A second wave of layoffs amid weak demand and fractured supply chains is likely keeping new U.S. applications for unemployment benefits elevated, supporting views that the economy faces a long and difficult recovery from the COVID-19 recession.
The recommendation was based on corporate governance concerns due to an insurance arrangement with Chief Executive Officer Elon Musk after Tesla’s decision to not renew its directors and officers’ liability policy due to high premiums quoted by insurers, Glass Lewis said. Musk had agreed to personally provide coverage to such a policy for a year, Tesla disclosed in a regulatory filing in April. “We are concerned that this D&O arrangement gives the company’s independent directors a direct, personal financial dependency upon the CEO they are tasked with overseeing,” Glass Lewis said. …read more […]
(Bloomberg) — JD.com Inc. has bagged a record $32 billion of sales during the country’s biggest online shopping gala of the post-pandemic era, suggesting China’s nascent consumer spending recovery has legs.JD and larger rival Alibaba Group Holding Ltd. this month put Chinese consumption to its first major test since Beijing locked down the country in February. China’s largest retailers are hoping the “6.18” summer extravaganza that wraps up Thursday has unleashed pent-up demand, making up for lost sales during a coronavirus-stricken March quarter. JD said it had racked up 228.5 billion yuan ($32 billion) of transactions as of mid-morning Thursday, …read more […]
(Bloomberg) — Asian stocks and U.S. equity futures dropped, while the yen and Treasuries advanced, as optimism over policy stimulus gave way to recovery concerns caused by rising infection numbers in some locations.Shares fell in Japan, Australia and Hong Kong as the global equity rally seen earlier this week continued to show signs of fatigue. S&P 500 Index futures retreated after the index swung between gains and losses for most of Wednesday on light volume before closing in the red. The yuan and Chinese bond yields traded flat, erasing earlier losses seen in the wake of China’s central bank cutting …read more […]
Australia’s antitrust regulator warned Google’s planned $2.1 billion acquisition of fitness tracker maker Fitbit may give it too much of people’s data, potentially hurting competition in health and online advertising markets.
Glass Lewis said on Thursday that it urged Tesla Inc investors to vote against re-electing Chairwoman Robyn Denholm to the company’s board, making it the second proxy advisory firm to oppose her appointment.
Asian stocks and Wall Street futures fell on Wednesday as spiking coronavirus cases in some U.S. states and China crushed hopes of a quick global economic comeback from the pandemic.
The dollar and the yen edged higher on Thursday as growing concerns about a rise in coronavirus cases underpinned safe-haven demand for both currencies.
Oil prices fell around 2% on Thursday as a spike in new coronavirus cases in China and the United States renewed fears that people would stay home, stalling a recovery in fuel demand even as lockdowns ease.
Asian stocks were set to dip on Thursday after a choppy Wall Street session as spiking coronavirus cases and prospects of new lockdowns erased earlier confidence about a global economic recovery.
It’s no great secret that cruise line stocks have been some of the biggest victims of the COVID-19 pandemic.From a mid-January high near $52 a share, Carnival Corporation (CCL) stock lost nearly 82% of its value through mid-March! Royal Caribbean (RCL) was about as hard-hit, falling 83% the same time period. And Norwegian Cruise Line (NCLH), perceived to be the weakest of the three big publicly-traded cruisers, lost a staggering 87%.More than just victims of consumers unable to cruise because they were stuck at home under stay-at-home orders, or unable to serve patrons because individual state governments had told them …read more […]
Australia’s consumer watchdog said on Thursday it had concerns that Alphabet Inc-owned Google’s planned $2.1 billion acquisition of fitness tracker company Fitbit may hinder competition in digital advertising and health markets.
(Bloomberg) — JD.com Inc. soared about 6% in its Thursday debut in Hong Kong, a solid start that underscores strong investor appetite for a growing line-up of Chinese tech giants seeking to list closer to home.The Chinese online retailer, which already has stock listed in the U.S., opened at HK$239 after raising $3.9 billion in its Hong Kong share sale. That’s after its shares changed hands in gray markets at a roughly 5% premium to its HK$226 listing price in the days prior.JD debuts as tensions between Washington and Beijing threaten to curtail Chinese companies’ access to U.S. capital markets, …read more […]
Some good news just came Apple’s (AAPL) way. According to Wedbush analyst Daniel Ives, there finally appears to be some clarity regarding the highly anticipated launch of Apple’s flagship product, the iPhone 12 – its first to boast 5G capabilities.“While we were hearing of some delays over the past few months that would have pushed this key product cycle into the October/November timeframe, we now believe the iPhone 12 will be in late September with the smartphones ready to hit the shelves globally in early October,” said Ives.Ives was previously under the impression Apple was likely to push the launch …read more […]
Proxy-adviser Glass Lewis has urged Tesla Inc investors to vote against re-electing chairwoman Robyn Denholm to the company’s board due to an arrangement with Elon Musk that raises corporate governance concerns, Bloomberg reported on Wednesday.
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