Monday, 2 Aug 2021

Business

The Week in Business: Robinhood Fizzled as Silicon Valley Sizzled

What’s Up? (July 25-31) Robinhood Goes Public Without a Bang Robinhood’s highly anticipated public offering fizzled on Thursday. Shares in the stock-trading start-up opened at $38, but ended the day down 8.4 percent. The decline reflected investors’ skepticism of Robinhood’s grand mission of upending Wall Street. As part of that mission to democratize investing, Robinhood […]

Watch: Outstanding Māori business leader’s emotional reaction to award

The owner of New Zealand’s highest revenue-earning supermarket left school at 16 to work in a supermarket, not knowing what to do nor realising that his first job was precisely where his career would head. Jason Paki Witehira [Ngai Tawake ki Te Wao Ku, Ngapuhi] got his first job in a Rotorua supermarket produce department […]

Farm produce giant Dole falls in market debut, valued at $1.4 billion

(Reuters) – Dole Plc shares fell more than 6% in their New York Stock Exchange debut on Friday, giving the fruit and vegetable grower a valuation of nearly $1.4 billion.FILE PHOTO: “Stock Exchange” is seen over an entrance to the New York Stock Exchange (NYSE) on Wall St. in New York City, U.S., March 29, […]

Texworld Debuts Hybrid Show Format for Summer Edition

“Hybridizing” is the word of the moment in fashion, whether applied to purpose or product — and that’s why Texworld’s summer edition struck a chord with attendees that joined the event in person at the Starrett-Lehigh Building in New York and via its virtual platform, held on July 20 to 22. At this edition, Texworld […]

China education fund tumbles after ill-timed launch

SHANGHAI (Reuters) – Following an ill-timed launch, a Chinese fund that promised to offer global investors a “golden” opportunity to buy Chinese education stocks has dropped more than 40% this month, on track to become the country’s worst-performing mutual fund in July.FILE PHOTO: Children leave a school in the Shekou area of Shenzhen, Guangdong province, […]

Asian shares extend losses, set for worst month since March 2020

SHANGHAI (Reuters) – Asian shares fell on Friday, extending their biggest monthly drop since the height of global pandemic lockdowns last March on lingering investor concern over regulatory crackdowns in China on the education, property and tech sectors.FILE PHOTO: Visitors look at an electronic stock quotation board at the Tokyo Stock Exchange (TSE) in Tokyo, […]

Credit Suisse finds multiple failings but no criminal conduct in Archegos debacle

NEW YORK (NYTIMES) – Credit Suisse suffered humiliation and shareholder wrath this year when it lost US$5.5 billion (S$7.4 billion) from the collapse of the Archegos Capital Management investment fund. On Thursday (July 29), the bank admitted that its own failings were to blame, releasing a report that chronicled the “fundamental failure of management and […]

Filing, US media highlight Rocket Lab’s Kiwi dependence

As it gears up for its US$4.1 billion ($5.8b) Nasdaq listing, Rocket Lab seems in some ways more and more like an American company, with its engine manufacturing in LA and plans to launch its coming Neutron rocket exclusively from its new launch pad in Virginia. But a new regulatory filing with the SEC, and […]

Bring them home: Kea survey highlights chance to lure back expat professionals

Skills-starved New Zealand needs to do more to encourage home the large number ofKiwis offshore before they are absorbed again by expat markets coming out of Covid-19restrictions, a new survey suggests. The Kea Future Aspirations survey of offshore and recently returned members of the Kea community around the world showed a significant number still hoped […]

Wall St rises as earnings lift outlook

NEW YORK (Reuters) – U.S. stocks ended higher on Thursday, boosted by robust U.S. earnings and forecasts, while data showed the U.S. economy was above its pre-pandemic level. The U.S. economy grew solidly in the second quarter, putting the level of gross domestic product above its pre-pandemic peak, but the pace of GDP growth was […]