A company linked to China’s scandal-hit Luckin Coffee Inc is seeking fresh capital, sources said, highlighting the ripple effect of Luckin’s fabricated transactions as the chairman of both firms scrambles to avoid a cash crunch.
Oil prices rose on Wednesday amid signs of improving demand and a drawdown in U.S. crude inventories but worries over the economic fallout from the coronavirus pandemic capped gains.
Global growth in new renewable energy capacity will experience its first annual decline in 20 years this year amid the coronavirus pandemic but is expected to pick up next year, the International Energy Agency said on Wednesday.
HSBC Holdings PLC expects to achieve double-digit asset growth in its newly combined wealth business in Asia Pacific in the next three years, as it looks to grab a bigger share of the growing rich population, the unit’s regional head told Reuters.
U.S. gold futures rose 0.4% to $1,753.30. In testimony before the U.S. Senate Banking Committee, Federal Reserve Chair Jerome Powell said the Fed was looking at extending access to the credit facilities to additional borrowers, including states with smaller populations. “What the Fed does in the next few months will be pretty important, and certainly Powell did indicate that the rates would remain near zero for foreseeable future,” ANZ analyst Daniel Hynes said. …read more […]
Democratic lawmakers on Tuesday urged the Trump administration to answer “serious questions” about Taiwan Semiconductor Manufacturing Co Ltd’s plans to build a U.S.-based $12 billion plant, flagging national security concerns and potentially undisclosed subsidies. TSMC, the world’s biggest contract chipmaker and supplier to U.S. tech giants such as Apple Inc, announced the project last week, in a move trumpeted by Commerce Secretary Wilbur Ross as signaling a “renaissance in American manufacturing” fueled by President Donald Trump. In a letter addressed Tuesday to Ross and Defense Secretary Mark Esper, top Senate Democrat Chuck Schumer and two colleagues said they …read more […]
Asian stocks struggled to extend the week’s rally on Wednesday and gold and bonds firmed as a sceptical press report dented some hopes for a COVID-19 vaccine and concerns about bumps in the global recovery from the pandemic returned.
Venezuela’s central bank has made a legal claim to try to force the Bank of England to hand over €930 million ($1.02 billion) of gold so President Nicolas Maduro’s government can fund its coronavirus response, according to the document submitted in a London court. The claim follows a request Venezuela made to the Bank of England in April to sell part of its gold reserves there and send the proceeds to the United Nations to help with the country’s coronavirus-fighting efforts. The Bank of England declined to comment on the claim. …read more […]
Democratic lawmakers on Tuesday urged the Trump administration to answer “serious questions” about Taiwan Semiconductor Manufacturing Co Ltd’s plans to build a U.S.-based $12 billion plant, flagging national security concerns and potentially undisclosed subsidies.
Moderna, Inc. (NASDAQ:MRNA) stock popped after positive news about the company’s coronavirus vaccine candidate. After the shares climbed 20% to record highs, the company announced plans to sell $1.25 billion in new shares to fund manufacturing and distribution of its vaccine candidate. Update on Moderna’s coronavirus vaccine Moderna’s coronavirus vaccine is officially referred to as […] …read more […]
Shares of Fujifilm Holdings Corp fell on Wednesday after Kyodo news agency reported that so far there has been no clear evidence of efficacy for its drug Avigan in treating the novel coronavirus in some clinical trials.
In such a confused financial environment, investors are hard-pressed to find a market strategy that will bring positive results. The old saws may not be reliable. One way out of the quandary is to follow the insiders. Corporate officers, entrusted by, and accountable to, shareholders, typically have deeper knowledge of their companies and business niches than is available to the average investor – and they can use that knowledge in their own trading. To avoid impropriety, insiders are required to make their trading public – a regulation that lets ordinary investors benefit from insider knowledge. So, when they buy or …read more […]
Shares of Fujifilm Holdings Corp tumbled more than 4% in early trade on Wednesday after a report its anti-flu drug Avigan was not showing apparent efficacy in coronavirus treatment in clinical trials so far.
Oil prices dipped on Wednesday as concerns over the lasting economic fallout from the coronavirus pandemic outweighed signs of improving demand and production cuts by major oil producers.
Asia stocks are likely to come under pressure on Wednesday, tracking declines on Wall Street while gold prices were buoyed by safe-haven demand as economic indicators pointed to more signs of recession.
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