Author: Multibagger News

By Xie Yu Chinese regulators imposed a six-month business suspension and a fine of 441 million yuan ($62 million) on PwC’s auditing unit in mainland China for its audit of troubled property developer China Evergrande Group. This penalty marks the toughest action ever taken against a Big Four accounting firm in China, shedding light on their role in auditing major Chinese companies. Authorities have been investigating PwC’s involvement in the accounting of Hengda Real Estate, Evergrande’s mainland unit, following allegations of a $78 billion fraud spanning two years until 2020. PwC network expressed disappointment in the audit work, stating that…

Breaking News: Ukraine Secures Release of 49 Captives from Russia in Latest Prisoner Exchange In a significant development, Ukraine has successfully negotiated the release of 49 individuals from Russian captivity in the most recent swap of prisoners between the two nations. President Volodymyr Zelenskiy confirmed the news on Friday, expressing his commitment to bringing back all of their people, both military and civilian. The exchange, facilitated by the United Arab Emirates, marks the 56th swap between Ukraine and Russia since the invasion in 2022. Among those released by Ukraine are seven civilians and personnel from various security forces. However, the…

Microstrategy, Inc. Expands Bitcoin Holdings with $1.11 Billion Purchase In a bold move, Microstrategy, Inc. (NASDAQ:) has further solidified its position in the cryptocurrency market by acquiring approximately 18,300 bitcoins. This strategic purchase, totaling $1.11 billion in cash, was made between August 6 and September 12, 2024, at an average price of $60,408 per bitcoin, fees and expenses included. With this latest acquisition, MicroStrategy now holds a staggering 244,800 bitcoins, acquired at an aggregate purchase price of $9.45 billion. This translates to an average purchase price per bitcoin of approximately $38,585, inclusive of fees and expenses. The company funded this…

Restoration Hardware (RH) Stock Price Target Raised by Baird Analysts Baird analysts have adjusted the stock price target for Restoration Hardware (NYSE: RH) shares to $290 from $275, post the company’s second-quarter earnings beat. Despite a downward revision in full-year 2024 sales and adjusted EBIT guidance, attributed to slower customer response to new products, signs of increasing demand are evident. The company is gaining market share in a tough furniture market environment, navigating high inventory levels and significant leverage. Baird’s neutral stance reflects the stock trading at around 40 times its next twelve months’ GAAP earnings per share. Investors should…

Biden Administration’s New Import Rules Hit Chinese E-Commerce Giants Hard – What You Need to Know Shares of major Chinese e-commerce companies took a hit in premarket trading on Thursday after the South China Morning Post reported that the Biden administration plans to tighten regulations on low-value imports. Key Points: JD.com (NASDAQ: JD) dropped by 0.5% Alibaba (NYSE: BABA) fell by 1.3% Pinduoduo (NASDAQ: PDD) experienced the most significant decline, dropping over 5% What’s Happening? The U.S. government is reportedly targeting popular Chinese platforms like Shein and Temu by removing exemptions that currently allow low-value imports (under $800) to avoid…

Investment Manager’s Insight: Wider Conflict in the Middle East Impacting International Airlines Concerns over a wider conflict in the Middle East have led to international airlines adjusting their services to and from the region. This has prompted some airlines to suspend flights or avoid affected air space. Here are some of the airlines that have made changes to their services: – AIR ALGERIE: Suspended flights to and from Lebanon – AIRBALTIC: Cancelled flights to and from Tel Aviv until Sept. 15 – AIR FRANCE-KLM: Cancelled flights to and from Tel Aviv until Oct. 26 – AIR INDIA: Suspended scheduled flights…

By Belén Carreño Spain hosted a crucial meeting on Friday involving several Muslim and European countries to discuss ways to bring an end to the Gaza war. Spanish Foreign Minister Jose Manuel Albares emphasized the need for a clear schedule for the international community to implement a two-state solution to resolve the Israeli-Palestinian conflict. The meeting, attended by foreign ministers from Norway and Slovenia, EU foreign policy chief Josep Borrell, Palestinian Prime Minister Mohammad Mustafa, and members of the Arab-Islamic Contact Group for Gaza, highlighted the importance of moving from words to actions towards implementing a two-state solution, with Palestine…

Title: Meta Boss Mark Zuckerberg and X Owner Elon Musk Accused of Being “The Worst Polluters in Human History” In a recent lecture at Kings College, London, actor and comedian Stephen Fry made shocking claims about Mark Zuckerberg and Elon Musk, stating that they are responsible for polluting our culture with toxic particulates and effluvia. Fry, known for his early adoption of technology, expressed disappointment in the direction of social media platforms like X (formerly known as Twitter) and Facebook, now owned by Musk. Fry highlighted the negative impact of social media algorithms that prioritize engagement over positive interactions, leading…

Title: Meta CEO Mark Zuckerberg and X Owner Elon Musk Accused of Being “Worst Polluters in Human History” by Stephen Fry In a recent lecture at Kings College, London, actor and comedian Stephen Fry made startling accusations against Meta CEO Mark Zuckerberg and X owner Elon Musk. Fry criticized the impact of their companies on society, describing them as major polluters of culture. The BBC has reached out to both companies for comment on Fry’s claims. Fry, known for his early adoption of technology, expressed regret over his initial enthusiasm for social media platforms like X (formerly known as Twitter).…

Bybit Dominates $DOGS Token Airdrop, Reinforcing Its Position as Leading Crypto Platform – Chainwire Dubai, United Arab Emirates, September 13th, 2024, Chainwire Bybit, the world-renowned cryptocurrency exchange, has solidified its position as the premier platform for the highly anticipated $DOGS token airdrop. With an overwhelming response from users, Bybit has processed a staggering 51.3 billion $DOGS tokens in pre-deposits, securing the top spot among all exchanges. “The overwhelming support for the $DOGS airdrop on Bybit is a clear indicator of our platform’s popularity and reliability,” said Emily Bao, head of spot at Bybit. “We are proud to be at the…