Month: September 2020

(Bloomberg) — ByteDance Ltd. emphasized it will remain in control of a hived-off TikTok Global business, appearing to contradict President Donald Trump’s statements about how the new entity will be directed by Americans and pay an unusual $5 billion fee to the U.S. government.The world’s most valuable startup sought to play down speculation it’s giving up control of valuable Chinese technology and assets after striking a deal with Oracle Corp. and Walmart Inc. to create TikTok Global. ByteDance will retain full control of its prized social media algorithms and allow Oracle only limited access to view source code for “safety” …read more […]

(Bloomberg) — ByteDance Ltd. emphasized it will remain in control of a hived-off TikTok Global business, appearing to contradict President Donald Trump’s statements about how the new entity will be directed by Americans and pay an unusual $5 billion fee to the U.S. government.The world’s most valuable startup sought to play down speculation it’s giving up control of valuable Chinese technology and assets after striking a deal with Oracle Corp. and Walmart Inc. to create TikTok Global. ByteDance will retain full control of its prized social media algorithms and allow Oracle only limited access to view source code for “safety” …read more […]

HSBC and Standard Chartered’s Hong Kong shares dropped on Monday after media reports that they and other banks moved large sums of allegedly illicit funds over nearly two decades despite red flags about the origins of the money. BuzzFeed and other media reports were based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCen). The revelations underscore challenges for regulatory and financial institutions trying to stop the flow of dirty money despite billions of dollars of investments and penalties imposed on banks in …read more […]

Sep.20 — Opposition lawmakers in Hong Kong are being urged to resign en masse before the legislative council reconvenes next month. The call comes after China delayed the elections for a year. Bloomberg’s Brendan Scott reports on “Bloomberg Daybreak: Asia.” …read more […]

Tens of thousands of Hongkongers have been left struggling to make ends meet after the Covid-19 pandemic hit the city on the heels of months of anti-government protests. Among the hardest hit are members of ethnic minority communities, including many who were already struggling with lower than average pay before the crisis. Since losing her job in April 2020, Sangita has been struggling to make ends meet as she takes care of her family. …read more […]

China’s ByteDance said on Monday that TikTok’s global business will become its subsidiary, even as Oracle Corp and Walmart Inc said over the weekend that they and U.S. investors would own the majority of the video app following a deal with U.S. President Donald Trump’s administration. Trump signed an executive order on Aug. 14 giving ByteDance 90 days to sell TikTok, amid concerns that the personal data of as many as 100 million Americans that use the app could be passed on to China’s Communist Party government. On Saturday, he said he supported a deal in principle that …read more […]

Oil prices fell on Monday on the potential return of oil output from Libya even as rising coronavirus cases add to worries about global demand, although losses were limited as a new tropical storm heads for the U.S. Gulf of Mexico. Brent crude was down 20 cents, or 0.5%, at $42.95 a barrel by 0039 GMT, while U.S. crude fell by 27 cents, or 0.7%, to $40.84 a barrel. Libya’s National Oil Corp (NOC) lifted force majeure on what it deemed secure oil ports and facilities on Saturday, but said the measure would remain in place …read more […]

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Sep.20 — President Donald Trump’s push to fill the seat of the late Justice Ruth Bader Ginsberg is gaining traction already with the U.S. election being just weeks away. Bloomberg’s Greg Stohr reports on “Bloomberg Daybreak: Asia.” …read more […]

(Bloomberg) — Value shares are a better way to bet on a Covid-19 vaccine than cyclical stocks, even though the latter have gained favor for capturing the trade, according to Goldman Sachs Group Inc.Value shares beat their growth counterparts by more than 3 percentage points over the Aug. 22 to Sept. 8 period, when the chances of a vaccine available by the first quarter of 2021 jumped to about 70% from around 40%, Goldman strategists led by David Kostin wrote in a note Friday. Cyclical shares underperformed defensive ones, they said.Value stocks tend to have short-duration cash flows, so will …read more […]

KPS TO PARTICIPATE IN COMPANY’S DIP FINANCING TO SUPPORT OPERATIONS KPS HAS OBTAINED COMMITTED EXIT FINANCINGNEW YORK, Sept. 20, 2020 /CNW/ — KPS Capital Partners, LP (“KPS”) announced today that, through a newly formed affiliate, it has entered into a stock and asset purchase agreement with Garrett Motion Inc. …read more […]

Investors this week will look ahead to a packed calendar of events, including multiple appearances of Federal Reserve Chair Jerome Powell before Congress, Tesla’s inaugural battery technology event, and a handful of closely watched corporate earnings results and economic data releases. …read more […]

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Sep.20 — Mayo Clinic Vaccine Research Group Director Gregory Poland discusses the timeline for a coronavirus vaccine. He speaks with Guy Johnson and Alix Steel on “Bloomberg Markets.” September 17, 2020 …read more […]

(Bloomberg) — U.S. stock futures opened with declines, while equities in Asia were set for a softer start after a dip on Wall Street on Friday. The offshore yuan edged higher.Currencies elsewhere saw small moves, with the dollar largely steady against its main G-10 peers. Japan’s equity market is shut for a holiday and cash Treasuries won’t trade until the London open. Stock futures signaled modest declines in Australia and Hong Kong. Crude oil retreated. As U.S.-China tensions linger, President Donald Trump said he’s approved Oracle Corp.’s bid for the U.S. operations of TikTok “in concept.” Meantime, the Trump administration’s …read more […]