Tesla Stock Slides, Scripps Surges: What to Watch When the Market Opens Today

Here’s what we are watching as markets kick into gear Thursday. —S&P 500 futures point to another day of choppy trading, as they waver between gains and losses. The broad market gauge on Wednesday dropped to its lowest level since July-end, erasing almost two months of gains. Read our full market wrap here. —What’s coming up. The latest unemployment-claims… Source link

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How to Get Rich in China: Float Your Bottled Water Company

In a world dominated by tech billionaires, China’s new richest man has blazed an unlikely path to the top by selling bottled water. Maintaining that perch, however, could be hard. Zhong Shanshan, with a net worth of $57 billion according to Forbes, has overtaken Tencent’s Pony Ma and Alibaba’s Jack Ma as the richest person in China. Part of his wealth comes from riding the wave of investment in health-care stocks this year driven by the pandemic. Shares of Beijing Wantai Biological Pharmacy, a company controlled by Mr. Zhong… Source link

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Oracle’s Most Expensive Cloud Sale Yet

Spending money to make money is a long established game in the cloud. Oracle ’s deal with TikTok takes that to a whole new level. Much remains unclear about the arrangement—including whether it will ultimately pass muster with both the U.S. and Chinese governments. But Oracle’s prime motivation to gain a high-profile customer for its cloud business was crystal clear in its announcement over the weekend about becoming TikTok’s “secure cloud technology provider.” The second sentence of that statement referred to TikTok’s choice as a “technical decision” heavily influenced by Oracle’s cloud deal with Zoom Video Communications struck back in April. […]

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Even in a Pandemic, Venmo Tells Conned Customers to Pay Up

Venmo has fostered a compassionate public image during the pandemic, touting the popular payments app as a way to virtually tip out-of-work bartenders and give to hospitals. Yet it has taken a harder line against users who ended up overdrawing their accounts. In some cases, it has threatened to dispatch debt collectors against victims of scams, according to emails reviewed by The Wall Street Journal and communications with 10 Venmo users. Scams… Source link

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Banks Are Loving 2020 Market, but Market Doesn’t Love Them Back

Among 2020’s many oddities, add this paradox: The stock market is crushing the banks, even as the banks are crushing it in the market. After warning that their trading revenues would fall steeply from the second quarter, several top banking executives recently said that the third quarter wasn’t as bad as they had feared. Clients remained active through the normally dull July and August, and September delivered a fresh bout of market volatility. “We’re not going to have as good a quarter as we did in the second quarter,” Morgan Stanley Chief Financial Officer Jonathan Pruzan said at the Barclays Global […]

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America’s Pensions Have Been Shunning Stocks at Their Own Peril

Pension funds and endowments have been shifting away from the U.S. stock market for years. Some are now reconsidering that decision. Individual investors, including younger traders using apps like Robinhood, have been playing a bigger role in the market lately. They’ve been buying up companies including Tesla Inc., Apple Inc. and other technology shares. Large institutional investors like hedge funds and mutual-fund firms have also been buying, pushing the market higher. After… Source link

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E.W. Scripps Nears $2.65 Billion Takeover of ION Media in Berkshire-Backed Deal

E.W. Scripps Co. is nearing a deal to buy ION Media for $2.65 billion, according to people familiar with the matter, in a move to significantly expand the TV station owner’s reach that gained the backing of Warren Buffett’s Berkshire Hathaway Inc. Berkshire plans to make a $600 million preferred-equity investment in Scripps to help finance the purchase of closely held ION, the people said. Berkshire will also get a warrant to purchase as many as 23.1 million Class A Scripps shares at $13 apiece. Scripps stock closed Wednesday… Source link

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How new labour codes change path for companies; contract staffing, universal minimum wage, other benefits

The Occupational Safety, Health And Working Conditions Code, 2020; the Industrial Relations Code, 2020; and the Code on Social Security, 2020 were created by merging 24 central labour laws in a major boost to labour reforms. The three labour codes passed in Rajya Sabha is expected to make companies revisit their operational and employment structure. It is important for the companies to understand the nuances of the regulations and enhance their readiness to be compliant with these, said Saraswathi Kasturirangan, Partner, Deloitte India. Some areas where the companies need to focus on include review of the employment models that the company […]

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India’s low unemployment rate gives no reason to cheer; workers prefer to sit out of job market

The unemployment rate fell to 6.4 per cent in the week ended September 20. India’s unemployment rate has significantly improved in the last few weeks, however, the paradigm shift is not only because of rising jobs but also due to the exit of a large number of people from the job market. The fall in the unemployment rate seen in recent weeks is meaningless and misleading in the face of a falling labour participation rate and a falling trend in the employment rate, Centre for Monitoring Indian Economy (CMIE) said. The unemployment rate fell to 6.4 per cent in the week […]

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