Year: 2020

(Bloomberg) — Oil edged below $40 a barrel as OPEC+ producers started supplying more crude to a global market where many countries are still struggling to contain the coronavirus.The Organization of Petroleum Exporting Countries and its allies will pump about 1.5 million barrels a day more this month than in July as it starts to unwind its historic virus-driven output curbs, with Russia already having lifted its output sightly last month. At the same time, diesel sales in India were down 21% on the previous year in July, a sign of the stuttering demand recovery in one of the world’s …read more […]

Aug.03 — American Enterprise Institute Resident Scholar Derek Scissors believes a full ban of TikTok from the U.S. may not make sense. He was speaking with Haslinda Amin and Rishaad Salamat on “Bloomberg Market: Asia.” …read more […]

(Bloomberg) — Mainland-listed technology shares surged on Monday, driven by expectations of support from Beijing in response to U.S. moves on Chinese-owned software companies.A gauge for Shanghai’s Star board of tech startups closed 7.3% higher, a record gain and a fresh closing high. Shenzhen’s ChiNext Index rose 2.6%.The gains come amid signs that the U.S. will announce measures against Chinese-owned software deemed to pose national-security risks. President Donald Trump last week said he planned to ban TikTok, the popular music-video app owned by ByteDance Ltd., one of China’s biggest tech companies.Comments by U.S. Secretary of State Michael Pompeo suggest a …read more […]

Graham Ivan Clark, the 17-year-old Florida man accused of hacking Twitter on July 15, has more than $3 million worth of bitcoin assets.The post Alleged 17-year-old Twitter hacker has more than $3 million worth of bitcoin assets appeared first on The Block. …read more […]

Aug.03 — Ronald Sum, senior partner and head of dispute resolution for Asia at law firm Addleshaw Goddard, talks about the national security law imposed by China on Hong Kong, and the implications for banks such as HSBC Holdings Plc and Standard Chartered Plc. He speaks with Rishaad Salamat and Haslinda Amin on “Bloomberg Markets: Asia.” …read more […]

(Bloomberg) — HSBC Holdings Plc is speeding up the shakeup of its global business and warning loan losses may reach $13 billion this year as it battles the economic fallout from the coronavirus pandemic.The lender will continue to shift its capital towards Asia, which provided nearly all of HSBC’s earnings, according to its first-half results statement. First-half pre-tax profit missed estimates and more than halved to $5.6 billion. The bank said it is looking at further measures to boost performance.“We do need to take costs down, as a result of the revenue pressures” from the coronavirus, said Chief Financial Officer …read more […]

The Apple Fire in Southern California has burned over 23 square miles of dry brush and timber, forcing thousands to evacuate their homes. Meanwhile, fire crews are taking social distancing measures to limit the spread of the virus. Photo: Josh Edelson/AFP …read more […]

Spot gold was steady at $1,974.29 per ounce by 0508 GMT, after hitting a record high of $1,984.66 in early Asian trade. U.S. gold futures rose 0.3% to $1,992.20. First of all, rising infection rates are a real concern for the globe and a real support for gold prices. …read more […]

Stocks remain on the upside this Friday afternoon as investors continue to ride the rally in tech and also after mixed data. …read more […]

(Bloomberg Opinion) — Let’s get something clear upfront: Microsoft Corp.’s purchase of TikTok isn’t worth $50 billion. That’s my opinion. But then again, it’s not my money.(2) Some investors in its parent company, ByteDance Ltd., think it’s worth that much, according to a Reuters report last week. Good for them. We’ll soon find out its true value, and more importantly, that of Microsoft’s chief executive officer.After a weekend of speculation, the American software giant came out Monday morning, Beijing time, to confirm talks to buy the short-video sensation that boasts more than 100 million users in the U.S. alone.The opening …read more […]

A tech boost in late Thursday earnings have helped pave the way for a strong start this morning for the markets. …read more […]

As the final trading session of the week and month prepares to kick off, futures are turning to tech and data for direction …read more […]

The UK’s biggest bank saw a larger-than-expected drop in earnings as it feels the effects of the pandemic. …read more […]

(Bloomberg) — In a bid to salvage a deal for the U.S. operations of TikTok, Microsoft Corp. Chief Executive Officer Satya Nadella spoke with President Donald Trump by phone about how to secure the administration’s blessing to buy the wildly popular, but besieged, music video app.Microsoft in a blog post Sunday confirmed talks to buy TikTok’s operations in the U.S., as well as in Canada, Australia and New Zealand, and said it’s aiming to complete the deal no later than Sept. 15.The software giant’s public statement follows closed-door discussions with TikTok and Trump, who floated plans for an outright ban …read more […]

HSBC Holdings PLC posted a higher-than-expected 65% tumble in first-half pre-tax profit as the coronavirus pandemic and its impact on businesses forced the Asia-focused bank to boost its loan-loss provisions. Europe’s biggest bank by assets reported a pre-tax profit for the first six months this year of $4.32 billion, down from $12.41 billion in the same period a year earlier, according to its financial statement filed with the stock exchange on Monday. HSBC’s results reinforced the trend of lenders across the world increasing their buffers to absorb souring loans at a time when companies – from aviation …read more […]