Year: 2020

(Bloomberg) — Hong Kong Exchanges & Clearing Ltd. surged as much as 9.5%, its biggest jump in five years, after billionaire Jack Ma’s Ant Group announced plans to seek a dual listing in Hong Kong and Shanghai, bypassing New York.Ant Group is seeking a valuation of more than $200 billion as it goes public, and could raise more than Saudi Aramco’s record $29 billion if market conditions are favorable, according to a person familiar with the matter. The Hong Kong portion could raise about $10 billion, according to people familiar with the matter, which would make it the sixth-largest initial …read more […]

Amazon.com, Inc. (NASDAQ: AMZN) Chief Executive Officer Jeff Bezos added $13 billion to his wealth on Monday, according to the Bloomberg Billionaires Index.What Happened This is the largest single-day gain in the net worth of an individual recorded by the index since it was created in 2012, Bloomberg noted.Amazon’s shares rose nearly 8% on Monday to close at $3,196.84, the highest single-day gain since December 2018.The e-commerce company’s shares surged after a Goldman Sachs analyst upgraded the price target at the stock to $3,800 per share. Online shopping is also seeing positive trends, according to Bloomberg.The 56-year old’s reported net …read more […]

Swiss drugmaker Novartis cut its 2020 sales outlook on Tuesday after second quarter sales and profit fell, as hospitals that stocked up on drugs during the first-quarter due to the COVID-19 pandemic slowed purchases. The Basel-based company cut its 2020 sales outlook, saying it now expects sales to grow in the mid-single digit percentage range, down from its previous expectation for a mid- to high-single-digit percentage increase. Novartis was also more specific on its profit expectations, saying it now expected core operating income to increase by a low double-digit percentage, compared with its earlier view for a high-single …read more […]

During the second quarter of 2020, US smartphone sell-through fell 25% year-over-year, according to Counterpoint Research’s preliminary US Smartphone Channel Share Tracker. However Apple (AAPL) had reason to rejoice as Apple volumes grew through the quarter and were especially helped by iPhone SE volumes.“The device has been successful and selling above expectations in both postpaid and prepaid channels,” said Jeff Fieldhack, Counterpoint’s North American Research Director.Since the iPhone SE launched at just $399, carrier stores and national retail have been re-opening, with some channels offering large promotions to draw shoppers back to stores. According to Counterpoint, this was especially true …read more […]

Building wealth in your twenties may not be your main priority. After all, you’ve got a career to build, restaurants to try, bars to hit. But if you’re truly interested in building wealth, there is literally no better time to start than your twenties.
That’s because when it comes to building wealth, your best friend is time. The more time you have to accumulate savings and invest your money, the more time your funds will have a chance to compound and grow.
Sometimes it may seem like everyone around you focuses more on spending money and accumulating stuff instead of building wealth. …read more […]

Spot gold was up 0.2% at $1,818.23 per ounce by 0510 GMT after hitting its highest since September 2011 on Monday. U.S. gold futures rose 0.2% to $1,821.10. European Union leaders reached a deal on a massive stimulus plan for their coronavirus-blighted economies after a fractious summit that went through the night and into its fifth day. …read more […]

Jul.20 — Joni Teves, precious metals strategist at UBS Investment Bank, discusses the outlook for gold and silver. Both metals have surged this year as the coronavirus pandemic roiled the global economy, spurring sustained demand for havens even as some lockdowns were eased. Teves speaks with Haslinda Amin and Rishaad Salamat on “Bloomberg Markets: Asia.” …read more […]

Southeast Asian low-cost carriers, a key growth engine for planemakers and leasing companies for a decade before the pandemic, are faltering financially as demand plunges, raising questions over whether they can replace and double their fleets. Auditors for Malaysia’s AirAsia Group Bhd and Vietnam’s VietJet Aviation JSC are concerned about cashflows and funding, while Indonesia’s Lion Air has put the brakes on a planned flotation. …read more […]

(Bloomberg) — Microsoft Corp. President Brad Smith raised concerns to U.S. lawmakers about what the company regards as Apple Inc.’s anti-competitive behavior around its app store, according to a person familiar with the matter.Smith, who is also chief legal officer, was invited by the House of Representatives’s antitrust subcommittee to share his experiences around Microsoft’s own antitrust battle with the U.S. government in the late 1990s. During the conversation, which occurred weeks ago, he discussed the company’s issue with Apple, said the person, who asked not to be identified because the discussion was private.The House Judiciary Antitrust Subcommittee will hold …read more […]

IBM has jettisoned some of its legacy business to focus on the high-margin cloud computing business, an area that has seen a lot of action in recent years as companies ramp up their digital shift to boost efficiency. Revenue from the cloud business, previously headed by Krishna, rose 30% to $6.3 billion in the second quarter. …read more […]

The company said demand for video streaming and productivity products remained high as lockdowns introduced around the world to restrict the spread of the coronavirus resulted in an increase in the number of people working from home. The Swiss-U.S. maker of computer peripherals raised its sales outlook for the 2021 fiscal year to 10% to 13% growth from mid single-digit percentage gain in constant currency. The company also raised its annual outlook for non-GAAP operating profit in the range of $410 million to $425 million from $380 to $400 million. …read more […]

The days when Nokia (NOK) handsets were all the rage are now a bygone era. The former market leader sold its phone business to Microsoft in 2014, and although today the Finnish tech company remains a major multinational telecommunications player, since the “glory years,” shares have been in decline.However, following the coronavirus infected bloodbath, shares have been on a rally, and are up by 81% since bottoming out on March 16. Worries the momentum could be short lived surfaced recently when rumors began circulating that Verizon was planning to replace the company as its 5G supplier – a rumor Verizon …read more […]

Last week’s news cycle was dominated by the Twitter (TWTR) hack. Accounts of well-known public figures – including those of ex-President Obama, billionaires Elon Musk and Jeff Bezos and various other high-profile names – were breached.It is not a good look for the micro-blogging platform, which will be hoping for a more positive slew of headlines after it reports Q2 earnings before market opens on Thursday, July 23.However, Wedbush analyst Michael Pachter is not convinced there will be an abundance of those. Although the analyst thinks “sequential audience growth could surprise positively,” Pachter’s expectations are dampened ahead of the quarterly …read more […]