Year: 2020

(Bloomberg) — Semiconductor Manufacturing International Corp. retreated to a four-month low in Hong Kong after the U.S. imposed export restrictions on China’s largest chipmaker.The shares slumped as much as 7.9% on Monday, adding to their 25% loss for the month. Also listed in Shanghai, SMIC’s stock there retreated as much as 5.8% to the lowest level since its July debut. U.S. firms must now apply for a license to export certain products to the chipmaker, the Commerce Dept. said in a letter dated Sept. 25, reviewed by Bloomberg News. SMIC and its subsidiaries present “an unacceptable risk of diversion to …read more […]

Sep.27 — President Donald Trump reportedly paid just $750 in income taxes in both 2016 and 2017. A New York Times investigation has revealed millions of dollars in losses from golf courses, and hundreds of millions in debt that is coming due in the next few years. Bloomberg’s Kevin Cirilli reports on “Bloomberg Daybreak: Asia.” …read more […]

Sep.27 — President Donald Trump’s ban on TikTok was temporarily blocked by a federal judge, dealing a blow to the government in its showdown with the popular Chinese-owned app. Bloomberg’s Stephen Engle reports on “Bloomberg Daybreak: Asia.” …read more […]

Sep.27 — President Donald Trump answers questions about the New York Times article about his tax information for the last two decades. Trump is said to have paid $750 in federal income taxes in the year he won the presidency. He speaks at a news briefing at the White House. …read more […]

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(Bloomberg) — Investors may remain in cash more than expected as safe-haven assets seen as traditional hedges aren’t panning out, according to JPMorgan Chase & Co.Above-average allocations to cash may be an unintended consequence of easy-money policies, with cyclical assets seen as too difficult to hedge in a zero-yield environment, strategists led by John Normand wrote in a note Friday. That conservative mindset may not become popular enough to affect the direction of risky markets, but it could discourage investors from deploying their cash into other asset classes, they said.“Defensive assets are delivering their weakest performance and therefore worst hedge …read more […]

Responding to questions at a press conference Sunday, President Trump denied a New York Times article about his finances, saying he pays “a lot” in federal income taxes. Photo: Chris Kleponis/Bloomberg News …read more […]

(Bloomberg) — Fed-up U.S. shale investors may finally be about to get the industry consolidation they’ve been demanding.Devon Energy Corp. and WPX Energy Inc. are in advanced talks to merge, the Wall Street Journal reported Saturday, with an announcement coming as soon as this week. The combination would create one of the biggest independent shale producers in the country, tying together two companies with sizable operations in the hottest part of the prolific Permian Basin, which straddles West Texas and southeastern New Mexico.U.S. shale company shareholders, frustrated after years of poor returns and missed targets, have long called for the …read more […]

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(Bloomberg) — U.S. equity-index futures began the week with modest gains and stocks in Asia were on course to open marginally higher as investors weighed further signs of recovery in China against more virus outbreaks in some parts of the world.Currencies began the week with muted moves, with the dollar steady against most G-10 peers early Monday. S&P 500 futures ticked up after the gauge rose on Friday, when equity-index futures in Japan and Australia edged higher. Crude oil slipped. Global equities are on course for the first month of losses since March amid mounting signs that the pace of …read more […]

Despite claims that their economies can survive low oil prices, Gulf nations are grappling with a massive half-trillion-dollar budget deficit …read more […]

It would come after Cleveland-Cliffs acquired AK Steel, a U.S. maker of flat-rolled carbon steels, including stainless steel, for $3 billion, including debt, last March. The latest deal could result in the merger of U.S. assets of Luxembourg-based ArcelorMittal that are worth between $2 billion and $3 billion with Cleveland-Cliffs, one of the sources said. …read more […]

Journal Editorial Report: The week’s best and worst from Kim Strassel, Kyle Peterson and Dan Henninger. Images: Reuters/AFP/Getty Images Composite: Mark Kelly …read more […]

Journal Editorial Report: Paul Gigot interviews Dr. Martin Makary of Johns Hopkins University. Image: Dado Ruvic/Reuters …read more […]

Journal Editorial Report: What it means for the Court and the presidential election. Image: Olivier Douliery/AFP via Getty Images …read more […]