The Chinese fintech titan Ant Group—co-founded by Alibaba billionaire Jack Ma—is set to go public in what could be one of the largest listings ever. WSJ explains how Ant’s backbone service, Alipay, has revolutionized payments and investing in the world’s most populous country. Photo Composite: Crystal Tai …read more […]
(Bloomberg) — Nintendo Co. added another $3 billion in market value in Tokyo on Monday with retail investors on the Robinhood app cited as helping to further boost the game maker’s popularity.Nintendo has been one the strongest-performing blue-chip stocks in Japan this year, as the pandemic, together with the release of its smash-hit Animal Crossing: New Horizons game, helped boost the already high popularity of its Switch console. Shares are up more than 70% from their March low, and have hardly looked back since passing the 50,000 yen barrier in June, with earnings earlier this month blowing past all estimates …read more […]
(Bloomberg) — Nintendo Co. added another $3 billion in market value in Tokyo on Monday with retail investors on the Robinhood app cited as helping to further boost the game maker’s popularity.Nintendo has been one the strongest-performing blue-chip stocks in Japan this year, as the pandemic, together with the release of its smash-hit Animal Crossing: New Horizons game, helped boost the already high popularity of its Switch console. Shares are up more than 70% from their March low, and have hardly looked back since passing the 50,000 yen barrier in June, with earnings earlier this month blowing past all estimates …read more […]
Taiwan on Monday gave the domestic branch of Alibaba Group Holding Ltd’s e-commerce site Taobao six months to re-register as a Chinese investment rather than a foreign one, or leave, in the government’s latest shot against Chinese firms. Amid growing political tension, Taiwan has stepped up oversight of Chinese investment and the operations of Chinese tech firms on the island. The investment commission of Taiwan’s Economics Ministry said Taobao Taiwan was operated by a British-registered company called Claddagh Venture Investment, an investment firm that was in effect controlled by Alibaba. …read more […]
Aug.24 — Ameenah Gurib-Fakim, former president of Mauritius, discusses the oil spill in the island nation after a bulk carrier ran aground and spilled oil into the pristine waters. She speaks on “Bloomberg Markets: European Open.” …read more […]
Tropical Storms Marco and Laura are projected to make landfall in the U.S. Gulf Coast this week, as coronavirus-hit states prepare for the threatening back-to-back storms. Photo: Orlando Barría/EPA/Shutterstock …read more […]
(Bloomberg) — Plenty of folks on Wall Street can tell tales of the dot-com bubble. Not many of them launched a $150 million tech-focused asset management firm about three months before it burst.Ryan Jacob had a sensational track record when he started the Jacob Internet Fund in December 1999 at the age of 30. He had ridden the boom, then he endured the crash and incredibly kept his firm alive to this day.All of which makes him as qualified as anyone to judge the current tech rally.“The only people who say, ‘Yes, it’s like the 1990s’ are hedge-fund managers who …read more […]
Aug.24 — The Dax in Frankfurt is losing Wirecard AG, weeks after the financial payments firm collapsed into insolvency, following years of allegations of fraud. Wirecard’s fall sparked a blame game in corporate and political circles with much of the anger directed at the German financial regulator. Bloomberg’s Benedikt Kammel reports on “Bloomberg Markets: European Open.” …read more […]
Aug.24 — Europe is seeing a resurgence of the coronavirus. Yesterday, France reported almost 4,900 new cases over a 24-hour period, the largest one-day jump since the previous peak in mid-April. Bloomberg’s Maria Tadeo reports on “Bloomberg Markets: European Open.” …read more […]
(Bloomberg) — Norwegian life insurer Storebrand ASA has beefed up its climate policy, leading it to exit oil giants Exxon Mobil Corp. and Chevron Corp. and accelerate a full divestment from coal.The move by the Oslo-listed company, which has about $91 billion under management, is another illustration of how investors are adjusting to the risks of climate change, putting pressure on fossil-fuel producers.Storebrand has sold its holdings in Exxon and Chevron, chemicals giant BASF SE and miner Rio Tinto Group for their lobbying efforts against the Paris Agreement and climate regulation, it said in a statement. It also quit ConocoPhillips …read more […]
Hong Konger Winnie Tong aims to move to Britain with her family in two years, but is stalling on plans to buy a house there after prices jumped almost 15% since April. The 40-year-old who used to be in two minds about leaving Hong Kong now wants to settle in Birmingham as she is concerned about an increasingly politicised environment for her young children. Property agents said they sold more than double the number of apartments to Hong Kong buyers in the past two months, with the spike in purchases mainly for personal use. …read more […]
(Bloomberg) — China’s fragile economic recovery is ushering in a dangerous new phase for the nation’s $4.1 trillion corporate bond market.With the economy now strong enough for policy makers to dial back financial support but still too weak to save the most distressed borrowers, some fund managers are bracing for defaults on domestic Chinese debt to hit record highs this year. Delinquencies have already started rising after a remarkably quiet second quarter, and pressure on borrowers is set to grow as 3.65 trillion yuan ($529 billion) of notes mature by year-end.While few see a crisis in the offing, debt specialists …read more […]
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