July 10, 2023

Markets Now

How much did Jack Ma's speech cost Ant Group? About $230 billion

Ant Group has announced a share buyback that values it at $78.5 billion, which is about $230 billion or 75% less than the valuation it fetched nearly three years ago, before its IPO was yanked by Chinese regulators.  
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How the Fed's new instant money program could lead to another regional banking crisis

FedNow is coming…now-ish. And that means money transfers are expected to get a whole lot faster.  
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PGA Tour board member quits over 'serious concerns' with Saudi deal

Former AT&T CEO Randall Stephenson has resigned from his post on the influential policy board of the PGA Tour in protest to the proposed merger with Saudi-backed LIV Golf.  
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Rheinmetall will build and repair tanks in Ukraine, says CEO

Rheinmetall will open an armored vehicle plant in Ukraine within the next 12 weeks, shrugging off concerns other Western defense companies reportedly have about building a presence in the country while it is at war with Russia.  
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What is Prime Energy, Logan Paul's controversial energy drink?

For being less than two years old, Prime energy and sport drinks are already enduring a major growth spurt.  
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Can AI save commercial real estate in San Francisco?

Tech companies and commercial real estate firms say they see bright spots in San Francisco’s economy as AI firms drive office leasing demand.  
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Source: CNN Business

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