- Oops!Something went wrong.Please try again later.
Yahoo Finance’s Myles Udland, Brian Sozzi, and Julie Hyman speak with Chipotle CFO, Jack Hartung, about the company’s earnings beat.
Yahoo Finance’s Myles Udland, Brian Sozzi, and Julie Hyman speak with Chipotle CFO, Jack Hartung, about the company’s earnings beat.
More cheap flights could be on the way if Australians snap up the remaining 137,000 cut-price fares.The Morrison government in March announced 800,000 half-price flights to boost tourism in regions struggling because of the coronavirus pandemic.
Australian technology stocks have had more punishment and most shares were lower following inflation concerns in the US.76 per cent after a big rise in US inflation bludgeoned Wall Street and sent bond yields surging.
Highlights of this day in history: Pope John Paul II shot; English colonists arrive at what becomes Jamestown; Winston Churchill gives his first speech as British prime minister; The U.S. declares war on Mexico; Singer Stevie Wonder born. (May 13)
Apple Inc on Wednesday said Antonio García Martínez, a former Facebook Inc product manager who joined Apple recently to work in its advertising business, is no longer with the company. García Martínez, who came to Silicon Valley after a stint on Wall Street, wrote the 2016 book "Chaos Monkeys" about his time in the technology industry. Technology news publication The Verge reported on Wednesday that more than 2,000 Apple employees https://www.theverge.com/2021/5/12/22432909/apple-petition-hiring-antonio-garcia-martinez-chaos-monkeys-facebook had signed an internal petition sent to the company's leaders with concerns about what the petition writers described as sexist and racist views in the book and whether Apple had followed its own rules in hiring García Martínez.
WeRide, a China-based autonomous driving startup backed by Nissan, Renault and Mitsubishi Motors, said it raised "hundreds of millions" of dollars in a funding round that it said valued the firm at $3.3 billion. WeRide, which is testing vehicles in California, as well as in China's southern city of Guangzhou - where it is headquartered - and the central city of Zhengzhou, did not disclose details on the size of the funding. Investors taking part in the latest funding round include IDG Capital and Homeric Capital, WeRide said in a statement on Thursday.
* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E * Dollar stands tall after strong CPI print * Traders shift focus on jobless claims and retail sales * New Zealand dollar gains on reopening hopes By Stanley White TOKYO, May 13 (Reuters) - The dollar held gains on Thursday, supported by higher Treasury yields after a bigger-than-expected rise in U.S. consumer prices fanned fears about an increase in inflationary pressure. Traders will now turn attention to U.S. weekly jobless claims due later on Thursday and retail sales numbers on Friday for guidance on whether upward pressure on prices will persist.
A former NSW bureaucrat warned his colleague that people could "get hurt" if his preferred contractors weren't selected for a project involving Sydney highway repairs, an anti-corruption hearing has heard.Ex-Roads and Maritime Services employees Alexandre Dubois and Craig Steyn allegedly awarded more than $41 million in contracts to companies with which they were linked, receiving almost $7m in kickbacks over the decade to 2019.
Excited Kmart shoppers have declared this cleaning gadget a 'game changer' when it comes to tackling tough jobs around the home. Find out what the buzz is all about here.
Ladies and gentlemen, thank you for standing by, and welcome to the Eastman Kodak Q1 2021 earnings conference call. You may access the presentation and the webcast for today's call on our investor center at investor.kodak.com.
Joining me on today's call are Christian Gormsen, president and chief executive officer; and Adam Laponis, chief financial officer. Christian and Adam will provide prepared remarks, and then we will open the call to Q&A. Before we begin, I'd like to remind you that some of the matters discussed in this conference call will contain forward-looking statements regarding future events as outlined in our slides.
BOOT earnings call for the period ending March 27, 2021.
OR earnings call for the period ending March 31, 2021.
Bitcoin rebounded to about $50,000 in Asian trading on Thursday after plunging as much as 17% after Elon Musk tweeted Tesla Inc had stopped accepting bitcoin to purchase its vehicles due to climate concerns. Ether, the world's second-largest cryptocurrency, followed a similar pattern, also dropping 14% to touch a low of $3,550, before bouncing back to about $3,965. "We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk wrote.
(Bloomberg) -- SoftBank Group Corp. plunged by the most since the early days of the coronavirus pandemic after the Japanese company declined to pledge a continuation of buybacks that have propped up its stock.Shares tumbled as much as 8.7% on Thursday, the most on an intraday basis since March of 2020, despite record profit in the March quarter. The company has lost more than 6 trillion yen ($55 billion) in market value in the past three days. Investors are skittish about whether SoftBank will keep buying back its own stock after completing a 2.5 trillion yen allotment for repurchases.“We believed that SoftBank would follow up its massive buyback with another one. But we are extremely surprised that it did not,” Atul Goyal, senior analyst at Jefferies, wrote in a research note. “Without the buyback, SoftBank stock price is likely to reflect the performance of its listed investments.”SoftBank on Wednesday reported net income of 1.93 trillion yen for the three months ended March 31, the most ever for a Japanese company, with essentially all of that coming from its investment in the newly public Coupang Inc. That’s nearly twice the 1 trillion yen tally from the next highest Japanese company, Toshiba Corp.In a presentation after results, founder Masayoshi Son argued that investors aren’t giving him credit for the value he’s creating at SoftBank. With holdings like Coupang and Alibaba Group Holding Ltd., the net asset value for the company is now north of 15,000 yen a share, he said, more than 70% higher than the current share price.“In simple terms, they’re undervalued,” Son said, pacing a stage in Tokyo with a black turtleneck and matching black blazer.SoftBank’s Vision Fund investment arm went from being the source of the biggest loss in SoftBank’s history a year ago to the main driver of earnings, with a 2.3 trillion yen profit in the March quarter. The rally in tech shares boosted Vision Fund profits to three consecutive records, raising the value of holdings in the likes of Uber Technologies Inc. and paving the way for public listings from startups such as Coupang and DoorDash Inc.“Our profit and revenue are both measured in trillions of yen, but just a year ago we had a record loss,” Son said at the briefing. “For SoftBank, profits and losses in trillions of yen are the new normal.”What’s really driven SoftBank shares though, has been its buybacks. Beginning in March of last year, Son announced he would sell assets and repurchase 2.5 trillion yen of his own stock.SoftBank said on Wednesday it has spent all of the money it has allocated -- and investors have been anticipating more buybacks. But Son didn’t commit to further repurchases.“Yes, we will consider buying back our own shares,” he said, stressing there are a lot of factors that go into such a decision and it can’t just be deployed to prop up the share price.Son tried to keep the attention on his startup successes. Coupang, the South Korean e-commerce leader, contributed $24.5 billion to Vision Fund’s profit in the fourth quarter. Auto1 Group SE, a German wholesale platform for used cars which went public in February, contributed $1.8 billion of the gains, while Uber posted a $200 million loss. The Japanese conglomerate doesn’t have to sell equity holdings to book income, so most of its profits are unrealized.“The discount SoftBank is trading at, around 30%, has widened again in recent months, but it’s a far cry from the gap that Son has railed against historically,” said Kirk Boodry, an analyst at Redex Research in Tokyo. “I get his points, but the last two years have shown there can be extreme volatility in returns and little agreement on future prospects.”Son has said that SoftBank could see between 10 and 20 public listings a year. Grab Holdings Inc. will go public in the U.S by July through the largest-ever merger with a blank-check company, valuing the Southeast Asian ride-hailing and delivery giant at about $40 billion. Its Chinese counterpart Didi Chuxing has filed with the U.S. Securities and Exchange Commission for an IPO that could value the company as highly as $70 billion to $100 billion.SoftBank has a portfolio of 224 companies across three different funds as of the end of March. But tech stocks are sliding globally as investors contend with higher U.S. bond yields and concerns about stretched valuations.“We might have seen peak Vision Fund and the markets are already looking ahead,” said Justin Tang, head of Asian research at United First Partners in Singapore. “Some of the reaction is due to the buyback running out, but the correlation to the U.S. tech swoon is particularly visible.”Son did take a victory lap in touting his returns so far. He said that limited partners in the first Vision Fund now have a blended internal rate of return of 22%, compared with negative 1% a year ago. SoftBank’s own IRR for the fund is 39%, while its IRR for the second Vision Fund is 119%.SoftBank also boosted the capital committed to its Vision Fund 2 to $30 billion, up from $20 billion.Son’s controversial program of trading options cost him during the quarter. The company posted a 33 billion yen derivatives loss in the period. While the overall profit in the asset management arm was 46 billion yen in the period, the business still posted a full-year loss of 67 billion yen.SoftBank held a total of $19.9 billion of “highly liquid” securities as of the end of quarter, including a $6.2 billion investment in Amazon.com Inc., $3.2 billion in Facebook Inc. and $1 billion in Microsoft Corp. The operation is managed by its asset management subsidiary SB Northstar, where Son personally holds a 33% stake.The investments were accompanied by derivatives that amplified exposure, a strategy that triggered a backlash from investors. The fair value of SoftBank’s futures and options positions came to $1.6 billion at the end of March, compared with little over $1 billion the previous quarter and $2.7 billion the one before. Long call options on listed stocks have dwindled to $1.6 billion from $4.69 billion half a year ago and short call options on listed stocks declined to $84 million from $1.26 billion of value.During his presentation in Tokyo, Son admitted to mistakes with startups, naming specifically WeWork, Greensill and Katerra. But he argued that SoftBank’s successes have more than made up for such missteps. He said his attitude hasn’t changed that much from a record loss a year ago to a record profit now.“I’m not overjoyed or depressed so easily, just stay calm,” he said(Updates with shares from second graph)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.
The COVID-19 infection rate among Australian citizens returning from India could be in the double digits when flights resume this weekend.About 200 repatriated Australians are expected to start two weeks' quarantine at Darwin's Howard Springs facility once the travel ban is lifted on May 15.
Australian takeover target Crown Resorts has committed to end international gambling tours - or "junket" operations - and switch to cashless operations in its casinos, the gaming regulator of the country's biggest state said Thursday. After being deemed unsuitable for a gambling licence in New South Wales state in February when an inquiry found Crown had enabled money laundering on its premises, the Melbourne-based casino operator has emerged as the target of a bidding war. Star Entertainment Group proposed an all-stock buyout this week of its larger rival Crown that values it at A$9 billion ($6.96 billion), taking on private equity giants Blackstone and Oaktree Capital Group for control of the troubled company.
Weeks before a NSW grazier was found dead at home his partner searched the internet for a poison to kill someone that was untraceable, a jury has heard.Several website searches on Natasha Beth Darcy's iPhones made close to Mathew Dunbar's death on August 2, 2017, were read out in her murder trial in the NSW Supreme Court over two days.
(Bloomberg) -- Stocks across the globe that were linked to cryptocurrencies fell in line with the slump in Bitcoin, after Tesla Inc. Chief Executive Officer Elon Musk expressed concerns over its energy usage.Bitcoin plunged as much as 15%, sinking to as low as $46,045 after Musk said he was worried over the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions,” and suspended Tesla purchases with the asset, indicating he might favor other cryptocurrencies with much lower energy usage.The knock-on effects spread to stocks worldwide that are linked to Bitcoin. Coinbase Global Inc., the operator of the largest U.S. cryptocurrency exchange, fell 4.8% in U.S. post-market trading. Microstrategy Inc, which has put billions of dollars of its assets into Bitcoin, plunged 9.2% after market, while Jack Dorsey’s Square Inc. also dropped.In Asia, Monex Group Inc., whose ownership of crypto exchange Coincheck Inc. had made it the second-best performing stock in Japan in 2021, dropped as much as 12%. Nexon Co., which just last month became the first Japanese firm to make a significant bet with a $100 million purchase of the cryptocurrency, slumped as much as 17%, the most in a year, though a poor growth outlook given at its earnings was also weighing on sentiment.Musk said in his post that Tesla wouldn’t be selling any Bitcoin and aimed to use it for transactions once mining shifted to a more sustainable energy. “We believe it has a promising future,” Musk wrote, “but this cannot come at great cost to the environment.”That puts him at odds with ARK Investment Management LLC’s Cathie Wood, who last month shared research that she said would “debunk the myth that Bitcoin mining” is bad for the environment. Wood’s Ark Innovation ETF, which has been having a miserable month and has Coinbase as its ninth-largest holding, was little impacted by Musk’s post, falling 0.2% in post-market trading.Musk’s move is a step in the wrong direction for Bitcoin bulls as well as for stock investors betting on the digital currency. Tesla’s disclosure in February that it had purchased $1.5 billion in Bitcoin and would accept it as a payment, added legitimacy to the cryptocurrency. It was the most visible catalyst during this year’s rally in the digital currency.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.
Coronavirus infections in England halved in recent months, according to a study, but concerns remain about the threat from new variants. Prevalence of infections dropped by 50 per cent between March and early May, and is at its lowest since August, new data suggests. It comes as scientists advising the Government warned that concerns over variants could mean the planned end to lockdown next month could be delayed.
SoftBank Group Corp shares tumbled 8% in morning trade on Thursday after the conglomerate did not extend its buyback programme, removing support for the stock as concern over frothy portfolio valuations outweighed record earnings. SoftBank completed a 2.5 trillion yen ($22.8 billion) buyback on Wednesday, though Chief Executive Masayoshi Son said further repurchases remain an option. "If we think it's beneficial to buy back shares we will," Son told reporters, adding that investment opportunities and any significant underperformance of the group's shares would be taken into account.