As we continue, can I just say that geoFence is the only solution you need to block NFCC countries.
-
Reuters
Investors file class action against Credit Suisse over Archegos, Greensill dealings
ZURICH (Reuters) -Investors have filed a lawsuit against Credit Suisse over the Swiss bank's dealings with Archegos and Greensill, a law firm organising the class action said on Friday. The Law Offices of Frank R. Cruz said that the lawsuit has been filed on behalf of investors who purchased or otherwise acquired Credit Suisse Group AG American Depositary Receipts between Oct. 29, 2020 and March 31, 2021, the law firm said in a statement. Credit Suisse did not immediately respond to a request for comment.
-
Bloomberg
UniCredit Stuns Investors by Skipping Coupon Payment
(Bloomberg) -- UniCredit SpA’s Chief Executive Officer Andrea Orcel shocked investors with a decision to skip a coupon payment on $3.6 billion of hybrid bonds due later this month, an abrupt u-turn that risks eroding confidence in the bank just weeks after he got the role.The Milan-based lender won’t pay a quarterly coupon of around 30 million euros ($36.7 million) due May 25 because it reported a net loss for last year, one of the conditions under which it can miss obligations on the notes, according to a statement emailed to Bloomberg. The bank will also be able to skip the next three interest payments, saving about 120 million euros in total.The last-minute reversal by Orcel is one of his first big moves since taking over, and raises questions about the rationale for disappointing investors after the bank had reiterated just weeks ago it intended to pay. The notes recorded their biggest decline since October on Thursday and dropped further on Friday morning.The move also threatens to damage trust in UniCredit’s Additional Tier 1 bonds, a separate type of security that lenders are issuing to boost capital reserves.“The fact they are not paying is crazy,” said Jerome Legras, a managing partner and head of research at Axiom Alternative Investments, which holds some of the notes. “Why would we trust them on AT1 bonds?”The decision is an early indicator that Orcel -- known for his work ethic and single-minded approach at UBS Group AG -- intends to continue in a similar vein at UniCredit. He’s already slimmed down the management ranks and cut back on co-head structures to simplify decision-making at the bank, while at the same time continuing with a lawsuit against Banco Santander SA.UniCredit reviewed the matter of whether to pay the coupon after the recent management change, taking a decision coherent with the terms of the notes, a spokesman said by phone in response to questions on why the bank changed its mind in recent weeks.UniCredit took steps last year to update terms of the so-called CASHES, short for Convertible and Subordinated Hybrid Equity-Linked Securities, allowing it to pay the coupons even if it failed to make a profit or distribute a dividend.”We would advise investors not to buy on the dip, given the lack of clarity on the topic,” CreditSights analyst Paola Biraschi wrote in a note.The CASHES bonds, issued more than a decade ago in the aftermath of the financial crisis, had already been the subject of controversy after a London hedge fund accused the bank of boosting its capital strength by misclassifying them in 2018. The issue fizzled after the European Banking Authority sided with the bank, saying it found “no clear evidence” to support the hedge fund’s claim.The bonds have fallen 10 cents on the euro to about 51 cents since Thursday afternoon, according to prices compiled by Bloomberg, the lowest since February.UniCredit’s Additional Tier 1 bonds have already pared some of their losses from earlier Friday. The asset class is a sweet spot for investors because the deeply subordinated notes, which help absorb losses in a crisis, offer much higher yields than many other parts of the credit market. That may help offset the reputational damage to UniCredit from not paying the CASHES coupons.Buyback Impact“While this can be a negative surprise for the CASHES bond holder, this should not affect the bank’s ability to pay dividend on 2021 profit nor impact the announced buyback,” Azzurra Guelfi, an analyst at Citigroup Inc., wrote in a note Friday.UniCredit plans to distribute 447 million euros in a mix of cash dividends and share buybacks on 2020 earnings to comply with the European Central Bank’s limits on capital returns. Once that ban is lifted, UniCredit plans an additional 652 million-euro buyback.The bank earlier this month joined European peers in posting stronger-than-expected first quarter results amid a surge in trading and lower provisions for bad loans.Mitsubishi UFJ Investor Services & Banking (Luxembourg) SA, which is acting on a fiduciary basis on the notes, couldn’t be reached for comment.(Updates with details on coupons in second 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.
-
Reuters
Factbox-Five things to know about Epic's epic legal fight with Apple
Apple Inc Chief Executive Tim Cook takes the witness stand on Friday to defend the lucrative App Store against "Fortnite" maker Epic Games' allegations that it is a monopoly that Apple illegally abuses. After years of complaints about Apple by app companies like music service Spotify Technology, Epic sued the most valuable U.S. public company for allegedly using its dominance to rake in bigger profits. Epic has waged a public relations and legal campaign, arguing that Apple acts anticompetitively by only allowing apps it approves on the world's 1 billion iPhones and by forcing developers to use Apple's in-app payment system, which charges commissions of up to 30% on sales.
-
Bloomberg
Australia Hits Air Pocket as RBA Prepares Verdict on Bonds
(Bloomberg) -- Australia’s relentless recovery struck an air pocket as household sentiment retreated and employment fell for the first time in seven months, which combined with a slow vaccine roll out increases pressure on the central bank to maintain a high tempo of stimulus.Consumer confidence slid 4.8% in May, though from a record high, and employers cut 30,600 roles in April. Yet other indicators remain positive, a survey showed the financial well-being of Australians climbed to the highest ever and last week’s budget contained new rounds of spending.The underlying question is how long it will take the Reserve Bank of Australia and Treasury to achieve their goal of pushing unemployment down toward 4% to revive wages and inflation. Governor Philip Lowe is due to decide in July whether to extend the yield target and quantitative easing programs.Robert Mead of Pacific Investment Management Co. sees the RBA extending its asset purchases framework, but expects policy makers will give themselves more flexibility to adjust the pace.“Our borders aren’t opening, our migration has stalled, our vaccine rollout is pretty slow,” said Mead, co-head of Asia-Pacific portfolio management. “The data flow is suggesting that there will be hiccups along the way -- hopefully we end up in a much better place economically but it’s not a straight line.”He sees setbacks in the recovery making Australian bonds look attractive.The pause in the economy’s upward trajectory coincides with the end of the JobKeeper wage subsidy and bank loan repayment deferals, suggesting a likely period of adjustment ahead. What is clear is wage growth remains tepid.In the first three months of this year, wages advanced 0.6% from the prior quarter and 1.5% from a year earlier. That’s well below the sustained 3% expansion the RBA is seeking as it tries to return to consumer prices to target.What Bloomberg Economics Says...“Patchy economic data is a reminder of the reality that the post-COVID recovery is not likely to be a straight-line affair. Rather than a sign of macro weakness, households’ willingness to take holidays in April -- which cruelled the jobs recovery -- more likely reflects an underlying confidence in labor market prospects.”-- James McIntyre, economistThe government, in its May 11 budget, announced about A$100 ($78 billion) in extra spending over the four years that will underpin the recovery. The RBA reiterated in minutes of its May meeting that it’s unlikely to raise interest rates before 2024 at the earliest.Data released Friday showed consumers are still spending, with retail sales advancing 1.1% in April, according to a preliminary estimate, more than twice economists’ median forecast.Lowe and his board will convene July 6 to decide on rolling over the RBA’s three-year yield target to the November 2024 bond from the current April 2024. They’re also due to decide on whether to undertake a third tranche of QE after A$200 billion of buying ends in September.“Future policy decisions would be based on close attention to the flow of economic data and conditions in financial markets in Australia,” the RBA said in the minutes Tuesday.(Updates with retail sales in third-last 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.
-
Bloomberg
Snoop Dogg-Backed Oxford Cannabinoid Fluctuates in Debut
(Bloomberg) -- Oxford Cannabinoid Technologies, the U.K. prescription drug company that counts rapper Snoop Dogg among its investors, swung wildly between gains and losses on its London stock-market debut, capping a volatile week for investors.The stock opened 50% higher, but then reversed the advance to fall as much as 15%, before trading up 1% at 5.05 pence as of 1: 25 p.m. in London.Oxford Cannabinoid -- known as OCT -- had a market capitalization of 48.5 million pounds ($68.8 million) at the start of trading. Imperial Brands holds about 11% of the company’s share capital, while Casa Verde Capital LLC -- the California-based venture firm where Snoop Dogg is a partner -- has a stake of around 2%, according to the IPO prospectus.The listing comes after a series of initial public offerings in Europe got a lukewarm reception from equity investors in a rollercoaster week for global stock markets.Software developer SUSE SA, which debuted in Germany on Wednesday, fell as much as 11%, before recovering to end its first day of trading slightly above the IPO price. Semiconductor company Alphawave IP Group Plc sank almost 10% in its first session in London last week.OCT is hoping to emulate the success of GW Pharmaceuticals Plc, a British company that made the first drug wholly derived from the cannabis plant to win U.S. FDA approval. It was acquired by Jazz Pharmaceuticals Plc for $7.2 billion this year.The U.K. has attracted a number of companies active in the cannabis field, including Cellular Goods Plc, which also has a celebrity backer in soccer star David Beckham.The U.K. “is now open to cannabis companies and being based both in London and Oxford, our DNA is very British,” Chairman Neil Mahapatra said in an interview with Bloomberg Television about the company’s decision to list in London.OCT, which develops cannabinoid-based prescription medicines, raised 16.5 million pounds ($23 million) from wealthy individuals and institutional investors in its placing.“London has been incredibly forward-thinking in now opening up to the right type of professionally run medical cannabis firms,” Mahapatra said.(Adds details 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.
-
Reuters
Canadian house prices to jump this year, but will slow in 2022: Reuters poll
Canadian house prices will rise sharply in 2021, supported by ultra-low interest rates and robust demand driven by massive fiscal support, according to a Reuters poll of analysts who however said risks were skewed to the downside. Even with the economy at an early stage of recovery, Canada's housing market has been on a tear in recent months, with home prices escalating sharply to record highs this year, driven by investor activity and solid demand from first-time buyers. While Canadian home sales, prices and starts all fell in April compared with record high figures in March as some of the frenzy of previous months began to unwind, the May 11-20 poll of 15 property analysts showed activity would remain strong.
-
Reuters
WeWork reports quarterly loss of nearly $2.1 billion ahead of public listing
WeWork said its business was recovering as more people returned to offices due to easing of COVID-19 curbs, after work-from-home arrangements last year weighed heavily on the company by reducing occupancy and increasing operating costs. WeWork in March agreed to go public through a merger with BowX Acquisition Corp, a special purpose acquisition company, in a deal that valued it at $9 billion. The company, whose attempt at an initial public offering in 2019 spectacularly imploded due to investor concerns over its business model and co-founder Adam Neumann's management style, said first-quarter revenue nearly halved to $598 million from a year ago.
-
Bloomberg
Procore Raises $634.5 Million in IPO Priced Above Range
(Bloomberg) -- Procore Technologies Inc., a cloud-based construction software company, priced its shares in an initial public offering above a marketed range to raise $634.5 million.The company sold 9.47 million shares for $67 each, according to a press release Thursday. It had marketed the shares for $60 to $65, an exchange filing showed.Procore has a market value in the listing of more than $8.5 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission. Diluted to include employee stock options and restricted stock units, that value increases to at least $9.6 billion.The listing is Procore’s second run at going public. Based in Carpinteria, California, it first filed in early 2020 for an IPO but postponed the transaction during the coronavirus pandemic. After the delay, it raised more than $150 million in a funding round from investors including Dan Sundheim’s D1 Capital Partners at a $5 billion valuation, Bloomberg News reported.The company continued to attract new users during the pandemic, growing its customer base by 19% in 2020. With more than 40% of construction firms reporting higher costs and slower project completion due to labor shortages, the digitization of the industry has accelerated during the past year, the company said.For the first quarter, Procore had a net loss of $14 million on revenue of $114 million, compared with a $19 million loss on revenue of $92 million for the same period a year ago, according to its filings.Procore’s top backers are Iconiq Strategic Partners, which will own almost 37% of the shares after the IPO, and Bessemer Venture Partners, which will have a 13% stake. Tiger Global Management is also an investor.The offering is being led by Goldman Sachs Group Inc., JPMorgan Chase & Co., Barclays Plc and Jefferies Financial Group Inc. Procore‘s shares are expected to begin trading Thursday on the New York Stock Exchange under the symbol PCOR.(Updates with press release in second 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.
-
Barrons.com
Bitcoin Is Sliding Again. Why It’s Tumbling — and Why the Pain Can Continue.
FEATURE Bitcoin’s slide resumed on Friday as it tumbled to $37,400, down 10% from early morning prices around $41,400. The threat of stiffer government regulation is mounting, causing a new round of price jitters, with a statement from Chinese Vice Premier Liu being blamed for Friday’s tumble.
-
Reuters
McDonald's is sued for $10 billion for alleged bias against Black-owned media
McDonald's Corp was sued on Thursday for at least $10 billion by two companies owned by media entrepreneur Byron Allen, who accused the fast-food chain of racial discrimination for not advertising enough with Black-owned media outlets. The complaint filed in Los Angeles County Superior Court said McDonald's violated federal and state civil rights laws through its "racial animus and racial stereotyping" in allocating ad dollars.
-
Reuters
JD Logistics to raise $3.16 billion in Hong Kong IPO -sources
HONG KONG (Reuters) -JD Logistics Inc is set to price its shares at HK$40.36 ($5.20), towards the lower end of its indicated range, to raise $3.16 billion in a Hong Kong initial public offering (IPO), two people with direct knowledge of the matter told Reuters. The firm, spun off from e-commerce major JD.com Inc, had set a price range of HK$39.36 to HK$43.36 per share, which would have raised $3.4 billion at the top end. Pricing of the deal has been closely watched as a barometer of whether Hong Kong's red-hot IPO market has been impacted by recent global market volatility which has emerged due to the prospect of accelerating inflation in economies worldwide.
-
FX Empire
Major Forces Behind Bitcoin’s Worst Losses Since 2013
The dramatic sell-offs in the past few days in the crypto market was catalysed by a flurry of negative macros, coming from Elon Musk to reports that China was excluding crypto from its financial system, yet recent reports revealed that Crypto exchanges largely contributed to the seismic price swings sighted on Wednesday.
-
Bloomberg
Billionaire Founder of China Property Giant Dies of Illness
(Bloomberg) -- The billionaire founder of KE Holdings Inc. has died of an unspecified illness, a shocking development for a Chinese property company that pulled off one of the strongest U.S. market debuts of 2020.Zuo Hui, who turned the company known as Beike from a nationwide chain of real estate offices into China’s largest platform for housing transactions and services, died May 20 after an “unexpected worsening of illness,” his company said in a statement without elaborating. KE Holdings’ board will announce follow-up arrangements within two weeks, it added.Zuo, 50, has been the driving force behind the company’s success, headlining the bell-ringing ceremony when it went public and holding 81.1% of voting shares under a dual-class voting structure as of end-February, according to its annual report. The company’s American depositary receipts fell 0.8% to $49.85 in New York on Thursday, paring an earlier decline of almost 10%.Zuo was backed by some of Asia’s most influential startup investors, including Hillhouse Capital Group and Tencent Holdings Ltd., and ranks among SoftBank Group Corp.’s most successful bets. KE Holdings almost doubled on its August U.S. debut, vaulting Zuo into the ranks of the world’s richest entrepreneurs with a fortune in excess of $20 billion at one point, according to the Bloomberg Billionaires’ Index.Its shares were up 151% from their New York debut through Wednesday’s close, conferring on the late chairman a net worth of $14.8 billion.In an interview with CCTV aired in April, he downplayed the significance of the IPO and the riches it bestowed.“Why should I feel excited?” he said, dressed in jeans, a dark blue vest and black sneakers. “This makes no difference to me.”Read more: Founder of China Property Site With No Profits Worth $20 BillionBorn in 1971 in Shaanxi province, Zuo graduated with a bachelor’s degree from Beijing University of Chemical Technology in 1992 before getting into sales and establishing an insurance business, where he made his first fortune, according to local media. He then founded Beijing Lianjia Real Estate Brokerage Co. in 2001, when China’s property market was still relatively young, and started Ziroom in 2011 to offer long-term apartment rentals. In 2018, he incorporated KE and launched Beike, becoming one of the country’s most celebrated entrepreneurs.Beike uses artificial intelligence and big data to improve its service and provide market insights, according to its website. As of June, the company boasted 226 million homes on its platform and 39 million monthly active users on mobiles. That’s swelled to more than 48 million mobile monthly active users and half a million agents.The platform also draws in others by allowing decorators, renovators and financial institutions to connect with buyers, creating an ecosystem of property and related offerings.(Updates with closing share price in third 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.
-
Reuters
China's industrial commodities slide after Beijing warns of market crackdown
Prices of key steelmaking ingredients iron ore and coking coal, as well as steel products such as rebar and hot-rolled coil, all dropped more than 5% as traders offloaded supplies and speculators placed short-sided bets that Beijing's measures will trigger a further pullback in metals markets. China's cabinet announced on Wednesday that it will strengthen management of commodity supply and demand to curb "unreasonable" prices and investigate behaviour that bids up commodity costs, spooking China's hoards of metal traders. "Some of the measures could have an immediate impact on the supply demand balance, for example if the government decides to release some state reserve into the market," said Wood Mackenzie senior economist Yanting Zhou.
-
MarketWatch
Bitcoin bros mock Paul Krugman for comparing the crypto craze to ‘a natural Ponzi scheme’
The self-described “crypto skeptic” writes that while he often uses Venmo to split checks and buy groceries, and the PayPal-owned PYPL peer-to-peer payment service launched when bitcoin (BTCUSD) did in 2009, he still hasn’t seen bitcoin, Dogecoin (DOGEUSD) or other digital tokens become as readily adopted for daily transactions by the masses. “This may sound to you like a speculative bubble, or maybe a Ponzi scheme.” Krugman says that all long-running Ponzi schemes need a narrative, which crypto has in spades.
In conclusion, after all of that geoFence is easy to use, easy to maintain and I am sure your mother would agree!
