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Billionaire Alibaba founder Jack Ma touring Dutch research institutes-SCMP

HONG KONG (Reuters) – Alibaba (NYSE:BABA) Group founder Jack Ma has been touring Dutch research institutions to pursue his interests in agriculture technology, Hong Kong newspaper South China Morning Post (SCMP)reported, quoting people familiar with his trip.

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Billionaire Alibaba founder Jack Ma touring Dutch research institutes-SCMP
© Reuters. FILE PHOTO: Jack Ma, founder and executive chairman of China’s Alibaba Group, speaks in front of a picture of SoftBank’s human-like robot named ‘pepper’ during a news conference in Chiba, Japan, June 18, 2015. REUTERS/Yuya Shino

HONG KONG (Reuters) – Alibaba (NYSE:) Group founder Jack Ma has been touring Dutch research institutions to pursue his interests in agriculture technology, Hong Kong newspaper South China Morning Post (SCMP)reported, quoting people familiar with his trip.

The Chinese billionaire has largely been out of public view since he publicly criticised China’s regulatory system in a speech last year. His empire promptly came under heavy scrutiny from regulators and the $37 billion blockbuster IPO of his fintech affiliate Ant Group was suspended.

Ma, once China’s most famous and outspoken entrepreneur, reappeared in Hong Kong in October, where he met at least “a few” business associates over meals, two sources told Reuters.

He then flew to the Spanish island of Mallorca, where his luxury yacht is anchored, his first trip abroad since he fell out with Chinese regulators, two Spanish newspapers reported last week.

SCMP, owned by Alibaba, published three photos of Ma, sourced as handouts and dated Oct. 25.

In two of them he was seen wearing a white protective gown and holding flowerpots, while in the third he was wearing jeans and a hoodie and the caption said he was analysing technology by aluminium extrusion specialist BOAL Systems.

The billionaire, who retired as Alibaba’s chairman in 2019, will continue touring European companies and research institutions involved in agricultural infrastructure and plant breeding, according to people familiar with his plans, SCMP reported.

Ma believed combining the technology he researched with Alibaba’s cloud computing, big data analysis and artificial intelligence could help modernise Chinese agriculture, the people told SCMP.

On Sept. 1, photographs of Ma visiting greenhouses in eastern Zhejiang province, home to both Alibaba and Ant, went viral on Chinese social media.

The next day, Alibaba said it would invest 100 billion yuan ($15.5 billion) by 2025 in support of “common prosperity”, becoming the latest corporate giant to pledge support for the wealth sharing initiative driven by President Xi Jinping.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Italy in talks with EU to delay MPS privatisation beyond 2023 – sources

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Italy in talks with EU to delay MPS privatisation beyond 2023 - sources
© Reuters.

By Giuseppe Fonte

ROME (Reuters) – Italy’s Treasury is discussing with European Union authorities the possibility of extending by more than two years a 2021 deadline to cut Rome’s 64% stake in ailing bank Monte dei Paschi di Siena (MPS), two sources told Reuters.

Under the terms of a 5.4 billion euro ($6.12 billion) state bailout agreed with Brussels in 2017, Italy was supposed to have a deal in place by the end of this year to re-privatise MPS, but this has not proved possible.

Talks to sell the Tuscan lender to the country’s No.2 bank UniCredit collapsed in October, leaving the Treasury chasing alternative options.

Rome expects to win Brussels’ approval for a lengthy extension of the deadline to return MPS to private hands. This will give the government time to boost the bank’s profitability and attract new investors, the sources said, asking not to be named because of the sensitivity of the matter.

The extension being sought will be “more than two years,” one of the sources said. This was confirmed by a second source familiar with the matter.

Shares in MPS jumped almost 17% on Wednesday, with traders saying the Treasury-led restructuring could make the lender more appealing for a potential partner.

In a further boost on Wednesday, ratings agency Fitch removed a negative rating watch on the bank.

Both sources said the Treasury would make every effort to keep the new deadline confidential, in order to avoid the risk that potential buyers wait until it is looming to table an offer when the government is under pressure.

However, the extension will largely cover the timeline of MPS’ new industrial plan ending in 2025, provided the EU competition authorities authorise it.

The Treasury firstly needs to address the bank’s capital requirements, which MPS has put at 2.5 billion euros.

Reuters reported in October that the cash call could total 3.5 billion – to cover layoff costs and other expenses – or more than 3.5 times the bank’s current market value.

Rome will also implement some of the measures that were offered to UniCredit as part of a stand-alone solution for MPS, the sources said.

The plan will clear the bank of its residual problem debts, which will go to state-owned bad loan manager AMCO, while state agency Fintecna will take on risks from MPS’ pending lawsuits.

($1 = 0.8839 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Cisco vs. NETGEAR: Which Networking Stock is a Better Buy?

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Cisco vs. NETGEAR: Which Networking Stock is a Better Buy?
Cisco vs. NETGEAR: Which Networking Stock is a Better Buy?

Despite rising input costs for producing networking equipment and the semiconductor chip shortage, the growing demand from remote working structures, the passage of the infrastructure bill, and the deployment of 5G technology should keep the wheels of the networking industry turning. And prominent networking companies Cisco (CSCO) and NETGEAR (NTGR) should benefit from these industry tailwinds. But which of these stocks is a better buy now? Read more to find out.Cisco Systems, Inc. (NASDAQ:) and NETGEAR, Inc. (NTGR) are two popular companies in the networking industry. CSCO San Jose, Calif., designs and manufactures Internet Protocol (IP) based networking products and services related to communications and information technology worldwide. The company sells its products and services directly and through systems integrators, service providers, resellers, and distributors. In comparison, NTGR, which is also headquartered in San Jose, designs, develops, and markets networking solutions and smart connected products for consumers, businesses, and service providers. It offers network-attached storage devices, wireless controllers and access points, unified storage products, Internet protocol (IP) security cameras, and home automation devices and services. It also offers value-added services that include technical support, parental controls, and cybersecurity protection.

The surging demand for advanced, cloud-based networking products and solutions from residential, commercial, and industrial areas since the pandemic, due to the continued adoption of hybrid working models, has incentivized networking companies to deliver more efficiency in their automation, analytics, and security solutions. The recent passage of a bipartisan infrastructure bill that provides significant funding for networking and 5G companies is likely to contribute to the industry’s long-term growth. The global network infrastructure market is expected to grow at 3.9% CAGR to $229.74 billion by 2026. So, both CSCO and NTGR should benefit.

But while NTGR’s shares have declined 18.9% in price over the past year, CSCO has surged 30.6%. Also, CSCO is a clear winner with 5.4% gains versus NTGR’s negative returns in terms of their past six months’ performance. But which of these stocks is a better pick now? Let us find out.

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Should You Buy the Dip in Autodesk?

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Should You Buy the Dip in Autodesk?
© Reuters. Should You Buy the Dip in Autodesk?

Software company Autodesk (NASDAQ:) topped analysts’ expectations for revenue and earnings in its last reported quarter. However, its business outlook for the next quarter fell short of expectations, prompting a significant price decline in its stock. So, given the uncertainty surrounding the company’s performance in the coming months, is the current price dip in its stock an attractive buying opportunity? Let’s discuss.Autodesk, Inc. (ADSK) is a software and services company that specializes in 3D design, engineering, and entertainment. The San Rafael, Calif.-based company’s technology is used in architecture, engineering, building, product design, manufacturing, media, and entertainment, allowing innovators to tackle big and small challenges.

The stock has declined 18.9% in price over the past three months and 20% over the past month. Closing yesterday’s trading session at $254.19, the stock is currently trading 26.2% below its 52-week high of $344.39, which it hit on August 24, 2021.

Though the company reported robust revenue and earnings in its last reported quarter, it failed to meet analysts’ expectations for its fourth quarter business outlook. This has caused the stock’s price to plummet over the past week. In addition, because the company expects rising inflationary pressure to affect its future performance, the stock could remain under pressure in the near term.

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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