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Trading Ideas

Brigade Says It Doesn’t Have $175 Million From Citigroup Mistake

August 18, 2020 admin Comments Off on Brigade Says It Doesn’t Have $175 Million From Citigroup Mistake

(Bloomberg) — Brigade Capital Management LP says it can’t return the $175 million that Citigroup Inc. mistakenly paid — part of a $900 million error — because the money went to other funds.“As Citibank is well aware, Citibank wired money to approximately 40 different funds that employ Brigade as their investment/collateral manager, and thus must know that Brigade itself was not a lender and does not have the money for which Citibank is now suing,” Brigade said in a court filing Tuesday.In a lawsuit filed on Monday in New York, Citigroup asked a federal court to order Brigade to return …read more […]

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Tencent-Backed Sea’s Sales Double in E-Commerce, Gaming Boom

August 18, 2020 admin Comments Off on Tencent-Backed Sea’s Sales Double in E-Commerce, Gaming Boom

(Bloomberg) — Sea Ltd., the Singapore-based internet company backed by Tencent Holdings Ltd., said revenue doubled in the second quarter, driven by strong growth at e-commerce platform Shopee and gaming arm Garena.Its stock gained about 8.6% in pre-market trading in New York after reporting total revenue rose to $882 million in the three months ended June. Its net loss widened to $393 million from $280 million.The robust topline numbers underscore how Sea became the world’s best-performing large-cap stock over the 18 months to August, stoking debate over whether the gaming, e-commerce and payments company is the next internet colossus or …read more […]

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Tencent-Backed Sea’s Sales Double in E-Commerce, Gaming Boom

August 18, 2020 admin Comments Off on Tencent-Backed Sea’s Sales Double in E-Commerce, Gaming Boom

(Bloomberg) — Sea Ltd., the Singapore-based internet company backed by Tencent Holdings Ltd., said revenue doubled in the second quarter, driven by strong growth at e-commerce platform Shopee and gaming arm Garena.Total revenue rose to $882 million in the three months ended June from $436.2 million a year earlier, the company said in a statement on Tuesday. Net loss widened to $393 million from $280 million.The robust topline numbers underscore how Sea became the world’s best-performing large-cap stock over the 18 months to August, stoking debate over whether the gaming, e-commerce and payments company is the next internet colossus or …read more […]

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It's no longer a 'bear market rally' – BofA survey

August 18, 2020 admin Comments Off on It's no longer a 'bear market rally' – BofA survey

Investors are their “most bullish” on financial markets since February, when world stocks hit a record high, a Bank of America fund manager survey showed, as hopes of a COVID-19 vaccine and a steady revival of economic activity boost confidence. A net 46% of investors surveyed by BofA said “it’s a bull market”, up from 40% the previous month. A secular bull market is one where the prevailing trend is for higher prices, with short corrections interrupting it. …read more […]

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China says US damaging global trade with Huawei sanctions

August 18, 2020 admin Comments Off on China says US damaging global trade with Huawei sanctions

China accused Washington of damaging global trade with sanctions that threaten to cripple tech giant Huawei and said Tuesday it will protect Chinese companies but gave no indication of possible retaliation. Rules confirmed Monday by the Commerce Department block suppliers from using U.S. technology to produce processor chips and other components for Huawei. The company, China’s first global tech competitor, is the biggest supplier of switching equipment for phone companies and a leading smartphone brand. …read more […]