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"But at the same time, it just puts the Fed in a position where they've got more work to do." Wall Street's main indexes ended sharply lower in a broad selloff in the previous session, with the benchmark S&P 500 posting its biggest daily percentage drop in six weeks, after employment data on Thursday showed the number of jobs more than doubled in June. Six of the 11 major S&P 500 sectors advanced in mid-day trading, with commodity stocks such as energy (.SPNY) and materials (.SPLRCM) up over 1% each and outperforming the broader market. Among other movers, the S&P 500 banking index (.SPXBK) gained 1.4%. The S&P index recorded three new 52-week highs and four new lows, while the Nasdaq recorded 28 new highs and 49 new lows.
Persons: Levi Strauss, we're, Steve Wyett, they've, Austan Goolsbee, Russell, Wells, Tesla, Bansari Mayur Kamdar, Johann M, Caroline Valetkevitch, Shinjini Organizations: Dow, Nasdaq, BOK, Traders, Chicago Fed, Dow Jones, JPMorgan Chase, Citigroup, Alibaba, Ant Group, NYSE, Thomson Locations: Beijing, Washington, China, Bengaluru
Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The National Financial Regulatory Administration (NFRA), a new government body under the State Council, is now the primary regulator to grant Ant the license, they added. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.
Persons: China c.bank, Ant, Ping, Rukim Kuang, Jeffrey Towson, Jack Ma, China's, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Tenpay, Alibaba, Hong Kong, Lens Consulting, Communist Party, Financial Regulatory Administration, State Council, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA
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Persons: Dow Jones
The National Financial Regulatory Administration (NFRA), a new government body under the State Council, is now the primary regulator to grant Ant the license, said the sources. PENALTY FOLLOWS MA'S RETURN TO CHINAThe final amount of the fine has been revised to at least 8 billion yuan, the sources said. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they had in mind initially. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations. ($1 = 7.2439 Chinese yuan renminbi)Reporting by Julie Zhu and Jane Xu; Additional reporting by Jason Xue; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.
Persons: Alibaba, Rukim Kuang, Jack Ma, Ant, China's, Pan Gongsheng, Didi Global, Julie Zhu, Jane Xu, Jason Xue, Muralikumar Organizations: Alibaba Honk, Ant Group, People's Bank of China, Reuters, Alibaba, HK, Lens Consulting, Communist Party, Financial Regulatory Administration, State Council, Thomson Locations: HONG KONG, Hong Kong, Ant's, Beijing, CHINA, China
"Today's numbers confirm the job market is still strong... and this report gives the green light to the Fed to raise rates," said Peter Cardillo, chief market economist at Spartan Capital Securities. Five out of the 11 major S&P 500 sectors declined in early trading on Thursday. Wall Street's main indexes ended sharply lower in a broad selloff, with the benchmark S&P 500 posting its biggest daily percentage drop in six weeks. Among other early movers, the S&P 500 banking index (.SPXBK) gained 1%. The S&P index recorded one new 52-week highs and three new lows, while the Nasdaq recorded 13 new highs and 22 new lows.
Persons: Levi Strauss, Dow, Peter Cardillo, we're, Wells, Tesla, Bansari Mayur Kamdar, Johann M, Caroline Valetkevitch, Shinjini Organizations: Nasdaq, Fed, Spartan Capital Securities, Traders, Dow Jones, JPMorgan Chase, Citigroup, Alibaba, Ant Group, NYSE, Thomson Locations: Beijing, Washington, China, Bengaluru
The Levi Strauss & Co. label is seen on jeans in a store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. Check out the companies making the biggest moves before the bell:Levi Strauss — The apparel retailer fell 7.7% after slashing its profit outlook for the year postmarket Thursday. Levi now expects adjusted earnings per share of $1.10 to $1.20 for the year, down from $1.30 to $1.40 previously. Alibaba — U.S. listed shares of the Chinese ecommerce retailer gained about 3% before the opening bell. First Solar - Shares added 1.7% after the solar company secured a five-year revolving credit and guarantee facility worth $1 billion.
Persons: Levi Strauss, Levi, Alibaba, Ant, Wanxiang, JPMorgan Chase, Tesla, Twitter, , Jesse Pound, Sarah Min Organizations: Woodbury, and Drug Administration, Medicare, Reuters, Ant Group, JPMorgan, Bloom, Bloom Energy, RBC Capital Markets, Costco —, Costco, Meta Locations: Central Valley , New York, U.S, Alibaba —, China, Shanghai
CNBC Daily Open: Jobs are still growing uncontrollably
  + stars: | 2023-07-07 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The ADP jobs report doesn't necessarily give a good estimate of the Department of Labor's jobs report. Worst days and plunging profitsU.S. stocks fell Thursday as traders grew concerned over what the scorching hot ADP jobs report means for interest rates. But there are six U.S.-listed Chinese stocks that Morgan Stanley says have the potential to rise dramatically — one's a chipmaker that can soar 80%.
Persons: Dow Jones, Korea's Kospi, Janet Yellen, Yellen, Morgan Stanley Organizations: CNBC, Department, Samsung Electronics, Reuters, Treasury, U.S ., Treasury Department, Economist Intelligence Unit Locations: Asia, Pacific, Hong Kong, China, Beijing, U.S, Japan, South Korea, Philippines, Taiwan
Taipei/London CNN —China’s top financial regulators have fined Ant Group — the fintech firm founded by billionaire Jack Ma — about 7.1 billion yuan ($994 million) for breaking rules related to consumer protection and corporate governance. “We will comply with the terms of the penalty in all earnestness and sincerity and continue to further enhance our compliance governance,” Ant Group said in a statement. Ant Group is an affiliate of e-commerce giant Alibaba, which was also founded by Ma. In April 2021, Alibaba was fined 18.2 billion yuan ($2.5 billion) — a record for China — for behaving like a monopoly. Separately, China’s financial regulators also announced a fine of nearly 3 billion yuan ($415 million) for Tenpay, Tencent’s (TCEHY) online payment platform, according to information posted on the PBOC website on Friday.
Persons: London CNN —, Jack Ma —, Alibaba, Guo Shuqing, Ma Organizations: London CNN, Ant, China Securities Regulatory Commission, People’s Bank of China, National Financial Regulatory Administration, Ma, Communist Party, China, People’s Bank of, Xinhua, Ant Group Locations: Taipei, London, China, People’s Bank of China
Chinese authorities announced a fine of nearly $1 billion for financial technology firm Ant Group on Friday, nearly three years after regulators halted the company’s plan for a record-breaking public offering that ushered in a period of intense government scrutiny of technology firms. The fine announced by China’s top securities regulator is seen as a sign that the authorities are wrapping up investigations into technology firms, bringing to a close a period of tough regulation for the industry. Officials said earlier this year that they would start to relax oversight of tech firms. The 2020 crackdown on Ant was followed by a record $2.8 billion antitrust fine for e-commerce giant Alibaba, Ant’s sister company, and a $1.2 billion penalty for ride sharing service Didi. Regulators fined Ant and its subsidiaries 7.1 billion renminbi ($985 million), and ordered the company to shut down its crowdfunding platform for medical costs, Xianghubao.
Persons: Ant’s, Didi, Ant, Organizations: Ant Group, China’s, Xianghubao, Regulators
Rivian Automotive — The electric vehicle maker popped more than 16% after Wedbush raised its price target on shares to $30 from $25, citing an improved outlook. Levi Strauss — Shares of the jeans maker slumped 6.7% after the company cut its full-year profit forecast on Thursday. Levi Strauss now expects an adjusted $1.10 to $1.20 per share compared to a previous range of $1.30 to $1.40. First Solar — The solar company climbed 4.6% after receiving a five-year revolving line of credit as well as a guarantee for a $1 billion facility. The firm said it sees sales of TG Therapeutics' treatment for relapsing forms of multiple sclerosis, Briumvi, to come in above expectations for the second quarter.
Persons: Alibaba, Wedbush, Levi Strauss —, Levi Strauss, Cantor Fitzgerald, DraftKings, Jefferies, CNBC's Hakyung Kim Organizations: Reuters, Ant Group, JPMorgan, Therapeutics, TG Therapeutics, Food and Drug Administration Locations: Chicago , Illinois, Alibaba —, Thursday's
China's central bank hit Alibaba affiliate Ant Group with a 7.12 billion yuan fine ($985 million) on Friday. Alibaba owns around a 33% stake in Ant Group, and Chinese billionaire Jack Ma is the founder of both firms. In its Friday statement, the PBOC said that most of the outstanding problems in the financial business of so-called platform companies, such as Ant Group, have been rectified. Ant Group said in a statement on Friday that it will "comply with the terms of the penalty in all earnestness and sincerity and continue to further enhance our compliance governance." A possible listing for Ant Group is likely now in the spotlight, although the company's valuation has dropped significantly over the last two and a half years.
Persons: Ant, Alibaba, Jack Ma Organizations: Ant, People's Bank of China, Ant Group, Authorities Locations: Beijing, China
All clear to invest in China? Tech stocks jump after fine levied
  + stars: | 2023-07-07 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAll clear to invest in China? Tech stocks jump after fine leviedCNBC's Melissa Lee and the 'Fast Money' traders discuss China levying fines of $1 billion against Ant and Tencent.
Persons: Melissa Lee, Ant Organizations: Tech Locations: China
A visitor is seen at the Ant Group booth during the opening of 2023 World Artificial Intelligence Conference in Shanghai on July 6, 2023. Chinese authorities are likely to announce a fine of at least 8 billion yuan ($1.1 billion) on Ant Group as soon as Friday, sources with direct knowledge of the matter said, bringing an end to the fintech company's years-long regulatory overhaul. The People's Bank of China, which has been driving the revamp at Ant after its $37 billion IPO was scuttled in late 2020, is expected to disclose the fine in the coming days, the sources told Reuters. In mid-2020 before its IPO was pulled, it was valued by some investors at more than $300 billion. Since April 2021, Ant has been formally undergoing a sweeping business restructuring, which includes turning itself into a financial holding company that would subject it to rules and capital requirements similar to those for banks.
Persons: Jack Ma, Ant Organizations: Ant, Artificial Intelligence, Ant Group, People's Bank of China, Reuters Locations: Shanghai
But that call could change too, depending on Friday’s jobs numbers. It’s a sign that the recent boom in A.I.-related spending has failed to overcome other weaknesses in the semiconductor market. That is expected to wrap up a yearslong investigation into Ant, after government officials blocked the company’s plans to go public. New vehicle purchases rose 10 percent in the April quarter, as truck demand roared back. But Ford’s shares fell on Thursday because its electric cars sales declined in the same period, underperforming its biggest rival, Tesla.
Persons: Ant, Ford’s, Uber Organizations: Samsung, Ant Group, Reuters, Tesla, Analysts, New York Locations: A.I, Beijing, New
China fines Ant 7.1 billion yuan
  + stars: | 2023-07-07 | by ( ) www.reuters.com   time to read: 1 min
BEIJING, July 7 (Reuters) - China's central bank on Friday announced a fine of 7.12 billion yuan ($984 million) for Ant Group. Reuters reported earlier on Friday that the People's Bank of China (PBOC), which has been driving the regulatory revamp at Ant after its $37 billion IPO was scuttled in late 2020, intended to unveil the fine in coming days. ($1 = 7.2340 Chinese yuan renminbi)Reporting by Beijing newsroom; Editing byOur Standards: The Thomson Reuters Trust Principles.
Organizations: Ant Group, Reuters, People's Bank of China, Beijing, Thomson Locations: BEIJING
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAlibaba stock soars as China ends tech crackdown with Ant Group fineCNBC's Deirdre Bosa joins 'Power Lunch' to report why investors are reacting optimistically to the news of Beijing slapping a nearly $1 billion fine on Jack Ma’s Ant Group.
Persons: Deirdre Bosa, Jack Ma’s Ant Organizations: Ant Locations: China, Beijing
Hit and missOf course, quality is a big factor in a film's box office success, too. That pullback has already begun with the 2023 summer movie season. Starting the first Friday in May and running until Labor Day weekend, the summer movie season typically represents 40% of all movie ticket sales for the year. So far through July 2, the summer box office has tallied $1.88 billion. In summer 2022, the box office got a boost from Tom Cruise's "Top Gun: Maverick," a Paramount and Skydance feature.
Persons: that's, Mike Polydoros, clamoring, It's, Universal's, Mario, haven't, Shawn Robbins, Robbins, Tom Cruise's, Paul Dergarabedian, Strange, Indiana Jones, Ruby Gillman, Oppenheimer, Dergarabedian, Kraven, Hunter Organizations: PaperAirplane Media, CNBC, Warner Bros, Mario Bros, Guardians, Galaxy, Sony, BoxOffice.com, Labor, Paramount, Comscore, Universal, Disney, Lionsgate
Pan Gongsheng was appointed Saturday as the new Communist Party chief at the People’s Bank of China (PBOC), in a surprise move as Beijing bolsters its drive to arrest the country’s economic slowdown and stem a slide in its currency. Pan currently serves as the deputy governor of the PBOC. “My initial reaction is this suggests Xi [Jinping] is more concerned about China’s economy than before the 20th Party Congress,” Thomas said. Since then, he has spent nearly two decades working at large state-owned banks, including the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC). After returning to China, he was promoted to deputy governor at the PBOC in 2012.
Persons: Yi Gang, Pan Gongsheng, Janet Yellen, Pan, Yi, didn’t, Guo Shuqing, Neil Thomas, wasn’t, ” Thomas, Xi, Mao, Thomas, China’s, Biden, Organizations: Beijing CNN, Cambridge University, Harvard University, Communist Party, People’s Bank of China, Securities Times, CNN, Ant, Asia Society, Center for, Communist Party’s, Committee, 20th Party Congress, Wall Street Journal, Treasury Department, Renmin University of China, Industrial, Commercial Bank of China, Agricultural Bank of China, ABC, Harvard University’s Kennedy School of Government, State Administration of Foreign Exchange, Beijing, P Global, PMI Locations: Hong Kong, Beijing, China, Shanghai, Center for China, United States, West
HONG KONG, June 28 (Reuters) - Chinese tech giants Tencent Holdings (0700.HK) and Ant Group said that they would allow users to link international credit cards to their platforms, an issue that has long plagued foreign visitors as the country’s payment system has kept credit cards out for years. Foreign visitors often find themselves unable to pay for things in China where many shops and restaurants now only accept mobile payment rather than credit cards or cash. Tencent and Ant had formed partnerships with Visa and Mastercard in 2019 to make foreign cards usable on their platforms. Under the new setup, international travelers can set up their foreign cards on these apps with a few simple steps. While China’s mobile payment networks have been closed off to foreign-issued credit cards, domestically issued credit cards under Visa and Mastercard have long been supported.
Persons: Alipay, Ant, ” Tencent, Josh Ye, Kim Coghill Organizations: Tencent Holdings, HK, Ant Group, Visa Inc, Mastercard, Ant, Visa, Overseas, Thomson Locations: HONG KONG, China, ecommerce, Hong Kong, Macau
SHANGHAI, June 21 (Reuters) - A technology research and development team at China's Ant Group is developing its own large-language model (LLM), internally called Zhenyi, a spokesperson said on Wednesday, confirming reports in Chinese media. There was no further information on the public unveiling of the model, however. Chinese organisations have launched 79 large-language models (LLMs) dometically over the last three years, doubling down on efforts to develop artificial intelligence (AI) algorithms, state-run research institutes said last month in a report. Reporting by Casey Hall; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.
Persons: Casey Hall, Clarence Fernandez Organizations: Thomson Locations: SHANGHAI
Hong Kong CNN —Joseph Tsai, executive vice chairman and cofounder of Alibaba Group, will succeed Daniel Zhang as chairman, according to an announcement by the Chinese tech giant on Tuesday. Eddie Wu, chairman of Alibaba’s e-commerce platform Taobao and Tmall Group, will succeed Zhang as chief executive officer and replace him on the company’s board of directors. Following the transition, Zhang will continue to serve as the chairman and CEO of Alibaba’s cloud unit. “I am grateful for the trust of the Alibaba Group board of directors and am honored to succeed Daniel as Alibaba’s CEO,” he said. Zhang was appointed by Alibaba as CEO in May 2015, eight years after he joined the company.
Persons: Hong Kong CNN — Joseph Tsai, Daniel Zhang, Jack Ma, Eddie Wu, Zhang, ” Zhang, Wu, , Daniel, , Alibaba, Ma, Masa Son Organizations: Hong Kong CNN, Alibaba, Alibaba’s, Tmall, Alibaba Cloud Intelligence Group, Ant Group, Alibaba Group, University of Hong Kong, University of Tokyo Locations: Hong Kong, Beijing, Japan, China
Who is Alibaba's new CEO Eddie Wu and chairman Joe Tsai?
  + stars: | 2023-06-20 | by ( Arjun Kharpal | ) www.cnbc.com   time to read: +3 min
Eddie Yongming Wu will step in as CEO, while Joe Tsai will take over as chairman on Sept. 10. Eddie Wu, incoming CEOEddie Wu is one of the co-founders of Alibaba, who first served it as a technology director back in 1999. Joe Tsai, incoming chairmanAnother co-founder of Alibaba, Joe Tsai was appointed as the company chief financial officer until 2013 and currently serves as executive vice chairman. He is also the chairman of Alibaba's logistics unit Cainiao, as well as a member of the Taobao and Tmall division. Joe Tsai will take up the role of chairman at Alibaba after current chairman and CEO Daniel Zhang steps down.
Persons: BABA BABA, Daniel Zhang, Eddie Yongming Wu, Joe Tsai, Jack Ma, Eddie Wu, Alibaba, Wu, Eddie Wu's, shouldn't, Jacob Cooke, Cooke, Jp Yim, Tsai, Lazada, Michael Evans Organizations: Alibaba, Ant Group, CNBC, Getty, Brooklyn Nets Locations: China, U.S, Lazada, Europe, Singapore, Asia
Hong Kong CNN —Alibaba founder Jack Ma gave a lecture as a visiting professor to the University of Tokyo, as the high-profile Chinese entrepreneur retreats further from his business empire following Beijing’s regulatory crackdown. His return was a symbolic move and probably a “planned media event” by Beijing intended to appease private sector fears, according to analysts. In April, the University of Hong Kong announced that Ma would join its business school for the next three years. Ma became a professor at the University of Tokyo on May 1, and his period of stay is until October 31, a profile page of Ma shows. Beijing needs the private sector more than ever to shore up growth and create jobs.
Persons: Hong Kong CNN —, Jack Ma, Ma, , Masa Son, Ma chatted, Xi Jinping, Li Qiang Organizations: Hong Kong CNN, University of Tokyo, Alibaba Group, University of Hong Kong, Damo Academy Locations: Hong Kong, Japan, China, India, Malaysia, Shanghai, Beijing, Spain, Hangzhou
In this article BABABABA Follow your favorite stocks CREATE FREE ACCOUNTAlibaba founder Jack Ma is "happy," according to the company's President Michael Evans. Costfoto | Future Publishing | Getty ImagesPARIS — Alibaba founder Jack Ma is "alive" and "happy," the Chinese e-commerce giant's president said Thursday, after speculation continues about the billionaire's activities following Beijing's intense crackdown on his tech empire. He's well, he's happy. He's teaching at a university in Tokyo, spending more time in China," Alibaba President Michael Evans said at the Viva Tech conference in Paris. He cares ... as much about this company today, as he did when he started, and I expect that that will continue for as long as Alibaba and Jack Ma are here.
Persons: BABA BABA, Jack Ma, Michael Evans, Te, Alibaba, Jack, Ma, Maurice Levy Organizations: Getty, PARIS, Viva Tech, Ant Locations: Tokyo, China, Paris, Beijing
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/ant-man-gets-squashed-as-hong-kongs-movie-revival-follows-covid-protests-6f466922
Persons: Dow Jones
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