Year: 2020

U.S. asset manager Vanguard Group said on Wednesday it will close its operations in Hong Kong and Japan and exit Hong Kong exchange-traded funds, citing unsupportive “industry dynamics”. The fund giant, with about $5 trillion in assets, said in a statement that its Hong Kong business primarily served institutional clients and not retail investors, which are its primary focus. Vanguard, which launched a wholly foreign-owned enterprise (WFOE) in China in May 2017, said it will “gradually cease (its) onshore presence in Hong Kong and make an orderly exit” from its Hong Kong ETF, Mandatory Provident Fund and Index-Tracking Investment Schemes …read more […]

What exactly does Ant do, and why is it so valuable? …read more […]

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Chinese electric vehicle maker Xpeng could raise as much as $1.275 billion from its U.S. initial public offering (IPO) after flagging that its shares would be priced at $15, two sources with direct knowledge of the matter said. The price will be formally set on Wednesday in the United States but the indicative $15 is higher than the guidance of $11 to $13 the company gave when the transaction launched last week. Xpeng declined to comment on the pricing of its deal. …read more […]

(Bloomberg) — Teva Pharmaceutical Industries Ltd. was charged by the U.S. with conspiring with competitors to raise prices for generic drugs, the most significant case to come out of a yearslong investigation of price-fixing by pharmaceutical companies.Teva’s U.S. unit was indicted on charges of participating in three conspiracies to fix prices and allocate customers from May 2013 to December 2015, the Justice Department said Tuesday.Teva, the world’s largest generic-drug maker by market value, is the most high-profile company to be charged in the Justice Department’s probe into allegations that companies conspired with one another to prop up the prices of …read more […]

(Bloomberg) — Oil held at a five-month high as Hurricane Laura bore down on key refining facilities on the U.S. Gulf Coast and an industry report added to optimism that American energy demand is recovering.Futures in New York were steady after jumping 1.7% on Tuesday. The storm is expected to make landfall late Wednesday or early Thursday along the Texas-Louisiana coast as a Category 3 hurricane, according to the National Hurricane Center. More than 84% of oil output in the Gulf of Mexico has now shut, while almost 3 million barrels a day of refining capacity has been closed.See also: …read more […]

Little known in the West, China’s dominant mobile payment firm is tipped for the world’s biggest IPO. …read more […]

Spot gold was flat at $1,928.35 per ounce by 0306 GMT. U.S. gold futures rose 0.6% to $1,934.70. “All eyes are on what Powell says this week… there are still a lot of concerns about the economy and they continue to indicate that rates are going be low and stimulus measures will continue, which should boost gold,” said ANZ analyst Daniel Hynes. …read more […]

The Justice Department has been investigating allegations the company colluded with other drugmakers to push up the prices of widely used pharmaceuticals, including a high cholesterol drug. “Today’s charge reaffirms that no company is too big to be prosecuted for its role in conspiracies that led to substantially higher prices for generic drugs relied on by millions of Americans,” Assistant Attorney General Makan Delrahim said in a statement. …read more […]

The U.S. energy industry on Tuesday was preparing for a major hurricane strike, cutting crude production at a rate approaching the level of 2005’s Hurricane Katrina and halting oil refining at plants along the Texas-Louisiana coast. Officials in the two states ordered hundreds of thousands of coastal residents to flee inland as Hurricane Laura strengthened and forecasters predicted it would become a major hurricane with sustained, 115 mile per hour (185 kph) winds. At least a 10-foot (3-meter) storm surge will likely hit the upper Texas coast later this week, said Chris Kerr, a meteorologist at agriculture, …read more […]

Salesforce, slated to join the Dow Jones Industrial Average index on Aug. 31, offers a range of digital products that help companies manage customer relationships, order management, e-commerce and marketing. Bret Taylor, president and chief operating officer of the company, said many of those technologies have seen increased use, such as tools that help companies quickly build out curbside pickup options for their commerce operations without requiring extensive computer coding. “What it really differentiates Salesforce broadly is we have these low-code values, where you don’t need to be a professional developer to set up Salesforce,” Taylor told Reuters …read more […]

(Bloomberg) — It’s the hottest fintech in the world and it’s poised to go public in the coming months, unlocking vast riches for early investors and employees.Ant Group, the online payment provider backed by Alibaba Group Holding Ltd. filed the prospectus for its initial public offering Tuesday, unveiling some of the people who stand to win big from the listing.The obvious one is Jack Ma, whose stake in Ant will be worth $25 billion if it achieves the $225 billion valuation people familiar with the matter have said it’s targeting. That could catapult him to among the world’s 10 richest …read more […]

The latest 13F reporting period has come and gone, and 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 filings show the funds’ and investors’ portfolio positions as of June 30th, when the S&P 500 Index was trading around the […] …read more […]

How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of […] …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 […]