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orbemnews · 4 years

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A Return to Wall Street’s Low-Rent District Penny stocks are back Of all the trading manias in recent months — Bitcoin, SPACs, meme stocks, nonfungible tokens — the latest has a long history of fraud and scandal. That’s right, penny stocks are booming, according to The Times’s Matt Phillips, who visited the “low-rent district of Wall Street.” There were 1.9 trillion transactions last month on the over-the-counter markets, where such stocks trade, according to the industry regulator Finra. That’s up more than 2,000 percent from a year earlier, driven in large part by the surge in retail trading — enabled by commission-free trading from online brokerages — that has also stoked the frenzy for shares in GameStop and other speculative assets. Penny stocks have always lent themselves to quick fortunes, given that small inflows to these low-priced, thinly traded shares can make prices go berserk. That also makes them prone to fraud like pump and dumps, updated for the modern age with schemes hatched on social media. “It’s all just a pool filled with sharks,” said Urska Velikonja, a law professor at Georgetown. “It’s where the unwary go to get eaten.” Penny-stock frenzies are common in raging bull markets. The current fervor among retail traders presents unnerving echoes from the past, according to Tyler Gellasch of the nonprofit Healthy Markets Association. Based on the scale of the recent mania, “the only relevant historical precedent seems to increasingly be the days before the Great Depression,” he said. Take it from Jordan Belfort, of “The Wolf of Wall Street.” “Everyone wants to get rich,” Mr. Belfort, a former “boiler-room” operator who pleaded guilty to market manipulation, told Matt, “and they want to get rich quick.” He added that an element of naïveté underpinned such trading: “We all want to believe in Santa Claus, the Tooth Fairy and Bernie Madoff.” HERE’S WHAT’S HAPPENING The Fed keeps its policies steady. As expected, the central bank left interest rates at rock-bottom levels, despite improving economic growth forecasts. But the Upshot’s Neil Irwin notes that it may become harder for Jay Powell, the Fed chair, to wave away criticism of those who think monetary policy is too loose. The I.R.S. delays the tax filing deadline. Americans have until May 17 to file their federal income taxes, a delay meant to help people cope with the pandemic’s economic upheaval and account for changes from the rescue plan. Credit Suisse overhauls its business after the Greensill scandal. The Swiss bank will separate its asset-management division, replace its chief and suspend bonuses over the unit’s role in financing Greensill Capital, the supply-chain financing lender that collapsed this month. Gasoline may have hit its peak. Global demand may never return to pre-pandemic levels, the International Energy Agency said, as more electric vehicles hit the roads and transportation habits change. Use may rise for a bit in places like China and India, but overall consumption in industrialized economies will fall by 2023. Senate confirms President Biden’s top trade official. Katherine Tai will become the U.S. trade representative. She is a prominent critic of China’s trade practices, signaling that the White House won’t completely walk back the Trump administration’s tough stance. Top U.S. officials are to meet their Chinese counterparts for the first time today, at a summit meeting in Alaska. Google is doubling down on office space Google said today that it planned to invest $7 billion in offices and data centers in 19 U.S. states, making it the latest tech giant to expand its footprint while other companies retrench in a commercial real estate market roiled by the pandemic. Google’s C.E.O., Sundar Pichai, shared the plans in a blog post, saying that the move would create 10,000 jobs at the company this year. (Alphabet, Google’s parent company, employed around 135,000 people at the end of 2020.) Google is expanding across the country. The plan includes investments in data centers in places like Nebraska, South Carolina and Texas. The company recently opened its first office in Minnesota and an operations center in Mississippi. It will open its first office in Houston this year. “Coming together in person to collaborate and build community is core to Google’s culture,” Mr. Pichai wrote. Google was one of the first companies to tell employees to work from home, and it expects workers to begin returning to offices in September. When that happens, it will test a “flexible workweek,” with employees spending at least three days a week in the office. “Many have framed the GameStop mania as a David versus Goliath struggle. I believe it is more likely that, when we have full information about this episode, the story will more closely resemble Goliath vs. Goliath.” — Alexis Goldstein, a senior policy analyst for Americans for Financial Reform, at a Congressional hearing which focused on the relationship between brokers like Robinhood and market makers like Citadel Securities. Charting the blank-check boom SPACs have already raised more money this year than in all of 2020, setting a record for blank-check deal volume. More than $84 billion has been raised by 264 SPACs to date, according to Dealogic, compared with $83 billion raised by 256 acquisition vehicles last year. SPACs sitting on some $135 billion are currently seeking takeover targets, according to SPAC Research. Since they typically buy companies five times their size, that implies buying power of well over $600 billion, setting up a scramble for deals within the two-year window written into the rules of most SPACs. Lordstown Motors, an electric vehicle company that went public via SPAC last year, said yesterday that it was cooperating with an S.E.C. inquiry, after a short seller accused it of misleading investors about its business prospects. The S.E.C.’s crypto commissioner Hester Peirce is one of the few financial regulators with an online fan base and a nickname. Known to some as “Crypto Mom,” she’s been raising the profile of cryptocurrencies and blockchain technology since being appointed an S.E.C. commissioner in 2018. On “Blockchain Policy Matters,” an online show by the Blockchain Association, a trade group, Ms. Peirce described her hopes for innovation and regulation of the crypto world. DealBook got a preview of the show, which posts today. “Everyone is getting smarter on this stuff,” Ms. Peirce said of regulators considering crypto issues. Engaging more with the private sector “can help us regulators sharpen our thinking,” she said, which could be “more nuanced.” “We’ve dug ourselves into a little bit of a hole,” Ms. Pierce said of the S.E.C.’s refusal thus far to approve a Bitcoin exchange traded fund. “A lot of people are looking for a way to access the asset class.” In the past month, three bitcoin E.T.F.s have begun trading in Canada. She welcomes Gary Gensler, the blockchain professor, as the agency’s next chief. President Biden’s pick to lead the S.E.C. has lectured on cryptocurrency and blockchain at M.I.T. since 2018. Ms. Peirce said she was “hopeful” that he will help the agency think “in a more sophisticated way.” She added that Mr. Gensler has “more inclination to regulate” than she does, but that she believes he’ can provide the regulatory clarity on crypto she has sought. Blockchain technology could address the issues raised by meme-stock mania. That includes “concerns around settlement times, tracking where shares are, and who owns what shares when,” Ms. Pierce said. Distributed ledger technology like blockchain could eliminate common failure points in the financial system, rather than centralizing them, Ms. Peirce said, adding: “I hope that a lot of that innovation happens in the private sector as opposed to us taking it over as a securities regulator.” THE SPEED READ Deals Coinbase, the cryptocurrency exchange, said it had been valued at $68 billion in private markets before its direct listing next week. (Reuters) Talks to merge three companies owned by Vista Equity Partners and a SPAC backed by Apollo Global Management in a $15 billion deal have reportedly stalled over market volatility. (Bloomberg) HSBC is in talks to sell its French retail banking arm to an affiliate of Cerberus as it focuses on Asia. (FT) Politics and policy The Commodity Futures Trading Commission has created a team to assess the risks of climate change to futures and options markets. (WSJ) Democrats are betting on a corporate tax increase to pay for their infrastructure improvement bill. (Axios) British companies may face more restrictions on dividends and bonuses in a proposed overhaul of accounting rules. (FT) Tech Morgan Stanley is offering top wealth-management clients access to three investment funds linked to Bitcoin, a first by a U.S. bank. (CNBC) Amazon’s wage scale in Alabama may have left it vulnerable to a union. (NYT) On the “Sway” podcast, Brian Chesky of Airbnb speaks about trust, safety and being “completely speechless” on the day of the company’s I.P.O. (NYT Opinion) Best of the rest The pandemic has helped a 162-year-old German company that makes model trains discover a new audience. (NYT) An ancient mathematical pattern could predict the price of Bitcoin. (Fortune) This news article is a nonfungible token. (Quartz) We’d like your feedback! Please email thoughts and suggestions to [email protected]. Source link Orbem News #District #LowRent #return #streets #Wall

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moneycafe · 4 years

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HSBC Mutual Fund launches Global Equity Climate Change FOF

HSBC Asset Management India has announced the launch of HSBC Global Equity Climate Change Fund of Fund – an open-ended scheme investing in HSBC Global Investment Funds – Global Equity Climate Change. The new fund offer will open for subscription on March 3 and close on March 17. The scheme will be managed by Priyankar Sarkar and will be benchmarked against MSCI AC World TRI. According to the…

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bigyack-com · 5 years

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Exclusive Details on Michael Bloomberg’s Plan to Rein in Wall Street

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Bloomberg leans left and takes aim at Wall Street

Exclusive: We’re the first to report Mike Bloomberg’s proposals for changing how the financial industry is regulated, which he is planning to announce this morning. The plan features ideas that wouldn’t be out of place for Senators Bernie Sanders and Elizabeth Warren.Among Mr. Bloomberg’s proposals:• A financial transactions tax of 0.1 percent• Toughening banking regulations like the Volcker Rule and forcing lenders to hold more in reserve against losses• Having the Justice Department create a dedicated team to fight corporate crime and “encouraging prosecutors to pursue individuals, not only corporations, for infractions”• Merging Fannie Mae and Freddie Mac• Strengthening the Consumer Financial Protection Bureau and “expanding its jurisdiction to include auto lending and credit reporting”• Automatically enrolling borrowers of student loans into income-based repayment schemes and capping paymentsMany of the proposals are a reversal from Mr. Bloomberg’s previous stance on financial regulation. In 2011, he complained that Democrats were taking “punitive actions” against Wall Street that could harm the economy. And comments he made in 2015 linking the financial crisis to the end of banks’ so-called redlining practices have drawn fierce criticism in recent days.It’s a sign of how far left Democratic presidential hopefuls feel they need to go to succeed in this year’s primary — even with a multibillion-dollar war chest. Mr. Bloomberg’s financial transactions tax plan is remarkably similar to one that has the backing of Representative Alexandria Ocasio-Cortez.Progressive critics are likely to argue that it doesn’t go far enough. Many Democrats have proposed some sort of wealth tax, while Ms. Warren has called for a complete overhaul of the private equity industry and Mr. Sanders wants to break up the big banks.Bloomberg’s campaign insists he isn’t flip-flopping: On the Volcker Rule, for instance, a spokeswoman said: “When it was introduced, as now, Mike was skeptical of regulators’ ability to divine traders’ intent.” His new plan would focus “on the outcome of speculative trading — big gains and losses — rather than on traders’ intent.”

Apple cuts sales guidance over coronavirus

The iPhone maker was one of the first big companies to reveal how the coronavirus outbreak was affecting its business. The company said yesterday that “a slower return to normal conditions than we had anticipated” forced it to scrap its guidance for revenue this quarter.There is more to come. China’s central position in global supply chains — and as a huge market in itself — means that the outbreak could ripple through company’s financials for months.Good luck, analysts! The virus outbreak’s negative but uncertain effects are coming up often in earnings calls: “Coronavirus” has been cited in 170 investor presentations by S&P 500 companies in the past month, according to a search of transcripts in S&P Capital IQ. Apple’s forecast for future profits was already more vague than usual “due to the greater uncertainty,” Tim Cook, its C.E.O., said last month.Taking a different approach, Walmart said this morning that its forecast for the current financial year didn’t take into account any potential effects of the virus outbreak.

HSBC makes ‘ruthless’ cuts in U.S. and Europe

The London-based bank said this morning that it planned to cut about 35,000 jobs over the next three years as it retreats from the West to focus more on Asia.“We are intending to exit a lot of domestically focused customers in Europe and the U.S. on the global banking side,” Ewen Stevenson, the bank’s C.F.O., told Bloomberg Television. He said the lender would make “surgical and ruthless” cuts to underperforming businesses.The plan is to accelerate investment in its Asian and Middle Eastern businesses, which already generate nearly half of its revenue. That’s the strategy that Standard Chartered, another London-based, Asia-focused bank, has followed.The initiative may not be enough. Shares in HSBC dropped 3 percent this morning. Alan Higgins, the chief investment officer of Coutts & Company, told Bloomberg that the strategy was “on the conservative side.”

Jeff Bezos pledges $10 billion on climate change

The Amazon chief has announced his biggest charitable donation to date, a fund to study and fight climate change, Karen Weise of the NYT writes.Mr. Bezos is a latecomer to large-scale charitable giving, starting in 2018 with a $2 billion program to combat homelessness created with his then-wife, MacKenzie.Amazon has been under pressure to reduce its carbon footprint. It revealed in September that it emitted about 44.4 million metric tons of carbon dioxide in 2018, making it one of the world’s top 200 emitters. And employees have called on the company to stop providing services to oil and gas industries.“One hand cannot give what the other is taking away,” said Amazon Employees for Climate Justice, a group of workers protesting the company’s environmental practices.

Europe’s venture capitalists are getting serious

Atomico said this morning that it had raised Europe’s largest-ever independent tech venture fund, worth $820 million. The London-based venture capital firm’s founder, Niklas Zennstrom, told Michael in an interview that it was a sign of how the European start-up industry is coming into its own.There are now 99 “unicorns” — VC-backed start-ups worth at least $1 billion — in Europe, compared with 22 five years ago. “Companies are taking on bigger challenges, and there’s more ambition and experience,” Mr. Zennstrom said.That enabled Atomico to raise more money for its fifth fund than the $750 million it had originally planned. Among the investors in this fund are founders and early employees of Atomico-backed companies like Spotify, the payments company Klarna and the game maker Supercell. Mr. Zennstrom himself is a Swedish billionaire who co-founded Skype.But Mr. Zennstrom sees hurdles ahead:• Valuation multiples for European start-ups aren’t as high as those for U.S. companies. (There are twice as many V.C.-backed unicorns in the U.S., according to PwC.) Even so, Mr. Zennstrom said that unlike their American rivals, European start-ups were more focused on creating businesses that can become profitable.• Although Europe has plenty of gifted coders, getting them to come to a particular start-up — often in a different country — is a challenge.

Mark Zuckerberg calls for global rules for online content

While on a trip to Europe, the Facebook founder suggested that new rules and standards were needed to promote public trust in tech platforms.“I believe good regulation may hurt Facebook’s business in the near term, but it will be better for everyone, including us, over the long term,” Mr. Zuckerberg wrote in an FT opinion piece. Facebook also published a white paper with “guidelines for future regulation.”E.U. officials rejected his proposals. “It’s not enough. It’s too slow, it’s too low in terms of responsibility and regulation,” said a European Commissioner. And in response to Mr. Zuckerberg’s opinion piece, George Soros wrote a letter to the FT calling on the C.E.O. to “stop obfuscating the facts by piously arguing for government regulation” and urging him to resign.

The speed read

Deals• Pier 1 Imports filed for Chapter 11 bankruptcy protection. (NYT)• Univision is reportedly in talks to sell itself to an investor group for about $10 billion, including debt. (WSJ)• Alstom agreed to buy Bombardier’s train division for up to $6.7 billion to take on China’s CRRC. (Reuters)• Warren Buffett’s Berkshire Hathaway sold a third of its stake in Goldman Sachs and a fifth of its shares in Wells Fargo. (Reuters)Politics and policy• The millennial goal of retiring early would be bad news for the Fed if they could manage to do it. (NYT)• Some employees at Oracle are protesting plans by their C.E.O., Larry Ellison, to hold a fund-raiser for President Trump. (Business Insider)Tech• Germany is poised to let Huawei into its 5G wireless network, a blow to the Trump administration’s fight against the Chinese telecom giant. (NYT)• The SoftBank-backed hotel platform Oyo reported a fourfold increase in revenue and a sixfold rise in its annual loss. (Bloomberg)• Palantir revamped its compensation to give employees bonuses in restricted stock, to save cash ahead of a potential I.P.O. (Bloomberg)Best of the rest• BlackRock has become a symbol for anticapitalist fervor in France (NYT)• The N.B.A. commissioner, Adam Silver, said that the league’s rift with China could cost it up to $400 million in lost revenue. (CNBC)• Have global carbon emissions peaked? The short answer is probably not. (Bloomberg)We’d love your feedback. Please email thoughts and suggestions to [email protected]. Read the full article

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ericfruits · 5 years

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Firms that analyse climate risks are the latest hot property

SOON AFTER Hurricane Sandy battered Manhattan in 2012, Emilie Mazzacurati founded a firm in California to analyse the risks posed by climate change to business. She called it Four Twenty Seven, after the state’s target of lowering annual greenhouse-gas emissions to the equivalent of 427m tonnes of carbon dioxide by 2020. That reference quickly became outdated. The target was adjusted for technical reasons two years later, and rendered moot in 2018 by the announcement of a net-zero goal. Ms Mazzacurati is still happy with the name, though. “That is the risk of doing business in an uncertain climate,” she says.

Such uncertainty has sent financial firms scrambling to buy climate-service providers, as such firms are known. In July Moody’s, a credit-rating agency, bought a majority stake in Four Twenty Seven. In September MSCI, an equity-index maker, snapped up Carbon Delta, a climate-service startup. Wells Fargo invested in Climate Service. In March CO-Firm, based in Hamburg, was bought by PwC, a consultancy. In a funding round earlier this year Jupiter Intelligence, another climate-data outfit, added three insurance firms to its backers.

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Most climate-service firms are small startups led by scientists. They use public climate data, usually couched in meteorological terms—that a certain land mass, say, will become on average 1°C hotter over the next ten years. That is fed into economic models, which the firms use to put a dollar value on the risks climate change poses to properties and businesses, usually over the coming five or ten years.

On such a timescale the range of estimates for the impact of global warming should be quite narrow, says James McMahon of Climate Service. To handle unpredictable inputs, such as whether a city will decide to build sea walls, climate-service firms offer a range of scenarios.

One reason for the buying spree is that acquirers want to apply climate analysis to their own books. Four Twenty Seven recently found that about a fifth of all local-government debt rated by Moody’s in America is exposed to high heat stress. Borrowers’ creditworthiness will be affected by climate-related costs such as air conditioning, lower labour productivity and lower agricultural output.

Another factor in the spree is a coming surge of new clients for climate services. Policymakers are gearing up to make financial institutions disclose the climate risks they face. At a UN summit in September Mark Carney, the governor of the Bank of England, argued for mandatory disclosure of such risks to investors and regulators. France already has such a law. Britain, Canada and the EU may follow soon.

Many companies are unprepared. A recent survey by HSBC found that about two-fifths of companies were disclosing climate-related risks in line with the expected rules. A poll of signatories to the Principles for Responsible Investing, a UN-supported group of investors with $90trn under management, found similar gaps.

Rather than buying climate intelligence, some companies are training their own staff. Earlier this year AllianceBernstein, an American fund manager, sent 35 portfolio managers on a course on climate risk at Columbia University. Columbia has trained analysts from pension funds and major banks, says Satyajit Bose, who teaches part of the course. Last year Wellington, an asset manager, announced a tie-up with Woods Hole Research Centre, a think-tank, aimed at improving its climate analysis.

One problem for the nascent industry is that many climate-service startups come from Silicon Valley, where experimentation is prized. “It’s one thing to have a disruptive app, but it’s a problem when that app is inaccurately predicting climate risk,” says Jesse Keenan of Harvard University. In August the New York Times reported problems at One Concern, an earthquake- and climate-analytics firm. Software updates changed estimates for the cost of disasters; its platform gave inaccurate data on buildings’ structural integrity. Company leaders said that product iteration was common in Silicon Valley and helped customers. But more such stories and the industry’s credibility could suffer, slowing a shift towards data-driven preparation for climate change that is already overdue. ■

This article appeared in the Finance and economics section of the print edition under the headline "Sunny days"

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mastcomm · 5 years

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Exclusive Details on Michael Bloomberg’s Plan to Rein in Wall Street

Want this in your inbox each morning? Sign up here.

Bloomberg leans left and takes aim at Wall Street

Among Mr. Bloomberg’s proposals:

• A financial transactions tax of 0.1 percent

• Toughening banking regulations like the Volcker Rule and forcing lenders to hold more in reserve against losses

• Having the Justice Department create a dedicated team to fight corporate crime and “encouraging prosecutors to pursue individuals, not only corporations, for infractions”

• Merging Fannie Mae and Freddie Mac

• Strengthening the Consumer Financial Protection Bureau and “expanding its jurisdiction to include auto lending and credit reporting”

• Automatically enrolling borrowers of student loans into income-based repayment schemes and capping payments

Many of the proposals are a reversal from Mr. Bloomberg’s previous stance on financial regulation. In 2011, he complained that Democrats were taking “punitive actions” against Wall Street that could harm the economy. And comments he made in 2015 linking the financial crisis to the end of banks’ so-called redlining practices have drawn fierce criticism in recent days.

It’s a sign of how far left Democratic presidential hopefuls feel they need to go to succeed in this year’s primary — even with a multibillion-dollar war chest. Mr. Bloomberg’s financial transactions tax plan is remarkably similar to one that has the backing of Representative Alexandria Ocasio-Cortez.

Progressive critics are likely to argue that it doesn’t go far enough. Many Democrats have proposed some sort of wealth tax, while Ms. Warren has called for a complete overhaul of the private equity industry and Mr. Sanders wants to break up the big banks.

Bloomberg’s campaign insists he isn’t flip-flopping: On the Volcker Rule, for instance, a spokeswoman said: “When it was introduced, as now, Mike was skeptical of regulators’ ability to divine traders’ intent.” His new plan would focus “on the outcome of speculative trading — big gains and losses — rather than on traders’ intent.”

Apple cuts sales guidance over coronavirus

There is more to come. China’s central position in global supply chains — and as a huge market in itself — means that the outbreak could ripple through company’s financials for months.

Good luck, analysts! The virus outbreak’s negative but uncertain effects are coming up often in earnings calls: “Coronavirus” has been cited in 170 investor presentations by S&P 500 companies in the past month, according to a search of transcripts in S&P Capital IQ. Apple’s forecast for future profits was already more vague than usual “due to the greater uncertainty,” Tim Cook, its C.E.O., said last month.

Taking a different approach, Walmart said this morning that its forecast for the current financial year didn’t take into account any potential effects of the virus outbreak.

HSBC makes ‘ruthless’ cuts in U.S. and Europe

The London-based bank said this morning that it planned to cut about 35,000 jobs over the next three years as it retreats from the West to focus more on Asia.

“We are intending to exit a lot of domestically focused customers in Europe and the U.S. on the global banking side,” Ewen Stevenson, the bank’s C.F.O., told Bloomberg Television. He said the lender would make “surgical and ruthless” cuts to underperforming businesses.

The plan is to accelerate investment in its Asian and Middle Eastern businesses, which already generate nearly half of its revenue. That’s the strategy that Standard Chartered, another London-based, Asia-focused bank, has followed.

The initiative may not be enough. Shares in HSBC dropped 3 percent this morning. Alan Higgins, the chief investment officer of Coutts & Company, told Bloomberg that the strategy was “on the conservative side.”

Jeff Bezos pledges $10 billion on climate change

The Amazon chief has announced his biggest charitable donation to date, a fund to study and fight climate change, Karen Weise of the NYT writes.

Mr. Bezos is a latecomer to large-scale charitable giving, starting in 2018 with a $2 billion program to combat homelessness created with his then-wife, MacKenzie.

Amazon has been under pressure to reduce its carbon footprint. It revealed in September that it emitted about 44.4 million metric tons of carbon dioxide in 2018, making it one of the world’s top 200 emitters. And employees have called on the company to stop providing services to oil and gas industries.

“One hand cannot give what the other is taking away,” said Amazon Employees for Climate Justice, a group of workers protesting the company’s environmental practices.

Europe’s venture capitalists are getting serious

There are now 99 “unicorns” — VC-backed start-ups worth at least $1 billion — in Europe, compared with 22 five years ago. “Companies are taking on bigger challenges, and there’s more ambition and experience,” Mr. Zennstrom said.

That enabled Atomico to raise more money for its fifth fund than the $750 million it had originally planned. Among the investors in this fund are founders and early employees of Atomico-backed companies like Spotify, the payments company Klarna and the game maker Supercell. Mr. Zennstrom himself is a Swedish billionaire who co-founded Skype.

But Mr. Zennstrom sees hurdles ahead:

• Valuation multiples for European start-ups aren’t as high as those for U.S. companies. (There are twice as many V.C.-backed unicorns in the U.S., according to PwC.) Even so, Mr. Zennstrom said that unlike their American rivals, European start-ups were more focused on creating businesses that can become profitable.

• Although Europe has plenty of gifted coders, getting them to come to a particular start-up — often in a different country — is a challenge.

Mark Zuckerberg calls for global rules for online content

While on a trip to Europe, the Facebook founder suggested that new rules and standards were needed to promote public trust in tech platforms.

“I believe good regulation may hurt Facebook’s business in the near term, but it will be better for everyone, including us, over the long term,” Mr. Zuckerberg wrote in an FT opinion piece. Facebook also published a white paper with “guidelines for future regulation.”

E.U. officials rejected his proposals. “It’s not enough. It’s too slow, it’s too low in terms of responsibility and regulation,” said a European Commissioner. And in response to Mr. Zuckerberg’s opinion piece, George Soros wrote a letter to the FT calling on the C.E.O. to “stop obfuscating the facts by piously arguing for government regulation” and urging him to resign.

The speed read

Deals

• Pier 1 Imports filed for Chapter 11 bankruptcy protection. (NYT)

• Univision is reportedly in talks to sell itself to an investor group for about $10 billion, including debt. (WSJ)

• Alstom agreed to buy Bombardier’s train division for up to $6.7 billion to take on China’s CRRC. (Reuters)

• Warren Buffett’s Berkshire Hathaway sold a third of its stake in Goldman Sachs and a fifth of its shares in Wells Fargo. (Reuters)

Politics and policy

• The millennial goal of retiring early would be bad news for the Fed if they could manage to do it. (NYT)

• Some employees at Oracle are protesting plans by their C.E.O., Larry Ellison, to hold a fund-raiser for President Trump. (Business Insider)

Tech

• Germany is poised to let Huawei into its 5G wireless network, a blow to the Trump administration’s fight against the Chinese telecom giant. (NYT)

• The SoftBank-backed hotel platform Oyo reported a fourfold increase in revenue and a sixfold rise in its annual loss. (Bloomberg)

• Palantir revamped its compensation to give employees bonuses in restricted stock, to save cash ahead of a potential I.P.O. (Bloomberg)

Best of the rest

• BlackRock has become a symbol for anticapitalist fervor in France (NYT)

• The N.B.A. commissioner, Adam Silver, said that the league’s rift with China could cost it up to $400 million in lost revenue. (CNBC)

• Have global carbon emissions peaked? The short answer is probably not. (Bloomberg)

We’d love your feedback. Please email thoughts and suggestions to [email protected].

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businessliveme · 5 years

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Morgan Stanley Is Biggest Aramco Bear as Banks Begin Ratings

(Bloomberg) –A month after the world’s largest initial public offering, Saudi Aramco’s investment banks aren’t exactly bullish, with most recommending investors avoid the stock as they kicked off research coverage.

Of the 13 banks tracked by Bloomberg that have begun following the stock, two recommend buying, seven have hold ratings and four say sell. The average 12-month price target is 32.64 riyals, a 5.9% drop from current levels, with Morgan Stanley, at 28.10 riyals, the lowest among the banks that arranged the sale.

The offering was hampered by investors’ unwillingness to value the company at $2 trillion, as sought by Saudi Crown Prince Mohammed bin Salman. Investment banks’ estimates ran from $1.1 trillion to $2.5 trillion, but when fund managers balked at the high end, the kingdom scrapped a planned international offering and sold shares only on the domestic market.

The stock price already reflects Aramco’s strengths, such as its low production costs, long reserve life and strong free cash flow, according to Morgan Stanley, which has an underperform rating.

The target takes into consideration Aramco’s high oil price sensitivity, exposure to geopolitical risks and limited influence that minority investors are likely to have, Morgan Stanley’s Martijn Rats wrote in a report.

Buy Recommendations

While JPMorgan Chase & Co. and Arqaam Capital Ltd. have buy recommendations on Aramco, Goldman Sachs Group Inc. has the highest price target, 41 riyals, to go with its neutral rating.

Aramco stands out from the rest of the industry “on both quality and scale metrics,” Goldman’s Michele Della Vigna wrote in a report.

Aramco fell 0.4% to 34.70 riyals in Riyadh on Wednesday, giving the company a market value of $1.85 trillion, the highest in the world. The stock is up 8.4% from its IPO price of 32 riyals, though down from a closing peak of 38 riyals last month.

At the time of the offering, many foreign investors cited high valuation, corporate governance and geopolitical risk as reasons to stay away from the shares.

The deal ended relying mostly on Gulf individual and institutional investors, including sovereign wealth funds from neighboring Abu Dhabi and Kuwait.

More from the reports:

Goldman Sachs (Neutral, PT 41 riyals)

Highlights that Aramco has a reserve life of 52 years, versus an average of 12 years for major industry peers.

Goldman’s analysis of the industry’s most critical energy assets suggests that non-OPEC production should slow to a standstill in 2021, following a decade of growth by shale oil and broader oil and gas over-investment

Stock valuation and potential 18% upside is based on relative ranking framework for peers, which considers resource life, scale, production growth, returns, balance-sheet strength, dividend growth and dividend payout

Morgan Stanley (Underweight, PT 28.1 riyals)

Share price already reflects the company’s strengths, such as its low costs. Also cite as positive for the company its extensive reserve life, high returns and strong free cash flow

Target price takes into consideration the company’s strengths and “unique asset base,” but also its high oil price sensitivity, exposure to geopolitical risks and limited influence that minority investors are likely to have

Continued strength in oil price, perhaps from a “sharper-than-expected” slowdown in U.S. production or a re-acceleration of demand, could provide upside risk to call

Citi (Neutral, PT 34.1 riyals)

Relative valuations are “unappealing,” and the company’s equity story is seen as “comparatively better suited” to an environment of low oil prices

Free cash flow yield of around 4% for 2020/21 is “significantly below” the average of 6% for international oil company peers

Aramco seen as a defensive play, highlighting that its durability “reflects a combination of balance sheet (the only AAA-rated oil company), a low cost of supply and the ‘dividend guarantee’ afforded minority investors”

JPMorgan (Overweight, PT 37 riyals)

Fair value for the company estimated at $2 trillion on dividend growth outlook, with the stock offering minority shareholders bond properties with equity upside; dividend has scope to increase from the $75 billion baseline as production scales up

Premium barrels, flexibility on capital expenditures, captive crude demand through vertical integration into the eastern hemisphere and low gearing are among factors that enable Aramco to commit to distributing higher percentage of cash flow

Risk cited as “unique,” with September attack highlighting the kingdom’s vulnerability, but also providing “proof of concept” with robust contingency and response planning

HSBC (Hold, PT 36.80 riyals)

Company offers unmatched scale, long-term outlook and cost structure, with crude supply being determined by the government and “is only likely to grow slowly in the next few years”

Other drivers include supplying Saudi natural gas demand and aggressive expansion downstream both in petrochemicals and refining

With base-case scenario of $65/barrel for Brent price, there is scope for special dividends beginning in 2022, and dividend is resilient to lower crude prices

Credit Suisse (Neutral, PT 31.50 riyals)

Company’s upstream portfolio quality and depth are “second to none,” as it is vast in size with limited renewal risks and low costs

Improvements in fiscal terms are expected amid lower oil royalties starting this year, and higher gas prices and a rising “call on Saudi crude” over time should allow strong cash flow to support expected dividend per share growth of about 5% between 2020-2023

Risks include security, “governance (amid lack of track record)” and climate change Bank of America Merrill Lynch (Neutral, PT 36 riyals)

Company’s “outstanding fundamentals” are now fully priced in, with the stock trading at a premium to global emerging markets and to international counterparts

“Low-cost, prudently managed resources” allow the generation of high free cash flow and “very impressive returns on its upstream investment”

Expects dividend to grow progressively at 3% a year, with estimate of the company distributing $30 billion to $120 billion to shareholders (post M&A) at a target leverage of 15% and oil price between $60-$70/barrel

Aramco’s bankers

The IPO was led by nine joint global coordinators: Bank of America, Citigroup, Credit Suisse, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, NCB Capital and Samba Sixteen other banks had a lower role on the deal as joint bookrunners: Al Rajhi Capital, BNP Paribas, BOC International, Credit Agricole, Deutsche Bank, EFG-Hermes, First Abu Dhabi Bank, Gulf International Bank, Mizuho, Royal Bank of Canada, Riyad Bank, Santander, Saudi Fransi Capital, Societe Generale, Sumitomo Mitsui Financial Group and UBS

–With assistance from Hanna Hoikkala and Matthew Martin.

The post Morgan Stanley Is Biggest Aramco Bear as Banks Begin Ratings appeared first on Businessliveme.com.

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mikemortgage · 6 years

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HSBC would rather deal with oligarchs than responsible Canadian energy companies

After months of mixed signals, HSBC, one of the largest banks in the world, informed Canada’s energy sector this month that it will officially stop providing financial services to a large portion of our industry in the fight against climate change.

It’s hard to ignore the selective targeting of Canada’s oil and natural gas industry with this new policy.

In outlining its new policy, HSBC did everything but mention Canada by name when it singled out its new policy against financing oilsands mining and also “in situ” operations that extract bitumen underground using heat. No other country in the world has an oilsands industry.

It would have been nobler — and more transparent — to mention the countries impacted and, even more importantly, those who are not.

HSBC is effectively joining forces with countries like Russia, an oil-producing jurisdiction with lower regulatory standards, more concerned with weathering economic sanctions than developing energy responsibly.

No top-10, energy-producing country has made a more significant contribution than Canada to improve environmental performance and invest in sustainable technology development.

Attempts to stifle Canadian oil and natural gas production through duplicative and inefficient regulation, pipeline obstruction or — in this case — restrictions to financing can have only one effect: countries with much lower environmental standards will fill the void left by Canada, only too happy to meet global energy demand with their products.

Activists, corporate and otherwise, view Canadian industry as a soft target in their geographically selective fight against climate change. Canada is responsible for just 1.5 per cent of global emissions, yet we are the sole focus of internationally funded professional activists who take advantage of our good intentions while undermining our economic and political institutions. Russia and Saudi Arabia are left to their own devices.

Yet, in good faith, Canada’s oil and natural gas industry continues to grow its strong record of environmental stewardship, adherence to stringent regulations and commitment to technological innovation. We have no apologies to make about our world-leading environmental credentials.

Thankfully, Canadian banks recognize this important work. They continue to display sound judgement about the role of a strong and competitive oil and natural gas sector in the Canadian economy.

In April, RBC CEO Dave McKay warned of the significant investment exodus underway due to competitiveness challenges in Canada’s energy industry. His comments reflect the important role oil and natural gas plays as an engine of the economy, creating jobs and generating of tax and royalty revenue.

Similarly, Scotiabank CEO Brian Porter lamented the lack of progress on the Trans Mountain pipeline expansion project earlier this year, citing the thousands of miles of pipeline built in the U.S. while nothing was done in Canada.

Canadian bankers see that support for Canada’s oil and natural gas industry as win-win — the world gets cleaner energy and Canadian businesses thrive. They deliver strong returns to shareholders and enjoy a reputation for consistency.

Consistent is not a word to describe the practices at HSBC. Even while engaged in this current campaign of virtue-signaling to activists and out-of-touch global elites, it continues to offer investment funds in Russian equities to Canadian clients. These funds are weighted more than 40 per cent to Russian energy, with holdings in Gazprom, Lukoil and Rosneft — energy brands associated more with oligarchs than leaders in responsible energy development.

With investment from financial institutions that are interested in solutions rather than symbolism, Canada can become the global hub for the development of new environmental technologies that can then be exported internationally, growing our presence as a high-tech environmental and economic world leader.

In the meantime, our industry will continue to debunk uninformed attacks on Canada’s energy sector, defend thousands of Canadian workers that come to work every day and continue to build a uniquely Canadian industry of which we can all continue to be proud.

Tim McMillan is president and CEO of the Canadian Association of Petroleum Producers.

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businessweekme · 6 years

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Government Reforms Help Drive Middle East M&A

How government reforms are helping to drive a mini boom in regional M&A

Middle East companies are returning to mergers and acquisition and other forms of strategic alliances such as joint ventures and joint development agreements in a bid to grow amid limited organic growth opportunities, according to a report from research and advisory firm PwC.

While deals announced in 2017 and 2018 have not been quite at the scale of M&A activity in 2013-15, the past 18-months has shown a definite uptick in activity, with the UAE leading the charge with some 89 deals closed in 2017, according to PwC’s ‘TransAct ME – Deals trends and outlook for the Middle East’ report. PwC’s observations follow a buoyant year for deals in 2017 and the first half of 2018, particularly in the financial sector, led by the $14.8 billion merger of First Gulf Bank and National Bank of Abu Dhabi in April last year, which created the largest bank in the UAE.

The trend has continued in 2018. In May alone Saudi British Bank, which is backed by HSBC Holdings Plc, agreed to acquire Alawwal Bank for $5 billion, and Dubai-based Emirates NBD confirmed a deal to buy Denizbank, the Turkish unit of Sberbank PJSC, for $3.2 billion.

The wave of consolidation among banks in the Gulf has even spread to Oman: Oman Arab Bank SAOC said on May 24 it was seeking a merger with Alizz Islamic Bank SAOG in a move that may create a lender with assets of about $7 billion.

PwC attributes the trend in large part to the “transformational reform” being implemented by governments in the region, particularly in GCC and most notably Saudi Arabia. “Governments across the region are creating an enabling environment in an effort to increase investment activity by introducing various transformational reforms including, for example, recently announced changes in M&A regulations and foreign ownership rules,” PwC said in the report.

In Saudi Arabia, the government is updating and introducing new laws to diversify its economy as it seeks to create an investor-friendly climate for privatisation. In addition, the UAE’s digitisation agenda for 2021 will create M&A opportunities across a range of sectors including financial services, transportation and logistics and retail.

Within the financial services industry there could be further opportunities for private equity investment and M&A, according to Ovais Chhotani, transaction services director at PwC Middle East. This is especially likely due to the digitisation of banking processes such as payments processing, in technology-enabled regulation and compliance functions, and asset management. In its report PwC highlighted Waha Capital’s recent acquisition of a significant minority stake in Channel VAS, a financial technology company providing micro finance lending solutions.

In the UAE, the government’s digitisation agenda for 2021 is also likely to create merger and acquisition opportunities across various sectors including financial services, transportation, logistics and retail as existing players seek to acquire capabilities and integrate technology and innovation within their growth plans, according to PwC.

PwC’s Chhotani said his team saw an interesting shift take place in the regional M&A landscape with deals involving technology and digitisation, corporates pursuing M&A more aggressively to drive growth and the ongoing privatisation agenda of regional governments opening up new opportunities for regional and international investors. “At the same time, we continue to see investor interest in traditional sectors such as education and healthcare where regionally, growth opportunities still exist,” he said.

Chhotani’s observations certainly held up in May, with a number of notable acquisitions in the digital and technology space in the region. For example, at the start of the month Bahraini investment firm GFH Financial Group signed a deal to acquire a majority stake in Dubai-based incentives app, The Entertainer. While the precise value of the deal was undisclosed, The Entertainer’s founder, Donna Benton, said that the stake was sold for a “nine figure sum”.

Also last month Bahraini telecom operator Kalaam Telecom acquired Tawasul Telecom, a Kuwait-based ICT provider, in a multi-million dollar deal funded by Ahli United Bank. Kalaam’s chairman, Nezar Al Saie, Chairman of Kalaam Telecom, said the rationale behind the deal was to expand outside of Bahrain and grow regionally. Looking ahead to late 2018 and early 2019, PwC predicted that deal flow should improve as restrictions on foreign ownership are eased further, and regional governments advance with their transformation agendas. “The learning curve around the transformation and privatisation agenda in KSA will continue. Across the region the regulatory framework for M&A is expected to be more supportive and should therefore contribute to an improvement in deal activity,” the firm said.

The report also demonstrates the importance of others forms of collaboration between companies including joint ventures and joint development agreements. This is particularly the case in sectors including real estate, health care and education, where expansion is often achieved by one partner providing land as an “equity contribution” while the other party funds the construction, according to Sameer Lakhani, Managing Director of Global Capital Partners, a Dubai-based company involved in real estate and private equity investment. “Such activity is across all deal sizes and ranges from as little as $5 million to the big ticket items exceeding $100 million,” he said.

In the real estate sector specifically, Lakhani said there has already been consolidation at the mid-end of the market via joint ventures and joint development agreements. There have been more than 100 projects launched in the mid-income space in the form of JDA type structures over the last three years, according to research from Global Capital Partners. “This trend is likely to continue as the pace of urbanisation gathers steam and as larger players collude together as well to exert pressure on margins,” Lakhani said.

Whatever the means of consolidation, PwC offered some tips for companies planning deals. Romil Radia, deals market leader and regional valuations leader at PwC Middle East, said investors and companies should look at deals with an eye to real ‘value creation’ and take a more holistic view of how value can be created across the business. “This can include factors other than cost management such as capital optimisation, use of technology and innovation,” he said.

The post Government Reforms Help Drive Middle East M&A appeared first on Bloomberg Businessweek Middle East.

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bigyack-com · 5 years

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DealBook: Exclusive Details on Michael Bloomberg’s Plan to Rein in Wall Street

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Bloomberg leans left and takes aim at Wall Street

Exclusive: We’re the first to report Mike Bloomberg’s proposals for changing how the financial industry is regulated, which he is planning to announce this morning. The plan features ideas that wouldn’t be out of place for Senators Bernie Sanders and Elizabeth Warren.Among Mr. Bloomberg’s proposals:• A financial transactions tax of 0.1 percent• Toughening banking regulations like the Volcker Rule and forcing lenders to hold more in reserve against losses• Having the Justice Department create a dedicated team to fight corporate crime and “encouraging prosecutors to pursue individuals, not only corporations, for infractions”• Merging Fannie Mae and Freddie Mac• Strengthening the Consumer Financial Protection Bureau and “expanding its jurisdiction to include auto lending and credit reporting”• Automatically enrolling borrowers of student loans into income-based repayment schemes and capping paymentsMany of the proposals are a reversal from Mr. Bloomberg’s previous stance on financial regulation. In 2011, he complained that Democrats were taking “punitive actions” against Wall Street that could harm the economy. And comments he made in 2015 linking the financial crisis to the end of banks’ so-called redlining practices have drawn fierce criticism in recent days.It’s a sign of how far left Democratic presidential hopefuls feel they need to go to succeed in this year’s primary — even with a multibillion-dollar war chest. Mr. Bloomberg’s financial transactions tax plan is remarkably similar to one that has the backing of Representative Alexandria Ocasio-Cortez.Progressive critics are likely to argue that it doesn’t go far enough. Many Democrats have also proposed some sort of wealth tax, while Ms. Warren has called for a complete overhaul of the private equity industry and Mr. Sanders wants to break up the big banks.Bloomberg’s campaign insists he isn’t flip-flopping: On the Volcker Rule, for instance, a spokeswoman said: “When it was introduced, as now, Mike was skeptical of regulators’ ability to divine traders’ intent.” His new plan would focus “on the outcome of speculative trading — big gains and losses — rather than on traders’ intent.”We’ll have more soon on nytimes.com/dealbook. Breaking: This morning, Mr. Bloomberg qualified for the Democratic debate in Las Vegas on Wednesday night, the first time he will appear onstage with his rivals for the nomination. ____________________________Today’s DealBook Briefing was written by Andrew Ross Sorkin in New York, and Michael J. de la Merced and Jason Karaian in London.____________________________

Apple cuts sales guidance over coronavirus

HSBC makes ‘ruthless’ cuts in U.S. and Europe

Jeff Bezos pledges $10 billion on climate change

Europe’s venture capitalists are getting serious

Mark Zuckerberg calls for global rules for online content

The speed read

Deals• Pier 1 Imports filed for Chapter 11 bankruptcy protection. (NYT)• Univision is reportedly in talks to sell itself to an investor group for about $10 billion, including debt. (WSJ)• Alstom agreed to buy Bombardier’s train division for up to $6.7 billion to take on China’s CRRC. (Reuters)• Warren Buffett’s Berkshire Hathaway sold a third of its stake in Goldman Sachs and a fifth of its shares in Wells Fargo. (Reuters)Politics and policy• The millennial goal of retiring early would be bad news for the Fed if they could manage to do it. (NYT)• Some employees at Oracle are protesting plans by their C.E.O., Larry Ellison, to hold a fund-raiser for President Trump. (Business Insider)Tech• Germany is poised to let Huawei into its 5G wireless network, a blow to the Trump administration’s fight against the Chinese telecom giant. (NYT)• The SoftBank-backed hotel platform Oyo reported a fourfold increase in revenue and a sixfold rise in its annual loss. (Bloomberg)• Palantir revamped its compensation to give employees bonuses in restricted stock, to save cash ahead of a potential I.P.O. (Bloomberg)Best of the rest• BlackRock has become a symbol for anticapitalist fervor in France (NYT)• The N.B.A. commissioner, Adam Silver, said that the league’s rift with China could cost it up to $400 million in lost revenue. (CNBC)• Have global carbon emissions peaked? The short answer is probably not. (Bloomberg)Thanks for reading! We’ll see you tomorrow.We’d love your feedback. Please email thoughts and suggestions to [email protected]. Read the full article

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mastcomm · 5 years

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DealBook: Exclusive Details on Michael Bloomberg’s Plan to Rein in Wall Street

Good morning. (Was this email forwarded to you? Sign up here.)

Bloomberg leans left and takes aim at Wall Street

Among Mr. Bloomberg’s proposals:

• A financial transactions tax of 0.1 percent

• Toughening banking regulations like the Volcker Rule and forcing lenders to hold more in reserve against losses

• Having the Justice Department create a dedicated team to fight corporate crime and “encouraging prosecutors to pursue individuals, not only corporations, for infractions”

• Merging Fannie Mae and Freddie Mac

• Strengthening the Consumer Financial Protection Bureau and “expanding its jurisdiction to include auto lending and credit reporting”

• Automatically enrolling borrowers of student loans into income-based repayment schemes and capping payments

Progressive critics are likely to argue that it doesn’t go far enough. Many Democrats have also proposed some sort of wealth tax, while Ms. Warren has called for a complete overhaul of the private equity industry and Mr. Sanders wants to break up the big banks.

We’ll have more soon on nytimes.com/dealbook.

Breaking: This morning, Mr. Bloomberg qualified for the Democratic debate in Las Vegas on Wednesday night, the first time he will appear onstage with his rivals for the nomination.

____________________________

Today’s DealBook Briefing was written by Andrew Ross Sorkin in New York, and Michael J. de la Merced and Jason Karaian in London.

____________________________

Apple cuts sales guidance over coronavirus

There is more to come. China’s central position in global supply chains — and as a huge market in itself — means that the outbreak could ripple through company’s financials for months.

Taking a different approach, Walmart said this morning that its forecast for the current financial year didn’t take into account any potential effects of the virus outbreak.

HSBC makes ‘ruthless’ cuts in U.S. and Europe

The London-based bank said this morning that it planned to cut about 35,000 jobs over the next three years as it retreats from the West to focus more on Asia.

Jeff Bezos pledges $10 billion on climate change

The Amazon chief has announced his biggest charitable donation to date, a fund to study and fight climate change, Karen Weise of the NYT writes.

Mr. Bezos is a latecomer to large-scale charitable giving, starting in 2018 with a $2 billion program to combat homelessness created with his then-wife, MacKenzie.

“One hand cannot give what the other is taking away,” said Amazon Employees for Climate Justice, a group of workers protesting the company’s environmental practices.

Europe’s venture capitalists are getting serious

But Mr. Zennstrom sees hurdles ahead:

• Although Europe has plenty of gifted coders, getting them to come to a particular start-up — often in a different country — is a challenge.

Mark Zuckerberg calls for global rules for online content

While on a trip to Europe, the Facebook founder suggested that new rules and standards were needed to promote public trust in tech platforms.

The speed read

Deals

• Pier 1 Imports filed for Chapter 11 bankruptcy protection. (NYT)

• Univision is reportedly in talks to sell itself to an investor group for about $10 billion, including debt. (WSJ)

• Alstom agreed to buy Bombardier’s train division for up to $6.7 billion to take on China’s CRRC. (Reuters)

• Warren Buffett’s Berkshire Hathaway sold a third of its stake in Goldman Sachs and a fifth of its shares in Wells Fargo. (Reuters)

Politics and policy

• The millennial goal of retiring early would be bad news for the Fed if they could manage to do it. (NYT)

• Some employees at Oracle are protesting plans by their C.E.O., Larry Ellison, to hold a fund-raiser for President Trump. (Business Insider)

Tech

• Germany is poised to let Huawei into its 5G wireless network, a blow to the Trump administration’s fight against the Chinese telecom giant. (NYT)

• The SoftBank-backed hotel platform Oyo reported a fourfold increase in revenue and a sixfold rise in its annual loss. (Bloomberg)

• Palantir revamped its compensation to give employees bonuses in restricted stock, to save cash ahead of a potential I.P.O. (Bloomberg)

Best of the rest

• BlackRock has become a symbol for anticapitalist fervor in France (NYT)

• The N.B.A. commissioner, Adam Silver, said that the league’s rift with China could cost it up to $400 million in lost revenue. (CNBC)

• Have global carbon emissions peaked? The short answer is probably not. (Bloomberg)

Thanks for reading! We’ll see you tomorrow.

We’d love your feedback. Please email thoughts and suggestions to [email protected].

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