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The e-commerce company should see slower growth this year but continues to work on improving its platform capabilities.
USD/CAD declined below the support at 1.2130 and tested the next support level at 1.2100.
(Bloomberg) -- Sanjeev Gupta’s plans to save his sprawling metals empire were mired in confusion on Saturday as a key financial backer sent mixed messages about its support in the wake of a U.K. fraud probe.On Friday, the Serious Fraud Office launched an investigation into possible fraud and money laundering at Gupta’s GFG Alliance That initially prompted White Oak Global Advisors LLC -- which had recently offered loans to his U.K. steel businesses and one of his Australian units -- to say it wasn’t in a position to continue discussions with a company facing a probe.Hours later, a spokesperson for the San Francisco-based lender said it was continuing efforts to refinance Liberty Primary Metals of Australia, “subject to financial due diligence and acceptable governance.” Last week it had agreed terms with Gupta to refinance the unit.The apparent reversal throws the fate of Gupta’s businesses into further confusion. It’s unclear whether the loan to the Australian unit, which includes the Whyalla steelworks, will still go ahead as planned or depends on the SFO investigation.White Oak declined to comment Saturday on the status of a reported 200 million pounds ($282 million) of lending to Gupta’s U.K. businesses, The company also wouldn’t comment on a report in the Financial Times saying White Oak may be reluctant to walk away because it has a financial exposure to Gupta’s businesses after buying up debt from the steel tycoon.GFG said Friday it will co-operate fully with the SFO investigation. It declined to comment on White Oak’s decision.Gupta has been scrambling to find new financing after Greensill, his biggest lender, fell into insolvency. His group employs 35,000 people across 30 countries, all which may be in danger of losing their jobs if the tycoon can’t secure replacement loans. He faces an uphill battle, with the SFO probe likely to deter many potential financiers.The exact scope of the SFO investigation isn’t yet clear. Four banks stopped working with Gupta’s Liberty House Group trading business, starting in 2016, amid concerns about what they perceived to be problems in paperwork provided by Liberty, Bloomberg News has reported. In one example, the company had presented a bank with what seemed to be duplicate shipping receipts. A spokesman for Gupta has denied any wrongdoing.The two-month period from when it started looking into GFG and its financing by Greensill to announcing the formal probe is a quick turn-around for the SFO, which often takes years to publicly confirm it’s taking action against a company.It will now start to gather evidence, including securing devices and documents. However, it’ll likely take years for the office to make any tangible updates to the investigation, including whether it decides to charge individuals as part of the probe.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- U.S. manufacturing output rose in April by slightly more than expected, suggesting further improvement for factories that are otherwise buffeted by supply shortages and shipping challenges.Factory output increased by 0.4% in April, following an upwardly revised 3.1% jump in March, Federal Reserve data showed Friday. Total industrial production, which also includes mining and utility output, rose 0.7% in April after a revised 2.4% increase a month earlier.The median estimate in a Bloomberg survey of economists called for a 0.3% monthly increase in factory production and a 0.9% gain in industrial production.Production growth in recent months has been constrained by shipping backlogs, hiring challenges and a global shortage of semiconductors. Still, steady business investment, strong consumer demand supported by trillions of dollars in government aid and a reopening economy suggest output will remain firm in coming months.The Fed’s report showed increased factory output of chemicals, petroleum, primary metals and electrical equipment. Manufacturing capacity utilization, a measure of plant use, climbed to 74.1%, while total industrial capacity increased to 74.9%.Vehicle ProductionProduction of motor vehicles decreased 4.3% last month compared with 3.8% gain a month earlier. U.S. automakers have been hit hard by a global chip shortage, in some cases resulting in plant shutdowns and lower output. Excluding autos and parts, manufacturing rose 0.7% after a 3.1% surge.Utility output rose 2.6% in April as temperatures warmed, while mining output increased 0.7%. Oil and gas well drilling accelerated to a 4.6% gain from 3.1%.Total industrial production remains about 3% below the pre-pandemic level in February of last year.A separate report earlier this month from the Institute for Supply Management showed factory activity declined in April from a 37-year high as purchasing managers confronted limited availability of parts and materials.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The IRS detailed on how it will handle a mixup involving a tax break for jobless benefits that became law a month after many already filed returns.
Two of the world's most prominent billionaires Tesla Inc.'s CEO Elon Musk and Jack Dorsey are facing off over the merits of bitcoin, with the future of the world's No. 1 crypto likely hanging in the balance.
Your stocks to watch for the week ahead include Dow Jones stocks JPMorgan Chase, Goldman Sachs and Caterpillar. All are just above or below buy points.
Last week, we witnessed a classic “buy the rumor, sell the news” event with the cryptocurrency Dogecoin (CRYPTO:DOGE). Many Dogecoin enthusiasts were hoping that Tesla (NASDAQ: TSLA) CEO Elon Musk’s stint hosting the television show “Saturday Night Live” would lead to higher prices. After all, Musk has been known to pump the price of this cryptocurrency on Twitter and has been one of its biggest supporters. With so many Dogecoin holders anxious to see what the Dogefather had to say Saturday, the price of cryptocurrency rallied hard into the event to hit a record high of $0.74. Unfortunately, Doge investors learned that sometimes these types of events simply cannot live up to the hype. The price of Doge dropped more than 30% following the premiere of the show after Musk failed to deliver the praise for the cryptocurrency investors were hoping for. Traders can learn a lot from this story, particularly since this “buy the rumor, sell the news” scenario repeats itself time and time again in financial markets. It highlights just how difficult it can be to trade based on the news and should be viewed as a cautionary tale. With that said, perhaps the most important lesson here is that instead of gambling on Dogecoin, why not learn a trading strategy that can deliver real results? For example, Mindful Trader has created a data-driven swing-trading strategy that can potentially help you grow your account. Because he has analyzed and dissected historical stock market price data to test his trading strategy, you won’t have to worry about trying to guess right on binary events like the one mentioned above. Instead, you can use a statistical approach with proven results to take your trading to the next level. Signing up for the Mindful Trader service gives you access to tutorials and all the trading rules he uses for successfully generating returns with stocks and options trading. He also provides data-driven stock picks that he trades himself, which allows you to learn while following his suggestions. Whether you are a beginner trader or a seasoned veteran, Mindful Trader has something for everyone. Since Mindful Trader uses a swing-trading strategy that relies on price movement, not hope, you will always be confident in making a trade. That means you won’t have to trade the news and rely on hype to potentially generate returns like those unfortunate Dogecoin investors mentioned above. Check out this link to learn more about Mindful Trader’s trading strategy and why it’s such a smart alternative to gambling with Dogecoin. See more from BenzingaClick here for options trades from BenzingaThese OTC Securities Had the Most Trading Activity in April3 Advantages to Binary Options Trading with Nadex© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Here's how to tell if dogecoin's rebound is more bark than bite, according to technical analysts following the popular crypto.
The agency is plagued with setbacks that are causing a major backlog of returns.
Institutional investors do not take kindly to inflation and they sold. 1. If indexes fall below their moving averages, take action: Traders and investors alike should watch moving averages, especially the 50-, 100-, and 200-day. When the indexes were sliding a few days ago, the S&P 500 (SPX) for example, did not break its 50-day moving average at 4050.
The Tesla CEO sent the price of Bitcoin and other cryptocurrencies plummeting. But he may be aiming to turn crypto-mining green in ways that benefit Tesla.
The direction of the June U.S. Dollar Index into the close on Friday is likely to be determined by trader reaction to 90.435.
Anyone with a stock account can now make a savvy, albeit risky, bet on GBTC pricing disparities that were previously exclusive to big players.
(Bloomberg) -- JD Logistics Inc. has attracted SoftBank Vision Fund and Temasek Holdings Pte as cornerstone investors in its Hong Kong initial public offering, people with knowledge of the matter said, as the warehousing and shipping firm is set to kick off one of the year’s biggest share sales in the city. Blackstone Group Inc. and Tiger Global also committed to buy stock in the offering, the people said, asking not to be identified because the information is private.SoftBank Vision Fund is set to invest $600 million in the offering, accounting for 40% of the $1.5 billion worth of shares the company has set aside for about seven cornerstone investors, the people said. That would make the prolific investor one of the largest shareholders in the company after its parent, JD.com Inc.Temasek is signing up to buy $220 million worth of stock, the people said. China Chengtong Holdings Group Ltd., Matthews Asia and Oaktree Capital have also agreed to purchase shares, they said.JD Logistics is targeting to raise as much as $3.5 billion in the first-time share sale and is set to start taking orders as soon as next week, the people said. It would be the second-largest IPO in the city this year, after Kuaishou Technology’s $6.2 billion listing in February.Bank of America Corp., Goldman Sachs Group Inc. and Haitong International Securities Group Ltd. are the joint sponsors of the offering, according to its preliminary prospectus.Cornerstone buyers typically agree to hold stock for a set period of time in exchange for early, guaranteed allocation. JD Logistics is still finalizing terms of the offering, and details could change, the people said.An external representative for JD Logistics and representatives for Blackstone, SoftBank Vision Fund and Temasek declined to comment. Representatives for China Chengtong, Matthews and Oaktree did not immediately respond to requests for comment. A representative for Tiger Global didn’t immediately respond to a request for comment outside of U.S. business hours.(Updates with SoftBank Vision Fund response in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Dogecoin will likely transition from a proof-of-work protocol to proof-of-stake, speculated Alex Mashinsky, the chief executive and founder of The Celsius Network on Friday during a webcast hosted by his lending platform on YouTube.
Shares of Plug Power Inc. surged Friday, after they hydrogen and fuel cell systems company completed its restatement, removing a "shroud of uncertainty" that has been weighing heavily on the stock the past couple months.
(Bloomberg) -- Stock sales are reaping a windfall for the world’s richest shareholders.Corporate insiders including Amazon.com’s Jeff Bezos and Google co-founder Sergey Brin have ramped up stock sales recently, cashing in on a 14-month long bull market that’s helped boost fortunes to the tune of trillions.U.S. public company insiders offloaded shares worth $24.4 billion this year through the first week of May, with about half sold through trading plans, according to data compiled by Bloomberg. That’s almost as much as the $30 billion total they disposed of in the second half of 2020.Large shareholders frequently sell stock in planned intervals, often through pre-arranged trading programs. Yet the prolonged rally in equities markets has made the value of these disposals, whether planned or opportunistic, strikingly high.There are multiple reasons an investor of any size might be motivated to sell. After the pandemic-defying rally, valuations are increasingly under pressure from rising inflation. Investors are wary the post-Covid recovery could prompt tightening measures from the Federal Reserve. And President Joe Biden’s proposed tax hikes -- including a near doubling of the capital gains rate -- have created uncertainty.Bezos, EllisonWhatever the reason, the sales are flooding the market with yet more liquidity, the consequences of which will ripple through philanthropy, the art market, real estate and other niches.Bezos has sold $6.7 billion worth of Amazon shares this year. While a relative pittance for the world’s richest person, it’s more than two-thirds the value of shares he sold in 2020. Larry Ellison unloaded 7 million Oracle shares in the past week for total proceeds of $552.3 million. Charles Schwab has sold $192 million worth of shares of his eponymous brokerage this year.Brin, who has signaled that he intends to sell as many as 250,000 Alphabet Inc. shares, has disposed of $163 million worth of stock in recent days, his first sales in more than four years, filings show.Mark Zuckerberg and his charitable foundation, the Chan Zuckerberg Initiative, meanwhile, accelerated their sales of Facebook stock in the fall. Zuckerberg or his charity has divested shares at a near-daily clip since November, for a cumulative total exceeding $1.87 billion.The surging markets have exacerbated the concentration risk of the single-stock-dominated fortunes typical of many tech billionaires, said Thorne Perkin, president of Papamarkou Wellner Asset Management.“From a portfolio-management perspective, it makes sense to spread it around,” he said.Covid EconomyAlso among the biggest sellers are some noteworthy beneficiaries of the Covid economy. Zoom Video Communications founder Eric Yuan and used-car retailer Carvana Co.’s Ernest Garcia II have together received more than $1.75 billion from stock sales since March 2020, according to the Bloomberg Billionaires Index. George Kurtz, chief executive officer of cybersecurity firm CrowdStrike, has sold shares worth at least $250 million over that period.Zoom founder Yuan -- the poster child, in many ways, for the coronavirus economy -- has stepped up his sales this year as the firm’s share price slumped. In 2020, he typically offloaded about 140,000 shares a month through a trading plan, which generated more than $350 million over the course of the year.Since March, he’s sold almost 200,000 shares a month on average, yielding him about $185 million. He also donated more than a third of his stake in the San Jose-based company as part of “typical estate planning practices,” according to a spokesman. Some of the cash from his share sales fund donations to unspecified “humanitarian causes.”(Updates with Charles Schwab’s sales in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Lawmakers are looking for quick action to improve an existing forgiveness program.
(Bloomberg) -- Fuel that is so dirty that the global shipping industry banned its use last year is being burned at the highest level in three years in Mexican power plants.With the global shipping industry shunning sulfurous fuel oil to curb emissions, storage tanks in Mexico are overflowing with the stuff, a byproduct of its attempt to produce more gasoline domestically. The solution Mexico has chosen is to push more of it into electricity generation, replacing cleaner-burning natural gas. Consumption of the dirty fuel jumped by almost 50% in the past year to more than a 100,000 barrels a day in March, according to government data.The capital’s air quality has worsened, said Beatriz Olivera Villa, a consultant with Greenpeace in Mexico, in a phone interview from Mexico City. “It’s an unfortunate setback for the country.”Replacing natural gas, which it imports from the U.S., with fuel oil is certain to raise Mexico’s emissions. President Andres Manuel Lopez Obrador has pledged to reduce Mexico’s dependence on fuel imports but is faced with highly inefficient refineries. Historically, it’s been cheaper for Mexico to export the crude it produces to countries with more technologically complex refineries and to import refined fuels like gasoline.State oil company Petroleos Mexicanos produces copious amounts of fuel oil unintentionally because its refineries lack the technology to extract cleaner fuels from the sludge that is leftover during the initial process of turning crude into gasoline. Therefore, the more gasoline the country’s refineries produce, the more extra fuel oil they have to find a home for.“Mexico is creating a market to absorb the excess fuel oil from its refineries,” said Ixchel Castro, an analyst with Wood Mackenzie Ltd.Fuel oil is being burned at the six power plants owned by state utility Comision Federal de Electricidad, or CFE. This year, a government commission responsible for monitoring air quality in the metropolitan area of Mexico City, sounded the alarm twice amid high ozone levels. As a result, cement-makers as well as Pemex’s refinery in Tula and its associated power plant, had to reduce activity.Switching a power plant that uses natural gas to fire a turbine to fuel oil generates 16% more carbon dioxide, according to BloombergNEF calculations.The air-quality monitoring commission estimates the alarm for high ozone levels may sound 7-20 times this year, forcing industries to curtail activity to curb emissions. That compares with one time last year and six times in 2019. Victor Hugo Paramo Figueroa, head of the commission, said the increased use of fuel oil alone doesn’t necessarily translate into more emissions.“We have other culprits, including cars and even an eruption of the Popocatépetl volcano,” he said. “And a rainier season can disperse particles more efficiently, keeping the air quality within acceptable levels.”(Updates with ozone levels and government’s comment in last four paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Meme-stock favorite AMC has skyrocketed this year, but one veteran media analyst says the movie studios' pressure on the exclusivity window means AMC is very overpriced.