Month: August 2023

U.S. Does Not Want to ‘Decouple’ From China, Raimondo Says

August 31, 2023 admin

Gina Raimondo, the U.S. secretary of commerce, told Chinese officials on Tuesday that the United States was not seeking to sever economic ties with China, but she expressed a litany of concerns that were prompting the business community to describe China as “uninvestable.”

Ms. Raimondo, who oversees both trade promotion and U.S. limits on China’s access to advanced technology, spoke with several of China’s top officials on Tuesday. That included meeting with Premier Li Qiang, China’s second-highest official, and Vice Premier He Lifeng, who oversees many economic issues, at the Great Hall of the People, next to Tiananmen Square in the heart of Beijing.

Ms. Raimondo said she had pressed Chinese officials on a variety of challenges facing American businesses operating in China. Companies have expressed concerns about long-running issues like intellectual property theft as well as a raft of newer developments, like raids on businesses, a new counterespionage law and exorbitant fines that come without explanations, she said during an extended interview with reporters on a high-speed train from Beijing to Shanghai on Tuesday evening.

“Increasingly, I hear from businesses China is uninvestable because it has become too risky,” she said.

Ms. Raimondo said after the meetings that she had raised the various concerns of U.S. companies like Intel, Micron and Boeing, but that she “didn’t receive any commitments.” Beijing scuttled Intel’s acquisition of another semiconductor company this month by not giving the deal antitrust approval. It has also severely restricted some of Micron’s semiconductor sales in China since May and has halted almost all purchases of Boeing jets over the last several years, mainly choosing Airbus aircraft from Europe instead.

“I was very firm in our expectations. I think I was heard,” she added. “We’ll have to see if they take any action.”

Ms. Raimondo also asked for

American Business News

RIL AGM: Jio Financial shares snap 4-day losing streak, climb 4%

August 30, 2023 admin

Jio Financial Services Ltd (JFS), whose shares were falling ever since they got listed on stock exchanges on August 22, recovered some group on hopes the 46th annual general meeting of Reliance Industries (RIL) would give cues on what the group was planning for the recently demerged financial services business. JFS holds 41.3 crore treasury shares of RIL, accounting for 6.1 per cent of its total share capital. A rise in shares of RIL, thus, are also positive for Jio Financial shares.

Shares of Jio Financial climbed 4.47 per cent to hit a high of Rs 221.75 on BSE. Shares of Reliance Industries gained half a per cent to hit a high of Rs 2,483. The JFS stock fell 1.69 per cent on Friday and 5 per cent each on the preceding three sessions. With Monday’s gain, the stock commanded a m-cap of Rs 1.40 lakh crore against Rs 1.68 lakh crore at the time of listing.

“RIL has a lot of plans on cards for value unlocking, which started from Jio Financial but initial reactions post JFS listing was not as per Street expectations. I believe Mukesh Ambani would be focusing more on the Jio Financial plan of action in coming days, which would give a road clear for further value unlocking of retail and Jio telecom ventures. We are neutral and investors should wait and watch for the AGM outcome before taking any action in RIL and Jio Financial,” Prashanth Tapse, Research Analyst Sr VP Research at Mehta Equities.

Also read: Hot stocks on August 28, 2023: Texmaco Rail, Zomato, Jio Financial, Suzlon Energy and more

For now, JFS intends to provide consumer facing financial services through its subsidiaries Reliance Retail Finance, Reliance Retail Insurance Broking, and Reliance Payment Solutions Limited and a joint venture, Jio Payments Bank

Business Financial News

US commerce secretary says companies see China as ‘uninvestable’ | Business and Economy News

August 30, 2023 admin

The US Secretary of Commerce says United States companies have complained that China has become “uninvestable”, pointing to fines, raids and other measures that have made it risky to do business there.

Gina Raimondo’s comments came on Tuesday as her delegation of American officials headed from Beijing to Shanghai in the latest visit by a top US government representative to China in recent months.

“Increasingly I hear from American business that China is uninvestable because it’s become too risky,” she said.

For his part, Chinese Premier Li Qiang warned during a meeting with US officials on Tuesday against “politicised” US trade curbs on China, which Washington has insisted are necessary for its national security. Beijing has said the measures are meant to dampen its economic rise.

The statements by Li and Raimondo underscored the continued challenges the US and China face in navigating their complex relationship, even as they have recently sought to lower tensions and manage competition.

Ties between Beijing and Washington have soured over a range of issues, from trade and the status of Taiwan to China’s expansive claims in the South China Sea and an ongoing US push against growing Chinese influence in the Indo-Pacific.

Raimondo is the fourth senior official from US President Joe Biden’s administration to visit China this year, following Secretary of State Antony Blinken, Special Envoy for Climate Change John Kerry and Treasury Secretary Janet Yellen.

‘Mutual trust’

On Tuesday, Raimondo said US firms are facing new challenges, including “exorbitant fines without any explanation, revisions to the counterespionage law, which are unclear and sending shock waves through the US community, [and] raids on businesses”.

That has presented “a whole new level of challenge and we need that to be addressed”, she said.

She added there had been “no rationale given” for Chinese actions

American Business News

Stock and Share Market News, Economy and Finance News, Sensex, Nifty, Global Market, NSE, BSE Live IPO News

August 29, 2023 admin

Screen Crit

Business Financial News

Factiva – Global News Monitoring & Search Engine

August 29, 2023 admin

Language:

Identify opportunities, accelerate decisions and manage reputation with trusted business intelligence.

!function(e,t,n,s,u,a)(window,document,’script’);
// Insert Twitter Pixel ID and Standard Event data below
twq(‘init’,’o1wkv’);
twq(‘track’,’PageView’);

Advanced Business Intelligence & Curation Services

Rely on an unrivaled selection of global news and data accessible via a powerful research platform, on mobile devices or integrated via advanced feeds and APIs.

Research & Strategy

Power strategic decisions, uncover competitive advantage and deliver actionable intelligence with global news, data and insights.

Learn More

Advanced Analytics & Data Mining

Generate deeper insights, improve sentiment analysis, uncover hidden relationships, accurately forecast and enrich data visualizations with news data derived from advanced analytics models.

Learn More

Media Monitoring & Corporate Communications

Keep track of your brand’s reputation and stay ahead of potential issues by leveraging a database of content from 200 countries in 32 languages, comprehensive monitoring tools and curation solutions.

Learn More

Competitive Intelligence

Gather market intelligence, monitor competitors and provide strategic guidance with trusted world news, detailed company and executive data and multi-channel delivery.

Learn More

Sales Funnel & Business Development

Empower your global sales and business development teams to grow the pipeline, target companies and connect with clients by using news from 33,000 global sources and a database of millions of corporate profiles.

Learn More

Application Development

Innovate and differentiate with premium news integrated into application interfaces, such as company intranet portals or customer engagement apps.

Learn More

Content & Workflow Integration

Incorporate up-to-the-minute news and data into company workflows, applications or platforms from our extensive corpus of proprietary and third-party content.

Learn More

Customer Engagement & Marketing

Increase customer engagement, attract clients and target accounts with premium content and actionable data from Dow Jones.

Learn More

Factiva Named 2020 CODiE Award Winner

Factiva has won the award

Business Intelligence Homepage

Akebia Therapeutics Reports Second Quarter 2023 Financial Results and Recent Business Highlights

August 28, 2023 admin

Akebia to host conference call on August 25, 2023 at 9:00 a.m. ET

Expects to resubmit NDA for vadadustat as a treatment for anemia due to CKD in adult patients on dialysis in Q3 2023
Reports Auryxia^® (ferric citrate) net product revenue of $42.2 million for Q2 2023 and reaffirms 2023 net product revenue guidance of $175.0–$180.0 million

CAMBRIDGE, Mass., Aug. 25, 2023 /PRNewswire/ — Akebia Therapeutics^®, Inc. (Nasdaq: AKBA), a biopharmaceutical company with the purpose to better the lives of people impacted by kidney disease, today reported financial results for the second quarter ended June 30, 2023 and reviewed recent business highlights. Akebia intends to file an amendment to 2022 Annual Report on Form 10-K to revise previously filed financial statements.

In July, Akebia completed an End of Dispute Type A meeting with the U.S. Food and Drug Administration (FDA) to discuss Akebia’s anticipated resubmission of its New Drug Application (NDA) for vadadustat as a treatment for anemia due to chronic kidney disease (CKD) in adult patients on dialysis and received the FDA’s Meeting Minutes in August. Akebia plans to resubmit its NDA for vadadustat by the end of this quarter with a potential PDUFA date projected in March 2024.

Akebia reported Auryxia^® (ferric citrate) net product revenue of $42.2 million for the second quarter of 2023. Akebia also reaffirmed previously issued 2023 Auryxia net product revenue guidance of $175.0 – $180.0 million.

“Through 2023 we have worked to best position Akebia to deliver a new potential oral treatment option for anemia due to CKD to dialysis patients around the globe,” said John P. Butler, Chief Executive Officer of Akebia. “This past quarter alone we made remarkable progress by gaining approval for vadadustat in 33 additional countries, securing

Business Financial News

Paul Zink Appointed to the Board of American Rare Earths | News

August 28, 2023 admin

DENVER, Aug. 21, 2023 (GLOBE NEWSWIRE) — American Rare Earths (ASX: ARR | ADRs – OTCQX: AMRRY | Common Shares – OTCQB: ARRNF | FSE:1BHA) (ARR or the Company) is pleased to announce that Mr. Paul Zink has joined the Board of the Company. Mr. Zink, a versatile senior natural resource professional with US and international experience, is a valuable addition to ARR’s Board as it builds its presence in the United States.

Mr. Zink has more than 45 years of experience in leading and building cross functional teams in mineral royalties, mineral economics, financial management, strategic planning and acquisition targeting. Mr. Zink has served as a director for several companies including Timberline Resources, Rare Element Resources and Atna Resources, where he chaired the Audit Committees.

“We are very pleased to add Paul to our board as we build our US base,” says Creagh O’Connor, Chairman, American Rare Earths. “His extensive experience in mining and prior knowledge from serving on resource and mineral boards will help us achieve our goals as a leading US explorer and developer of rare earths.” ARR’s commitment to strengthening its position in the rare earths industry and expanding its presence in the United States has led to the decision to appoint three highly skilled and accomplished American-based directors to its Board. Mr. Zink completes the recent of three new appointments.

“I am excited to join American Rare Earths as it transitions its management focus to the United States. I have been impressed by the progress of the company under previous management and by the caliber of the senior U.S. personnel and directors joining the team. I am looking forward to sharing my mineral industry and financial experience, as well as rare earths industry knowledge, to help the company continue to build on its past successes,”

American Business News

Mexico Replaced China As America’s Top Trade Partner, Proves World Economy Is Changing

August 27, 2023 admin

Trade between the US and Mexico reached $263 billion during the first four months of this year.
That pushed Mexico past China and Canada as its top trade partner since the start of the pandemic.
China was America’s top partner for much of the 2010s and again at the start of the pandemic.

Meet America’s new, old best friend in the world economy.

According to a new post from Luis Torres, a senior business economist at the Federal Reserve Bank of Dallas, Mexico has once again cemented its place as America’s top trading partner, with $263 billion worth of goods passing between the two countries in the first four months of this year. Trade with Mexico accounted for 15.4% of goods exported and imported by the US, just ahead of America’s trade totals with Canada and China, which were 15.2% and 12% respectively.

Even as the world moves on from the height of the pandemic, Mexico’s ability to take the top spot away from China — which had spent the last two decades integrating itself further into the US economy — is a clear sign of how the economic chaos of 2020 is set to continue to define the world economy for years to come.

Torres said the seeds for this shift were sown before the pandemic — with former President Donald Trump’s tariffs on some Chinese goods and the signing of the US-Canada-Mexico trade deal, a slight update of the nearly three-decades-old NAFTA deal. But Torres said the changes also suggested an accelerated shift toward “nearshoring,” a practice in which countries bring supply chains for crucial goods to countries that are close physically and

American Business News

Will Jio Fin follow the retail, telecom model and disrupt the financial services sector?

August 26, 2023 admin

Market is not rushing to downgrade Jio Fin rivals just yet, despite its deep pockets and ability to disrupt.
Jio Fin’s aggression in the unsecured loan business will decide how badly rivals will be impacted in times to come.
Given that cost of funds for JFS is expected to be significantly lower than other NBFCs, it can price its offerings much better than rivals in consumer finance.

A behemoth was born on Monday with the listing of the financial services business of Reliance Industries on the exchanges. With the listing of Jio Financial Services, the obvious question is the impact that this entity will have on other listed financial services players because it will take them head on. The obvious assumption is that companies that currently are in the consumer and MSME lending space will be directly impacted. Jio Fin’s rich parentage and high capital base will be its biggest advantage.

The net worth of the newborn is higher than its nearest competitor and this will enable it to build a large loan book much faster. But this may not be enough to win in the marketplace as it is a total novice when it comes to underwriting and execution. The market will closely monitor Jio Fin’s aggression in the consumer finance business before downgrading its competitors. For now, the jury is out.

Like all other businesses that Reliance has set foot in, even in financial services the market is expecting two things – scale and mega disruption. The first segment that Jio is set to rock first is the lending space. Jio Financial Services ahead of its listing on 18 August released some details on the structure of the company and businesses it would operate in. Jio Financial Services is not just a systemically important non-banking financial institution

Business Financial News

Using EDGAR to Research Investments

August 26, 2023 admin

The EDGAR database provides free public access to corporate information, allowing you to research a public company’s financial information and operations by reviewing the filings the company makes with the SEC. You can also research information provided by mutual funds (including money market funds), exchange-traded funds (ETFs), and variable annuities.

Where to begin?

In addition to this link, you have two ways of accessing EDGAR from the SEC.gov home page:

To search for a public company, type the company’s name or ticker symbol in the search bar at the top of the home page.

Image showing Search buttons on the page

Image showing EDGAR Search Tools

Form Types

EDGAR presents search results in chronological order and identifies the filings by form types, shown in the first column of the search results. For example, the form type for the annual report on Form 10-K filed by domestic public companies is “10-K.”

Filings with “/A” appended to the form type code indicate an amendment. For example, the form type “10-K/A” would indicate an amendment to a Form 10-K filing.

This guide describes where you can find certain types of information in common filings by public companies, mutual funds, and ETFs. A more comprehensive list of the types of forms filed on EDGAR can be found at this forms list.

Financial Information and Results of Operations

Domestic public companies file annual and quarterly reports, as well as current reports when certain events occur that require prompt disclosure. The annual and quarterly reports include financial statements for the relevant period.

Form Type	Description
10-K	Annual report – Provides audited annual financial statements, a discussion of material risk factors for the company and its business, and a management’s discussion and analysis of the company’s results of operations for the prior fiscal year.
10-Q	Quarterly report – Provides unaudited quarterly financial statements, updates

Business Company News