Finance

Hard lesson for U.S. investors: Chinese companies don’t make the rules in China

BEIJING — American investors’ shock at an ongoing regulatory crackdown in China points to a fundamental difference between the two countries that many didn’t seem to grasp: When it comes to making the rules, corporations don’t have as much influence in China as they do in America. U.S. investors in Chinese companies have been caught …

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Apeel doubles valuation, adds Wojcicki sisters and Michael Ovitz as investors

Apeel, a California-based company tackling global food waste, said Wednesday it raised $250 million in a Series E funding round that values the company at more than $2 billion. That’s nearly double its last reported valuation of $1.1 billion from April 2020, according to PitchBook data. The company is known for its edible substance that, …

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In 1999, Warren Buffett was asked what you should do to get as rich as him—his advice still applies today

If you want to be as rich as Warren Buffett, don’t wait to get started. That’s the advice that the investing titan shared in 1999 at Berkshire Hathaway’s annual shareholders meeting when asked how to make $30 billion, which was roughly his net worth at the time. The then-68-year-old Buffett — whose fortune has since …

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Charlie Munger doesn’t know what’s worse: Tesla at $1 trillion or bitcoin at $50,000

Charlie Munger, vice chairman of Berkshire Hathaway and Warren Buffett’s longtime business partner, on Wednesday dismissed the rocketing share price of Tesla and the recent bitcoin frenzy. During an interview at the Daily Journal’s annual shareholder’s meeting, Munger was asked whether he thought it was crazier for bitcoin to hit $50,000 or for Tesla to …

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covid

Medical experts vote in favor of FDA authorization of BioNTech/Pfizer COVID-19 vaccine candidate

A group of independent medical experts on Thursday voted 17-4 in favor of the Food and Drug Administration granting an emergency authorization to BioNTech and Pfizer Inc.’s COVID-19 vaccine candidate. Shares of BioNTech BNTX, +5.48% were up 1.8% in after-hours trading on Thursday, while Pfizer’s PFE, -0.29% stock also gained 1.8%. The ball is in …

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BNP Paribas says 2 things must happen for the yuan to go global

China’s push to internationalize the yuan will be driven by two things — funds flowing into the country and a relaxation of rules that restrict the Chinese currency from moving abroad, said the chief executive of BNP Paribas China. The yuan is unlike other major currencies such as the U.S. dollar or the Japanese yen, …

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Foolish for investors to ignore both market positives and negatives, all-star investor Rich Bernstein says

While lawmakers go back to work on a second coronavirus relief package,?Institutional Investor Hall of Famer Richard Bernstein is building strategies to cope with a more contentious market environment. Bernstein, who has spent decades on Wall Street, expects the recovery to be jagged. ‘Your portfolio has to be a little positioned in terms of matter …

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Pandemic’s economic hit will be here ‘for a long time’ even if a vaccine is approved, economist says

While markets reacted positively this week to promising news of potential coronavirus vaccines in development, a top economist warned that the economic hit from the pandemic will be here for a long time. A large number of small businesses that closed in March?? when restrictions around social movements went into effect?? are not going to …

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