Revlon’s Bankruptcy Proceedings Complicated By Citi’s $900M Loan Repayment Error: FT

  • Bloomberg

    Revlon’s Surge Draws Retail Investors as Trading Activity Booms

    (Bloomberg) — Retail investors dashed into Revlon Inc. again on Tuesday as stronger appetite for riskier assets following a US holiday helped fuel a seven-fold jump in trading volume for the stock. Most Read from BloombergStocks Gain After $2 Trillion Wipeout; Bonds Fall: Markets WrapUS Futures Gain With European Stocks; Dollar Slips: Markets WrapSwitzerland Imports Russian Gold for First Time Since WarBiden Says US Recession Avoidable After Call With Ex-Treasury Secretary SummersMusk, Roubini

  • American City Business Journals

    Revlon shares climb as buyout rumors follow bankruptcy filing

    A report that an Indian multinational conglomerate is considering buying Revlon Inc. out of bankruptcy drove up stock prices significantly on Friday. Shares went up by as much as 62% after Indian English-language business and finance news channel ET Now tweeted that Reliance Industries Ltd., a company with diverse holdings in industries including energy, petrochemicals, natural gas, retail, telecommunications, mass media and textiles that’s controlled by billionaire Mukesh Ambani, was considering an offer. Revlon (NYSE: REV) filed for Chapter 11 bankruptcy Thursday June 16, citing liquidity constraints brought on by continued global challenges including supply chain disruption and rising inflation, as well as obligations to its lenders.

  • Variety

    Elon Musk Says Twitter Deal Is Pending Three ‘Unresolved’ Issues

    Elon Musk said three issues still need to be resolved before his planned $44 billion acquisition of Twitter, originally announced in April, can close. Musk, speaking via teleconference Tuesday at Bloomberg’s Qatar Economic Forum, said that he still hasn’t gotten clarity about Twitter’s claim that the fake and spam accounts comprise less than 5% of […]

  • MarketWatch

    Elon Musk joins the growing chorus fearing a U.S. recession. But there are stocks for that.

    Stock futures are soaring — for now — as Wall Street returns from a long holiday weekend, with Fed Reserve Chair Jerome Powell testifying in front of Congress this week. The buying mood comes after the S&P 500’s worst week since March 2020, including its fall into a bear market and the biggest Fed hike since 1994. Enter Tesla (TSLA) CEO Elon Musk, who in our call of the day joins a growing chorus of Wall Street voices, including Roubini Macro Associates’ Nouriel Roubini and lots of banks warning of tougher times ahead.

  • Bloomberg

    UK Bonds Headed for Worst Month Since 1995 May Face More Losses

    (Bloomberg) — Front-end UK bonds haven’t had it this brutal in ages. In fact, they haven’t had this bad a month since 1995, a period when the economy was still grappling with Britain’s exit from the European Exchange-Rate Mechanism.Most Read from BloombergStocks Gain After $2 Trillion Wipeout; Bonds Fall: Markets WrapUS Futures Gain With European Stocks; Dollar Slips: Markets WrapSwitzerland Imports Russian Gold for First Time Since WarBiden Says US Recession Avoidable After Call With Ex-Treasu

  • Bloomberg

    Musk ‘Undecided’ on Whether He Will Back Trump in 2024 Election

    (Bloomberg) — Tesla Inc. Chief Executive Officer Elon Musk said he’s undecided about who he’d support in the 2024 presidential election when asked specifically if he’d back former president Donald Trump. Most Read from BloombergUS Futures Gain With European Stocks; Dollar Slips: Markets WrapStocks Gain After $2 Trillion Wipeout; Yields Up: Markets WrapBiden Says US Recession Avoidable After Call With Ex-Treasury Secretary SummersSwitzerland Imports Russian Gold for First Time Since WarMusk, Rou

  • Investor’s Business Daily

    EV Stocks Up: LI, NIO Release New Models, FDX Gets Delivery From GM

    China-based electric vehicle maker Li Auto introduced its new model L9 SUV on Tuesday, following a similar introduction from peer Nio last week — with both companies aiming to dominate China’s auto market. Meanwhile, Jefferies analysts cut its sales forecast for the industry in the wake of supply constraints from Covid and slow economic recoveries. Li Auto is challenging Tesla to be the top name for luxury EVs in China.

  • Reuters

    Tesla sued by former employees over ‘mass layoff’

    (Reuters) -Former Tesla Inc employees have filed a lawsuit against the U.S. electric car company alleging its decision to carry out a “mass layoff” violated federal law as the company did not provide advance notice of the job cuts. The lawsuit was filed late Sunday in Texas by two workers who said they were terminated from Tesla’s gigafactory plant in Sparks, Nevada, in June. According to the suit, more than 500 employees were terminated at the Nevada factory.

  • TheStreet.com

    Did Bitcoin Just Bottom? Check the Chart.

    Bitcoin, ethereum and all sorts of cryptocurrencies have been the talk of Wall Street. U.S. investors may have had a long three-day holiday weekend in regard the stock market, but in the crypto world, it was business as usual — and business didn’t go very well. The bulls shouldn’t have been caught up in this move, as bitcoin was clinging to vital support just two weeks ago.

  • Benzinga

    Here’s Why Britain’s Regulatory Watchdog Is After Visa, Mastercard

    Britain looks to probe the card charges imposed by Visa Inc (NYSE: V) and Mastercard Inc (NYSE: MA), focusing on the post-Brexit jump in processing fees and cross-border transaction levies. The regulator will conduct two reviews on the companies accounting for 99% of U.K. debit and credit card payments. Visa and Mastercard have increased these fees fivefold since Brexit. The U.K.’s Payment Systems Regulator sought to “understand the rationale behind these increases and whether they are an indica

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