Melanie Stricklan of Slingshot Aerospace encourages startups to take a hybrid approach.
Melanie Stricklan of Slingshot Aerospace encourages startups to take a hybrid approach.
Gorillas who were infected with coronavirus at San Diego Zoo appear to be recovering, the zoo says.
'Godzilla vs. Kong' will premiere March 31st in the US on HBO Max and in theaters, March 26th in theaters outside of North America
(Bloomberg) -- Ant Group Co. could resume its plans for an initial public offering once problems are resolved, China’s central bank chief said, offering some relief to global investors seeking signs on what the future holds for the world’s largest fintech giant.People’s Bank of China Governor Yi Gang said relevant agencies are still investigating issues related to monopolies at billionaire Jack Ma’s Ant Group, adding that the matters were “complicated” and some risks concerned consumer privacy. To resolve the problems, regulators need a clear legal framework, Yi said on a panel at the World Economic Forum on Tuesday.“I would say that this is a process and also once the problem solved, it will go back to the track to continue consideration according to law,” Yi said in English. When asked whether that means an IPO, he added that if the company follows the legal structure, “you will have the result.”Chinese regulators are asking Ant to work on a timetable to overhaul its business after abruptly halting its $35 billion IPO in November. The fate of Ma’s sprawling fintech empire remains uncertain after China issued a slew of draft rules that threatened to curb growth for some of Ant’s most lucrative businesses.The message from Yi is the latest sign that Ant has avoided a worst-case scenario where it needs to shutter businesses completely. Ma resurfaced in January, ending a months-long period away from public view that fueled intense speculation about his plight.Ma addressed teachers via a livestream during an annual event in January to commend rural educators, talking about how he’ll spend more time on philanthropy. The co-founder of Alibaba Group Holding Ltd. and Ant didn’t mention his recent run-ins with Beijing during his address.Shares of Alibaba rose as much as 3.9% on Wednesday morning in Hong Kong. Last Friday, China’s banking regulator said recent measures that have hit Ant hard weren’t aimed at any specific company.While regulators stopped short of directly asking for a breakup of the company in December, the central bank stressed that Ant needs to “understand the necessity of overhauling” and come up with a timetable as soon as possible.Monopoly RisksPBOC Deputy Governor Pan Gongsheng said in an op-ed in the Financial Times on Wednesday that regulators are trying to strike a balance between encouraging fintech innovation and preventing financial risks.“Network effects mean that fintech competition often leads to ‘winner-takes-all’ outcomes including market monopolies and unfair competition,” he wrote.Uncertainty remains for several of Ant’s businesses, including consumer loans, crowdfunded health-care and payments. The central bank said last week that any non-bank payment company with half of the market in online transactions or two entities with a combined two-thirds share could be subject to antitrust probes, according to draft rules.If a monopoly is confirmed, the central bank can suggest the cabinet impose restrictive measures including breaking up the entity by its business type. Firms already with payment licenses would have a one-year grace period to comply with the new rules.China’s insurance and banking regulator said last week it would analyze the risks of internet companies’ crowdfunding health-care operations and take necessary measures. Ant said the same day that the chief architect of its health-care business, which is known as Xianghubao, resigned.Meanwhile, Ant’s consumer loans business could need more capital to comply with draft rules that place more stringent requirements on its lending units.Ant needs to inject at least 70 billion yuan ($11 billion) of new capital just for its credit-lending business, Bloomberg Intelligence analyst Francis Chan estimated in December. That calculation is based on draft rules that require Ant to co-fund 30% of loans, with a maximum asset leverage of five times.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Environmental Groups Make Last Minute Attempt to Correct Error in a Defective Lawsuit Regarding the Tejon Ranch Conservation and Land Use Agreement
Mitchell Pearce is set to undergo surgery on a broken thumb, the latest complication in a dramatic NRL pre-season for the Newcastle halfback.
We're tracking every notable free agent signing in the 2020-21 MLB offseason and giving you the details on the deal. Plus: What it means for your fantasy team.
17 American cities are still in the running to host games for the 2026 North American World Cup.
A woman is desperately trying to find her pet dog after the doberman rottweiler cross went missing on a Spirit of Tasmania trip from Hobart to Melbourne.
A judge has found that Australian Financial Review columnist Joe Aston defamed venture capitalist Elaine Stead, dismissing a defence of "honest opinion".
(Bloomberg) -- Advanced Micro Devices Inc. gave an upbeat forecast, reflecting strong demand for its chips and gains against rival Intel Corp.First-quarter revenue will be about $3.2 billion, plus or minus $100 million, Santa Clara, California-based AMD said Tuesday. That compares with an average analyst estimate of $2.73 billion. For 2021, the company projected a sales increase of 37%, well ahead of Wall Street expectations.AMD has struggled for decades to make sustainable gains against Intel, the world’s largest chipmaker. However, the smaller company has revamped its products and outsourced production, helping it create processors that match or exceed the performance of Intel’s offerings. That has spurred early market share gains and a surge in AMD shares in recent years.Lisa Su, AMD’s chief executive officer, faced questions on whether she can get enough chips to meet demand and how much more profitable the company could be if it can pull this off.“Overall demand has been high in 2020 and exceeded our plans,” she said in an interview. “All of our businesses are firing on all cylinders.”AMD’s 2021 forecast takes into account tight supply in the first half of the year. Profitability is increasing and margin expansion will depend on which market is growing faster, she said. AMD’s profit margins aren’t being squeezed higher production costs or price cuts, she added.In addition to competing with Intel in processors for personal computers and servers, AMD supplies graphics chips used in Microsoft Corp.’s Xbox and Sony Corp.’s PlayStation. New versions of these video game consoles went on sale during the recent holiday period, raising expectations for this part of AMD’s business, which rivals Nvidia Corp.AMD’s chips are made by Taiwan Semiconductor Manufacturing Co., which has better production technology than Intel. TSMC also supplies Apple Inc., Qualcomm Inc., Nvidia and many other technology companies, and the Taiwanese company is struggling to keep up with demand.Last week, Intel reported better-than-expected earnings and gave an upbeat forecast for the first quarter. Strong demand for laptops to support working and studying from home has fueled growth and will continue in the first half of 2021, Intel said.AMD reported fourth-quarter net income of $1.78 billion, or $1.45 a share, compared with $170 million, or 15 cents, in the same period a year earlier. Revenue rose 53% to $3.2 billion. Profit, excluding certain items, was 52 cents. Analysts were looking for profit of 47 cents on sales of $3 billion. Net income was boosted by a tax benefit of $1.3 billion in the quarter, AMD said.AMD shares slipped about 1% in extended trading. The stock has soared almost 90% in the past year.(Updates with CEO comments in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
With me to discuss Hanmi Financial's fourth quarter and full-year 2020 earnings are Bonnie Lee, President and Chief Executive Officer; Anthony Kim, Chief Banking Officer; and Ron Santarosa, Chief Financial Officer. Ms. Lee will begin with an overview of the quarter.
With us this morning, we have Southern Copper Corporation's Mr. Raul Jacob, Vice President, Finance, Treasurer and CFO, who will discuss the results of the Company for the fourth quarter 2020, as well as answer any questions that you might have. The information discussed on today's call may include forward-looking statements regarding the Company's results and prospects, which are subject to risks and uncertainties.
The Australian Red Cross has handed out almost 6000 grants and helped another 21,000 people affected by the catastrophic Black Summer bushfires.
Emeralds will kick off her latest preparation in the first Sydney Group race of the year with the Coolmore Classic her major goal.
Australians are being offered information about the safety and efficacy of coronavirus vaccines through a new national advertising campaign.
China's tough coronavirus measures appear to be working on its latest outbreak, with the country recording its lowest daily increase in more than two weeks.
Mitchell Pearce's off-season from hell has gone from bad to worse.
We’re set for some massive jobs and skills displacement over the coming years.
Shares of AMC Entertainment (NYSE: AMC) climbed 12.2% during regular market hours on Tuesday before soaring an additional 50% in after-hours trading. CEO Adam Aron said the cash would allow AMC to fund its operations "deep into 2021." AMC Entertainment's recent gains accelerated late on Tuesday.
Sam Armytage married Richard Lavender on New Year's Eve, but Covid restrictions meant many people couldn't attend.