HONG KONG (Reuters/IFR) – Chinese online group discounter Pinduoduo Inc priced its U.S. initial public offering (IPO) at $19 per American depositary share (ADS), raising $1.63 billion in the second-biggest U.S. float by a Chinese firm this year, according to two people familiar with the situation.
A group of Republican lawmakers on Wednesday introduced articles of impeachment to remove Deputy U.S. Attorney General Rod Rosenstein, escalating a fight over Special Counsel Robert Mueller’s investigation of alleged Russian meddling in the 2016 U.S. presidential election. Representatives Jim Jordan and Mark Meadows, who belong to the conservative House Freedom Caucus, joined nine other House members in accusing Rosenstein of hiding investigative information from Congress, failure to comply with congressional subpoenas and other alleged misconduct. Rosenstein, the No. 2 official at the Justice Department, has become a frequent punching bag for supporters of President Donald Trump for …read more […]
A top German industry group gave a cautious welcome to solutions proposed by U.S. President Donald Trump and European Commission President Jean-Claude Juncker to avert a trade war, but warned that U.S. auto tariffs were not completely off the table yet.
In North Korea, summer is not a good time to be a dog. In the sizzling heat, North Korea’s biggest brewery is pumping out twice as much beer as usual, Pyongyang residents are lining up to get their “bingsu” — a syrupy treat made with shaved ice — and restaurants are serving up bowl after bowl of the season’s biggest culinary attraction: spicy dog meat soup. …read more […]
Asian stocks edged higher on Thursday, taking comfort from gains on Wall Street after U.S. President Donald Trump and European Commission President Jean-Claude Juncker agreed to work toward eliminating trade barriers on industrial goods.
In what the EU chief called a “major concession,” U.S. President Donald Trump agreed on Wednesday to refrain from imposing car tariffs while the two sides launch negotiations to cut other trade barriers, easing the threat of a transatlantic trade war.
Facebook Inc’s shares lost as much as a quarter of their value on Wednesday after executives said that profit margins would plummet for several years due to the costs of improving privacy safeguards and slowing usage in the biggest advertising markets.
Qualcomm Inc , the world’s biggest maker of chips for mobile phones, said on Wednesday it would drop its $44 billion bid for NXP Semiconductors after failing to secure regulatory approval from China against a backdrop of widening trade tensions.
PayPal Holdings Inc on Wednesday reported a second-quarter profit that beat analysts’ estimates, but its forecast for third-quarter revenue came up short.
Ford Motor Co on Wednesday lowered its full-year earnings forecast due to slumping sales and trade tariffs in China and its struggling business in Europe, and said ongoing plans to revamp its business could lead to pre-tax charges of up to $11 billion over the next three to five years.
Facebook’s stock plunged Wednesday following the company’s second-quarter earnings report. Facebook’s stock took a beating Wednesday — before being utterly pummeled. Then, during the company’s earnings call with investors, the shares fell even more as CEO Mark Zuckerberg and his colleagues warned of slowing revenue growth and increased expenses in the months ahead. …read more […]
Mondelez International Inc on Wednesday reported a better-than-expected quarterly profit as it sold more Cadbury chocolates and Oreo cookies in Europe and North America, while keeping a lid on costs.
Advanced Micro Devices Inc beat estimates for quarterly profit and revenue on Wednesday, as a rare surge in demand for personal computers boosted sales of its processors, graphic chips, sending its shares up 5 percent in extended trading.
Nasdaq futures dropped 0.85 percent late on Wednesday, suggesting the technology-heavy Nasdaq Composite index would fall when trading opens on Thursday morning.
Facebook’s share price fell over 20 percent in after-hours trading today …read more […]
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