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Articles related to "billion"


Tencent, Softbank, Deny Investing in Bitmain’s Latest Funding Round

  • Hong Kong-based financial publication AAStocks reports that both Tencent and Softbank have issued public statements denying their participation in the bitcoin mining giant’s latest funding round, which multiple outlets had said was expected to raise $1 billion.
  • Chinese publication QQ had earlier reported that Softbank, Uber’s largest shareholder, and Tencent, China’s largest technology company, were headlining Bitmain’s final pre-IPO financing round, intended to earn the firm a $15 billion valuation before it files for its public offering in Hong Kong.
  • The media outlet further said that Bitmain expected to debut on the Hong Kong Stock Exchange (HKEX) with a $30 billion market cap.
  • According to sources cited in a recent Bloomberg article, this latest funding round appears to be intact, albeit without Tencent and Softbank as headliners.

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JPMorgan wipes out $5.5 billion in market cap of online brokers after saying it's giving users of its new digital-investing service free trades

  • Online brokers are under pressure Tuesday morning after JPMorgan announced a digital-investing service that gives users 100 free trades a year and has no account minimum.
  • The selling has wiped out $5.5 billion of market cap from the biggest online brokers, with Charles Schwab (-$2.64 billion) and TD Ameritrade (-$2.18 billion) seeing the biggest impact.
  • E-Trade saw $715 million of market cap erased.
  • JPMorgan shares are marginally higher.

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Malaysia has axed $22 billion of Chinese-backed projects, in a blow to China's grand plan to dominate world trade

  • Mahathir Mohamad told reporters on Tuesday that he would axe two major infrastructure projects because "we don't need" them, and that the debt accumulated from them could bankrupt Malaysia.
  • Mahathir added that Malaysia's current focus was on reducing national debt, and that the projects could be restarted in the future.
  • Many BRI projects involve China giving massive loans to economies with bad credit, and several countries are already finding it difficult to pay the money back.
  • Mahathir blamed Malaysia's national debt on his predecessor Najib Razak, who developed close ties to China while in office.
  • Mahathir has taken a strong stance against China after taking office in May. At a joint press conference with Premier Li on Monday, Mahathir said in pointed remarks, according to the Financial Times: "We should always remember that the level of development of countries are not all the same.

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Amcor's global ambitions take it to Zurich and Jersey

  • Global packaging group Amcor this month reached a turning point in its 158-year history when chief executive Ron Delia used a $US6.8 billion takeover bid for American packaging company Bemis to shift Amcor's primary stock market listing to New York's S&P; 500.
  • Amcor will be the world's leading packaging company with 45 per cent of sales in North America, 24 per cent in Europe, 14 per cent in Latin America, 8 per cent in Asia.
  • He says Amcor had signed several long-term contracts with big global customers and was commissioning new plants in India and Mexico.
  • Hard-nosed investors will be pushing Delia to take Amcor back to the high growth period under his predecessor who managed to double the company's return on invested capital over the decade to 2015.

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Toll Brothers shares surge after lifting its revenue forecast as home sales and prices rise

  • U.S. luxury homebuilder Toll Brothers on Tuesday topped Wall Street estimates for quarterly profit and raised its yearly revenue forecast, as stronger housing demand helped it sell more homes at higher prices.
  • Toll shares rose 8 percent in premarket trading following the news.
  • The company now expects full-year revenue of between $6.76 billion and $7.22 billion, compared with an earlier range of between $6.64 billion and $7.31 billion.
  • The average price of a Toll Brothers home rose to $851,900 in the third quarter ended July 31, from $791,400 a year earlier.
  • Pennsylvania-based Toll booked orders for 2,316 homes in the quarter, up 7.1 percent year-over-year, while selling 2,246 homes, 347 more than a year earlier.
  • Revenue jumped 27.3 percent to $1.91 billion.
  • Analysts on average had expected earnings of $1.03 per share and revenue of $1.81 billion, according to Thomson Reuters I/B/E/S.

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Bell enters the fast lane as back-to-school internet competition heats up

  • Bell announced Monday that Ontario customers directly connected to its fibre-to-the-premises network can now access download speeds of 1.5 gigabits per second (Gbps), a speed that’s 50 per cent faster than industry-leading offerings of 1 Gpbs from Bell and its top competitor, Rogers Communications Inc. The new speed tier advertises upload speeds of 940 Mbps.
  • As of June, Bell’s fibre-to-the-premises network reached 4.2 million homes, including about 70 per cent of Toronto, a key battleground where Bell spent $1.5 billion on network upgrades.
  • To lure customers away from competitors, Canada’s largest internet providers have been advertising based on speed — an increasingly important factor as the number of devices streaming video simultaneously within each household multiplies.
  • Bell, which claimed the title as Canada’s fastest internet provider in PCMag’s annual speed test based on 12,000 tests, said its move to boost speeds to 1.5 Gbps was to give its highest end customers extra headroom.

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BHP's big payout shows fruits of Andrew Mackenzie's remaking

  • But despite the fact profit was 33 per cent higher back in 2014, and the iron price was 43 per cent higher four years ago, Mackenzie has managed to produce a higher final dividend in 2018.
  • Simplifying the business, getting costs down, pushing productivity as hard as possible and unlocking growth with minimal capital expenditure is designed to allow BHP to sail faster than the winds of commodity prices would ordinarily allow.
  • On top of this, there was a surprising and disappointing cut to guidance for productivity gains of $2 billion over the two years to the end of 2019 financial year; BHP now expects half as much, which it is blaming on the sale of the shale business and problems at two of its Queensland coal mines.

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Trump says there's 'no timeframe' for the end to the US-China trade war

  • President Donald Trump downplayed expectations for this week's trade talks between US and Chinese officials during an interview Monday and didn't set a timetable for the end of the trade war with China.
  • During an interview with Reuters, Trump said he did not "anticipate much" would come of the trade talks.
  • Mid-level Chinese officials are set to come to Washington to meet with Treasury officials on Wednesday, marking the first formal talks between the two sides in around two months.
  • Additionally, Trump said there was "no timeframe" for an end to the trade war.
  • Hearings about the proposed $200 billion set of goods kicked off Monday.
  • The tit-for-tat tariffs are already weighing on US businesses as companies struggle with higher prices for Chinese parts used in their products.
  • In all, economists say that Trump's trade battles could start to hold back US economic growth.

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Trump says there's 'no timeframe' for the end to the US-China trade war

  • President Donald Trump downplayed expectations for this week's trade talks between US and Chinese officials during an interview Monday and didn't set a timetable for the end of the trade war with China.
  • During an interview with Reuters, Trump said he did not "anticipate much" would come of the trade talks.
  • Mid-level Chinese officials are set to come to Washington to meet with Treasury officials on Wednesday, marking the first formal talks between the two sides in around two months.
  • Additionally, Trump said there was "no timeframe" for an end to the trade war.
  • Hearings about the proposed $200 billion set of goods kicked off Monday.
  • The tit-for-tat tariffs are already weighing on US businesses as companies struggle with higher prices for Chinese parts used in their products.
  • In all, economists say that Trump's trade battles could start to hold back US economic growth.

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Pools of water ice found hiding in the darkest recesses of the moon

  • Astronomers have seen the first firm evidence that there are deposits of icy water on the surface of the moon – and they may have been laying there for the past 3 billion years.
  • The ice is nestled within craters at both poles of the moon that are permanently in shadow and bitterly cold at −163 °C.
  • The presence of accessible water on the surface of the moon could prove useful if we ever establish a permanent base there.
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