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(Bloomberg) -- HSBC Holdings Plc’s tumbling stock price is testing the patience of even the bank’s most loyal investors.Choi Chen Po-sum, a former vice chair of Hong Kong’s exchange who has owned HSBC shares for more than 40 years, now calls her investment a mistake. Simon Yuen, a money manager who has lobbied unsuccessfully for the bank to reinstate its dividend, says the stock’s slump to a 25-year low may have further to go. Ping An Insurance Group Co., HSBC’s biggest shareholder, has passed on opportunities to express confidence in the bank, saying only that its holding is a “long-term financial investment.”The responses underscore the depth of investor malaise toward HSBC, which has tumbled faster than every other major financial stock globally over the past six months. Even historically upbeat sell-side analysts have mostly turned bearish on the bank amid growing concerns about loan losses and its ability to navigate mounting...
CrowdStrike Holdings has agreed to acquire Preempt Security in a cash-stock deal valued at $96 million. Under the terms of the transaction, the cloud-based cybersecurity provider would pay approximately $86 million in cash and the remaining $10 million in its common stocks. The company expects the acquisition to be completed during its third-quarter fiscal 2021.With the acquisition, CrowdStrike (CRWD) expects to offer enhanced Zero Trust security capabilities. Moreover, the company plans to strengthen its Falcon platform. Founded in 2014, Preempt is the first cybersecurity firm to offer “Zero Trust and Conditional Access solution for continuously detecting and preempting threats based on identity, behavior and risk.”CrowdStrike’s CEO George Kurtz said, "Hybrid work environments will become the norm for many organizations which means that Zero Trust security with an identity-centric approach and detecting threats in real-time are critical for business continuity. With the addition of Preempt Security’s capabilities, the CrowdStrike Falcon platform will provide enhanced protection...
Spot gold was down 0.4% to $1,855.72 per ounce by 0351 GMT, extending falls into a fourth session. U.S. gold futures were down 0.3% to $1,863.60. The dollar index held firm near a more than eight-week high against rival currencies, as signs of an economic slowdown in Europe and the United States revived concerns about the fallout from a second wave of COVID-19 infections....
The technology is improving online shopping via a virtual try-on approach....
Gilead Sciences, Inc (NASDAQ: GILD) has agreed to pay $97 million to settle allegations that it illegally paid for Medicare co-pays for its own pulmonary arterial hypertension drug Letairis through a charitable entity.What Happened: The Foster City, California-based drugmaker allegedly used a conduit foundation named Caring Voice Coalition (CVC) even though it was prohibited from doing so under the Anti-Kickback Statute, according to a statement issued by the U.S. Department of Justice."Gilead used CVC to cover the patients' co-pays in order to induce those patients' purchases of Letairis," the Justice Department claimed. "Gilead knew that the prices it set for Letairis otherwise could have posed a barrier to those purchases."The Justice Department also accused United Therapeutics Corporation (NASDAQ: UTHR) and privately-held Actelion of engaging in similar practices."Such conduct not only violates the anti-kickback statute, it also undermines the Medicare program's co-pay structure," said U.S. Attorney Andrew E. Lelling. Why It Matters:...
Volkswagen AG (OTC: VWAGY) held a "digital world premier" for its ID.4 electric SUV on Wednesday.What Happened: The electric SUV has a range of almost 320 miles and a top speed of nearly 100 miles per hour, Volkswagen said in a statement. The suggested retail price for the vehicle in the United States is $40,000, according to The Verge. Rival Tesla Inc (NASDAQ: TSLA) prices the "long range" Model 3 sedan at $40,690, as per its website. That vehicle delivers a range of 322 miles and a top speed of 145 miles per hour.The lowest-cost version of the yet to be released Tesla Cybertruck is listed at $39,900 and delivers over 250 miles in range.Why It Matters: The ID 4 went into production in Germany in August and manufacturing is slated to begin in Chattanooga, Tennessee in 2022, according to CNN. Volkswagen has ambitions to dominate the world market in electric...
(Bloomberg) -- From building Hong Kong’s largest shopping mall to constructing a sprawling $3.9 billion sports center, Adrian Cheng has been one of the most aggressive property investors in town. It’s a costly expansion strategy that’s now poised to test one of the city’s oldest real-estate empires.Cheng, 40, became chief executive officer of New World Development Co. in May, cementing his position after taking over from his father Henry a few years ago. But even as he ascended to the top, Cheng championed ambitious real-estate developments in the financial and tourism hub worth about $5 billion. Conceived on the assumption mainland Chinese visitors would continue to throng Hong Kong, they now mean the family is exposed to some of the city’s largest projects at a time when the coronavirus pandemic and political unrest is crippling its economy.Few names are more synonymous with Hong Kong than the Chengs. New World built and...
