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☆ Western Digital, Japan's Kioxia restart merger talks - Bloomberg News
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Jan 4 (Reuters) - Memory chip maker Western Digital Corp (WDC.O) and Japan's Kioxia Holdings Corp have restarted merger talks, Bloomberg News reported on Wednesday, citing sources familiar with the matter. Kioxia, which was spun off from Toshiba Corp (6502.T), and Western Digital operate a joint flash memory chip plant in central Japan's Yokkaichi. When asked about the report, Kioxia said that it does not comment on market rumours or speculation, while Western Digital did not immediately respond to a Reuters request for comment. U.S.-based memory chip firm Western Digital said in June that it was reviewing strategic alternatives, including options for splitting off its flash-memory and hard disk drive businesses. Reporting by Akash Sriram in Bengaluru; Additional reporting by Rishabh Jaiswal; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Traders who bet against stocks made a killing in 2022, as short sellers netted $300 billion
▼ + stars: | 2023-01-05 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

But even with the huge win in 2022, short sellers still lag in recent history. Shorted stocks had a return of 30.8% in 2022, said Ihor Dusaniwsky, the firm's managing director of predictive analytics. That means short sellers outperformed the broader market, which suffered its biggest losses since 2008. When an investor sells a stock "short" they borrow shares from a broker and sell them in hopes of buying the stock back later at a lower price. Short sellers still needed to be good stock pickers in 2022 as different sectors and individual holdings could produce vastly different results, Dusaniwsky said.

☆ This fund partially dodged market volatility by leaning on fixed income in 2022
▼ + stars: | 2023-01-02 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

But the Janus Henderson Investors' Balanced Fund has been able to shield itself from at least part of the year's volatility by reducing exposure to equities and leaning more on fixed income. Fixed income accounted for about 44%. "This year has been tricky, obviously, because there's been such a high correlation between fixed income and equity returns," he said. Within fixed income, Buckley said the fund has been more conservative by reducing exposure to corporate credit. Despite the challenges of 2022, Buckley is optimistic about 2023.

New York CNN —After years of legal battles, pontificating and theorizing, former President Donald Trump’s tax returns from 2015 to 2020 are now part of the public record. However, Trump’s tax returns raise numerous questions about the former president’s finances, his business activities, foreign ties and his charitable donations, among other issues. The tax returns do not show what the bank account was used for or how much money passed through it or to whom. The tax returns don’t say how much he lent them or why he gave them loans in the first place. Since 1977, the Internal Revenue Service has had a policy of auditing every president’s personal tax returns while they are in office.

☆ Japan's Cosmo extends oil production deal with Qatar Energy
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 23 (Reuters) - Japan's Cosmo Energy Holdings Co Ltd (5021.T) said on Friday it has signed a new agreement with Qatar Energy to continue its operation in the Al-Karkara and A-Structures oil fields, which came into effect after the expiry of the current contract this month. Japan's Qatar Petroleum Development (QPD), 75% owned by Cosmo Energy Exploration & Production and 25% by trading house Sojitz Corp (2768.T), has been developing and producing crude oil in the fields, located offshore Qatar, for 25 years since the signing of the current contract in 1997. Japan's third-biggest oil refiner declined to comment on details of the new agreement, but it is a 5-year agreement, succeeding the development and production sharing agreement signed in Dec. 1997, Qatar Energy said in a separate statement. The fields started production in March 2006, and since then have produced a total of 33.5 million barrels of crude oil, according to Qatar Energy. Cosmo's oil output stood at 45,157 barrels per day in the financial year ended in March 2022, a company spokesman said.

☆ Beware these stocks: Analysts see a rough year ahead for these companies
▼ + stars: | 2022-12-19 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

CNBC Pro looked at stocks that are poised to lose the most in 2023 based on the average analyst price target, according to FactSet. Asset manager Franklin Resources has the most downside next year, set to lose 12%, according to the average analyst price target on FactSet. Also making the list is food giant General Mills , which has nearly 8% downside to the average analyst price target. The stock has nearly 7% downside to the average analyst price target, per FactSet. Lastly, Etsy has nearly 4% downside to the average analyst price target.

☆ Avaya nears chapter 11 bankruptcy filing - WSJ
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - IT firm Avaya Holdings Corp (AVYA.N) is reaching a chapter 11 bankruptcy filing to restructure its balance sheet, in a bid to turn around its business and move past accounting problems, the Wall Street Journal reported on Thursday. Earlier this week, it said it was in talks with its financial stakeholders regarding a comprehensive resolution to strengthen its balance sheet. Another plan, supported by holders of Avaya's unsecured bonds, proposes to restructure the company out of court, including by issuing new bonds and loans to retire some old debt, the report said. Avaya's shares have fallen nearly 97% this year, crimping its market cap to around $45 million from more than $2 billion a year ago. Reporting by Anirban Chakroborti and Eva Mathews in Bengaluru; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

Avaya Holdings Corp. is nearing a chapter 11 bankruptcy filing to restructure its balance sheet as it looks to turn around its business and move past problems surrounding the company’s accounting, people familiar with the matter said. Avaya disclosed earlier this week it has reviewed various restructuring proposals from competing creditor groups. One plan, supported by a senior lender group including Apollo Global Management , would significantly reduce Avaya’s debt load through chapter 11, wipe out shareholders and, pending the completion of an internal investigation into controls over financial reporting, provide directors and executives with releases from potential litigation.

☆ The 'ultimate buy-and-hold' investment fund is beating 96% of its competitors this year — with the same stocks it's held since 1935. Here's how the risk aversion born after the Great Depression is sti
▼ + stars: | 2022-12-15 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +6 min

The Voya Corporate Leaders Trust Fund hasn't actively changed its strategy or holdings since 1935. Nearly a century after its inception, the Voya Corporate Leaders Trust Fund (LEXCX) is still going strong. That's why Client Portfolio Manager Christina Bargeron believes that the Voya Corporate Leaders Trust Fund was an unprecedented investment vehicle at its time — the "first truly passive offering" available to investors. "It's almost like taking a bet on your outlook for Union Pacific and energy," Bargeron explained. But going forward, Voya has no plans at all to change the guidelines for the Corporate Leaders Trust Fund.

CNN —The body of Lemekani Nathan Nyirenda, a fighter recruited by the mercenary group Wagner for combat operations in Ukraine, was returned to Zambia on Sunday. The body was received by Nyirenda’s family and foreign ministry officials, the ministry stated in a series of tweets Sunday. A relative of Lemekani Nyirenda, who died in the conflict in Ukraine in September, is consoled as his coffin arrives at the Kenneth Kaunda International Airport in Lusaka on Sunday. A hearse carrying the remains of Lemekani Nathan Nyirenda at Lusaka's Kenneth Kaunda International Airport. Salim Dawood/AFP/Getty ImagesFlorence Nyirenda, Lemekani Nyirenda's mother, is comforted by family members at the airport in Lusaka, on December 11.

☆ GE Healthcare Plans to Reduce Debt and Costs, Pursue Tuck-In Acquisitions
▼ + stars: | 2022-12-08 | by ( Nina Trentmann | ) www.wsj.com time to read: +5 min

As a stand-alone company, GE Healthcare will also look to improve its working capital and lower logistics costs, Mr. Zodl said. GE Healthcare will also take a look at its real estate holdings and target over 100 sites, executives said. Ratings firms S&P Global Ratings, Fitch Ratings and Moody’s Investors Service have all given GE Healthcare an investment-grade rating. PREVIEWApart from reducing debt and costs, GE Healthcare will scout for potential tuck-in acquisition targets, Chief Executive Peter Arduini said. GE retains a 19.9% stake in GE Healthcare.

☆ Canada police suspends contract with China-linked company
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

Radio-Canada reported on Wednesday that Ottawa had awarded a contract worth about C$550,000 ($404,950) for a radio frequency filtering system to Ontario-based Sinclair Technologies in 2021. The equipment's uses include protecting the RCMP's land-based radio communications from eavesdropping, according to the report. Sinclair Technologies is a unit of British Columbia-based Norsat International, which was bought by Hytera Communications (002583.SZ) in 2017. The U.S. Federal Communications Commission has Hytera on its list of foreign communications equipment and service providers deemed threats to U.S. national security. Mendicino's spokesperson said the contract had been suspended, but declined to provide details.

☆ 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.

☆ What Cramer is watching Tuesday — Nasdaq tough year, seasonal oil strength, P&G looking good
▼ + stars: | 2022-11-22 | by ( Jim Cramer | ) www.cnbc.com time to read: +5 min

Citi lowers DVN price target by $2 pe share to $78; keeps buy rating. Piper Sandler cuts Club holding Amazon (AMZN) price target to $119 per share from $125. Honeywell (HON), also a Club stock, is an underappreciated tech franchise, JPMorgan says. Zoom Video (ZM) catches multiple price target cuts on Wall Street. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ These are the hard lessons we learned this year — and what we got right
▼ + stars: | 2022-11-17 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

First, let's look at three tough lessons we learned and how we managed through the turmoil. Second, we'll discuss three investments that were right for this market and challenged macroeconomic backdrop. If inflation doesn't cool enough, the Fed will likely remain hawkish, and if Bullard is right rates could end up much higher. When China last week reduced quarantine time for international travelers, Club holdings Estee Lauder (EL), Wynn Resorts (WYNN) and Starbucks (SBUX) got a boost. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Asian hedge funds amassed China's Pinduoduo, ditched JD.com in Q3
▼ + stars: | 2022-11-16 | by ( Summer Zhen | ) www.reuters.com time to read: +3 min

HONG KONG, Nov 16 (Reuters) - Some of Asia’s largest hedge funds scooped up large stakes in Chinese e-commerce giant Pinduoduo in the third quarter while cutting holdings in its rival JD.com, according to their latest regulatory filings. Pinduoduo, the e-commerce platform known for selling inexpensive goods, in September launched its first overseas site in the United States. JD.com ADRs and Hong Kong shares (9618.HK) fell more than 20% each in the third quarter. As for JD.com, it is a pure domestic play with a higher correlation to overall trends in Chinese markets, analysts say. They also say investors could be moving their holdings in JD.com ADRs to Hong Kong-listed ones to hedge U.S. delisting risks.

☆ Surf Air confidentially files for direct listing after ending SPAC deal
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

Nov 16 (Reuters) - Electric aviation and regional air travel company Surf Air Mobility said on Wednesday it had confidentially filed for a direct listing in the United States after terminating its $1.42 billion merger deal with a blank check firm. This comes as shares of several companies that listed through special purpose acquisition companies (SPAC), including Grab Holdings Ltd (GRAB.O) and BuzzFeed Inc (BZFD.O), have slumped this year as economic conditions worsen. The deal with SPAC Tuscan Holdings Corp II (THCA.O), which would have fetched Surf Air $467 million in cash proceeds, was called off mutually, the companies said. A special purpose acquisition company (SPAC) is a listed company lacking an inherent business model, formed solely to take other companies public via mergers. Reporting by Anirban Chakroborti and Niket Nishant in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Investors Cheer Beijing’s Plan to Support China’s Housing Market, but Challenges Remain
▼ + stars: | 2022-11-14 | by ( Rebecca Feng | ) www.wsj.com time to read: 1 min

China’s central bank and banking regulator have issued a series of measures aimed at supporting the property market. Global investors applauded China’s new plan to resuscitate its ailing housing market, even as economists said the battered sector is unlikely to rebound quickly from its deep slump. Shares of Chinese property developers surged on Monday. Country Garden Holdings Co., one of the country’s largest real-estate companies by contracted sales, jumped 46% in Hong Kong, taking its gains this month to more than 200%. A Hang Seng subindex of Chinese property stocks rose more than 13%.

☆ Japan's Seven & i to sell Sogo & Seibu unit to U.S. fund Fortress
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 11 (Reuters) - Japan's Seven & i Holdings Co Ltd (3382.T) said on Friday it will sell its Sogo & Seibu department store unit to U.S. fund Fortress Investment Group. The transfer price will be based on 250 billion yen ($1.77 billion) in enterprise value for Sogo & Seibu, adjusted by net debt and working capital, Seven & i said in a release. Electronics retailer Yodobashi Holdings will be a partner in the deal with Fortress, which is controlled by Japan's SoftBank Group Corp (9984.T). Yodobashi is expected to set up outlets within Sogo & Seibu locations, the Nikkei newspaper reported earlier this week. Seven & i shares rose 0.3% in Tokyo trading compared with a 3% jump in the benchmark Nikkei (.N225) index.

☆ Japan's Toshiba slashes profit outlook after second-quarter slump
▼ + stars: | 2022-11-11 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +2 min

TOKYO, Nov 11 (Reuters) - Toshiba Corp (6502.T) on Friday cut its full-year operating profit outlook after a 75% slump in second-quarter profit - dismal results that heighten the uncertainty surrounding its prospects for a buyout deal. It cut its profit forecast for the year ending in March by roughly a quarter to 125 billion yen ($885 million). Kioxia Holdings Corp, a memory chip maker some 40% owned by Toshiba, has also said it would cut production by about 30% from in October. For the July-September quarter, Toshiba posted an operating profit of 7.5 billion yen ($53.2 million). That was far short of a Refinitiv consensus estimate of 36.9 billion yen from four analysts.

☆ Japan's Seven & i Holdings to sell Sogo & Seibu unit to Fortress -sources
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Nov 11 (Reuters) - Japan's Seven & i Holdings Co Ltd (3382.T) has decided to sell its Sogo & Seibu department store unit to U.S. fund Fortress Investment Group, people familiar with the matter said on Friday. Seven & i held an extraordinary board meeting on Friday to decide on the sale to the SoftBank Group Corp (9984.T) controlled fund, the people said. Reporting by Mariko Katsumura, Ritsuko Shimizu and Rocky Swift; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ NTT, Kioxia to invest in new Japan-backed logic semiconductor firm - TV Tokyo
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of NTT (Nippon Telegraph and Telephone Corporation) is displayed at the company office in Tokyo, Japan September 29, 2020. REUTERS/Issei KatoTOKYO, Nov 10 (Reuters) - Japanese companies, including Nippon Telegraph and Telephone Corp (9432.T) and Kioxia Holdings Corp, have decided to invest in a new government-backed company that aims to mass-produce next-generation logic semiconductors, TV Tokyo reported on Thursday. Other companies, including Toyota Motor Corp (7203.T), Sony Group (6758.T), SoftBank (9434.T) and Denso Corp (6902.T), also plan to invest about 1 billion yen ($6.84 million) each into the new company, the Nikkei newspaper reported separately. Japan's government will set up a new research centre by the end of 2022 to develop sub 2-nanometer semiconductors, which will be led by a former Tokyo Electron Ltd (8035.T) president, TV Tokyo also said. ($1 = 146.2800 yen)Reporting by Kantaro Komiya; Editing by Jan Harvey and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese property stocks soar on fresh regulatory support
▼ + stars: | 2022-11-09 | by ( Xie Yu | Clare Jim | ) www.reuters.com time to read: +2 min

HONG KONG (Reuters) -Chinese property developers’ share prices surged on Wednesday after regulators expanded a financing programme aimed at supporting bond issuance in the crisis-ridden sector. REUTERS/Aly SongCIFI Holdings (Group) Co Ltd soared 40% while Country Garden Holdings Co Ltd surged 23%. The National Association of Financial Market Institutional Investors late on Tuesday said it will widen a programme to support about 250 billion yuan ($34.5 billion) worth of debt sales by private firms, including property developers. The move comes as cash-strapped property developers struggle to tap sources of funding to finish projects and pay suppliers. Still, there will likely be more defaults given weak recovery in property sales, Chen said.

☆ 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.

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