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AdvertisementGiraffes might just be the next thing banned on China's social media. The post doesn't mention China and instead promotes US efforts to track down endangered giraffes in Africa using GPS technology. But on Weibo, China's version of X, the embassy's post mysteriously went viral, with 970,000 likes and 180,000 comments as of Tuesday evening. AdvertisementInvestors flooded the giraffe post last weekend with comments complaining about China's slumping stock market, as Bloomberg, CNN, and Reuters reported. Irate commenters were copy-pasting the headline of a state media article, published on the same day as the giraffe post, that said the "entire country is filled with optimism."
Persons: , Xi Jinping, Peppa, Long, haven't, Weibo Organizations: Service, Embassy, Bloomberg, CNN, Reuters, CSI, Beijing, China Digital Times, Business Locations: China, Africa, Weibo, Republic, China's
The regional bank reported disappointing earnings, stoking fears of commercial real estate trouble. AdvertisementA smaller lender is facing a firesale of its stock fueled by concerns about its stability, echoing the regional-banking problems last year that stoked fears of a full-blown financial crisis and commercial real estate meltdown. AdvertisementThe increases hit the value of their fixed-income and commercial real estate portfolios. In particular, commercial real estate is under pressure from ongoing remote working, tighter credit availability as lenders have pulled back, and higher debt costs, all of which have weighed on asset values. Treasury Secretary Janet Yellen told lawmakers this week she expects the commercial real estate pressures to "put a loss of stress" on property owners, although she expected it to be manageable, Bloomberg reported.
Persons: stoking, , stoked, NYCB, Banks, Moody's, Wall, Thomas Cangemi, pare, Janet Yellen Organizations: Community Bancorp, Service, New York Community Bancorp, Flagstar Bank, Signature Bank, Valley Bank, Silvergate, Bloomberg, Federal
Elon Musk's xAI thinks it can draw investors in with a unique selling point: the "Muskonomy." The AI company touted its access to Musk's companies in its pitch deck to investors, per Bloomberg. The deck cited Musk's track record and OpenAI's success as factors for investors to consider. AdvertisementElon Musk's AI startup, xAI, says investors should take a bet on the company because of its founder's track record as an entrepreneur. According to a pitch deck seen by Bloomberg, xAI was touting its access to Musk's network of companies, which it called the "Muskonomy."
Persons: Elon Musk's xAI, , Elon, xAI Organizations: Bloomberg, Service
Jeff Bezos is not far off overtaking Elon Musk to become the world's richest person once more. AdvertisementJeff Bezos is only about $8 billion away from overtaking Elon Musk as the world's wealthiest person following a surge in Amazon stock — and a slump for Tesla — this year. Meanwhile, Musk holds about 411 million Tesla shares, or a roughly 13% stake in the automaker, worth about $76 billion. It's certainly striking that Musk's net worth has crashed from about $340 billion at its peak in late 2021 to about $200 billion today. However, Tesla stock is still up more than six-fold since the start of 2020, while Amazon shares have less than doubled.
Persons: Jeff Bezos, Elon Musk, Mark Zuckerberg, Warren Buffett, , Tesla, Bezos, Musk, Mark Zuckerberg's, Buffett, Larry Ellison, Larry Page, Sergey Brin, Brin Organizations: Elon, Bloomberg, Service, Tesla, Amazon, SpaceX, Twitter, Big Tech, Meta, Berkshire Hathaway Locations: Delaware, Berkshire
Ukraine is limited to firing 2,000 artillery shells a day, roughly one-third of Russia's capacity, the country's defense minister, Rustem Umerov, said in a letter seen by Bloomberg. While Ukraine's Western allies stall, and US military aid is held up in Congress, Russia has ramped up production. AdvertisementMartin Herem, commander of Estonia's defense forces, told Bloomberg last week that he believes Russia is now capable of producing several million shells a year. Shell hunger is not a new problem for Ukraine — throughout the last year, soldiers often reported having to husband their ammunition supplies. Alongside further appeals to its allies, Ukraine has, in recent months, been refocusing on its domestic military production capacities.
Persons: Rustem Umerov, Umerov, Boris Pistorius, Celeste Wallander, Martin Herem Organizations: Bloomberg, EU, Politico, Ukraine —, Times, CNN Locations: Ukraine, Congress, Russia, London
In January, authorities pulled about a dozen moves to stabilize a stock market rout and to support the property sector. But China's economic data isn't encouraging, and investor confidence is still low. Investors are cautiousThe moves gave some support to Chinese markets, but investors are still cautious. China's economic data hasn't been rosy either. Consumer appetite for property is still lowStill, overall consumer appetite for the property market appears to be in the dumps.
Persons: , Hao Hong, Premier Li Qiang, Hong, Min Lan Tan, Tan Organizations: Service, Bloomberg, Grow Investment, Premier, Reuters, Investors, CSI, Securities Times, Estate Information Corp, Asia Pacific, UBS, Nikkei Locations: China, Beijing, Shanghai, Shenzhen, Guangzhou, Suzhou, Guangxi, Nikkei Asia
A judge just voided Elon Musk's $55 billion Tesla pay package. The ruling, which Tesla can appeal, threatens Musk's spot as the richest person in the world. AdvertisementElon Musk's wealth is facing a potential financial hit after a Delaware judge struck down the billionaire's $55 billion Tesla pay package on Tuesday, voiding the record-setting executive compensation plan. Without the $51.1 billion compensation plan, Musk's net worth would drop to roughly $154 billion, knocking him down several notches on the current list of the world's richest people, Bloomberg reported. His pay package centers around 304 million stock options in 12 tranches tied to a series of goalposts around the carmaker's financial growth, BI previously reported.
Persons: Tesla, , Elon, Musk, Jeff Bezos, He's, Bernard Arnault, tranches, Richard Tornetta, Greg Varallo, Delaware — Elon, Angela Reddock, Wright, Cynthia Augello, Joshua Tyler White, they're, They've Organizations: Elon Musk's, Bloomberg, Service, New York Times, SEC, Vanderbilt Locations: Delaware, French, Los Angeles, New York, China
Microsoft and OpenAI could be investing in a humanoid robotics startup, Bloomberg reported. The companies might be putting up to $500 million in Figure AI, the report says. AdvertisementMicrosoft and OpenAI are said to be exploring options to invest up to $500 million in a humanoid robotics startup, Bloomberg reported. OpenAI has previously invested in another humanoid robot startup called 1X Technologies, per Bloomberg. Figure AI was founded in 2022 by CEO Brett Adcock, per an Axios report.
Persons: , OpenAI, It's, Brett Adcock, He's, Jim Fan Organizations: Microsoft, Bloomberg, BMW, Service, Technologies, Boston Dynamics, Robotics, Nvidia, Business Locations: Tesla, LLMs
IBM wants its US managers to work in-person for at least three days a week, per Bloomberg. IBM CEO Arvind Krishna previously said that he wouldn't force employees to return to the office. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The tech giant is asking all of its US managers to report to an office or client location at least three days a week, per an internal memo seen by Bloomberg. This story is available exclusively to Business Insider subscribers.
Persons: Arvind Krishna, Organizations: IBM, Bloomberg, Staff, Service, Business
The US is headed for a debt "death spiral" if politicians don't rein in spending, Nassim Taleb said. "The Black Swan" author said debt troubles will continue if Congress can't"A debt spiral is like a death spiral," Taleb said at an event on Monday. AdvertisementThe US is facing a "death spiral" as a result of its mounting debt and the inability of politicians to confront the issue, according to "The Black Swan" author Nassim Taleb. In fact, rising debt in the US is a "white swan," Taleb said, and is an event that poses an obvious risk to markets versus a "black swan" event, which can occur without much warning. "A debt spiral is like a death spiral," he added.
Persons: Nassim Taleb, Swan, Taleb, , Per, Goldman Sachs Organizations: Service, Per Bloomberg, Universa Investments, Fed, Investors Locations: West, Congress
Billionaire Starwood CEO Barry Sternlicht sees losses on office properties hitting $1 trillion, per Bloomberg. Office values have plummeted as remote work proves to be a lasting legacy of the pandemic. AdvertisementThe ailing office market is headed for $1 trillion of losses, billionaire and Starwood Capital CEO Barry Sternlicht said. Per Bloomberg, Sternlicht said at the Global Alts conference in Miami Beach that US office properties, once a $3 trillion market, are worth about $1.8 trillion now. The cratering values have been the result of remote work being solidified as a lasting legacy of the COVID-19 era.
Persons: Barry Sternlicht, , Per, Sternlicht Organizations: Starwood, Bloomberg, Service, Starwood Capital, Per Bloomberg, Global, Business Locations: Miami Beach
Jamie Dimon said increasing taxes for the rich could enable tax cuts for lower-income workers. AdvertisementJPMorgan's CEO Jamie Dimon said that rich people should pay more taxes to help struggling lower-income Americans. Dimon, who has previously hinted that he could run for office, spoke about how the Earned Income Tax Credit or EITC could be expanded. The EITC is a refundable tax credit aimed at reducing some of the tax lower-income Americans have to pay annually. Dimon said that "there are so many tax breaks out there that shouldn't be there" for wealthy people.
Persons: Jamie Dimon, , Dimon, filers, Katherine Michelmore, University of Michigan's Gerald R Organizations: Center, Service, Bloomberg, National Bureau of Economic Research, University of Michigan's, Ford School of Public Policy Locations: New York, Washington
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA Kremlin spokesperson has denied a report that Russian President Vladimir Putin reached out to the US about talks on ending the war in Ukraine, Reuters reported. In response to questions about the report — and specifically if Putin would be willing to give up his demands over Ukraine's neutrality and NATO, Kremlin spokesperson Dmitry Peskov said it was "a wrong report." But Peskov told Bloomberg News, "President Putin has stated numerous times that Russia was, is and will continue to be open for negotiations on Ukraine." In November, Putin told G20 leaders that the war in Ukraine was a "tragedy" and that we must think about how to stop it, Reuters reported.
Persons: , Vladimir Putin, Putin, feelers, Adrienne Watson, Dmitry Peskov, Peskov Organizations: Service, Reuters, Business, Bloomberg, NATO, National Security, Kremlin, Bloomberg News Locations: Ukraine, Russia
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewMark Zuckerberg has been steering the ship since he cofounded Facebook almost 20 years ago. Unlike some of the other founding fathers of major tech firms, the Meta CEO has not yet handed over the reins to someone else. This story is available exclusively to Business Insider subscribers. Meta didn't respond to a request for comment from Business Insider.
Persons: , Mark Zuckerberg, Jeff Bezos, Larry Page, Zuckerberg, Josh Edelson, Linette Lopez, Andrew Bosworth, it's, It's, Bill Gates, Warren Buffett Organizations: Service, Facebook, Business, Meta, Getty, Bloomberg, Reality Labs, Microsoft, Berkshire Hathaway Locations: AFP, Berkshire
Chinese authorities are making moves to restore confidence in its battered stock markets. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Ugly corporate results could undermine Beijing's efforts to prop up investor confidence in China's stock markets, which have bled over $6 trillion in market value from 2021. AdvertisementNews that Beijing is trying to boost the investor confidence gave some upside to China's battered markets.
Persons: , it's, Morgan Stanley, Laura Wang, Catherine Chen, Nomura, Li Qiang Organizations: Service, Bloomberg, Reuters, CSI Locations: China, Beijing, Shanghai, Shenzhen
Read previewBernard Arnault, the world's third-richest person, is set to appoint two more of his children to LVMH's board, France's La Lettre first reported. The French billionaire plans to propose his sons Alexandre Arnault, 31, and Frédéric Arnault, 29, as board members, the reports say, quoting unnamed sources. Four of Arnault's five children will sit on the LVMH board if their appointments are confirmed. Arnault cofounded LVMH in the 1980s and is its CEO and chairman. In May 2023, he became the third person to be worth more than $200 billion, according to the Bloomberg Billionaires Index.
Persons: , Bernard Arnault, France's, Alexandre Arnault, Frédéric Arnault, Delphine, Bernard's, Antoine, It's, Arnault hasn't, LVMH, Alexandre, Vianney Le Caer, Louis Vuitton, Dior, Marc Jacobs, LVMH didn't, Donald Trump, he'd, Frédéric, Delphie, Dior Couture, Jean, Louis Vuitton's, Arnault, Elon Musk, Jeff Bezos Organizations: Service, Bloomberg, The Financial Times, Business, Novo Nordisk, Tiffany, New York Times, Mar, TAG, Christian Dior, Elon Locations: French, Danish, Swiss, LVMH
Read previewOne of Florida's highest-profile billionaires will no longer get state funds to help pay his legal fees, as a newly proposed bill from his allies unraveled on Monday. In 2022, the state spent $13.015 million in matching funds given out to candidates, including Gov. The new bill would modify the existing restrictions on releasing state funds to eligible presidential candidates who live in Florida. AdvertisementPayments for candidates' legal fees through the fund would be replenished by voluntary taxpayer donations collected through driver's license registrations. He claimed late last year that he has racked up $100 million in legal fees, The Hill reported.
Persons: , unraveled, Donald Trump, Florida State Sen, Ileana Garcia, Jimmy Patronis —, Trump, DeSantis, Ron DeSantis, kkc2yyqVK0, Garcia, @JimmyPatronis, Patronis, wieqYQ8Woq — Ileana Garcia, We've, — Donald Trump, that's Organizations: Service, Business, Fighters, state's Department of Financial Services, Florida State, Florida's, Bloomberg, Trump, Florida Republican, Fighters Fund, Free, Sunshine State, White, Gov, Department of Financial Services, Forbes Locations: Florida, New York, Washington, Atlanta, Free State of Florida, Citrus County
Read previewThe stash of liquid assets in Russia's national wealth fund has fallen over 44% since Moscow invaded Ukraine, according to a Bloomberg report of Russian finance ministry data on Wednesday. Meanwhile, the national wealth fund's total holdings tumbled 12% over the same period. The massive slump in the national wealth fund's liquid assets came as its holdings in Russian companies and in infrastructure bonds surged by 2 trillion rubles, per Bloomberg calculations. AdvertisementRussia's finance ministry also used around 3 trillion rubles from the fund to cover its budget deficit in 2023 after it doubled defense spending in the same period. Alex Isakov, an economist at Bloomberg Economics, said Russia's national wealth fund's liquid assets will last for another year or two if the country's oil export prices fall below $50 a barrel.
Persons: , Alex Isakov Organizations: Service, Bloomberg, Business, National, Bloomberg Economics Locations: Moscow, Ukraine, Russia, Russia's, Israel
Chinese EV maker BYD has unveiled its new AI-powered Xuanji smart car system. It's part of a $14 billion smart car bet that includes hands-free driving. BYD passed Tesla as the world's biggest EV maker and is now chasing Elon Musk's company on AI. AdvertisementBYD has overtaken Tesla as the world's largest EV maker. The Chinese EV maker unveiled its AI–powered Xuanji smart car system at its "Dream Day" event on Tuesday as it made a big bet on artificial intelligence.
Persons: BYD, Tesla, Elon, , it's eyeing Elon, Wang Chuanfu, Warren Buffett, Elon Musk Organizations: Elon Musk's, Service, Reuters, South China Morning, Bloomberg, Business Locations: Shenzhen
Read previewApple has found a new workaround for the import ban on its latest Apple Watch models. The company will remove blood oxygen functionality from its Apple Watch Series 9 and Ultra 2 if its appeal of the import ban is unsuccessful, Bloomberg's Mark Gurman reported. Related storiesMedical device maker Masimo has claimed certain Apple Watch models infringe on its blood oxygen monitoring technology patents. Apple told Business Insider the Apple Watch Series 9 and Ultra 2 are still available with the blood oxygen tool. The import ban on Apple's latest smartwatches initially took effect on December 26.
Persons: , Bloomberg's Mark Gurman, Masimo Organizations: Service, Apple Watch, Business, Apple, Customs, US International Trade, Bloomberg, US Customs, Appeals, Federal Circuit
Wall Street's rocky start
  + stars: | 2024-01-16 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIn today's big story, we're looking at how there are still plenty of risks in the market despite big expectations. What's on deck:Chip Somodevilla/Getty ImagesOne of the best indicators of the year ahead comes from banks' Q4 earnings. BI's finance team has a roundup of the biggest Wall Street firms' earnings reports and what it means for their hiring plans.
Persons: Donald Trump, Vivek Ramaswamy, , Chip Somodevilla, BI's Michelle Abrego, Rebecca Ungarino, Kevin O'Leary, Mark Davis, Goldman, Sharmin, Rahmani, Morgan, Steve Cohen, Sundar Pichai, Boris Streubel, Rebecca Zisser, Apple, Mike Katz Organizations: Republican, GOP, Service, Citi, JPMorgan, BlackRock, Staff, Getty, Goldman Sachs Wealth, New York Mets, Google, Hertz, Business, Bloomberg Locations: Iowa, Google's Berlin, San Diego, Austin
Apple plans to host demos for its $3,500 Vision Pro at Apple Stores. Users will be shown how to view images and videos while wearing the headset, Bloomberg reported. AdvertisementApple recently announced that it was offering up free demos of its much-anticipated mixed-reality headset, Vision Pro. Apple retail workers will start by fitting users with a headset and explaining how the interface works. Once the headset is on, users will be shown how to view still, panorama, and 3D images that Apple calls "spatial photos," per Bloomberg.
Persons: Organizations: Apple Stores, Bloomberg, Service, Apple, Employees, Digital
AdvertisementChinese billionaire Tianqiao Chen is the US' 82nd-biggest individual landowner according to the latest edition of The Land Report. Chen owns 198,000 acres of timberland in central Oregon through his investment group – Shanda Asset Management – per the ranking. Related storiesThe land is currently owned by Shanda Asset Management, The Land Report said, citing Oregon tax records. Shanda Asset Management is a branch of the Shanda Group, an investment firm. As well as the land in Oregon and Ontario, Shanda Asset Management owns real estate in China.
Persons: Tianqiao Chen, , Chen, Bend . Chen, Canadian Irving, Chrissy Organizations: Deschutes National Forest, Shanda Interactive Entertainment, Service, Forest, Bend ., Business, Fidelity National Financial Ventures, Forest Resources, Deschutes Land Trust, Shanda Asset Management, Shanda, Management, Bloomberg, Nasdaq, Shanda Group Locations: timberland, Oregon, Deschutes, Bend, Ontario, Canada, Canadian, China
A war over Taiwan could wipe out 6.7% from the US economy in its first year, according to a Bloomberg Economics analysis. AdvertisementThe US economy could take a major hit if war breaks out over Taiwan, according to a Bloomberg Economics analysis published on Tuesday. US GDP could take a 6.7% hit in the first year of conflict if Washington gets drawn into the war, Bloomberg forecasts. AdvertisementOverall, a war over Taiwan could hit the world's economy to the tune of $10 trillion — or about 10% of global GDP — Bloomberg forecasts. Bloomberg Economics' analysis is based on geopolitical considerations and economic modeling.
Persons: , Xi Jinping, William Lai Ching, Lai, Vishnu Varathan Organizations: Bloomberg, Service, Democratic Progressive Party, Mizuho Bank Locations: Taiwan, China, Washington, South Korea, Japan, Beijing, Asia
Read previewA bluefin tuna sold for 114.2 million Japanese yen, or nearly $800,000, at Tokyo's largest fish market is set to be served at a Michelin-starred restaurant in Japan. The prized tuna will be enjoyed by diners at the Michelin-starred sushi restaurant Onodera in Tokyo's upmarket Ginza district, reported The Japan Times. Media crowd around as a 524 pound bluefin tuna - which was purchased earlier in the day for $788,440 at the first tuna auction of the New Year in Tokyo on January 5, 2024. The world record price for a tuna was set in 2019, when the sushi tycoon and "Tuna King," Kiyoshi Kimura, paid $3.1 million for a 612-pound fish. AdvertisementDerek Wilcox, a chef trained in Japan and who worked there for 10 years, previously told Business Insider that bluefin tuna was "the most sought after."
Persons: , Hiroki Matsushita, Yukitaka Yamaguchi, Bluefin, RICHARD A, BROOKS, Kiyoshi Kimura, Kimura, Derek Wilcox Organizations: Service, Michelin, Bloomberg, Business, Onodera Group, Japan Times, Media, Getty, Japan National Tourism Organization, AFP, Oma Locations: Japan, Aomori Prefecture, Ginza, Tokyo, AFP
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