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☆ Metals-rich Indonesia’s IPO market is so red-hot it’s thrashing Hong Kong and India
▼ + stars: | 2023-05-28 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

It has overtaken Hong Kong — long one of the top IPO markets — for the first time since 1995, and is outpacing economic powerhouses India, South Korea and Japan. Global IPO slowdownPart of Indonesia’s IPO success this year can be explained by lackluster performances elsewhere. The US IPO market, usually the world’s largest, has suffered given its reliance on particularly rate-sensitive tech companies, Lee said. Mining company Harita Nickel raised $660 million in its market debut last month, Indonesia’s biggest listing so far this year. “Our increasing conviction in [Indonesian companies] comes from how its government maximizes the potential of its bountiful raw materials,” he wrote.

☆ For YouTuber multi-millionaires Rhett & Link, venture capital is the future of creators
▼ + stars: | 2023-05-20 | by ( Zach Vallese | ) www.cnbc.com time to read: +6 min

The pair chose to reinvest their earnings, and lessons from their experiences, in burgeoning creators through an accelerator fund. "The right creators are good and investments," said McLaughlin, who is co-CEO of Mythical Entertainment. They both have a vision to grow their business and to lead their business," McLaughlin said. VC firm Slow Ventures has also launched a creator fund and has taken a keen interest in the business of those in the creator economy. Providing creators like Mogilko with capital gives them the ability to grow quickly at a time when they can leverage their existing social media virality.

☆ Ontario to offer more money for Stellantis to resume battery plant
▼ + stars: | 2023-05-19 | by ( Sam Jabri-Pickett | ) www.reuters.com time to read: +2 min

[1/2] Ontario's Premier Doug Ford and Canada's Prime Minister Justin Trudeau answer questions from the media at the Stellantis Research and Development Centre in Windsor, Ontario, Canada May 2, 2022. ... Read moreTORONTO, May 19 (Reuters) - Ontario Premier Doug Ford said on Friday that his government will put more money on the table to help carmaker Stellantis (STLAM.MI) resume its battery plant in Canada. Stellantis on Monday stopped construction at a C$5 billion ($3.7 billion) electric-vehicle battery plant in Canada, which is being built in partnership with South Korea's LG Energy Solution (LGES) (373220.KS), saying Canada has not fulfilled the promises. read moreStellantis and LGES announced their battery plant investment in March last year, but tensions emerged when the United States in August passed the Inflation Reduction Act (IRA), a massive package of clean-tech incentives for companies. Canada's federal government has argued that the province of Ontario, where the battery plant is being built, should pay its share to resolve the dispute.

"The international community is at a crossroads in history," Prime Minister Kishida told a briefing following his more than hour-long meeting with Biden. Japan, although a longtime buyer of Russian oil, has moved in tandem with G7 sanctions against Moscow following Russia's February 2022 invasion of Ukraine. That military action has also raised fears among Japanese that China could be emboldened to take action against neighbouring, self-ruled Taiwan unless Russia is stopped. TIGHTEN SANCTIONSThe G7 will aim to tighten sanctions on Russia to prevent it skirting measures already in place, Germany's leader, Olaf Scholz, said on Thursday. Kishida later said he and Biden had agreed to continue "strict sanctions against Russia as well strong support for Ukraine".

☆ Ahead of G7, Japan PM welcomes more investment from global chipmakers
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

TOKYO, May 18 (Reuters) - Prime Minister Fumio Kishida said he welcomed and expected more investment from global chipmakers in Japan, which is striving to revive its chip sector, after meeting top executives on Thursday before a Group of Seven summit. Growing Taiwan and U.S. tensions with China have brought serious challenges to the semiconductor industry, with Taiwan a major producer of chips used in everything from cars and smartphones to fighter jets. "I am very pleased with your positive attitude towards investment in Japan, and would like the government as a whole to work on further expanding direct investment in Japan and support the semiconductor industry," Kishida said. In particular, Kumamoto prefecture in southwestern Japan is quickly becoming a hotbed for tech investment from companies including TSMC and Fujifilm Holdings Corp (4901.T). The G7 summit runs from Friday to Sunday, and Kishida is set to meet with U.S. President Joe Biden later on Thursday.

☆ Japan PM expects more investment from global chipmakers
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

TOKYO, May 18 (Reuters) - Japanese Prime Minister Fumio Kishida said he expected additional investment from global chipmakers in Japan after meeting top executives on Thursday ahead of a Group of Seven (G7) summit. Executives from Micron Technology Inc (MU.O), IBM Corp (IBM.N), Applied Materials (AMAT.O) and Samsung Electronics (005930.KS), among others, also met Kishida. The company is also poised to get about 200 billion yen in financial incentives from Japan to help it make next-generation memory chips in the country, Bloomberg News reported on Wednesday. read moreKishida also said the government would work on expanding foreign direct investment in Japan. read more($1 = 135.0500 yen)Reporting by Kantaro Komiya Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

"A longer timeframe shows that foreign investors have been net sellers of Japanese equities by a considerable margin. We think long-term investors remain lightly positioned," they wrote last week in a note "Upside risks in Japanese equities". Non-residents sold nearly $4 billion of Chinese stocks in April, according to the Institute of International Finance, the first outflow in six months. Bank of America's monthly fund manager surveys show that "long" Chinese equities was the most crowded global trade in January. That has been scaled back significantly and investors have reduced their net overweight position in Chinese stocks, but they are still comfortably net overweight.

☆ Chipmakers look to Japan as worries about China grow
▼ + stars: | 2023-05-18 | by ( ) edition.cnn.com time to read: +2 min

Japanese Prime Minister Fumio Kishida said he welcomed and expected more investment from global chipmakers, after meeting top executives on Thursday before a Group of Seven summit. Growing Taiwan and US tensions with China have brought serious challenges to the semiconductor industry. “I am very pleased with your positive attitude towards investment in Japan, and would like the government as a whole to work on further expanding direct investment in Japan and support the semiconductor industry,” Kishida said. Japan's Prime Minister Fumio Kishida meets executives of major global chipmakers ahead of a G7 summit. In particular, Kumamoto prefecture in southwestern Japan is quickly becoming a hotbed for tech investment from companies including TSMC and Fujifilm Holdings Corp (FUJIF).

☆ Canada has increased planned Stellantis battery factory support -minister
▼ + stars: | 2023-05-16 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

OTTAWA, May 16 (Reuters) - Canada has increased its planned support to carmaker Stellantis (STLAM.MI) to build a battery plant in Windsor, Ontario, the industry minister said on Tuesday, but it wants the Ontario provincial government to help pay for it. To break the "stalemate," it is important that Ontario "pay its fair share," Industry Minister Francois-Philippe Champagne told reporters at a news conference in Seoul. Stellantis on Monday stopped construction at a C$5 billion ($3.7 billion) electric-vehicle battery plant in Canada, which is being built in partnership with South Korea's LG Energy Solution (LGES) (373220.KS). Canada has not delivered what it already promised and there are no new talks under way, Stellantis spokesperson LouAnn Gosselin said. Prime Minister Justin Trudeau is also making an official visit to South Korea this week before heading to the G7 in Japan.

This would see Lasso resign, triggering snap elections for both the presidency and the National Assembly, according to a clause in the Ecuador’s constitution. While Ricachon believes Ecuador’s president Lasso should complete his mandate, Zamora thinks the president’s time is up and that the country’s problems require a new leader. Once the president wraps up his defense on Tuesday and leaves the legislature, each of Ecuador’s 137 National Assembly members will be accorded ten minutes to speak. Then Saquicela, the National Assembly president, will set a date within five days for the impeachment vote. Members of unions and civil society groups demand that Ecuador's President Guillermo Lasso leave office amid rising crime and insecurity, in Quito, Ecuador May 1, 2023.

☆ China's rising clout spotlighted at finance chief meetings before G7 summit
▼ + stars: | 2023-05-15 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

China is among the biggest markets for most G7 countries, particularly for export-reliant economies such as Japan and Germany. In a joint statement on Saturday, the G7 finance chiefs stressed the urgency of addressing debt vulnerabilities in low- and middle-income countries, mentioning Zambia, Ethiopia, Ghana and Sri Lanka. "There were talks about coercion" at the G7 finance leaders' meeting, the Japanese finance ministry official said. The G7 summit will most likely have a special session on China to debate Beijing's "economic coercion" against other countries, according to a Reuters report. "No matter how the G7 want to fence in the Global South, it's not easy," said Atsushi Takeda, chief economist at the Itochu Economic Research Institute.

☆ Even if Erdogan Loses the Election, Turkey Is in Trouble - The New York Times
▼ + stars: | 2023-05-11 | by ( Cihan Tugal | ) www.nytimes.com time to read: +3 min

Two of the opposition parties are headed by high-profile former members of the A.K.P. The other, Ahmet Davutoglu, is widely credited with its approach to foreign policy. The shift away from Mr. Babacan’s market-friendly policies was effectively enforced by a contraction in world markets a decade ago. In power, the shaky but real benefits of the A.K.P.’s ever-shifting mix and match of market-oriented and statist policies cemented these ties with the people. Without a clear alternative to the status quo, many people will stick with the political leadership they know.

For PIF, the Lucid (LCID.O) bet is proving challenging. "The EV manufacturing plan is still one of the boldest parts of the Saudi plan," said Justin Alexander, director at Khalij Economics and Gulf analyst at GlobalSource Partners. Its investment was worth about $17.4 billion in mid-2022, the wealth fund's bond prospectus showed, and around $26 billion when Lucid was listed in 2021. The Saudi government has agreed with Lucid to buy up to 100,00 of its vehicles over the next decade. "Rather than fixing on short term results, the future of PIF's stake in Lucid will be dependent on the plans to build a Lucid factory in Saudi, on taking Lucid private again and/or on the potential integration with Ceer," said Global SWF Managing Director Diego Lopez of plans for a new Saudi EV maker.

☆ Bank of America opens Luxembourg branch in Europe funds push
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 10 (Reuters) - Bank of America (BAC.N) has hired former BNP Paribas banker Benoit Nevouet to be the manager of a newly created Luxembourg branch as the U.S. lender seeks to grow its business in Europe, a senior executive at Bank of America told Reuters. The opening of a branch in the small but wealthy country will mean Bank of America can help clients such as investment funds with local bank accounts and other services, said Matthew Davies, head of the U.S. lender's global transaction services unit for Europe, Middle East and Africa. Bank of America is first focused on bringing across existing clients which it served from a partner bank in Luxembourg to its new branch, Davies told Reuters. The U.S. bank is also hiring a dedicated money laundering reporting officer, as well as an initial handful of other support staff in functions such as compliance, risk and legal, to support the Luxembourg branch, Davies said. Bank of America's transaction services business accounts for some 10% of the lender's overall revenues, helping large multinational corporations with routine but vital products such as making payments and managing their cash.

☆ Geopolitics is shrinking India’s risk premium
▼ + stars: | 2023-05-09 | by ( Una Galani | ) www.reuters.com time to read: +7 min

They are lured by a country whose potential as an alternative investment destination to China increasingly outweighs the local challenges of doing business. India’s $3 trillion economy is forecast to grow by 6.5% this fiscal year, continuing to outpace the rest of the world. Executives and investors also see a business-friendly government that is likely to remain in power for the next half-decade. Morgan Stanley analysts and strategists expect India to become the world’s third-largest economy and stock market before the end of the decade. The India risk premium is rapidly disappearing.

☆ Chinese investment in Europe shifts to greenfield battery projects - report
▼ + stars: | 2023-05-08 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

BERLIN, May 9 (Reuters) - Chinese investment in Europe is shifting from mergers and acquisitions to greenfield projects mainly in battery production for electric vehicles, according to 2022 data analysed by independent research providers MERICS and Rhodium Group. Greenfield investment made up 57% of total foreign direct investment by China in Europe in 2022, overtaking mergers and acquisitions for the first time since 2008, according to the report released on Tuesday. "We are witnessing a major shift in how Chinese companies invest in Europe... Chinese firms have become major players in Europe's green transition," Agatha Kratz, director of the Rhodium Group, said in a statement. Setting up operations from scratch in Europe allows Chinese players to avoid tariffs and transport costs and shield themselves from political tension that could impede exports and imports, the report said. While screenings of Chinese investments in Europe have increased, the region still remains more open politically to China than the United States which has cracked down on Chinese battery imports via the Inflation Reduction Act, it added.

☆ Beijing expects foreigners to trust, not verify
▼ + stars: | 2023-05-05 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

In recent months, Chinese investigators have detained employees of U.S. due-diligence firm Mintz Group, visited consultancy Bain & Company and suspended auditor Deloitte’s Beijing operations for three months. Security watchdogs have restricted overseas access to financial data providers like Wind Information, as well as academic database China National Knowledge Infrastructure. Local banks loaned 3.9 trillion yuan ($560 billion) in March alone while corporations issued 328 billion yuan of bonds. Besides Wind, other Chinese data providers including company databases Qichacha and TianYanCha have stopped opening to offshore users, according to three of the sources. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

And Ecuadorian authorities have struggled to tackle this public security crisis “efficiently because it is mired in (a) political crisis,” González says. Ecuador’s President Guillermo Lasso is at the center of this storm, and his popularity has tanked amid widespread discontent with spiraling crime rates. Before President Guillermo Lasso took office, Ecuador had already become a key transit hub for cocaine due to its location between Peru and Colombia. Lasso told Ecuador’s legislative commission investigating him that he had not evaded taxes and that his tax trajectory was legally supported. Members of unions and civil society groups march on International Workers' Day to demand that Ecuador's President Guillermo Lasso, who is facing an impeachment process, leave office on May 1, 2023.

☆ China’s Tightening Grip on Foreign Firms Risks Hitting Investment
▼ + stars: | 2023-05-03 | by ( Jason Douglas | ) www.wsj.com time to read: 1 min

Foreign investment in China will likely remain concentrated among a few big companies willing to maintain or expand their existing operations there. Photo: ROMAN PILIPEY/EPA-EFE/ShutterstockSINGAPORE—China’s moves to put pressure on foreign companies risk squeezing the flow of overseas capital its economy needs, as signs point to the country’s appeal waning as a destination for all but the largest global companies. By one measure, foreign direct investment into China dropped by almost half last year from a year earlier, hitting the lowest level in five years as Covid-19 lockdowns mauled its economy, while other gauges suggest the world’s second-largest economy is struggling to attract corporate newcomers.

☆ Byju's CEO assures company's compliance after raids over alleged forex law violations
▼ + stars: | 2023-04-30 | by ( Aditya Kalra | ) www.reuters.com time to read: +2 min

India's Enforcement Directorate raided three premises linked to the company on Saturday over alleged foreign exchange law violations. The searches revealed that Byju's parent firm Think & Learn Pvt Ltd had received foreign direct investment of nearly 280 billion rupees ($3.43 billion) between 2011 and 2023, the agency said on Saturday. The agency also said that the company remitted 97.5 billion rupees to various foreign jurisdictions between 2011 and 2023 in the name of overseas direct investments. In the internal memo, Raveendran said that the company had sent some money overseas to fund its international acquisitions. The company had taken all efforts to comply with foreign exchange laws and all cross-border transactions were routed through regular banking channels, he added.

☆ India probes education platform Byju's over forex laws
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +2 min

April 29 (Reuters) - India's financial crime-fighting agency said on Saturday it had raided three premises of billionaire Byju Raveendran, the founder and CEO of education platform Byju's, over suspected breaches of the country's foreign exchange laws. Blackrock last month cut Byju's valuation by nearly half to $11.15 billion, according to a filing seen by Reuters. Byju's legal spokesperson said the visit by ED officials to one of the company's offices in Bangalore was related to a routine inquiry under foreign exchange laws. The statement issued by the agency said the company also remitted 97.5 billion rupees to various foreign jurisdictions between 2011 and 2023 in the name of overseas direct investments. Byju's spokesperson said the company had provided authorities with all the information they requested.

☆ India probes education platform Byju's over alleged forex law violations
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +3 min

April 29 (Reuters) - India's financial crime-fighting agency said on Saturday it had raided three premises linked to education platform Byju's and its billionaire CEO Byju Raveendran over suspected breaches of the country's foreign exchange laws. The searches under alleged foreign exchange law violations revealed that Think and Learn Private Limited, Byju's parent firm, had received foreign direct investment of nearly 280 billion rupees ($3.43 billion) during the period from 2011 to 2023, ED said. Byju's legal spokesperson said the visit by ED officials to one of the company's offices in Bengaluru was related to a routine inquiry under foreign exchange laws. The company reported a loss of 45.64 billion rupees ($558.49 million) in May for fiscal 2021. Byju's spent $2.5 billion in fiscal year ended March 2022 to acquire companies such as Aakash, U.S.-based Epic, kids' coding platform Tynker, professional education firm Great Learning and exam perpetration platform Toppr.

☆ 13 hot spots for real-estate investors seeking solid rental income returns and cheaper property instead of high prices and taxes, according to an expert who's spent 2 decades investing around the glob
▼ + stars: | 2023-04-22 | by ( Laila Maidan | ) www.businessinsider.com time to read: +9 min

With the right locations, he believes investors could double their cash investment in the next five years based on property appreciation and rental income. you'll also need to pay taxes on rental income which varies by state. If you plan on generating short or long-term rental income, find a strong rental or property manager. If you're on a budget but want to invest in a good shorter-term rental property for Airbnb, look in high-traffic destinations, he said. Top picks for short-term rental income are internationalized destinations that have easy air access, great amenities, and a lack of hotel competition.

☆ Virginia GOP Gov. Glenn Youngkin dodges 2024 questions as he gears up for Asia trip
▼ + stars: | 2023-04-21 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

Glenn Youngkin will travel to Asia next week to meet with political and business leaders, adding more fuel to speculation that the Virginia Republican is considering a run for president. Youngkin will lead a state delegation on a trade-focused visit that includes stops in Taiwan, Japan and South Korea. Youngkin framed the visit, his first to Asia as governor, as a chance to strengthen his state's supply chains in the semiconductor, pharmaceutical and automotive industries. "I'm going to put our best forward to have that foreign direct investment come to Virginia," Youngkin, a former co-CEO of Carlyle Group, said during an interview on CNBC's "Squawk Box" on Friday. The planned six-day international visit, set to kick off Monday, prompted questions about whether he had presidential ambitions.

[1/9] View shows the site where the gigafactory for electric vehicle battery production by Volkswagen Group's battery company PowerCo SE will be built in St. Thomas, Ontario, Canada April 21, 2023. REUTERS/Carlos OsorioCompanies Volkswagen AG FollowStellantis NV FollowBERLIN, April 21 (Reuters) - Canada and Volkswagen (VOWG_p.DE) on Friday together committed more than C$20 billion ($14.8 billion) for a battery gigafactory in St. Thomas, Ontario, the biggest single investment ever in the country's electric-vehicle supply chain. Europe's largest carmaker is investing up to C$7 billion to build the plant, Volkswagen said in a statement. The battery plant is expected to be Volkswagen's largest and create up to 3,000 jobs. "This secures the future of St. Thomas," the city's mayor, Joe Preston, told Reuters earlier this week.

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