The Beachbody Company, LLC ("Beachbody"), a leading subscription health and wellness company, today announced that Beachbody’s management team is participating in the 16th Annual Needham Virtual Technology & Media Conference on Wednesday, May 19, 2021.
(Bloomberg) -- Asian stocks tracked U.S. declines Wednesday as concern about faster inflation shadows the economic recovery from the pandemic. A dollar gauge was near the lowest level this year.Japanese and Australian shares slid after key U.S. equity benchmarks closed lower and large technology stocks like Amazon.com Inc. and Microsoft Corp. erased gains. AT&T Inc. plunged after the company said it plans to spin off its media operations. Contracts on the S&P 500 and Nasdaq 100 were in the red. A slide in crude on the possibility of more supply from Iran hurt energy stocks overnight. Treasury yields were steady. Bitcoin and other cryptocurrencies held a retreat after China warned digital tokens can’t be used as a form of payment. Markets are closed Wednesday in Hong Kong and South Korea for holidays.Stocks have been volatile after touching a record in early May, whipsawed by concerns about accelerating inflation amid elevated commodity prices, as well as a Covid-19 resurgence in some countries. Federal Reserve officials have repeatedly indicated that they see recent price pressures as transitory and intend to keep policy accommodative for some time to come. Traders are awaiting the latest Fed minutes for the clues about the outlook.“The market has been trying to process a very unusual economic environment and a confluence of factors that it has not faced for a long time,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “I personally would say that the stock market has absorbed it all extremely well because there’s still a high conviction view on earnings being strong.”In Bank of America Corp.’s latest fund manager survey, inflation topped the list of the biggest tail risks, followed by a bond market taper tantrum and asset bubbles. Covid-19 was in fourth place.Here are some key events this week:The Fed publishes minutes from its April meeting Wednesday, which may provide clues to officials’ views on the recovery and how they define “transitory” when it comes to inflationEIA crude oil inventory report WednesdaySt. Louis Fed President James Bullard and Atlanta Fed President Raphael Bostic to speak at separate events WednesdayIMF Managing Director Kristalina Georgieva and ECB President Christine Lagarde speak at the Vienna Economic Dialogue ThursdayEuro-area finance ministers and central bank chiefs hold an informal meeting. A larger group of EU finance ministers and central bank chiefs will meet May 22These are some of the main moves in markets:StocksS&P 500 futures dipped 0.2% as of 9:23 a.m. in Tokyo. The S&P 500 fell 0.9%Nasdaq 100 futures shed 0.2%. The Nasdaq 100 fell 0.7%Japan’s Topix index retreated 0.9%Australia’s S&P/ASX 200 index fell 1.6%CurrenciesThe yen was at 108.95 per dollarThe offshore yuan traded at 6.4249 per dollarThe Bloomberg Dollar Spot Index was steady after falling 0.3%The euro was at $1.2225BondsThe yield on 10-year Treasuries was steady at 1.64%Australia’s 10-year bond yield held at 1.78%CommoditiesWest Texas Intermediate crude fell 0.7% to $65.01 a barrelGold was at $1,868.60 an ounceMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- It was a turbulent April for China Huarong Asset Management Co.’s dollar-bond holders.At the end of March, its 4% perpetual dollar bond was trading at 102 cents on the dollar as investors figured the January execution of former chairman Lai Xiaomin for bribery put a line under past wayward behavior. But the failure of the company to release 2020 results by a March 31 deadline, and a subsequent report by mainland media Caixin that the firm will restructure, sparked weeks of turmoil. The same bond now trades at 57 cents.The heart of the matter is whether the central government will rescue a state-owned company that’s integral to the smooth running of the financial system. While there are signs Beijing wants to ensure China Huarong can repay its debts on time, uncertainty prevails.Here’s a look at the key events for China Huarong:May 18China Huarong has transferred funds to repay a $300 million note maturing May 20, Bloomberg News reports, the first dollar bond to come due since the delayed 2020 results. Prices for the firm’s dollar bonds slump earlier in the day after the New York Times reports China is planning an overhaul that would inflict “significant losses” on both domestic and foreign China Huarong bondholders.May 17The company has reached funding agreements with state-owned banks to ensure it can repay debt through at least the end of August, by which time China Huarong aims to have completed its 2020 financial statements, according to a Bloomberg News report. That as at least two of its onshore bonds see big price declines in recent days, worrying some investors.May 13The firm says it’s prepared to make future bond payments and has seen no change in the level of government support, seeking to ease investor concerns after a local media report that regulators balked at China Hurarong’s restructuring plan.May 6The company says it transferred funds to pay five offshore bond coupons due the following day, its latest move to meet debt obligations amid persistent doubts about its financial health.April 30China Huarong breaks its silence, with an executive telling media it is prepared to make its bond payments and state backing remains intact. The official also says the week’s rating downgrades “have no factual basis” and are “too pessimistic.”April 29Moody’s Investor Service downgrades China Huarong by one notch to Baa1, adding the firm remains on watch for further downgrade. The cut reflects the company’s weakened funding ability due to market volatility and increased uncertainty over its future, according to the statement.April 27China Huarong units repay bonds maturing that day. The S$600 million ($450 million) bond was repaid with funds provided by China’s biggest state-owned bank, according to a Bloomberg News report.April 26Fitch Ratings downgrades China Huarong by three notches to BBB while dropping the company’s perpetual bonds into junk territory. The lack of transparency over government support for the firm may hamper its ability to refinance debt in offshore markets, Fitch said.April 25China Huarong says it won’t meet an April 30 deadline to file its 2020 report with Hong Kong’s stock exchange because auditors needed more time to finalize a transaction the company first flagged on April 1. Securities and asset-management units said in the days before that they wouldn’t release 2020 results by month’s end.April 22The China Banking and Insurance Regulatory Commission asks lenders to extend China Huarong’s upcoming loans by at least six months, according to REDD, citing two bankers from large Chinese commercial lenders.April 21China is considering a plan that would see its central bank assume more than 100 billion yuan ($15 billion) of China Huarong assets to help clean up the firm’s balance sheet, according to a Bloomberg News report. Peer China Cinda Asset Management Co. was said to be planning the sale of perpetual bonds in the second quarter.April 20China Huarong’s key offshore financing unit says it returned to profitability in the first quarter and laid a “solid” foundation for transformation. Reorg Research reports that regulators are considering options including a debt restructuring of the unit, China Huarong International Holdings Ltd.April 19Huarong Securities Co. says it wired funds to repay a 2.5 billion yuan local note.April 16The CBIRC says China Huarong’s operations are normal and that the firm has ample liquidity. These are the first official comments about the company’s troubles. Reuters reports Chinese banks have been asked not to withhold loans to Huarong.April 13Fitch and Moody’s both put the company on watch for downgrade. The finance ministry, which owns a majority of Huarong, is considering the transfer of its stake to a unit of the country’s sovereign wealth fund, Bloomberg News reports. Chinese officials signal they want failing local government financing vehicles to restructure or go bust if debts can’t be repaid.April 9China Huarong says it has been making debt payments “on time” and its operations are “normal.” Bloomberg reports the company intends to keep Huarong International as part of a potential overhaul that would avoid the need of a debt restructuring or government recapitalization. S&P Global Ratings puts China Huarong’s credit ratings on watch for possible downgrade.April 8China Huarong is preparing to offload non-core and loss-making units as part of a broad plan to revive profitability that would avoid the need for a debt restructuring or government recapitalization, Bloomberg News reports.April 6Selling gains steam in China Huarong’s dollar bonds, following a holiday in China. Huarong Securities says there has been no major change to its operations, in response to a price plunge for its 3 billion yuan local bond.April 1China Huarong announces a delay in releasing 2020 results, saying its auditor is unable to finalize a transaction. Stock trading is suspended and spreads jump on the firm’s dollar bonds while China Huarong tells investors its business is running as usual. Caixin reports the company submitted restructuring and other major reform plans to government officials and shareholders.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Three-time U.S. women's hockey Olympian Kacey Bellamy, a member of the popular 2018 gold-medal-winning team, announced her retirement on Tuesday. The 34-year-old Bellamy played 130 games over 15 years with the national team and had 11 goals and 38 assists. "Hockey has given me the most incredible memories, and as tough of a decision that this is, I know in my heart it is right," Bellamy said in her announcement.
‘The problem with #airbnb is that people are terrorists. Their homes are filthy and disgusting,’ says comedian Tim Dillon
Frightened citizens of the Israeli coastal city of Ashkelon ran for cover on Tuesday, as rockets exploded overhead... ...as the cross-border violence between Israel and Palestinian militants extended into a ninth day... with no end in sight.Just a few miles away, Natanel Sharvit, his wife, and four children have been living in an Israeli rocket shelter under the near-constant threat of attacks launched by Hamas and Islamic Jihad from the Gaza Strip, just 12 miles from their home.SHARVIT: "The kids suffer from anxieties, they're afraid to sleep in our home. As you can see we are staying in the shelter and hoping for the best, that this situation will be over and we'll be able to live better, normally."Sharvit and his family are no more in control of the air war raging above their heads than the Palestinian civilians living on the other side of the Israeli military barrier that separates north Gaza from southern Israel.Many Palestinians have fled to schools run by the U.N.'s refugee agency - like this one in Gaza City - where classrooms have become dormitories for the displaced. The U.N. Relief and Works Agency estimates that 47,000 Palestinians are now camped out in the 58 education establishments it runs in Gaza.Israeli air strikes have pounded Gaza day and night since the conflict flared on May 10, and Israel says the strikes will continue as long as necessary to destroy Hamas military sites and kill its leaders. Gaza medical officials said more than 200 Palestinians have been killed and more than 1,400 have been wounded. In Israel, authorities say 12 people have died, as of Tuesday.
The sports star was riding her bike when the driver drifted into the bike lane and collided with her, the Lakewood Police Department said in a statement
Pro-Palestine demonstrators marched through midtown Manhattan on May 18, stopping in front of the New York offices of the American Israel Public Affairs Committee (AIPAC).AIPAC is a lobbying group representing pro-Israel interests in the US, and is often the target of critics of the country’s policies. During Israel’s current campaign in Gaza, AIPAC has defended the military intervention, and said that Hamas uses civilians as “human shields.”On Tuesday, health officials in Gaza said that at least 213 people have been killed and more than 1,400 injured inside the Palestinian enclave since the start of Israeli strikes on May 10. At least 12 people have been reported killed inside Israel after militants in Gaza began firing thousands of rockets.On Tuesday, protesters marched through parts of midtown Manhattan, stopping in front of AIPAC’s Third Avenue offices, where this video was taken. Credit: Jason Rosenberg via Storyful
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Braxia Scientific Corp. f/k/a Champignon Brands Inc. ("Champignon") (OTC: SHRMF) between March 27, 2020 and February 17, 2021, inclusive (the "Class Period") of the important June 9, 2021 lead plaintiff deadline in the securities class action commenced by the firm.
Gleyber Torres could be back in the New York Yankees lineup as early as Wednesday, a week after the fully vaccinated shortstop tested positive for COVID-19. Manager Aaron Boone said Tuesday that Torres had been cleared by Major League Baseball's joint committee and was already en route to Texas to rejoin the team. Torres was the only player among nine total positives within the Yankees traveling party since last week, which included three coaches and five staffers.
Carl Lentz was fired from Hillsong Church in November due to "moral failures," Brian Houston previously told PEOPLE
(Bloomberg) -- Website-hosting service Squarespace Inc. was assigned a reference price of $50 a share by the New York Stock Exchange as it prepares for its trading debut in a direct listing.Squarespace’s shares will begin trading Wednesday without the company raising any capital. As with previous direct listings, the company won’t issue new shares at a set price. Instead, current investors can simply begin selling shares based on demand when trading opens.The company is joining a cadre of technology-oriented firms that have gone public through direct listings, most recently cryptocurrency exchange Coinbase Global Inc. and online game maker Roblox Corp. this year. Palantir Technologies Inc. and Asana Inc. debuted through direct listings last year, following a trail blazed by Spotify Technology SA and Slack Technologies Inc. before them.Led by founder and Chief Executive Officer Anthony Casalena, Squarespace competes against publicly traded rivals Wix.com Ltd. and GoDaddy Inc., among others. The New York-based company is backed by investors including General Atlantic, Index Ventures and Accel.Setting a reference price is a requirement for trading to begin. Unlike the share price in a standard initial public offering, it isn’t a direct indicator of the company’s market capitalization because it’s a guide rather than a sale price. Still, at $50 a share, Squarespace would have a market value of about $6.8 billion based on the outstanding shares listed in its filings, not including employee stock options.Squarespace raised funding in March at an enterprise value of $10 billion, an amount that would have included options and similar holdings.While investment banks don’t underwrite direct listings as they do IPOs, they do advise the company on the listing. Squarespace is working with with banks including Goldman Sachs Group Inc. and JPMorgan Chase & Co., according to its filings with the U.S. Securities and Exchange Commission. The company’s shares are expected to trade on the NYSE under the symbol SQSP.E-Commerce ExpansionSquarespace had 3.7 million unique subscriptions as of Dec. 31 and is expanding beyond web hosting to e-commerce, according to its filing.It had a net income of about $31 million on revenue of $621 million last year, compared with $58 million on revenue of $485 million in 2019, according to its filing.Its e-commerce business had 2020 revenue of $143 million, a 78% increase over the previous year, according to the filing. Its growth plans include expanding it customer base -- especially internationally -- and deepening its commerce offerings.The company acquired restaurant-services provider Tock for more than $400 million in March. Squarespace paid a mix of cash and stock for the Chicago-based company, which provides technology for online reservations, takeout and other services. That followed 2019 deals for Unfold Creative LLC and Acuity Scheduling Inc.Squarespace will pursue strategic acquisitions to accelerate key platform, product and marketing initiatives, it said in its filing.Casalena will continue to control the company through his 76% ownership of the company’s Class B shares, which carry 10 votes each compared with one each for the Class A shares that will be listed, according to the filings.(Updates with revenue in eighth paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
"I didn't see any community workers being thanked," Justyn Boumah tells PEOPLE of why he set out to show them some appreciation
Markforged announced its results for the first quarter ended March 31, 2021.
‘The first thing I recall is grabbing his hair to pull him off’
Tokyo’s restaurateurs rail against alcohol ban as Covid measures bite. Owners of izakayas in the Shimbashi district of Japan’s capital are facing an existential threat
Hi, we’re PureWow, and we love making gorgeous desserts . But we also love relaxing in the sun (aka not spending all day in the kitchen). That’s why we created...
The new EV6's broad lineup includes configurations ranging from 167 hp to 576 hp and a First Edition with special color combos that's limited to 1500 units.
Company will also insist that all US vendors pay employees $15 minimum wage
Tyler Myers, Brock Boeser and Travis Hamonic each collected one goal and an assist to lead the Vancouver Canucks to a 4-2 victory over the visiting Calgary Flames on Tuesday, as the clubs took one more step to finally ending their seasons. Nils Hoglander also scored for the Canucks (23-28-4, 50 points), while goaltender Thatcher Demko made 38 saves. William Lockwood, a 2016 third-round draft choice, made his NHL debut in the Vancouver win.