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Sept 10 (Reuters) - Huiyin Smart Community Co Ltd:
* CAO KUANPING HAS RESIGNED AS EXECUTIVE DIRECTOR Source text for Eikon: Further company coverage:
Sept 10 (Reuters) - Huiyin Smart Community Co Ltd:
* CAO KUANPING HAS RESIGNED AS EXECUTIVE DIRECTOR Source text for Eikon: Further company coverage:
(Bloomberg) -- Stellantis NV warned the global semiconductor shortage will deteriorate further from the first three months of the year, when the crunch curbed planned output by 11%.The company formed from the merger between Fiat Chrysler and PSA Group said things will get worse in the second quarter before showing some signs of improvement in the latter half of the year, according to an earnings statement Wednesday.Speaking on a call, Chief Financial Officer Richard Palmer cautioned that the effects could linger into 2022.“The visibility is still relatively limited,” Palmer said. “It would be imprudent to assume that the issue is just going to go away.”The chip shortage roiling carmakers around the world adds to challenges for Chief Executive Officer Carlos Tavares as he seeks to achieve billions of euros in savings from the tie-up between the two carmakers. Palmer said integrating the two companies remains on track, though it will take time to realize the full benefits of the combination.Stellantis rose as much as 1.4% to 14.10 euros in Paris. The stock has gained about 10% this year.First-quarter revenue increased 14% to 37 billion euros ($44.5 billion) on a pro-forma basis, while consolidated vehicle shipments on that basis rose 11% to about 1.57 million units. The semiconductor shortage clipped planned production by 190,000 units in the period amid rolling halts of some assembly lines, and Palmer said the hit will likely be more pronounced still in the second quarter.Industry FalloutIn response to the shortage, the automaker has standardized electronic components across its portfolio rather than using special versions on some models, according to Palmer. Eight of its 44 sites worldwide are currently affected, he said.Stellantis doesn’t report earnings on a quarterly basis. In Europe, BMW AG and Daimler AG have published better-than-expected results for the quarter, while Ford Motor Co. forecast a $2.5 billion hit to earnings from scarce chip supplies. Volkswagen AG reports earnings Thursday.Ford Chief Executive Officer Jim Farley said last week that the automaker expects to lose about 50% of planned second-quarter production, up from 17% in the first quarter, and that the issue could stretch into 2022.Renault SA has also predicted that the biggest hit on output would come this second quarter, with lingering effects spilling over to the following three months. The French company has made production of higher-margin cars a priority, something Stellantis is also doing.Stellantis maintained its outlook for adjusted operating income margin of 5.5% to 7.5%, up from 5.3% last year. About 80% of its targeted 5 billion euros in annual savings will be achieved by the end of 2024, the company has said.The manufacturer reiterated that it expects industry sales to grow by 10% in Europe this year and 8% in North America. The company said its new Jeep Grand Wagoneer and a next-generation Grand Cherokee remain on track for production late in the second and third quarters, respectively.(Adds stock reaction sixth paragraph, CFO comments from 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.
(Bloomberg) -- Volatility gripped financial markets as a rout in some of the largest tech companies dragged down stocks. The dollar rose.Megacaps such Apple Inc., Tesla Inc. and Amazon.com Inc. sent the Nasdaq 100 slumping, while the S&P 500 pared losses amid gains in commodity, financial and industrial shares. Treasury Secretary Janet Yellen rattled markets with a comment economists regarded as self evident -- that rates will likely rise as government spending ramps up and the economy responds with faster growth. Later in the day, Yellen said she wasn’t predicting or recommending rate hikes.The debate on whether government spending could boost inflation comes at a time when stock valuations are hovering near the highest levels in two decades. Hedge funds have been bailing from equities at a pace not seen since the financial crisis, while shares have struggled to gain traction despite blowout corporate earnings.“We’ve had this spectacular run-up, and I think we’ve seen momentum just run out of steam,” said Fiona Cincotta, senior financial markets analyst at City Index. “Despite earnings being encouraging, they haven’t managed to push those indices higher. Moving out of growth and into cyclicals is the place we’re going to have more movement.”Earlier Tuesday, a sharp drop in equity futures left traders scrambling for an explanation. Some of them speculated on military tensions between China and Taiwan, Singapore’s tougher coronavirus restrictions and Ferrari NV’s decision to postpone financial targets.Investors also monitored the latest economic readings, with the U.S. trade deficit widening to a new record in March. Meanwhile, a senior White House economic aide demurred on the question of whether President Joe Biden will nominate Fed Chair Jerome Powell for a second four-year term, saying the decision on selecting the next central bank chief will come after a thorough “process.”Here are some key events to watch this week:U.S. ADP employment change is due WednesdayChicago Fed President Charles Evans gives a virtual speech at an event hosted by Bard College on Wednesday. Cleveland Fed President Loretta Mester gives a virtual speech to the Boston Economic ClubBank of England rate decision ThursdayThe April U.S. employment report is released on FridayThese are some of the main moves in markets:StocksThe S&P 500 fell 0.7% as of 4 p.m. New York timeThe Nasdaq 100 fell 1.85%The Dow Jones Industrial Average was little changedThe MSCI World index fell 0.8%CurrenciesThe Bloomberg Dollar Spot Index rose 0.3%The euro fell 0.4% to $1.2017The British pound fell 0.2% to $1.3887The Japanese yen fell 0.2% to 109.29 per dollarBondsThe yield on 10-year Treasuries declined one basis point to 1.58%Germany’s 10-year yield declined three basis points to -0.24%Britain’s 10-year yield declined five basis points to 0.79%CommoditiesWest Texas Intermediate crude rose 2.3% to $66 a barrelGold futures fell 0.7% to $1,779 an ounceFor 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.
Crude oil prices could spike higher if the EIA drawdown is higher than expected, especially if it exceeds the API’s 7.7 million barrel draw.
(Bloomberg) -- Surging oil futures are set to test a promise by Petrobras’ new chief to keep diesel prices at parity with the international market.Joaquim Silva e Luna, a former army general with no experience in oil, has said he’ll keep retail prices competitive after Latin America’s largest crude producer lost an estimated $40 billion selling fuel below international levels during the most recent commodities supercycle. But if oil keeps climbing, he’s likely to come under pressure from politically influential truck drivers -- a critical base of support for President Jair Bolsonaro -- to start subsidizing diesel once again.Uncertainty around that issue remains a key concern for investors, Bloomberg Intelligence Senior Credit Analyst Jaimin Patel said in a report Wednesday.What Bloomberg Intelligence SaysPetrobras’ decision to pay a $1.8 billion dividend in April, before it had reduced debt below $60 billion, doesn’t concern us as much as the uncertainty surrounding the company’s planned asset sales and Brazil’s retail-fuel-pricing policy. Notwithstanding the dividend payout, we expect management to focus on capital discipline, with debt reduction a high priority. Read More: Addicted to Cheap Fuel, Emerging Markets Face a Climate DilemmaFor 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.
GM saw big gains in the first quarter despite an industry-wide chip shortage, but dealers have to get creative to keep customers happy.
(Bloomberg) -- Krispy Kreme is poised to be a public company for the second time after confidentially filing for a public share offering in the U.S.The number of shares to be sold and the price range hasn’t been determined, the company said in a statement. The offering is expected to take place after a review by the Securities and Exchange Commission.JAB acquired Krispy Kreme for $1.35 billion in a 2016 deal. The company has expanded aggressively in restaurants and beverages and controls Pret a Manger and JDE Peet’s. The latter company, which owns the Peet’s coffee chain and brands such as Senseo, Tassimo, Stumptown and Intelligentsia, went public last year in Amsterdam.JAB is an investment vehicle for the Reimanns, heirs to a fortune from an industrial chemicals business and one of Germany’s wealthiest families. Earlier, the company named Joachim Creus as vice-chairman of the board to eventually succeed Chairman Peter Harf, part of a plan to position the firm for its next phase of growth.Krispy Kreme first went public in the U.S. in 2000 and its popularity sent shares soaring that year. But in 2004, the SEC started an inquiry into accounting irregularities and the stock bottomed out near $1 a share. Its stock rebounded somewhat over the next decade or so, but the chain struggled to compete with larger competitors.Restaurants and cafes were hit hard by the pandemic -- especially those in city centers that depend on commuters. U.S. coffee chains will take two years to fully recover from the sales plunge, market researcher Allegra Group said earlier this year. (Updates to show filing was made confidentially in first paragraph and adds background in last 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.
Cathie Wood's ARK Innovation exchange-traded fund is significantly oversold and due for a bounce, but if it doesn't come the popular fund risks suffering a “waterfall” decline, says one chart watcher.
(Bloomberg) -- Jeff Bezos sold about $2.5 billion of Amazon.com Inc. stock, his first big disposal this year after offloading more than $10 billion worth of shares in 2020.Bezos sold around 739,000 shares this week under a pre-arranged trading plan, according to U.S. Securities and Exchange Commission filings. He plans to sell as many as 2 million shares, according to a separate filing.The world’s richest person continues to hold more than 10% of Amazon.com, the primary source of his $191.3 billion fortune, according to the Bloomberg Billionaires Index. In the 15 years after Amazon.com went public in 1997, Bezos sold about a fifth of the online retailer for roughly $2 billion. The value of his stake has ballooned in recent years to such an extent that he can now sell relatively small amounts for billions of dollars.Amazon stock is little changed this year after rallying 76% in 2020 as the Covid-19 pandemic kept people away from physical stores and encouraged online shopping.The Amazon founder has used stock sales to fund rocket company Blue Origin, while he’s committed $10 billion to the “Bezos Earth Fund” to help counter the effects of climate change.The rocket maker said Wednesday it has set July 20 for its first mission carrying people to space and plans to auction off one seat on its New Shepard rocket.Bezos would be far richer if it weren’t for his divorce from MacKenzie Scott. She received a 4% stake in Amazon as part of the split and quickly became one of the world’s most important philanthropists.(Updates with Blue Origin plans 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.
It appears that Shark Tank investor Kevin O’Leary no longer thinks bitcoin is “garbage.” The chairman of O’Shares ETF told Yahoo Finance Live that he’s allocated 3% of his portfolio to the world’s largest cryptocurrency after his native Canada, and a handful of other countries, eased restrictions on institutional buying of the asset.
A year into the pandemic, some homeowners say loan servicers aren't giving them clear information about mortgage forbearance.
Stock indexes mostly rose globally on Wednesday, although the Nasdaq ended lower for the second day, while the U.S. dollar eased off its highest in more than two weeks. The Dow hit a record high and the S&P 500 ended up slightly, supported by gains in energy and other economically sensitive sectors including materials and financials. Tony Rodriguez, head of fixed income strategy at Nuveen, said it was possible Treasuries could move if the data varies much from forecasts.
The cryptocurrency that no one was meant to take seriously spiked to just under 70¢ before losing a little ground.
Wealthy investor Mike Novogratz says that the run-up in dogecoin is a reflection of the disenchantment of younger investors in the current state of financial markets and the economy and cautioned that trying to bet on the parody coin at these current levels is dangerous.
Since January, the price of Bitcoin has surged 89%. But another major cryptocurrency has posted even larger returns.
Caesars Entertainment Inc. shares spiked in after-hours trading Tuesday after the casino company revealed another big loss in the first quarter, but outlined a strong rebound in the works in Las Vegas.
(Bloomberg) -- Investors are piling back into some of the fringe corners of the cryptocurrency world, with the frenzy sending Dogecoin surging more than 50% again and crashing Robinhood’s trading app.Other so-called altcoins also took off, with Dash spiking 18% over a 24-hour period through the European morning on Wednesday and Ethereum Classic rising almost 45%. In the world of DeFi, tokens such as Force DAO and Tierion surged more than 1,000% on Tuesday, according to CoinMarketCap.com data. Meanwhile, Robinhood said it resolved earlier issues with crypto trading on its platform.“You have money looking for a home and this is one of those areas of the market where there is speculation happening, there is significant appreciation happening in a short period of time,” said Chad Oviatt, director of investment management at Huntington Private Bank. “You get that excitement there.”The rallies defied easy explanation and continued a trend that’s seen the value of all digital tokens surge past $2.3 trillion. Doge, created as a joke in 2013, has been used in marketing gimmicks -- the latest by the Oakland A’s baseball team, which offered two seats to games this week for 100 Dogecoin. The Gemini crypto exchange backed by Tyler and Cameron Winklevoss said it now supports Doge, and will soon enable trading of it.Dogecoin’s red-hot advance from around 0.002 cents a year ago -- when it was worth about $300 million -- has captured the interest of many on Wall Street. It’s even caught the attention of the Federal Reserve -- the central bank’s chairman last week answered “some of the asset prices are high” when asked if things like GameStop Corp.’s and Dogecoin’s supercharged rallies created threats to financial stability.As a sign of Dogecoin’s rising popularity, the Robinhood app is among the top 10 downloads at the Apple App Store. Meanwhile, Coinbase Global, the largest U.S. crypto exchange -- which doesn’t offer Doge trading -- saw its shares fall 4.6% Tuesday, its lowest close since its market debut last month.“It’s pretty amazing that something that started out as a joke has become so popular,” said Matt Maley, chief market strategist for Miller Tabak + Co.Though interest in digital assets has picked up in recent months as more traditional firms who were long hesitant to the crypto space warm up to cryptocurrencies, it’s alternative coins that have captured the most attention in recent days. Bitcoin has taken a backseat following record-setting rallies from Ether and Doge, wrote Edward Moya, senior market analyst at Oanda.“The Dogecoin bubble should have popped by now, but institutional interest is trying to take advantage of this momentum and that could support another push higher,” he said in a note. “Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of Saturday Night Live.”Elsewhere, a new Ether ETF trading in Canada called the CI Galaxy Ethereum ETF (ETHX) broke its record volume on Tuesday. It’s up more than 20% in the first two days of the week.Bitcoin rose modestly on Wednesday, snapping a three-day losing streak. It was up 0.8% to $55,213 as of 9:29 a.m. in London on Wednesday.Meanwhile, many -- including famed crypto investor Mike Novogratz -- have warned that the rallies could be unsustainable. Novogratz, chief executive officer of Galaxy Digital Holdings, said recently he’d be “very, very worried” were one of his friends to invest in Doge.“It seems that investors are careening from one hot dot to another, like a pinball game,” said Mike Bailey, director of research at FBB Capital Partners. “My sense is this speculative wave will suffer the same fate as the GME and other Robinhood ‘flash-in-the-pan’ stocks. Cryptocurrencies may have become a new asset class, like precious metals, but surges such as these seem unsustainable.”(Updates prices throughout.)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 trading app experienced issues with crypto trading, and users are furious.
In July, the IRS will begin sending monthly payments of $250 or $300 to low- and moderate-income families who qualify for the child tax credit.
The housing market is red hot at the moment, with the Case-Shiller index soaring. But Morgan Stanley has some good reasons why the current situation isn't a bubble.
Though mortgage rates are at their lowest levels in months, refinance activity is quieter.