers.

Persons: Nancy Watkins, It’s, Rex Frazier, ” Organizations: Howden Tiger, Howden Group Holdings, of Insurance, San, FAIR, Personal Insurance Federation of California Locations: California, Florida, London, Howden, San Francisco

☆ Premier urges Chinese tech giants to support economy as crackdown ends
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

After listening to suggestions from firms that also included PDD Holdings' (PDD.O) Pinduoduo and JD.com (9618.HK), Li told them authorities would seek to make regulation of platform firms more transparent and predictable. Shares in some U.S.-listed Chinese firms rallied in premarket trade, with Alibaba Group Holding gaining 2.2% and PDD Holdings rising 2.7%. Still Zhou Hao, economist at Guotai Junan International, said Wednesday's meeting was a "positive signal". "A sound development of the platform economy is very significant to investors too. Prudent development of platform firms is important to investors' long-term valuation," he added.

Persons: Li Qiang, Li, ByteDance's Douyin, Zhou Hao, Ella Cao, Brenda Goh, Ellen Zhang, Ethan Wang, Ryan Woo, Barbara Lewis, Mark Potter Organizations: Wednesday, HK, PDD Holdings, Alibaba, Ant, Reuters, Guotai, Thomson Locations: BEIJING, China, premarket

☆ Shopify to launch AI assistant for merchants
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

July 12 (Reuters) - Canadian ecommerce firm Shopify said on Wednesday it would soon launch an artificial intelligence assistant for merchants on its platform, the latest technology company to roll out such a feature. The assistant called "Sidekick" would be embedded as a button on Shopify and answer merchant queries, including details about sales trends, CEO Tobi Lutke illustrated in a video posted on Twitter. Companies such as Alibaba Group Holding , Zoom Video Communications (ZM.O) and Databricks have all launched AI assistants in the last few months following the massive jump in the use of OpenAI's chatbot ChatGPT. The assistant can also help entrepreneurs update their stores on Shopify. The feature is "coming soon", the video showed, without specifying the date when it would be rolled out.

Persons: Shopify, Tobi Lutke, Chavi Mehta, Shilpi Majumdar Organizations: Twitter, Companies, Alibaba, Video Communications, Thomson Locations: Bengaluru

☆ China's Alibaba unveils AI image generator to take on Midjourney and DALL-E
▼ + stars: | 2023-07-07 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

HONG KONG, July 7 (Reuters) - Alibaba Group Holdings Ltd (9988.HK) announced on Friday an artificial intelligence (AI) image generator, initially available to enterprise customers in beta form, as it ramps up its offerings in the fast-growing AI sector. The image generator, Tongyi Wanxiang, will compete with OpenAI's DALL-E and Midjourney Inc's Midjourney, U.S.-based rivals that have gained a large following worldwide. Alibaba Cloud, recently formed from a massive overhaul that split the Chinese tech major into six units, has also released a ChatGPT-like text generator, Tongyi Qianwen, which was launched in April. Baidu Inc (9888.HK) and SenseTime Group Inc <0020.HK > also recently unveiled AI image generators, although generative AI services have yet to receive regulatory approval for wide distribution in China. The Tongyi Wanxiang image generator, which roughly translates as "truth from tens of thousands of pictures", was revealed at the World Artificial Intelligence Conference in Shanghai on Friday.

Persons: Wanxiang, OpenAI's DALL, Inc's Midjourney, OpenAI's, chatbot, Josh Ye, Edmund Klamann Organizations: Alibaba Group Holdings, HK, McKinsey, Baidu Inc, SenseTime, Artificial Intelligence, Thomson Locations: HONG KONG, U.S, China, Shanghai

☆ UK set to ease stock market listing rules
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

Hunt will also seek to roll back a European Union-era securities law, Treasury said. UK is set to approve recommendations in Rachel Kent's Independent Research Report, paving the way for a new "Research Platform" to provide a one-stop-shop for firms looking for research experts, the statement added. UK had last year announced the launch of the Investment Research Review - an independent review of financial services investment research and its contribution to UK capital markets competitiveness, headed by Kent. The approval also sets the way for potentially removing unbundling rules – an inherited EU law that requires brokers to charge a separate fee for research. "We will not countenance tax cuts if they make the battle against inflation harder," the newspaper quoted Hunt as saying.

Persons: Jeremy Hunt, UK's, Hunt, Rachel, Hogan Lovells, Rishi Sunak's, Nilutpal, Chris Reese, David Gregorio, Shri Organizations: Finance, UK's Treasury, Treasury, Investment Research, Financial Times, Aviva Plc, Phoenix Group Holdings, City of London Corporation, FT, Thomson Locations: Union, Kent, Bengaluru

HONG KONG, July 7 (Reuters) - Alibaba Group Holdings (9988.HK) and Huawei Technologies Co on Friday showcased new products, including an artificial intelligence (AI) image generator and an AI model upgrade, as Chinese companies jostle for position in the global AI race. Alibaba Cloud, an Alibaba subsidiary, presented at the World Artificial Intelligence Conference in Shanghai an image generator named Tongyi Wanxiang that will initially be available to enterprise customers in beta form. Also on Friday, Huawei demonstrated the third iteration of its Panggu AI model at the start of its three-day annual developer conference in Dongguan. Alibaba's image generator will compete with OpenAI's DALL-E and Midjourney Inc's Midjourney, U.S.-based rivals that have gained a large following worldwide. Alibaba Cloud emerged from a massive overhaul announced in March that split the Chinese tech major into six units.

Persons: OpenAI, OpenAI's DALL, Inc's Midjourney, Alibaba, Josh Ye, Edmund Klamann, Barbara Lewis Organizations: Alibaba Group Holdings, HK, Huawei Technologies, Artificial Intelligence, Huawei, McKinsey, Alibaba, Thomson Locations: HONG KONG, Shanghai, Dongguan, U.S, Shenzhen

☆ National Australia Bank to change home loan refinancing criteria
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

July 7 (Reuters) - National Australia Bank (NAB) (NAB.AX) on Friday said it would refresh its approach to like-for-like refinancing criteria to help customers who would otherwise fail to meet an industry standard that assesses their ability to repay loans. Last month, top lender Commonwealth Bank of Australia (CBA.AX) cut its buffer rate for some borrowers refinancing their existing home loan to 1% from the industry standard of 3%. After NAB, ANZ Group Holdings (ANZ.AX) is the only bank left among the top four to ease refinancing loans criteria for customers unable to meet APRA standard. NAB said the changes to its refinancing criteria will apply from July 21, but added that it will take a "case-by-case" approach when assessing appropriate serviceability. Reporting by Himanshi Akhand and Sameer Manekar in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Himanshi Akhand, Sameer Manekar, Varun Organizations: National Australia Bank, NAB, Reuters, The, Prudential Regulation Authority, APRA, Reserve Bank, Commonwealth Bank of Australia, Westpac Banking Corp, ANZ Group Holdings, ANZ, Thomson Locations: Bengaluru

In its lawsuit filed in March aimed at stopping JetBlue's purchase of Spirit, the U.S. Justice Department (DOJ) cited as evidence JetBlue's alliance with American at airports in New York and Boston several times. Calling the partnership a "de facto merger," the DOJ argued that JetBlue's proposed purchase of Spirit, a Florida-based ultra-low cost carrier, would lead to further industry concentration. On Wednesday, JetBlue CEO Robin Hayes said ending the partnership with American has taken the DOJ's "misplaced" concerns off the table and would help when the Spirit case goes to trial in October. New York-based JetBlue, however, views the Spirit deal as a way to expand its domestic footprint amid persistent labor and aircraft shortages. American, Delta (DAL.N), United (UAL.O) and Southwest Airlines (LUV.N) control nearly 80% of the U.S. airline industry.

Persons: JetBlue's, Robin Hayes, Eleanor Fox, Fox, William Kovacic, James Speta, Speta, Rajesh Kumar Singh, Diane Bartz, David Shepardson, Richard Chang Organizations: JetBlue Airways, American Airlines, Spirit Airlines, U.S . Justice Department, DOJ, Wednesday, JetBlue, American, New York University School of Law, Spirit, Former Federal Trade, George Washington University, Virgin America, Alaska Air Group, LaGuardia, Frontier Group Holdings, Northwestern University, Northeast Alliance, Southwest Airlines, U.S, Thomson Locations: CHICAGO, WASHINGTON, American, New York, Boston, Florida, Boston . New York, New, U.S, Chicago, Washington

☆ Alibaba exploring options for video platforms Youku, Tudou -Bloomberg News
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: 1 min

July 4 (Reuters) - Alibaba Group Holding (9988.HK) is exploring options for its video streaming platforms Youku and Tudou, Bloomberg News reported on Tuesday, citing people familiar with the matter. One of the options under consideration is to inject the assets into Alibaba Pictures Group Ltd (1060.HK) and bolster the scope of the Hong Kong-listed company, Bloomberg reported. Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Jahnavi, Savio D'Souza Organizations: Bloomberg, Alibaba Pictures Group, HK, Thomson Locations: HK, Tudou, Hong Kong, Bengaluru

☆ China's eastern Hangzhou city signs comprehensive strategic agreement with Alibaba
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: 1 min

BEIJING/HONG KONG, June 29 (Reuters) - China's eastern Hangzhou city has signed a comprehensive strategic cooperation agreement with the e-commerce giant Alibaba Group Holding (9988.HK), according to a city government statement on Thursday. It is expected that Alibaba can expand its leading advantage in the platform economy, and reinvigorate the innovation momentum of digital trade, according to the statement. The eastern city also hopes that Alibaba could expand more new businesses and land more new projects in Hangzhou. Reporting by Ella Cao in Beijing and Meg Shen in Hong Kong; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: Ella Cao, Meg Shen, Toby Chopra Organizations: Alibaba, HK, Thomson Locations: BEIJING, HONG KONG, Hangzhou, Beijing, Hong Kong

☆ Factbox: Big banks stand strong against Fed's commercial real estate gloom
▼ + stars: | 2023-06-28 | by ( Michelle Price | ) www.reuters.com time to read: +3 min

WASHINGTON, June 28 (Reuters) - Big U.S. banks' commercial real estate portfolios put in a surprisingly good performance during the Federal Reserve's annual health checks, with losses declining slightly on last year, the central bank said on Wednesday. With risks growing in the commercial real estate (CRE) sector globally, analysts and investors were looking to the Fed's "stress tests" for more insight on how exposed the country's lenders are to falling real estate prices. Commercial real estate (CRE), especially offices, has been hit by interest rates hikes and workers choosing to stay at home. The Fed's annual bank "stress tests" established following the 2007-2009 financial crisis probe how lenders would fare against an extreme scenario: a 40% decline in commercial real estate values. The average projected CRE loan loss rate across the group was 8.8% of average loan balances, compared with 9.8% last year, the Fed said.

Persons: Goldman Sachs, Morgan Stanley, Charles Schwab, Michelle Price, Pete Schroeder, Stephen Coates Organizations: Federal, Moody's Investors Service, Bank of America Corporation, of New York Mellon Corporation, Barclays US, BMO Financial Corp, Financial Corporation, Charles, Charles Schwab Corporation, Citigroup Inc, Financial Group, Inc, Suisse Holdings, DB USA Corporation, Goldman, Goldman Sachs Group, JPMorgan Chase & Co, T Bank Corporation, Northern Trust Corporation, PNC Financial Services Group, RBC US Group Holdings, Street Corporation, US Holdings, Truist Financial Corporation, UBS, Holding, . Bancorp, & Company, Thomson Locations: Big U.S

☆ UK housebuilder Berkeley flags demand woes despite annual profit jump
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Berkeley Group Holdings (BKGH.L) on Wednesday posted a near-10% jump in annual profit even as the British high-end homebuilder warned of demand concerns and tough market conditions due to elevated levels of interest rates. Berkeleys' update comes at a time strengthening prospects of further Bank of England interest rate hikes have stymied hopes of a strong recovery in the UK housing sector as lenders withdraw or reprice mortgage offerings. CEO Robert Perrins said business continued to see good levels of enquiries, but flagged concerns about the trajectory of interest rate rises. Operating across London, Birmingham and the South of England, Berkeley reported a pre-tax profit for the year ended April 30 of 604 million pounds ($772.5 million), compared with 551.5 million pounds reported a year earlier. The homebuilder had forecast a pre-tax profit of about 600 million pounds.

Persons: homebuilder, Moody's, Robert Perrins, Aby Jose Koilparambil, Suban Abdulla, Sherry Jacob, Phillips, Sohini Organizations: Berkeley Group Holdings, Bank of, Thomson Locations: Bank of England, Berkeley, London, Birmingham, England, Bengaluru

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