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Oct.11 -- Dan Ives, Wedbush Securities analyst, discusses the potential impact of the U.S.-China trade deal on Apple Inc. with Bloomberg's Taylor Riggs on "Bloomberg Technology." Ives, his family and his firm do not own shares of Apple.
(Bloomberg) -- A Hong Kong police officer was hospitalized after being attacked as protests spread to 18 districts in the latest weekend of unrest.Sunday’s clashes follow a night of sporadic violence and come as some demonstrators debate online on whether to soften their tactics to avoid alienating more moderate supporters. Saturday’s march was called in protest against the government invoking emergency laws, including banning masks at public gatherings. The unrest erupted on June 9 in opposition to Chief Executive Carrie Lam’s now-withdrawn legislation that would’ve allowed extraditions to mainland China have since expanded into a push for greater democracy. Last week, tens of thousands of people flooded Hong Kong’s streets after Lam banned protesters from wearing masks in her latest effort to rein in the unrest.Here’s the latest (all times local):Subway to close at 10 p.m. on Monday (5:00 a.m.)Due to “serious vandalism,” the city’s rail operator MTR Corp. said on Monday all main subway lines, MTR buses and light rail would shut down early at 10 p.m. The Airport Express route was not affected, the company said, adding that it made the decision after reviewing ongoing repairs and conducting a “joint risk assessment” with the government.Officer hospitalized (5:30 p.m.)An officer was hospitalized with a neck wound after being slashed with a “sharp-edged” object at Kwun Tong train station, police said. Two people were arrested at the scene, according to a police statement.Officers fired tear gas to disperse crowds of masked people who damaged property in the districts of Shatin and Tsuen Wan, police said.MTR shuts stations (5:15 p.m.)MTR Corp., the city’s rail operator, closed down stops on four lines because of “an escalation of the situation at stations,” it said. The Kwun Tong, Shatin Wai, City One, Tsuen Wan and Tsuen Wan West stations were shut, MTR said in a statement on its website.Police confront protesters (3 p.m.)Riot police confronted black-clad protesters trying to barricade a road in Mong Kok, while demonstrators blocked a road in Tuen Mun and littered train tracks with rubbish in Shatin. Activists planned 18 district “blossom” events Sunday, with pop-up protests territory-wide.Restaurants closed (Sunday 9 a.m.)Protests have take their toll on Hong Kong’s restaurant industry, with about 100 restaurants having to shut down because of the months-long unrest in the city, Financial Secretary Paul Chan said in a blog post Sunday.Around 2,000 employees have been affected as a result of the closures, Chan said in the Chinese-language post, citing the catering industry. He didn’t provide further details. Some retailers have also had to reduce the number of stores or cut back on staff, and several recent local events have had to be canceled for security reasons, Chan said.Lady Liberty (8 a.m.)A group of people assembled a makeshift statue of Lady Liberty overnight on top of the city’s iconic Lion Rock mountain in Kowloon. The three-meter (about 9.5 feet) figure wearing the protesters’ familiar helmet, goggles and masks, was originally created to represent a woman who was wearing a helmeted and masked figure.Police disperse crowd (10:30 p.m.)Police dispersed a crowd of people outside Mong Kok police station who had surrounded the building, thrown rocks at it and aimed lasers at officers. “Minimum force” was used to clear the crowd after several warnings for them to leave the area, according to a police statement.Offices set on fire (5 p.m.)A group of people set fire to the government offices in Cheung Sha Wan after breaking the security gate and entering the building, police said in a statement. Earlier, protesters gathered in Sham Shui Po, Prince Edward and Mong Kok. Railings were removed from roads, traffic was paralyzed in the area and some shops were vandalized, according to police.Officers issued a warning for people to leave the area immediately and said they would soon begin to disperse the crowds.Anti-emergency law march (3 pm.)Scattered bands of masked demonstrators marched from Tsim Sha Tsui in Kowloon to Sham Shui Po in protest against the decision by Lam to invoke an emergency law for the first time in more than half a century to ban face masks at public gatherings. Police stood by watchfully as the largely peaceful procession passed.Earlier police reported petrol bombs were thrown inside the Kowloon Tong train station, causing serious damage. No one was injured, they said.Wong disappointed by Apple (2 p.m.)Prominent activist Joshua Wong said in a letter to Apple Inc. Chief Executive Officer Tim Cook that he was “deeply disappointed with Apple’s decision to ban” an app that was used by “lots” of Hong Kong people, according to a tweet by Wong reproduced part of his letter.He said he believed Apple was informed by Hong Kong police that the app was “being used maliciously to target individual officers for violence and to victimize individuals and property where no police are present.”Apple CEO Defends Pulling Hong Kong App, Echoing Police ViewWong said “we use the real-time info from HKmap not with the intention to inflict personal harm on anyone but to protect ourselves from harm.”Police reshuffle (7:30 a.m.)Hong Kong police will appoint Frank Kwok, formerly with the elite special duties unit known as the Flying Tigers, as operations chief in a bid to better handle the protests, the South China Morning Post reported, citing an unidentified senior police official.Kwok will soon swap posts with Assistant Police Commissioner Terence Mak, who is currently in charge of operations, the newspaper reported. Kwok is New Territories North regional commander. Mak was originally being groomed as a future police chief, the Post reported. Commissioner Stephen Lo is expected to retire in a month and a successor has not yet been named. His departure was announced about a year ago.Rent cuts (Saturday 6 a.m.)MTR Corp., the city’s railway operator, Airport Authority Hong Kong and some property developers have offered to reduce rents to retailers affected by protests, the South China Morning Post reported, citing Financial Secretary Paul Chan.Chan has also appealed to private landlords to follow suit, the report said. Hysan Development Co. and Swire Properties Ltd. have confirmed rent cuts so far, the paper said, without saying where it got the information.Mask ban arrests climb to 90 (4:55 p.m.)Hong Kong police said they had arrested a total of 90 people as of Wednesday on suspicion of violating the mask ban. That’s up from 77 a day earlier.Lam’s decision to implement the ban under a colonial-era emergency ordinance that hadn’t been invoked in more than half a century sparked a destructive series of protests. The measure carries a possible sentence of as long as one year in jail.Police to probe assault claims (3:12 p.m.)Hong Kong police pledged to investigate a protester’s allegation that she was sexually assaulted by officers, after she dramatically shared her story at a university event.The woman, Sonia Ng, said she was assaulted in a dark body-search room at a detention center near the mainland Chinese border on Aug. 31 and wasn’t the only one who “suffered sexual violence.” Ng removed the face mask she was wearing in front of a crowd of more than 1,000 people and challenged university administrators present to take a stand against police violence.(An earlier version corrected the name of a town in "Police confront protesters" subhead)To contact the reporters on this story: Cathy Chan in Hong Kong at firstname.lastname@example.org;Aaron Mc Nicholas in Hong Kong at email@example.com;Alfred Liu in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Shamim Adam at email@example.com, Stanley JamesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The coming week’s docket of economic reports and earnings releases comes just following the Trump administration’s announcement of a partial trade deal with China late last week.
Facebook’s plans for a digital currency are coming under further pressure as global regulators step up their scrutiny of the troubled Libra project. In a letter to G20 finance ministers on Sunday, Randal Quarles, the head of the global Financial Stability Board, said that, with a “host of challenges” posed by global “stablecoins”, such as Libra, “possible regulatory gaps should be assessed and addressed as a matter of priority”. This, the letter said, created challenges including financial stability, consumer and investor protection, data privacy, money laundering, terrorist financing, fair competition, cyber security and tax evasion.
The world’s second-richest man said in a statement through a spokesperson that he recognised it was “an error in judgment” ever to have met Epstein, who committed suicide two months ago while facing charges of trafficking underage girls. This had given Epstein “an undeserved platform”. Mr Gates is among several prominent figures to have moved in recent weeks to distance themselves from Epstein, who cultivated a network of rich and powerful associates from business, academia, politics and royalty.
A damages award of $8bn against Johnson & Johnson this week proved the point. Carl Tobias, a law professor at the University of Richmond, points out that steep awards dished out by US juries are almost always reduced on appeal. A 2003 Supreme Court ruling means punitive damages should usually be no more than 10 times compensatory damages.
(Bloomberg) -- Facebook Inc.’s effort to create a cryptocurrency was dealt a blow on Friday after several key partners, including Mastercard Inc., Visa Inc., EBay Inc., Stripe Inc. and Mercado Pago, abandoned the project. The defections followed fierce criticism from global regulators and lawmakers, and have prompted some industry-watchers to question whether the Libra program can survive.The news comes days before the Libra Association, the group that will oversee the digital currency, prepares to convene its members and ask them to sign a charter agreement. The meeting is slated to take place on Monday in Geneva. A Libra Association spokeswoman said on Friday that the gathering will proceed as planned, and that it would announce the first list of official partners once a formal charter is signed.In a statement, the spokeswoman said the group was "focused on moving forward and continuing to build a strong association" as it worked to create "a safe, transparent, and consumer-friendly implementation of a global payment system that breaks down financial barriers for billions of people."When Facebook launched plans for Libra in June, a critical part of its pitch was that major players in the payments and tech industry were supporting it. The cryptocurrency would be run out of Geneva by the organizations that comprised the Libra Association, not solely by Facebook. But now that that alliance appears to be eroding, the project’s future is uncertain."I don’t think Facebook can do this by itself," said Michael Pachter, an analyst for Wedbush Securities told Bloomberg TV. "Short of a big bank stepping in like JPMorgan, I don’t think this could ever happen."In a tweet on Friday, David Marcus, the Facebook executive spearheading the effort, said that the exit of six partners would not derail the effort. "I would caution against reading the fate of Libra into this update," he wrote. "Change of this magnitude is hard. You know you’re on to something when this much pressure builds up."Whether or not Libra implodes, the exits highlight the extreme challenges that lie ahead for the project, which if successful could have a sweeping impact on the global financial system. "It may very well fail completely," said Lisa Ellis, an analyst at MoffettNathanson. Even if it survives, progress will take much longer and "it’s likely to fall into some level of obscurity," she added.Facebook has faced fierce backlash since the company announced plans for Libra. Politicians and regulators around the world have called on Facebook to halt its progress, and some have suggested Libra could be used for illegal money laundering or trafficking schemes.Despite the scrutiny from public officials and the exodus of partners, Facebook remains committed to Libra, according to a person familiar with the matter who asked not to be identified because they were not authorized to speak publicly. Some people inside the company think the defections are partly driven by established payments providers worrying about a new entrant encroaching on their turf, the person said.In the months since its announcement, Facebook has frequently found itself in the spotlight over the cryptocurrency. Marcus went to Washington in July to testify before Congress about Facebook’s plans. Later this month, Chief Executive Officer Mark Zuckerberg is scheduled to appear before the House Financial Services Committee to answer even more questions about Libra.Earlier this week, two U.S. senators cautioned Visa, Mastercard and Stripe to reconsider their involvement in the project. Senators Sherrod Brown of Ohio and Brian Schatz of Hawaii said that Libra poses a risk to not only the financial system, but the payments companies’ broader business. "We urge you to carefully consider how your companies will manage these risks before proceeding," they said a letter to the companies.Mastercard said in a statement that it will "remain focused on our strategy and our own significant efforts to enable financial inclusion around the world," adding, "We believe there are potential benefits in such initiatives and will continue to monitor the Libra effort." Visa said the company would also continue to evaluate whether to join in Libra in the future, and that the company’s "ultimate decision will be determined by a number of factors, including the Association’s ability to fully satisfy all requisite regulatory expectations."In a statement on Friday, EBay expressed its support for the project, but said it would focus on rolling out its own payments products. “We highly respect the vision of the Libra Association; however, eBay has made the decision to not move forward as a founding member,” an EBay spokesman wrote in the emailed statement. “At this time, we are focused on rolling out eBay’s managed payments experience for our customers."Payments giant Stripe, one of the most high-profile startups to sign onto the project, signaled it remained open to working on it in the future. “Stripe is supportive of projects that aim to make online commerce more accessible for people around the world. Libra has this potential,” said a company spokesperson. “We will follow its progress closely and remain open to working with the Libra Association at a later stage.”The Libra Association is composed of about two dozen organizations, including Facebook. A Lyft Inc. spokeswoman confirmed on Friday that the ride-hailing company remains a member. Other companies that have not signaled plans to leave include Uber Technologies Inc., Spotify Technology S.A., Coinbase Inc. and telecom providers Iliad SA and Vodafone Group Plc. PayPal Holdings Inc. dropped out last week. (Updates with David Marcus comment in 6th paragraph.)\--With assistance from Candy Cheng, Lizette Chapman, Spencer Soper and Lydia Beyoud.To contact the reporters on this story: Kurt Wagner in San Francisco at firstname.lastname@example.org;Julie Verhage in New York at email@example.com;Jenny Surane in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, Anne VanderMey, Robin AjelloFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- U.S. antitrust enforcers have started an in-depth review of Google’s $2.6 billion planned acquisition of a data analytics company, a further sign of greater scrutiny on big technology companies, according to people familiar with the situation.The antitrust division of the Justice Department is seeking more information from Google and Looker Data Sciences Inc. related to the deal to determine whether the tie-up harms competition, said one of the people, who asked not to be named discussing private matters.Alphabet Inc.’s Google announced June 6 it planned to buy Looker for its cloud unit, which lags far behind Amazon.com Inc. and Microsoft Corp. with just 4% of the cloud-computing infrastructure market as of 2018, according to the most-recent figures from analyst Gartner Inc.The deal was expected to receive added regulatory scrutiny. The in-depth Justice Department review, known as a “second request,” comes as antitrust authorities start historic probes of Google and other large tech companies. One issue for enforcers is whether tech giants have used acquisitions of smaller firms to thwart rivals and cement their dominance. The U.S. Federal Trade Commission, which also enforces antitrust laws, is investigating whether Facebook Inc.’s purchases of Instagram and WhatsApp were anti-competitive.Representatives from Google, Looker and the Justice Department declined to comment.The Justice Department and a coalition of attorneys general made up of most U.S. states in the country have opened antitrust cases against Google. Those probes are mostly focused on the company’s dominant search and advertising businesses.Looker, closely held and based in Santa Cruz, California, provides tools that lets companies analyze their data stored in the cloud, a service that competes with offerings from Amazon and Microsoft. When Google announced the deal, its cloud chief, Thomas Kurian, said the company would continue to let Looker customers use other cloud providers. Google doesn’t share cloud sales.Google once spent lavishly on companies, dropping billions on device makers Motorola and Nest, as well as experimental tech like satellites and robots. More recently, the company’s acquisitions have mostly been relatively small deals in the cloud sector.It’s common for antitrust authorities to open in-depth investigations for sizable mergers, but more recently have faced criticism for allowing large tech companies to buy startups as a way to gain footholds in new markets. That charge has been aimed at Google after its takeovers of Waze, DoubleClick and YouTube. The Justice Department in July announced a broad antitrust review of the big internet platforms in search, social media and online retail.To contact the reporters on this story: Mark Bergen in San Francisco at firstname.lastname@example.org;Sarah McBride in San Francisco at email@example.com;David McLaughlin in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, ;Sara Forden at firstname.lastname@example.org, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Recent reports hint that Apple could release its iPhone 5G modem by 2022. Today, Apple stock hit a high of $233.81, with a market cap of $1.054 trillion.
(Bloomberg) -- The partial U.S.-China trade agreement is a “game changer” for technology stocks, at least according to one analyst.The deal announced by President Trump in the last hour of trading on Friday points to “brighter days” in relations between the two countries and makes it unlikely the U.S. will follow through with the more than $160 billion in tariffs slated to take effect Dec. 15, Wedbush Securities analyst Daniel Ives said. Concerns around those tariffs have resulted in a 10% to 15% discount on U.S. technology stocks by his estimation and the removal could “unleash a ‘risk on’ scenario” into year-end.Technology stocks had rallied throughout Friday’s session on speculation that some form of trade agreement was near. The shares pared some of those gains as investors realized that several of the thorniest issues, including those related to Huawei Technologies Co., remain unresolved. Huawei, which was blacklisted earlier this year, is a major buyer of U.S. electronic components.The late pullback wasn’t enough to prevent Apple Inc. from closing at a record and overtaking Microsoft Corp. as the world’s most valuable company. Greater China accounted for about 17% of Apple’s revenue in the fiscal third quarter and is home to a key portion of its supply chain. The Philadelphia semiconductor index also notched a 2.3% gain for the session, its best performance in a month.To contact the reporter on this story: Jeran Wittenstein in San Francisco at email@example.comTo contact the editor responsible for this story: Catherine Larkin at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Let's take a look at what investors need to know about Facebook and some of its Q3 estimates to help us determine if FB stock might be worth buying before the social media company reports its Q3 2019 earnings results...
(Bloomberg) -- Apple Inc. shares closed at a record on Friday as investors looked past a year marked by turmoil from the U.S.-China trade war and uncertain demand for the iPhone, a product that Apple is moving away from, but which remains central to its business.The stock rose 2.7% to $236.21 in New York, exceeding the prior high set just over a year ago. The move made Apple the most-valuable U.S. company again, topping Microsoft Corp. Both have a market value of more than $1 trillion. Earlier, the U.S. and China agreed on the outlines of a partial trade accord.The record is the culmination of a pronounced rally throughout 2019, a year that started on a highly bearish note, as Apple cut its revenue outlook for the first time in nearly 20 years. That move, taken in response to a weak outlook for iPhones upgrades and China’s economy, took the stock to its lowest level since April 2017.Since then, however, shares have been on a nearly uninterrupted march higher, with the stock higher in seven of the past nine months, not including October’s month-to-date gain of about 4%. Apple has climbed more than 60% off its January low, returning its valuation back above $1 trillion.Just as Apple’s weakness in the fourth quarter of 2018 was largely driven by concern over iPhone demand, the 2019 recovery has come on an easing of those fears. CEO Tim Cook recently told the German newspaper Bild that he “couldn’t be happier” with the launch of Apple’s recently released iPhone 11, and it was reported in early October that Apple had told suppliers to increase production. Analysts, in turn, have been growing more positive on demand, while also anticipating that next year’s model -- expected to be the first 5G version -- will be a blockbuster.In other respects, Apple is a different company from when it was last trading at all-time highs a year ago. The Cupertino, California-based firm is reinventing itself as a services-based company, with such initiatives as streaming video, video games and a credit card. In another change, the historically high-end gadget-maker unveiled these new businesses and products at less-aggressive prices.Despite the new-found focus on services, the iPhone continues to be Apple’s keystone product. Nearly half of its third-quarter revenue came from the product, compared with the 21.3% that was derived from services.Apple is expected to report fourth-quarter results on Oct. 30. Analysts are looking for earnings of $2.84 a share on revenue of $62.9 billion, according to data compiled by Bloomberg. That represents a decline of 2.6% for earnings and flat sales growth.According to a Bloomberg MODL estimate, it will ship 41.9 million iPhones in the quarter, at an average selling price of $770.35. That would represent a year-over-year drop of 14.5% for shipments, and a 3.1% decline in average price.(Updates with closing shares in the second paragraph.)To contact the reporter on this story: Ryan Vlastelica in New York at email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Brad OlesenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The 2020 holiday season will mark the onset of the next generation of console wars. According to Sony, that's when it will launch the PlayStation 5.
Shares of Netflix (NFLX) have fallen over 20% in the past three months. Let's dive into everything we know about Netflix heading into its Q3 earnings release to see what to expect from NFLX stock...
Investing.com – Apple (NASDAQ:AAPL) may be the new kid on the streaming block with its planned launch of Apple TV next month, but that hasn’t stop analysts on Wall Street endorsing the tech giant’s potential to rake in subscribers, pushing its shares to a record high on Friday.
Microsoft (MSFT) shares have returned 0.5% over the past month. The return shows that the company is outperforming the US software industry's loss of 2.9%.
Alphabet's (GOOGL) Google Cloud mobilizes its resources to increase headcount in LATAM. This augurs well for its deepened focus on solidifying footprint in the region.