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CNBC
14 minutes ago
- CNBC
Chinese companies are looking to go global, no longer just about hard manufacturing
Joe Ngai, greater China chairman at McKinsey, says Chinese companies are increasingly producing products that have a global market, like Labubus, Tiktok, and Black Myth: Wukong – but there's some way to go before they become 'truly global'.
Business Insider
16 minutes ago
- Business Insider
Air Canada Withdraws Guidance as Flight Attendant Strike Grounds Planes
(AC) has withdrawn its third quarter and full-year earnings guidance as a strike by its 10,000 flight attendants has led to 700 canceled flights and a shut down of its operations. 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. The Montreal-based carrier, which typically carries 130,000 people a day within Canada and internationally, has been grounded as a strike by its flight attendants enters a third day. In a statement, Air Canada said it canceled 240 flights on Aug. 17 alone due to the strike, leaving thousands of passengers stranded. Canada's federal government in Ottawa moved quickly to order the flight attendants back to work and extend the union's previous collective agreement until a resolution to the current conflict is reached. The government also directed the airline and the Canadian Union of Public Employees (CUPE) to enter binding arbitration to determine the outcome of the contentious labor dispute. Unfortunately, the union has refused to comply with the government's back-to-work order and the flight attendants remain on picket lines throughout Canada. 'Hell No, We Won't Go' In a news release, representatives of CUPE said they want Air Canada to negotiate a fair deal at the bargaining table rather than rely on the federal government to order an end to the strike, which is now considered an illegal work stoppage. Along with pulling its guidance, the airline said that it plans to resume flights on Aug. 18, though it didn't provide details on how it would accomplish that feat. Management has said it will likely take between seven and 10 business days for Air Canada's schedule to normalize, if the strike were to end right away, though that appears unlikely. Is AC Stock a Buy? Air Canada's stock has a consensus Strong Buy rating among 12 Wall Street analysts. That rating is based on 10 Buy and two Hold recommendations issued in the last three months. The average AC price target of C$25.79 implies 33.20% upside from current levels.
31 minutes ago
FTC sues ticket reseller, saying it illegally exceeded purchase limits for Taylor Swift, other shows
The U.S. Federal Trade Commission filed a lawsuit Monday against a ticket broker, alleging the company used illegal tactics to exceed purchasing limits for popular events and then resold tickets at significantly higher prices. In a lawsuit filed in federal court in Maryland, the FTC said Maryland-based ticket broker Key Investment Group has used thousands of fictitious Ticketmaster accounts and other methods to buy tickets for events, including Taylor Swift's Eras Tour. According to the FTC, Key Investment Group – which does business under brand names like Epic Seats and Totally Tix – purchased at least 379,776 tickets from Ticketmaster between Nov. 1, 2022, and Dec. 30, 2023. The company spent nearly $57 million to buy the tickets and resold them on secondary marketplaces for approximately $64 million. For just one Taylor Swift concert, Key Investment Group allegedly used 49 different accounts to purchase 273 tickets, dramatically exceeding the Eras Tour's 2023 six-ticket purchase limit per event, the FTC said. Fans were so frustrated by the difficulty getting tickets for Swift's tour that the U.S. Senate wound up grilling Ticketmaster in a 2023 hearing. In a statement released Monday, Key Investment Group said it will vigorously defend itself against the FTC's lawsuit. 'The case threatens to dismantle the secondary ticket market for live events, further consolidating power in the hands of the industry's largest monopoly,' the company said. Key Investment Group said the FTC is misapplying the Better Online Ticket Sales Act, a 2016 law which it said was meant to target malicious software, not legitimate resale businesses. Key Investment Group sued the FTC in July to try to prevent the agency from using the law against it, saying it uses human employees — not bots — to buy tickets. But the FTC said that law also prohibits anyone from circumventing security measures and other controls meant to enforce posted ticket limits. In March, with Kid Rock by his side in the Oval Office, President Donald Trump signed an executive order directing U.S. officials to ensure ticket resellers are complying with Internal Revenue Service rules. The order also directed the FTC to ensure 'price transparency at all stages of the ticket-purchase process' and to 'take enforcement action to prevent unfair, deceptive, and anti-competitive conduct in the secondary ticketing market."
