Kabbage co-founder and COO Kathryn Petralia, joined Yahoo Finance Live to break down how small businesses are measuring their recovery from the COVID-19 pandemic.
Kabbage co-founder and COO Kathryn Petralia, joined Yahoo Finance Live to break down how small businesses are measuring their recovery from the COVID-19 pandemic.
(Bloomberg) -- NetEase Inc. struck a deal to license music directly from Sony Music Entertainment for the first time, a move that will further Beijing’s efforts to upend Tencent Holdings Ltd.’s supremacy in Chinese music streaming.The music powerhouse has agreed to license tunes to both Tencent Music Entertainment Group and closest rival NetEase, ending an exclusive arrangement with China’s dominant music-streaming service, according to statements by Tencent Music and NetEase. The parallel deals follow similar arrangements between Universal Music Group and the two Chinese platforms unveiled in August last year.China is preparing to slap a fine on Tencent as part of its antitrust crackdown on the country’s internet giants, Reuters reported in April, citing unnamed sources. Tencent Music has faced heightened scrutiny in recent months and is cooperating with regulators, Chief Strategy Officer Tony Yip told analysts in a post-earnings call. The company isn’t in a position to disclose details of those discussions, Yip added.Part of the investigation focuses on its music spinoff, the report said, and regulators have informed Tencent that it should give up exclusive music rights. China’s antitrust watchdog had investigated Tencent’s dealings with the world’s three biggest record labels but the probe was suspended, people familiar with the matter told Bloomberg News last February.The pact with NetEase will see the Chinese firm cooperate with Sony in areas such as music distribution, music streaming and online karaoke. The label will also cooperate with Tencent Music in the same areas, as part of a multi-year extension of their distribution deal.On Monday, Tencent Music revealed a 6.4% decline in monthly mobile music users -- excluding users on social media -- in the first quarter, even as revenue rose a better-than-estimated 24%.Universal Music, Sony Music and Warner Music Group Corp. had previously sold exclusive rights to a major chunk of their music catalogs to Tencent Music, which is backed by Sony and Warner. Tencent Music then sublicenses that content to smaller platforms including those operated by NetEase, Alibaba Group Holding Ltd, and Xiaomi Corp. Competing platforms like NetEase have to “pay two to three times the reasonable cost” for content under such arrangements, NetEase Chief Executive Officer William Ding told investors last year.(Updates with Tencent Music executive’s comments in third 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.
SHV Energy and UGI International, a subsidiary of UGI Corporation (NYSE: UGI), leading distributors of off-grid energy, announce the intention to launch a joint venture to advance the production and use of Renewable Dimethyl Ether ("rDME"), a low-carbon sustainable liquid gas, to accelerate renewable solutions for the LPG industry. By leveraging the expertise, innovation capabilities and distribution power of both companies, the joint venture will aim to develop the full potential of rDME as a sustainable solution.
The Patriots have signed veteran offensive linemen James Ferentz and Alex Redmond, adding depth up front heading in advance of their offseason program. Ferentz returns to New England, where he's appeared in 24 games over the past four seasons. Redmond, 26, was signed by Cincinnati as an undrafted free agent in 2017.
As the fighting between Israeli forces and Hamas, the militant group that governs Gaza, enters a second week, President Joe Biden is now backing a cease-fire as critics urge him to take a more active role in addressing the decades-old conflict between the Israelis and Palestinians. During a call with Israeli Prime Minister Benjamin Netanyahu Monday, Biden for the first time "expressed his support for a cease-fire and discussed U.S. engagement with Egypt and other partners towards that end," according to the White House. An increasingly vocal wing of Biden's own party has been pressing him to pressure Netanyahu to halt Israeli strikes on Gaza.
A subscription to Twitch, the durably popular video gaming chat and broadcast service operated by Amazon.com (NASDAQ: AMZN), is about to get cheaper -- but there's a catch. On its official company blog Monday, Twitch announced that it is reducing those costs, however only in certain countries outside of the U.S. It's doing so because the cost of a monthly subscription at the company's Tier 1 level is $4.99, and while that's easily affordable for many American gamers, it can be prohibitively expensive in economically weaker nations. The Amazon unit added that over the course of the next several months, it will adjust its subscription prices based on the affected countries' cost of living.
Cuba draped its health ministry with a giant rainbow flag on Monday to mark International Day against Homophobia, in a key year for LGBT+ rights as the Caribbean country decides on a new family code that could approve same-sex marriage. Cuba, which sent gays to correctional labor camps in the early years after its 1959 leftist revolution, made considerable advances in LGBT+ rights in the 2000s and 2010s, despite the widespread persistence of machismo. The island nation introduced the right to free sex-change operations, banned workplace discrimination on the basis of sexual orientation, and started holding annual congas against homophobia - Cuba's equivalent of gay pride.
Nutrien Ltd (TSX and NYSE: NTR) announced today the results of its annual meeting of shareholders held on May 17, 2021 (the "Meeting"). A total of 420,788,206 common shares, representing 73.80% of common shares outstanding, were represented at the Meeting.
The dollar teetered near multi-month lows against European currencies on Tuesday as Treasury yields stall due to renewed expectations that U.S. interest rates will remain low for an extended period. Dallas Federal Reserve President Robert Kaplan on Monday reiterated his view that he does not expect interest rates to rise until next year, causing a further decline in bets that inflationary pressure could force the Fed to act sooner. This week a host of Fed policymakers are scheduled to speak, and the U.S. central bank will also release minutes from its most recent meeting, which will give traders a lot of hints about where monetary policy is headed this year.
Bitcoin hit record outflows last week, as investors diversified into cryptocurrency assets with new developments in their specific network such as ethereum, data from digital currency manager CoinShares showed on Monday. For the year, total bitcoin inflows amounted to $4.3 billion. In 2020, investors pumped $15.6 billion into bitcoin products and funds, while ethereum inflows reached nearly $2.5 billion, data showed.
Linx grows 11% in net revenue in the first quarter of 2021 compared to the same period in 2020
Flash flooding brought on by heavy rain and thunderstorms inundated parts of Lake Charles, Louisiana, causing major traffic hazards on Monday, May 17, according to the National Weather Service.Footage provided by Twitter user Derek Williams, shows a flooded suburban street near his Lake Charles home, with one car almost submerged in the flood waters, with its windscreen wipers activated.The Louisiana Department of Transportation and Development advised motorists to avoid travel unless necessary and encouraged locals to check the status of road conditions prior to traveling. Credit: Derek Williams via Storyful
UGI Corporation (NYSE: UGI) announced today the pricing of its public offering of 2,000,000 equity units (the "units"). The issuance and sale of the units are scheduled to settle on May 25, 2021, subject to customary closing conditions. UGI also granted the underwriters of the offering a 30-day option to purchase up to an additional 200,000 units solely to cover over-allotments.
Caddies will be allowed to use laser distance-measuring devices for the first time at a top-level tournament at this week's PGA Championship but one caddie said the introduction of the gadget will be "much ado about nothing". The devices, known as rangefinders, have been around for 25 years and are generally allowed in amateur tournaments. The PGA of America hopes it will speed up play at this week's major championship but many critics believe most caddies will continue to rely on traditional yardage books, just as they have done for decades.
Rescuers and a digger dug through rubble in the search for survivors, on May 16, after a building on Al-Wehda Street, Gaza, was destroyed by an airstrike.A Ministry of Health spokesman said on May 16 that at least 37 people died in the early-hours strike, with 50 injuries reported.By Monday night, the total number of deaths in Gaza during the present conflict was 212, the health ministry there said.In Israel, 10 people have been killed by rockets fired from Gaza, according to Israeli media. Credit: Mohammed Dahlan via Storyful
Dominic West was spotted with Lily James in Rome in October
(Bloomberg) -- Asian stocks opened firmer Tuesday as investors weighed a pick-up in virus cases in the region against the pace of economic growth as economies reopen. U.S. futures rose.Benchmarks climbed in Japan, Australia and South Korea. Nasdaq 100 futures outperformed. Earlier, technology and communication services stocks led the benchmark S&P 500 lower, while energy shares rose. Apple Inc. and Microsoft Corp. weighed on the tech-heavy Nasdaq 100. The dollar and Treasuries were stable after retreating. Oil held an advance to a two-year high as rising optimism around a demand recovery in regions such as the U.S. offset Covid-19 flare-ups in parts of Asia.Investors this week will parse the minutes from the Federal Open Market Committee’s latest meeting for any discussion about accelerating price pressures, and hints of a timeline for reducing asset purchases.Federal Reserve Vice Chair Richard Clarida said during a webinar that the weaker-than-expected April payroll report shows “we have not made substantial further progress” on the central bank’s goals for employment and inflation laid out as thresholds to begin scaling back the central bank’s massive monthly bond purchases.“Hotter inflation has materialized and market volatility is rising as the economic restart gathers pace,” according to BlackRock Investment Institute strategists lead by Jean Boivin. “This is playing out in line with our view that the economy is in a ‘restart.’ We prefer to look through any volatility and see a later ‘lift-off’ from zero rates than markets expect. This means higher-than-expected inflation in the medium term, and underpins our pro-risk stance.”Meanwhile, Hong Kong added Singapore to its list of high-risk nations as cases rose in the city-state, with the highly transmissible strain of Covid-19 that surfaced in India becoming more prominent among the growing number of unlinked cases. The U.S. has recorded its lowest number of new coronavirus infections since the early days of the pandemic.Elsewhere, Bitcoin fluctuated following a volatile weekend that saw comments from Tesla Inc.’s Elon Musk whipsaw prices. Coinbase Global Inc. fell to a record low and below the reference price used in its April direct listing. Gold traded near its highest in almost four months.Here are some key events this week:Reserve Bank of Australia publishes minutes of its latest meeting TuesdayThe 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 inflationThese are some of the main moves in markets:StocksS&P 500 futures rose 0.2% as of 9:18 a.m. in Tokyo. The S&P 500 fell 0.3%Nasdaq 100 futures gained 0.3%. The Nasdaq 100 fell 0.6%Topix index rose 0.8%Australia’s S&P/ASX 200 Index rose 0.6%Kospi index climbed 0.8%CurrenciesThe yen traded at 109.24 per dollarThe offshore yuan was at 6.4416 per dollarThe Bloomberg Dollar Spot Index was little changedThe euro was at $1.2159BondsThe yield on 10-year Treasuries was at 1.65%Australia’s 10-year bond yield rose five basis points to 1.80%CommoditiesWest Texas Intermediate crude rose 0.3% to $66.47 a barrelGold rose 0.1% to $1,869.45 More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Michael Burry, the investor who rose to fame for making billions off bets against mortgage securities during the financial crisis, has placed a sizable wager against Elon Musk’s Tesla Inc.Burry’s Scion Asset Management owned bearish puts against 800,100 shares of the electric-car maker as of March 31, according to a regulatory filing Monday. The puts give Scion the right to sell Tesla shares on or before an unidentified date in the future.Tesla shares closed at an all-time high of $883.09 on Jan. 26, after a yearlong rally jolted the stock higher by almost 700%. It had lost a quarter of its value by the end of March, and is down 35% from its peak as of the close Monday.The bet against Tesla isn’t Burry’s first. He said in a since-deleted tweet in early December that his firm was short shares of the EV maker. The hedge fund manager also advised Musk to sell shares to raise capital while his stock, then on a torrid run from the pandemic lows, was at what Burry called “ridiculous” levels.Tesla earned record profit in the first quarter, sidestepped an industry chip shortage, improved its manufacturing and even made money off Bitcoin, its earnings results showed in late April. Yet shares fell in a sign of the lofty expectations the company now contends with. Among the quibbles from analysts: Tesla didn’t offer a specific estimate for vehicle deliveries in 2021.It’s impossible to know when Burry’s Scion made the bets against Tesla, at what price the puts are in the money and how much the firm paid for them. The filing, a quarterly rundown of holdings required of hedge funds of a certain size, said the position was worth $534 million -- an amount likely derived by multiplying Tesla’s share price on March 31 by the number of shares Scion bet against.“Tesla is down 14% since the end of the first quarter, so on balance, these puts have been profitable, though it’s impossible to know for sure,” said Steve Sosnick, chief strategist at Interactive Brokers LLC. “He’s expressing the type of skepticism that many have on Tesla. I would have to believe that he accumulated various Tesla options at various strikes, and some of them probably have expired.” Burry was played by Christian Bale in the film version of Michael Lewis’s best-selling account of the 2008 financial crisis, “The Big Short.”(Updates with quote in seventh 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.
The suit alleges defendants issued false statements concerning ContextLogic business and prospects, resulting in its stock trading at inflated prices.
A flash-flood “emergency”:https://twitter.com/NWSLakeCharles/status/1394363170710380546 left Lake Charles, Louisiana, inundated with floodwater after thunderstorms swept the region on Monday, May 17.Up to nine inches of rain fell in 12 hours in the area during the flash flood emergency, according to the National Weather Service.This video posted to Instagram by James Johnson shows cars navigating flooded streets in Lake Charles. “This ain’t no joke, this s*** is real like deep man,” Johnson can be heard saying in the video. Credit: James Johnson via Storyful
(Bloomberg) -- Japan’s recovery stalled last quarter, with the economy shrinking more than analysts expected, as renewed restrictions to contain the coronavirus hit shoppers and discouraged business investment, while government outlays fell on the suspension of a travel-promotion campaign.Gross domestic product shrank an annualized 5.1% from the prior quarter in the three months through March, ending a two-quarter streak of double-digit growth, the Cabinet Office reported Tuesday. Economists had forecast an overall contraction of 4.5%.The worse-than-expected result comes at a critical time for Prime Minister Yoshihide Suga’s government as it struggles to contain virus cases with a targeted approach that limits the damage to the economy and a slow vaccine rollout.Key InsightsThe drop in businesses investment, which was unexpected, suggests companies may be more cautious about the outlook than previously thought. Still, shoppers didn’t pull back as much as economists feared, which may signal a reservoir of underlying demand that could help power the recovery ahead.“Consumption didn’t fall much, which means efforts to contain the virus are not having much of an impact,” said economist Hiroaki Muto at Sumitomo Life Insurance Co. “Companies are hesitant to invest with the outlook uncertain.”Prospects depends largely on whether Suga can lift a third virus emergency by the end of May, as planned. Three more prefectures joined the emergency at the weekend, bringing about half of the economy under restrictions that are slightly stricter than the ones called in winter, but still much less draconian than Europe’s lockdowns.Japan has had far fewer virus deaths than other G-7 economies, but a slow vaccine rollout has limited its tools for fighting the outbreak and getting the economy back into gear. So far, only about 3% of the population has received even a single dose.Still, strong exports and industrial production continue to provide a bedrock of support to the economy, even though a rise in imports caused the trade-component of the GDP to go negative in the first quarter.What Bloomberg’s Economist Says...“Looking ahead to 2Q, we see GDP resuming a slow pace of growth, assuming the latest state of emergency ends at the end of May as planned. Beyond that, the strength of the recovery will depend on how quickly vaccinations proceed and whether the Tokyo Olympics are held.”-- Yuki Masujima, economistFor the full report, click here.Get MorePrivate consumption, which accounts for more than half of the economy, fell 1.4% from the previous quarter on a non-annualized basis, compared with a 1.9% drop forecast by economists.Business investment also slid 1.4%. Analysts had predicted a 0.8% gain.Inventories added 0.3 percentage points to GDP, compared with a 0.2 percentage point boost expected by economists.Net exports of goods and services subtracted 0.2 percentage point from growth, matching the median forecast.(Adds economist’s comment.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.