Singapore's Ninja Van Said to Halve Valuation in Latest Round
Singapore-based Ninja Van, backed by Alibaba Group Holding Ltd., is set to raise $80 million in a round that will reduce its valuation to about $1 billion, according to people familiar with the matter. Existing investors B Capital Group — the venture capital firm set up by Meta Platforms Inc. co-founder Eduardo Saverin and Raj Ganguly — as well as Monk's Hill Ventures will be leading the round, said the people, who asked not to be named because the information is private.
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Business Insider
2 hours ago
- Business Insider
Not Just Buffett and Burry, But This Billionaire Investor Also Bet Big on UnitedHealth Stock (UNH) in Q2
Billionaire investor David Tepper increased his stake in the struggling health insurance giant, UnitedHealth (UNH), during Q2. His move mirrors Warren Buffett 's Berkshire Hathaway (BRK.B), which also revealed a new $1.57 billion stake in UNH stock. Further, Michael Burry's Scion Asset Management bought calls on 350,000 shares. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. UNH stock gained 14% on Friday as bullish bets from Top hedge funds boosted investor hopes for a rebound. According to a recent 13F filing, Tepper's Appaloosa Management LP added 2.3 million shares of UNH, bringing the total value of the stake to $764 million. This makes UNH the fund's second-largest holding after Chinese e-commerce giant Alibaba (BABA). Tepper's bet comes at a turbulent time for UnitedHealth, which is dealing with a criminal probe into Medicare billing, a CEO shakeup, and the aftermath of a massive cyberattack. UNH stock has plunged about 40% year-to-date. Tepper Shifts Strategy on China Tepper's bet on UNH aligns with his investment strategy, which involves making bold bets on companies that others are avoiding. It is similar to his earlier investment in Chinese stocks, which he began buying last year when many investors were pulling back over economic and geopolitical concerns. It must be noted that those investments paid off as China's MSCI benchmark surged 46% over the past year due to Beijing's economic stimulus efforts. However, Tepper is now taking a more cautious approach. The fund reduced its holdings in major Chinese companies amid rising trade tensions. Appaloosa cut its stake in Alibaba by over 20% and also trimmed its positions in (JD), Baidu (BIDU), and PDD Holdings (PDD). Tepper's Other Bullish Bets Apart from UNH, the investor also ramped up his stake in Nvidia (NVDA), adding 1.45 million shares for a total of 1.75 million. This 483% increase brings the position's value to over $276 million. Also, he made some notable new investments last quarter. These include tech giant Intel (INTC), with 8 million shares valued at $179.2 million, and aerospace and defense company RTX (RTX), with 585,000 shares worth $85.4 million. The third-largest new buy is health information technology and clinical research provider IQVIA Holdings (IQV), with 300,000 shares valued at $47.3 million. Is UNH a Good Buy Right Now? Turning to Wall Street, UNH stock has a Moderate Buy consensus rating based on 18 Buys, four Holds, and two Sells assigned in the last three months. At $312.65, the average UnitedHealth stock price target implies a 2.17% upside potential.
Yahoo
2 hours ago
- Yahoo
Why the U.S. and China Are Playing Nice
Credit - Getty Images The U.S. and the People's Republic of China are strategic rivals in the battle for global leadership in the 21st century. So it was no surprise when President Donald Trump hit China with 20% tariffs in the first few weeks of his second term and then imposed reciprocal tariffs of 34% on 'Liberation Day.' And when Trump a few days later lowered tariff rates for everyone else to calm markets, he quadrupled duties on China to a whopping 145%. But all that now feels like ancient history. Over the past four months, Trump has bent over backwards to be kind to Beijing. The two sides announced a 90-day ceasefire in Geneva in early May, agreeing to reduce tariffs and negotiate their differences over export controls and other issues. (Remaining U.S. tariffs on China are still at roughly 55%, and China's tariffs on the U.S. stand at almost 33%. These are historically high levels, but not sufficient to outright stop trade.) Further discussions in London and Stockholm made enough progress for the two sides this week to announce another extension of the ceasefire, with the White House praising Beijing for being cooperative and flexible in the negotiations to date. Read More: Why Trump Will Blink First on China In the same vein, the Trump Administration has not shut down TikTok in the U.S. despite the fact that it is still Chinese-controlled, in contravention of American law; it denied a transit visa for Taiwanese President William Lai; and it is allowing Nvidia and AMD to sell advanced chips in China despite originally blocking many of these sales, following a pay-for-play deal. So why the sudden about-face on China? It is doubly odd given the U.S.'s simultaneous tough tact toward other members of the BRICS—a rival to the U.S.-led G7 that includes Brazil, Russia, India, and South Africa—not to mention many of America's traditional allies. Three reasons stand out. First, both Washington and Beijing now have proven weapons that are restraining the aggressive instincts of the other side. Unlike others who caved in to Trump's pressure, Beijing retaliated, first with its own high tariffs, and then, more importantly, with restrictions on rare earth minerals, over which they have a global chokehold. Once Trump began lowering most of the initial reciprocal tariffs and calling for talks with Xi, they had confidence that restricting rare earths minerals and magnets would be met not with counterstrikes but with concessions. That includes the Trump Administration backing off imposing new export controls on several technologies and scrapping their threat to 'aggressively revoke' Chinese student visas. Beijing now believes it has perfected the recipe for making a 'TACO' ('Trump always chickens out'). Second, Trump and Xi both have an interest in strengthening economic confidence at home. With persistent overcapacity and price wars across industrial and consumer sectors, 'involution' has become the word of the year in China, a nod to the excessive competition that is hurting local businesses. Xi needs to shore up government finances, consolidate industries, and avoid further international barriers to Chinese exports and investment. The U.S.'s current economic picture is stronger, but constituents in town halls across the country have expressed deep worries about lost export markets, inflation, budget deficits, and a potential recession. Third, both Trump and Xi want to meet each other, most likely in the Fall in Asia. Trump has been signaling his desire for direct communication with Xi since at least April. He wants to assemble a deal that he can sell at home as boosting U.S. business opportunities and stopping the fentanyl epidemic, given China's role in producing most of the precursors in the synthetic opiod that is trafficked to America. The Chinese have played hard to get, privately saying any summit must be preceded by detailed negotiations and planning. Based on my conversations with experts in China in recent weeks, Xi wants to avoid being disrespected, as Ukrainian President Zelensky and other world leaders were during their White House visits. And with Trump making concession after concession, Beijing may want to consolidate its recent gains and aim even higher, perhaps inducing Trump to make further compromises over tariffs, export controls, and Taiwan. Read More: It's Time for Trump and Xi to Meet Although one should not dismiss the value of stable ties between the world's two largest economies, each equipped with massive stockpiles of nuclear weapons, this warming trend is unlikely to last very long. Both sides prefer calmness now because it aligns with their short-term interests. Chinese official rhetoric aside, neither side sees the relationship in cooperative terms, and neither is willing to take major steps to provide strategic reassurance to the other. The underlying fundamental challenges created by the countries' deep divisions over their economic ties, the potential for conflict over Taiwan and other hotspots, and their competing visions of the international order can only be papered over for so long. At some point Beijing may run out of luck, and either not concede enough in negotiations or push too hard to make a TACO, and instead generate a Trumpian tirade or policy overreaction. Trump's unpredictability make linear extrapolations of any U.S. policy or strategy a risky bet. At some point, for either reasons of policy or fashion, the U.S.'s current gentle approach toward Beijing is likely to eventually harden, and for a new scene in the drama to unfold. Read More: Why China Can't Win a Trade War Beijing knows no deal with Trump is permanent. They will enjoy the peace and quiet as long as they can, but they know they need to be prepared for the next round of escalation—whenever it arrives. Other countries, companies, and markets should, too. Contact us at letters@ Solve the daily Crossword
Yahoo
2 hours ago
- Yahoo
Mega $33M office-shipping center near N.J. Turnpike to open next year
The Joyce Kilmer Logistics Center, a new $33 million industrial project in Middlesex County, is expected to be completed in 2026. Faropoint and Deugen Development closed on the construction loan for the 195,421-square-foot complex this summer, according to a news statement issued by Cushman & Wakefield, which arranged the loan. The center, located at 701 Joyce Kilmer Ave. in New Brunswick, will feature 36-foot clear ceiling heights, 32 loading docks and electric vehicle parking spaces, and modern office space, according to the statement. It is designed to accommodate mid-sized users, with the flexibility to divide into smaller units ranging from 40,000 to 50,000 square feet. The project is strategically positioned near major transportation routes including the New Jersey Turnpike (I-95) and Route 1, providing easy access to key consumer markets in New York City and Philadelphia. 'The Exit 9 industrial corridor has become a gateway for commerce in the northeast and has benefitted from a rapid surge in demand for modern industrial facilities, driven by e-commerce growth and supply chain optimization,' said Brad Domenico of Cushman & Wakefield. The development also addresses a specific market need, according to Orry Michael, vice president of Northeast Acquisitions at Faropoint, who said there is a 'limited supply of new Class A product with suites under 100,000 square feet in this Exit 9 micro-location.' Generative AI was used to produce an initial draft of this story, which was reviewed and edited by NJ Advance Media staff.
