35 Burst results for "Alibaba"
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-26-2023 18:00
"When professional soccer player Marcus Rashford injured his shoulder, he turned to Resle's virtual reality training program to help him maintain his skills and return to the field with confidence. Learn more at meta .com slash metaverse impact. They're great people. They're great people. They are. Yeah, they are. We are. We are. You are, and you too. You too, Johnny. Well, I don't know about that. Alright, that's gonna do it for Tim and me, and for John. Well, Tucker, coming up, Daybreak Asia starts right now. Over monopolized online marketplace services. Open AI is said to be in talks for a potential share sale with a valuation of 90 billion dollars. Alibaba's logistics arm, Sino, files for a Hong Kong IPO. Biden at UAW rally. Judge says Trump liable for overstating his worth. South Korea U .S. warned Kim Jong Un about the use of nukes. The Senate starts work on preventing a government shutdown. I'm Ed Baxter with Global News. Manchester United dominates in the World Cup, while Barcelona struggles in La Liga. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia. On Bloomberg 1130 New York. Bloomberg 1991 Washington DC. Bloomberg 106 .1 Boston. Bloomberg 960 San Francisco. Sirius XM 119. And around the world on Bloombergradio .com and via the Bloomberg Business app.
Veteran on the Move
A highlight from The CoverBag with Murp McCarthy
"Marine veteran Murph McCarthy is the creator of the cover bag the best protection for your dress hat or dress uniform cover Coming up next on veteran on the move Welcome to veteran on the move if you're a veteran in transition an entrepreneur wannabe or someone still stuck in that J -o -b trying to escape this podcast is dedicated to your success And now your host Joe Crain As a member owned not -for -profit Navy Federal puts members at the heart of every single thing they do Find out more at Navy federal org All right today we're talking with Marine Corps veteran Murph McCarthy owner of the cover bag calm and The women's rugby coach at the Naval Academy, that's pretty cool So Murph welcome to the show before we get to talking about business and entrepreneurship As a marine fellow aviator having had one of those on this show for a long time. Tell us what you did in the Marine Corps yes, so I Actually, I enlisted right out of high school and things went really well I was a tower air traffic controller and I ended up at the prep school for the Naval Academy and then graduated from the Naval Academy in 2000 then TBS and then went to down to Pensacola and When so helos went out to the FRS out there in Camp Pendleton quickly fell in love with it learned how to fly frogs Then I went to East Coast and I did two deployments on the East Coast And when I came back from that second one, there was a bunch of ospreys on the tarmac you know, I wasn't sure I wanted to get into that so I solicited my services back out to Camp Pendleton and then I ended up with the Purple Did foxes a couple deployments with them and then along the road. I got I got the the drone stink on me Stick with VMU doing drones and when it came time for me to get out of the cockpit I actually my services were sought by people other than myself To go do that again. So I went To VMU three and did a couple deployments With those guys then I came back to the Naval Academy where I was working in the Stockdale Center for ethical leadership and I was teaching leadership and that's when I started coaching rugby at the Academy in 2011 and then I had one last gig down at DITRA defense threat reduction agency where I was doing I was working on the open skies treaty which is a fascinating gig if you can get it, and I don't think you can get it anymore, but and then I retired in 2017 and You know, that was my Marine Corps story from the end of high school 92 to 2017 interesting so You know, sometimes transition is different. You're retiring because at least you got that paycheck of the month club membership, but Sometimes retirement isn't any easier than you know being in being in the military for four years and then getting out also So what was your transition like? Well, I wasn't sure what I wanted to do when I grew up You know, I was still like volunteering coaching rugby and that I Didn't see myself ever getting out of that because that was just a really fun thing for me to do It filled a lot of the you know, what you miss about the Marine Corps stuff for me But I started looking into a couple different business opportunities. I Started a business before I retired probably almost ten years before I retired and that was the cover bag and what ended up being the cover bag calm and that just grew and grew and grew to where You know, I could definitely take up a lot of time just working that when I retired But I'm I knew that was I wanted one more thing at least And that's when I started looking into other business opportunities and I got into fitness I a started franchise in Annapolis and did that I looked at a Number of other franchise opportunities, but I knew fitness was probably going to be what I wanted to do, right? So Was there an entrepreneurial bug inside of you the whole time? You're in the Marine Corps to just come about at a later time Totally. Yeah, like I've been into that kind of thing when I was since I was a kid So I remember getting in trouble for selling fireworks in the bathroom at my junior high school You know, I came up with ideas for stuff to put on ball caps Slinging t -shirts like that was always a thing but the cover bag was an idea I had when I went to the Naval Academy and You know, you're always wearing that combination cover like in the Marine Corps You're lucky especially if you're in aviation like you already ever even see that thing Yeah, buddy with the chicken you're trucking that thing all around all the time and it's white And you know, all you got to do is sit on it once or you know Be holding an ink pen that you probably should have retired a week before next to it And you gotta take the whole thing apart or buy new parts or buy a new one And I'm like man if I just had a bag for this thing, so it was like a couple years of me sketching out what it probably should look like and then designing it and then You know once you make the first couple and then you kind of go from there, but no I've always had that Hey, wouldn't this be a good idea Like I probably I probably do that like three times a week. Yeah, I've always been the same way but I think like especially when I was when you're a kid or when you're really young you have no idea how to Capitalize on your idea like yeah idea how to implement it or execute. I mean, you just don't have those capabilities and then especially nowadays with the internet and all the technology and everything and in Alibaba and China and all these resources that are available You can you could come up with a harebrained idea in just a few months be taking it to market Whereas like 20 30 years ago. It was like almost impossible to do to do. Yeah. No, and that's something you People should keep in mind. Like if you've got what you think is a crazy idea Just keep kind of fleshing it out and then you know for me it was a buddy of mine He's like, hey, I got a buddy who's got a hat and bag factory in Newark, New Jersey And why don't you send me that sketch you talked about? So I sent it to him and the guy produced a demo and And that was the first one like just like that dude. That's awesome. All right, hold that thought we're gonna take quick break We'll be right back As a member owned not -for -profit Navy Federal puts members at the heart of every single thing that they do Low fees and great rates resources to help you crush your financial goals 24 -7 access to stateside member service representatives with award -winning customer service Earnings and savings of four hundred seventy three dollars per year by banking with us an average credit card APR That's six percent lower than the industry average a market leading regular savings rate nearly two times the industry average I'm still with Navy Federal after 33 years and not going anywhere. Maybe federal is insured by NCUA NFC you reserves the right to change or just continue promotions and rates at any time without notice Dollar value shown represents the results of the 2022 Navy Federal member give back study Credit card value claim based on 2022 internal average APR assigned to members Compared to the advertising industry APA average published on credit cards comm value claim based on 2022 internal regular savings rate average compared to 2022 industry regular service average rate published by FDIC gov learn more at Navy federal dot org In a startling description the UN food chief warned the world with words knocking on famines door He called what we're facing a perfect storm of a perfect storm He's not alone parents published that a food shortage could be coming even in the u .s. Farmers see it to John Boyd jr. 4th generation farmer till Fox News that we're gonna see empty food shelves in the coming months That's why getting survival food is more important than ever Now create your own stockpile of the best -selling for Patriots survival food kits. It's not ordinary food We're talking good for 25 years super survival food Hand -packed in a family -owned facility in the USA and giving jobs to over 200 Americans They have different delicious breakfasts lunches dinners. You can make these meals in less than 20 minutes Just add boiling water simmer and serve and right now the next few days Listen to the veteran on the move podcast will get 10 % off their first order at for Patriots calm by using code veteran Go to for Patriots calm and use code veteran to start your stockpile today With hello fresh you get farm fresh pre -portioned ingredients and seasonal recipes delivered right to your doorstep Everywhere she could spend less time planning shopping and cooking for the family and more time with them From easy time -saving breakfast and family dinners to kid approved lunches and snacks Hello fresh has what it takes to keep everyone including you Happy and satisfied my wife and I love cooking. Hello fresh meals together and when it comes to options, honestly more is more That's why hello fresh's menu includes 40 recipes and over a hundred add -on items to choose from every week We love how hello fresh takes the stress at a meal time by delivering fresh ingredients and easy recipes right to your door This fall skip that extra trip to the grocery store and have dinner ready in no time with America's number one meal kit Go to hellofresh .com slash five zero veteran and use the code five zero veteran for 50 % off plus 15 % off for the next two months to get America's number one meal kit. Go to hellofresh .com slash Five -zero veteran and use code five zero veteran for 50 % off plus 15 % off the next two months I'm back talking with Marine Corps veteran Murph McCarthy from owner of the cover bag calm. So When I saw your interview come through Murph I gotta admit I'm like the cover bag and I went to your website and I saw it and I'm like ding I get it instant instant like yep thumbs up and Cuz my wife and I were Amazon sellers for many years. We're totally out of the business now. Amazon just got to be Amazon was like walking through a minefield you like you thinking you're fine all sudden kaboom your right leg's missing You're like what the fuck? anyways So we're out of Amazon now, but I loved Amazon cuz like we talked about earlier when you're when you're young You come all these hair brained ideas. That's a great idea for product That's a great idea and I could I could run them to ground and be and be putting it on Amma be putting a great product on Amazon, you know within a few months sometimes Sometimes that's not a good thing because if it turned out not to be a good idea you lose a lot of money At least I could exercise these ideas for the first time in my life. And so I have a true appreciation for a great product and I Remember, you know getting my uniforms at the Marine Corps shop or the marine the marine shop in there in Quantico And I think I still have that white shredded cardboard box with my white cover in it somewhere back in storage and and I The whole time I'm like, how am I supposed to carry this thing around? I mean for 20 plus years in the Marine Corps I carded that thing around in a cardboard box and somehow it managed to work out for him when I saw the cover bag I'm like, oh, yeah, like I get it that that's it. Like like how did how'd you just come up with that idea? It was just I mean I get it It's like it's like a problem every one of us dealt with but nobody ever thought of the idea or at least executed on the idea Yeah, well, I always thought we you know, they're expensive So all you gotta do is have to replace one and you're like man, how do I not do that again? Yeah, and that's where it started but when I had You know that run -in with my buddy's friend who said he could make me a demo I was like a demo sounds like it sounds like I'm in it But he he produced, you know The first cover bag from my sketch and I and all I had was like a little couple tweaks And he sent I ordered about 15 of them and I opened up the box of these 15 cover bags And I handed him out to the guys that were doing the color guard For the ball when we had the ball the next night and when the Marines were like, holy shit, sir This is awesome. Where'd you get these? I was like funny story like I invented that and they're like what and then I knew that I had something and that's Really? Yeah pulling my money together and like spending quality time thinking about how I was gonna do it Wow Yeah, I got like a thousand questions cuz and like I said, I'm a product guy Like I love cool products and the idea behind it. So interviewing somebody that created a product it became successful Because it was just the right idea and Let me tell you man. I don't know if you realize this bit. It is hard to find to Manufacture something in the US and it's great that this is a military product Which by the way, I want to point out like I know in the Navy Marine Corps. We call it a cover your uniform hat The other services. I'm sure the Air Force didn't call it a cover. They probably caught a hat I'm not I'm not sure about the army But you know, I want to point out a cut the cover is your official military head piece or your you know It's your military hat but in the Marine Corps Navy, we call it the cover So your product is called the cover bag But I suppose you you wouldn't have wanted to call it the hat bag because then it would have just been like anything No, and I you know how you always wondered like you watch a commercial Or hear like a radio ad you're like I'm confused but like three minutes later you're still talking about it I think some of that. Yes, I think some of that has happened with calling it the cover back You know because I thought that I was gonna be selling to guys like you and me Like I thought this was gonna be you know by the troops for the troops type thing Yeah, but I have a ton of customers that are moms and Grandmas wives like they don't know what a cover is So they're like I pick up the phone and somebody says cat bag 95 % of the time really and I just I just kind of roll with it because it's one of those You got all these old ladies buying it to you're talking about it. So let's keep that up It's like the the the Red Hat Ladies Club is buying your bag for their hats and stuff or fancy hat No, they're buying it for their husband's boyfriend's grandchildren The cover bag is a huge gift idea like I'll send I'll sell like six figures worth of these things through the Marine Corps exchanges in a year I sell a lot more than that to friends and families of people graduating Parris Island and MCRD San Diego. It's it's absolutely fascinating and Much in the same way as cover bags hat bags hat covers all that stuff My favorite is that you know, I don't pay anything for advertising like I tried it a couple times It was to me It was like wasting money because I couldn't figure out if it was doing anything at all But people will get on Facebook and argue about what should be Embroidered on the cover bag. No, it should be last name first name. No, it should just be the initials No It should be first name and then the middle name and then the last name and I'm like this is amazing because it'll go on And then the website goes ding ding ding Yeah, well I suppose you know first initial middle initial last name, you know, maybe rank before that might you know if you're selling them to all the eighth and I Marines if it becomes that if he becomes a Regular issue piece of gear. Well, then you gotta you gotta do by right? I think that's probably eventually gonna happen. Yeah Yeah, the Marines like solve a lot of your problems. They just make you do stuff The Marine Corps ever figures out. Hey, we don't want anybody walking around with a bad -looking cover again We're gonna put one of them cover bags in their c -bag issue. Yeah, that's it. That'll solve that. Yeah Yeah, well then they won't have to walk around with it in you in there with their bent arm and hand, you know So So what are some of your numbers that you can share with us or just to give us a perspective on? How successful the cover bags? Well, to be honest The company's not openly for sale, so I'm not really in tune exactly with the numbers But I've been trying to get in with the Navy exchange So the last gentleman that worked there He didn't really understand and like how the cover bag was an amazing piece of gear But they're starting to get the memo now and the main number I've been talking with them is like hey Do you know I I do over six figures worth of business with the MCX at the Navy exchanges of which there is many Many more. Can you imagine how good this would do if it was available? Yeah to the Navy first hand and then retail, you know I do I do a lot more business retail than I do goals for sale. So well, dude, that's awesome. This is good you're always gonna need to protect that cover and like I said the the parents and Girlfriends wives and grandparents are on Facebook talking about what needs to be on a cover bag and they're like, what's a cover bag? Cover and then there I am my website just gets the pinks. Yeah You know, it's like that the old the old Henry Ford story where he says Well, if I had asked the customer what they wanted, they would have said a faster horse, you know, or right There's a quote similar from Steve Jobs Like sometimes the customer doesn't really know what they're looking forward what they need until they see it You can have any color car you want as long as it's black the other Henry Ford one yeah, and The cover bags kind of like that because if you said what's one of the biggest, you know You know pain in the ass things you do you deal with with your uniform? Nobody would have said I wish I had something to carry my cover in but I mean hardly anybody would have said that but When they see when they see the cover bag, they're like, oh, yeah I want one of them because I that is a pain point for me I just never realized that there would be as ever solution for it yeah, no, it's it's a no -brainer and eat and like People that aren't, you know actively using the cover like the parents can figure out that a cover bags a great idea And the other thing is, you know, mom's don't want to be buying their kids, you know, whiskey flasks and knives Something Practical they're not gonna put alcohol in or possibly shank somebody with It works out pretty good to get him a cover back and embroidery everybody loves embroidery that Yeah Now it's got your name on it, oh, yeah The embroidery thing for the cover bag is when it really exploded Yeah, and there's a nice big surface area on the thing for plenty of embroidery you can Yeah It takes a while if you come up with a design and you want me to put it on there that takes a little more time a little more involved, but I got plenty of patch choices and You can put whatever name you want on there nicknames Like if people get too wrapped up in what name they want in there or what order I'll be like Does your does your son have a pretty cool nickname? They're like, oh, yeah, we call him Sparky.
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-10-2023 18:00
"Thank you, Kaylee. That was Bloomberg Sound On co -host Kaylee Lines reporting from our Bloomberg 99 .1 newsroom in Washington. And you can hear Sound On weekdays 1 to 3 p .m. on Bloomberg Radio. And that does it for this edition of Bloomberg Daybreak Weekend. Join us again Monday morning at 5 a .m. Wall Street time for the latest on the markets overseas and the news you need to start your day. I'm Tom Busby. Stay with us. Top stories and global business headlines are coming up right now. Broadcasting 24 hours a day at Bloomberg .com. And the Bloomberg Business Act. This is Bloomberg Radio. This is Bloomberg Daybreak Asia for this Monday, September 11th in Hong Kong. Sunday, September 10th in New York. And coming up today. Vietnam Air closes in on a $10 billion deal with Boeing for 737 Max jets. Italy signals it will exit China's Belt and Road investment path. And Alibaba's former CEO decides to quit just months after agreeing to lead its cloud division. G20 final wording on Russian invasion of Ukraine. Biden says climate change threat worse than nuclear attack. Fauci says Covid cases will rise but doesn't predict major surge. I'm Ed Baxter with Global News. Novak Djokovic battling Daniil Medvedev in the U .S. Open final. I'm Ian Schwartzman. I'll have that story more coming up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia. On Bloomberg 1130 New York. Bloomberg 99 .1 Washington D .C. Bloomberg 106 .1 Boston. Bloomberg 960 San Francisco. Sirius XM 119. And around the world on Bloomberg Radio dot com and via the Bloomberg Business Act. Hi everybody. Good morning.
Bloomberg Radio New York - Recording Feed
Monitor Show 19:00 09-04-2023 19:00
"And, interestingly, in the southeastern United States over South Carolina, you wonder why? You would, wouldn't you? But not for long, one would assume. Anyway, I mean, you know, I figured that, you know, you're often orbiting out there somewhere. You'd probably catch a few UFOs as well. I think you'd better go to break, Ryan. Yeah. Anyway, that's the end of this hour on the program. Coming up, we'll be taking a close look at the top stories the next hour of Bloomberg Daybreak Asia begins right now. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act, this is Bloomberg Radio. This is Bloomberg Daybreak Asia for this Tuesday, September 5th in Hong Kong, Monday, September 4th in New York. And coming up today, China sets up a new agency to promote private sector growth. Alibaba's cloud division weighs a private round to raise funds from Chinese state -owned enterprises. Huawei and China's top chipmaker have built an advanced processor to power a new smartphone. Kim Jong -un to visit Russia to talk arms help for the war against Ukraine. China criticizes the U .S. for trying to isolate it and says the strategy is doomed to fail. Turkey -Russia talks fail to get new grain deal. I'm Ed Baxter with Global News. Another top 3C loses at the U .S. Open. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. We'll be right back.
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-04-2023 18:00
"Diabetes and obesity themes that we think that we'll be continuing into 2024. This was great. Thank you so much, both of you, for joining us. Cameron Dawson, Chief Investment Officer at New Edge Wealth and UBS Senior U .S. Equity Strategist Nadia Lovell. Thanks as well to Bloomberg's Joe Matthew and Wendy Schiller of Brown University for the Political Roundtable, and a special thanks to you for listening on this Labor Day holiday. Stay with us. Today's top stories and global business headlines are coming up right now. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. This is Bloomberg Daybreak Asia for this Tuesday, September 5th in Hong Kong, Monday, September 4th in New York. And coming up today, China sets up a new agency to promote private sector growth. Alibaba's cloud division weighs a private round to raise funds from Chinese state -owned enterprises. Huawei and China's top chipmaker have built an advanced processor to power a new smartphone. Kim Jong -un to visit Russia to talk arms help for the war against Ukraine. China criticizes the U .S. for trying to isolate it and says the strategy is doomed to fail. Turkey -Russia talks fail to get new grain deal. I'm Ed Baxter with Global News. Another top 3C loses at the U .S. Open. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia. On Bloomberg 1130 New York, Bloomberg 99 .1 Washington, D .C., Bloomberg 106 .1 Boston, Bloomberg 960 San Francisco, Sirius XM 119 and around the world on BloombergRadio .com and via the Bloomberg Business Act. We'll be right back.
The Breakdown
A highlight from A Primer on China's Current Economic Turmoil
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Thursday, August 17th, and today we are doing a great, big, what the heck is going on with China episode. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link at the show notes or go to bit .ly slash breakdown pod. Hello friends, we are rumbling on towards the end of the week. And speaking of rumblings, if you have been watching the macro Twittersphere closely, there have been growing rumblings about China. You see it pop up a little bit in mainstream media and on YouTube's and certainly now happening on podcasts. And then yesterday, Preston Pish tweeted, anyone have a really good and recent article or podcast on what's happening with the economy in China right now? Well over here at The Breakdown, that really cinched it that we were going to dig into this. And before we do the usual caveats, one, I am not a China expert, just like basically I'm not an expert on anything we talk about here. But what we try to do well over here at The Breakdown is aggregate sources to help you better understand what's happening at least a little bit better. And number two, to the extent it comes up, apologies in advance for pronunciations or perhaps I should say mispronunciations. With that, let's try to get a sense of what's happening and why it matters. On Tuesday, the People's Bank of China cut rates on one year loans by 15 basis points to 2 .5%. This is the largest cut since 2020 and was an emergency policy adjustment following the release of some truly dismal economic data. July data showed weak consumer spending growth, sliding investment and rising unemployment. Youth unemployment for people between the ages of 16 and 24 hit 21 % in June. I know you guys can do the math, but to put that differently, that means one in five young people are now out of work. In fact, this month, the National Bureau of Statistics didn't actually release data on youth unemployment, stating that they needed to adjust their methodology to exclude students seeking their first job. Now, over in currency land, the yuan has devalued by 6 % over the course of the year, recently reaching the low point it recorded last October of 7 .3 yuan per dollar. That's the weakest exchange rate for the yuan since late 2007. Data from June showed that China have decreased their holdings of U .S. treasuries for three months in a row, bringing them to a 14 -year low. Some analysts believe that these reserves have been mobilized to defend the yuan from devaluing too rapidly. June CPI data released last week showed that the Chinese economy was in outright deflation. Consumer prices fell by 0 .3 % on an annualized basis. Manufacturing activity has now contracted for four months straight, and GDP growth this year has been paltry, recording 2 .2 % in the first quarter and just 0 .8 % in the second quarter. Multiple international banks have now downgraded Chinese growth estimates, forecasting that the economy will fail to achieve the 5 % growth target set by the CCP. And if that target is not hit, it will be the third year in a row with sub -5 % growth, an unprecedented rough patch in the post -Mao era from 1976 onwards. Now, contributing to this are debt problems, credit problems, and social stability problems. But before we get to those, let's do a whistle -stop review of the last few years in China to see how things wound up in this position. You will remember that during the pandemic, China ran one of the strictest and longest -running lockdown regimes in the world. And while the impact of the lockdown on the people of China was of course immense, the disruption it caused was also a major driver in economic dysfunction. Global supply chains became broken, impacting items from semiconductors to gym equipment. While the fragility of supply chains based in Chinese manufacturing had long been a talking point for hawks in the West, the failure of multiple critical supply chains during the pandemic cemented the idea of reshoring manufacturing across the political aisle in the US. Since taking office, the Biden administration has pursued major industrial policy with a view to decoupling critical industries from reliance on China. The financial sector has also been discouraged from investing in China over the past few years, with a range of policies and pressure campaigns ensuring that capital flows into China are crimped. And as a little bit of a self -shill, if you want to hear about how this has been impacting the development of their artificial intelligence field, go check that out. There continues to be incredible pressure on the Biden administration to even increase restrictions on export of AI -related technology to China, even though many of those restrictions are already in place. Anyway, heading back into the COVID era, as the rest of the world opened up and rolled back lockdowns in late 2021, China continued to be locked down into the strict zero COVID era. Many times, even when it appeared that things were on the verge of opening back up, some new outbreak would cause another lockdown, leading ultimately to citizens bristling at the continuation of tough track and trace policies. Another big notable event during this time was that in December of 2021, the massive Evergrande property development group defaulted on an interest payment on its corporate bonds. The property giant had been severely impacted by a crackdown on leverage within the property sector in 2020 and had struggled to refinance its debt. The tightening of credit standards was known as the three red lines policy and was intended to reduce the credit risk of home builders. When it collapsed, Evergrande had over 50 million apartments left unfinished, leaving homeowners to question whether they would ever receive finished units. The Evergrande failure precipitated further economic problems across China in 2022. Protesters staged demonstrations outside banks, with organized groups refusing to make mortgage payments on unfinished homes. In many cases, mortgages had been taken out prior to construction beginning, and so you can only imagine the frustration of people who were continuing to pay for homes that had been further and further delayed and who couldn't actually even live in them. In that same time period, multiple banks and wealth management products failed across the country and Chinese real estate in general entered its most severe downturn in history. Now the government did step in to manage the Evergrande failure and broader economic contagion. They were, however, in a tough position. Government policy around the restriction of credit to the property sector had been a major catalyst for the problems, but officials were reluctant to wind back the regulations entirely. President Xi Jinping has been outspoken about reducing the financialization of housing, stating, quote, houses are for living in, not for speculation. Now diving a little bit deeper into this area of the economy, the property sector is a key part of basically every major economy, but China takes this element to the extreme. China has one of the most overvalued housing markets in the world in relation to income. On average, an apartment cost over 30 times annual income, with major cities like Shanghai bringing this ratio as high as 50 times income. In the US, the ratio between housing costs and income is closer to four times on average and 10 times for major metros like New York and San Diego. Part of the reason housing is so expensive is that Chinese citizens use housing as a primary store of wealth. Again, this is true globally, but it's particularly lopsided in China. Housing accounts for more than 70 % of household wealth in China. Many people invest in property and then hold it vacant to preserve its value as a never lived in home. China has some of the highest rates of homeownership in the world, with as many as 90 % of households owning at least one property. This skew towards the property sector is largely a function of mistrust in other domestic assets, as well as tight capital controls. The Chinese stock market is notoriously opaque and lacking in the disclosure rules that provide a semblance of investor protection in the West. And while managed investment products are popular, they're often just proxies for exposure to the property sector. Analysts typically measure the Chinese property sector as representing around 30 % of Chinese GDP, which compares to the estimates of around 17 % in the US. Now other countries, including Canada and Australia, have similar levels of household wealth and GDP contribution from the property sector. But the key difference for the Chinese housing industry is the sheer scale of the market. Chinese real estate is estimated to be worth $42 .7 trillion. This is slightly larger than the US real estate market in aggregate, and even a few trillion dollars bigger than the total market capitalization of the entire US stock market. Many point to Chinese real estate then as the largest asset class in the world, and it is going down hard right now. Official data has new home prices down 2 .4 % across China since their peak in August of 2021. Existing homes have dropped by 6 % in the same time. This is already a massive drop for a housing market that was generally assumed to go up forever, but these official average figures don't tell the whole story. In China, closing prices for real estate are not public, so the official data is an estimate at best and a political fabrication at worst. The data relies on surveys and has significant smoothing to dampen trends. This makes turning points difficult to capture and could mean the official data is not telling the full story. Private data from property agents shows major markets like Shanghai and Shenzhen falling by at least 15 % in prime neighborhoods. The real estate surrounding Alibaba's headquarters is estimated to have lost a quarter of its value. Goldman Sachs economist Wang Lishang said, Now, alongside the fall in the housing market, more acute problems in the financial sector have also sprung up recently. At the end of July, Zhongrong International Trust Company missed payments across dozens of wealth management products. The company is a gigantic player in the Chinese shadow banking sector, which intermediates loans between individuals and private lenders. They primarily deal in the sale of real estate backed bonds, and at least 30 products are now overdue, and the company have said they have no immediate plans to make clients whole. Chinese authorities have set up a task force to investigate potential contagion, and banking regulators are looking into risks at the firm's part owner, Zhongjie Enterprise Group. Zhongjie managed around $138 billion. Jason Hsu, chief investment officer of Raelient Global Advisors, said, This was one that everyone knew was going to blow up. Overall, there are 106 trust products across the country in default through to July of this year, worth around $6 billion in principle. Real estate investments have accounted for 74 % of default by value. Corporate defaults are also up in recent months. June and July recorded missed payments on more than a billion dollars in domestic notes. That's the worst stretch since last December and January, which was punctuated by the default of Evergrande. This time around, the problem seems centered on an even larger property developer called Country Garden. The firm is considered by most to be the largest home builder in China and has more than four times as many outstanding projects as Evergrande. Country Garden has missed payments on its dollar -denominated bonds and is currently inside a 30 -day grace period prior to a formal default. Trading has been suspended on at least 11 onshore notes, and payment extension proposals are in the works. Country Garden's January 2024 dollar bond issuance traded at 9 cents earlier this week, an implied yield of 2 ,500%, just to give you an idea of how the market is pricing the firm's chance of recovery here. Now, as credit risk rips through domestic markets, China's major state -owned banks have been told to sell dollars to buy yuan in both onshore and offshore markets. According to anonymous sources speaking to Reuters, Chinese banks have been propping up the yuan throughout the week in an attempt to control the decline of the currency. Now, standard caveat on quoting Zero Hedge, but Zero Hedge is also reporting that Beijing have urged investment funds not to sell off Chinese stocks. Taking a step back, up until recently, the Chinese reopening was a major narrative for markets. There had been turmoil across China over the last two years, but many investors consoled themselves that China would reopen strong and provide some much -needed growth to the global economy. What's happened is almost the complete opposite. Chinese growth has come in weak and sputtered along since reopening. It now looks like China is headed for a recession at best, if not a full -blown financial crisis. Carnegie Endowment senior fellow Michael Pettis wrote, It may seem like terrible luck and amazing coincidence that so many things are going wrong in the Chinese economy at the same time. But of course, it is not a coincidence at all. This is how systemic imbalances work themselves out. I've often written about the Minskyan dynamics of long periods in which market variables move persistently in the same direction. When that happens, businesses, banks, local governments, and households who implicitly or explicitly take too much one -direction risk systematically outperform those that don't, until eventually the operations and balance sheets of much of the economy are directly or indirectly leveraged to those variables. That is why, when that variable finally reverses, the damage can often be much greater than anyone expected, mainly because no one understood the extent of the implicit and explicit exposures. Decades of surging property prices, expanding liquidity, and contracting credit spreads in China have created an economy in which balance sheets have highly correlated mismatches and distortions. In that case, the impact of an eventual reversal is brutally hard to predict. What about the response? Well, three weeks ago, when it had become clear that China was entering another period of economic distress, Chinese leaders vowed to provide more support. The Politburo pledged to spur consumer spending, tackle unemployment, and backstop the property sector. However, details were sorely lacking. The Politburo's statement acknowledged that the economic recovery after reopening was making quote torturous progress and that it was necessary to quote actively expand domestic demand and expand consumption by increasing residents' income. Julian Evans -Pritchard, head of China economics at Capital Economics, lamented the lack of a clear plan. He said at the time, Given how bad things are at the moment, it is a bit disappointing that they didn't give us some figures. And while their statement did recognize the risk to the economy, Evans -Pritchard said quote, They are not so desperate that they feel the need to resort to the old -school Big Bang stimulus. What he's referring to is that during prior downturns during the 2008 global financial crisis and the 2012 euro crisis, the CCP was eager to dole out massive stimulus on the supply side. The Chinese government directed the stockpiling of commodities and gigantic infrastructure projects to keep growth ticking over at a fast pace despite global economic turmoil. This time around, as of yet, there is no clear policy, just haphazard emergency interventions. For example, the People's Bank of China has cut rates, but there's a limit to what monetary stimulus can do to support consumption. This time, the problem is deflation, a collapse of demand. Until now, Chinese policymakers have largely been able to keep the economy out of the ditch using only supply -side stimulus, but it's not clear that that will work again. Late on Monday, Kai Fang, a member of the Monetary Policy Committee at the PBOC, warned that emergency rate cuts would not be enough. He said, Fang joins a growing chorus of economists insisting on direct transfer payments to consumers in order to support spending. This option has been controversial with senior Politburo figures, however, and so far Beijing has ignored the suggestion. Many have suggested instead that tax and fee cuts for companies were the most direct, fair, and efficient way to stimulate the economy. Senior Party members also have a history of warning against the Of course, the concern is that the underlying problem might be a simple lack of capacity. China's government resources are distributed through numerous local governments. These governments typically raise funding through land sales, but with the property sector in trouble, this line of revenue is less viable. There has also been an ongoing dispute between the central party and provincial governments. During the turmoil of the last few years, Beijing has been reluctant to come to the aid of overindebted regional governments. Estimates vary wildly due to the large amount of off -balance sheet liabilities, but Goldman Sachs analysts think there could be as much as $13 trillion in debt held by local governments. China's GDP is around $17 trillion annually, so there could be significantly less fiscal space for stimulus than the publicly disclosed figures imply. Liu Chao, professor of finance at Peking University, said, Now, as you might imagine, overarching all of these economic problems are the very real political considerations. Tensions around the rule of President Xi Jinping have started to come to a head around the financial turmoil of the last two years. For the first time, we've seen evidence of open protests against Xi on the mainland. Now, of course, it's impossible to tell how widespread the antipathy towards Xi is, but it's hard not to view at least some of the events of the last couple years as cracks emerging. And so really where we're left to do a very brief summary is a situation in which a set of challenges are converging all at the same time. And they're a set of challenges not necessarily easily solved by old techniques. Officials are caught between wanting to run back the old playbook and trying to figure out if there's a new playbook that'll work better. Michael Pettis again wrote, What got China into this mess has been over a decade of massive amounts of investment in unnecessary infrastructure and empty apartments. If this investment had been economically justified, rising debt would have been more than matched by rising productive capacity and GDP, which means local government debt would have never become the problem it has clearly become. I understand why many policy advisors are so worried about China's economic slowdown, that they are turning again to the old policies that boosted GDP in the past. But more of the same won't get China out of the mess that more of the same got it into. Now, of course, outside of China, the big questions are how a Chinese recession or slowdown or even financial crisis will impact the global economy. One thing that some observers have noted is that we haven't had a normal business cycle recession in so long. In other words, we haven't had a downturn precipitated by anything other than a financial crisis for so long that we kind of don't know how to handle it. We don't really have a playbook for what to do with it, at least not one that's been updated recently. To some extent, I wonder if the not knowingness of the situation is contributing to the anxiety around it, but as with any macro topic, it is an extremely dense, complex, nuanced intertwined set of issues. And so the best we can do is keep trying to keep track of it and recontextualize as new events teach us more about what's happening. Hope this was a helpful primer, at least a little bit on what's going on. Until next time, peace.
Bloomberg Radio New York - Recording Feed
Monitor Show 19:00 08-10-2023 19:00
"The name change. So, Brian, Subway, Curtis, it's back to you. Yeah. Don't get us started. You and I have been here a long time and we've run across some very interesting first names for Chinese who are adopting a Western name. We won't get into it in this space, but sometimes it can be quite amusing and interesting. And God love them, you know, picking something that's a little out of the ordinary. I have to say I love it. All right. The next hour of Bloomberg Daybreak Asia begins right now. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. This is Bloomberg Daybreak Asia for this Friday, August 11th in Hong Kong, Thursday, August 10th in New York. And coming up today, U .S. inflation eases as markets wonder whether a Fed rate hike pause is in the cards. China's securities watchdog plans to meet with developers and banks today as the property crisis worsens. And Alibaba returns to growth for the first time in a year. Mao is still calling it a search and rescue in the burn area today. Typhoon Canone is hitting Seoul and Pyongyang. Special counsel makes a move for speedy trial in January 6 Trump indictment. I'm Ed Baxter with Global News. Have Bayern Munich and Tottenham agreed on a fee for star Harry Kane. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia on Bloomberg 1130 New York, Bloomberg 99 1 Washington, D .C., Bloomberg 106 1 Boston, Bloomberg 960 San Francisco, Sirius XM 119 and around the world on Bloomberg Radio .com and the Bloomberg Business Act. DBA the Friday edition.
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 08-10-2023 18:00
"Asia Today, the securities watchdog is going to be meeting with a couple of real estate entities here. You know, the property market problem is still a big overhang, and so maybe we're going to get some movement. It's the corporate bond division of the CSRC that's going to be conducting this meeting, and so maybe we'll have some positive news to talk about as it relates to the property market. You don't care until Monday. Have a good weekend. We'll cover it Sunday, U .S. You guys. That does it for us. This is Bloomberg Daybreak Asia starts right now. The watchdog securities plans to meet with developers and banks today as the property crisis worsens. And Alibaba returns to growth for the first time in a year. Maui is still calling it a search and rescue in the Bern area today. Typhoon Kanoa is hitting Seoul and Pyongyang. Special counsel makes a move for speedy trial in January 6 Trump indictment. I'm Ed Baxter with Global News. Have Bayern Munich and Tottenham agreed on a fee for star Harry Kane. I'm Dan Schwartzman. And I'll have that story and more coming up in Bloomberg Sports.
Tech Path Crypto
A highlight from 1206. Stablecoin Frenzy Triggering a Bull-Run?
"All right, so let's get into some stablecoin news today. There is a frenzy in the market and some of the things that have been happening, of course, with PayPal, you've learned a little bit about that here on this show, but there's also starting to be some impacts on the rest of the crypto market. We'll try to break down maybe the winners and losers here that could play out. This is going to be a big one. My name is Paul Baron. Welcome back in the Tech Path. Let's get into a couple of news stories today. And then I've got some clips that will line up for you that I think you guys will start to get how all of this plays into the future of crypto. And I think this is all a good thing. Very bullish news. So let's start up here on the top. Watchaguru says Fed is now going to require approval before state banks can issue, hold or transact stablecoin payments. This, of course, is pretty good news because when you think about just the Fed, remember that they run all the supervisory activities FDIC including insurance, all those kind of things for a bank, even the overnights, all that is handled through the Fed. So this approval or the ability to get this approval is a big deal. So the goal of the Novel Activity Supervision Program is what they call it, is to foster the benefits of financial innovation while recognizing appropriately addressing risks to ensure the safety and soundness of the banking system. The program will integrate into the Federal Reserve's existing supervisory process, meaning that will banks be able to get stablecoins approved, meaning you'll be able to grab a stablecoin within your banking system. The question would be, what kind of stablecoin would that be? Could it be a bank stablecoin? Could it be something like what PayPal is doing or USDC most likely going to be the culprit here? So a lot happening around this. All of this is good news because with stablecoin adoption, in my opinion, comes the adoption of crypto in general. And that starts to flow into Web3 activity and all kinds of other things. Let me jump over to another quick note here. According to Bernstein, this analyst, this is a stablecoin market will experience a massive rise. And he's basically saying, we think this thing's going to grow 22X in five years. Now, if you think about that, you're going from $125 billion to around $2 .8 trillion. That's a significant growth in the market. Further in the article, major global financial and consumer platforms are expected to issue co -branded stablecoins. We've talked about that many times here on the show. It's going to happen. And then other potential stablecoin issues like Amazon, Alibaba, Tencent, Apple, Google, others. I don't know if Apple will be in there. Maybe they will when they finally open up to crypto. We'll see. Report also states stablecoin regulation has more political support than crypto regulation. Very interesting. This is something we've talked about here on the show as we've felt like stablecoins would most likely get the first win. regulatory That still could be the case. If you go back to a lot of our videos where we broke down a lot of these hearings, go back to our playlist. Just check our channel. There's a big playlist in there of all the hearings. And I want you to watch the one with Maxine Waters and Patrick McHenry. Basically, it's the Dems and the Republicans going at it. And there was a little bit of slowdown on this. So the good thing is, is this may speed that up in the long term here. Further in the report also warns that stablecoins still face a number of challenges and risks such as legal uncertainty, technical glitches, competitors and hacking. You know, kind of like banks. They also face those same challenges. I don't think this is really anything new. I want to get over to a clip. And this first clip we're going to go into is a little bit of the timing of how all this is transacting. Listen in. What made you change your mind? Why now? We do think that stablecoins are the killer app for blockchain technologies. Innate advantages in terms of cost and programmability and settlement time of stablecoins are something that we cannot just sit out. We see that there is demand for additional tokens in this space and we see the regulation moving forward. And that combination of things maybe is the right time to step. All right. Some good things here. I think the fact that the timing is along with the demand and I would agree with that speed of light transactions, the ability to move in a lot of different markets and across borders is going to be a pretty significant win on how stablecoins can be used. So that is a good thing. Let's go over to this next clip, which gets into the regulator pushback a little bit. Listen in. Have you faced any pushback in developing the stablecoin? Because, I mean, PayPal is a very big company. We already saw that regulators around the world didn't let Facebook do this. Why are regulators going to let you do this? We are a regulated financial institution. We have been in this business for more than 20 years. We are bringing to bear all the infrastructure that we have built over the years in terms of being regulated in multiple countries, in terms of risk management, in terms of compliance. And we think that that's a key asset. That is a difference in the approach that we are taking. I agree with that. You know, we've talked about that also is that PayPal and many others that we've kind of hinted at here recently on the show is that there are some key players that will most likely get the ability to execute on this much faster. Any kind of money services business such as PayPal would be a natural. I think there will be some others that will be kind of the second tier that could be a natural evolution of potential stablecoins. So I think the fact that they're going to be able to get some regulatory clarity because of their current licensing and how they're set up as a money services business is a good thing. And I know that there's a lot of people on the fence about it. And I would love to get you guys' feedback. For you, is this a pro or negative to what's happening in the crypto markets as a whole? Just let me know. If you think it's bullish or bearish, let me know. Drop some comments down below. I want to go over to another clip here, and this is talking about the PayPal stablecoin versus fiat and how they're going to be handling that. Listen in. Why does this work better than fiat? If you think that when you are doing payments with digital currencies, you can settle in times that range from seconds to minutes. When in traditional payment methods, sometimes you're sending a wire internationally and that can take three to five days to settle. So when you are a merchant and you're intrigued about accelerating the time that it takes you to receive money, this has a very, very good application for that. All right. So in my opinion, this will also be used by a lot of businesses. B2B payments will be a big part of this, being able to utilize PayPal. It's already kind of built into the e -commerce systems that are out there in a lot of the Web 2 formats as it is right now. But to be able to enhance that immediately and get immediate payments instead of ACH, which sometimes takes at least a 24 -hour and sometimes longer. If it's on a Friday, it's over the weekend. But he's right. Wires are much longer. They're very costly. It's not immediate settlement and you can't track it. So all of those are beneficial to taking this onto the blockchain. So I would agree with them. I want to go over to another clip here and this is talking further about why this works for PayPal versus other stablecoins. Listen in. How many more stablecoins do we need? First of all, it's obviously the access to our two -sided network. The second one, where I think that we help, is fiat connectivity. The ability to move quickly, to acquire PYUSD quickly from your PayPal balance and pay with your bank account or with your debit card or when you want to sell it and take it out, be able to do it seamlessly. And last but not least, obviously the regulatory and compliance angle. As we said, we have been in this business for 20, 25 years. All right. So I think he's hitting on the point that you've got almost 500 million users. Average balance, we showed this the other day in the PayPal video, average balance around $450 to $500 per user on average. When you think about that and how much money could go into a yield -bearing stablecoin, that's pretty significant. In fact, it would be significant enough that it could move the market in a very, very big way. So I think this all is pointing to one direction. Who wins this on the backside? Obviously, we've seen ERC -20 being the core and kind of the backbone of most stablecoins, and obviously that is the case with PayPal as well. But I'd love to kind of get you guys' thought. If we had to choose, whether it's Tether, USDC, a PayPal stablecoin, and I know we have people watching us from 165 countries plus, what would you choose? Would you choose Tether, USDC, PayPal? What would you go with? Listen to this clip. See what he had to say about that. PayPal, it's bigger than Tether. So you could hypothetically outmarket them. Is that the goal here, to eclipse Tether both in terms of market cap and mass use? As of last weekend, I think there were about $120 billion in stablecoin. We don't think that's where it stops. We expect that one of the things that this will do is to increase the pie and increase the move towards stablecoins. All right. So, you know, yes, that's what he means. They're going after Tether. That's what this is. You have half a billion people on this around the world. Tether is a much more global stablecoin. And I think it has the most to lose against PayPal if PayPal is successful. This doesn't automatically, and it's not an automatic slam dunk for PayPal because there's a lot here. The other thing that plays into this, and if you think about the future of how, you know, just normal people out there that are transacting in small amounts, what is it that is being used the most? If you think about Venmo or even Zelle, to a certain extent, we know the problem with Zelle. Venmo has some benefits. PayPal obviously owns Venmo, and there's a great tie in here. This clip kind of explains how Venmo could be integrated in. So listen into this one. You mentioned in the press release yesterday an imminent Venmo integration. What would that look like? You will be able to send dollar denominated value from a Venmo account to a PayPal account. That's something that is one of the most requested features from our Venmo users. They want to be able to send not only to friends on Venmo, but also to friends on PayPal. And importantly, it would also allow PayPal merchants to be able to receive value from Venmo users. And it opens a base of millions of additional customers for them. If you think of PayPal and Venmo as networks that have been sister networks, but kind of separate, what we are doing with this is we are building a bridge between those two networks. And if you do believe that the value of a network increases with the number of members of those networks, now you are adding all of a sudden tens of millions of users that you can send to, that you can receive to, and millions of merchants where you can pay. So in terms of the network effects and the network economics and that flywheel of adding utility for a Venmo user, it allows you to very quickly be able to expand the base of friends, family, merchants that you can interact with the comfort of the Venmo account and the Venmo brand that you're used to. Yeah. And I think with Venmo, you've got, of course, another 70, 80 million in use. And the advantage there, of course, is just simplicity. And the key here with any kind of stablecoin is how easy is it to access? Right now, if you want to get to the USDC, most likely you're going to have to go through a Coinbase or other exchanges out there. This making it a simple process with an app you already have in your phone today already set up, whether it's PayPal or a Venmo, this starts to open up the, I think, the gate, the floodgates for where all of this is going to be going. And when you think about that, there's a couple other companies that are starting to maybe kick the tires. Microsoft and Aptos Labs teaming up on some new AI tools, and you'll recognize this a little bit. Remember Aptos Lab, they were the developer of the Layer 1 blockchain started by Facebook. And this was, of course, the company that scrapped Diem. Now, remember Diem was one of, formerly Libra, it was one of the initial stablecoin ideas from a entity. So much like what is happening with PayPal, Facebook had attempted a different kind of scenario and why it failed makes sense because it wasn't necessarily a money services thing. So anyway, Aptos, of course, surged on this about 15%. So it's up. Right now, Wednesday, the press release was pretty straightforward, leveraging Microsoft's infrastructure now to deploy some new offerings basically with AI and blockchain tech. This will also include their new chatbot, which is Aptos Assistant, which will answer questions about the ecosystem, all that good stuff. AI and blockchain tech are quickly converging. This is something I have talked about for quite some time. You have two major technologies starting to merge together, and that, of course, is AI and blockchain. I want to go to this clip right here also, which gets into how gaming will play into this, especially from Apple. Listen in. You mentioned that stablecoin being used for payments in online games and other Web3 apps. Is Web3 gaming a meaningful part of your business that you're planning for? If you think about mainstream games, mobile games, games that you would play in your console, that economy is about $100 billion in digital goods that get transacted today. And if you are a developer who are selling digital goods in any of these platforms with the current payment infrastructure, it can take you up to 15 days to receive your proceeds. That's where those advantages for micropayments, for streaming payments, for things like accelerated settlement can be applicable in the whole gaming ecosystem way beyond the early stage Web3 games that are available today. This is an ERC20 token. It is deployed on the Ethereum network, so it's very easy for mainstream exchanges and support it.
Bloomberg Radio New York - Recording Feed
Monitor Show 19:00 08-08-2023 19:00
"This is fintech valuations, you know, just continues to be slashed, now slashed by more than 70 percent. This is an exclusive that you had yesterday, Brian, and Warburg, Pinkerson, Canada Pension Plans Investment Board, a couple of names just opting out and not participating in that buyback. Well, and obviously the first one, the big one, was Alibaba itself saying it didn't want to take part in the buyback. The next hour of Bloomberg Daybreak Asia begins right now. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. This is Bloomberg Daybreak Asia for this Wednesday, August 9th in Hong Kong, Tuesday, August 8th in New York. Coming up this hour, U .S. bank shares decline after Moody's downgrades 10 U .S. lenders and warns of future risk. China's darkening sentiment worsens in the property market as developer Country Garden wobbles, and China probably fell into consumer deflation in the month of July. Mexico, Canada surpass China's exporters to the U .S. Former FDX co -CEO Salem considers plea deal. July officially the hottest month in Earth's recorded history. I'm Ed Baxter with Global News. Both France and Colombia move on to the quarterfinals of the Women's World Cup. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. In equities Japanese and in U .S. Treasuries, in less than an hour from now, it is time.
CoinDesk Podcast Network
"alibaba" Discussed on CoinDesk Podcast Network
"And after that, four months in jail from prison. Guess what? He gets probably gets extradited to either South Korea or the U .S.. So we will see what happens with that. More than likely, Montenegro is going to allow his extradition to one of these two countries to face alleged charges for his role in the Terra Luna collapse. Both situations look pretty rough for him where he would want to go, either South Korea or the United States. Obviously, the SEC is up in arms against these things, and it's a lot of prison time, but also looks like it's about the same in South Korea. The one thing that's sort of interesting to me running out of this is kept alleging that, you know, we weren't really running from the law, but still they have false passports. So at what point do you like stop lying? At what point do you say like, OK, you got me and I was on the run. Here you go. I have false passports. I don't know. Zach, what was that? What was that tweet? It's like your size is not size. Was that a Dokwan one? Like your size is not size for passports, allegedly fake passports. Like the man's the man's passport bag is immense. So I don't know. This seems to be sort of like closure to some of the mean tweets that Dokwan put out when he was riding high. And now he has to go spend some time in a Montenegrin jail. That's not great. But yeah, what comes next? I think you're right, Will. That's really the big question. Jen, I saw your hand. Yeah, I just wanted to add this tidbit. According to a Fortune crypto story that cited the South Korean news agency, Dokwan is still saying that the documents he had were not fake. And it just reminds me of that interview he did when when this all kicked off. And he said, you know, I didn't do anything wrong. I didn't know what was going on. And it just feels like maybe his strategy is to deny, deny, deny. I don't know how you can be sitting in jail for having false documents and still be saying that the documents are not fake. Now, this was from a South Korean news agency and I do not read Korean. So I could not verify it myself. But that was a report that I read this morning. Wendy, what do you think? Well, don't sociopaths, don't they just keep denying and denying and denying and people that commit really bad crimes, they will take it to their grave. So I don't know. I feel that this is not a this is kind of a nothing burger. You would expect somebody as high profile as him to do something like this to obtain fake identification, et cetera. I feel like I'm going to play the devil's advocate over here. And I'm going to say I actually feel very, very bad for his wife and child because I believe he had a child. And I understand there's a lot of people that lost money. And that's absolutely terrible. My Luna bag went to zero, which, you know, I was expecting anyways. But I feel like that's the real loser in this case is he he hurt his family and his you know, who knows when he's going to be able to see especially his young children when he's going to be able to see them again. So I think that it's very sad. I think it's very sad for the crypto industry. And four months is not really a whole lot of time, but he'll probably spend the rest of his life incarcerated because somebody is going to need to place the blame on somebody for the actions, even if the whole thing wasn't 100 percent his fault. I feel like there's a lot of other players in this. And we've seen that with the crypto contagion. All of these big companies are kind of tied together. And with all of the big banks coming into play, was this or was this not orchestrated? And that's where the tin foil hat comes in. A lot of these things are coincidental here. But Zach, go ahead. Yeah, four months also times out nicely to October, which is when the SPF trial starts. And I think both these guys are sort of saying, hey, we didn't do fraud. We just messed up really, really bad. And it's going to be interesting to see if any of that works in the court of law. I don't think it necessarily will. But that does seem to be sort of the line of argument. It's like, hey, it's not fraud. We just messed up. And it was a ton of money. Like, sorry that our blockchain ecosystem entered a death spiral. Sorry that we annihilated a ton of value over FTX and Alameda Ventures. Yeah, I'm watching to see if any of that sort of carries water or if that will be the defense or if something new will emerge toward the end of the year for both these guys who featured so prominently, I think, in the major downturn of the crypto world. Crazy times. Also, on that note about the kid, I think her name is Luna, if I recall. So that is also a sad twist of fate. Attention crypto holders, moving crypto is seamless and secure with PayPal. With support for Bitcoin, ETH and more, you can buy, sell, hold, send and check out with crypto at millions of shops online. Not to mention, PayPal now supports the ability to send to and from external wallets and charges you nothing when transferring between PayPal and Venmo crypto wallets. Whether you're exploring the world of Web3 or hodling on for another day, PayPal is the convenient and simple way to convert dollars into crypto. PayPal has your back. They work to
Bloomberg Radio New York
"alibaba" Discussed on Bloomberg Radio New York
"Baxter. And under these Pellegrini Ed Alibaba this week announced its breaking up its $220 billion empire. And here's chair and CEO of the ecommerce giant and conglomerate Daniel Shawn. We need to become more entrepreneurial. And unleash more ownership across all of those different businesses. And Jean also says that Alibaba is fully confident the new structure will quote enhance value of the company as a whole. And Bloomberg Stephen engel tells Bloomberg's of en mad. He was surprised at the lack of detail in Alibaba's press conference. One thing that stood out to me at the beginning of this, I was sort of expecting the 6th divisional heads. Of the baby Baba is to be on this call. But just Daniel John, who is the chairman and CEO, as well as the CFO, told the shoot, we're on the call. Daniel will be the head of the new cloud intelligence division, but the other 5 heads were not on the call. We do know that it's going to be Jiang fan head of the global digital business. We know trudy die will be of the ecommerce shopping division, local services will be yufeng fu, as well as the taina logistics will be the existing head William Lynn and fan Lu yuan head of the digital media entertainment. None of them were on this call to get to flesh out some of the details, how they're going to run stand-alone business with the synergies, of course, under this basically holding company. Alibaba holding company as a more of a capital based company rather than operating these individual units. Let me just run through the key takeaways. The restructuring already is underway according to Daniel Jung. And he says, this has been in the works for a couple of years, not surprising because the antitrust regulation and the scuppering of the ant IPO in November. That was two and a half years ago, so they were probably been working on that over that time frame. It's essential he says to make Alibaba more agile, they will decide on a case by case basis whether when and how much control to seed of its units in its units, each unit will operate and seek funding independently. We knew that with the statement coming from Daniel John. He expects to maintain synergies across the group thanks to strong and established relationships. Those synergies are quote very stable, according to Daniel John. All units are already on its cloud business. This synergy will remain at least. You mentioned synergy, so they kind of want to break up the businesses, but then they still want synergies among that. Is that a bit, I don't know. I don't do it to whatever. How does that work? Well, they kind of clash in the opposite direction. They clash. Let's just put it that way, because they're breaking up, but they also want to maintain those synergies. Of course, they want to maintain those synergies. The reason why they had quote unquote monopolies because they had synergies and they shared data, they shared referrals across all those divisions to the detriment of upstarts in those various industries. So they're going to talk up those synergies. It's just a matter of individual businesses, how they're going to do that while still maintaining autonomy. And at this historic overhaul that Stephen engel has just talking about there with Yvonne man is absolutely huge. Now Duncan Clark Denise founder and chairman at BDA tells Bloomberg's Heidi Stroud watts that is cofounder Jack Ma, who may have supported the breakup, moves on from Alibaba. It's a positive for investors and Jack Ma's future is in question. You know, it's an iconic company. It's a symbol of some fresh capital coming in to some of these companies, some new transactions, obviously, which will help them more abundant IPO pipeline by degree. It's going to take time, but it's finally a positive signal for the company and for the markets. Duncan did they have a choice? I mean, was this about unlocking belly or is this about something that they had to do proactively to survive? It's a bit of both, clearly. I mean, if they're logic with the narrative was, this company was too big, particularly and then this is very helpful to showcase the broader public and that the government is serious about not having too much concentration, but I think it's more I think it's under the new prime minister who don't forget was governor of zhejiang province when Alibaba was in its growth phase. This is important for the new prime minister as well to showcase the growth really matters now. We've all seen the numbers declining exports to cloud imports. We consumer sentiment. So I think the government, this new government, new administration clearly wants to move forward. We just had the China development forum in Beijing, but in hainan. So the agenda now is fixed on growth. It's not always consistent. We see moves that scare the markets and frankly scare individuals here. But I think we do see a pro growth kind of narrative that is emerging now. I'll not be reading too much into it, but is it a coincidence to you that this disclosure was made at the same time that we see Jack Ma finally reemerging and perhaps back more in the spotlight? Yeah, it remains to be seen. I don't think it's a coincidence, I think this was clearly helpful. Again, if you look at what Jack Ma did when he was in Hong Kong was again talking about education, I think AI, et cetera. So he's only been allowed to speak about basically rural rural education and agriculture sort of Jack and the beanstalk kind of stick he's had for a couple of years. But basically, will he be allowed to speak about more topics that will be interesting? I don't know. What he wants to, really, does he want to be effectively seen as a mouthpiece for new government policy? I don't think so either. So probably we won't hear as much as him from before we may see him more. And 50 now around this sense of moving on that might be helpful to the government in general to show this pro growth agenda. But Clark also does say that China still has other challenges like labor shortages and economic growth. And Denise meantime Mark Conan, CIO at AIA group tells Bloomberg's Rashad salami nivon Mann, Alibaba's plan to regroup into 6 units is a major step forward for investors. When you say a big group like this, which it's not transparent with some real governance issues, it's not nimble enough to deal with regulatory change. Now what you're seeing is with this breakup, this one plus 6 plus N you're going to see a lot more transparency. You're going to see a lot more scrutiny. You're going to see a lot more accountability. This has to be good news for investors. How do you see this? Does this problem some sort of re rating when it comes to the tech space in China now that maybe this could spur other spin offs, the like here too? So it depends on how others react to these changes and whether or not it does permeate through the whole sector. But certainly as the bellwether as the leader, it bodes very well. And I think investors are going to be going to
The Trish Regan Show
What the Heck Is Going on With TikTok?
"The heck is going on? The story I wanted to mention is that TikTok. You know that app that is said to be a Chinese spy app where the Chinese are not only mining data important data from all of us via our cell devices, but are also doing what they can to divide us and to encourage the worst of society if you would in terms of behavior. Their algorithms are really some of the most egregious. There has been a lot of chatter about banning TikTok which for national security reasons is probably pretty darn important. I mean, when the federal government tells all of its employees look, you can't be on TikTok. There's a reason for that. There's a reason for that, but do you know you have the likes of three major Democrats, perhaps the most high profile one being a guy named David pluff who ran Obama's campaign, David blough, was getting paid, by TikTok. This is all behind the scenes. To prepare the CEO for those hearings, boy, was he smooth, right? He was so smooth. So smoothie actually said something super idiotic, which was that no country controls TikTok. You're kidding me, right? Because you see TikTok is part of ByteDance, ByteDance. Is the Chinese company. And you do not exist. Let me just let me emphasize this. You do not exist in China as a company, unless the CCP has a thing or two to say about you. I mean, where Jacques mall lately, have you seen Jack Ma, the Alibaba CEO? Yeah, he disappeared for months after he criticized the government. You can't do that.
Bloomberg Radio New York
"alibaba" Discussed on Bloomberg Radio New York
"See the Chinese version have that accuracy rate because they are pulling from a smaller corpus of data. But in the longer term, it won't matter because China's not going to allow Microsoft Google and all the other overseas chat bots to service the Chinese market. That's not going to happen. And now with the way things are trending with TikTok, for example, and detox struggling even stay in the U.S.. I don't imagine that by the chatbot AI or Alibaba's chatbot AI is going to be allowed to access the American back. So we're going to have a very distinct kind of market for the two and that will allow both of them to claim that they're better than the other. But it won't matter. So we'll never be in that chart. Is there something that U.S. companies can learn though from China companies? You say that content self regulation is built into the DNA of Chinese Internet companies and obviously that's something that resonates because content self regulation, I suppose there's another word for potentially another phrase for a censorship, but the fact that China is doing it and has been doing it for a long time and has managed to sort of police this crazy wild west. Is there something that a Facebook and a Google and all of the others can learn? Well, it would be a dangerous thing for foreign websites, social media companies and personal to go down that road. I don't think it's worth that for the Chinese people. And I think in the long term, I don't think at sustainable. There's documents to be made about watch how you need to do this to keep social stability and so forth. But I really think our term is a net negative. I think the real struggle that the companies in the west not just the U.S. and the western general are going to face with these kind of AI chatbots and so forth is ensuring that the data they use to inform them and train on is clean is correct information. I think that problem can be solved over time. I don't think they're going to be able to rely on content moderators, but if you waited more heavily to authoritative sources such as, say, use outlets or government information. So if you want to write about stars and telescopes and supernova, you can probably wait that more to say the European or the North American space agency some blog or some Facebook post, right? Academic journals might be a place you might want to have more heavily weight. Over someone you see on Twitter. So there's ways that you can wait these things to more authority thing to learn if sources. And you might, for example, have news media up higher compared to social media in our portfolio people disagree with that. It can't be trusted. But there is ways that you can tinker with it to ensure that you're wasting it more heavily towards known authoritative sources over time, the AIs can learn from that. And so it is not a hopeless problem. It can be dealt with. It's just a matter of insurance that these companies slow down. Don't rush to get things out, slow down and really think very, very carefully about the sources of their data. And not be in a hurry to put every bit of data available to their training algorithms. So that they can have better returns or better output. Bloomberg opinions, Tim Colton, stay tuned, you might have that 3% mortgage, but what if you can't move because of it? Bloomberg opinions Alexis Leander's on that double edged sword next. And don't forget, we're available as a podcast on Apple, Spotify, or your favorite podcast platform. This is Bloomberg opinion. Remember when, at the beginning of the pandemic, president Donald Trump suggested disinfectant might cure COVID. It does seem nuts. A radical group made a fortune doing just that. Join me for smokescreen, deadly cure.
Dennis Prager Podcasts
Individual CO2 Limits Needed to Fight Climate Change
"At present according to the news outlet, the average German is far above shell and hubers proposed limit as ten tons of CO2 emissions are produced by the average citizen, as I mentioned earlier. Citing the Paris world inequality lab, there are some millionaires within the country that produce over a hundred tons of CO2 per year, and some thousands of elites worldwide who emit over 2000 tons a year. Aside from not spelling out how he expects people to drastically reduce their carbon emissions, the German scientists did not elaborate on how exactly this will be tracked, and monitored. However, as Breitbart News reports, Alibaba is developing a digital quote individual carbon footprint tracker. To monitor the actions of the public.
Bloomberg Radio New York
"alibaba" Discussed on Bloomberg Radio New York
"We've got Japanese equities trading also trading underway now in U.S. sovereign debt. Also underway, action in the South Korean equity market. If you're joining from the Asia Pacific good morning, I'm Doug prisoner at the Bloomberg interactive broker studio in New York. Stateside in terms of equity action, we struggled a bit in the face of some more hawkish fed speak in particular we heard from the head of the St. Louis fed Jim bullard warning of further financial stress ahead among other things will take a closer look at that momentarily. Now in terms of the eco data, weekly jobless claims figures came in below forecasts and this seems to underscore the strength of the American labor market, so when you consider the fed speak and the data, we had yields moving up right across the treasury curve. But the long end, a move higher by 7 basis points to three 76, we are moving even higher right now, three 78 in the Tokyo session, the move up in rates strengthening the dollar. We have the Bloomberg dollar spot index up four tenths of 1% in New York and we are building on those gains now in the Asian session. Even though the move up in yields was sizable, the decline in U.S. equity somewhat muted. We only had the Dow down today by a tenth of 1%, S&P and the NASDAQ comp each week or by roughly three tenths of 1%, mentioned earlier the rally in Alibaba shares up 7.8% today, even though Alibaba reported mixed results for the second quarter, the company also announced plans to upsize its stock buyback program to around 15 billion and the move in Baba today sending the NASDAQ Holden dragon China index up about 3.7% and curiously on an otherwise down day for stocks. The socks index. That's the Philadelphia semiconductor index was up 1% today we heard from Applied Materials after the bell better than feared sales forecast for the latest quarter and a match shares right now up by more than 3% in the late U.S. session. We'll talk more about some of the particulars for the equity market after we update you on a few of the sours top business stories. I mentioned Jim bullard, the head of the St. Louis fed, basically indicating that the fed should raise its terminal rate to between 5 and 5 and a quarter percent. Here is bullard in his own words. Even under these generous assumptions, the policy rates still isn't at a zone that might be considered sufficiently restrictive. To get to this sufficiently restrictive level of policy, we'll need to increase the policy rate further. Okay, that hawkish tone was basically echoed by the head of the Minneapolis fed Neil cash Kari, he said it's an open question in terms of how far that has to go. The fed has to go with raising interest rates to bring the supply, demand story back into balance. Now, fed officials back in September had predicted they would raise rates to around 4.6% by the end of the year, those projections will be updated at the fed's policy meeting on the 13th of December. We moved to Twitter next and Elon Musk, who apparently has softened his stance just a bit on working in the office earlier, mister Musk said he was strictly against remote work. He told employees they can now get approval if their managers take responsibility for ensuring those employees make an excellent contribution. We are told this change came after only a few workers opted to accept mister Musk's hardcore terms of employment. He had issued a 5 p.m. Eastern Time deadline for employees to formally state whether they would keep working at Twitter. Musk may now be hoping for a softer approach to remote work as a way of convincing those employees to stay. Coming up on 5 minutes past the hours we update global news
Bloomberg Radio New York
"alibaba" Discussed on Bloomberg Radio New York
"In the coming week. A Hong Kong listing of Alibaba could be open sesame for the market there. For more, let's go to Hong Kong and Bloomberg daybreak, Asia host Brian Curtis, and his colleague Doug prisoner. John Alibaba's proposed primary listing in Hong Kong may open a lot of doors. Around 15 other Chinese companies with secondary listenings here are also looking to make the switch as well. Among them, JD.com NetEase and Baidu. Now this move would give Chinese investors access to buy the stocks through the southbound stop connect schemes with Shenzhen and Shanghai, it may also help boost liquidity in Hong Kong and it might mean the regulatory crackdown on Chinese tech companies is drawing to a close. Earlier, we saw Chinese regulators wrapping up a yearlong probe into didi global with a fine of $1.2 billion. So what else might be happening? Well, joining us is Catherine Lim, who is consumer and healthcare team leader at Bloomberg intelligence. Let's talk a little bit about Alibaba first and if the ownership structure of the company will actually allow it to be included in the stock connect. We don't really foresee an issue that will deter them from seeking a primary listing by the end of this year. There may be some pickups depending on their negotiations with authorities to the nitty Gritty specifics itself, but again as we study what has been disclosed by the Hong Kong stock exchange when it comes to a conversion of a secondary listing in Hong Kong to a primary one in the city, I do think that Alibaba is in a pretty sweet spot to actually make the date line by the end of this year. I was looking at the hang seng tech index, I guess year to date we're down roughly 19% and when it comes to earnings a number of strategists are giving us the impression that maybe the weakness in results has begun to bottom out. So in terms of timing here, as it relates to earnings and investor interest, could this really be an Alibaba's favor? So we're going to hear more about the results next Thursday, August 4th, when the company reports their results, and it's likely going to be probably one of the weakest set of results that we have seen, given what went on in China, April, May and June. Now we do expect that the forward indication to be more positive as we have picked up from the markets from some of the companies out there about the trajectory through July. It is still not back to where they would like it to be, but definitely I would think that it is fair to say at this juncture that the worst is over. Going back again to the outlook ahead I do think that the company will probably be guiding for a more optimistic outlook over the next couple of months. I do warn that the rate of the recovery may be slow, but definitely to treachery is there. Let's talk a little bit about what this means for Hong Kong. Not least of which will be the added liquidity and hopefully I suppose a lot of extra flows coming from China. Right. We've done some numbers. And we, in general, based on what has been traded for higher profile names like ten cents, we see that the stock connect could actually live volumes on Hong Kong's stock exchange by at least 2025%, and it could actually go up to about 37% based on what we have seen again from trading over the last 6 months of this year. Do you have a sense of how much Alibaba could potentially raise through a primary listing in Hong Kong? This is strictly a conversion from secondary listing to primary listing, so no new shares will be issued in this exercise. Catherine, I think we can wrap up on one question that was posed by Doug earlier, and that is whether or not this is a sign that this big crackdown on regulation of tech companies in China is coming to an end. Going forward, I do expect there will be fewer bridges and violations and possibly from a fine perspective, you will see smaller amounts being imposed on companies. Catherine, thanks so much for joining us and sharing your insights with us. Catherine Lim, who is consumer and healthcare team leader at Bloomberg intelligence. I'm Brian Curtis, along with Doug prisoner. You can catch us every weekday here for Bloomberg daybreak a show beginning at 6 a.m. in Hong Kong and 6 p.m.
Bloomberg Radio New York
"alibaba" Discussed on Bloomberg Radio New York
"On Bloomberg radio. We're seeing some selling in the Hong Kong market, but it's much more manageable today. I suppose if you're a bull hansing index down just half of 1%, still some aggressive selling in Alibaba, though, down 4.7% to go along with yesterday's 6% plus drop. So that's a quick 10% in two days. The stock was just three days ago at $122 trading now at one O 8 and change. And the only real news was the modest find that Alibaba received along with ten cent and ten cents trading down as well down about 1.1%. The fines weren't big, but I suppose symbolic in nature. Although some investors saw the fines as actually a good sign in that some of this is getting flushed out and hoping that the companies can move on once this is all said and done. The pressure that these tech companies have been facing from regulators has been a year in playing out. Anyway, the Hank shank tech index is down 1.3% today so it's not just those two companies. JD's now one and a half percent AAC technology down about 2%. Looking around the rest of the region in China, the CSI 300 is flat now. You have the ASX 200 actually bucking the trend with game gains of two tenths of 1%. Singapore has been higher for most of the morning as well up about four tenths of percent heavy selling of tech companies in Taiwan, the Thai X is down 1.9%. And it was a tough day on Wall Street for tech, the NASDAQ was down 2.3%. Oil prices trickling lower one O two 48 a barrel. We also have the yield on the ten year treasury down to 2.95% now. And so the inversion of the two, the two year yield is at 3.03% so 8 basis there. The spread between twos and tens. And the dollar ever stronger up another tenth of 1%. And that is a check of markets. Headline news with Ed Baxter in San Francisco. All right, thank you, Brian at UNS forecasting the world population
Bloomberg Radio New York
"alibaba" Discussed on Bloomberg Radio New York
"Features They point to a lower open this morning the vix moves a little bit higher now just below 25 yields also moving higher ten year treasury yielding about 3.02% on the commodities front WTI crude moves a little bit higher yet again It just under a $121 a barrel gold it's higher 1853 announced we'll call it Bitcoin Pulls back a little bit a little bit lower just over $30,000 of token It's been there forever It seems like let's get some more color on the pre market equity trades with Bloomberg markets correspondent pretty good What are you looking at Well we got to go abroad for a second and take a look at some of these U.S. listed companies that ultimately are coming from China and I'm talking about their big tech names your big Internet names Alibaba JD and the like This comes after trying to improve a second batch of video games this year providing a signal of policy support to the country's Internet sector So it is boosting some of those Chinese ADRs for a little bit now Alibaba is your ticker up 4% in the pre market JD same story up about 4% as well Pinned duo duo is when you want to keep your eye on PDD is your ticker Pin pin duo duo Okay Ecommerce company I got the Alibaba on top of that one There you go Okay A 5% and the other one Baidu Okay I got that About just shy of 2% Here's why this is so stimulated I'm going to put a big emphasis this morning on these Chinese ADRs They have dropped And as the golden dragon index has dropped from peak to trough 73% in a year It is mind-blowing And a lot of this comes from regulatory scrutiny then China says actually you know what We're going to go easy We're going to go a little bit more easy on these guys And that is starting to bring back a little bit more investment when it comes to people popping it to some of these Chinese stocks Yeah that's what we call China risk You put that in the perspective and that's all you need to know It's called China risk You just don't know And you know what's so interesting about this morning's news is that they approved a second batch of video games this year A lot of these companies I named aren't even in the video game sector It's just about can they kind of loosen their grip a little bit Of course we know when it comes to video games China has been very vocal about limiting the amount of video games its own population its own children It's kind of with China now and if you don't They might not be wrong but the question is should they have that control And that seems to be at least the investment risk Let's do another quick one here I want to go to Altria Group MO is your ticker It's down 2.7% Morgan Stanley downgrading it to underweight citing increasing macro pressures and competitive risk for the folks who don't know this company They make cigarettes they make tobacco products This is considered a defensive stock traditionally also known for its dividend So to see it downgraded 6.7% dividend yield That's not bad Tom I mean that's better than you can get anywhere You and I remember Emma of another time Yes we did On the edge of blue chippy but in the last Richmond Virginia It has been a different story Pretty good to thank you so much greatly appreciate it this morning We're going to go to Credit Suisse in the morning first though Bloomberg surveillance a bunch of iconic resident.
The Dan Bongino Show
Matt Palumbo: Why Is George Soros Speaking Against China?
"Now lately there's been a very strategic turn by Soros Soros has been writing I know you picked up on it I've seen your writing on it We obviously worked together He's been writing and attacking China and Chinese communist policies collectivism and that kind of thing which is kind of strange because the candidates George Soros tends to back the chase a Buddhist the left wing DAs here the Joe Biden far left types all practice the same type of kind of soft collectivism the Chinese Communist Party some hard collectivism is practicing right now What do you think is what's the motivation behind that What's he up to So I guess no pun intended you follow the money So you have to wonder you know the question I was asked is like why now of all times And you look into what G is doing So he for instance crackdown and Alibaba which is sort of like China's version of Amazon.com Well what do you know a very large chunk of Alibaba is owned by George Soros There was another company that went public a few months ago called didi which is sort of like China's version of Uber and Soros owned a very large chunk of that They cracked down on the company immediately after they went public I think it's down 90 or so percent What do you know Soros is upset about that because he's invested in it So all these I think it was maybe two or so other games that I say went to where it's not in Seoul China went after companies that Soros was personally invested in that he pretended to care So unless it affects him personally he's pretty much fine with it I don't see much of the Uighurs or anything like that So
Bloomberg Radio New York
"alibaba" Discussed on Bloomberg Radio New York
"About passing the massive spending bill Hoyer told CNN he thinks the votes are there to get the measure through the chamber The roughly $2 trillion bill would expand the social safety net and provides funds to fight climate change No verdict has been reached yet in the trial of Kyle rittenhouse The jury deciding his fate ended deliberations on Thursday without making a decision written house he's accused of killing two men and injuring another during protests in Kenosha Wisconsin last year President Biden's approval rating has hit a low at 36% in a new national poll Lisa Taylor reports the quinnipiac poll reports his ratings started dipping in August after Biden's handling of the chaotic Afghanistan exit The president's handling of COVID-19 climate change economy and foreign policy received the lowest approval rates there is a partisan split with Democrats approval of Biden at 87% in Republicans at 4% I'm Brian shook And I'm Brian curtiss in Los Angeles Let's check this hour to stop business stories and the markets Apple is said to be pushing to speed up development of its electric car sources say it is refocusing the project around full self-driving capabilities Alibaba group shares have dropped more than 10% in Hong Kong The big Chinese ecommerce firm cut its fiscal 2022 outlook That led to concerns about intensifying competition and dwindling consumer spending in China Former Secretary of State Hillary Clinton is predicting that the Biden administration will remove some of the tariffs on China But she told the Bloomberg new economy forum that not all the tariffs would go Clinton also called on the world to prevent military aggression by China and she criticized Russian president Vladimir Putin Mizuho financial group CEO tatsu fumi Sakai is planning to step down following multiple technical failures The failures drew criticism from the Japanese government according to local media reports Now nikkei kiro and NHK all report that the CEO is likely to step down They did not say though where they got the information earlier a Mizuho spokesman had said that nothing had yet been decided on management changes All right let's check the markets here in the Asia Pacific The hang sang index is the big loser today down 1.7% a drop of 425 points The niche though is trading higher up about four tenths of 1% The ASX 200 up about two tenths of a percent and the CSI 300 in China is also up about two tenths of 1% Dalian one 1439 That's a weaker yen today The yield on the ten year treasury up one basis point to 1.59% And WTI 79 83 a barrel.
Bloomberg Radio New York
"alibaba" Discussed on Bloomberg Radio New York
"Doug Chris her at the Bloomberg interactive broker studio in New York We have trading underway across the apac region A lot of weakness in the market in Hong Kong hang sang down by more than 1.7% largely the result of a 10% pullback in shares of Alibaba after that disappointing revenue outlook closer look at all the price action for you in a moment Right now a few of the sours top business stories Well it's really interesting to contrast Alibaba and what's happened with that company and stock compared to Amazon with a gain of more than 4% in the latest session and also this next story Two department store chains offering encouragement as we prepare for the holiday shopping season Macy's posted stronger than expected results for the third quarter and the retailer also raises full year earnings guidance Bloomberg's Jordan Holman gives us the reasons Investors also got excited about their new strategy around digital So today Macy's announced that they would launch a digital marketplace So highly curated products and then also third party products So Macy's has done strong on this in the last thing I would say is that people are closely watching inventory levels going into the holiday season especially with all the concern about supply chain It makes you show that they are at a good position In the meantime coals also posted sales above expectations and an increased its full year outlook as well Coal shares jumping 10% The biggest gain in nearly 9 months and makes he shares rallied 21% in the regular session So those were the winners now one of the losers India's largest digital payment providers lost more than a quarter of its value on its first day of trading This is one 97 communication It's the operator of paytm It shares plunged more than 27% on their first day Now retail investors who piled into this offering are now sitting on heavy losses alongside global money managers like BlackRock paytm's IPO is one of the most disappointing major tech debut of all time and this raises concern over whether optimism behind IPO fundraising has gone a little too far It's been a standout year for India's Internet startups So far this year Indian IPOs have raised about $15 billion and that's already an annual record While the Singapore based Bitcoin mining firm bit deer technologies merging now with the blue safari group This back agreement is estimated to be worth $4 billion and it will allow bit dear to trade in the United States Bit there is controlled by Chinese billionaire jihan Wu is considered one of the most influential people in the cryptocurrency market Today's deal has announced does not come with additional funding in the form of private investment in public equity shares of the spac in an all time high of $10 49 cents after the announcement However their little changed since the listing debut All right the time now is just about 33 minutes past the hour Let's take a look at the markets in the Asia Pacific We mentioned earlier that it was a pretty good day for U.S. stocks and we saw some solid gains there particularly with the NASDAQ up about half of 1% The S&P 500 up about a third of a percent But it's a different story in the Asia Pacific the MSCI Asia Pacific is trading down about two tenths of a percent MSCI China down 1.6% A lot of that is from the Hong Kong market with Hank sing index has tumbled some 440 points or so That's a drop of 1.7% and led by losses in Alibaba down 10.1% The Hanks hang tech index is down one and a half percent It dropped almost 3% yesterday However around some of the other markets we've turned a little bit more towards positivity The CSI 300 in China is now up three tenths of a percent The Cosby is trading up about a half of 1% Taiwan is positive two tenths of 1% and even the straight times index has eked out a slight game Slightly more solid gains are seen in Tokyo with an EK is up about four tenths of a percent and broadly speaking this has been a pretty good day for information technology stocks And even the ASX 200 is now up about a tenth of 1% We told you about Alibaba part of the Alibaba story was ant group Its profit rose an estimated 39% in the June quarter and was attributed to a gain in investments And like others ant is grappling with the impact of China's regulatory changes still and contributed $1 billion to Alibaba's earnings and what might be part of Alibaba's demise are gains for pindo and also for JD.com and JD and been trading up around 5% today in the Hong Kong market The dollar is slightly stronger now dalian one 1435 the Euro just a dollar 1355 and the yield on the ten year treasury 1.59% Dug over you All right 35 past the hour as we update.
Bloomberg Radio New York
"alibaba" Discussed on Bloomberg Radio New York
"Looking ahead at the top stories for investors at the coming week Major tech companies have been under pressure from Beijing He might say from investors too Is this the beginning of the end or the end of the beginning For more let's go to Hong Kong and Bloomberg's day break Asia host Brian Curtis and his colleague Dunn Kristen John how close are we to the end of the rigorous regulatory crackdown in China particularly in the areas of technology And with some tech company stocks down 50% how much is already discounted Now in the coming week we'll get key insights into how two of these companies are faring will get earnings from ten cent and it singles day with Alibaba Now in the meantime analysts have been reducing their earnings estimates on Alibaba Bloomberg data suggest earnings per share for the next 12 months will be down 20% from earlier projections In comparison Tencent Baidu and JD.com have seen smaller earnings downgrades this year For more we have vast Matthew Cantor men with Bloomberg intelligence technology to join us So a weaker economy nervous consumers tough regulation social initiatives what's weighing most on Alibaba It's tough to say what's weighing most I think at the moment if you take the regulatory angle I think for the most part it's not safe to say 'cause you never know but I think most people agree that the worst has passed There's just still lingering fear that there's something else that could come that we're not sure of where that is yet And that's why you still see so much uncertainty And then I think you know as an ecommerce platform at the end of the day it is retail It is consumption And so you know with the slowing economy you can look at inflation and food prices going up You can look at what the knock on effects from the property sector not just ever gram but all of them you know most Chinese people have a lot of their wealth tied up in property And if their biggest asset is at risk of going down in value they're going to start pulling back And then also just the flare ups of COVID that we're seeing across Mainland China That also affects consumption patterns as well People's propensity and willingness to spend on non-essential items And so I think when you tie all of that together it's not a rosy picture for consumption You know we've seen this in the smartphone market for example which is a big big category for ecommerce platforms You know aside from Apple with the iPhone 13 is doing quite well The Android market is slowing down a lot 5G Android smartphones are basically at their lowest cadence since right around the pandemic You know the pandemic you know when an onset last in 2020 So it's not a great picture in terms of the consumption outlook And so there's a lot riding on singles day and a lot riding on Alibaba's forecast for the next couple of quarters in terms of how is this going to turn around And then also at the same time that the economy is slowing and consumption risks are building their investing more in the business which if you're a long-term investor you always want to see them invest And so when you couple the profit impact of these investments which is a near term hit for long-term gain with the slowdowns in the core business that's why you're seeing EPS estimates drag a lot lower for the next couple of quarters Okay word on Tencent We saw sales jump quite significantly 20% or so on some of these games like legal legends and peacekeeper leave and honor of kings some of the stalwart games that they have is gaming somewhat immune to the economic slowdown Yes because if you look at a lot of these games they're already spending is already driven a lot by what we like to call whales in the gaming industry A small percentage of the gaming population that spends outsize amounts of money that are already wealthy And so a lot of these games do have wow mechanics and so from that perspective they're going to be largely insulated Gaming tends to be quite resilient during recessions not just in any sort of consumption slowdown not just in China but globally The bigger risk right there again we go back to the regulatory framework the government's also going after the gaming companies in the regulatory crackdown It's a lot of the same concerns that we saw back in 2018 around the exposure of miners or certain kinds of content the amount of time minors are spending playing We've seen the government come out and restrict rules in place that restrict the playtime of people under 18 to just three hours per week one hour each on Friday Saturday and Sunday That's not such a big hit to any of these leaders like Tencent and nettie It's about 5% of ten cents domestic game revenue and they still get a handy amount of their revenue also abroad So it's only about three and a half to 4% of their total game revenue It's only 1% for nettie's who's the number two player The bigger issue for them and for the sector is that for the last four months there haven't been any new games approved by the government And to launch a game in China you need a license from the government And so without these new games you know that's going to take some of the top off the growth of the market Matthew thank you so much for being with us and sharing your perspective Matthew Cameron is a Bloomberg intelligent senior analyst for Asia technology joining us from Hong Kong I'm doctor prisoner along with Brian Curtis you can catch us every weekday for Bloomberg daybreak Asia beginning at 6 a.m. in Hong Kong 6 p.m. on Wall Street John.
Bloomberg Radio New York
"alibaba" Discussed on Bloomberg Radio New York
"With your global looking ahead at the top stories for investors at the coming week Major tech companies have an under pressure from Beijing You might say from investors too Is this the beginning of the end or the end of the beginning For more let's go to Hong Kong and Bloomberg day break Asia host Brian Curtis and his colleague Dunn Kristen John how close are we to the end of the rigorous regulatory crackdown in China particularly in the areas of technology And with some tech companies stocks down 50% how much is already discounted Now in the coming week we'll get key insights into how two of these companies are faring will get earnings from ten cent and it singles day with the Alibaba Now in the meantime analysts have been reducing their earnings estimates on Alibaba Bloomberg data suggests earnings per share for the next 12 months will be down 20% from earlier projections In comparison Tencent Baidu and JD.com have seen smaller earnings downgrades this year For more we have vast Matthew Cantor men with Bloomberg intelligence technology to join us So a weaker economy nervous consumers tough regulation social initiatives what's weighing most on Alibaba It's tough to say what's weighing most I think at the moment if you take the regulatory angle I think for the most part it's not safe to say because you never know but I think most people agree that the worst has passed There's just still lingering fear that there's something else that could come that we're not sure of where that is yet And that's why you still see so much uncertainty And then I think you know as an ecommerce platform at the end of the day it is retail It is consumption And so with the slowing economy you can look at inflation and food prices going up You can look at what the knock on effects from the property sector not just ever grand but all of them you know most Chinese people have a lot of their wealth tied up in property And if their biggest asset is at risk of going down in value they're going to start pulling back And then also just the flare ups of COVID that we're seeing across Mainland China That also affects consumption patterns as well People's propensity and willingness to spend on non-essential items And so I think when you tie all of that together it's not a rosy picture for consumption You know we've seen this in the smartphone market for example which is a big big category for ecommerce platforms You know aside from Apple with the iPhone 13 is doing quite well You know the Android market is slowing down a lot 5G Android smartphones are basically at their lowest cadence since right around the pandemic You know the pandemic you know when an onset last in 2020 So you know it's not a great picture in terms of the consumption outlook And so there's a lot riding on singles day and a lot riding on Alibaba's forecast for the next couple of quarters in terms of how is this going to turn around and then also at the same time that the economy is slowing and consumption risks are building their investing more in the business which if you're a long-term investor you always want to see them invest And so when you couple the profit impact of these investments which is a near term hit for long-term gain with the slowdowns and the core business that's why you're seeing EPS estimates drag a lot lower for the next couple of quarters Okay word on Tencent We saw sales jump quite significantly 20% or so on some of these games like League of Legends and peacekeeper lead and honor of king's some of the stalwart games that they have is gaming somewhat immune to the economic slowdown Yes because if you look at a lot of these games they're already spending is already driven a lot by what we like to call whales in the gaming industry A small percentage of the gaming population that spends outsize amounts of money that are already wealthy And so a lot of these games do have wow mechanics and so from that perspective they're going to be largely insulated Gaming tends to be quite resilient during recessions not just in any sort of consumption slowdown not just in China but globally The bigger risk right there again we go back to the regulatory framework the government's also going after the gaming companies in the regulatory crackdown It's a lot of the same concerns that we saw back in 2018 around the exposure of miners or certain kinds of content the amount of time minors are spending playing We've seen the government come out and restrict rules in place that restrict the playtime of people under 18 to just three hours per week one hour each on Friday Saturday and Sunday That's not such a big hit to any of these leaders like Tencent and nettie It's about 5% of ten cents domestic game revenue and they still get a handy amount of their revenue also abroad So it's only about three and a half to 4% of their total gain revenue It's only 1% for nettie who's the number two player The bigger issue for them and for the sector is that for the last four months there haven't been any new games approved by the government And to launch a game in China you need a license from the government And so without these new games you know that's going to take some of the top off the growth of the market Matthew thank you so much for being with us and sharing your perspective Matthew Cameron is a Bloomberg intelligent senior analyst for Asia technology joining us from Hong Kong I'm doctor prisoner along with Brian Curtis you can catch us every weekday for Bloomberg daybreak Asia beginning at 6 a.m. in Hong Kong 6 p.m. on Wall Street John.
CNBC's Fast Money
China Tech Soars & Wall Streets New Biggest Bull
"We start off with a massive rebound in chinese tech the k. Web china internet. Etf soaring more than eleven percent today posting. Its best day on record. It is now up more than fourteen percent already this week. Look at the game today. Names like pin door door. Jd dot com even long lagging alibaba posting strong gains but our worries about china's regulatory. Crackdown really behind us. Or is this just a giant head. Fake for the
Daily Tech News Show
"alibaba" Discussed on Daily Tech News Show
"Cloud has also providing three the athlete tracking using standard video and computer vision algorithms to track twenty points in three d. That's where these visualizations uc bearing events are coming from. So that's what that's all about. The point being cloud video is coming into its own in these games specifically these olympic games and centralized by the in hosted by alibaba. Which as we mentioned on tuesday here on the show is one of the chinese companies with decent enough global revenue to balance the effect of china's domestic crackdown on tech companies. So are they more immune than others. They like bite dance and maybe a couple of examples where they're a little less. I don't know held down by their own domestic policies. I mean yeah. They're not not entirely dependent on the mainland maybe that's a really good question. I think this is fascinating. And i think it's fascinating. The alibaba is out there planting articles in tech. I saw him in other places as well to say. Hey we're doing this because they are. They are providing the cloud system for olympic broadcasting granted. Nbc's doing a lot of stuff themselves because they're comcast owned and so they're able to say you know we'll just take the feed directly from o. b. s. and will stream it out. They may not be using alibaba cloud. I couldn't find confirmation about that but enough are in fact. Broadcasters even using it to transmit their own four k. video that this implies that alibaba cloud is reliable enough to provide service worldwide. And i think a lot of broadcasters that aren't even official olympic broadcasters are using this to get the clips right to get the highlights to put on the news etcetera. So i think this is really fascinating because it doesn't imply that alibaba might be too big for china to affect as badly as they are some of the more domestic companies at least forum companies. I do like There's something about consistency that i like about this As reading through the article and.
The Tech Guy
China Cracks Down on Big Tech
"It was really interesting Here in the united states there's a lot of scrutiny over big tech the power that companies like google and facebook and amazon microsoft apple and twitter amassed You know i have a problem with it but You know you certainly. They certainly are powerful. He certainly are and You know maybe that's an issue the european union Thinks it's an issue so they're working on a lot a lot of different london for folks. what's interesting is of course the democracies it's a long drawn out process. Ftc investigates congress. Legislates there's a debate back and forth and nothing happens for a long time if ever that kind of thing. Meanwhile in china where the chinese communist party rules with an iron fist We don't have any of that debate discussion and they are cracking down on big tech and in some ways crack down a big tech in the ways that says some of our members of government would like to crackdown here. It's kind of interesting. It started Last year when The the company ant financial run by jack ma the founder of alibaba the amazon china cited do an initial public offering in the us in the us stock markets. China didn't like that. They cracked down the shutdown they Jack ma was a little Critical of the chinese regime saying you know they don't really allow us to be as capitalistic as we need to be the shut him down He disappeared for a while. reemerged But i don't think he's a china's richest man anymore and i don't think that and financial really is an you know they certainly didn't do their. Ipo now. They're cracking down on the uber of china. Dd actually cracking down on a lot of stuff. Ten cent why boko
CNBC's Fast Money
"alibaba" Discussed on CNBC's Fast Money
"Okay welcome back to fast money out. Shares of alibaba topping the tape today climbing about two percent in the regular session the stocks rebounding slightly from days worth of losses as chinese regulators continue their crackdown. Big technology companies. so tim. Alibaba is pretty much the proxy that many american investors have for just the chinese internet market overall. How are you trading it. Look i'm trading them from the long side. But i'm as frustrated as anybody. I've been wrong on being long for the last six months. And obviously we were having. That breakout moment and really around the ant financial both ipo dismantling eleventh hour Began a series of very difficult headlines for this company as it related to the regulator so antitrust and otherwise And they they made a settlement. They did some of the right things. They're saying certainly the right thing. They have no choice The question here is really for a company that whose core businesses growing at about twenty percent and the multiple to me. You know somewhere around. Twenty eight twenty nine times forward. I think this is getting to be extreme long-term value the community marketplace business. I think is where they're going to show some strength that certainly there's heavy investments there as well But but look i'm not. I'm not jumping out of this trait i. I think it's been a very difficult run. And if you don't believe that the chinese regulators are are going to understand the importance of this call a national champion company. Even if at times they've run ahead of the country then you should get out right now I don't believe that that's what's going on here. I think the uptrend on the stocks of the downtrend on the stock. You need to break thirty before you feel like you've actually started to see a breakout from this. I think we've got to. We've got to wait through this. It's down seventeen percent guys over the last twelve months. All right coming up we were talking with the ceo of grace scale..
BTV Simulcast
Analyst: Didi's IPO Was a Disaster. Here's Why
"Calls the DD IPO a disaster with more on that and what China's crackdown means for more tech companies in his Edith Yeung of Race Capital is a China expert. And we're so glad to have you here because Once again dd feeling the pain share price. I mean, now, like 11 bucks well below where the IPO price was. And the question marks surrounding who knew? And when? Why was it such a disaster in your own minds? I Is such a disaster because there's a lot of rumors, speculation that maybe the founder and CEO both ignore about the request and the change and make sure that they need to comply with the data security and compliance before they go public. Regardless and there's a lot. This costs a lot of action lawsuit going on now, and there's a lot of hatred for the founders and also for the for the president, and it's just really unfortunate to see what's going on. Which in my mind, I think you know, companies send of really chilling effect for many, many Chinese companies that with the goal to get listed in In the U. S recently, including companies like Kid Keep, and Himalayas recently wanted to go IPO in the U. S. I heard that both call it off because of what's going on with the D. Link Doc as well, postponing its IPO. The ramifications there that is this to your mind's eye, Edith. What China wants. Does it want to prevent make it harder, more difficult for companies to go to the capital source that is the United States? I think you know what's really, really interesting to me is that in the past, a lot of people say data is the new oil data now really is the most important things in terms of infrastructure. I think China the most. Some of the most important Internet company of China, including Alibaba, Baidu, Tencent music are all listed in the U. S. Says over 248. Companies from China is listening to US. U. S stock market is really, really important to China and Chinese company. But having
That's Incredible
Things Youll Only Find In Australia
"In australia. We have stinging ants stinging spiders stinging snakes stinging jellyfish stinging octopuses stinging stingrays. Should he got that from the stinging shocks stinging crocodiles stinging stone fish. Did i miss anything. Oh yeah stinging trees. Even the plants want to mess with you in this country. They used to be saying in sydney with three hours ahead of the rest of the country. Albridge alibaba an hour bradman off full of themselves. Those sydney saw us but everyone has to admit that is one impressive bridge that crosses the paddle in the middle of town to tell you the story of the harbour bridge. We've got a very special storyteller. Women love him men. Wannabe him dogs fall over themselves wanting to drop sticks his fate wrote this. Yes it's the one the only andrew data and this is the story of the bridge. The cd habat bridge links. The north shore of sydney haba to the central business district on the southern shore in precolonial times the traditional custodians of the north shoal. The camera google people would often venture to the southern shore where shellfish supplies were more plentiful. It's not wrong to say that. The commute across sydney harbour has been going on for as long as the area has been inhabited the custodians at the southern shore. The gaggle people cruise the harbor on bach. Canoes cold navy. The canoes made from bach stripped off domino trees. After heavy ryan when the material was strong but also flexible the navy set solo in the water that the silence of the first fleet. Don't the canoeist with bobbing around in the harbor. With no votes told the first commercial haba crossing was offered by an ex-convict of jamaican heritage cold. Billy blue now billy. Blues ferry service consisted of a robot which he often made the passengers road themselves. While billy dressed in a top hat entertained with stories and witty banter formal steam powered ferry services started in eighteen sixty one and by nine thirty two more than fourteen million ferry trips. A year would taken on the hob. There was talk of building a bridge across the narrowest part of the way back in eighteen. Fifteen and that was from convict. Architect francis greenway. He proposed the idea in a letter to the newspaper. But it took a major public health crisis to get the city to start thinking about making some serious plans. That health crosses the bubonic plague
Daily Tech News Show
"alibaba" Discussed on Daily Tech News Show
"Stronger by turning data into insights so you can build teams that work as teams by using our ai technology to help catch payroll errors before their errors and by keeping a head of thousands of changing regulations. So you can keep ahead of everything else. Adp businesses like yours. Grow stronger everyday. Adp hr talent time and payroll her regular. Pc's technology express only for mass important electric bills. So don't be dang campbell's in departamento the hostess and was you know but that's your next to support but a copy ramon puertas as the microsoft exchange. It means the bruce contact allies probably this risk whereas journalists is does the komo have new protein post apathy solar and more paranoid pacelli me. There's exchange by my participation in madison university that does as equality canea on took me on israeli. He's those extremes. Use glucose say so public lean mean get grew laroque annoy tell that does not infamous publicly spawning. Blake for any that this will be when expertise who this is news. Talk persona book and the house consultant public radio issue. Talking knockout hookah in china. Lamb used shenice upheld general medical emmett. Yomata these are tremendously interesting to me. On this all those miniatures into municipal is in contrast to leave our boarding fracture nissim s daughters. Kelly companion bedfellows commodity and this does not platform as the muslim world. Alibaba in paktika. He presented reporters Mental enormous gathered resigned news. You take an who's agenda fabric controllers immortals harmony Were continuing on ivorians. Don members is positive. Competitiveness cloak impact. Today's that this is lawyers extent. This the montoneros taught me in. Is the ceo subtle in this facebook implementers. Janowski accused us a religion. They continue and facebook as luck. While is that at this point. In proximus amandus microsoft surface laptop quad this monitoring to go excusable janice amazon ascetics gender processor intel decimo pretty young area rising quarter. Midday microsoft mckinney. On this pandemic forever prosciutto. Al anymore until me melissa is younger. Puertas press the industrial maintain wherewithal portal tripled syncopal gas compressor. I mean they know with this. Parliament's union bill more than co a million dollars you meals. At the cintos container away intel commandos supporter their interactivity cells western collect campuses. Priscilla adult say after eight years a single practice several components into the hula component. So on the on ingredient has this are the most level lukoil's eighty olympic. That is positive was as forever contrast and yes komo great. Can uncle peter. Markets data saragan sickness in the spare. Who lyles retrace like well. I always say appealable communist tomorrow. Integrators windows folk expose. You're not like adama's on yonder info cooler in this election are and forget to matico conan melissa villase or it's this landless cameras can on the they in millimeters lintas del technology that participation diligent prosciutto. Mvm where the in the same row permanent komo's ceo in theory. No you might call president hunter. Ibm were their plan now. Satellite analysis see on us renova meter indoor meals at the municipal is the oldest as please. There's using admitted island mussina me and to the extent going to dallas yeager supportive anti militant to pay for escort. This in twitter hates local. Sola are they must meet their quota of qualities. Putin is in television quandary end sola in this spain on facebook against all odds are that'd with them in their two scoops. This astles application isn't at the end of the calls. Siempre cuando friskin on video. The got a preto in australia. Who's who's thomas totally becoming knock willing and you're truly a cigarette collect tendencies that because john dispositivo sundry episode accuses your selection dunkin lan based janice spiro dnc immune to the activity this year as gasoline commission australian competition because in the history victim knowing atolls was the saudi was gone so wrong in thinking ariel enormous him at least at the visit tablet or the apple music apple spy appropriate that is always in trouble porterbrook production in comparison quarter as spotify in december they chris carson tabas porta production apple at amazon was your quintela into is optum needles per subscription on this by the rectum discography by via the premium and take those thursday coletta eager to settle emails prototypes in co owner. Cento prosciutto dollars. Google africa's is gonna do not prevent on the permit tells us elective active devel- contra likes supposed capitalism uses feats see communist. Talcott likes post individuals face. Similar proxima simenon's nepalese who are permitted up barrel. Absolute the point is a proponent of seattle scam calls inter minority interception day quadra does maintain its doesn't obsess optimism Quarter muniz in his spina. Karema psychotic what into quattro therapy and on society is scuttled whereas interest or seeing. it does. Yeah that's by silas and timothy specifics. The equitable connell informative financieras. Persky is zero bill on my financiero and internal android million. And this is molly starting on bay. One italia it covers can this enormous confirming meta position. Our winter and oil has not just technology. The daily news show punta com meaning contreras notice illegal so has not as the quality these express la hormone on this podcast. The potatoes in brazil. Pc's techniques place daily tech headlines eds also. Findus did this yesterday and brought him a program. Whatever business you're in growth isn't just about getting bigger at adp. We believe it's about getting stronger by turning data into insights so you can build teams that work as teams by using our ai technology to help catch payroll hours before their errors and by keeping ahead of thousands of changing regulations. So you can keep ahead of everything else. Adp helps businesses like yours growth stronger every day. Adp hr talent time and payroll..
Daily Tech News Show
"alibaba" Discussed on Daily Tech News Show
"Stronger by turning data into insights so you can build teams that work as teams by using our ai technology to help catch payroll errors before their errors and by keeping a head of thousands of changing regulations. So you can keep ahead of everything else. Adp businesses like yours stronger everyday. Adp hr talent time and payroll her regular pc's technologically express only for mass important electric bills. So don't be dang campbell's in departamento the hostess and was you not but that's your next to support but a copy ramon puertas as the microsoft exchange. It means the bruce contact allies probably thirty years. Sober journalists is does groups komo have new protein. You post apathy solar and more paranoid. Pacelli me there's exchange of lonzo participation in mirasol us that those as equality canea on took me on. He's does extremes. Use glucose say so public lean mean get grew kosic. Laroque annoy me. That does not infamous publicly spawning. Blake for any that this will be when expertise who this news talk persona book and the house consultant public radio issue. Talking knockout hookah in china. Lamb used shenice upheld general medical emmett. Yomata these are tremendously interesting to me. On this all those miniatures into municipal is in contrast to leave our boarding fracture nissim s daughters. Kelly companion bedfellows commodity and this does not platform as the muslim world. Alibaba in paktika. He presented reporters Mental enormous gathered resigned news. You pick an who's agenda probably controllers amato's harmony Were continuing on ivorians. Don is positive. Competitiveness campania cloak impact. Today's this is lawyers extent. This plan montoneros taught me in. Is the ceo subtle clean. This facebook implementers janowski accused us a religion. They continue and facebook as luck. While is that at this point. In proximus amandus microsoft surface laptop quad this monitoring to go back as janice amazon ascetics gender processor intel decimo pretty young area rising quarter. Midday microsoft mckinney. On this geraldo prosciutto. Al until until me. Melissa is younger. Puertas press the industrial maintain wherewithal arrest triple tripled syncopal gas compressor. I mean they know with this parliament's union bill more than co a million dollars. You meals at the cintos container away. Intel commandos supporter their interactivity cells western collect campuses. Priscilla adult say after eight years a single daniels practice several component into the hula component. So on the on ingredient has this are the most level lukoil's eighty olympic. That is positive was as forever contrast and yes komo great can uncle peter. Markets data saragan sickness in the spare. Who lyles retrace like well. I always say appealable communist caputo matter integrators personal code-named expose you're not like adama's yonder info cooler in this election are and forget to matico conan. Melissa villase it's this landless cameras can on the they in millimeters anti-us del technology that participation diligent prosciutto. Mvm were in the in the same row. Permanent komo's ceo in theory. No you might call president hunter. Ibm were their plan now. Satellite analysis on estimators anthony renova meter indoor meals at the municipal. Is the oldest police. Please there's using admitted island mussina me and to the extent going dallas yeager supportive anti militant to pay for escort. This in twitter hates local. Sola are they must meet their quota of qualities. Putin is in television quandary end sola in this spain on facebook against all odds are that'd be with them in their scoops. This astles application isn't at the end of the calls siempre cuando. So friskin on video. The they got a preto in australia. Who's who's thomas totally becoming knock willing. And you're truly a cigarette collect. Tendencies that because john dispositivo sundry episode accuses your selection dunkin ilab soon this story because janice permit the nfc immune to the activity this year corwin on gasoline another competition because in the history victim knowing atolls was the saudi was gone so wrong in thinking ariel enormous him at least at the visit tablet or the apple music apple spy appropriate that is always in trouble porterbrook production in comparison quarter as spotify in december they chris carson tabas porta production apple at amazon was your quintela into is optum needles per subscription on this by the rectum discography spotify premium and take those thursday coletta eager to settle emails. Prototypes co owner. Cento prosciutto dollars. Google africa's is gonna do not prevent on the permit tells us this active zone likes supposed. Capitalism uses feats see communist. Talcott is post individuals face similar proxima simenon's nepalese. Who are permitted up barrel. Absolute the point is a proponent of seattle scam calls inter minority interception day quadra painting it's doesn't obsess optimism Quarter muniz in his spina. Karema psychotic what into quattro therapy and on the news program was scuttle whereas interest or seeing it does. Yeah that's by saleh's timothy specifics. The equitable connell informative financieras. Kaspersky is zero bill on my financiero and internal android and this is molly starting on bay. One italia it covers can this enormous confirming meta position. Our winter and oil has not just technology. The daily news show punta com meaning contreras notice illegal so has not as the quality these express la hormone on this podcast. The potatoes in brazil. Pc's techniques place daily tech headlines immediateness also. Findus did this yesterday and brought him a program. Whatever business you're in growth isn't just about getting bigger at adp. We believe it's about getting stronger by turning data into insights so you can build teams that work as teams by using our ai technology to help catch payroll hours before their errors and by keeping ahead of thousands of changing regulations. So you can keep ahead of everything else. Adp helps businesses like yours growth stronger every day. Adp hr talent time and payroll..
Daily Tech Headlines
Alibaba Hit With $2.8 Billion Antitrust Fine DTH
"China's state administration for market regulation issued. A two point. Eight billion dollar fine against alibaba for antitrust violations finding the company prevented merchants from selling goods another shopping. Platforms outside of the fine alibaba. Stop the practice and submit compliance reports. Every three years
MarketFoolery
"alibaba" Discussed on MarketFoolery
"Shares of alibaba are up more than five percent because company founder. Jack ma has made his first public appearance in three months. I should point out. This is not an appearance that he made out in public. This is a video filmed tied to an event. But look i think if you're an alibaba shareholder over the last few months wondering legitimately. Where's this guy ben. This if it were moving up dramatically more than that. I would think it was a little overblown a five percent. Tick up seems right to me. It does seem right to me too. And i can't we say not to be too draconian about this but aren't we glad that it's not a hostage video rhyming reasons. We're a number of reasons because we were starting to worry. That jack ma was like something horrible had happened here so he surfaced. It's i mean it really is just kind of a charity event. He's thanking teachers. It's nice it's just it's very kind of it's just a normal thing and it would be. It wouldn't even be news if it weren't for the fact that he'd been missing for three months and let's be clear. You know alibaba. This does not mean that. The scrutiny of alibaba goes away but he's the founder. The chinese government did not like what he had to say a few months ago right before he went underground. The chinese government has since said that they are going to pursue possibly some more strict regulatory oversight of alibaba and that could include breaking up different parts of the company at the very least they are taking some more strident action against ant financial. Which is the payments part of alibaba. So the the regulatory scrutiny doesn't go away but boy yeah. I sigh of relief to see jack. Ma is not completely out
860AM The Answer
"alibaba" Discussed on 860AM The Answer
"Jack is back. China's highest profile entrepreneur has appeared in an online video is a parent's ending A 2.5 month absence from public view that prompted speculation about the future of the e commerce billionaire Jack Ma is the multi billionaire co founder of Alibaba, China and the world's biggest online retailer. He disappeared from public view after government regulators sensationally stopped a massive share issue. His finance company and group in the weeks before that, he'd provoked China's Communist Party authorities by saying they stifled innovation. He appeared by video link at an event for rural teacher's China has previously detained prominent executives here who's Cos it believes could pose a threat to stability. That's the BBC's robin branch. In the 52nd video. Omar made no mention of his recent disappearance. Breaking news and analysis town hall dot com. Stuck in Travis. We've got the answer. This'll report is sponsored by Audible, singular, continuing in Redwood City north, Wanna one just after Whipple. The two left lanes still shut down until further notice due to an earlier solo injury accident. CHP an emergency crews are on scene. In the meantime, still quite the back of extending just beyond would side road. South 8 80 out of San Lorenzo. Some heaviness from the welding continuing instructions down past Whipple. Favorites Toll Plaza metering lights are on, but it's packed up to about the 8 80 over crossing. Not that on the feeder freeways into the maze and what's your own bridge at the limit into San Francisco, where one on one and 2 80 continue at the speed limit? That's traffic. I'm Paul Maxwell Audible delivers the best audio entertainment All in one app. Choose a plan that's right for you and make it a year of audible originals. Best selling audio books, popular podcasts and more start listening free with a 30 Day trial at Audible. Everybody. We want to invite you to join Dennis Prager and Mike Gallagher for a travel opportunity. That may be the highlight of your year. We're headed back to Israel in October. 2021 for a 10 day stand with Israel. Tour of the key sites and best place is meant to give you an unprecedented view of the.