New York Post columnist Michael Goodwin on Mayor Bill de Blasio and the future of New York City.
New York Post columnist Michael Goodwin on Mayor Bill de Blasio and the future of New York City.
When interest rates started to drop in the spring of 2020, my husband and I took notice. We watched as the rates on both fixed-rate and adjustable-rate mortgages continued to…
Buying an EV can be daunting, but a new report shows how worthwhile the investment can be.
President Donald Trump's trade war with China did not achieve the objective of boosting manufacturing in the U.S., the Wall Street Jornal reports.What Happened: Manufacturing activity in the U.S. has not reversed despite billions of dollars in tariffs to discourage importing Chinese manufactured goods.The trade deficit with China reduced in 2019. Still, the overall trade balance has soared to a record $84 billion in August as U.S. importers shifted to imports from Vietnam, Mexico, and other countries. Since the pandemic, China's trade deficit is back to where it was at the start of the Trump administration.The goal of reshoring factory production to the U.S. is unfulfilled as job growth in manufacturing slowed since July 2018, while the manufacturing activity peaked in December 2018.Why It Matters: Trump's trade advisers say that the tariffs of $370 billion on Chinese goods have succeeded in forcing China to agree to phase one trade deal in January and will end China's unfair practices over time. Industry analysis by the Federal Reserve shows that tariffs helped boost employment by 0.3% by protecting domestic industries exposed to cheaper Chinese imports.Those gains were more than offset by higher costs of Chinese imports due to tariffs, cutting manufacturing employment by 1.1% in the U.S. The retaliatory tariffs by China on the U.S. exports reduced domestic factory jobs by 0.7%.According to Peterson Institute for International Economics trade expert Chad Bown, President Trump is not the first to use tariffs to protect industries, but this is the biggest use of tariffs since the Great Depression.Image Courtesy: WikimediaSee more from Benzinga * Click here for options trades from Benzinga * European Markets Today: Indices Plunge On Fears Of New COVID-19 Restrictions Hurting Economy * AstraZeneca COVID-19 Vaccine Data Shows Promising Signs In Older Age Group: FT(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Four years on from BHS's collapse, has the audit industry, criticised for not spotting problems, changed?
Robert Shiller, a Nobel Prize-winning economist and Yale University professor, urges investors to take a cautious approach to the top-heavy stock market in a recent op-ed for the New York Times.
The Inspire Brands team looks to be nearing its latest big buy, Dunkin' Brands.
SAP stock tumbled on Monday after the software maker slashed this year's revenue forecast and warned that the coronavirus emergency would hurt business in 2021. Oracle stock also fell.
Harry Markopolos is the former derivatives professional turned independent financial fraud investigator who uncovered the $65 billion Bernie Madoff Ponzi scheme, only to be ignored by the SEC for over nine years. A vocal critic of the US regulator, Harry now has the audit world and insurance industry in his sights as the next big financial frauds yet to come to light.
Ant Group's dual initial public offering listings in Shanghai and Hong Kong will be the world's largest, Alibaba Group Holding Ltd (NYSE: BABA) founder Jack Ma said Saturday, as reported by CNBC. What Happened: The IPO was priced Friday night but Ma didn't spell out the numbers, which are due to be announced next week, according to CNBC."It's the first time that the pricing of such a big listing -- the largest in human history -- has been determined outside New York City," said Ma at the Bund Summit in Shanghai. The Chinese billionaire called the offering a "miracle," saying, "we didn't dare to think about it five years ago, or even three years ago."Ma also called for banking reforms and called for a new more inclusive universal banking system, to be based on big data, to be set up to aid small businesses and individuals.Why It Matters: The IPO of the Alibaba-backed company could generate nearly billion in proceeds, which would make it the world's biggest IPO ahead of Saudi Aramco's $29.4 billion. Aramco's Dec. 2019 offering had beaten Alibaba's to snatch the biggest IPO crown.Singapore's sovereign wealth fund, GIC Private Limited, could reportedly invest over $1 billion in the two listings. Existing Ant investor, Singapore's Temasek, has also expressed interest in the IPO, according to Reuters. Price Action: Alibaba shares closed nearly 1.2% higher at $309.92 on Friday and gained 0.11% in the after-hours session.See more from Benzinga * Click here for options trades from Benzinga * Quibi Shuts Down — The Idea Wasn't 'Strong Enough' Or 'Timing' Went Amiss, Says Leadership(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Lee Kun-hee, who built Samsung Electronics into a global powerhouse in smartphones, semiconductors and televisions, died on Sunday after spending more than six years in hospital following a heart attack, the company said. Lee, who was 78, grew the Samsung Group into South Korea’s biggest conglomerate and became the country's richest person. "Lee is such a symbolic figure in South Korea's spectacular rise and how South Korea embraced globalisation, that his death will be remembered by so many Koreans," said Chung Sun-sup, chief executive of corporate researcher firm Chaebul.com.
South Korea's Hyundai Motor Co said on Monday it swung to a net loss for July-September, missing market estimates by a wide margin, as costs related to engine quality issues and recalls smashed what would otherwise have been strong earnings. Hyundai, the world's fifth-biggest automaker when combined with affiliate Kia Motors Corp, reported a net loss of 336 billion won ($297.72 million). The years-long quality problems have cost Hyundai and Kia nearly $5 billion and left the pair subject to a probe by U.S. authorities over the manner of their recalls.
IRARewards.com is being launched by BPAS, the retirement plan administration arm of Community Bank System (CBU) a regional bank valued at $3.2 billion and with $13 billion in assets, and EvoShare, a financial technology company. Set up an IRA with BPAS, download a “browser extension” from EvoShare, connect your accounts, and off you go. “Anything from yoga studios to restaurants—any brick and mortar store can opt in to this network,” says PBAS spokesman Brian Douglas.
(Bloomberg) -- Jack Ma, the former English teacher who co-founded Alibaba Group Holding Ltd. with $60,000, is poised to become the world’s 11th richest person after Ant Group Co. priced shares for a record initial public offering.Ma’s 8.8% stake is worth $27.4 billion based on the stock pricing in Hong Kong and Shanghai. That will take the 56-year-old’s fortune to $71.6 billion on the Bloomberg Billionaires Index, exceeding that of Oracle Corp.’s Larry Ellison, L’Oreal SA heiress Francoise Bettencourt Meyers and individual members of the Waltons, whose family own Walmart Inc. Ant’s mammoth listing is poised to boost the fortunes of a group of early investors and employees. The company has granted staff share-based awards since 2014 and at least 18 other people have become billionaires from the IPO. Lucy Peng, a director at the payments giant, is the biggest individual Ant owner after Ma, and has a $5.2 billion stake. Chairman Eric Jing’s holding is worth $3.1 billion.Ant is set to raise almost $35 billion, beating Saudi Aramco’s $29 billion sale last year. The Shanghai stock priced at 68.8 yuan ($10.27) apiece and its Hong Kong shares at HK$80 ($10.32) each. The company could raise another $5.2 billion if it exercises its green shoe options, taking its market value to about $320 billion. That would be more than JPMorgan Chase & Co. and four times bigger than Goldman Sachs Group Inc.The big winners of the listing own their stakes through two limited partnerships registered in Hangzhou that together hold about 40% of Ant. Alibaba, in turn, has a third of the fintech firm. Hong Kong’s Li Ka-shing, the family behind a French supermarket giant, the son of a Taiwanese real estate billionaire and Chinese retail tycoon Shen Guojun are among the other owners who have invested in the company over the year.Ant began when Alibaba launched the Alipay payments app in 2004 as an escrow service for buyers and sellers on Ma’s e-commerce website. In 2013, they were given the ability to save money and earn interest on the balances stored on their accounts. The firm then started offering credit to small businesses, branching out from its consumer-finance focus, and eventually expanded to services such as block chain, cloud computing and artificial intelligence.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Dow Jones dived 400 points early Monday, but the Nasdaq composite and software stocks held up well despite a profit and sales warning from SAP.
Mortgage rates dipped to another all-time low in the week ending 22nd October. Expect COVID-19 and U.S politics to continue to influence in the week.
Top news and what to watch in the markets on Monday, October 26, 2020.
Dow futures stocks slump as coronavirus infection rates hit new records in Europe and the United States. In the last episode of Mad Money, Jim Cramer told viewers they need to proceed with caution in what will likely be a volatile week for stocks. TheStreet's Katherine Ross and Cramer are on Street Lightning discussed AMD and Nvidia, writing off GAP, and buying Mattel.
Shares of General Electric Co. surged to the highest price seen in four months before pulling back, as Wall Street has gotten a little more optimistic on the outlook ahead of the industrial conglomerate’s earnings report.
Stock futures pointed sharply lower Monday morning as new data showed a jump in COVID-19 cases in both the U.S. and Europe. Restrictions tightened across major countries overseas, raising the specter of a further pullback in business operations and deeper anchor on global economic activity.
The raft of earnings comes as large technology platform companies have come under increased scrutiny from regulators and politicians.