The rules of the game keep getting harder for China’s internet sector. On Friday, Tencent lost $46 billion in market value as Chinese gaming stocks traded in Hong Kong dropped, hurt by Beijing’s newly released draft regulations for the online games industry. It was Tencent’s biggest tumble in more than 10 years. Smaller competitor NetEase […]
The flexible-spending account, or FSA, is one of two common ways of paying for healthcare expenses tax-free. With an FSA, employees can deduct a certain amount of money from their paychecks each year—the maximum was $3,050 in 2023—to cover expenses not paid by their insurance such as doctor and prescription copays. The FSA is often […]
Dec. 12, 2023 12:39 pm ET WASHINGTON—Gary Gensler is facing a growing number of legal challenges as the Securities and Exchange Commission chair moves forward with wide-reaching efforts to squeeze Wall Street for the benefit of investors and companies. A group of hedge funds sued the SEC on Tuesday in hopes of overturning a pair […]
The U.S. Treasury prefers its debt sales to be humdrum affairs. Lately, they are sparking fireworks in markets. Scrutiny of Treasury auctions—whereby the government funds operations by selling the world’s safest bonds to big banks and dealers—has grown alongside their size. For years, many in Washington and on Wall Street assumed that investors would buy […]
Broadcom Chief Executive Hock Tan isn’t someone who finds blowing money appetizing. But that $40,000 dinner seems to have gone down well. That was the reported cost for Tan to sit at the table of Chinese President Xi Jinping during a dinner at last month’s Asia-Pacific Economic Cooperation conference in San Francisco. It is a […]
Updated Dec. 6, 2023 3:29 pm ET Swiss prosecutors charged a former top executive at Trafigura with facilitating payment of millions of dollars’ worth of bribes to land the energy trader preferential treatment in African oil producer Angola. Mike Wainwright helped to funnel part of the payments to an Angolan official, Swiss prosecutors said in an […]
Updated Dec. 4, 2023 6:22 pm ET AT&T struck a deal with Ericsson to buy up to $14 billion of its hardware and services after the Swedish equipment supplier pledged to open up its software to competing systems. The five-year agreement would move virtually all of AT&T’s new purchases of certain cell-tower equipment to Ericsson, […]
Updated Dec. 2, 2023 12:23 am ET At an off-site in upstate New York last month, during a dinner lasting roughly three hours, Goldman Sachs Chief Executive David Solomon told partners that the firm had made some mistakes with consumer lending. But, he said, the business wasn’t as bad as they thought and they didn’t […]
Nov. 30, 2023 11:29 am ET Sit down while you’re reading this: Fed policy makers made a dud prediction about how much inflation would cool at the tail end of 2023. The Commerce Department on Thursday reported that its overall index of consumer prices—the Federal Reserve’s preferred inflation gauge—was flat in October from September, putting […]
Electric vehicles have really taken off in China, but so has competition. That is the conundrum investors face as they size up the latest EV brands pitching their growth prospects in New York. Lotus Technology is in the final stages of a merger with a Nasdaq-listed special-purpose acquisition company that values it at $5.5 billion. […]
