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  • ByteDance agrees to $92 million privacy settlement with U.S. TikTok users

    ByteDance has agreed to a $92 million class-action settlement to settle data privacy claims from some U.S. TikTok users, according to documents filed Thursday in U.S. District Court in Illinois. ByteDance, the Chinese company that owns the short video app that has more than 100 million U.S. users, agreed to the settlement after more than a year of litigation. "While we disagree with the assertions, rather than go through lengthy litigation, we'd like to focus our efforts on building a safe and joyful experience for the TikTok community," TikTok said Thursday.

  • African Gold SPAC Targeting ‘Well-Trodden’ Nations Raises Cash

    (Bloomberg) -- African Gold Acquisition Corp., a special purpose acquisition company targeting gold assets on the continent, raised a more-than-expected $360 million ahead of a listing in New York on Friday.“We are the only Africa mining-focused SPAC amongst a sea of SPACs,” Rob Hersov, the founder and chairman of the company, said by text message. Potential acquisitions will be in “well-trodden mining countries, so no surprises. And we will likely buy a mining company and possibly add others thereafter.”Hersov is the son of Basil Hersov, who ran AngloVaal Mining Ltd., the company founded by his father and once one of South Africa’s biggest mining companies. Chris Chadwick, a former director of Sibanye Stillwater Ltd., is chief executive officer.The offer, which was initially set to raise $300 million, saw stock sold at $10 a share.“There are a lot of interesting mining companies and assets looking for capital to expand,” Hersov said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • ’No one should work 40 hours a week and still live in poverty: WorkingNation President

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  • CQS Shuts $525 Million Hedge Fund as Narayanan Joins Citadel

    (Bloomberg) -- CQS is shutting one of its best-performing strategies because the fund’s chief investment officer is leaving to join Citadel, adding to a string of departures from Michael Hintze’s hedge-fund firm.Prakash Narayanan, who ran CQS Global Relative Value, is exiting after more than three years, according to people with knowledge of the matter. He is joining Citadel’s Global Credit business as a portfolio manager to run a strategy similar to the one at CQS, a spokesman for Citadel confirmed.Narayanan’s was one of the senior partners that Hintze recently included in a succession plan. His strategy was a rare bright spot for CQS last year when the firm’s hedge funds tumbled, with the Global Relative Value fund surging 30% while Hintze’s flagship money pool slumped by a record 35% as his structured credit bets imploded, according to an investor document.Narayanan’s fund at CQS is being liquidated and money will be returned to investors on March 1, one of the people said. In his new role, the money manager will be based in London and report to Pablo Salame, head of Global Credit at billionaire Ken Griffin’s investment firm.Narayanan didn’t respond to a message seeking comment.Cutting CostsCQS is grappling with a shrinking hedge-fund business after poor returns and as it shuts non-core strategies to focus on its credit investing roots. The firm managed $21 billion at the end of January, but a vast majority of the assets was in a growing long-only, lower-fee business.In response, Hintze has moved to cut costs and reduce staff, rolled back an ambitious expansion and stepped up succession planning. Two equity trading teams have also left the firm to manage money outside.Narayanan, the former partner and head of European operations at Saba Capital Management, joined CQS as a senior money manager in 2017 and worked closely with Hintze’s Directional Opportunities Fund team.CQS started Global Relative Value in January last year with money from one of its consultant partners, to trade credit products and their derivatives such as credit default swaps. The fund manages $525 million, according to the investor document.Hintze last year included Narayanan in a group of senior partners, along with Michael Peat, Soraya Chabarek, Craig Scordellis and Jason Walker, to share higher equity stakes and develop a firmwide strategy.His departure follows the exit of Nick Pappas, one of CQS’s most senior portfolio managers, in December. Pappas left the firm to set up his own distressed debt investing fund in partnership with Ivelina Green, who until September was CQS’s head of special situations investing. Senior money managers Martin Davies and Steve Walters also left in recent months.(Updates with Narayanan’s move to Citadel from first paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • WSJ Opinion: Democrats Expand Censorship Effort to Newsrooms

    Potomac Watch: "Are you planning to continue carrying Fox News, Newsmax and OANN...? If so, why?” Democrats ask a dozen cable, satellite and broadband providers. Image: Kevin Hagen/Getty Images

  • Exclusive: China's Huawei, reeling from U.S. sanctions, plans foray into EVs - sources

    China's Huawei plans to make electric vehicles under its own brand and could launch some models this year, four sources said, as the world's largest telecommunications equipment maker, battered by U.S. sanctions, explores a strategic shift. Huawei Technologies Co Ltd is in talks with state-owned Changan Automobile and other automakers to use their car plants to make its electric vehicles (EVs), according to two of the people familiar with the matter. Huawei is also in discussions with Beijing-backed BAIC Group's BluePark New Energy Technology to manufacture its EVs, said one of the two and a separate person with direct knowledge of the matter.

  • Third Stimulus Checks Are One Step Closer to Reality – How Much Will You Get?

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  • Less than half of Americans support student loan forgiveness: poll

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  • 'The first rule of a happy life,’ according to 97-year-old Charlie Munger

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  • House Approves $3,000 Child Tax Credit for 2021

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  • Famous Las Vegas restaurant Lotus of Siam weathered COVID-19 with preparation, foresight

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  • Trump Organization Under Criminal Investigation in NY – Will Donald Trump’s Accountants Flip?

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  • Griddy Barred From Texas Power Market for Payment Breach

    (Bloomberg) -- Griddy Energy LLC , a Texas retail electricity provider that came under fire after its customers received exorbitant power bills during the energy crisis last week, was barred from participating in the state’s power market Friday.The Electric Reliability Council of Texas revoked Griddy’s rights to conduct activity in the state’s electricity market due to nonpayment, according to a market notice seen by Bloomberg.The Macquarie Energy-backed company said previously it would challenge the prices set by the grid operator during the crisis and its chief executive officer, Michael Fallquist, declined to testify at Texas legislative hearings Friday.Griddy said in a statement Friday that the decision on pricing was made “to take the price out of the hands of the market,” adding that “we wanted to continue the fight for our members to get relief and that hasn’t changed.” For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Buffett’s Berkshire Snaps Up Record $24.7 Billion of Own Stock

    (Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. bought back a record $24.7 billion of its own stock last year and said there’s more to come, as the conglomerate struggled to find other ways to deploy its enormous pile of cash.The company’s purchase of $9 billion of shares in the fourth quarter matched a record set in the previous three-month period, Buffett said Saturday in his annual letter to investors.“Berkshire has repurchased more shares since year-end, and is likely to further reduce its share count in the future,” Buffett, 90, said in the letter. “That action increased your ownership in all of Berkshire’s businesses by 5.2% without requiring you to so much as touch your wallet.”Buffett’s letter, a closely-watched missive from one of the world’s most renowned investors, devoted large portions to the impact of repurchases, one of Berkshire’s biggest capital-deployment moves last year as it “made no sizable acquisitions.” He also shared his thoughts on the strategy of conglomerates, praising businesses such as Berkshire’s insurance operations and railroad.He shied away from some of the most controversial issues of the day, including politics, the pandemic and racial equality. But Buffett stood by his optimism for America, saying that progress on achieving a “more perfect union” was uneven but still moving forward.“Our unwavering conclusion: Never bet against America,” he said.There was a small amount of progress in paring the cash pile, which fell 5% in the fourth quarter to $138.3 billion. Buffett has struggled to keep pace with the flow in recent years as Berkshire threw off cash faster than he could find higher-returning assets to snap up.Apple Inc. is one of Berkshire’s top three most-valuable assets, at $120 billion, Buffett said. The technology company has said it intends to repurchase its own shares as well.“The math of repurchases grinds away slowly, but can be powerful over time,” Buffett said. “The process offers a simple way for investors to own an ever-expanding portion of exceptional businesses.”Separately, Buffett acknowledged that the $11 billion writedown Berkshire took last year was almost entirely due to what he conceded was a “mistake” in 2016, when he paid too much for Precision Castparts. Precision is a fine company, Buffett said, but he admitted he made a big error.“I was wrong, however, in judging the average amount of future earnings and, consequently, wrong in my calculation of the proper price to pay for the business,” Buffett said in the letter.Stock PortfolioSwings in Berkshire’s massive $281.2 billion stock portfolio feed into the company’s net income because of an accounting technicality. That drove the figure up 23% to $35.8 billion in the fourth quarter from a year earlier.Berkshire’s Class A shares gained roughly 2.4% last year, falling short of the 16% increase in the S&P 500.The billionaire only briefly touched on one of the largest questions looming over Berkshire -- how long he might stay at the helm. He once again referenced a favorite CEO, Mrs. Blumkin, who founded Nebraska Furniture Mart. She worked until she was 103 -- “a ridiculously premature retirement age as judged by Charlie and me,” Buffett wrote, referring to Charlie Munger, 97, a Berkshire vice chairman.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Interested In Origin Energy's (ASX:ORG) Upcoming AU$0.13 Dividend? You Have Four Days Left

    Readers hoping to buy Origin Energy Limited ( ASX:ORG ) for its dividend will need to make their move shortly, as the...

  • Fed Views Rising Yields as Bullish Sign Reflecting 2021 Optimism

    (Bloomberg) -- Several Federal Reserve presidents argued Thursday that surging Treasury yields reflect economic optimism for a solid recovery from the Covid-19 crisis and stressed that the central bank has no plans to tighten policy prematurely.“I think the rise in yields is probably a good sign so far because it does reflect better outlook for U.S. economic growth and inflation expectations which are closer to the committee’s inflation target,” St. Louis Fed President James Bullard told reporters after a virtual speech.Comments by Bullard and two other Fed leaders, Atlanta’s Raphael Bostic and Kansas City’s Esther George, showed that the central bank’s policy makers are solidly united behind Fed Chair Jerome Powell’s patience in making any adjustments to monetary policy.Powell told lawmakers this week that the nation was still a “long way” from the Fed’s goals for full employment and price stability, signaling the central bank will maintain ultra-easy monetary policy for some time -- despite hopes for a strong economy later this year as vaccinations spread.The Fed presidents agreed with Powell’s characterization of the rise in yields as “a statement of confidence” in the economic outlook. The 10-year Treasury yield reached 1.61% Thursday, the highest in more than a year, before trimming its gains.“Much of this increase likely reflects growing optimism in the strength of the recovery and could be viewed as an encouraging sign of increasing growth expectations,” George said in a speech.Bostic told reporters he was not expecting the Fed to respond to rising yields: “Yields have definitely moved at the longer end, but right now I am not worried about that.”All three Fed presidents said it was premature to begin discussing tapering of the central bank’s massive bond-buying program, with Bullard noting that Powell would initiate the discussion when it’s appropriate.Strong ReboundIn separate remarks, a fourth Fed leader, New York’s John Williams, said the economy was poised for a strong rebound. “Indeed, with strong federal fiscal support and continued progress on vaccination, GDP growth this year could be the strongest we’ve seen in decades,” he said, though he added that underlying inflation is likely to remain “subdued for some time.”Bullard echoed that optimism, noting the Atlanta Fed’s tracking model shows robust growth for gross domestic product in the first quarter. He predicted the U.S. unemployment rate will drop to 4.5% by year’s end, with pent-up demand and elevated savings boosting spending by Americans.“I gave a rosy outlook today but it’s only an outlook,” Bullard said. As for a policy change, “the chair has wanted to start that conversation only when it’s appropriate and not get ahead of ourselves even though we do have high hopes the pandemic will come to an end.”Bostic emphasized that the labor market still has considerable pain, especially for lower-income workers and minorities, and that it would take a long time to regain the 10 million jobs that have been lost.“Just to remind you, our mandate is full employment,” Bostic said Thursday during a virtual speech to the Atlanta Fed’s banking-outlook conference. “It’s not full GDP. It is not the size of GDP. So this disparity is something that is important and something we are going to have to continue to watch closely.”(Updates with comments by New York Fed president in ninth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • 3 Tech Stocks to Buy While They Are on Sale

    The tech sector has experienced huge gains since March of last year, as investors looked to technology companies that could thrive during a pandemic.  But lately, some tech stocks have taken a hit, and that's created a buying opportunity for investors.

  • Americans can’t file their income taxes fast enough — but they should brace for some unwelcome news in their 2020 refunds

    The IRS has received approximately 21% more individual returns than the agency received last year by Feb. 7, which was 12 days into the tax season last year.