Year: 2020

(Bloomberg) — Luckin Coffee Inc.’s chairman, Charles Zhengyao Lu, was ousted by shareholders from the scandal-plagued Chinese company, just days after surviving an effort by some directors to strip him of control, Chinese web portal 163.com reported, citing unidentified sources.Three other board directors including Sean Shao were also removed at an extraordinary shareholders meeting in Beijing on Sunday, according to the report, and Ying Zeng and Jie Yang will be added as independent board directors.A company representative didn’t immediately respond to a request for comment.The removal of Lu is the culminating step in a major shakeup of top management since …read more […]

WINNIPEG, Manitoba/TORONTO (Reuters) – Six years ago, Canadian oilfield services firm Calfrac Well Services commanded a C$2.1 billion ($1.55 billion)market value and was poised for U.S. expansion. The Texas billionaire Wilks brothers, already its top shareholder, scooped up more of the company’s debts in June, a regulatory filing showed, preparing to salvage what they can from restructuring. The Canadian industry has borrowed heavily to survive a series of catastrophes, and is facing C$6 billion in refinancing in the next six months, the Bank of Canada said in May. …read more […]

Does the July share price for BlackBerry Limited (TSE:BB) reflect what it’s really worth? Today, we will estimate the… …read more […]

If you are looking to hit a home run in the stock market, the NASDAQ Composite is a good place to start. The index is home to surging technology, internet, and biotech stocks. Despite the adverse effects from COVID-19, the index is up 25% over the past year, and recently hit a new all-time high. Now comes the hard part. How are investors supposed to determine which stocks are poised to take off? Will the current winners continue climbing, or will new high-flyers emerge? Finding the next big one is challenging to say the least. On top of this, there …read more […]

Trader reaction to the minor pivot at $39.36 and the major Fibonacci level at $41.56 will set the near-term tone. …read more […]

Gold managed a breakout to a fresh high at $1779 on Wednesday last week. It is the highest level reached by this precious metal in nearly 8 years. …read more […]

The precious metals miners took a beating when COVID first reared its ugly head in the US in March. …read more […]

Crude oil prices dropped below $43 at the end of this week as growing concerns on the resurgence of COVID-19 cases in major economies around the world strengthened concerns that global energy demand growth could freeze. …read more […]

(Bloomberg Opinion) — Beaches, clear blue seas, scorching temperatures and long days. Forget the Caribbean, your next summer beach holiday could be on the shores of Russia’s Arctic Ocean.Temperatures at Nizhnyaya Pesha, some 840 miles (1,352 kilometers) northeast of Moscow and just 12 miles from Arctic Ocean coast, reached 86 degrees Fahrenheit (24 degrees Celsius) in early June — a disaster for anyone worried about the planet’s future. Further to the east and further inland, things got even hotter. Russia’s state weather authority confirmed that the temperature at the small town of Verkhoyansk — which sits about 70 miles north …read more […]

(Bloomberg) — Crude oil is the world’s most important commodity, but it’s worthless without a refinery turning it into the products that people actually use: gasoline, diesel, jet-fuel and petrochemicals for plastics. And the world’s refining industry today is in pain like never before.“Refining margins are absolutely catastrophic,” Patrick Pouyanne, the head of Europe’s top oil refining group Total SA, told investors last month, echoing a widely held view among executives, traders and analysts.What happens to the oil refining industry at this juncture will have ripple effects across the rest of the energy industry. The multi-billion-dollar plants employ thousands of …read more […]

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Singapore’s High Court has appointed an independent supervisor to oversee the restructuring of trader Hontop Energy. The move came after Malaysian lender CIMB, its biggest creditor, raised concerns about what it described as ‘suspicious’ deals involving oil major BP , according to an affidavit filed with the court this week and reviewed by Reuters. Hontop, the trading arm of Chinese independent refiner China Wanda Holding Group Co Ltd, is one of four commodity trading firms in Singapore which ran into financial trouble as the oil price crashed. …read more […]

Mortgage rates fall to a new record low, bringing sub-3% into play. Concerns over COVID-19 and its impact on the economy led rates downwards. …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 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F […] …read more […]

At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (see why hell is coming). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each stock might be going. […] …read more […]