On the backdrop of President Biden's meeting with China's Xi Jinping this week, Alibaba (BABA) has scrapped plans to spin off its cloud segment, citing the Biden administration's recent export restrictions on AI chips to China. KraneShares Chief Investment Officer Branden Ahern comments on Alibaba's value amid international trade pressures and what US tariffs could mean for Chinese business relations. "The Biden administration is looking to reset the relationship," Ahern tells Yahoo Finance on easing trade tensions with China, adding on Biden's meeting with President Xi: "There's clearly [an] effort to stabilize the relationship, and I think that there's really strong progress from the four-hour meeting around further military communication." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
On the backdrop of President Biden's meeting with China's Xi Jinping this week, Alibaba (BABA) has scrapped plans to spin off its cloud segment, citing the Biden administration's recent export restrictions on AI chips to China.
KraneShares Chief Investment Officer Branden Ahern comments on Alibaba's value amid international trade pressures and what US tariffs could mean for Chinese business relations.
"The Biden administration is looking to reset the relationship," Ahern tells Yahoo Finance on easing trade tensions with China, adding on Biden's meeting with President Xi: "There's clearly [an] effort to stabilize the relationship, and I think that there's really strong progress from the four-hour meeting around further military communication."
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Bloomberg
(Bloomberg) -- Electric-vehicle maker Rivian Automotive Inc. released what would usually be a startling announcement for the municipal-finance market: A potential $15 billion bond for a Georgia campus, that would in theory be the largest ever muni sale and nearly the size of the company’s market cap.Most Read from BloombergBiden, Xi Declare Progress After Concluding Four-Hour SummitS&P 500 Tops 4,500 as Treasury Euphoria Dwindles: Markets WrapRolex, Patek Prices Hit Fresh Two-Year Lows: Subdial
Reuters
LONDON/MOSCOW (Reuters) -Western investors in Russian companies are bracing for a new presidential decree under consideration in Moscow which they fear could force them to sell their shareholdings to the Russian government at big discounts. The potential decree, which could give Russia a "super pre-emptive right" to buy shares in strategic companies from foreign shareholders, marks the latest blow to investors holding Russian assets that were worth several billions of dollars prior to February 2022. Russia has been trying to cut foreign ownership and influence over its biggest listed companies since President Vladimir Putin ordered troops into Ukraine, triggering sweeping Western sanctions.
The Wall Street Journal
Swelling deficits and weak investor appetite for long-term U.S. debt are pushing the Treasury Department to get more creative with how it borrows. The Treasury has long embraced the mantra of “regular and predictable” debt sales to avoid creating market volatility as it finances the U.S. deficit. Recently, though, high interest rates have driven investors to eschew longer-term Treasurys.
Bloomberg
(Bloomberg) -- Oil extended declines amid the compounding gloom of swelling inventories and the failure of key technical support levels. Most Read from BloombergHamas Chief Who Deceived Israel Is Target No. 1 Deep UndergroundBiden, Xi Declare Progress After Concluding Four-Hour SummitXi Says China Seeks to Be Friends With US, Won’t Fight ‘Hot War’‘Fed-Friendly’ Data Lift Bonds as Stocks Struggle: Markets WrapWest Texas Intermediate slid as much as 4.1% to trade below $74 a barrel, with the drop
Reuters
The United States on Thursday imposed sanctions on maritime companies and vessels for shipping oil sold above the G7's price cap, as Washington seeks to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine. The U.S. Treasury Department in a statement said it slapped sanctions on three United Arab Emirates-based companies and three vessels owned by them in the action, accusing the vessels of engaging in the export of Russian crude oil priced above the $60 a barrel cap. It said the vessels used U.S.-person services while transporting the Russian-origin crude oil.
Barrons.com
Corporate America is facing a new dilemma: how to respond to the Israel-Hamas war. In the initial outrage over the Oct. 7 terrorist assault by Hamas, more than 200 companies and organizations, including Google, Starbucks and the NBA, condemned the attacks. While some companies have denounced “cycles of violence,” others have gone quiet and discouraged employees from weighing in publicly on the war.
Bloomberg
(Bloomberg) -- The Netherlands abandoned a plan to reduce capacity at Amsterdam’s Schiphol airport, bowing to pressure from the US, which threatened to retaliate over JetBlue Airways Corp.’s expulsion, and the European Union. Most Read from BloombergRolex, Patek Prices Hit Fresh Two-Year Lows: Subdial IndexS&P 500 Up 2% as Bets ‘Fed Is Done’ Sink US Yields: Markets WrapThailand Takes $28 Billion Malacca Strait Bypass Plan to USTrump Insists on ‘Disclaimer’ Defense Already Tossed in NY Fraud Tria
Reuters
For Darya Stepanova, a mother of two who lives in a small town on the eastern side of the Ural mountains, soaring prices for everything from baby food to nappies have forced her family to cut back on most treats and eating out. The Stepanov family is one of millions of Russian families having to cut back due to the significant changes forced on Russia's economy by the war in Ukraine and the myriad sanctions imposed by the West. Stepanova, 34, her five year old son and newborn son, try to make ends meet on the 50,000 roubles ($550) a month her husband Sergei earns.
TechCrunch
The National Transportation Safety Board, a U.S. government agency that investigates such accidents, found that in this scenario and many others like it, a technology that limits the speed of vehicles could have mitigated the scale of this tragedy. The driver, who was found to have cocaine and PCP in his system which impaired his decision-making, had a record for breaking the speed limit. The NTSB concluded that intelligent speed-assist technology (ISA) should be standard equipment in all new vehicles to prevent needless deaths.
Bloomberg
(Bloomberg) -- Continuing applications for US unemployment benefits rose to the highest level in almost two years, underscoring the increasing challenges unemployed workers are facing in finding new jobs.Most Read from BloombergHamas Chief Who Deceived Israel Is Target No. 1 Deep UndergroundBiden, Xi Declare Progress After Concluding Four-Hour SummitXi Says China Seeks to Be Friends With US, Won’t Fight ‘Hot War’‘Fed-Friendly’ Data Lift Bonds as Stocks Struggle: Markets WrapRecurring jobless cla
Read more --->