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Follow this list to discover and track stocks that have set MACD bullish crosses within the last week. A bullish crossover occurs when the MACD turns up and crosses above the signal line. Our algorithms use 12,26,9 as MACD parameters. This list is generated daily and ranked based on market cap. This list is generated daily, ranked based on market cap and limited to the top 30 stocks that meet the criteria.
Johnson & Johnson
Taiwan Semiconductor Manufacturing Company Limited
Bank of America Corporation
Wells Fargo & Company
Wells Fargo & Company
ASML Holding N.V.
Thermo Fisher Scientific Inc.
China Mobile Limited
China Life Insurance Company Limited
PetroChina Company Limited
HSBC Holdings plc
The Goldman Sachs Group, Inc.
Becton, Dickinson and Company
Crown Castle International Corp. (REIT)
China Petroleum & Chemical Corporation
Air Products and Chemicals, Inc.
The CEO of a company specializing in cleaning products for tech gear issues a warning.
U.S. tech giants face a reckoning over how Hong Kong's security law will reshape their businesses, with their suspension of processing government requests for user data a stop-gap measure as they weigh options, people close to the industry say. While Hong Kong is not a significant market for firms such as Facebook, Google and Twitter, they have used it as a perch to reach deep-pocketed advertisers in mainland China, where many of their services are blocked. "These companies have to totally reassess the liability of having a presence in Hong Kong," Charles Mok, a legislator who represents the technology industry in Hong Kong, told Reuters.
New York, New York--(Newsfile Corp. - July 8, 2020) - The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Wells Fargo & Company (NYSE: WFC) alleging that the Company violated federal securities laws.Class Period: April 5, 2020 and May 5, 2020Lead Plaintiff Deadline: August 3, 2020Learn more about your recoverable losses in DNK:http://www.kleinstocklaw.com/pslra-1/wells-fargo-company-loss-submission-form?id=7833&from=5The filed complaint alleges that Wells Fargo & Company made materially false and/or ...
(Bloomberg) -- Signal has become the most-downloaded app in Hong Kong after Beijing imposed a sweeping national security law on the city that stirred fears of curbs on civil liberties.The messaging app, endorsed by whistle-blower and privacy advocate Edward Snowden, provides end-to-end encryption to secure messages from being read by a third party as they travel between users. It has topped both Apple Inc.’s and Google’s mobile app stores, according to App Annie data.Hong Kong detailed on Monday unprecedented online policing powers under the new law, including warrants for “any action” necessary to remove content deemed in violation. But the nonprofit responsible for Signal said that it won’t cooperate with any requests for user data from Hong Kong courts -- joining tech giants like Microsoft Corp. in the wake of the law’s passage -- in part because it doesn’t collect any data to begin with.“We never started turning over user data to HK police. Also, we don’t have user data to turn over,” it wrote on Twitter.Signal’s privacy-first ethos includes the app’s deliberate ignorance of what its users are doing, which goes above and beyond the likes of Telegram, another secure messenger that’s been popular in Hong Kong amid protests against the Beijing government. Virtual private networks, designed to disguise a user’s digital footprints, also saw a big spike in downloads in May as plans for the national security law started to emerge from the Chinese capital.Read more: VPN Downloads Surge in Response to Hong Kong Security LawThe controversial law went into effect June 30 and has already had a chilling effect on free expression in Hong Kong. It forbids speech and actions that might be seen as encouraging secession from China, terrorism, subversion of state power or collusion with foreign forces. Private messaging platforms have become a refuge as a result, with Hong Kongers retreating to unmonitored forms of communication.(Updates with data from App Annie in second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Global stocks faltered on Wednesday as an increase in new coronavirus cases in some parts of the world undermined prospects for a quick economic recovery. London-listed HSBC shed 4% after Bloomberg reported that U.S. President Donald Trump's top advisers weighed proposals to undermine the Hong Kong currency's peg to the U.S. dollar.
(Bloomberg) -- HSBC Holdings Plc, which draws more than two-thirds of its pretax income from Hong Kong, slumped as advisers to U.S. President Donald Trump discussed a potential move to punish banks in the city and destabilize the currency peg to the dollar.Europe’s largest financial institution was named as a potential target, Bloomberg News reported, citing people familiar with the matter. U.S. Secretary of State Michael Pompeo last month singled out Peter Wong, the bank’s Asia-Pacific chief executive officer, for signing a petition supporting “Beijing’s disastrous decision to destroy Hong Kong’s autonomy.”“Disruption to the currency peg and dollar funding, with HSBC reporting in U.S. dollars, could erode revenue and accelerate material changes in its dual listing and structure,” Bloomberg Intelligence analysts Jonathan Tyce and Francis Chan wrote on Wednesday.“HSBC’s to-do list remains considerable, though a wait-and-see approach -- with November’s U.S. election the due-date -- may be adopted for the latest peg and funding turbulence,” they wrote.London-based HSBC has been walking a political tightrope as it seeks to expand in China in a bid to boost profits, shifting away from struggling operations in Europe and the U.S. The bank last month endorsed China’s new security law.The U.S. clearing license is vital to HSBC’s global operations and the bank is one of the largest international lenders operating in America. HSBC recently hired James Forese, a former senior executive at Citigroup Inc., to its board as it looks to revamp its global business including its underperforming U.S. unit.HSBC is also the largest note-issuing bank in Hong Kong, putting it at more risk than Standard Chartered Plc. and BOC Hong Kong Holdings Ltd. should the U.S. limit their ability to buy dollars.HSBC announced last month it would revive a massive cost reduction plan that had been put on halt due to the virus. The bank plans to shrink U.S. retail, French and non-ring fenced U.K. exposure, and cut about 35,000 roles globally.In a statement on its official WeChat account in June, the bank pledged to continue to invest and support the Chinese economy after speculation in local media that its massive restructuring plan would mean an exit from China.Some top advisers to President Donald Trump want the U.S. to undermine the Hong Kong dollar’s peg to the U.S. currency to punish China for recent moves to chip away at Hong Kong’s political freedoms, according to people familiar with the matter. The proposal, however, hasn’t been elevated to the senior levels of the White House, and faces strong opposition from others in the administration who worry such a move would only hurt Hong Kong banks and the U.S., not China, said the people.HSBC fell about 4.3% in Hong Kong, making it the biggest drag on the benchmark Hang Seng Index. The bank’s stock declined as much as 4.3% in early London trading, extending this year’s loss to 36%. A Hong Kong-based spokeswoman declined to comment on the U.S. report.(Adds more detail from Bloomberg Intelligence in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Top Chinese energy firms have mandated investment banks Morgan Stanley and Goldman Sachs to act as advisors for multi-billion dollar deals transferring key oil and gas pipeline assets into a national energy infrastructure giant, four sources said. Overseen by a government vice premier, underlining the project's importance for Beijing, Beijing aims to complete the asset transfers and start operation of the new entity - valued by industry analysts at more than $40 billion - by the end of September, oil industry officials said. The mandates come after China announced in late 2019 that it would establish an entity known as National Oil and Gas Pipeline Company by combining pipelines, storage facilities and natural gas receiving terminals operated by China National Petroleum Corp (CNPC), China Petrochemical Corp (Sinopec Group) and China National Offshore Oil Company (CNOOC).
(Bloomberg Opinion) -- For most people, a vaccine against the coronavirus can’t come soon enough, as it will be the only tolerable way to achieve herd immunity. So it’s encouraging that more than 100 drug candidates in 12 countries are in development, and eight are already entering clinical trials. To accelerate the process, some people are heroically volunteering to expose themselves to infection. With luck, some of us can get our shots next year.And yet, there’s still a danger that humanity will fail in its quest to control Covid-19. The culprit wouldn’t necessarily be the medical complexity, fiendish as it is, of engineering a vaccine. It could also be the ensuing politics surrounding inoculation. The fights will be intense, irrational and sometimes nasty.The first problem is that even after we become confident that a particular vaccine is effective and safe, there won’t be enough for everyone. So we’ll have to decide: Who should get the shots first? Who won’t get any? These questions will come up between countries, and within them.Given the right leadership, the world would overcome these difficulties with dignity and wisdom. Forty years ago, for example, as the world shivered in a Cold War between the U.S. and the Soviet Union, humanity nonetheless managed to unite and eradicate smallpox.Today, however, the odds for health-care multilateralism are bad. A new Cold War is underway between the U.S. and China. And a “My Country First” nationalism is infecting ever more countries, including several of those working on vaccines. Rich nations will try to outbid poor ones in securing supplies of the vaccine. And someone like U.S. President Donald Trump may not necessarily “share” a scarce vaccine invented and made in America with other countries. German officials were outraged earlier this year after reports — never confirmed — that Trump tried to buy CureVac, a German company working on a vaccine, in order to get exclusive access.Ethical problems of triage will also haunt domestic politics. Most people will agree that health-care workers on the front lines should get first dibs on jabs. But, after that, nothing is clear. Should pregnant women get priority? What about the elderly? They’re in greatest danger of dying if infected, but they respond much less to vaccination than younger people do. So if herd immunity is the goal, inoculating the old may not make sense.On it goes, with increasingly charged decisions. What about “essential workers,” and who are they anyway? Migrant workers and prisoners live in cramped conditions. Should they jump the queue? Not least, in this time of Black Lives Matter, there’s the question of whether ethnicity should in some cases confer priority. In the U.S., Black and Latino people are suffering disproportionately from Covid-19. Should they get shots before Whites?If these dilemmas are political dynamite, they may end up looking trivial next to what’s sure to be the biggest showdown: the standoff between scientific rationality and conspiracy theories. Early in the pandemic, there were hopes that the balderdash of anti-vaxxers would become untenable and their movement would atrophy. Instead, it’s booming.Humans have always spun conspiracy theories, especially at times of calamity. The anxiety that comes with loss of control primes people to seek simple explanations with compelling story lines and an obvious culprit. Unsurprisingly, the Covid-19 epidemic has been accompanied all along by an “infodemic.”For example, a fake-news video called “Plandemic,” claiming that the new coronavirus was hype and that a vaccine would kill millions, was viewed more than 7 million times on YouTube before it was taken down. Demonstrators from Germany to the U.S. have been spreading bizarre fantasies that Bill Gates, one of the world’s great philanthropists, conspired with “Big Pharma” to engineer SARS-CoV-2 so he could establish a global health dictatorship. He’ll police this with microchips implanted under your skin. There’s no end to this bilge available on the internet.None of this is funny. Conspiracy theories have already led to anti-vaxxers refusing to get shots against measles, thus compromising the already-achieved herd immunity and causing new outbreaks of this deadly disease. The same could happen when a coronavirus vaccine becomes available. The threshold for herd immunity against Covid-19 is estimated at between 55% and 82% of a given population. But only about 50% of Americans say they’d get vaccinated.So the time for corona statecraft and education is now, before the vaccine arrives. Internationally, countries are likely to be most open to multilateral solutions before it’s clear which nation will first develop a vaccine. Domestically, the debate about who has priority has the best chance of staying scientific before people are clamoring for jabs. Above all, educating people to distinguish facts from fake news is effective only before they become exposed to, and infected by, conspiracy theories. We have to win the struggle against disinformation this year, or lose the fight against Covid-19 in 2021.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andreas Kluth is a columnist for Bloomberg Opinion. He was previously editor in chief of Handelsblatt Global and a writer for the Economist. He's the author of "Hannibal and Me." For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Credit Suisse wants to raise its China securities joint venture stake to 100% and increase its market share after getting the regulatory green light to take a majority holding, the head of its Asia business said. Switzerland's second-largest bank is also looking to hire more staff and invest in China, the world's second-biggest economy, as its most significant business opportunity in the world, its APAC boss Helman Sitohang told Reuters. China has gained in relevance for Credit Suisse and other international banks after Beijing fast-tracked the opening of its financial markets to foreigner investors.
(Bloomberg) -- Digital advertising platforms run by Google, Amazon.com Inc. and other tech companies will funnel at least $25 million to websites spreading misinformation about Covid-19 this year, according to a study released Wednesday.Google’s platforms will provide $19 million, or $3 out of every $4 that the misinformation sites get in ad revenue. OpenX, a smaller digital ad distributor, handles about 10% of the money, while Amazon’s technology delivers roughly $1.7 million, or 7%, of the digital marketing spending these sites will receive, according to a research group called the Global Disinformation Index.GDI made the estimates in a study that analyzed ads running between January and June on 480 English language websites identified as publishers of virus misinformation. Some of the ads were for brands including cosmetics giant L’Oreal SA, furniture website Wayfair Inc. and imaging technology company Canon Inc. The data exclude social-media and online-video services, so the true total is likely much higher.Governments and health officials are still learning more about the virus, and this has allowed misinformation to flourish online. Silicon Valley giants have pledged to crack down, and Alphabet Inc.’s Google has removed ads from sites that violate its policies. However, GDI thinks these platforms need to do more to limit the spread of misinformation.“The difference between what the companies say publicly about their dedication to not monetizing hate speech and harmful content, especially around the pandemic, is not matching up with what our data is telling us that’s actually happening,” said Danny Rogers, co-founder of the Global Disinformation Index.In an ad delivered on May 19 by Amazon, a L’Oreal product was promoted on Americanthinker.com next to an article titled “Is Big Pharma Suppressing Hydroxychloroquine?” Earlier this month, Google served up a Bloomberg News ad on the website Bigleaguepolitics.com, according to the GDI report. The Global Disinformation Index is a U.K.-based research group that provides disinformation risk ratings on media sites all over the world. GDI said it presented Google, Amazon and OpenX with the latest findings from its report and none of the tech companies provided a formal response. The group updates its research weekly and often tells tech companies when their platforms place ads on misinformation sites.The research group releases this information, in part, as a way to alert advertisers when their marketing spots show up on this kind of website. These brands can help by pulling ads from tech platforms when they see issues like this, Rogers said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Traveloka, Southeast Asia’s biggest online travel startup, is close to raising fresh funds at a private-market valuation of about $2.75 billion -- roughly 17% less than its most recent fundraising, according to people familiar with the matter.The Jakarta-based firm is in advanced negotiations with new strategic investors such as Siam Commercial Bank Pcl and Richard Li’s FWD Group Ltd., as well as existing backers GIC Pte. and East Ventures to secure about $250 million, the people said, asking not to be named because the discussions are private. The primary fundraising will be at a $2.75 billion valuation, while a secondary sale will be at $2.4 billion, one of the people said. Traveloka counts online travel site Expedia Group Inc. and JD.com Inc. among its existing backers.Terms of the fundraising could still change, they said. A Traveloka representative declined to comment.Traveloka, which has had its business hammered by the coronavirus fallout, is one of the first unicorns in Southeast Asia to experience a down-round -- raising funds at a lower valuation than the previous funding round. It reflects the sharp drop in business after lockdown orders halted flights and travel. Since the outbreak, the company has cut an unspecified number of positions, including about 80 jobs in Singapore in April.The travel industry is witnessing a sharp decline in business since the spread of the coronavirus. Expedia saw its total gross booking fall 39% in the first quarter, while its share price has dropped 21% this year. Vacation-rental startup Airbnb Inc. cut 25% of its workforce and raised an additional $2 billion in debt to help weather the downturn.Despite the slump, some Traveloka investors are betting on the travel industry’s eventual recovery, led by a rebound in tourism within countries, and a series of cost-cutting measures at the company, one of the people said. In Vietnam -- a model case in containing the pandemic with fewer than 400 cases and no deaths -- domestic travel has restarted.With a population of 570 million and growing middle class, Southeast Asia’s six largest economies are expected to see their online travel market more than double from $34 billion in 2019 to $78 billion in 2025, according to the most recent report by Google, Temasek and Bain released in October.Read more: Southeast Asia’s No. 1 Travel App Jumps on Fintech BandwagonSince its inception in 2012, Traveloka’s valuation climbed to $3.3 billion, according to the people. It has expanded across Southeast Asia, making it easier for consumers to book flights and hotels across countries. Like other startups in the region, Traveloka followed a popular playbook of providing multiple products and extending into financial services to complement its travel, accommodation and lifestyle offerings.Traveloka Chief Executive Officer Ferry Unardi said in an interview at the New Economy Forum in Beijing in November that the company is considering an initial public offering in Indonesia and in the U.S. in two to three years.Traveloka Looking to Grow Into Lifestyle, Financial Services: CEO (Video)(Adds forecast of Southeast Asia’s digital market in the seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
U.S. President Donald Trump's top advisers weighed proposals to undermine the Hong Kong currency's peg to the U.S. dollar, Bloomberg reported on Tuesday, citing people familiar with the matter, although the idea did not appear to gain traction. The proposal to strike against the Hong Kong dollar peg, possibly by limiting the ability of Hong Kong banks to buy U.S. dollars, was raised as part of broader discussions among advisers to Secretary of State Mike Pompeo, it added. Other administration members pushed back against the proposal, worrying that such a move would only hurt Hong Kong banks and the United States, not China, sources told Bloomberg.
NVIDIA (NASDAQ: NVDA) announced on Tuesday that just weeks after its release, the A100 Tensor Core graphics processing unit (GPU) has been adopted by Google Cloud, a division of Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG). The Accelerator-Optimized VM (A2) family, available on Google Compute Engine, is designed specifically to handle some of the most demanding applications out there, including artificial intelligence (AI) workloads and high performance computing (HPC). This makes Google the first cloud service provider to offer the new NVIDIA GPUs.
New York, New York--(Newsfile Corp. - July 7, 2020) - The following statement is being issued by Levi & Korsinsky, LLP:To: All persons or entities who purchased or otherwise acquired securities of Wells Fargo & Company ("Wells Fargo") (NYSE: WFC) between April 5, 2020 and May 5, 2020. You are hereby notified that a securities class action lawsuit has been commenced in the the United States District Court for the Northern District of California. ...
Salesforce.com (CRM) closed at $196.38 in the latest trading session, marking a -0.68% move from the prior day.
Pfizer (PFE) closed the most recent trading day at $34.03, moving -1.39% from the previous trading session.
In the latest trading session, Johnson & Johnson (JNJ) closed at $142.85, marking a -0.09% move from the previous day.
The cell tower manager generally followed the market's swings, apart from a sudden boost when two major customers closed their troubled merger.
(Bloomberg) -- The coronavirus pandemic is exacerbating wealth and racial inequalities around the world. Nowhere is that more apparent than in San Francisco.While many low-income employees in the service sector have been laid off or risk getting sick if they do go to work, the city’s high-paid tech workers have been mostly shielded. The engineers and product managers who helped push up the cost of living in the area over the last 15 years aren’t nearly as affected by the pandemic, with companies like Alphabet Inc. and Facebook Inc. giving them cash bonuses to upgrade their home offices and organizing virtual yoga sessions to help them stay fit.Most tech employees aren’t worried about getting fired and the mostly-digital nature of software work means they can safely do their jobs from home. Many have even left the Bay Area completely.To help staff cope while working remotely, companies are rolling out perks. Salesforce.com Inc. recently sponsored a virtual talent show and is running a week-long “adventurers club” to entertain workers’ kids while they’re stuck at home, in addition to providing benefits such as six additional weeks of parental leave. Microsoft Corp. is also offering parents extra leave time amid school and camp closings.At the same time, service industry workers like Joe Grandov, who has a part-time security job at San Francisco International Airport, are struggling.Grandov, 65, says his hours have been cut by up to 20 a week since the pandemic began because he hasn’t been able to pick up overtime shifts. He also used to earn extra money driving for Lyft Inc. but said he had to stop because he was making as little as $35 a week, hardly enough to justify the health risks the gig posed. Business travel has come to a halt, which is hurting jobs like his that depend on a lively tech sector.“It’s not been easy,” said Grandov, who is a member of the airport’s local union. “We’ve been selling things we don’t need because we need the money more.”This divide between the tech and service industry is compounding the income disparities that have plagued the Bay Area for years. Since January, earnings among low-income workers in San Francisco County have fallen 52.1%, among the highest in the state, according to data from Opportunity Insights, a Harvard University research lab.“The service sector already had stagnating wages, then you introduce a pandemic, and it becomes not just an income gap but a stark divide between those who will survive versus those who can’t,” said Russell Hancock, chief executive officer of Joint Venture Silicon Valley, a nonprofit that analyzes the region’s economy.The changes cut across racial lines too, deepening inequalities between White and non-White workers in the area. More than 30% of the Bay Area is Black or Latino, according to the Bay Area Equity Atlas. Fewer than 10% of Facebook and Google staff are Black or Latino, according to the companies’ latest diversity reports.The inequalities extend to the virus impact: In San Francisco, Hispanic and Latino people make up 50% of cases and about 15% of the population. In Santa Clara County, Latinos are 47% of cases and 26% of the population.Some of the companies boosting perks for their own employees are also acting to address economic and racial inequities. Salesforce is adding diversity recruiters and spending $200 million on organizations that are working to advance racial equality, and pledged to “advocate at federal, state, and local levels for policies to address the equity gap, exacerbated by Covid-19.”The effects of low-income job losses are already weighing on workers, according to Richard Garbarino, mayor of South San Francisco. While the city of about 68,000 hasn’t had major food insecurity issues in the past, it recently partnered with a food bank to distribute 750 meal boxes a week. The pandemic has hit low income families the hardest because they often rely on multiple part-time jobs, Garbarino said.Over 55% of leisure and hospitality jobs were cut between May 2019 and May 2020 in San Francisco and San Mateo Counties, the most of any industry in the area, according to data from California’s Employment Development Department. Over the same period, professional and business services, which includes computer engineering and management, saw a 2% drop.San Francisco’s economy may face even more challenges the longer tech employees stay home. Google and Facebook have told their staff to prepare to work remotely until 2021. Twitter Inc. says anyone who wants to can work from home forever.“Restaurant and service workers are currently paid really well because they’re supported by big companies. When they take their work away, or those jobs away, that ripples through the rest of the economy,” said Jay Cheng, public policy director at the San Francisco Chamber of Commerce. If that happens, “San Francisco is no longer going to be able to be the golden child of the United States economy.”(Adds details on Salesforce policies in fourth and 12th paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Augmented reality startup Magic Leap Inc. has hired Peggy Johnson, a Microsoft Corp. executive, to take over as chief executive officer starting next month, as the company continues to reshape itself as a provider of business services.Magic Leap had been one of the buzziest startups in recent years. It raised more than $2 billion from high-profile investors including Alphabet Inc., largely on the promise that it would turn augmented reality into a viable consumer technology. Rony Abovitz, the company founder and CEO, became the de facto evangelist for augmented reality, with bold and colorful pronouncements of its potential.But the Florida-based company struggled to execute, and sales of its flagship product, the Magic Leap One headset, never took off after extensive delays. The company said late last year it would focus more on business applications, and cut more than half of its workforce in April. Selling to companies is a far different prospect than building a consumer product, and one Abovitz rarely showed as much enthusiasm for. He announced in May he would step down once the company found a replacement.Johnson, who spent more than two decades at Qualcomm Inc., brings extensive experience negotiating partnerships with other large businesses. She joined Microsoft in 2014 as one of CEO Satya Nadella’s first major hires, at a time when the software maker’s dealings with other companies were often contentious. As head of business development, Johnson worked to repair Microsoft’s relationships with partners like Salesforce.com Inc. and Samsung Electronics Co., becoming the face of a new, friendlier company. In 2016 she started Microsoft’s venture capital arm M12.“I look forward to strategically building enduring relationships that connect Magic Leap’s game-changing technology and pipeline to the wide-ranging digital needs of enterprises of all sizes and industries,” Johnson said Tuesday in a statement.Microsoft also makes one of the main rivals to Magic Leap, the Hololens, which it has always positioned primarily as a business tool. A Microsoft spokesperson said the company is satisfied that any confidentiality issues arising from Johnson moving to a direct competitor have been addressed.Microsoft will conduct an internal and external search to find Johnson’s replacement and her duties will be assumed in the short term by Chief Financial Officer Amy Hood, who already oversees mergers and acquisitions, according to a spokesperson.(Updates with background on Johnson in the fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The U.S. Trump administration may seek to retaliate against China for a controversial new security law by targeting some Hong Kong banks for supporting it, according to a report from Bloomberg News on Wednesday. The report said some advisors to President Donald Trump have discussed the possiblity of undermining the Hong Kong dollar peg, possibly by curtailing the amount of U.S. dollars Hong Kong banks can buy. The report sent shares of HSBC Holdings PLC 3.8% lower in European trading as that bank was named as a one potential target. HSBC was widely criticized after its top regional executive, Peter Wong, publicly offered support for the new law, though some media reports say he was pressured to do so as he's a member of a top political advisory body to Beijing.