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August 17, 2022

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Five Chinese state-owned companies to delist from NYSE amid U.S. tensions

Reuters
SHANGHAI/HONG KONG, Aug 12 (Reuters) – Five Chinese state-owned companies, including oil giant Sinopec (600028.SS) and China Life Insurance (601628.SS), said on Friday they would delist from the New York Stock Exchange, amid economic and diplomatic tensions with the United States. The companies, which also include Aluminium Corporation of China......

PayPal shares jump on Elliott’s $2 bln stake, annual profit guidance raise

Reuters
The PayPal app logo seen on a mobile phone in this illustration photo October 16, 2017. REUTERS/Thomas White/Illustration Register now for FREE unlimited access to Reuters.com Register Aug 2 (Reuters) – PayPal Holdings (PYPL.O) on Tuesday said activist investor Elliott Management has an over $2 billion stake in the fintech......

Global equity funds record fifth weekly outflow in a row

Reuters
Traders work on the floor of the New York Stock Exchange (NYSE) as a screen shows Federal Reserve Board Chairman Jerome Powell during a news conference following a Fed rate announcement, in New York City, U.S., July 27, 2022. REUTERS/Brendan McDermid Register now for FREE unlimited access to Reuters.com Register......

Analysis: World’s biggest bond markets back in vogue as recession fears mount

Reuters
LONDON, July 29 (Reuters) – One day you’re out and the next day you’re in: the world’s battered sovereign bond markets are back in favour as global recession fears mount. Government borrowing costs from Germany to France and Australia are down sharply this month, with 10-year bond yields down around......

Tesla raises spending plan, discloses new subpoena on Musk’s 2018 tweet

Reuters
Now expects to spend $6 billion to $8 billion this year Reveals $170 mln charge related to bitcoin holding Says fair value of digital assets is worth $222 mln July 25 (Reuters) – Tesla Inc (TSLA.O) has increased its capital spending plan by $1 billion, the electric automaker said in......

Exclusive: Hyundai subsidiary has used child labor at Alabama factory

Reuters
LUVERNE, Alabama, July 22 (Reuters) – A subsidiary of Hyundai Motor Co has used child labor at a plant that supplies parts for the Korean carmaker’s assembly line in nearby Montgomery, Alabama, according to area police, the family of three underage workers, and eight former and current employees of the......

U.S. charges ex-Coinbase manager in first crypto insider trading case

Reuters
NEW YORK, July 21 (Reuters) – A former product manager at Coinbase Global and two others have been charged with wire fraud in the first insider trading case involving cryptocurrency, U.S. prosecutors in Manhattan said on Thursday. Ishan Wahi, the product manager at the cryptocurrency exchange, and his brother Nikhil......

CEO pay gains far outpace rising wages, says U.S. union report

Reuters
July 18 (Reuters) – S&P 500 (.SPX) chief executives made $18.3 million on average in 2021, 324 times the pay of their median workers and higher than the ratio in 2020, the top American labor union federation reported on Monday. Corporate leaders’ raises far outpaced wage gains that failed to......

JPMorgan suspends buybacks, warns on global economy as profit slumps

Reuters
July 14 (Reuters) – JPMorgan Chase & Co’sJamie Dimon struck a cautious note on the global economy as America’s largest bank reported a worse-than-expected 28% fall in quarterly profit and suspended share buybacks in the face of growing risks of a recession. The chief executive also stressed the need to......

U.S. SEC voted to undo Trump-era curbs on shareholder advisers

Reuters
WASHINGTON, July 13 (Reuters) – The U.S. securities regulator voted on Wednesday to rescind rules introduced under then-U.S. President Donald Trump that critics said impeded the independence of firms that advise investors on how to vote in corporate elections. The 3-2 vote to adopt rule changes is the latest installment......

Analysis: Bruised investors seek shelter in U.S. healthcare stocks

Reuters
NEW YORK, July 13 (Reuters) – Shares of U.S. healthcare companies are gaining favor as investors bank on their ability to weather rocky economic times and the stocks look more reasonably valued than other defensive sectors. Healthcare (.SPXHC) has been the top-performing S&P 500 sector over the past month, rising......

Twitter sues Elon Musk to hold him to $44 billion deal

Reuters
WILMINGTON, Del., July 12 (Reuters) – Twitter Inc (TWTR.N) sued Elon Musk on Tuesday for violating the $44 billion deal to buy the social media platform and asked a Delaware court to order the world’s richest person to complete the merger at the agreed $54.20 per Twitter share, according to......

Morgan Stanley names new co-heads of investment banking – memo

Reuters
NEW YORK, July 11 (Reuters) – Morgan Stanley (MS.N) has named Eli Gross and Simon Smith as the new global co-heads of investment banking, as part of a leadership shakeup at the top of one of Wall Street’s most powerful deals advisory group. The current investment banking heads, Mark Eichorn......

Crypto.com grows internal legal team with ex-K&L Gates partner

Reuters
Mandatory Credit: John David Mercer-USA TODAY Sports Register now for FREE unlimited access to Reuters.com Register Humenik joins platform as head of a team focused on derivatives Ex-K&L Gates partner Wales leads company’s North America team (Reuters) – Crypto.com has expanded its legal department, adding former U.S. law firm partner......

How Republican-led states are targeting Wall Street with ‘anti-woke’ laws

Reuters
WASHINGTON, July 6 (Reuters) – Republican-led states have unleashed a policy push to punish Wall Street for taking stances on gun control, climate change, diversity and other social issues, in a warning for companies that have waded in to fractious social debates. Abortion rights are poised to be the next......

Cryptoverse: The bonfire of the NFTs

Reuters
July 5 (Reuters) – The NFT dream isn’t dead, but it’s taken a big non-fungible beating. The market shone gloriously last year as crypto-rich speculators spent billions of dollars on the risky assets, pumping up prices and profits. Now, six months into 2022, it’s looking ugly. Monthly sales volume on......

Blockchain payment company Roxe to go public via $3.6 bln SPAC deal

Reuters
June 21 (Reuters) – Blank check company Goldenstone Acquisition Ltd (GDST.O) said late on Tuesday that it has entered into a deal with blockchain-based payments company Roxe Holding Inc to take it public for a combined enterprise value of about $3.6 billion. The deal bucks an unfavorable market environment with......

Elon Musk sued for $258 billion over alleged Dogecoin pyramid scheme

Reuters
NEW YORK, June 16 (Reuters) – Elon Musk was sued for $258 billion on Thursday by a Dogecoin investor who accused him of running a pyramid scheme to support the cryptocurrency. In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, electric car company Tesla Inc......

Analysis: U.S. crypto-lending firms likely to see greater regulation after Celsius troubles

Reuters
WASHINGTON, June 16 (Reuters) – Liquidity troubles at crypto lending platform Celsius Network, which have left its 1.7 million customers unable to redeem their assets, will increase U.S. regulatory pressure on the sector, which was already on the defensive amid other crises this year. The industry has been battling scrutiny......

Musk sued by Twitter investors for stock ‘manipulation’ during takeover bid

Reuters
NEW YORK, May 26 (Reuters) – Billionaire Elon Musk was sued by Twitter Inc (TWTR.N) investors claiming he manipulated the company’s stock price downward, as the chief executive of electric carmaker Tesla Inc (TSLA.O) mounts a $44 billion takeover bid for the social media platform. The investors said Musk saved......

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