(Reuters) -Shares in Alibaba Group and other leading Chinese tech firms jumped on Wednesday, as investors cheered an unprecedented revamp of the Jack Ma-founded company as heralding the beginning of the end to Beijing’s crackdown on the sector. Alibaba said on Tuesday it was planning to split into six units and explore fundraisings or listings…
By Ankur Banerjee SINGAPORE (Reuters) – Asian shares rose sharply on Wednesday while the dollar was on the defensive as easing concerns over the banking sector revived risk appetite, while Alibaba’s stock soared on the internet behemoth’s plans to split into six units. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.82% higher, while…
(Reuters) -JPMorgan Chase & Co CEO Jamie Dimon will be interviewed under oath in connection with the bank’s relationship with Jeffrey Epstein, the late sex offender and a former client, a lawyer involved in the litigation said on Tuesday. The deposition is expected to occur in early May, according to Brad Edwards, a lawyer representing…
By Andrea Shalal and Nandita Bose DURHAM, North Carolina (Reuters) -U.S. President Joe Biden said on Tuesday his administration had done what was possible to address the banking crisis with available authorities, but added the White House response on the matter was “not over yet.” “We’ve done what we need to do executively. I feel…
By Chavi Mehta and Akash Sriram (Reuters) -Apple Inc on Tuesday launched its “buy now, pay later” (BNPL) service in the United States, a move that threatens to disrupt the fintech sector dominated by firms like Affirm Holdings and Swedish payments company Klarna. The service, Apple Pay Later, will allow users to split purchases into…
By Blake Brittain (Reuters) – Sneaker giant Adidas AG has asked the U.S. Trademark Office to reject an application for a Black Lives Matter trademark featuring three parallel stripes, arguing it could mislead the public. Adidas told the office in a Monday filing that Black Lives Matter Global Network Foundation Inc’s yellow-stripe design would create…
(Reuters) -Lululemon Athletica Inc forecast annual sales and profit above Wall Street estimates on Tuesday, betting on strong demand for its pricier yoga wear even as inflation hurts consumer spending, sending its shares up about 9% in extended trading. Even as stubbornly high prices of essential goods force customers to cut down on discretionary purchases…
WASHINGTON (Reuters) – Activity at Binance was a pretty clear case of evasion and U.S. authorities needed to step in aggressively and as quickly as possible, the chairman of the Commodity Futures Trading Commission said on Tuesday. The U.S. agency sued Binance, the world’s largest crypto exchange, on Monday. “This seemed to be a pretty…
By Mike Scarcella (Reuters) – A group of companies operating prominent hotels on the Las Vegas strip on Monday asked a U.S. court to dismiss a lawsuit filed by tourists accusing them of conspiring to keep room rental rates artificially high through a revenue management platform. Lawyers for Caesars Entertainment Inc, Treasure Island LLC, Wynn…
By Medha Singh and Lisa Pauline Mattackal (Reuters) – Bullish bitcoin has been a surprise winner of the banking blowout. Yet investors aiming to amp up their bets face an ominous obstacle: a lack of liquidity that could trigger wild price swings. The price of the No.1 cryptocurrency has jumped 40% to around $27,700 since…
