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July 9 (Reuters) - Fullshare Holdings Ltd:
* APPOINTS DU WEI AS EXECUTIVE DIRECTOR; SHI ZHIQIANG RESIGNS AS EXECUTIVE DIRECTOR Source text for Eikon: Further company coverage:
July 9 (Reuters) - Fullshare Holdings Ltd:
* APPOINTS DU WEI AS EXECUTIVE DIRECTOR; SHI ZHIQIANG RESIGNS AS EXECUTIVE DIRECTOR Source text for Eikon: Further company coverage:
Tesla has the highest short interest of any company, according to S3 Partners.
The direction of the EUR/USD on Tuesday is likely to be determined by trader reaction to 1.2152.
Hohn's TCI Fund Management, which has a 2.93% stake in Canadian National (CN), said the company should not go ahead with its plan to create a voting trust structure for the takeover. CN and Canadian Pacific Railway are seeking to buy U.S. railroad Kansas City Southern to create a North American railway spanning the United States, Mexico and Canada.
I think the main driver of the rally is that gold investors believe the Fed when it says it is going to hold policy accommodative.
(Bloomberg) -- AMC Entertainment Holdings Inc. posted its longest rally since 2018 as individual investor desire to trade meme stocks was reawakened.AMC ended the day higher by 0.6% to $14.03 even after traders circulated news that a 17 million share block trade was said to price at $14.20 each. The movie-theater chain flipped between gains and losses amid heightened trading volume for a fourth straight-session.XpresSpa Group Inc., another favorite of Redditors earlier this year, rallied 9.1% to $1.32 as penny stock Naked Brand Group jumped 4.9% while cannabis stock Sundial Growers Inc. rose 4.7%. The strength for some retail-focused companies came after Walmart Inc. boosted its earnings forecast on Americans’ desire to “get out and shop” while Macy’s Inc. also posted bigger-than-expected gains.Social media has powered the latest gains for AMC, with the hashtag #AMCSqueeze trending over the past week on Twitter, in a call to recreate the heavy retail buying in January that forced investors out of bearish positions.With more than 32 million shares traded early Tuesday, AMC was the second most active stock that trades with a market value above $500 million, according to data compiled by Bloomberg. The stock’s now eight-day winning streak is its longest streak of advances since August 2018 with a 56% rise pushing it to a two-month high.The company has soared as its management embraced individual investors and internet traders after Chief Executive Officer Adam Aron cheered the stock’s resurgence on a quarterly earnings call. The movie-theater chain has continued to rally even after announcing on Thursday that it had raised about $428 million by selling shares.B. Riley analyst said Friday that the additional cash lowered the need for it to raise even more funds ahead of a rebound for the movie theater industry. CEO Aron said in the statement the money will allow it to better “tackle the challenges and capitalize on the opportunities that lie ahead.”(Updates share movement throughout.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Global banks are losing share in the $186 billion lending market for Chinese borrowers offshore, falling behind local rivals boosting their presence just as the nation’s corporate sector recovers from the pandemic.Their portion of such lending has steadily dropped over the past decade, hitting 37% so far this year to May 17, well below the 11-year average of 51%, according to Bloomberg-compiled data. Last year the share fell to 29%, the lowest since at least 2010. Taking over the slack are local lenders led by Bank of China Ltd., which has made the most offshore loans in the country for at least the last three years.The increased prominence of Chinese banks in the offshore loan market reflects the growth in general of the lenders as the economy expands. Industrial & Commercial Bank of China Ltd. has seen its total assets more than double in the past decade to $5.1 trillion in 2020, making it the world’s largest bank by that measure, and the holdings of its big three state-owned rivals have also ballooned at a similar pace.For foreign banks, the increased competition from their Chinese rivals could lead to shrinking profit margins on deals, said Gary Ng, economist at Natixis SA in Hong Kong.Deals in China’s offshore loans, which are non-yuan debt clubbed or syndicated in Asia excluding China for the nation’s borrowers, have grown eightfold to $44.7 billion last year from $5.2 billion in 2010, Bloomberg-compiled data show. Bankers expect mergers and acquisitions to help drive such borrowings this year as the global economy recovers from the pandemic. The rebound in China is also likely to extend into the second quarter, according to Bloomberg economist Chang Shu.A look at the share of China offshore loans among the top global banks highlights their retreat. Standard Chartered Plc’s portion fell to 5% last year from 9% in 2010 while it’s halved to 3% for HSBC Holdings Plc. Current market leader Bank of China’s share, though, has surged to about 8% from 2% in the period.Spokespeople at Standard Chartered and HSBC declined to comment. There was no immediate reply from Bank of China to an email seeking comment.Some international lenders are already reducing staff for the loans or exiting the market completely. Australia’s Westpac Banking Corp. said it aims to close its mainland China and Hong Kong branches next year, subject to local regulatory approval.“For a lot of international banks, the competitive pressure on margins and terms may not meet their returns hurdle, making it less appealing for them to participate,” according to Augusto King, co-head of Asia debt capital markets - loans and bonds at MUFG Securities Asia.(Adds story link table)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The direction of the AUD/USD on Tuesday is likely to be determined by trader reaction to .7790 and .7769.
(Bloomberg) -- Heineken NV, the world’s second-largest brewer, is in talks about a takeover of South African wine and spirits maker Distell Group Holdings Ltd.Heineken approached Distell about a possible acquisition of most of its business, the South African company said Tuesday, confirming an earlier Bloomberg News report. Distell is considering its options, spokesman Frank Ford said by phone.Distell shares jumped as much as 10%, hitting an intraday record. They were up 5.6% at 9:25 a.m. Tuesday in Johannesburg, giving the company a market capitalization of 33.6 billion rand ($2.4 billion).Shares of Heineken advanced 0.9% in Amsterdam, valuing the brewer at 57 billion euros ($70 billion). Discussions are ongoing, though there’s no certainty they will lead to a transaction, Heineken said Tuesday.Distell produces Klipdrift brandy, Nederburg wine, Amarula cream liqueur, Savanna cider and Bain’s Cape Mountain Whisky. Remgro Ltd., an investment vehicle of South African billionaire Johann Rupert, and Public Investment Corp., Africa’s biggest pension fund, each hold a little more than 30% of Distell, according to data compiled by Bloomberg.The PIC increased its stake in 2017 after a shakeup of the drinks maker’s ownership structure, paying 170 rand a share. That’s 19% higher than Distell’s share price at the close on Monday, before the talks were announced.An acquisition would be Heineken’s most significant transaction since 2018, when it formed a partnership with China Resources Beer Holdings Co., maker of the country’s best-selling beer. A purchase would add to $7.4 billion of deals announced in the global beverage industry this year, about 15% less than at this point in 2020, according to data compiled by Bloomberg.Heineken is emerging from one of the beer sector’s toughest crises. Despite gains in Vietnam and Mexico, the brewer is still facing setbacks in key markets such as Brazil and the U.K. where restrictions on movement and sales have hurt demand. Earlier this year, the company laid off 8,000 employees. The brewer surprised analysts in April with stable first-quarter sales as emerging markets made up for declines in Europe.South Africa was one of Heineken’s best-performing markets, which is surprising given the country’s recurring ban on alcohol.Any deal for Distell would see Heineken Chief Executive Officer Dolf van den Brink, who took charge last June, make progress expanding into categories that have historically been more profitable than brewing, including liquor. It will also accelerate the decades-long strategy of his predecessor Jean-Francois van Boxmeer. During his tenure, van Boxmeer sought to tap growth opportunities in Africa, investing hundreds of millions of euros in promising markets such as Cote d’Ivoire, Nigeria and South Africa.(Adds details from statement in second paragraph, details on Distell shareholders in fifth and sixth paragraphs)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Credit Suisse Group AG is still feeling the effects in bond markets of two major missteps this year.The lender on Monday issued its first euro and sterling notes since the collapse of Greensill Capital and Archegos Capital Management. While the sales left demand for the bank’s debt in no doubt -- orders passed a combined 4.7 billion euros-equivalent ($5.7 billion) -- they also highlighted increases in the bank’s funding costs since March.Credit analysts and investors said that some of the bank’s senior debt is carrying a premium of at least 10 basis points more than it would have without the twin crises. The cost of insuring its bonds against default also remains elevated versus competitor UBS Group AG.“It reflects the weaker credit view, with potential compensation of investors still to come as well as serious questions around risk management,” said Bjorn Norrman, an investment manager at Aegon Asset Management.Credit Suisse declined to comment on its recent sales. The 1.5 billion-euro and 750 million-pound notes on Monday followed a $3.25 billion 11-year note last week.The bank emerged as the biggest loser among global investment banks as family office Archegos imploded in March, wiping out a year of profit. It’s since taken steps to reassure investors and overhaul the business, including a $2 billion capital raise, but has struggled to contain a string of senior banker defections.An investigation by the Swiss financial regulator into the bank’s risk management is “likely to hang over” the bank’s debt in the short term, said Tom Kinmonth, an ABN Amro credit analyst. He pointed to Danske Bank AS, the subject of multiple investigations into money laundering in both the U.S. and Europe.“In these type of cases, for example like at Danske Bank, it takes time for a bank to settle the cases, to rebuild its reputation and to re-convince investors of its new governance structure,” Kinmonth said.Still, he retains a positive view of the bank and thinks its credit spreads “will make up this lost ground over this year.” Some of the bank’s dollar bonds, including a $2 billion 1.305% senior note sold in January, have already retraced some of their widening since late March.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Saudi food delivery firm Jahez has hired HSBC Holdings Plc’s local unit to help manage what could be the first listing by a tech startup in the kingdom.Jahez International Company for Information Technology picked HSBC Saudi Arabia as the sole financial adviser and global coordinator for its potential IPO on Nomu, the Saudi stock exchange’s secondary market, which imposes lighter listing requirements to encourage smaller businesses and startups to raise equity.Founded in 2016, the homegrown firm serves around 2 million customers in the kingdom, and processed about 20 million restaurant orders through its app in 2020, it said on Monday, without disclosing details about its potential valuation. It closed a $36.5 million funding round last year.“We will continue to expand our platform to tap into new growth opportunities offered by rapid, technology-enabled changes in consumer behavior, both in Saudi Arabia and in the wider region,” said Ghassab Al Mandeel, chief executive officer at Jahez.Food delivery companies have been flooded with cash from investors betting the pandemic brought a permanent shift in shopper habits.Getir, DeliverooStartups including Turkish retail delivery app Getir and Berlin-based grocery delivery app Gorillas have rapidly hit billion-dollar valuations. In the U.K., Deliveroo raised 1.5 billion pounds ($2.1 billion) in its listing March 31 but then saw its shares plunge more than 30% in their debut.Jahez is the biggest locally owned player in the kingdom, competing with the likes of Uber Technologies Inc.-owned Careem Now and Delivery Hero SE-backed Hunger Station and Talabat. Jahez has also been expanding in other areas such as last-mile logistics and cloud kitchens.The IPO could add to a string of listings in Saudi Arabia, where companies are taking advantage of investors’ demand for new offerings and as state entities look to raise money to bankroll efforts to diversify the economy.Saudi grocery delivery app Nana also raised $18 million last year, tapping investors including venture capital fund STV and Middle East Venture Partners to expand across the Middle East.Saudi Arabia’s consumer spending is on the mend, with its non-oil economy -- the engine of job creation -- rebounding in the first quarter to pre-pandemic levels following a recession.Jahez said “an improving Saudi economy and the resulting rise in employment and disposable income” will fuel further food and e-commerce spending.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
EUR/USD managed to get above the resistance at 1.2175 and is moving towards the next resistance at 1.2220.
(Bloomberg) -- The European Union’s final bond sales for its regional jobs program failed to live up to the hype of previous editions, a concerning sign for its landmark borrowing spree that’s due to start in the second half of the year.Investors placed 88.7 billion euros ($108 billion) of orders for eight- and 25-year securities tied to the SURE social program, little more than a third of the record set for a dual-tranche issue last year. It comes as yields across the region climb as investors prepare for European Central Bank to scale back its bond purchases in the face of growing inflationary pressures. The bloc is ready to start sales for its 800 billion-euro recovery fund by July.It marks a stark turnaround for one of the hottest new triple-A rated bond markets in town. When the EU launched the securities last year, Europe was still firmly in the throes of lockdowns, the ECB was committed to pumping money into debt markets and investor demand for the securities was enormous. Now, with economies reopening and consumer prices expected to accelerate, they’re becoming a less attractive asset.“We had been used to some very strong demand for the EU bonds,” said Jens Peter Sorensen, chief analyst at Danske Bank AS. “Why buy today, if you can buy cheaper tomorrow? That’s becoming a self-fulfilling prophecy.”The bloc is set to become a major issuer of bonds in the coming years, potentially creating a debt market akin to the size of Spain’s. The securities have also been touted as a one-day rival to U.S. Treasuries, given the current scarcity of German bonds -- the region’s haven asset -- and the risks associated with holding riskier peripheral debt.In another sign of waning demand, the yield on 10-year SURE bonds has climbed more than 40 basis points since they were issued in October. That mirrors moves elsewhere in Europe, with German 10-year bond yields climbing to their highest level since 2019 last week.Goldman Sachs Group Inc. expects them to breach 0% for the first time since 2019 this year. Italian 10-year bond yields rose to the highest level since July on Monday as investors speculated an economic growth rebound could mean less central bank support.“The first few EU SURE syndications were a smashing success in terms of demand,” said Martin van Vliet, a strategist at Robeco. “There will be structural demand for triple AAA paper such as the EU, so the recovery fund issuance will be digested, but we’re not sure demand will be as astronomical.”The Commission announced Monday that it would use an auction system operated by France’s central bank to issue debt later in the year, relying on syndications in the meantime. Sales are expected to average around 150 billion euros per year for the duration of the program, though all member states need to ratify the recovery program for funds to start flowing.Still, EU bonds will outperform “core” European sovereign peers because investors face a serious shortage of notes in both the short- and long-term, Commerzbank AG analysts wrote in a note to clients last month. Any attempt to extend the size of the package is likely to be politically difficult, they argue.The EU mandated Deutsche Bank AG, LBBW, Morgan Stanley, Natixis SA and NatWest Markets for the sale of SURE bonds. Commerzbank expects the EU will sell as much as 15 billion euros of bonds. The sale of eight-year securities was given a price of two basis points below midswaps, while the 25-year was marked at 17 basis points above.“Over the last couple of weeks things have definitely turned more challenging,” said Christoph Rieger, head of fixed-rate strategy at Commerzbank. “Lower ECB buying may require somewhat higher premiums.”(Updates to include final demand from first paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
USD/CAD settled below 1.2100 and is testing the support at 1.2080.
AT&T's stock is the biggest loser in the S&P 500 on Tuesday. Its valuation depends on how much credit investors give the combined WarnerMedia/Discovery for its future streaming efforts.
‘Will she still be able to use our daughter as a tax deduction? My concern is also with the coming child tax credit this summer.’
A paper that my colleague Anqi Chen and I wrote last year — “How Much Taxes Will Retirees Owe on Their Retirement Income?” — keeps hitting the “top 10” list on a major listserv for social sciences research. As people approach retirement, they tend to add up their financial resources — Social Security benefits, defined benefit pensions, defined contribution balances, and other assets. The question we look at is just how large the tax burden is for the typical retired household and for households at different income levels.
(Bloomberg) -- A member of Mexico’s central bank board said there’s no room for further interest rate cuts, and the bank may eventually need to start withdrawing stimulus if inflation pressures remain elevated.Asked in an interview with Bloomberg News if she thought further monetary easing is off the table, Deputy central bank Governor Irene Espinosa said, “Yes, I think so, definitely in this context.” Swap rates rose after her comments.The bank’s five-member board last week voted unanimously to hold its key interest rate at a 5-year low of 4%, after inflation accelerated to more than double the 3% target. Espinosa said the end to rate cuts was “good news,” since it means the bank is expecting an economic recovery.Read More: Central Banks in Mexico, Chile, Peru in No Hurry to End Stimulus“We doubtless have to prepare ourselves for a global and local recovery process and that implies a change in the monetary policy vision,” she said.Economists surveyed by Citi expect Mexico to raise interest rates in February next year.Mexico’s two-year swap rate climbed to 5.3%, the highest since April 15, 2020, after Espinosa’s comments.‘Above Target’The bank has at times waited for the U.S. Federal Reserve to act before making major policy changes of its own. Espinosa said that this time it’s possible the board may need to increase rates ahead of its U.S. counterpart, which traders expect to begin to hike by the end of 2022.“Inflation in Mexico has been and is above target, and that puts us in a very different situation for the management of monetary policy from the U.S.,” she said.Traders are starting to price in faster inflation in the U.S., which affects the rest of the world, especially Mexico, Espinosa said.MEXICO REACT: No Talk About Hikes Despite High Inflation, RisksEspinosa spent nearly a decade as treasurer in the Finance Ministry before becoming the first female member of Banxico’s board in 2018. She previously worked at the Inter-American Development Bank in Washington.The bank has cut rates from 8.25% since mid-2019 in its deepest-ever easing cycle. It hasn’t yet reacted to the recent jump in inflation, arguing that much of the acceleration is likely to be temporary.Doubts remain over the solidity of Mexico‘s recovery, Espinosa said. “The growth we are seeing will be slow, long, and uncertain,” she said, arguing that internal demand needs support.That adds additional pressure to public finances, which Espinosa said “can be seen as somehow fragile“ as support for struggling state oil giant Petroleos Mexicanos weighs heavily on government coffers.“This support to Pemex isn’t necessarily resolving Pemex’s structural problems to allow it to be sustainable in the medium term,” Espinosa said. “We haven’t seen a new business plan that lets you see where these new sources of financing are coming from.”(Updates with markets in second, sixth paragraphs, comments on Pemex, public finances from 11th paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Learn the basic structure of a 401(k) and why it may not be enough to sustain you during retirement.
The Biden administration has announced payments will be starting this week.
Amid the slump sweeping across crypto assets Tuesday, investors were turning their attention to a meme asset, SafeMoon, that has garnered increased attention was recently drawing fresh looks after comments made by Barstool Sports founder Dave Portnoy on Twitter.