Month: September 2020

Online sales grew 74 percent over the first half. …read more […]

Alibaba Group Holding Ltd and China Mobile Communications Group Co Ltd are considering investing 3 billion yuan ($443 million) in Zhejiang Dahua Technology Co Ltd, three people with knowledge of the matter said. Dahua, China’s second-largest surveillance equipment maker, is among Chinese tech firms that Washington last year placed on a blacklist of companies it said helped Beijing monitor and detain Uighurs and other Muslim minorities. E-commerce leader Alibaba and top telecommunications group China Mobile plan to jointly invest in Shenzhen-listed Dahua – which has a market capitalisation of $10.3 billion – via a private share placement in …read more […]

Adobe delivered stronger-than-expected 3Q results, thanks to the robust demand for cloud-based creative software amid the coronavirus pandemic. The software maker’s 3Q adjusted earnings jumped 25% to $2.57 per share year-on-year, and topped analysts’ estimates of $2.41. Its revenues rose 14% to $3.23 billion and also came above the Street consensus of $3.16 billion. Shares rose 1.9% after-hours on Tuesday.Adobe (ADBE) said sales of the company’s flagship creative segment increased 19% to $1.96 billion, while revenues at its document cloud division grew 22% to $375 million, benefiting from the increase in remote work trends during the pandemic. Adobe’s digital media …read more […]

(Bloomberg) — Alibaba Group Holding Ltd. helped modernize brick-and-mortar retail with consumer data and online services. Now it hopes to do the same for China’s multitrillion-dollar manufacturing arena.China’s largest corporation unveiled Wednesday a factory it’s been operating under wraps for the past three years on the outskirts of its hometown of Hangzhou, churning out apparel for clothing merchants on its Taobao and Tmall marketplaces. Dubbed Xunxi, the so-called smart or connected factory is designed to showcase Alibaba’s newest line of business, offering data analytics and back-end technology to manufacturers so they can customize and fine-tune factories in response to consumer …read more […]

Alibaba Group Holding Ltd and China Mobile Communications Group Co Ltd [CHNMC.UL] are considering investing 3 billion yuan ($443 million) in Zhejiang Dahua Technology Co Ltd, three people with knowledge of the matter said. Dahua, China’s second-largest surveillance equipment maker, is among Chinese tech firms that Washington last year placed on a blacklist of companies it said helped Beijing monitor and detain Uighurs and other Muslim minorities. E-commerce leader Alibaba and top telecommunications group China Mobile plan to jointly invest in Shenzhen-listed Dahua – which has a market capitalisation of $10.3 billion – via a private share placement …read more […]

(Bloomberg) — At a funeral last week in the mountains of northern India, one of Prime Minister Narendra Modi’s top aides paid respect to a Tibetan soldier killed on the front lines of deadly clashes with China.Surrounded by troops waving the flags of both India and Tibet, Ram Madhav laid a wreath before the coffin during a ceremony that gave the deceased man full military honors. In a now-deleted tweet, the national general secretary of Modi’s ruling Bharatiya Janata Party said he hoped the soldier’s death would lead to peace along the “Indo-Tibetan border.”The rare recognition of a secretive Indian …read more […]

(Bloomberg) — BP Plc offered a glimpse of the profitability of its huge and secretive trading arm, suggesting it makes annual returns of as much as $2.5 billion.The revelation, which came during presentations this week about the company’s clean-energy plans, follows the emergence of trading in the first half of the year as one of the few bright spots for BP and its peers. The operations brought a torrent of cash that partly offset the impact of the coronavirus crisis on oil prices and energy demand.BP’s in-house trading business has a “long track record” of boosting the company’s return on …read more […]

U.S. gold futures were steady at $1,966.20. “People are keeping on the sidelines because of the Fed announcement coming up later today,” said Brian Lan, managing director at dealer GoldSilver Central in Singapore. “People are awaiting for more clarity on what monetary tools the Fed is expected to use to support inflation above 2%.” …read more […]

Families of Boeing 737 MAX crash victims are urging U.S. lawmakers to ensure the planemaker is held accountable for accidents that together killed 346 people by blocking a key legal defense, according to a letter sent on Tuesday and seen by Reuters. Chicago-based Boeing Co is facing around 100 lawsuits by families of 157 victims of an Ethiopian Airlines 737 MAX crash and has argued that because the aircraft was certified by the U.S. Federal Aviation Administration, it is immune from liability, court filings show. …read more […]

(Bloomberg) — Eastman Kodak Co., seeking to address the firestorm of allegations surrounding a Trump administration loan, said it mishandled the process of awarding stock option grants to its chief executive officer before the announcement.A legal review commissioned by Kodak found that the company’s general counsel didn’t properly brief the board on legal risks of providing the grants to Jim Continenza, the CEO and executive chairman, ahead of positive corporate news. He received the grants the day before the Rochester, New York-based company disclosed that it had been awarded $765 million to manufacture pharmaceutical materials as part of a Covid-19 …read more […]

Over 12,000 study participants had received a second dose of the vaccine, Pfizer executives said on an investor conference call. Pfizer said it was continuously scrutinizing the safety and tolerability of the vaccine in its study. The comments follow rival AstraZeneca’s COVID-19 vaccine trials being put on hold worldwide on Sept. 6 after a serious side effect was reported in a volunteer in Britain. …read more […]

The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 823 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F […] …read more […]

(Bloomberg) — The world’s biggest independent oil trader says global stockpiles of the commodity will keep shrinking, offering a starkly more bullish view of the crude market than some of its rivals.Vitol Group said inventories have been falling sharply and will continue to decline this year. Trafigura Group, the second-biggest trader, says the market will go back into a surplus. Both companies forecast demand to stagnate and foresee a volatile few months before a gradual recovery next year.Global stockpile growth peaked at about 1.2 billion barrels in early summer and inventories have since been drawn down by about 300 million …read more […]

(Bloomberg) — Zhang Yiming, founder of TikTok-parent company ByteDance Ltd., is showing Donald Trump he knows something about dealmaking too.In his proposal to partner with Oracle Corp. to address U.S. security concerns about the hit video app, the Chinese entrepreneur is offering Trump something the president has already declared unacceptable. The question now is whether Trump rejects the proposal, acquiesces or, perhaps most likely for the man behind the ‘Art of the Deal,’ opens negotiations for a compromise.The president has said that TikTok must be sold to an American owner — or shut down. What Zhang has proposed instead is …read more […]

(Bloomberg) — Zhang Yiming, founder of TikTok-parent company ByteDance Ltd., is showing Donald Trump he knows something about dealmaking too.In his proposal to partner with Oracle Corp. to address U.S. security concerns about the hit video app, the Chinese entrepreneur is offering Trump something the president has already declared unacceptable. The question now is whether Trump rejects the proposal, acquiesces or, perhaps most likely for the man behind the ‘Art of the Deal,’ opens negotiations for a compromise.The president has said that TikTok must be sold to an American owner — or shut down. What Zhang has proposed instead is …read more […]