|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||24.39 - 24.65|
|52 Week Range||18.40 - 25.42|
|Beta (3Y Monthly)||1.18|
|PE Ratio (TTM)||41.96|
|Earnings Date||Feb 20, 2020|
|Forward Dividend & Yield||1.34 (5.44%)|
|1y Target Est||27.16|
(Bloomberg) -- European Union policy makers sealed a deal to create a classification system for green financial products, aiming to strengthen the rapidly growing market’s legitimacy.Lawmakers from the bloc’s parliament reached an agreement with representatives from national governments after marathon talks in Brussels. The rules will help craft common definitions for environmentally friendly investments and intend to thwart “greenwashing” -- where products are marketed as sustainable, even if they don’t really help fight climate change.“With credible and ambitious definitions for sustainable investment, the EU will lead the world in sustainable finance,” Bas Eickhout, a Green Party lawmaker in the European Parliament who led work on the file, said in a statement.The Greens say the classification system, or taxonomy, would make coal ineligible as a sustainable investment -- and also likely exclude nuclear energy, a contentious point in the talks, under a “no harm” test. EU member states’ attempts “to politicize the environmental criteria in order to include their own national industries” were resisted, the Greens said.The taxonomy could ultimately see a range of applications. While it could be a foundation for how products are labeled, helping money managers decide which assets to buy, it could also help central banks direct their asset purchases.The understanding reflects “the increased ambition of the new Commission on financing the green transition,” said Valdis Dombrovskis, the EU commissioner for financial-services policy.The deal, which still needs to be confirmed, is just the first step on the way to a concrete list of definitions. That will be drawn up based on recommendations from a panel of experts, which has already issued a report this year covering almost 70 economic activities ranging from agriculture to transport and manufacturing.Financial products that don’t make any claims of being green would have to include a disclaimer “to clarify that their investments are not screened for sustainability effects,” according to the Greens.To contact the reporter on this story: Alexander Weber in Brussels at firstname.lastname@example.orgTo contact the editors responsible for this story: Dale Crofts at email@example.com, Keith CampbellFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Last month, Gary Cohn, former director of the National Economic Council and former president and COO of Goldman Sachs Group Inc (NYSE: GS), joined Hoyos Integrity, a secure mobile telecommunications company focused on the scaling of secure payment solutions. The company aims to reshape the future of payments with an impenetrable digital wallet, founder Hector Hoyos said during a conversation with Benzinga. Hoyos provides secure mobile communications solutions for the United States and its NATO allies.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of ICBC-AXA Assurance Co., Ltd. Hong Kong, November 19, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of ICBC-AXA Assurance Co., Ltd. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
AXA SA is stepping up its investment in artificial intelligence and data analytics in Hong Kong to improve health outcomes and lower medical costs, latching on to the city's proximity to many technological advancements in mainland China.The insurer expects to spend HK$220 million on technology, such as AI and big data applications by the end of this year, a 10 per cent increase from 2018, according to Ashok Krishnan, chief data officer and head of customer experience at the local unit of the Paris-based insurance group. Hong Kong makes an interesting platform for health insurers to put their tools to work, he said."The uniqueness of Hong Kong is that it is a large market [concentrated in a] small geographic area, which makes it easier to pilot something," Krishnan said in an interview. High-level of smartphone and social media usage, as well as access to new technologies being developed in China, make Hong Kong a "a very interesting" test-bed for new AI and data analytics tools, he added.That appeal has not been diminished as Hong Kong continued to post headline revenue growth in Asia and Hong Kong, according to its latest nine-month results, amid anti-government street protests and an economic slump. Health revenues contributed 1.6 billion euros, or more than a fifth of AXA business in Asia, on the back of higher volumes and positive price effects mainly from Hong Kong. Hong Kong and Beijing scientists use gene editing to find cure for superbugEarlier this month, AXA hosted its first health-related "hackathon" in the city to scour for new ideas and talents to help the firm in its digital and data strategy push to future-proof its business. It underlines AXA's strategy to move from being a traditional "payer of claims" to a proactive "health partner" to its customers, with the aim of improving their health outcomes and medical bills."Traditional insurance is, if something happens to you, we pay for the medical treatment," Krishnan said. "The new way is, how do we prevent you from falling ill in the first place. If you lead a healthy life, it also benefits us." Ageing Hong Kong's grim cancer numbers will rise, survival rates are improvingAbout 100 participants from 10 nations, comprising mostly students and start-up entrepreneurs in the medical, data science, software and business fields, formed 19 teams to brainstorm ideas and prototypes in the 48-hour hackathon. Foreign start-ups eye China's digital health care market in search for revenue modelFacial and object recognition technology would be embedded in the mobile app to help ensure data authenticity, which aims to monitor and raise patients' adherence to medical instructions. The Pill Pal app aims to track timeliness and accuracy of medication taking, and enable patients to share their experiences on side effects."About half of patients with chronic illnesses do not adhere to medication instructions, often due to a lack of motivation, forgetfulness and worries about side effects," according to Cynthia Lam Sin-nga, a member of the winning team comprising mostly senior medical students. Hospitalisation caused by such situations is estimated to have cost US insurers some US$290 billion a year, she noted. Mining and analysing data in the pill Pay app could help insurers devise incentive schemes to reward positive behaviours and reduce medical costs, she added.AXA has already launched insurance products that offer premium rebates to customers who successfully quit smoking, or completed a year-long health management programme if they suffer from diabetes, high blood pressure, high cholesterol or obesity, Krishnan said. Rivals are also tapping into the value of health data. AIA Group offers premium discount to Hong Kong customers who go through its health screening and healthy living programmes. It also hosted a hackathon last year to generate health-related digital innovation ideas.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
The main point of investing for the long term is to make money. Better yet, you'd like to see the share price move up...
AXA Equitable Holdings Inc.'s stock stood out Friday for a change, as the most actively traded on major U.S. exchanges, after the financial services company disclosed that its largest shareholder was slashing its stake by selling off 144 million shares. The price of the sale was not yet determined. AXA Equitable's stock rose 3.7% in midday trading, to trade above the Sept. 4, 2018 record closing price of $23.03. Volume swelled to 34.3 million shares, compared with the full-day average of about 2.2 million shares. The company said in a filing late Thursday that France-based insurer AXA S.A. was selling 144 million shares, which will reduce AXA's stake in AXA Equitable to 47.2 million shares, or 10.1% of the shares outstanding, from 191.2 million shares, or 39.1% of the shares outstanding. AXA Equitable will not receive any proceeds from the sale of shares. AXA Equitable went public on May 10, 2018. The stock has rallied 39.2% year to date, while the S&P 500 has gained 23.1%.
NOTE: On October 31, 2019, the press release was corrected as follows: The second paragraph of the RATINGS RATIONALE section was changed to: The review for downgrade on ABBs A2 deposit rating and a2 Adjusted BCA reflects the significantly reduced probability of support from AXA, notwithstanding its continued association with ABB via its minority stake in the future group and the distribution agreement for insurance products in Belgium. ABBs current ratings incorporate a three-notch upflit stemming from Moodys assumption of a very high probability of affiliate support. ABBs Adjusted BCA and long-term ratings could therefore lose up to three notches of affiliate support as a result. Revised release follows.
Private-equity managers in Asia are increasingly turning to impact investing, or investments that generate a social and environmental impact alongside financial returns, in the search for higher returns as well as to attract more funds.Investors in the United States and Europe are increasingly favouring investments that comply with environment, social and governance (ESG) principles."Managers need to stay competitive, because this year and 2020, the fundraising environment will be more difficult. If a manager offers an ESG fund option, it could attract more capital for your fund in a competitive fundraising market," said Marcia Ellis, a partner at law firm Morrison Foerster based in Hong Kong.Companies that comply with ESG principles will also benefit from a higher return on equity. According to "ESG matters " US, top 10 reasons you should care about ESG", a report released by Bank of America Merrill Lynch in September, companies rated highest in the MSCI ESG indices " which ranks companies according to the ESG principles " showed a higher median forward one-year return on equity, at about 17 per cent, compared with about 13 per cent for companies with the lowest score.AXA Investment Managers announced late last month that it would launch a fourth private-equity impact investing strategy this year. Aiming to raise US$400 million, AXA Investment Managers was planning to invest a third of the capital in South and Southeast Asian companies. These private companies should be focused on addressing the basic needs of consumers, such as promoting access to health care or financial inclusion. Hang Seng Indexes launches two new ESG benchmarksUS buyout firm KKR said it has invested US$5.3 billion over the past decade in companies whose business models help advance global, environmental, educational and workforce development as well as solutions to other societal challenges. Its global impact business was, however, created in 2018.Jonathan Dean, head of impact investing at AXA Investment Managers, said compared with investing in public companies, the private-equity approach provided better means to measure the impact created by companies."[By] being an equity holder in a fund or a direct investment, we are able to play a role in defining the impact that we seek. In listed companies, there are many investors and [our investment into these companies] is not a direct transaction, but often traded through a secondary market," he said.Banks that finance private-equity funds and their investments are also stepping in. This month, ING Group closed what it claimed to be the world's first "sustainability improvement capital call facility" for Singapore-based Quadria Capital, a health care focused manager with more than US$1.8 billion in assets. The interest rate of the facility is pegged to the improvement in the sustainability impact of the investment portfolio.The US$65 million three-year revolving facility is essentially a bridging loan that provides Quadria with financing for its new US$500 million fund, for which fundraising is still ongoing. The facility will let Quadria invest in private companies even before investors' committed capital is received.The facility's interest rate is tied to ESG performance targets that companies funded by Quadria must meet. These companies will be audited against the ESG principles by an independent analytics firm. If targets are met, the interest rate will be lowered. Most Hong Kong firms fall short in ESG disclosures, says BDO"Our aim here is to encourage active ESG engagement throughout the investment life cycle, from sourcing to asset management, by rewarding funds for making continuous improvement with lower interest rates," said Fi Dinh, director at ING's Asia-Pacific investment industry finance team.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
Rating Action: Moody's assigns definitive ratings to Brignole CQ 2019-1 S.r.l. Global Credit Research- 09 Oct 2019. EUR 172.3 million ABS Notes rated, relating to a portfolio of Italian salary and pension ...
(Bloomberg) -- One of Europe’s biggest e-scooter sharing companies said it has raised $60 million in new financing, led in part by one of the sovereign wealth vehicles behind SoftBank Group Corp.’s gargantuan Vision Fund.Berlin-based Tier Mobility, a primary competitor to U.S. e-scooter unicorns Lime and Bird, said it would use the money to accelerate its expansion across the continent, which presently extends to more than 40 cities in 12 countries. A valuation wasn’t disclosed, though by Tier’s own calculations, its 10 million rides in eleven months of operation mark it as the fastest-growing mobility startup yet.Leading the German startup’s new funding is Mubadala Capital, an arm of Abu Dhabi’s sovereign wealth-backed Mubadala Investment Co., alongside Silicon Valley’s Goodwater Capital. Mubadala forms part of Abu Dhabi’s efforts to diversify its economy by turning oil revenue into profitable investments, and in 2017 it committed $15 billion to SoftBank’s $100 billion Vision Fund.Demand for e-scooters in cities worldwide has helped the industry’s biggest players achieve multibillion-dollar valuations in less than two years. The popularity of the North American front-runners, fueled by the projected value of being a future market leader, has caused a surge of new competitors to spring up across Europe over the past 18 months.Bloomberg News reported in February that Tier and Voi Technology AB had held early-stage talks about a possible merger in order to remain competitive, but both remained independent and sought fresh funding instead. Other substantial rivals include Wind Mobility as well as Circ, the company created by Delivery Hero co-founder Lukasz Gadowski.“We firmly believe that micromobility as a form of transportation is here to stay, especially in Europe,” said Amer Alaily, senior principal at Mubadala Capital. “We are confident that Tier Mobility is best positioned to become the leading player.”Other new backers of Tier include Axa Germany and Finland’s Evli Growth Partners. In a statement, Tier also noted that all of its previous investors had participated in the new funding round announced Monday, including Northzone Ventures.New RidesTier Chief Executive Officer Lawrence Leuschner said he saw the company not as a scooter startup, but a micromobility service provider.“We have a clear path to create a new type of vehicle and we’re not far away, and it’s suited for cities and will be good in rainy seasons,” he told Bloomberg Television on Monday.When asked if he planned to expand into the U.S. in response to North American competitors crossing into Europe, the CEO also said the continent was his “laser focus.”“Germany’s the biggest market for transportation in Europe so we believe completely in Europe,” he said.To contact the reporter on this story: Nate Lanxon in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Giles Turner at email@example.com, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Rating Action: Moody's assigns provisional ratings to Brignole CQ 2019-1 S.r.l. Global Credit Research- 24 Sep 2019. EUR million ABS Notes rated, relating to a portfolio of Italian salary and pension assignment ...
(Bloomberg) -- Emmanuel Macron is courting France’s big institutional investors in a bid to make the country more attractive to tech money -- and see Paris become the seat of a European Nasdaq index.In Paris on Tuesday, the French president is set to announce a multi-billion euro pledge by banks and insurers, including Axa SA, Natixis SA, Aviva Plc and Allianz SE, to invest in France’s tech companies, his office told reporters. The French daily, La Lettre A, said the commitment may amount to 5 billion euros ($5.5 billion) over three years, a report his office declined to confirm.It’s part of a broader push by Macron’s government to attract more investment for innovation. Other measures include eased regulations and tax cuts. His long-term goal is the creation of a European version of the tech-heavy Nasdaq index, if possible based in Paris, his office said.There’s still a long way to go for that to happen. In the first half of this year, France’s four growth equity operations raised 580 million euros, Data compiled by EY show. That compares with five operations in Germany reaching 1.13 billion euros in the same period and seven operations in the U.K. that amounted to 2.39 billion euros.Apart from attracting more growth equity funds, to see such an index in Paris, Macron has to create smoother exit options, a tech-friendly stock exchange and harmonized Europe-wide regulations.Investors have pledged to either inject more money in existing venture capital funds such as Idinvest and Partech, in a ‘fund of funds’ created by state-backed investor BpiFrance, or to create their own fund, an official in Macron’s office said, declining to be named in accordance with Elysee Palace rules.Innovation companies raised about 2.79 billion euros in the first half this year in France, compared to 1.95 billion euros over 2018, according to the EY data. France is catching up to the U.K., the region’s leader, which had 5.3 billion euros of venture capital and growth equity in the period.French and foreign investors and company leaders will mix Tuesday evening as Macron hosts one of his trademark tech diners. Companies invited include Founders Fund, Accel and Lightspeed Venture Partners, and also sovereign funds for Saudi Arabia, Singapore, Qatar, Kuwait and South Korea.To contact the reporter on this story: Helene Fouquet in Paris at firstname.lastname@example.orgTo contact the editors responsible for this story: Ben Sills at email@example.com, Caroline Alexander, Richard BravoFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Hurricane Dorian, which battered the Bahamas early on Monday, could cause insurance industry losses of up to $25 billion, according to analysts at UBS. Dorian, the second-strongest Atlantic storm on record, was forecast to pound the archipelago through the day, then move slowly towards the east U.S. coast, where authorities ordered more than a million people evacuated in Florida, South Carolina and Georgia.