The electric-car maker's free cash flow in Q3, combined with Tesla's rapid growth, is starting to make a strong case for the stock's huge market capitalization.
The ACC is shuffling its schedule with Florida State and Wake Forest dealing with COVID-19 issues.
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President-elect Joe Biden is expected to name Neera Tanden, who was an adviser to former President Barack Obama, as director of the White House budget office, and economist Cecilia Rouse as chair of the Council of Economic Advisers as soon as Monday, according to a person familiar with the process. Biden is also expected to pick Wally Adeyemo, senior international economic adviser in the Obama administration, to serve as Janet Yellen’s top deputy at the Treasury Department.
(Bloomberg) -- Suning.com Co., one of the largest retailers in China, is considering selling a stake in its e-commerce business as it aims to ease financing pressures, according to people familiar with the matter.Suning.com is working with advisers to gauge interest from both strategic and private equity investors, the people said, asking not to be identified as the discussions are private. The company is seeking a valuation of about $6 billion for the business, though some potential investors approached by Suning.com have put a lower valuation on the unit, the people said.Discussions are ongoing and the company may decide not to proceed with the plan, the people said. A representative from Suning.com did not respond to requests for comment.Shares in Suning.com increased as much as 1.1% Monday, the highest on an intraday basis since Tuesday Nov. 24.The potential stake sale comes as companies under the umbrella of parent Suning Appliance Group Co. are facing scrutiny in the bond market. The prices of bonds issued by Suning’s units have plunged to record lows after the parent decided not to demand repayment of a 20 billion yuan ($3 billion) strategic investment in developer China Evergrande Group.Read More: Billionaire Who Invested in Evergrande Faces Bond ExodusSuning Appliance Group has a 10 billion yuan local bond coming due Dec. 17. Suning.com plans to repurchase about 3 billion yuan worth of its outstanding bonds, in order to stabilize bond prices and boost investors’ confidence, it said in statements to the Shenzhen stock exchange earlier this month.The Nanjing-based company is one of the largest retailers of appliances, electronics and other consumer goods in China. Alibaba Group Holding Ltd. is the company’s second largest shareholder with a stake of about 20%, after the two companies formed a strategic alliance announced in 2015.Suning.com has 3,630 self-owned shops, including the China operations of French supermarket Carrefour SA which it acquired a majority stake in last year, as well as 4,586 franchised stores, according to its 2019 annual report.The company reported net income of about 9.8 billion yuan in 2019, a 26% decrease on the same figure a year earlier, according to the report.(Updates with shares move in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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President-elect Joe Biden and Vice President-elect Kamala Harris have chosen an all-female White House senior communications team, led by Jen Psaki as press secretary and Kate Bedingfield as communications director. Psaki currently oversees communications for the presidential transition, and she previously served as White House communications director under President Barack Obama, and as State Department spokesperson […]
Around a third of 20 to 29-year-olds said they have repeatedly relied on their savings in the past six months, according to Fidelity International.
The trio – who are appealing against their jail terms – also face a challenge from the Attorney General that their sentences are ‘unduly lenient’.
The Belfast solicitor’s family have sustained a long campaign for an inquiry into the extent of state collusion with the loyalist killers
Far-right President Jair Bolsonaro's candidates suffered further defeats Sunday and the traditional centre-right emerged stronger in municipal runoff elections seen as a gauge of where things stand in Brazilian politics ahead of presidential polls in 2022. Brazil's biggest cities, Sao Paulo and Rio de Janeiro, both elected experienced centre-right mayors -- incumbent Bruno Covas and returning veteran Eduardo Paes, respectively -- as the candidates endorsed by Bolsonaro were roundly defeated, according to full official results.The Brazilian left meanwhile continued to struggle to bounce back from the damaging impeachment of president Dilma Rousseff in 2016 and the jailing of her predecessor, Luiz Inacio Lula da Silva, on corruption charges -- the events that paved the way for Bolsonaro's "conservative wave."The runoff elections "confirmed what we'd already seen in the first-round vote (on November 15): a defeat for Bolsonaro's camp," said political scientist Leonardo Avritzer of the Federal University of Minas Gerais."The left meanwhile continues to have enormous difficulties."For the first time in its history, Lula's and Rousseff's Workers' Party (PT) failed to win a single mayoral race in Brazil's 26 state capitals.Traditional parties to the center and right meanwhile consolidated the comeback they made in the first round, including Sao Paulo Mayor Covas's Brazilian Social Democracy Party (PSDB) and Rio mayor-elect Paes's Democrats (DEM).Bolsonaro, the politician known as the "Tropical Trump," will for his part have to work to bolster his position before his expected reelection bid, analysts said."Bolsonaro showed little political capacity as a leader," said political scientist Flavia Biroli of the University of Brasilia."The center-right and right came out as winners, but that is not the same as the Bolsonaro right," she told AFP.Against 'politics of hate' Covas and Paes both took aim at Bolsonaro in their victory speeches.Covas, a 40-year-old cancer survivor tasked with handling one of the world's biggest coronavirus outbreaks, called his win a victory for "science and moderation."That was seen as a veiled jab at Bolsonaro's polarizing style and controversial handling of Covid-19, which the president has downplayed as a "little flu" even as it has killed more than 172,000 people in Brazil, the second-highest death toll worldwide, after the United States.Covas had to fend off what looked at times to be a tough challenge from leftist activist turned politician Guilherme Boulos, hailed by progressives as the new face of the Brazilian left.However, the result was not close in the end: Covas won 59 percent of the vote in Latin America's biggest city, to 41 percent for Boulos.The incumbent received warm congratulations from his predecessor and mentor, Sao Paulo state Governor Joao Doria, a top contender to challenge Bolsonaro for the presidency.In Rio, Paes condemned the "politics of hate" associated with both Bolsonaro and the candidate the president backed, Evangelical pastor and incumbent Mayor Marcelo Crivella."The results of extremism, hate and division have been good for no one," said Paes, who was previously Rio mayor from 2009 to 2016.Paes won with 64 percent of the vote to 36 percent for Crivella.The other runoff candidate backed by Bolsonaro, police reserve captain Wagner Sousa Gomes, also lost in the northeastern city of Fortaleza.Bolsonaro candidates routed The municipal polls, which are essentially Brazil's midterm elections, bore the indelible mark of the pandemic.The soaring death toll and the economic crisis that has ensued were central issues.Brazil's 148 million voters were electing mayors and city councils in 5,569 municipalities, with runoffs held in 57 cities.In other closely watched races, another rising left-wing star, Manuela D'Avila of the Communist Party of Brazil, lost to centrist candidate Sebastiao Melo in the southern city of Porto Alegre.In the northeastern city of Recife, scene of a left-wing family feud pitting two cousins against each other, Joao Campos of the center-left Brazilian Socialist Party (PSB) defeated Marilia Arraes of the PT.Bolsonaro, who currently has no political party -- but must choose one to stand in 2022 -- meanwhile got bleak results for his candidates.Just two of the 13 mayoral candidates he endorsed won, and nine of 45 city council candidates.(AFP)
Emmy-nominated actress Laverne Cox usually has celebratory and fun posts on her Instagram account, but on Saturday, she took to the social media platform to share her sobering account of a transphobic attack she and her friend experienced while at Griffith Park in Los Angeles. In the video, she admits that she was in shock […]
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'The Next Revolution' host Steve Hilton reacts to Democrats' calls for acceptance of Biden's presidency despite fighting 2016 election results.
Jared Goff is piling up turnovers at an alarming rate for the Los Angeles Rams. Goff threw two interceptions and lost a fumble during the Rams' 23-20 loss to the San Francisco 49ers on Sunday. “Anytime that you turn it over as many times as we did, and he did, it’s just got to be better, and he’s capable of it," coach Sean McVay said.
(Bloomberg) -- The Trump administration is poised to add chipmaker SMIC and offshore oil-and-gas explorer CNOOC to a list of firms blocked from American investment due to military ties, Reuters reported, in the latest U.S. swipe at Beijing before President-elect Joe Biden takes office.Semiconductor Manufacturing International Corp. and China National Offshore Oil Corp. are among four Chinese companies to be added to a list of firms owned or controlled by the military, Reuters reported, citing a document seen and three unidentified people familiar with the matter. Their addition -- along with China Construction Technology Co. Ltd. and China International Engineering Consulting Corp. -- would bring the total number of firms on the blacklist to 35.It wasn’t clear when the new list would be published in the Federal Register, Reuters said. The Defense Department didn’t respond to Reuters’ request for comment.CNOOC didn’t respond to emailed requests for comment. Cnooc Ltd., the company’s listed unit, fell as much as 9.3% in Hong Kong. China Oilfield Services Ltd., its drilling subsidiary, fell as much as 11%. “There will be huge impact on the company because the oil-and-gas value chain involves a lot of U.S. companies from upstream, mid-stream all the way to the gas side,” said Sengyick Tee, an analyst with SIA Energy. “This also means they cannot procure parts and software from U.S. companies.”President Donald Trump, a Republican, has continued to roll out punitive measures against China despite losing the U.S. presidential election earlier this month to Biden, a Democrat. The actions will make it harder for the incoming administration to de-escalate tensions with Beijing, although they will also arguably give the U.S. side more leverage in future negotiations.In a related executive order earlier this month, the U.S. said China was “increasingly exploiting” American capital for “the development and modernization of its military, intelligence, and other security apparatuses,” posing a threat to the U.S. That order prohibits investment firms and pension funds from buying and selling shares of 31 Chinese companies designated by the Pentagon since June as having military ties.In response to the previous order, the Chinese Foreign Ministry accused the U.S. of “viciously slandering” its military-civilian integration policies and vowed to protect the country’s companies. “This not only severely harms the legitimate rights and interests of Chinese companies, but also the interests of foreign investors including U.S. ones,” ministry spokesman Wang Wenbin said at the time, urging the order’s withdrawal.Exxon, ShellState-owned CNOOC, the country’s main deepwater oil and gas explorer, has ties to key global energy producers and projects. The firm is among Exxon Mobil Corp.’s partners in its Guyana project, owns a stake in a Royal Dutch Shell Plc LNG export terminal in Australia, and has a share in the U.K. North Sea’s Buzzard oil field.CNOOC’s main base of operations are the coastal waters surrounding China, which account for more than 60% of its listed company’s production, with the majority coming from the Bohai Sea near Beijing.Operations in the South China Sea, which account for about 29% of output, have at times run into controversy because China claims drilling rights in waters far from its borders, and within 200 miles of countries like Vietnam and the Philippines. The firm also owns interests in shale and deepwater projects in the U.S., accounting for production of about 67,000 barrels of oil equivalent a day, according to its website.SMIC was little changed after falling as much as 0.9% earlier. A company representative referred request for comment to a prior statement denying military connections.SMIC RestrictionsIn September, the U.S. Commerce Department separately imposed export restrictions on SMIC, requiring American firms to apply for a license to send certain products to China’s largest chipmaker. SMIC and its subsidiaries present “an unacceptable risk of diversion to a military end use,” the department’s Bureau of Industry and Security wrote.SMIC represents a cornerstone in China’s vision of creating its own, world-class semiconductor industry, which the Communist Party sees as an essential foundation for a self-sufficient technology sector. The company is the country’s biggest contract manufacturer of chipsets and raised more than $7 billion to expand in a Shanghai stock offering in July.SMIC still has far to go to catch up to rivals such as Taiwan Semiconductor Manufacturing Co., which makes chips for Apple Inc.’s most advanced smartphones. TSMC, the world’s largest contract chipmaker, is commercializing 5 nanometer technology, at least two generations ahead of SMIC’s capabilities.A Trump administration blacklisting would make that effort more difficult -- if not impossible -- because SMIC could be barred from American suppliers, which tend to make the most advanced chip-making equipment.(Updates with market movements in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Kaneka Corporation (TOKYO: 4118) (Headquarters: Minato-ku, Tokyo; President: Minoru Tanaka) has developed "PixeoTM*1IB", a super heat-resistant polyimide film for high-speed, high frequency 5G*2. The offering of samples began in October, and a full-scale rollout is scheduled for 2021. "PixeoTM IB" reduces the dielectric loss tangent*3 in high frequencies down to 0.0025, the global best level for polyimide film. This was achieved using the advanced polyimide development technologies that Kaneka has accumulated over many years. This makes possible the handling of 5G millimeter wave zones*4, which can realize high speed communications.
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