(Bloomberg) -- Shopify Inc.’s C$38 billion ($27 billion) stock-market gain since the beginning of the year has some analysts calling a time out.The e-commerce services provider has surged 61% to a market value of C$97 billion. That briefly catapulted it ahead of Toronto-Dominion Bank on Monday to become the second-most valuable company on Canada’s benchmark S&P/TSX Composite index, though it fell back to No. 3 on Tuesday as global markets slumped.“It’s tough to make money at the valuation Shopify is trading at,” said Jefferies analyst Samad Samana, one of the most bearish analysts on the stock. Risk-reward is not attractive and it’s hard to recommend a buy, he said. He has a hold call on the stock and a price target at $400, below estimate consensus and well off $585, its current price in New York.Brian Peterson, an analyst at Raymond James, noted the stock is trading at about 39 times...
Euro zone government debt will surge this year on the coronavirus pandemic, but while another debt crisis is unlikely, large differences in indebtedness as countries emerge from the downturn could seriously test their unity. The International Monetary Fund (IMF) expects debt in the 19 countries sharing the euro to jump by more than 13% of GDP to 97% this year as Europe-wide lockdowns cause an unprecedented 7.5% euro zone recession. Interest on bonds of already highly indebted Italy, Spain, Greece or Portugal is up by only 40-50 bps - kept in check by massive European Central Bank bond buying....
Hackers working in support of the Vietnamese government have attempted to break into Chinese state organisations at the centre of Beijing's effort to contain the coronavirus outbreak, U.S. cybersecurity firm FireEye said on Wednesday. FireEye said a hacking group known as APT32 had tried to compromise the personal and professional email accounts of staff at China's Ministry of Emergency Management and the government of Wuhan, the Chinese city at the centre of the global coronavirus pandemic. Investigators at FireEye and other cybersecurity firms have said they believe APT32 operates on behalf of the Vietnamese government....
(Bloomberg) -- Huawei Technologies Co. is emerging as the runaway winner in China’s $170 billion effort to build out its fifth-generation wireless networks, part of a concerted effort by Beijing to seize the lead in a key technology from the U.S. while rebooting a virus-stricken economy.Since the beginning of the year, Huawei has secured 28.4 billion yuan ($4 billion) worth of 5G equipment orders from the country’s largest carrier, China Mobile Ltd., beating out competitors like Ericsson AB and ZTE Corp. to win more than half of the 5G contracts awarded by the operator during the period, according to an analysis of procurement data by Bloomberg News.Huawei is relying on its home market more than ever, at a time its growth has all but evaporated. The 5G contract haul shows Huawei is benefiting from the domestic market and building its telecommunications expertise despite the Trump administration’s blacklisting last year. Beijing has...
