In the wake of the SEC circular, we would like to reassure you that your equities and funds are safe and secure with Trove. Additionally, we’d like to reiterate that we are actively engaging with the SEC and that we are, and will, remain committed to being in compliance with all local laws and regulations. Note that we are operating business as usual. You can continue depositing, trading and everything else, as you’d normally do!
Okay, putting all the chaos aside, we’ve got your market updates all tee-d out!
Now, Jump in, shall we?
China x Alibaba, Pt 2
You thought you’d seen it all? [hehehe now laughing in “Chinese.” Yes, all kinds of pun intended.] Last year, China blocked Alibaba’s mega IPO plan of $37Billion – and it was the talk of the town. But walla, yesterday, the country’s antitrust enforcement agency slapped a whooping $2.75Billion fine on Alibaba Group Holding Ltd. [Wahala be like bicycle o!] The summary of the story is that China’s anti-monopoly probe found that the e-commerce giant had abused its dominant market position for several years. [We all know about Alibaba, don’t we?!]
However, the Alibaba business empire has come under intense scrutiny in China since billionaire founder Jack Ma’s stinging public criticism of the country’s regulatory system in October. [Simply put, soro-soke-ing might not be for free…] Chinese official media hailed the penalty imposed on Alibaba, saying it would set an example and bolster awareness about anti-monopolistic practices and the need to adhere to related laws.
Is Jack’s Ali the only one facing similar turmoil? Perhaps, you need to be reminded that big tech (Google, Facebook & the likes) is also facing similar antitrust issues in the US with regulators.
…#TooBigToFail?
Amazon! It’s People!
The much discussed unionization war. The battle between Amazon and some of its workers requesting for union has been raging for a while now. Talk about a Tyson Fury vs. AJ type of a ring. Workers nationwide had to decide by a vote if they supported a unionization of the workforce. And of course, no company, including amazon, wants that to happen. [because, why form a union against your OWN employer…] but hey, here we are… voting being the last option. After more than a week of vote counting, the no votes hit a simple majority on Friday, according to multiple reports. The ballot counting continues, though, until there is an official count. As of Thursday, the counting suggested the unionization effort would fail. Soooo! Bezos might be smiling somewhere right now..
Needless to say, Amazon shares have been up 4% over the week.
Earnings Season!
We are counting down to the quarterly earnings season report next week! Hoping you are too! The S&P 500 and Dow closed at record highs on Friday, on a wave of late-buying in tech and strength in banking stocks. Rising by 0.73%, to close at a record level of 4,127.09, the S&P is off to a good start. The Dow Jones Industrial Average also rose by 0.89%, notching 297 points and closing at an all-time high of 33,800.60. The Nasdaq Composite [didn’t carry last] was also up by 0.51%.
The Rollercoaster continues with Boeing 737 Max
After being grounded worldwide for [what feels like an eternity, okay… maybe that’s a slight exaggeration] 20 months, following two fatal crashes in Indonesia and Ethiopia that killed 346 people, the aircraft is down again just one month after clearance to fly again by the US safety regulators. [Oh dearessstttttt!] This time, Boeing has reported an electrical fault with some specific groups of 737 max jets. The company said that the “production issue” does not affect its entire fleet and told 16 operators that the jets should not be flown until these have been addressed. The company is working alongside the Federal Aviation Administration (FAA) on the issue, and confirmed current issues are not related to the flight-control system that grounded its planes previously. [Boeing x Problems = 5 & 6]
Hoping it all gets resolved – Fully resolved.
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