In a surprise announcement, the famous casino and resort company Las Vegas Sands (LVS) has revealed that it is no longer pursuing the opportunity to develop a resort in Japan.“While my positive feelings for Japan are undiminished, and I believe the country would benefit from the business and leisure tourism generated by an Integrated Resort, the framework around the development of an IR has made our goals there unreachable” explained the company’s billionaire CEO, Sheldon Adelson.He continued: “We are grateful for all of the friendships we have formed and the strong relationships we have in Japan, but it is time for our company to focus our energy on other opportunities.”According to Bloomberg, one of the biggest problems for LVS was that the concession would only last 10 years vs 20 and 30 years in Macau and Singapore, respectively.As the 86-year old CEO points out, Las Vegas Sands is currently executing significant investment...
(Bloomberg) -- Dada Nexus Ltd., an operator of crowd-sourced delivery platforms in China backed by JD.Com, has filed for what could be the second large U.S. initial public offering by a Chinese firm since an accounting scandal at Luckin Coffee Inc cast a shadow over such deals.The listing could raise about $500 million, people familiar with the matter said, making it one of the bigger U.S. IPOs by a Chinese company this year. Dada Nexus operates the JD-Daojia and Dada Now retail and delivery platforms which connect fleets of motorbike delivery staff with merchants in hundreds of Chinese towns and cities.The filing comes a week after Kingsoft Cloud Holdings Ltd. raised $510 million in the largest U.S. listing by a Chinese company this year. It was the first major trading debut since Luckin Coffee, once a poster child for Chinese startups, was accused of accounting fraud and saw its stock nosedive....
(Bloomberg) -- Alameda County in California said Tesla can begin to augment their operations for a possible reopening next week. Hong Kong’s 23-day streak without a case of local coronavirus transmission has come to an end, several media reported. Residents in China’s Jilin are only allowed to leave the northeastern city after testing negative for the coronavirus and completing self-isolation, the local health authority said in a statement.Seoul Mayor Park Won-soon said coronavirus cases tied to nightclubs in Itaewon increased to 119 from 101 on Tuesday. Gilead Sciences Inc. is licensing its potential treatment remdesivir to five generic drugmakers, including Mylan, in India and Pakistan to speed supply-chain development and help meet anticipated demand.Key Developments:Virus Tracker: Cases top 4.2 million; deaths exceed 291,000Infections near U.S. meat plants rise at twice the national rateChina will exempt some foreign executives from travel banSubscribe to a daily update on the virus from Bloomberg’s Prognosis...
Intel Capital, the venture arm of chipmaker Intel Corp , has invested in two Chinese startups in the semiconductor sector, the company announced on Wednesday, as part of its latest batch of deals. The investments in companies that compete in fields typically dominated by U.S. players come as Intel remains embroiled in tensions between the United States and China over chip manufacturing. ProPlus, one the Chinese startups Intel Capital has funded, makes EDA software that chip makers use to design their products before manufacturing them....
(Bloomberg) -- On the September night in 1992 when George Soros famously broke the Bank of England, it wasn’t just the British pound that crashed. The Italian lira cratered too, the last of its numerous 20th century devaluations.One veteran who is still at the Finance Ministry in Rome recalls a colleague researching “bankruptcy” and “failed state” amid the chaos as resentment swelled at the indifference of European allies, notably Germany.Those memories of market mayhem re-emerged along with the old fault lines following the economic shock of the coronavirus lockdowns. Italy did make it to the monetary mainstream, becoming a founding euro member, but the mutual recriminations were never far from the surface — nor were doubts from skeptics like the billionaire Soros and Nobel laureate Joseph Stiglitz that it was just a matter of time before the imperfect union of diverging economies would eventually fall apart.While betting on a euro breakup has proved to...
Occidental bet heavily on the continued growth in U.S. shale oil, taking on heavy debts for its controversial purchase of Anadarko Petroleum last year for $38 billion. Energy companies worldwide, including Exxon Mobil Corp and Royal Dutch Shell PLC, have slashed capital expenditures and oil output to reckon with the pandemic. Houston-based Occidental last week posted a $2 billion quarterly loss and has slashed capital spending drastically to shore up its balance sheet....
