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☆ Bitcoin hits fresh record high above $71,000 as UK opens the door to crypto exchange-traded products
▼ + stars: | 2024-03-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Bitcoin prices rallied on Monday to hit a fresh record high above $71,000, after the British financial watchdog said it would allow institutions to file applications for cryptocurrency-linked exchange-traded products for the first time. Exchanges would need to ensure they have sufficient controls in place, so that trading is orderly and proper protection is afforded to professional investors. They must meet all the requirements of the U.K.'s listings regime, issuing prospectuses and ongoing disclosures. ET, hitting a fresh all-time high. Please check later for updates.

Organizations: Financial, Authority

☆ Yieldstreet is raising cash to shore up two Nashville deals it owns with Adam Neumann's new a16z-backed startup
▼ + stars: | 2024-01-12 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +4 min

Publicly launched in 2022 but built with assets from Neumann's own family office, Flow received the largest check Silicon Valley venture capital heavyweight A16z has ever written. Yieldstreet, a crowdfunding platform that has facilitated over $4 billion in alternative investments as of the end of 2023, has already pumped tens of millions of crowdfunded cash into the Nashville deals as the majority equity owner. These two properties are facing the same squeeze as many others in commercial real estate amid sky-high interest rates and inflationary pressures. The latest fundraising effort provides a rare look at how commercial real estate investors are dealing with the challenging environment. "Both partners are funding as the JV agreement calls for and as happens in every standard real estate JV deal."

Persons: Adam Neumann, he's, Flow, A16z, Neumann Organizations: Business, Publicly, Flow, Nashville, Facebook, Twitter, BI, JV Locations: WeWork, Nashville , Tennessee, Nashville

Local governments plan to use the proceeds of the latest bond sales to purchase equity or convertible bonds from smaller banks, most of them state-owned, effectively recapitalising them, according to the deal prospectuses. DEEPER IN DEBTThe intensified efforts to support smaller banks also come amid growing worries about the impact of ballooning local government debt on the economy. While policymakers are highly concerned over rising debt levels, Beijing has little option but to support smaller banks to contain spillover risks, analysts said. It was not immediately clear if the central authorities had given any guidance to the local governments on recapitalising smaller banks, and who were the buyers of these special-purpose bonds. "Local governments are a likely the first line of defense whenever regional banks become stressed," they said.

Persons: Kim Kyung, Gavekal, Zhang Xiaoxi, Pan Gongsheng, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Kim Coghill Organizations: People's Bank of China, REUTERS, Rights, China Electronic Local Government Bond, Authorities, National Financial Regulatory Administration, International Monetary Fund, Beijing, Thomson Locations: Beijing, Rights BEIJING, China, Henan, China's, Liaoning, Yunnan, Inner Mongolia

☆ Signa unit files for insolvency as crisis at Benko's empire deepens -Spiegel
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Nov 24 (Reuters) - Signa Real Estate Management Germany filed an official application for bankruptcy at the Berlin Charlottenburg district court, German magazine Spiegel reported on Friday, as the crisis at Rene Benko's property group deepens. Separately, Austrian newspaper Der Standard said a bankruptcy filing for Signa Group could come next Tuesday, citing a source. Meetings of Signa employees are planned for the same day, when employees will be given information about the insolvency and further steps, the paper reported. Signa Group declined to comment when contacted by Reuters. The Signa group has holdings of 27 billion euros ($28.8 billion) and 25 billion euros in development.

Persons: Spiegel, Rene Benko's, Benko, Signa, Emma, Victoria Farr, Matthias Inverardi, John O'Donnell, Elisa Martinuzzi, Louise Heavens Organizations: Estate Management, Signa, Reuters, Thomson Locations: FRANKFURT, Estate Management Germany, Berlin Charlottenburg, Austria, Germany, Europe's

☆ UniCredit, RBI among banks on hook for $2.4 bln in Signa loans -source
▼ + stars: | 2023-11-09 | by ( Alexandra Schwarz-Goerlich | ) www.reuters.com time to read: +3 min

RBI, which the person said had sharply reduced its exposure to the Signa group in recent years, declined to comment on Thursday. The European Central Bank (ECB), which supervises the banks, declined to comment. Raiffeisen Landesbank Niederoesterreich-Wien, Raiffeisen Landesbank Oberoesterreich and Erste Group are also among the banks with exposures to Signa, the person said. The other two Austrian banks declined to comment. A spokesperson for Austria's central bank said it had no concerns about the country's financial stability, when asked about Signa's financial position.

Persons: UniCredit, Signa, Rene Benko, Fitch, Landesbank, Banks, Arndt Geiwitz, Francesco Canepa, Tom Sims, Elisa Martinuzzi, Alexander Smith Organizations: Signa Group, Chrysler, Raiffeisen Bank, Bank, European Central Bank, ECB, Reuters, Erste Group, Erste, Austria's National Bank, Market Authority, Thomson Locations: VIENNA, Banks, Austria, Bank Austria, Wien

☆ EU lawmakers back easing securities rules to attract more listings
▼ + stars: | 2023-10-24 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Oct 24 (Reuters) - A panel of European Union lawmakers on Tuesday voted in favour of easing the bloc's securities rules to encourage more company listings and compete better with capital markets in New York and post-Brexit London. Companies in the EU typically turn to banks for loans to expand, and the reforms are aimed at diversifying corporate funding. Multiple-voting structures are a key part of New York's attraction as a listings destination, particularly for tech companies. Britain is rewriting its securities rules which it inherited when it was a member of the EU and its planned changes are similar to those approved by EU lawmakers on Tuesday. The European Parliament and EU states have joint say on the EU rules and will now start negotiations on a final text that becomes law.

Persons: Alfred Sant, Huw Jones, Susan Fenton Organizations: European Union, London . Companies, European Commission, Lawmakers, EU, Thomson Locations: New York, London, Britain

The headquarters of the U.S. Securities and Exchange Commission (SEC) is seen in Washington, D.C., U.S., May 12, 2021. DWS Investment Management Americas made "concerning" misstatements regarding its ESG investment process, the U.S. Securities and Exchange Commission (SEC) said in a statement. Separately, the SEC found DWS failed to develop a mutual fund anti-money laundering program as required by law. Reuters in July reported that the SEC was preparing to slap DWS with a fine after a two-year probe into allegations of "greenwashing". Under Democratic leadership, the SEC has pledged to crack down on the inflating of ESG credentials to attract investors.

Persons: Andrew Kelly, DWS, Goldman Sachs, BNY, Chris Prentice, Chizu Nomiyama, Emelia Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Deutsche Bank, DWS Investment Management, SEC, Regulators, Democratic, BNY Mellon, Thomson Locations: Washington ,, Germany

☆ U.S. SEC says will continue to carefully review China IPO prospectuses
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsWASHINGTON, Aug 16 (Reuters) - The U.S. securities regulator will continue to carefully review issuer filings, it said on Wednesday in response to a Reuters report that Chinese offshore issuers are toning down China-related business risks in their listing documents. "Our staff will continue its long-standing practice of carefully reviewing issuer filings and commenting to the issuer when appropriate." China's securities regulator last month asked domestic law firms to refrain from including negative descriptions of China's policies or its business and legal environment in initial public offering prospectuses, Reuters previously reported. China law firms are now scrambling to comply with that guidance.

Persons: Andrew Kelly, Marco Rubio, Gary Gensler, Michelle Price Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Rights, Securities and Exchange Commission, SEC, Reuters, Foreign Relations, Thomson Locations: Washington ,, U.S, China

An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China July 6, 2018. REUTERS/Aly SongSHANGHAI, Aug 11 (Reuters) - A growing number of healthcare companies in China are shelving their initial public offering (IPO) plans as its stock exchanges have stepped up scrutiny of the pharmaceutical industry's business practices amid an escalating anti-corruption drive. Vaccine maker Shanghai Rongsheng Biotech Co terminated its IPO plan this week, after the company's high proportion of sales expenses drew attention from regulators. The company's sales expenses over the past three years amounted to nearly half of its revenue. Another banker said drugmakers are stepping on the brakes of their IPO plans due to the rising uncertainty.

Persons: Aly Song SHANGHAI, Rongsheng, drugmakers, Fujian Mindong, Jason Xue, Tom Westbrook, Muralikumar Organizations: REUTERS, Pharmaceuticals, Shanghai Rongsheng Biotech Co, Shanghai Stock Exchange, Rejuenation Pharmaceutical Co, Shenzhen Stock Exchange, HIT, National Health Commission, Thomson Locations: Shanghai, China, Fujian, Rongsheng, Shenzhen, Singapore

☆ Country Garden misses bond payments as China property fears flare
▼ + stars: | 2023-08-08 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

The company logo of Chinese developer Country Garden is displayed at a news conference in Hong Kong, China March 20, 2018. REUTERS/Bobby Yip/File PhotoHONG KONG, Aug 8 (Reuters) - Country Garden (2007.HK) said on Tuesday it has not paid two dollar bond coupons due on Aug. 6, confirming market fears that the biggest privately owned developer in China is slipping into repayment troubles. The bonds in question are notes due on Feb 2026 and Aug 2030 , both with 30-day grace periods, investors said, citing prospectuses. Its Jan 2024 dollar bonds were traded at 18.331 cents on the dollar, according to Duration Finance, down from 25 cents on Monday. Last week, Country Garden aborted a $300 million share placement at the last minute saying it had not reached a 'final agreement' for the deal to go ahead.

Persons: Bobby Yip, HONG KONG, Clare Jim, Jason Xue, Muralikumar Anantharaman, Kim Coghill, Lincoln Organizations: REUTERS, HK, China Evergrande, Reuters, Finance, Thomson Locations: Hong Kong, China, HONG, Guangdong province, Shenzhen, Shanghai

HONG KONG, July 31 (Reuters) - Hong Kong's stock exchange will no longer require companies to spell out China-related business risks in listing applications from Tuesday, in a move that aligns the city more closely with disclosure changes ordered by Beijing. China's securities watchdog published updated rules for offshore listings in February and Hong Kong followed with its own consultation on proposed changes a week later. In a summary of rule revisions, the exchange didn't list the removal of China risk disclosures as a major change. The majority of Chinese companies' offshore listing proposals have been filed with the Hong Kong exchange since the country new offshore listing regime came into effect on March 31, but few of them have got Beijing's nod to start raising funds. Reporting by Selena Li and Kane Wu in Hong Kong; Editing by Sumeet Chatterjee and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Selena Li, Kane Wu, Sumeet Chatterjee, Christina Fincher Organizations: bourse, Hong Kong Exchanges, Clearing, HK, People's, China Securities Regulatory Commission, Reuters, U.S . Securities, Exchange Commission, Hong, Thomson Locations: HONG KONG, China, Beijing, Hong Kong, People's Republic of China, United States, Hong

DWS said the resolution of allegations was a top priority but that it couldn't comment on timeframes or outcomes. Under Democratic leadership, the SEC has pledged to crack down on "greenwashing" and the inflating of ESG credentials to attract investors. DWS had earmarked civil litigation provisions of 8 million euros ($8.84 million) by the end of last year. DWS has been in settlement negotiations with Frankfurt prosecutors over a multi-million euro fine, one of the people said. Earlier in July, Reuters and other media reported that German prosecutors were investigating DWS' former CEO Asoka Woehrmann, who in the past has called allegations "unfounded".

Persons: DWS, Goldman Sachs, Asoka Woehrmann, Chris Prentice, Tom Sims, John O'Donnell, Louise Heavens, Susan Fenton Organizations: U.S . Securities, Exchange Commission, U.S, Deutsche Bank, Securities, SEC, Investigations, Democratic, Frankfurt, Reuters, Thomson Locations: FRANKFURT, Germany

Risk factors usually flag uncertainties in how Chinese laws are interpreted and enforced as well as the government's "substantial oversight and influence" over businesses. Chinese regulators want those boilerplate disclosures dropped; if not, offshore listing applications could be denied approval. Trying to appease both American and Chinese regulators will get tougher. On Friday, Chinese regulators held a rare meeting with KKR (KKR.N), Blackstone (BX.N), Carlyle (CG.O) and others to ensure they can continue to invest in the country. China's new offshore listing rules came into effect on March 31.

Persons: Didi Global, underwriters Goldman Sachs, Morgan Stanley, JPMorgan Chase, Carlyle, Una Galani, Thomas Shum Organizations: Reuters, Global, U.S . Securities, Exchange Commission, underwriters, JPMorgan, KKR, Blackstone, Bloomberg, Communist Party, China Securities Regulatory Commission, SEC, Thomson Locations: HONG KONG, Beijing, Hong Kong, United States, New York, China

The move, which not been reported before, is the latest in tightening scrutiny of Chinese companies' offshore listings, and comes at a time when Beijing is stepping up controls over cross-border transfer of sensitive information. The Chinese law firms acting as IPO advisors have been asked to drop such boilerplate risk disclosures, said one of the people, who declined to be identified as the discussions were confidential. China's new offshore listing rules that came into effect on March 31 forbid any comments in the listing documents that "misrepresent or disparage laws and policies, business environment and judicial situation" of China. Representatives from the CSRC's International Cooperation Department, more than 10 Chinese law firms and other government and industry bodies attended the July 20th meeting, according to one of the people. Large domestic law firms Fangda Partners, Han Kun Law Offices，and Zhong Lun Law Firm were among the attendees, said two of the sources.

Persons: prospectuses, CSRC, Han, Zhong, Han Kun, Zhong Lun, Julie Zhu, Kane Wu, Selena Li, Sumeet Chatterjee, Tomasz Janowski Organizations: China Securities Regulatory Commission, CSRC's International Cooperation Department, Fangda Partners, Zhong Lun Law, Reuters, Thomson Locations: Beijing, China, United States, The China

☆ Explainer: Boosting the City: Part Two of UK's post-Brexit finance reforms
▼ + stars: | 2023-07-10 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

Companies on the London Stock Exchange's AIM and Aquis Exchange's growth market would also be eligible. Many savers in direct contribution pension funds are years away from retirement, making it easier to make changes now without risking their pensions. The proposed Intermittent Trading Venue would be launched by the London Stock Exchange in 2024. Britain will make trading shares more efficient by ending the use of paper trails for official transaction records. The government will hold public consultations on some of the proposed pension reforms while regulators already have powers to implement other changes, such as the rules on research.

Persons: Jeremy Hunt, AFME, Huw Jones, Mark Heinrich Our Organizations: London, European, Companies, London Stock, AIM, ARM, London Stock Exchange, Labour Party, Labour, Thomson Locations: European Union, Britain, New York, Australia, Canada

A lawyer for Woehrmann said DWS' internal investigations "did not reveal any evidence of misconduct on the part of my client". A spokesperson for prosecutors in Frankfurt, where DWS is headquartered, would only say an individual was targeted but would not name the person. DWS declined to comment on Woehrmann, but has said that it stands by its financial disclosures and fund prospectuses and is cooperating with investigators. At present, we cannot estimate when and how the proceeding of the Frankfurt Public Prosecutor’s Office will be concluded," DWS said. Woehrmann resigned as CEO of DWS last year after German prosecutors raided the offices of DWS and Deutsche Bank in Frankfurt over the allegations.

Persons: DWS's, Asoka Woehrmann, Patrizia, Woehrmann, DWS, BaFin, Matthias Inverardi, Miranda Murray, Sabine Wollrab, Susan Fenton, Louise Heavens Organizations: Deutsche Bank, Frankfurt Public, U.S . Securities, Exchange Commission, Thomson Locations: FRANKFURT, Frankfurt

☆ AI can pick top-performing private equity funds better than many institutional investors, Oxford study finds
▼ + stars: | 2023-07-04 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

AI can pick private equity firms to back better than many investors, per an Oxford study. Artificial intelligence can pick out top-performing private equity (PE) funds better than many institutional investors, according to research from the University of Oxford. Researchers trained an AI model to identify high-performing PE funds by reading 400 fundraising prospectuses and factoring in long sections that are often overlooked by investors, for a study by the Saïd Business School. Ludovic Phalippou, the lead researcher and a professor of financial economics at Oxford Saïd. But only a limited number of investors have the resources to take advantage of AI, so Phalippou expects to see consultants add it to their services.

Persons: Ludovic Phalippou, Oxford Saïd, Phalippou Organizations: University of Oxford, Saïd Business School, Oxford, Oxford Saïd, Coller Locations: Oxford

[1/2] Greenpeace activists hang a banner to protest Deutsche Bank and DWS investment policies on Deutsche Bank's headquarters in Frankfurt, Germany, June 14, 2023. REUTERS/Tom SimsFRANKFURT, June 14 (Reuters) - Greenpeace activists scaled Deutsche Bank's (DBKGn.DE) headquarters in Frankfurt on Wednesday and strung up a large yellow banner to protest against the climate investment policies of the German lender and its asset management company DWS. Deutsche Bank said that sustainability and climate protection were "strategic priorities", and that it supports DWS in the development of its sustainability policies and standards. The German-language Greenpeace banner was unfurled shortly after 6 a.m. CEST (0400 GMT) and stretched across part of the glass facade on the lower section of Deutsche Bank's twin office towers. Mauricio Vargas, a Greenpeace finance expert who was standing outside Deutsche Bank's headquarters, said: "DWS's scandal is Deutsche Bank's scandal."

Persons: Tom Sims FRANKFURT, DWS, Stefan Hoops, Mauricio Vargas, Tom Sims, Rachel More, Jamie Freed, Sharon Singleton Organizations: Greenpeace, Deutsche Bank, Deutsche Bank's, REUTERS, Deutsche, Thomson Locations: Frankfurt, Germany

☆ Greenpeace activists climb Deutsche Bank HQ in climate protest
▼ + stars: | 2023-06-14 | by ( ) edition.cnn.com time to read: +2 min

Greenpeace activists scaled Deutsche Bank’s headquarters in Frankfurt Wednesday and strung up a large yellow banner to protest against the climate investment policies of the German lender and its asset management company DWS. The action came a day ahead of the annual shareholder meeting of DWS, which is mostly owned by Deutsche Bank and has drawn attention from activists and regulators over allegations it misled investors about “green” investments. Deutsche Bank (DB) said sustainability and climate protection were “strategic priorities,” and that it supports DWS in the development of its sustainability policies and standards. The German-language Greenpeace banner was unfurled shortly after 6 a.m. local time (midnight ET) and stretched across part of the glass facade on the lower section of Deutsche Bank’s twin office towers. Mauricio Vargas, a Greenpeace finance expert who was standing outside Deutsche Bank’s headquarters, said: “DWS’s scandal is Deutsche Bank’s scandal.” He plans to address shareholders Thursday.

Persons: DWS, Stefan Hoops, Mauricio Vargas, “ Organizations: Greenpeace, Deutsche, Deutsche Bank, DB, Force Locations: Frankfurt

[1/2] Greenpeace activists hang a banner to protest Deutsche Bank and DWS investment policies on Deutsche Bank's headquarters in Frankfurt, Germany, June 14, 2023. REUTERS/Tom SimsFRANKFURT, June 14 (Reuters) - Climate activists on Wednesday targeted two of the globe's biggest banks - Deutsche Bank (DBKGn.DE) and JPMorgan (JPM.N) - for their fossil fuel investment policies with separate protests in Germany's financial capital, Frankfurt. Greenpeace activists scaled Deutsche Bank's headquarters shortly after dawn and strung up a large yellow banner to protest against the climate investment policies of the German lender and its asset management company DWS. The protests highlight the ongoing tension between climate activists and financial firms. Mauricio Vargas, a Greenpeace finance expert who was standing outside Deutsche Bank's headquarters, said: "DWS's scandal is Deutsche Bank's scandal."

Persons: Tom Sims FRANKFURT, DWS, Stefan Hoops, Mauricio Vargas, KoalaKollektiv, Chuka Umunna, Tom Sims, Rachel More, Jamie Freed, Sharon Singleton Organizations: Greenpeace, Deutsche Bank, Deutsche Bank's, REUTERS, JPMorgan, Deutsche, Thomson Locations: Frankfurt, Germany, Europe

Companies Norfolk Southern Corp FollowNEW YORK, May 16 (Reuters) - Norfolk Southern Corp (NSC.N) was sued on Tuesday by bondholders who said they lost hundreds of millions of dollars because the railroad concealed safety risks prior to the February derailment in Ohio of a train carrying hazardous chemicals. A Norfolk Southern spokesman declined to comment, saying the Atlanta-based company does not discuss pending litigation. Norfolk Southern faced many lawsuits over the derailment in East Palestine, Ohio, including cases brought by Ohio's attorney general, local residents and shareholders. There are nearly 30 defendants, including Norfolk Southern executives and directors and 12 financial services companies that underwrote the bonds. The case is Ohio Carpenters Pension Fund et al v Norfolk Southern Corp et al, U.S. District Court, Southern District of New York, No.

☆ Negotiating Financing Provisions in Mergers
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +47 min

(For the complete version of this resource, which includes initial considerations and questions counsel should ask when drafting and negotiating financing provisions in merger agreements, see Drafting and Negotiating Financing Provisions in Mergers on Practical Law.) For a private placement under Rule 144A, the financing parties may offer some flexibility regarding the required financing statements. The term refers collectively to provisions that benefit debt financing parties by limiting their liability in an acquisition financing, including provisions that provide for:No recourse to the financing parties. The target company has no recourse against the financing parties and cannot pursue litigation against the financing parties directly. The financing parties are third-party beneficiaries of the Xerox provisions to permit the financing parties to enforce their rights under the merger agreement.

☆ Credit Suisse bondholders sue Swiss authorities
▼ + stars: | 2023-04-21 | by ( ) edition.cnn.com time to read: +2 min

Investors representing more than 4.5 billion Swiss francs ($5 billion) of Credit Suisse bonds have sued the Swiss financial regulator over its decision to wipe out their investments during last month’s emergency government-orchestrated takeover. Law firm Quinn Emanuel Urquhart & Sullivan, which is representing the bondholders, said Friday the move was the first in a series of steps to seek redress for clients it said had been unlawfully deprived of their property rights during the takeover of Credit Suisse (CS) by bigger rival UBS (UBS). The appeal against FINMA, the Swiss Financial Market Supervisory Authority, which ordered the writedown, was filed on April 18 in the Federal Administrative Court in St Gallen, north-east Switzerland. “FINMA’s decision undermines international confidence in the legal certainty and reliability of the Swiss financial center,” said Thomas Werlen, Quinn Emanuel’s Swiss managing partner. The Federal Administrative Court said it was still receiving complaints but declined to name claimants or comment on how many had been lodged by bondholders or their lawyers.

It is the first major lawsuit in the public domain to be filed over the Swiss decision to wipe out around $18 billion of Credit Suisse's Additional Tier 1 (AT1) debt during the 3 billion Swiss franc all-share rescue deal last month, which stunned markets and alerted litigators. The appeal against FINMA, the Swiss Financial Market Supervisory Authority that ordered the writedown, was filed on April 18 in the Federal Administrative Court in St Gallen, north east Switzerland. "FINMA's decision undermines international confidence in the legal certainty and reliability of the Swiss financial center," said Thomas Werlen, Quinn Emanuel's Swiss managing partner. FINMA declined to comment and Credit Suisse did not immediately respond to a Reuters request for comment. ($1 = 0.8941 Swiss francs)Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

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