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☆ Green shoots for the IPO market? More companies are looking at going public
▼ + stars: | 2023-06-12 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

The Great IPO Drought has gone on for 18 months, but some are hopeful that may be ending. It still is a mid-sized deal, but it's getting more attention than usual because there is some hopes the Great IPO Drought may have a shot at ending. "A market rise is a necessary precursor for a rebound in IPOs," Matt Kennedy, senior IPO market strategist for Renaissance Capital, told me. Kennedy would know: Renaissance Capital runs the Renaissance Capital IPO ETF, a basket of recent IPOs. It's a long slog back to a 'normal' IPO market As bad as it has been in 2023, it's better than it was in 2022.

Persons: Matt Kennedy, Santosh Rao, Kennedy, DoorDash, Kenvue, Johnson, It's, it's, Cava, Rao Organizations: NYSE, Renaissance Capital, Manhattan Venture Partners, Capital, ARM, Foods, Saks Locations: Cava, IPOs, Snowflake, Palantir, Chao

☆ China may cut rates further in H2, government researcher says
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 6 (Reuters) - China will likely further cut banks' reserve ratio and interest rates in the second half of this year to support the economy, the China Securities Journal reported on Tuesday, citing policy advisors and economists. China's economy rebounded faster than expected in the first quarter but lost momentum at the beginning of the second. Zhang Ming, a researcher at the Chinese Academy of Social Sciences, a top government think tank, told the state newspaper that low inflationary pressures in China will provide room for monetary easing. China can consider further rate cuts and target the reserve requirement ratio (RRR) cuts to lower lending costs, said Zhang. Li Chao, chief economist at Zheshang Securities, also expects potential rate cuts and RRR cuts in the second half of this year, the report said.

Persons: Zhang Ming, Zhang, Li Chao, Ziyi Tang, Ryan Woo, Shri Navaratnam Organizations: China Securities, Chinese Academy of Social Sciences, Zheshang Securities, U.S . Federal Reserve, United, Thomson Locations: BEIJING, China, Beijing, United States

But the dollar and European stocks slipped, dented by uncertainty about whether Congress will approve the deal after a handful of hard-right Republican lawmakers said on Monday they would oppose the bill, though it is expected to pass. The pan European STOXX 600 index (.STOXX) fell 0.2% after recording on Friday its biggest weekly decline in two months. U.S. 10-year bond yields dropped 9.7 basis points to 3.72%, while 30-year yields fell 8 bps to 3.89%. The dollar index , which measures the greenback against six peers, fell 0.26% at 104.03 after rising to a two-month high in earlier trading. Elsewhere, euro zone bond yields fell after Spanish inflation data came in lower than expected, raising hopes that the European Central Bank may raise interest rates less than previously feared.

☆ Asian stocks dip as investors question consequences of US debt deal
▼ + stars: | 2023-05-30 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +4 min

The package still has to be approved by the Republican-controlled House of Representatives and Democratic-controlled Senate before the debt limit is reached, likely by next Monday. The bond market is implying there is an extreme 70% probability on a U.S. recession in the next year. Australian shares (.AXJO) were down 0.11% while the Nikkei stock index (.N225) rose 0.36%, after the Japanese benchmark hit a 33-year high on optimism over the U.S debt deal and a weaker yen, which helps the country's exporters. Benchmark 10-year yields dropped 6 basis points during Asian trade to 3.7616% while thirty-year yields fell 6.3 bps to 3.9134%. With the debt deal heading to Congress for approval, JB Were analysts said there could be up to $600 billion worth of bill issuance in the next six to eight weeks.

The latest surge of dark fleet ships began after Russia invaded Ukraine and the West tried to limit Moscow’s oil revenue with sanctions. The ships most likely sell their Russian oil to China above a price limit set by the sanctions. “The price cap is achieving its dual goals: restricting Russia’s oil revenues while keeping Russian oil flowing, and markets stable and well-supplied,” a U.S. Treasury spokesperson told The Times. The spoofing tankers using American insurance show that the practice is not limited to Russian oil alone. The company, Gatik Ship Management, owns a fleet of 50 newly acquired tankers dedicated to the Russian oil trade, the report said.

Persons: ”, David Tannenbaum, it’s, Samir Madani, Daniel Tadros, Russia Lady Ella, Russia Snow, Price, Konstantin Zavrazhin, Tannenbaum, Mr, Tadros, what’s, Min Chao Choy Organizations: Cathay, Labs, Copernicus Sentinel, Maxar Technologies, The New York Times, The Times, U.S . Treasury, Times, American Club, Club’s, Alma, Cargo, Russia Cathay Phoenix, Hong, International Maritime Organization, American, ”, AIS, telltale, Treasury’s, Foreign, Control, Maritime, C4ADS, Gatik Ship Management Locations: Japan, Kozmino, China, U.S, Russia, Venezuela, Iran, Ukraine, ”, Hong Kong, Niigata, Russia Ginza, Varna, Bulgaria, Taman, Niigata Port, Siberia, Cathay Phoenix, O.F.A.C, South Korea, Washington, Ginza, Oman, India

☆ 'It can't get much worse than this': A trail of portfolio managers have resigned or been liquidated as the once lush index-rebalance strategy dries up
▼ + stars: | 2023-05-11 | by ( Alex Morrell | ) www.businessinsider.com time to read: +5 min

Heavyweight multi-strategy hedge funds aren't known for their patience. It seems their patience has run out on the index-rebalance strategy, one of the most popular and sought-after hedge fund moneymakers in recent years. Representatives for the hedge funds declined to comment or did not respond to requests for comment. While hedge funds are allocating their capital elsewhere, they haven't given up on index-rebalance trading. Do you know more about the index-rebalance trade?

☆ Chinese company earnings reveal lopsided economic recovery
▼ + stars: | 2023-05-10 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

Restaurants and tourism businesses recovered, with travel-related consumer services sector earnings surging 155%, data from China International Capital Corp (CICC) showed. Food-and-beverage sector earnings jumped 18% and automobiles were up a smaller 8%. Several analysts believe the first quarter will be the low point for 2023 and full-year earnings will reach double digits. Refinitiv data forecasts full-year earnings growth of 26% for companies listed on the Shanghai Stock Exchange. The materials sector posted the worst results, with earnings in steel and building materials tumbling more than 60%, respectively.

☆ This 44-year-old founder and CEO is stepping down to go on a 3-year religious mission. 'I feel such confidence that this is the right thing.'
▼ + stars: | 2023-04-30 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +11 min

Davis Smith founded Cotopaxi, an outdoor gear company and certified B Corporation, in 2014. In July, he will step down as CEO to go on a 3-year religious mission in Brazil. Damien Huang, Cotopaxi's president who joined the company from Eddie Bauer, where he was CEO, will move into the role. "But I feel such confidence that this is the right thing." And we don't do that by isolating ourselves or saying, "We're better than you," or "You're not doing it right."

☆ China automating mines to improve safety as coal output grows
▼ + stars: | 2023-04-28 | by ( Andrew Hayley | ) www.reuters.com time to read: +3 min

REUTERS/Tingshu WangYULIN, China, April 28 (Reuters) - China is pushing automated technology to improve the safety and efficiency of its coal mining industry, the world's largest, which has long been plagued by safety lapses. The nearby Xiaobaodang mine, also owned by Shaanxi Coal, has cut its underground staff by 42%. Coal mines in China, which produced more than half the world's coal last year, are among the deadliest, with accidents causing almost 250 deaths in 2022, a six-year high. China's National Energy Administration is urging miners to accelerate their adoption of "smart mining" technology in a bid to improve safety and efficiency as coal output grows with Beijing's efforts to bolster energy security even as it expands its use of renewable sources. Huawei says the Hongliulin mine spent about 200 million yuan on installing intelligent mining.

☆ Libya Seeks U.S. Help in Fresh Effort to Recover Gadhafi Billions
▼ + stars: | 2023-04-23 | by ( Benoit Faucon | Chao Deng | ) www.wsj.com time to read: 1 min

A study estimates that as much as $120 billion in Libyan state assets was looted. Artifacts at a museum in Shahat, Libya. Photo: Abdullah Doma/Agence France-Presse/Getty ImagesLibya’s United Nations-backed government is asking Washington to help it recover tens of billions of dollars in state assets that it alleges were stolen by the country’s former dictator Moammar Gadhafi and his cronies and stashed around the world. Gadhafi ruled the oil-rich country for 42 years before he was ousted and killed and Libyan officials say family members and others close to him looted government coffers of cash, gold and rare antiquities. A 2016 study by Berlin-based Transparency International estimates as much as $120 billion was taken.

☆ Egyptians Struggle to Afford Food This Ramadan as Crisis Worsens
▼ + stars: | 2023-04-19 | by ( Chao Deng | Menna Farouk | ) www.wsj.com time to read: 1 min

CAIRO—Struggling to buy food for her family to break their fast one recent evening this Ramadan, Noura Ayad took her three children for a meal provided by a local charity in the historic part of the capital. “We ran out of chicken on the 10th day,” said Ms. Ayad. Her family lives on her husband’s meager driver’s income, which is quickly shrinking, hit by Egypt’s soaring inflation and collapsing currency. “We’re hardly surviving this crisis.”

☆ Saudi Arabia, Gulf Countries Want Better Returns for Bailing Out Egypt
▼ + stars: | 2023-04-07 | by ( Summer Said | Chao Deng | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/saudi-arabia-gulf-countries-want-better-returns-for-bailing-out-egypt-e6e8b047

☆ China imposes further sanctions on Taiwan's U.S. representative
▼ + stars: | 2023-04-07 | by ( ) www.cnbc.com time to read: +2 min

China has imposed further sanctions on Hsiao Bi-khim, Taiwan's de facto ambassador to the United States, prohibiting her and family members from entering the mainland, Hong Kong and Macao, state media reported on Friday. The sanctions, announced by China's Taiwan Affairs Office, also prohibit investors and firms related to Hsiao from cooperating with mainland organizations and individuals. They come after Taiwanese President Tsai Ing-wen's meeting with U.S. House Speaker Kevin McCarthy during a stopover in the United States this week. Others on the August sanctions list also include Taiwan foreign minister Joseph Wu and Secretary-General of Taiwan's National Security Council Wellington Koo, and DPP politicians. Chinese sanctions will have little practical impact as senior Taiwanese officials do not visit China while Chinese courts do not have jurisdiction in Taiwan.

"Wow, the PRC (People's Republic of China) just sanctioned me again, for the second time," Hsiao tweeted in response to the announcement. Taiwan's Foreign Ministry reacted angrily, saying China had no right to "butt in" when it came to Tsai's overseas trips and that Beijing was "deceiving itself" if it thought the sanctions would have any effect. China has also banned the leaders from entering the country, and frozen any properties they have in China, it said. Chinese sanctions will have little practical impact as senior Taiwanese officials do not visit China while Chinese courts do not have jurisdiction in Taiwan. Others on the August sanctions list include Taiwan Foreign Minister Joseph Wu; Wellington Koo, Secretary-General of Taiwan's National Security Council; and DPP politicians.

☆ China imposes further sanctions on Taiwan's US representative
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +2 min

BEIJING/TAIPEI, April 7 (Reuters) - China has imposed further sanctions on Hsiao Bi-khim, Taiwan's de facto ambassador to the United States, prohibiting her and family members from entering the mainland, Hong Kong and Macau, state media reported on Friday. The sanctions, announced by China's Taiwan Affairs Office, also prohibit investors and firms related to Hsiao from cooperating with mainland organisations and individuals. They come after Taiwanese President Tsai Ing-wen's meeting with U.S. House Speaker Kevin McCarthy during a stopover in the United States this week. Others on the August sanctions list also include Taiwan foreign minister Joseph Wu and Secretary-General of Taiwan's National Security Council Wellington Koo, and DPP politicians. Chinese sanctions will have little practical impact as senior Taiwanese officials do not visit China while Chinese courts do not have jurisdiction in Taiwan.

☆ A judge warned Trump about comments that could 'jeopardize the safety or well-being' of others. 6 hours later, he attacked the judge, the judge's wife, and the judge's daughter.
▼ + stars: | 2023-04-05 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Donald Trump started attacking the family of the judge presiding over his indictment in New York. Trump called Judge Juan Merchan and his family "Trump-hating" on Tuesday evening. Hours before, the judge warned him not to make remarks that could jeopardize the safety of others. Trump's comments blasting Merchan came six hours after Merchan warned the former president not to make comments likely to "jeopardize the safety or well-being of any individuals." That didn't stop Trump from slamming Merchan and his family hours later.

Vahia is one among India’s young and aspirational 1.4 billion population, whose propensity for online spending has attracted global companies and digital platforms. And as private consumption underpins economic growth in India, financial investors are targetting new ways to tap into it. India's per capita consumption of food was at $314 in 2020 compared to $884 for China, while that of clothing stood at $53.9 versus $212.9 for China, data from CLSA showed. FOREIGN INVESTORS JUMP INWith private consumption accounting for 60% of India's $3.5 trillion GDP, foreign portfolio investors have been quick to latch on. To be sure, it has not been all smooth sailing for investors as they chased India's consumption boom.

☆ Big Oil Eyes New Deals in North Africa Amid Rising Energy Demand
▼ + stars: | 2023-03-23 | by ( Chao Deng | Benoit Faucon | ) www.wsj.com time to read: 1 min

North Africa’s massive oil-and-gas reserves and its proximity to Europe make it an attractive alternative energy supplier to Russia. CAIRO—After years of underinvestment in North Africa’s energy infrastructure, global oil-and-gas giants from Halliburton Co. and Chevron Corp. to Eni SpA are ramping up their presence in the region as demand from Europe grows. Executives in the industry are betting it is worth drilling again in some of the hardest places to do business in the world as Europe increasingly turns to other sources for its energy needs after shunning its main supplier, Russia, over the invasion of Ukraine. In recent months, a string of European officials have visited the region to help advance talks over potential supply deals.

☆ Biden used first veto to save a 401(k) investment rule. Here's what it does
▼ + stars: | 2023-03-21 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

watch nowFew 401(k) plans — about 5% — offer an ESG fund, according to PSCA survey data. The [Biden] rule doesn't force you to consider ESG. Under the Biden rule, employers must still consider ESG factors within the context of what is in investors' best interests. "The [Biden] rule doesn't force you to consider ESG," Chao said. The Biden administration issued the final text of its investment rule in November, shortly before Republicans assumed control of the House.

☆ One country, two crypto systems: Hong Kong harbors crypto hub ambitions despite China's crackdown
▼ + stars: | 2023-03-20 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

Sopa Images | Lightrocket | Getty ImagesThe crypto industry has had a rough year with digital currency markets crashing and companies collapsing across the board. Hong Kong is planning to introduce new rules in June that will require crypto trading platforms to be licensed by the Securities and Futures Commission. Bitcoin ATMs, operated by Coinhero, in Hong Kong, China, on Wednesday, Dec. 21, 2022. While Hong Kong harbors high crypto ambitions and boasts relatively lower tax policy on businesses, the city could still potentially find competition with other crypto hubs. The logo of Bitcoin cryptocurrency at a store in Hong Kong on Thursday, Feb. 10, 2022.

☆ Egypt’s Military Is Under Pressure to Loosen Its Grip on Economy
▼ + stars: | 2023-03-19 | by ( Chao Deng | ) www.wsj.com time to read: 1 min

CAIRO—Outside the historic Ramses Railway Station, one of Cairo’s busiest intersections, more than a dozen food stalls and convenience stores sell a variety of goods, like croissants, peanuts, fresh fruit and meat. Behind this strip of business: the Egyptian military.

☆ IMF, World Bank Pause Loans to Tunisia Amid Crackdown on Migrants
▼ + stars: | 2023-03-09 | by ( Chao Deng | ) www.wsj.com time to read: 1 min

Migrants at Tunis-Carthage International Airport prepare to leave Tunisia on a repatriation flight. A crackdown on political opponents and Black African migrants in Tunisia is complicating the country’s efforts to secure billions of dollars in critical loans and grants from the International Monetary Fund and World Bank. The IMF reached an agreement last October to lend $1.9 billion to Tunisian authorities but has delayed final approval as President Kais Saied has moved to consolidate power and detained political opponents. After Mr. Saied in February denounced immigration in a speech and said without providing evidence that a “criminal plot” to change Tunisia’s demographic makeup was under way, hundreds of sub-Saharan African migrants in the country were arrested and others were attacked by mobs.

☆ Tunisian President Targets Sub-Saharan African Migrants, Mob Violence Follows
▼ + stars: | 2023-03-05 | by ( Chao Deng | ) www.wsj.com time to read: 1 min

Protests erupted in the Tunisian capital after President Kais Saied ordered security forces to expel all migrants who had entered the country illegally. Tunisian authorities have arrested hundreds of sub-Saharan African migrants after President Kais Saied denounced immigration last month and said there was a “criminal plot” to change Tunisia’s demographic makeup. Following the speech, groups of Tunisian men attacked dark-skinned migrants, assaulting some and chasing many from their homes. More than 100 migrants have fled to the United Nations’ International Organization for Migration building in Tunis, the country’s capital.

☆ After Turkey’s Earthquakes, Many Families Scrape for Survival
▼ + stars: | 2023-03-04 | by ( Chao Deng | ) www.wsj.com time to read: 1 min

SAMANDAG, Turkey—Surrounded by neighbors struggling for basic necessities after earthquakes devastated this town in southern Turkey last month, Kadir Halilogullari quickly converted a greenhouse he owned into a makeshift shelter for as many as 40 people. Using scraps of corrugated metal, Mr. Halilogullari made a makeshift bathroom in his family’s yard for his neighbors to use. He also bought a used power generator to run electric cords into the shelter so they could charge their phones.

☆ China's defense spending increases have been 'reasonable,' parliament spokesman says
▼ + stars: | 2023-03-04 | by ( ) www.cnbc.com time to read: +1 min

China's defense spending as a share of gross domestic product has been kept basically stable for many years, with the increases "moderate" and "reasonable," the spokesman of the country's parliament said on Saturday. "The modernization of China's military will not pose a threat to any country," Wang Chao, spokesman for the National People's Congress, told reporters. Wang was asked at a news conference by how much China's defense budget would increase this year, and whether any increase would be larger than in previous years. He declined to give any figures for this year's defense budget. The spending figure will be officially unveiled in the national budget to be released on Sunday at the start of this year's annual meeting of parliament.

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