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Techlife News

Techlife News

#468

Read the most relevant news of the week about the world of technology and its influence on our lives. New products, Apps, acquisitions in the industry, highlights about the digital world and everything about your favorite iGadgets and upgrades. Everything you need to keep well informed. A new concept of light, intelligent, innovative reading at your fingertips. A global view of Tech LifeStyle and its influence on our lives.

Land:
United States
Språk:
English
Utgiver:
Ivan Castilho de Almeida
Hyppighet:
Weekly
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4 min.
bank profits remain resilient despite lingering pandemic

Unemployment remains high, many small businesses are struggling, and there are few signs that Congress and the White House can soon agree on another stimulus package to help the U.S. economy in the pandemic. But Wall Street banks are on the rebound after slumping the first six months of the year. JPMorgan Chase, Citigroup, Wells Fargo and Bank of America saw their profits partly recover in the third quarter from the depths of the coronavirus-caused recession earlier this year. The turnaround stems mostly from improvements in the U.S. economy that allowed these big banks to set aside less money to cover potentially bad loans — $5 billion in the third quarter versus $33 billion in the second quarter. “It’s the same story at every bank in the industry right now: lower credit…

2 min.
chinese retailer miniso to raise about $562 million in ipo

Miniso, a Chinese discount retailer known for its fashionable but affordable household products, is expected to raise up to $562 million in a U.S. initial public offering in New York. The Guangzhou-based retailer is the latest Chinese company to list in the U.S., amid tensions that have taken U.S.-China relations to their worst level in decades. The U.S. market remains an attractive place to go public, despite the friction over trade and technology, with Chinese firms raising at least $7.5 billion in initial public offerings in the U.S. this year, according to data compiled by the U.S.-China Economic and Security Review Commission. Miniso founder Ye Guofu, who owns an 80% stake in the company, is set to become a billionaire following the listing on Thursday in the U.S., with a net worth of…

2 min.
global watchdog proposes tax overhaul for big tech

A global economic watchdog this week proposed an overhaul of international tax rules to make sure big tech companies pay their dues, and warned that failure to adopt it would make the economic recovery from COVID-19 harder. The Paris-based Organization for Economic Cooperation and Development, which advises the world’s top economies, said its global tax overhaul framework will be presented to Group of 20 finance ministers meeting this week and could be implemented by mid-2021 if an agreement is reached. The group estimated the measures could raise an extra $100 billion in corporate tax revenues annually. The OECD has been trying to find a compromise among more than 135 countries on digital taxes, spurred by longstanding demands from France and other European Union nations for U.S. digital giants like Amazon and Google…

3 min.
jpmorgan, citi profits improve amid signs of recovery

Two of the nation’s biggest banks — JPMorgan Chase and Citigroup — said that their profits improved markedly over the summer, as the U.S. economy tried to bounce back from the coronavirus shutdowns that were imposed earlier this year. Even so, both New York banks warned that much uncertainty remains about where the U.S. economy is headed, and top bank executives bluntly said there is a need for another economic stimulus package to keep the economy from slipping into recession again. “A good, well-designed stimulus package will simply increase the chance we get better outcomes,” said JPMorgan’s Chairman and CEO Jamie Dimon in an conference call with reporters. Both Citi and JPMorgan set aside fewer funds to cover potentially bad loans, contributing to the improvement in their third-quarter results. These loan-loss reserves,…