Avnet Asia Admits to Criminal Liability for the Conduct of Former Employees, and Agrees to Pay More Than $3.2 Million An indictment was unsealed this week charging Cheng Bo, also known as Joe Cheng, a 45-year-old national of the People’s Republic of China, with participating in a criminal conspiracy from 2012-2015 to violate U.S. export laws by shipping U.S. power amplifiers to China. Cheng’s former employer, Avnet Asia Pte. Ltd., a Singapore company and global distributor of electronic components and related software, agreed to pay a financial penalty to the United States of $1,508,000 to settle criminal liability for the conduct of its former employees, including Cheng. As part of a non-prosecution agreement, Avnet Asia admitted responsibility for Cheng’s unlawful conspiracy to ship export-controlled U.S. goods with potential military applications to China, and also for the criminal conduct of another former employee who, from 2007-2009, illegally caused
The US stocks extended gains on Wednesday, 10 March 2021, with the Dow, S&P 500, and the broader Nasdaq ended higher, as the rotation into cyclical and value stocks resumed on eased fears of a rapid rise in interest rates after lower-than-expected inflation reading.
At the close of trade, the Dow Jones Industrial Average index advanced 464.28 points, or 1.46%, to 32,297.02. The S&P500 index added 23.37 points, or 0.6%, to 3,898.81. The tech-heavy Nasdaq Composite Index fell 5.00 points, or 0.04%, to 13,068.83.
The Wall Street commenced trading with firm footing as the rotation into value stocks resumed following a lower-than-expected inflation report. The yield on the 10-year Treasury note fell toward the unchanged line following the release of the inflation data after moving modestly higher earlier this morning. The Labor Department said its consumer price index climbed by 0.4% in February after rising by 0.3% in January.
As Congress begins to reconcile the different versions of financial stimulus passed by the House and Senate to relieve the devastation of the COVID-19 pandemic, we can only hope that someone brings a rigorous sense of financial reality to the table. There is a lot at stake beyond the immediacy of the devastating effects of the pandemic. Congress may once again be paving the path to the next financial crisis.
Financial collapses typically follow the creation of economic bubbles, so it is useful to understand when bubbles are forming. Most bubbles are characterized by too much credit chasing overvalued assets. Many financial bubbles often masquerade for some time as strong economic growth, shedding their disguises only when it is too late to stop them from bursting. Just like the contestants in the popular 1960’s TV game show “To Tell the Truth,” which climaxed when the real baseball player or plumber was asked to stand up and surprise the audience
The US stocks tumbled for third straight session on Thursday, 04 March 2021, dragging down the S&P 500, the Dow index, and the broader Nasdaq deep into the red terrain, after remarks from Federal Reserve Chair Jerome Powell disappointed investors by not indicating that the Fed might step up purchases of long-term bonds to hold down longer-term interest rates.
At the close of trade, the Dow Jones Industrial Average index declined 345.95 points, or 1.11%, to 30,924.14. The S&P500 index dropped 51.25 points, or 1.34%, to 3,768.47. The tech-heavy Nasdaq Composite Index fell 274.28 points, or 2.11%, to 12,723.47.
The American currency surged the most in a month after Powell said the sell-off in Treasuries last week was notable and caught my attention but was not disorderly or likely to push long-term rates so high the Fed might have to intervene more forcefully. Powell s remarks reignited selling in Treasuries, with the benchmark 10-year Treasury yield jumping back above 1.5% and