Mystery surrounds the subscriber numbers of Chinese video streaming company iQIYI, which revealed that it is being investigated by the U.S.’s Securities and Exchange Commission. Confirmation of the SEC probe is expected to send iQIYI’s NASDAQ-listed shares sharply lower. They closed at $21.68 on Thursday. But pre-market trading Friday indicates a fall of 10% to […] …read more […]
I recently intercepted a memo from a partner of mine.
It appeared to be a nothing-much memo regarding a not-all-that-important request for a favor from a business associate – but I intervened because I thought it could ultimately be damaging.
Mutual back-scratching, as I’ve often said, is a big part of good business.
All the successful business relationships I know of – at least the ones that last – involve a lot of back-and-forth.
I do such and such for John, and sometime in the future he will reciprocate. If he doesn’t, I cross him off my list.
Unless I’ve done him a foolishly big …read more […]
Top news and what to watch in the markets on Friday, August 14, 2020. …read more […]
Starting in September, a refi will cost an extra $1,400, on average. What can you do? …read more […]
Hasan Ayhan followed his wife’s instructions last week and took their savings to buy gold at Istanbul’s Grand Bazaar as Turks scooped up bullion worth $7 billion in a just a fortnight. With memories of a currency crisis which rocked Turkey’s economy only two years ago fresh in his mind, the retired police officer was among those playing it safe as he queued in the city’s sprawling covered market, where a screen showed the gold price rise by one Turkish lira ($0.1366) in just 10 minutes. “I think it is the best investment right now so I converted …read more […]
(Bloomberg) — European stocks dropped on Friday as fresh quarantine rules for arrivals to the U.K. dragged down travel and leisure shares. Treasury yields steadied near an eight-week high and the dollar drifted.The Stoxx Europe 600 Index opened lower after Britain added France, the Netherlands and Malta to its list of countries from which people arriving have to quarantine for 14 days. EasyJet Plc and Tui AG both dropped more than 5%. The euro remained on track for its eighth straight week of gains versus the greenback.Shares in Hong Kong and China rose as data showed China’s economic recovery continued …read more […]
iQiyi, Inc. (NASDAQ: IQ) shares dropped more than 12% in the after-hours session Thursday as the company revealed it’s under investigation from the United States Securities and Exchange Commission.What Happened: The Chinese video-streaming service akin to Netflix Inc (NASDAQ: NFLX) said the SEC is seeking financial and operating records dating from January 1, 2018, CNBC reported.The video streamer said the federal agency has also asked for documents related to acquisitions and investments identified in a Wolfpack Research report dating back to April.Why It Matters: Wolfpack claimed at the time that iQiyi had been fudging user numbers since its initial public …read more […]
(Bloomberg) — Oil headed for a second weekly gain as signs an energy demand recovery in the U.S. is gaining traction outweighed a more pessimistic report from the International Energy Agency.Futures in New York edged higher near $42 a barrel Friday and are up around 3% for the week. A slew of encouraging data on U.S. crude stockpiles, gasoline consumption and refinery activity spurred the biggest daily jump in three weeks Wednesday. The optimism was tempered the following day as the IEA cut its global demand estimates for almost every quarter through the end of 2021.The agency’s steepest downgrades were …read more […]
Britain will buy potential COVID-19 vaccines from U.S. drugmakers Johnson & Johnson and Novavax Inc, the companies said on Friday, bringing the total number of deals by the UK government to six as the race for shots heats up. Johnson & Johnson said its Janssen Pharmaceutica unit will supply the UK government with its candidate known as Ad26.COV2.S with an initial sale of 30 million doses on a not-for-profit basis for emergency pandemic use. In a separate statement, Novavax said the UK would buy 60 million doses of its coronavirus vaccine candidate, NVX-CoV2373, for a phase 3 …read more […]
Baidu’s second-quarter revenue fell 1% to 26.0 billion yuan ($3.8 billion) from the same period a year earlier but was better than an average analyst estimate of 25.7 billion yuan. Shares in iQIYI, a Netflix-like video-streaming service, plunged as much as 19% while Baidu shares dropped 5.5% in after-hours trade. It said it could not predict the timing, outcome or consequences of the probe and had hired professional advisers to conduct an internal review. …read more […]
(Bloomberg) — When Democratic Party presidential nominee Joe Biden picked Kamala Harris to be his running mate, it sparked a frenzy on the other side of the globe to track down her connections to Chennai, the southern Indian city where her mother was born.On Twitter and Facebook, a flurry of users chronicled every minute link including her grandparents’ home in the Besant Nagar neighborhood, from where her mother Shyamala Gopalan set off as a teenager to pursue a doctoral degree at the University of California Berkeley. Undated photos surfaced of Kamala and younger sibling Maya in saris, smilingly posing with …read more […]
Telemedicine company MDLive is planning for a public offering early next year, CEO Charles Jones told Stat Thursday.What Happened The executive disclosed that the offering is still in early stages and is planned for January or February next year, according to Stat.Jones said his decision to take MDLive public was reinforced by rival telemedicine company Teladoc Health Inc’s (NYSE: TDOC) planned .5 billion acquisition of Livongo Health, Inc (NASDAQ: LVGO).Teladoc expects to bring in $990 million in revenue for 2020, whereas MDLive is in line to bring in $120 million, Stat noted.A key difference between the two companies is that …read more […]
The Philippine unit of Royal Dutch Shell said on Thursday it will permanently shut one of the country’s two oil refineries, blaming a pandemic-led slump in margins, with other regional closures likely to follow, according to analysts. Pilipinas Shell Petroleum Corp said its 110,000-barrel-per-day (bpd) Tabangao facility in Batangas province, which began operations in 1962, was no longer economically viable and would be turned into an import terminal. “We definitely see the possibility of more closures in Asia over the next 6-12 months,” said Mia Geng, consultant at FGE, adding that refineries in Japan, Australia and New Zealand …read more […]
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