The recent liquidation of China Evergrande Group has sent shockwaves through the financial world. Once the largest property developer in China, Evergrande’s failure to deliver a restructuring plan for its $23 billion worth of offshore debt led to a court-ordered liquidation in January. As part of the liquidation process, lawyers appointed by the liquidators are
Wall Street
Elon Musk announced on social media that Tesla shareholders were voting to approve a $56 billion pay package for him, and also to move the legal home of the electric vehicle maker to Texas. The voting results indicated wide margins in favor of both proposals. Shareholders are considering ratifying Musk’s 2018 incentive package, which was
Following reports of increased U.S. trade scrutiny against China, most Asian stocks experienced a decline on Wednesday. The anticipation of more cues on inflation and the Federal Reserve also contributed to the negative sentiment. Despite record-high closes on the S&P 500 and the NASDAQ Composite, regional stocks struggled to stay afloat. China’s Shanghai Shenzhen CSI
After last week’s U.S. jobs report, JPMorgan noted that equities rallied despite rates resetting higher and cuts being pushed further out. The Labor Department revealed an increase in the U.S. unemployment rate to 4.0% for the first time since January 2022. Nonfarm payrolls also saw a significant increase by 272,000 jobs, hinting at the Federal
Apple is gearing up to unveil its latest advancements in artificial intelligence at the Apple Worldwide Developers Conference (WWDC) 2024. With a focus on integrating AI across its software suite, including a revamped Siri voice assistant and a potential partnership with OpenAI, Apple aims to demonstrate its commitment to innovation and staying ahead in the
With the recent surprising election results, Prime Minister Narendra Modi has been sworn in for a third term, backed by the National Democratic Alliance (NDA). Despite the Bharatiya Janata Party (BJP) not securing a majority on its own, the NDA coalition garnered a total of 293 seats in parliament, paving the way for Modi to
After evaluating the recent upgrades and downgrades made by Wall Street analysts, one of the key takeaways is the double upgrade of Best Buy by Citi. The research team at Citi has raised their target price for Best Buy to $100, citing positive catalysts such as tech replacement cycles and margin execution. They believe that
As per Jefferies’ latest report, the expected expansion of EBIT margins for IT companies in FY25 may not be as promising as initially anticipated. While there is hope for a substantial improvement in Tech Mahindra, other IT firms may only see a modest rise in margins. The report points out several challenges that could hinder
The recent passage of legislation in New York to restrict social media platforms from exposing addictive content to users under the age of 18 without parental consent marks an important step in addressing the risks that children face online. The bills are aimed at curbing the negative impact of excessive social media use on adolescent
In a surprising turn of events, Autonomy founder Mike Lynch has been acquitted of fraud by a jury in San Francisco, marking a major win for the entrepreneur who has been embroiled in legal troubles since the sale of his company to Hewlett-Packard (HP) in 2011. Lynch, along with former Autonomy finance executive Stephen Chamberlain,
The recent surge in major Asian chipmaking stocks and Nvidia suppliers can be attributed to renewed optimism over artificial intelligence. NVIDIA Corporation (NASDAQ:NVDA) reached a valuation of over $3 trillion for the first time, surpassing Apple Inc (NASDAQ:AAPL) to become the second most valuable company on Wall Street. This surge was fueled by the market’s
Scorpion Capital’s recent investigative report on Lasertec Corp (TYO:6920) has sent shockwaves through the investing world. The report boldly accuses Lasertec of engaging in fraudulent activities to inflate revenue, margins, and earnings. According to Scorpion Capital, Lasertec’s accounting practices represent one of the largest corporate frauds in Japanese history, with a market cap of $23
The recent report showing a fall in job openings to a three-year low has caused a shift in the U.S. stock market. As of late, the Dow Jones Industrial Average rose by 203 points, reflecting a 0.5% increase, the S&P 500 gained 0.3%, and the NASDAQ Composite added 0.3%. This unexpected decline in job openings
Recently, Skydance Media made a revised offer to Paramount Global to purchase a specific number of non-voting Paramount shares at $15 each. This new proposal represents a significant premium of approximately 26% to the closing price on Friday. Following the revised offer from Skydance Media, a special committee of Paramount’s board has agreed to recommend