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Sep.25 -- Former U.S. Treasury Secretary Lawrence H. Summers, a Wall Street Week contributor and adviser to Democratic presidential nominee Joe Biden, says he expects to know to have the winner of the U.S. Presidential election declared by 9:15pm on election night. He joins David Westin on "Bloomberg Wall Street Week."...
(Bloomberg) -- A federal judge scheduled an unusual Sunday morning hearing to decide whether the U.S. can go through with its ban on the video-sharing app TikTok.ByteDance Ltd., TikTok’s Chinese owner, has asked the court to block the ban, set to begin on Sunday night, even as it pursues approvals from the government for the sale of a stake in its U.S. operations to Oracle Corp. and Walmart Inc. under pressure from President Donald Trump.Trump cited national security last month in announcing a ban on the widely used network from U.S. app stores. The president, who has also barred WeChat, owned by China’s Tencent Holdings Ltd., has told ByteDance its only alternative is to sell its American TikTok business. The Justice Department argues that the apps could allow China’s government to gain access to the personal data of millions of Americans.On Friday the government emphasized those concerns to the judge in...
It’s a relatively bullish start to the day for the majors. Steering clear of the pivot levels would bring resistance levels into play....
China's auto market has rebounded smartly from the COVID-19 crash in recent months, executives said on Saturday, as a rare in-person trade show was dominated by talk of recovery in the world's biggest car market. While conditions have improved vastly from lockdowns that froze economic activity in the country where the pandemic erupted, the Beijing autoshow is a far cry from the usual ebullience as fewer attend, new models are scant and prospects remain uncertain. Doubts remain over the durability of the recovery, but the focus for now is on bright spots such as strong demand for mid-sized to large luxury vehicles and a flood of interest - and investment - in electric vehicles....
(Bloomberg) -- American Airlines Group Inc. closed a $5.48 billion loan with the U.S. Treasury, increasing its pool of cash to help fund operations until travel demand begins to return.The credit facility, backed by American’s loyalty program, increased from an original $4.75 billion target after rivals such as Delta Air Lines Inc. and Southwest Airlines Co. opted out of the funds and the remaining money was reallocated. American could receive as much as $2 billion more when the funds are adjusted a second time next month, according to a regulatory filing Friday.The deal makes American the first major carrier to tap U.S. loans that were included in the $2 trillion Cares Act for economic relief from the coronavirus pandemic. As part of the federal rescue, U.S. airlines earlier got $25 billion in payroll support, largely in grants, with American receiving $5.8 billion. Congress is debating whether to extend the payroll aid,...
(Bloomberg) -- Ray Dalio used the latest installment of his ongoing series on the changing world order to identify clear red lines that, if crossed, could result in a deadly war between China and the U.S., but the real enemy in the conflict may lie within.“Our greatest war is with ourselves because we have the most control over how strong or weak we are,” the billionaire founder of Bridgewater Associates wrote in the essay published on LinkedIn. “The internal wars and challenges in both China and the US are more important and bigger than external wars and challenges.”While Dalio doesn’t think the current trade war has been “taken very far,” any attempt by China to restrict American access to rare earth elements, or by the U.S. to restrict China’s access to semiconductors from Taiwan or crude oil, for example, could signal that the current conflict was about to get a lot...
Sep.25 -- Palantir Technologies Inc. and Airbnb Inc. both will have initial public offerings this year. Todd McKinnon, chief executive officer at Okta Inc., discusses the advice he would give as the two companies go through the IPO process. McKinnon speaks on "Bloomberg Technology."...
