Man with moonshot ideas: The rocky journey of Celsius CEO Alex Mashinsky
For some 30 years, Alex Mashinsky dabbled in whatever was the hot technology of the day, promising revolutions in long-distance calling, airport travel and, most recently, crypto. He often left a trail of disgruntled friends, colleagues and investors. His latest venture, Celsius Network, was billed as safe and subversive. It was a way for regular people to take advantage of the money-making potential of crypto and turn traditional banking upside down. Celsius filed for bankruptcy protection last month, and its customers worry they may never get their money back. Public records and interviews with people who know Mashinsky paint a…
Read More »JPMorgan downgrades Carvana shares, citing risks to profitability
Now is not the time to buy Carvana stock as the used-car retailer faces a murky growth outlook, JPMorgan says. Analyst Rajat Gupta downgraded shares of the online used car stock to underweight from neutral, saying in a note to clients that the stock is trading at expensive levels, especially compared to its peers. “At current levels, there is minimal margin for error in execution and there is still significant risk to growth, and especially profitability if the macro deteriorates further given the degree of capacity/fixed costs and a captive estate,” Gupta said. While the bank sees value in Carvana’s…
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China expands military exercises around Taiwan and steps up propaganda push
China has expanded military exercises around Taiwan, fueling fears of a prolonged period of heightened tension that is pressuring the US to respond. Beijing’s largest military exercises around Taiwan were expected to end after navigation warnings for seven areas of the country expired early Monday. But the People’s Liberation Army’s Eastern Theater Command said it was “continuing joint training under real war conditions, focusing on organizing joint anti-submarine warfare and naval attacks.” The statement appeared to indicate that while the live-fire drills had concluded, the Chinese military was maintaining a campaign of pressure that has brought its fighter jets and…
Read More »PwC fined £2.5m for BT fraud audit errors
PwC has been fined £2.5m by the audit watchdog for its failings following the discovery of massive fraud at the Italian unit of telecoms firm BT in 2016. BT discovered fraud at its Italian business in 2016, forcing it to issue £513m of adjustments to its 2017 financial statements. The Financial Reporting Council found that PwC did not act with sufficient skepticism in relation to BT’s adjustments during its 2017 audit, and also did not adequately document its work. TO READ PwC fined £8m for Kier Group and Galliford Try audits The audit watchdog fined PwC £2.5m (reduced to £1.75m…
Read More »Stock Market Sectors: Stock Market Update: Exploitation of Mining Stocks as Market Rises
NEW DELHI: Mining stocks were trading higher at 10:35 am on Monday 20 micron (+4.58%), NMDC Ltd (+2.16%), Dvpt Corporation (+1.92%), Aro Granite Industries (+1.47%), Madhav Marbles and Granites (+1.08%), Pokarna (+1.03%), Oriental Trimex (+0.96%) ), MOIL (+0.90%), Orissa Minerals Development Company (up 0.63%) and Coal India (up 0.31%) were among the top gainers. KIOCL (down 0.20%) and Ashapura Minechem (down 0.05%) were among the top losers. The NSE Nifty50 index was trading up 58.95 points at 17456.45, while the 30-share BSE Sensex was up 242.18 points at 58630.11 around 10:35 am. Mahindra & Mahindra (+2.22%), HDFC Bank (+1.85%), IndusInd…
Read More »Indices: Stock market update: Nifty Pharma index falls 0.12% on upbeat market
NEW DELHI: The Nifty Pharma index traded in the negative at around 11:26 (IST) on Monday in an upbeat market. Gland Pharma (+1.51%), Dr Reddys Laboratories (+1.4%), Zydus Lifesciences (+1.23%), Laurus (+0.91%) and Granules India (+0.47%) are they found among the best gains. Alkem Laboratories (up 4.85 percent), Glenmark Pharmaceuticals (up 1.68 percent), Strides Pharma Science (up 1.07 percent), Pfizer (up 1.0 percent) and Lupine (up 0.96 percent) were the index’s top losers. . The Nifty Pharma index was down 0.12 percent at 12923.65 at the time of writing. The benchmark NSE Nifty50 rose 64.55 points to 17462.05, while the…
Read More »Apple under scrutiny for mishandling misconduct claims
This is an audio transcript of the FT News Briefing podcast episode: Apple under scrutiny for mishandling misconduct claims Marc FilippinoGood morning from the Financial Times. Today is Monday, August 8, and this is your FT News Briefing. [MUSIC PLAYING] The global sell-off in stocks is having a knock-on effect on private markets. And mainstream economy companies like Uber are making more money than ever. Additionally, the FT reports that when more than a dozen female Apple employees reported misconduct to HR, their claims fell on deaf ears. Patrick McGeeApple’s immediate concern seems to be, will this hurt Apple? Marc…
Read More »This newly-listed stock fell 10% after first-quarter results. Should you buy?
Shares in Tarsons Products are down more than 10% in the morning session following the announcement of 1Q23 results. Tarsons Products stock price opened today with a wide gap to the downside and hit an intraday low ₹684.25 on NSE, registering a fall of around 11 percent within minutes of opening bell. According to stock market experts, Tarsons Products Ltd has reported weak quarterly numbers and the market hovering around its resistance levels is in no mood to hold any stock that has a chance of selling them. This value has fallen due to the ‘oversold’ sentiment in the market…
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