(Bloomberg) — The Senate overwhelmingly approved legislation Wednesday that could lead to Chinese companies such as Alibaba Group Holding Ltd. and Baidu Inc. being barred from listing on U.S. stock exchanges amid increasingly tense relations between the world’s two largest economies.The bill, introduced by Senator John Kennedy, a Republican from Louisiana, and Chris Van Hollen, a Democrat from Maryland, was approved by unanimous consent and would require companies to certify that they are not under the control of a foreign government.If a company can’t show that it is not under such control or the Public Company Accounting Oversight Board isn’t able to audit the company for three consecutive years to determine that it is not under the control of a foreign government, the company’s securities would be banned from the exchanges.“I do not want to get into a new Cold War,” Kennedy said on the Senate floor, adding that he wants “China to play by the rules.”So far, no companion measure has been introduced in the House of Representatives, according to a Senate aide familiar with the bill.“Publicly listed companies should all be held to the same standards, and this bill makes common sense changes to level the playing field and give investors the transparency they need to make informed decisions,” Van Hollen said in a statement. “I’m proud that we were able to pass it today with overwhelming bipartisan support, and I urge our House colleagues to act quickly.”The legislation — S. 945 — is another example of the rising bipartisan pushback against China in Congress that had been building over trade and other issues. It has been amplified especially by Republicans as President Donald Trump has sought to blame China as the main culprit in the coronavirus pandemic.GOP lawmakers have in recent weeks unleashed a torrent of legislation aimed at punishing China for not being more forthcoming with information or proactive in restricting travel as the coronavirus began to spread from the Wuhan province, where it was first detected.But the president’s focus on blaming China for the pandemic has threatened what had been a strong bipartisan consensus that the U.S. needs to get tougher on the country. Some Democrats have begun to shy away from initiatives that could be seen as further politicizing the issue as the U.S. heads toward November’s presidential election.Kennedy told Fox Business on Tuesday that the bill would apply to U.S. exchanges such as NASDAQ and the New York Stock Exchange.“I would not turn my back on the Chinese Communist Party if they were two days dead,” Kennedy said. “They cheat. And I’ve got a bill to stop them from cheating.”At issue is China’s longstanding refusal to allow the PCAOB to examine audits of firms whose shares trade on the New York Stock Exchange, Nasdaq and other U.S. platforms. The inspections by the little-known agency, which Congress stood up in 2002 in response to the massive Enron Corp. accounting scandal, are meant to prevent fraud and wrongdoing that could wipe out shareholders.Since then China and the U.S. have been at odds on the issue even as companies including Alibaba and Baidu have raised billions of dollars selling shares in American markets. The long-simmering feud came to the forefront last year as Washington and Beijing clashed over broader trade and economic issues, and some in the White House have been urging Trump to take a harder line on the audit inspections.Last week, Trump said in an interview on Fox Business that he’s “looking at” Chinese companies that trade on ⁦the NYSE and Nasdaq exchanges but do not follow U.S. accounting rules. Still, he said that cracking down could backfire and simply result in the firms moving to exchanges in London or Hong Kong.While not technically part of the government, the PCAOB is overseen by the Securities and Exchange Commission. The ability to inspect audits of Chinese firms that list in the U.S. is certain to come up at a roundtable that the SEC is holding on July 9 on risks of investing in China and other emerging markets.Senators Kevin Cramer, Tom Cotton, Bob Menendez, Marco Rubio and Rick Scott are also sponsors of the bill. Rubio applauded the passage of the Kennedy-Van Hollen bill and said it incorporated aspects of a similar bill he introduced last year.“I was proud to work with Senator Kennedy on this important legislation that would protect American retail investors and pensioners from risky investments in fraudulent, opaque Chinese companies that are listed on U.S. exchanges and trade on over-the-counter markets,” Rubio said in a statement. “If Chinese companies want access to the U.S. capital markets, they must comply with American laws and regulations for financial transparency and accountability.”According to the SEC, 224 U.S.-listed companies representing more than $1.8 trillion in combined market capitalization are located in countries where there are obstacles to PCAOB inspections of the kind this legislation mandates.(Updates with statement by co-sponsor, details on oversight beginning in sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Facebook and Amazon are increasingly moving into each others' territories, and it could get ugly.

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Royal Caribbean Cruises Ltd. (RCL) warned Wednesday that it expects to post a net loss in the second quarter as the magnitude and duration of the coronavirus pandemic remains uncertain. Shares dropped 2.7% to $41.03 in afternoon trading.The ailing cruise operator said it will need to pay between $590 million to $610 million in interest on its debt for the rest of the year. Royal Caribbean also disclosed that it expects to continue to halt its sailings until July 31, after previously saying it may resume operations in June.In response to the outbreak of the coronavirus pandemic, Royal Caribbean on March 13 suspended its global cruise operations leading to the cancellation of 130 sailings during the first quarter. The company said it estimates its cash burn to be, on average, in the range of about $250 million to $275 million a month during a prolonged suspension of operations.Taking steps to cope with the financial fallout of the sailings halt, the embattled cruise operator this month raised $3.3 billion through a debt sale, improving its liquidity position by about $1 billion, it said.For the first quarter ended March 31, Royal Caribbean reported a net loss attributable to the company of $1.44 billion, or $6.91 per share compared to a net income of $249.7 million, or $1.19 earnings per share year-on-year.Excluding one-time items, the cruise operator lost $1.48 per share, much more than analysts’ expectations of 63 cents loss per share.As of April 30, Royal Caribbean had $2.3 billion in cash and cash equivalents. The company expects debt maturities for the rest of 2020 and 2021, of $0.4 billion and $0.9 billion, respectively, as of May 19.Ahead of the financial results, Wedbush analyst James Hardiman last week maintained his Buy rating on the stock with a $63 price target, saying that this year’s steep 70% decline in the stock is “overdone”.“RCL is a high-risk trade during the short and medium term,” Hardiman wrote in a note to investors. “Longer-term however, while peak demand is likely impaired and peak earnings power has certainly been reduced, we believe RCL has positioned itself to eventually emerge from the pandemic and ultimately flourish.”The rest of Wall Street analysts is more cautiously optimistic than Hardiman. The stock’s 12 analyst ratings consist of 7 Buys, 4 Holds and 1 Sell adding up to a Moderate Buy consensus. The $60 average price target implies 46% upside potential in the shares in the coming 12 months. (See Royal Caribbean stock analysis on TipRanks).Related News: Southwest Pops Almost 6% As May Passenger Bookings Outpace Cancellations Walmart’s Quarterly Sales Surprise As Lockdown Drives Online, Store Delivery Traffic Urban Outfitters Reports Slow Quarter, Predicts More Dramatic Sales Decline in Upcoming Quarter More recent articles from Smarter Analyst: * Inovio Pops Almost 10% on ‘Positive’ Preclinical Results For Its Covid-19 Vaccine * Clorox Bumps Up Dividend By 5%; Shares Rise In Pre-Market * Urban Outfitters Reports Slow Quarter, Predicts More Dramatic Sales Decline in Upcoming Quarter * Facebook Canada Faces C$9 Million Fine Over ‘False’ Privacy Claims

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Headlines surrounding a coronavirus vaccine continue to fluctuate as Moderna’s CEO Stéphane Bancel responded on Wednesday to the latest criticism about the company’s coronavirus vaccine data. Yahoo Finance’s Anjalee Khemlani joins The Final Round to break down the latest news about the coronavirus.

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Prior to the coronavirus pandemic, leading disruptive influences in travel included alternative accommodations and artificial intelligence, but during the current crisis refunds and cancellations have shattered finances, travel policies, business models, and partner and customer relationships. The fallout has triggered flexible cancellation policies, booking incentives, and some attempts at fence-mending. Consider Airbnb, which saw reservations […]

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Spotify Technology SA (NYSE: SPOT) shares are up 15.8% this week after Joe Rogan announced he will be taking his popular "Joe Rogan Experience" podcast exclusively to Spotify.On Tuesday afternoon, Rogan announced that his podcast will be available on Spotify starting Sept. 1 and exclusively on Spotify at the end of the year. The terms of the deal were not disclosed; the Rogan podcast is the latest in a series of moves Spotify has made to beef up its podcast streaming library in recent years.The Wall Street Journal reported that Rogan's licensing deal is worth more than $100 million over several years and includes all of his 11-year back catalogue of previous podcasts.The Financial Impact On Spotify Rosenblatt Securities analyst Mark Zgutowicz said Rogan could immediately make an impact on Spotify's numbers. Depending on how the deal is structured, Zgutowicz estimates Rogan could boost Spotify's 2021 revenue by between 0.5% and 3.8%."We believe SPOT has been trying to lure Rogan to an exclusive deal since at least 2018; management mentioned JRE is the most searched for podcast on its site," the analyst said in a note. Rogan's last 10 YouTube episodes have averaged 2 million views, excluding his interview with Tesla Inc (NASDAQ: TSLA) CEO Elon Musk, which drew more than 13 million.Wells Fargo's Take On Rogan, Spotify Wells Fargo analyst Steven Cahall said the "Joe Rogan Experience" likely has 190 million monthly downloads and a CPM of around $50."This is undoubtedly a coup for SPOT to get such a big show on an exclusive basis, and is a big stamp on the size of the platform and potentially its emerging ad tech," the analyst said. The potential $100-million price tag represents about 1% off Spotify's projected 2020 gross margin, but it's difficult to determine how much Rogan's exclusive content can boost user growth and music royalties, he said. Rosenblatt Securities has a Buy rating and $190 price target for Spotify. Wells Fargo has an Underweight rating and $130 target.Spotify shares were up 6.24% at $185.74 at the time of publication Wednesday. Benzinga's Take Spotify certainly took a gamble in forking over a reported $100 million for Rogan. The bullish initial market reaction suggests investors believe the price tag was well worth it, but it seems analysts will first need to see how many of Rogan's millions of viewers follow him to Spotify — and how much of a financial impact they will have.Do you agree with this take? Email feedback@benzinga.com with your thoughts.Related Links:Global Music Revenue Set To Double By 2030 Despite Pandemic Impact: Goldman Sachs Report Spotify Scoops Up Joe Rogan And His Hugely Popular PodcastPhoto courtesy of Spotify.Latest Ratings for SPOT DateFirmActionFromTo Apr 2020Canaccord GenuityMaintainsBuy Apr 2020GuggenheimMaintainsNeutral Apr 2020UBSMaintainsBuy View More Analyst Ratings for SPOT View the Latest Analyst Ratings See more from Benzinga * A Modern Retail Winner: Wall Street Bullish On Walmart Following Big Q1 * Here's What Martha Hart Thinks About Vince McMahon And Bret Hart * Here's How Much Investing ,000 In The 2014 Alibaba IPO Would Be Worth Today(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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(Bloomberg) — President Donald Trump said he’s sending federal emergency workers to Midland, Michigan, where dam failures have flooded a Dow Inc. chemical complex and homes in a disaster that may force the evacuation of more than 10,000 people.After two days of heavy rainfall, water from Lake Wixom breached one dam yesterday evening and then another late at night. That has caused Dow to close its headquarters and the manufacturing complex while the county has evacuated 1,000 people. As water levels continue to rise, the City of Midland expects to evacuate 10,000 more.In his tweeted response, Trump used the moment to take a shot at Michigan Governor Gretchen Whitmer. The two have tussled over getting medical supplies to the state and Trump, along with Michigan Republicans, have pressed the Democrat to open businesses sooner.“We have sent our best Military & @fema Teams, already there,” Trump tweeted today, referring to the Federal Emergency Management Agency. “Governor must now ‘set you free’ to help. Will be with you soon!”Flooding in central Michigan is just the latest disaster to hit the state, whose new governor is already working to contain the coronavirus pandemic. The state is one of the hardest hit in the U.S., ranked seventh in cases of Covid-19 and fourth in the number of deaths.Better weather today has at least given the region a respite from heavy rain, but the Tittabawassee River is still expected to crest at a record 38 feet this evening, said Bridgette Gransden, Midland County administrator and controller, in a phone interview. By then, Midland will probably have to evacuate a quarter of its 40,000 residents, she said.“Midland County is not a stranger to flooding,” Gransden said. “Each flood experience is different. If we need to find other arrangements to shelter more people we will.”Of the 1,000 evacuated so far, more than 300 people have gone to five public shelters. The majority have found other places to go, Gransden said.Midland, a two-hour drive northwest of Detroit, is the very definition of a company town. Herbert Henry Dow arrived there in 1890 and founded the company, which is now the city’s major employer.The breached dams are upstream of Dow’s headquarters, forcing the chemical company to activate emergency plans as the surge of water has already reached its industrial complex. Dow “is implementing its flood preparedness plan which includes the safe shutdown of operating units on site,” the company said. For now the rising water is co-mingling with on-site containment ponds.Dow rose 1.6% to $36.22 at 12:22 p.m. in New York, amid a broader rise in the stock market.Whitmer announced an emergency declaration and told people to evacuate the area around Midland. “Downtown Midland could be under nine feet of water,” Whitmer said at a Tuesday night press conference. “To go through this in the midst of a global pandemic is almost unthinkable.”Dow said that “only essential Dow staff needed to monitor the situation and manage any issues as a result of the flooding remain on site.” Other companies with operations at Dow’s Midland complex include DuPont de Nemours Inc. and Corteva Inc. The companies are working together on their response, a Dow spokesperson said.A variety of chemical and industrial products, including Styrofoam and pesticides, are made by the companies in Midland and the surrounding region by Saginaw Bay, the leg of Lake Huron that dips into Michigan’s eastern side. Dow agreed last year to pay $77 million for environmental restoration projects to make up for pollution from the Midland plant, according to the Associated Press.The Edenville Dam, at the base of nearby Wixom Lake, failed amid high floodwaters in the area, sending water gushing through a now-gaping hole near its spillway. A second one, the Sanford Dam at the base of Sanford Lake, had also failed, according to the National Weather Service, which issued an alert advising of “extremely dangerous flash flooding” in the area.The Federal Energy Regulatory Commission had revoked Boyce Hydro Power LLC’s license for the Edenville project in 2018, saying it had failed to make require improvements against hazards, and reaffirmed that decision in June.The river that flows below those lakes, through Midland, crested at nearly 34 feet in a 1986 flood that saw Dow Chemical shutter nearly all of its local operations. Floodwaters in Midland are expected to reach nearly 4 feet higher than that on Wednesday, Gransden said.The prospect of catastrophic floodwaters at an industrial plant stirs up some painful memories in Michigan, which has a history of problems with toxins slipping into ground water, especially PFAS compounds. The state’s Department of Environment, Great Lakes and Energy lists 91 sites with poisonous levels of the compound in the water.In January, State Attorney General Dana Nessel filed a lawsuit against 17 defendants, including DuPont and 3M Co., for contaminating sites in Michigan. The companies have denied liability and vowed to defend themselves.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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