JD.com shares fall after the company cut top management pay
Hong Kong stocks JD.com by mid-afternoon, the company was trading down more than 5% after it confirmed pay cuts to its senior management team.
The Chinese e-commerce giant has confirmed that it will cut the cash salaries of its senior management staff by up to 20% from January next year.
The company added that Deppon will pay the social security contributions of logistics workers and create a housing fund.
“The employee benefit plan is currently promoted with a focus on front-line staff,” the company told CNBC.
– Iris Wang
Hayman Capital says investing in US-listed Chinese firms is like “playing fantasy football”.
Investing in US-listed Chinese companies is tantamount to playing “fantasy football”, according to an asset management firm, as US regulators continue to probe the firms.
Hayman Capital Management founder and CIO Kyle Bass said recently reports The US Public Company Accounting Oversight Board has yet to approve “good access” to the requested information and reiterated the financial risks faced by investors in US-listed Chinese companies.
“They have shares that have a claim on the Cayman Islands subsidiary that has no voting rights and no access to assets in the event of bankruptcy,” he told CNBC. “Asian street signs,” when asked whether Chinese stocks in the U.S. are “investable.”
Chinese companies such as Alibaba and others are listed abroad JD.comuse a variable interest entity structure in which an offshore entity is established, bypassing Chinese restrictions on foreign investment and preventing investors in U.S. stocks from having majority voting rights.
A US-listed firm is usually a holding company established outside of both the US and China and may not own shares in a China-based company.
“Investors are really just playing fantasy football with Chinese companies because they don’t really own anything,” he said.
– Jihye Lee
Shares in Indonesia’s GoTo fell 6% after the company reported nine months of losses
of Indonesia GoTo Group posted a higher nine-month accumulated loss compared to the same period a year ago, although quarterly losses eased with cost-cutting.
Between January and September, losses totaled 20.32 trillion rupiah ($1.29 billion), nearly double the 11.58 trillion rupiah loss reported a year ago.
Its share price fell 6% in Jakarta on Tuesday morning, marking a 48% decline in its share price since April this year.
Company announced last Friday said it was cutting jobs as part of wider cost-cutting plans, which would take effect at the end of 2023.
– Sheila Chiang
Malaysia’s kingmaker party GPS will support Perikatan Nasional and not Pakatan Harapan
Gabungan Parti Sarawak (GPS), one of Malaysia’s election kingpins, said the east Malaysian national political alliance based in Sarawak is backing the Perikatan Nasional coalition to form a government and Anwar Ibrahim to work with Pakatan Harapan.
Malaysia’s king has asked the leading coalitions to present their prime ministerial candidates by 2:00 p.m. local time after Saturday’s inconclusive election.
“We have always been told [sic] We will not be able to work with DAP and Pakatan here,” GPS Secretary-General Alexander Nanta Linggi told CNBC “Squawk Box Asia.” DAP is the progressive component party of Pakatan.
“In the last few days, during the elections, they attacked us so much. That’s why… it’s very difficult to form the government, to be very objective in this sense.”
In return for GPS support, Linggi said the government wants to give party members positions in ministries important to them, such as rural development and commodities.
– Su-Lin Tan
CNBC Pro: Amazon is down 40% this year – time to buy? Market professionals give their prices
Eleven on Wall Street, my love Amazon it lost some of its luster this year. Shares of the e-commerce giant fell more than 40% S&P 500which also decreased by about 15% during the same period.
Is it time for investors to come back? Two market professionals face off on CNBC”Street Signs Asia” To make a claim against or against the purchase of the stock on Thursday.
CNBC Pro subscribers can read more here.
– Xavier Ong
Baidu, Kuaishou shares fall ahead of earnings report
Baidu is expected to see a slight decline in revenue in the third quarter of 2022, according to Refinitiv survey estimates.
In the July-September quarter, the company’s revenue is expected to fall 0.05% to 31.904 billion yuan ($4.46 billion).
Meanwhile, Tiktok rival Kuaishou is expected to post a 10.2% rise in revenue to 22.58 billion yuan in the third quarter, which a separate Refinitiv survey showed would be the slowest pace of annual growth since the company began reporting earnings.
Hong Kong stocks Kuaishou while falling 4.1% from profit Baidu shares fell 0.44% in the morning session.
– Jihye Lee
CNBC Pro: Morgan Stanley’s Wilson says inflation poised to fall, but warns of ‘new era’
Mike Wilson, chief U.S. equity strategist at Morgan Stanley, said he expects a “pretty sharp drop in inflation” and predicts when that might happen.
But he said there were two areas with exceptions where inflation could be “stickier”.
CNBC Pro subscribers can read more here.
– Weizhen Tan
Oil prices stabilized after hitting their lowest level since January
Oil prices were little changed in Asian morning after hitting their lowest levels since January on Monday.
USA raw A barrel was $80.08 after reaching $75.08 in Monday’s session.
Crude Brent slightly increased and reached 87.52 dollars/barrel. It was $82.31 in the previous session.
Oil futures fell briefly on Monday after the Wall Street Journal reported that OPEC+ was considering increasing supply by 500,000 barrels per day. Saudi Arabia later disputed the report.
– Abigail Ng
Singapore authorities explain why FTX is not on the alert list
The Monetary Authority of Singapore (MAS) said embattled cryptocurrency exchange FTX was not on its investor alert list because, unlike rival exchange Binance, it “does not actively solicit users in Singapore”.
MAS said there is a “clear difference” between FTX and Binance in terms of targeting local users. statement released Monday afternoon.
“Binance has actually reached the point of offering listings in Singapore dollars and accepting Singapore-specific payment methods such as PayNow and PayLah,” the statement said, adding that it received numerous complaints about Binance between January and August last year.
MAS reiterated the risks investors face when trading digital assets.
“The most important lesson from the FTX debacle is that dealing with any cryptocurrency, on any platform, is dangerous,” he said, adding that even Singapore-licensed cryptocurrency exchanges will only be regulated to address money laundering risks and should not provide protection. to investors.
“As MAS has repeatedly pointed out, there is no protection for customers dealing with cryptocurrencies. They can lose all their money.”
– Jihye Lee
Stocks fall on Monday to kick off a short holiday week
Stocks slipped in a volatile trading session to start a short holiday week on Monday.
The S&P 500 fell 0.39% to 3,949.94, while the Nasdaq Composite ended the day down 1.09% at 11,024.51. The Dow Jones Industrial Average fell 45.41 points, or 0.13%, to 33,700.28, although losses on the index pared the bounce. Disney shares increased by more than 6%.
Disney was fired after the company announced that former CEO Bob Iger would replace Bob Chapek.
– Carmen Reinicke
Leave a Comment