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Warren Buffett-backed electric automaker hit by rising battery costs, analysts trim price targets

Chinese battery and electric vehicle maker BYD shows off a model of its Han EV series at the 2020 Beijing auto show.Evelyn Cheng | CNBCBEIJING — Chinese electric car company BYD is feeling the hit of rising battery material costs.Backed by U.S. billionaire Warren Buffett, the automaker announced late Monday that net profits attributable to shareholders in the first quarter will be between 200 million yuan ($30.4 million) and 300 million yuan.”Affected by the price fluctuation of upstream raw materials, the profit of automobile business is yet to be improved,” BYD said in a release, noting seasonal factors also “have a certain …

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Here’s what happened in that wild trading in China internet stocks

In this photo illustration the ViacomCBS logo seen displayed on a smartphone.Rafael Henrique | SOPA Images | LightRocket | Getty ImagesChinese stocks listed in the U.S. fell sharply last week, after several weeks in correction mode.A trader who participated in some of the wild trading in Chinese internet stocks on Friday confirmed that the primary cause of the selling in Chinese stocks was that a fund, Archegos Capital Management, was forced out of its positions.Here is the sequence of events, according to the trader, who spoke on condition of anonymity because trade details are usually private.1. The catalyst was  …

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Wrecks, DUIs and low credit scores: Here’s how much they can drive up the cost of your car insurance

Pamela Moore | iStock | Getty Images PlusAh, the joys of the open road and carefree driving, until something happens that makes it cost even more. There are events — i.e., accidents, arrests for driving under the influence, a lapse in coverage — that can drive up the cost of your car insurance. By how much? It depends on a variety of factors, including where you live and the infraction or circumstance that causes the premium to spike.”Drivers in certain parts of the country are paying considerably more for their auto insurance, especially after certain life events,” said certified financial planner Stephen …

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Have vaccine, will travel: Retirees hitting the road should check their Medicare coverage first

aldomurillo | E+ | Getty ImagesRetired, vaccinated and ready to hit the road? Don’t forget to check whether your Medicare plan will travel with you.While coverage when you’re away from home depends partly on where you’re headed, it also hinges on the specifics of your coverage. Whether the care you receive is routine or emergency also can play a part.Roughly 70% percent of individuals age 65 or older have now received their first Covid shot, and 43% are fully vaccinated, according to the Centers for Disease Control and Prevention. As more of the population becomes inoculated against the virus, travel is again on …

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3 million more businesses claimed this Trump tax break last year

Kiyoshi Hijiki | Moment | Getty ImagesNearly 3 million more business owners claimed a 20% tax deduction on their income last year relative to the prior filing season, according to IRS data.Around 21.2 million returns claimed the “qualified business income” deduction during tax season last year, which reflected income for 2019. That’s an increase from 18.4 million tax returns the year prior.The Tax Cuts and Jobs Act, signed by former President Donald Trump in 2017, created the so-called pass-through deduction.The tax break allows owners of pass-through businesses, like sole proprietors, partnerships and S corporations, to deduct up to 20% of their business income from taxes.More …

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Satellite company AST SpaceMobile expects to close SPAC deal next week and begin trading on Nasdaq

AST’s corporate headquarters and high-volume manufacturing facility in Midland, TexasAST & ScienceSatellite-to-smartphone broadband company AST & Science expects to close its SPAC merger next week, the company said on Thursday. Its stock will trade on the Nasdaq.Last year, the company announced plans to merge with special purpose acquisition company New Providence, which trades under ticker NPA.Stockholders voted on Thursday to approve the transaction, with the closing expected “on or about April 6,” or next Tuesday. The combined company of AST & Science and New Providence will be known as AST Space Mobile, and will trade under the ticker ASTS.New Providence’s stock …

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Hotels are reaching the highest occupancy levels since the pandemic, Wyndham CEO says

The hotel industry is seeing a record uptick in occupancy levels this month as more people are traveling amid the nicer weather, according to the CEO of Wyndham Hotels and Resorts.”These last two weeks … have been the highest two weeks of occupancy in our industry since last March and to see occupancy levels now back to 85% of where they were in 2019, is impressive,” Geoff Ballotti said Thursday on CNBC’s “Closing Bell.” The hotel chain consists of brands including Ramada, Days Inn, AmericInn, Super 8 and Hawthorn Suites.With other travel competitors like Airbnb are rising in popularity, Balloti said he …

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VC funding to women-led companies falls during the pandemic

The disproportionate impact of the pandemic on women extends beyond layoffs and women leaving the workforce, to the venture capital funding of female entrepreneurs. During the past year, the amount of funding to women-led startups and startups led by co-ed teams declined, as the overall amount of venture dollars poured into startups inched higher.Startups with all-female founding teams drew an all-time-high 3.4% of all venture capital dollars in the U.S. in 2019, according to Crunchbase. That declined to 2.4% in 2020, and that percentage has stayed consistent through the first two months of 2021, according to Crunchbase, which notes that it’s still gathering …

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Egypt could ask for up to $1 billion in compensation for Ever Given crisis

A handout picture released by the Suez Canal Authority on March 24, 2021 shows a part of the Taiwan-owned MV Ever Given (Evergreen), a 400-metre- (1,300-foot-) long and 59-metre wide vessel, lodged sideways and impeding all traffic across the waterway of Egypt’s Suez Canal.Suez Canal Authority | AFP | Getty ImagesCAIRO — Egyptian authorities may seek over $1 billion in damages for helping to clear the Ever Given from the Suez Canal, as a dilemma emerges over who might foot the bill.”We will reach over a billion dollars in compensation,” Osama Rabie, the chairman and managing director of the state-owned Suez Canal Authority, told …

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Mark Cuban on his cryptocurrency portfolio: ‘I own a lot of Ethereum because I think it’s the closest to a true currency’

Billionaire investor Mark Cuban is bullish on the future of cryptocurrency and frequently compares blockchain technology to the early days of the internet.That’s why, over the years, Cuban held onto the few digital coins he bought in the “early days,” Cuban said on a recent episode of “The Delphi Podcast.” Currently, his portfolio allocation is broken down as: “60% bitcoin, 30% Ethereum and 10% the rest.”Bitcoin, created in 2009, is the largest cryptocurrency by market value, but is appealing to Cuban as a store of value rather than a currency.In 2012, “people said bitcoin is a currency, and I’m like, ‘It’s just …

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