WSJ : Congress Gives Harvard Two Weeks to Produce Documents for Antisemitism Inv

Congress Gives Harvard Two Weeks to Produce Documents for Antisemitism Investigation
Committee requests board’s text messages, information on Jewish enrollment trends and foreign donations

A House committee on Tuesday requested a laundry list of documentation from Harvard University in its investigation into anti-Jewish activity at the school and the steps Harvard has taken to address it.

The committee gave the school two weeks to produce documentation related to Jewish students and antisemitism, including internal emails and text messages between board members, proof of disciplinary actions for harassment of Jewish students, and information on all foreign donations and funding, namely from Qatari sources.

The 9-page letter, sent by the same committee that last month called then Harvard President Claudine Gay to testify about the school’s response to antisemitism, cites “grave concerns regarding the inadequacy of Harvard’s response to the anti-Semitism on its campus.”

The letter is the latest salvo in a series of inquiries and backlash that have resulted in the resignations of Gay and University of Pennsylvania President Liz Magill related to how elite schools are dealing with antisemitism on their campuses in the aftermath of the Israel-Hamas war.

Despite Gay’s departure, “Harvard’s institutional failures regarding antisemitism extend well beyond one leader,” the committee wrote.

A spokesman for Harvard didn’t immediately respond to a request for comment about the letter.

The committee’s request includes “all reports of antisemitic acts or incidents and related documents and communications since January 1, 2021.” It enumerates two dozen categories of requested information including the results of any disciplinary processes involving the targeting of Jews, Zionists or Israelis; reports of allegations of hate crimes or disruption of access to safe learning environments; and any legal or financial settlements by Harvard in response to complaints of discrimination, harassment or violations of free speech.

The letter is signed by Rep. Virginia Foxx (R., N.C.), chairwoman of the Committee on Education and the Workforce. It is addressed to Penny Pritzker, the senior fellow at the Harvard Corporation, and Alan Garber, Harvard’s interim president.

The committee also wants data showing Jewish enrollment numbers at Harvard College and the university’s graduate and professional schools since 2003. In addition, it asks for documents related to any attempt by the schools “to understand the reasons for any such changes or trends.” The request includes communications from the school’s office of Equity, Diversity, Inclusion & Belonging relating to Jews and antisemitism.

The far-reaching request goes on to seek meeting minutes and informal communications such as texts or other electronic messages from the Harvard Corporation and Board of Overseers, the university’s top two governing bodies, as well as posts by Harvard students and faculty targeting Jews on social media.

The House committee hearing on Dec. 5 centered on testimony from Gay, Magill and Massachusetts Institute of Technology President Sally Kornbluth. Lawmakers and others criticized the presidents for equivocating during the hearing.

“When asked whether calling for the genocide of Jews would violate Harvard’s code of conduct, Dr. Gay replied that ‘it depends on the context,’” Foxx wrote in the letter to Harvard.

In the letter, Foxx described the climate at Harvard as troubling. She quoted a report about the 2021-22 school year by the AMCHA Initiative, a nonprofit that documents antisemitism on college campuses, that found that among 109 campuses surveyed, with 25 incidents Harvard had the highest rate of threats to Jewish identity.

“There is evidence antisemitism has been pervasive at Harvard since well before the October 7, 2023 terrorist attack,” Foxx wrote, referring to Hamas’s deadly attack on Israel.

FT : Volkswagen fails to win ground in China

Volkswagen fails to win ground in China
Company spent €5bn last year to defend its position in the world’s biggest car market

Volkswagen has failed to win ground from key rivals such as Tesla and BYD in China, despite spending €5bn last year to defend its position in the world’s biggest car market.

The company, which also owns brands including Audi and Porsche, said on Tuesday that its sales in China rose 1.6 per cent last year. That compared to 5.6 per cent overall growth in the market reported by the China Passenger Car Association.

In the critical electric vehicle segment, VW recorded 23 per cent growth, compared with 36 per cent across China’s EV market.

Ralf Brandstätter, VW’s board member for China, said the company had maintained a “robust position despite a challenging market” adding that he expected the “situation [to] remain demanding over the next two years”.

VW and many of its established peers in Europe, Japan and the US are struggling to maintain their position in the Chinese car market.

The market share of foreign brands in China had fallen to about 44 per cent by December, from 64 per cent in 2020 when Chinese consumers started to buy more locally made EVs, according to Shanghai consultancy Automobility.

“With the exception of Tesla, foreign brands were caught flat-footed as they did not anticipate the market shift [to EVs] and are rapidly losing relevance,” said Bill Russo, the former head of Chrysler in China and founder of Automobility, in a research note.

Beyond Tesla, which has tripled its sales in China since 2020, Shenzhen-based BYD has been the biggest winner from China’s rapid uptake of EVs. The company, which counts Warren Buffett’s Berkshire Hathaway among its shareholders, sold a record 526,000 battery only EVs in the fourth quarter, compared to Tesla’s 484,000, becoming the world’s biggest producer of battery powered cars.

VW, one of Germany’s largest companies and employers, was one of the first western companies to start doing business in China in the 1970s and today depends on the country for at least half of its annual profits. Last year, the VW brand was dethroned as China’s best-selling car by BYD.

In an effort to defend its position in China, VW last year announced €5bn of investment in the country and rolled out an “In China, for China” strategy to develop cars specifically to appeal to domestic consumers. Analysts have credited the company for its efforts while other automakers, such as US group Ford and South Korea’s Hyundai, have fallen further behind Chinese rivals.

VW’s investments last year included a plan to spend $700mn on a 5 per cent stake in Guangzhou-based EV start-up Xpeng.

The Chinese market for internal combustion engine cars, the segment where VW sells most of its vehicles, shrank 6 per cent in 2023 compared to a year earlier.

VW said on Tuesday that its global deliveries of cars reached 9.24mn in 2023, a 12 per cent rise from the year before, when the industry was still badly affected by supply chain bottlenecks for key parts such as semiconductors.

“That is a solid performance given the geopolitical and economic framework,” said Hildegard Wortmann, a member of VW’s extended executive committee, adding that the group’s global sales of electric cars grew more than a third to 770,000.

The company’s position in China is further complicated by its factory in Xinjiang. China has been accused of widespread human rights abuses against Uyghur and other Muslim groups in the region.

In December, VW said that an audit of its plant in Xinjiang carried out by German human rights consultancy Löning and a Chinese law firm had found no indications of the use of forced labour.

Subsequently, all of Löning’s 20 employees apart from founder Markus Löning and another executive, made a statement on LinkedIn distancing themselves from the firm’s findings.

>>> Europe : Brokers Upgrades & Downgrades - 9th of January 2024 V2(+)

>>> Up
* Aena PT Raised to 202 euros from 180 euros at Morgan Stanley
* Alpha Services Raised to Buy at Jefferies; PT 2.25 euros
* Basler Raised to Buy at Jefferies; PT 15 euros
* BP Raised to Buy at Redburn; PT 590 pence (+)
* Citigroup Raised to Buy at HSBC; PT $61
* DWS Raised to Buy at Goldman; PT 42 euros
* Eurobank Raised to Buy at Jefferies; PT 2.25 euros
* Exxon Raised to Buy at Redburn; PT $119 (+)
* Interroll Raised to Hold at Jefferies; PT 2,300 Swiss francs
* JPMorgan Raised to Buy at Deutsche Bank; PT $190
* Nordic Semiconductor Cut to Sell at Arctic Securities
* Piraeus Bank Raised to Buy at Jefferies; PT 4.45 euros
* Snam Raised to Buy at SocGen; PT 5.50 euros
* Telia Raised to Buy at UBS

>>> Down
* ABB Cut to Market Perform at Cowen; PT 38 Swiss francs
* ABB ADRs Cut to Market Perform at Cowen; PT $43
* Asos Cut to Sell at AlphaValue/Baader(Earlier)
* Boliden Cut to Hold at ABG; PT 295 kronor
* Bpost Cut to Underperform at Jefferies; PT 3.80 euros
* Byggfakta Group Nordic Holdco Cut to Equal-Weight at Barclays
* Dada Nexus ADRs Cut to Reduce at CLSA; PT $1.75
* Ebusco Holding Cut to Underperform at Jefferies; PT 4 euros
* JDE Peet's Cut to Underperform at BNPP Exane (+)
* Kosmos Energy Cut to Hold at Peel Hunt; PT 550 pence
* Lotus Bakeries Cut to Underperform at BNPP Exane (+)
* Meyer Burger Cut to Reduce at Baader Helvea (+)
* Morgan Stanley Cut to Hold at HSBC; PT $96
* Netflix Cut to Neutral at Citi; PT $500
* Solvay Cut to Hold at Berenberg; PT 28 euros
* U-blox Cut to Add at Baader Helvea; PT 102 Swiss francs
* United Internet Cut to Neutral at UBS; PT 24.50 euros (+)
* Wacker Neuson Cut to Hold at Jefferies; PT 19 euros
* Wells Fargo Cut to Hold at Deutsche Bank; PT $51

>>> Initiation
* Airbnb Rated New Market Perform at BMO; PT $134
* Alphabet Rated New Outperform at BMO; PT $170
* Amazon Rated New Outperform at BMO; PT $200
* Electronic Arts Rated New Outperform at BMO; PT $160
* Fugro Rated New Buy at Jefferies; PT 22.50 euros
* Jyske Rated New Overweight at Barclays; PT 645 kroner
* KSB Reinstated Buy at GSC Research; PT 700 euros
* Maersk Cut to Hold at Jyske Bank; PT 14,500 kroner (+)
* Meta Platforms Rated New Market Perform at BMO; PT $397
* Netflix Rated New Outperform at BMO; PT $566
* Nexans Rated New Buy at Berenberg; PT 98 euros
* Petronor E&P Rated New Buy at Arctic Securities; PT 12 kroner
* Rotork Reinstated Hold at HSBC; PT 325 pence
* SBE-Varvit-SpA Rated New Hold at Kepler Cheuvreux; PT 8.80 euros
* Snap Rated New Outperform at BMO; PT $22
* Uber Rated New Outperform at BMO; PT $69
* Ubisoft Rated New Market Perform at BMO; PT 27 euros
* Zalando Rated New Buy at Bankhaus Metzler; PT 26 euros (+)

>>> Call
* ABB Cut to Market Perform at Cowen on Moderating Short-Cycle
* Goldman’s Snider Sees Small-Cap Gains on Growth, Low Valuations
* Morgan Stanley Strategists See Europe Stocks Gains on Fed Pivot
* Nexans at Interesting Entry Point, Rated New Buy at Berenberg
* UBS’s Lefkowitz Raises S&P 500 Target to 5,000 on EPS Upside

>>> Stoxx 600 Pre-Market Indications

  • Zalando (ZAL TH) +1.4%
    • Zalando Rated New Buy at Bankhaus Metzler; PT 26 euros
  • Snam (SNM TH) +1.3%
    • Snam Raised to Buy at SocGen; PT 5.50 euros
  • Kering (PPX TH) +1%
  • Nordea Bank (04Q TH) +0.8%
  • ASML (ASME TH) +0.6%
    • Watch European AI Beneficiaries as Nvidia Rolls Out New Chips
  • Zealand Pharma (22Z TH) -0.7%
    • Obesity Drug Developer Zealand Taps Investor Craze to Sell Stock
  • Santander (BSD2 TH) -0.7%
  • Engie (GZF TH) -0.8%
  • Prosus (1TY TH) -0.9%
  • BASF (BAS TH) -1.2%
    • Bernstein cuts stock to underperform: APA
  • Lotus Bakeries (7LB TH) -2.6%
    • Lotus Bakeries Cut to Underperform at BNPP Exane
  • Grifols (OZTA TH) -15%
    • Short Seller Gotham Publishes Report on Spain’s Grifols

>>> TradeGate Pre-Market Indications

DAX:
  • Zalando (ZAL TH) +2.4%
    • Zalando Rated New Buy at Bankhaus Metzler; PT 26 euros
  • BASF (BAS TH) -0.9%
MDAX:
  • Jungheinrich (JUN3 TH) +1.8%
  • Lanxess (LXS TH) +1.3%
  • Redcare Pharmacy NV (RDC TH) +1%
  • United Internet (UTDI TH) -3%
    • UBS cuts stock to neutral: APA
SDAX:
  • DWS (DWS TH) +2%
    • DWS Raised to Buy at Goldman; PT 42 euros
  • Heidelberger Druck (HDD TH) -1%
  • W&W (WUW TH) -1.8%
  • Wacker Neuson (WAC TH) -1.9%
    • Wacker Neuson Cut to Hold at Jefferies; PT 19 euros

>>> What to look at today - 9th of January 2024

Asian stocks carried over the positive tone from Wall Street after a tech-led rally, aided by gains in China after a central bank official hinted at the possibility of fresh monetary easing. Shares rose from Australia to South Korea and Japan, where trading resumed following a holiday break. Samsung Electronics shares fell, bucking the broader trend after the company posted its sixth straight quarter of declining operating profit.  Hong Kong and mainland Chinese stocks also gained after a senior Chinese central bank official signaled that authorities are prepared to keep policy loose by cutting banks’ official reserves.  Contracts for US stocks were virtually flat after the Nasdaq 100 outperformed on Monday. Treasuries yields slipped while the dollar was steady in Asia trading. Apart from the latest tech rally, investor focus also will be on key inflation readings from the US and China later this week. Data released earlier showed consumer price gains in Tokyo slowed for a second month in December, broadly in line with the Bank of Japan’s view that import-driven price pressures are subsiding. Concerns over China’s growth outlook and policy uncertainties still keep investors cautious about the country’s stocks and could cause Chinese equities to “trade in the limited range in the near term,” said Jasmine Duan, senior investment strategist at RBC Wealth Management. The tech rally in US stocks on Monday came as Nvidia Corp. surged after announcing new artificial-intelligence products for personal computers. In contrast, Boeing Co. sank as its 737 Max 9 model was temporarily grounded by authorities.  Elsewhere bitcoin consolidated after a surge past $47,000 on bets that the US is poised to approve the launch of the nation’s first exchange-traded funds investing directly in the world’s largest digital asset. US After Hours MXCT +11.5% up on guidance; URBN +6% up on solid holiday sales; U +3.6% higher after workforce reduction; EXTR -8.8%, TCS -8.5%, MCHP -4.3% all down on guidance.

Nikkei +1.02% Hang Seng +0.32% CSI +0.29% Shanghai +0.32% Shenzen +0.46%

Eur$ 1.096 CNH 7.1676 CNY 7.1596 JPY 143.64 GBP 1.2747 CHF 0.8474 RUB 91 TRY 29.94 WTI$ 70.80+0.05% Gold 2,033 +0.27% BTC 46,875 -0.51% ETH 2,310 -1.24%

S&P -0.13% Nasdaq -0.15% EuroStoxx +0.27% FTSE +0.30% Dax +0.25% SMI

Macro :
- Franc Is Pricier Than Appears in REER-View Mirror: Macro Models
- Trader’s Quick Trigger on Biotech Bet Leaves $5 Million on Table
- Borsa Istanbul Banks Sector Index Rises 8.9%
- Logical Bullish View on US Stocks Is Flawed: Markets Live 2024
- Bill Gross Says 10-Year Treasuries at 4% ‘Overvalued’
- UBS’s Lefkowitz Raises S&P 500 Target to 5,000 on EPS Upside
- BITCON RISES TO $47,000 FOR THE FIRST TIME SINCE APRIL 2022

Keep an eye on :
- AIR FP : Airbus Nearing Widebody Jet Order From Delta: Reuters
- AF FP : Griffin Global Delivers Two Airbus A350 Aircraft to Air France
- NDA GY : Aurubis Says Legal Probe Into Copper Scam to Finish This Month
- BC IM : Brunello Cucinelli FY Revenue Beats Estimates
- CYTK US : *CYTOKINETICS CLOSES AT RECORD HIGH, UP 15% AFTER WSJ REPORT
- DHR US : Danaher Sees 4Q Revenue Down in Low-Double Digit Range Y/y
- IFX GY : Infineon to Examine Expert Opinion in Qimonda Legal Dispute
- JD US : JD.com Unit Dives 46% After Disclosing ‘Suspicious’ Revenue
- JNPR US : HPE’s Potential Juniper Takeover Beefs Up Cloud, Telecom
- MTCH US ; Elliott Builds Roughly $1 Billion Position in Tinder Owner: WSJ
- MXCT US : MaxCyte Gains as Prelim. 4Q Sales Are Higher Than Year-Ago
- MRK GY : Merck KGaA FY Sales Guidance Trending Slightly Below Mid-Point
- MRN FP : Foissaud Named Bpifrance Representative on Mersen Board
- EGP PL : Mota-Engil Takes Full Control of Suma from Urbaser
- NESN SW : Nestle to Invest Additional $100M in South Vietnam: Chung Khoan
- NKE US : Nike’s Pact With Tiger Woods Ends After 27 Years: Consumer Wrap
- PKTM AV : Pierer Mobility Cut to Hold at Jefferies
- PGS NO : PGS Prelim 4Q Revenue About $265M, Est. $210M
- PIRC IM : Tronchetti Holdings to Raise Pirelli Indirect Control to 20.6%
- REP SM : JPMorgan Discloses 5.4% Stake in Spain’s Repsol
- RUM US : Rumble Part of Active and Ongoing SEC Investigation: Wired
- RYA ID : Ryanair boss calls on Boeing to improve quality control after mid-flight accident
- SW FP : Sodexo Names Sébastien de Tramasure as CFO
- SNBN SW : SNB Skips 2nd Payout in a Row as Record Loss Haunts Central Bank
- TECN SW : Tecan Prelim FY Sales CHF1.07B
- TGS NO : TGS Prelim 4Q Net Revenue About $189M, Est. $282.9M
- 700 HK : A $32 Billion Rout May Not Be End of Tencent’s Woes, Tencent Leads a 20% Surge in Hong Kong Buybacks as Shares Bleed
- TIT IM : KKR to Notify EU of TIM Network Buyout by End of January: Rtrs
- TRI FP : Trigano 1Q Revenue Beats Estimates
- U US : Unity Software to Cut 1,800 Employees, About 25% of Workforce
- VOW GY : Volkswagen to Deploy Cerence’s Chat Pro