Country singer K.T. Oslin, who hit it big with the 1987 hit “80′s Ladies” and won three Grammy awards, has died. She was 78.
(Bloomberg) -- Large investors are taking advantage of Asia’s record-smashing bull market to pocket some profits through a series of share placements. That’s not stopping the run in those stocks, which include a number of Chinese drugmakers and a South Korean fuel cell company.Sales by big shareholders, often seen as a signal that stock prices are peaking, seem to be losing their sway in an era of unprecedented global monetary stimulus. The MSCI Asia Pacific Index has continued to hit new records this month even as stakeholders took home $3.5 billion by selling shares -- more than in any other full January period since 2015 -- data compiled by Bloomberg show.Shares of 10 of the 13 companies that saw secondary sales during the month are trading above their offer prices now, the data show. Take Chinese health-care company Wuxi Biologics Cayman Inc. for example. Its stock fell briefly after its parent sold $1.27 billion in shares at a discount but then surged to a record high. It is now up 26% from the offer price.Smaller Chinese drugmakers too have been resilient. Hong Kong-listed Innovent Biologics Inc. and InnoCare Pharma Ltd. are trading 9.6% and 4.3% higher than the respective prices at which their holders sold shares.“Market sentiment is very strong,” said Steven Leung, an executive director at Uob Kay Hian (Hong Kong) Ltd. Selling by major shareholders “used to be a good indicator, but since last year, it has been less so.”Redeploying Capital“With ongoing ultra-loose monetary policy, expectations for a new fiscal package in the U.S. and positive growth data from China, equity capital markets remain attractive, on a secular basis, for China issuers and investors,” said Francesco Lavatelli, head of equity capital markets, Asia Pacific, at JPMorgan Chase & Co.“This feeds through secondary share sales as capital is being redeployed, particularly by early-stage investors,” he said.Shares of South Korea’s Doosan Fuel Cell Co. closed at 62,500 won on Friday. That’s more than 21% above the price of 51,500-won each at which 10 members of the owner family sold 5.33 million shares in a block trade on Jan. 5. Doosan’s stock surged 522% in 2020. The stock dipped 0.6% on Monday. Secondary share sales in Asia have boomed after equity markets recovered from the pandemic selloff seen early last year, with large shareholders selling almost $64 billion worth of existing shares in 2020, the most in eight years. Yet, the MSCI Asia Pacific gauge rallied 17% in its best annual performance since 2017.The regional benchmark is now trading at a 12-month forward earnings multiple of around 18 times, the most expensive level since 2009. Some investors see such high valuations, along with rising bond yields and commodity prices, as posing a threat to Asia’s rally.READ: Rising Rates See Traders Mull Trigger Point for Stock UpsetBiotech, ConsumerThis month, almost 80% of the number of share sales in Asia have been in Hong Kong, as the financial hub benefits from a massive inflow of Chinese money.The value of equity sold by shareholders of high-flying biotechnology companies accounts for 41% of Asia’s total. Consumer-services companies, another cohort that’s managed to grow during the pandemic, have also seen investors cashing out. A stakeholder of Haidilao International Holding Ltd., a Chinese hotpot chain, raised $608 million.“Issuers have been keen to monetize an environment that is allowing for follow-on transactions being priced tightly on the back of strong fundamental demand and yet staging a positive after-market performance,” said Alex Abagian, co-head of Asia Pacific equity capital markets at Morgan Stanley, referring to placements done at narrow discounts.The bank has underwritten many of this year’s share sales.(Adds Doosan Fuel Cell Monday move in eighth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Kuaishou Technology, the main rival to ByteDance Ltd. in China, is seeking to raise as much as $5.4 billion in Hong Kong in what would be the world’s biggest internet initial public offering since Uber Technologies Inc.The short video startup, backed by Tencent Holdings Ltd., is selling 365 million shares at HK$105 to HK$115 each, according to terms of the deal obtained by Bloomberg News. The company will start taking investor orders from Monday through Jan. 29 and is slated to list on Feb. 5.Kuaishou is attempting the world’s biggest internet IPO since Uber’s $8.1 billion U.S. share sale in May 2019, according to data compiled by Bloomberg. The Chinese startup’s IPO will also give another boost to Hong Kong’s already-hot capital market and could become Asia’s largest since Budweiser Brewing Co. APAC Ltd.’s $5.8 billion float almost two years ago.Kuaishou, which means “fast hand” in Chinese, is one of China’s biggest internet success stories of the past decade, part of a generation of startups that thrived with backing from Tencent. Along with TikTok parent ByteDance, the outfit co-created by coding geek Su Hua in 2013 pioneered the live streaming and bite-sized video format that’s since been adopted around the world by the likes of Facebook Inc. Kuaishou’s imminent debut could test investor appetite for its far larger rival, which was last valued at $180 billion.The offering of Kuaishou has attracted 10 cornerstone investors, who agreed to subscribe for $2.45 billion of stock, based on the mid-point of the marketed range. The lineup includes The Capital Group, Temasek Holdings Pte, GIC Pte, BlackRock Inc. and Abu Dhabi Investment Authority, the terms show, confirming an earlier Bloomberg News report. The cornerstone investors have agreed to hold stock for six months in exchange for early, guaranteed allocation.The valuation of Kuaishou could more than double after its Hong Kong IPO. A top-end pricing will value the Chinese firm at $60.9 billion, up from the $28.6 billion it achieved in a funding round last year, according to Pitchbook. Even at the low-end of range, Kuaishou will still be valued at $55.6 billion.ByteDance has long been a rumored IPO candidate but was bogged down last year in fighting a U.S. ban on TikTok after the video service was labeled a national security threat. The social media giant was in discussions to raise $2 billion before listing some of its businesses in Hong Kong, Bloomberg News reported in November.Kuaishou had about 262 million average daily active users as of September, according to its prospectus. That’s still less than half the 600 million on Douyin, the Chinese version of TikTok. That said, Kuaishou’s revenues climbed 49% to 40.7 billion yuan ($6.3 billion) in the first nine months of last year, after it ratcheted up monetization efforts through advertising and e-commerce. While it offers free access to its main platform, the startup takes a cut of the tips users give to their favorite live-streamers who perform viral challenges, lip-sync to the latest pop songs and play video games.Tencent has about a 21.6% stake in Kuaishou, and other backers include venture capital firms DCM, DST Global and Sequoia Capital China, the prospectus shows. Shares in Tencent jumped as much as 6.4% to an all-time high in early Monday trading in Hong Kong.Morgan Stanley, Bank of America Corp. and China Renaissance Holdings Ltd. are joint sponsors of the deal.(Adds Kuaishou’s valuation in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
IE University expects to start classes at its new tower campus in SeptemberThe post A New Milestone Awaits Spain's IE Business School appeared first on Poets&Quants.
Harry Pham, Chairman of OCB Life Group, and his senior management team attended the Reunion Dinner event organized by the Singapore Business Group at Le Méridien Saigon Hotel on January 23, 2021, together with more than 200 guests who attended the event to usher in the Year of the Ox. Over the dinner, Harry shared with me about his business, future investments, as well as his passion for supercars and football.
(Bloomberg) -- Traders are likely putting their trust in the Federal Reserve to provide the next spur to an emerging-market rally that may be showing signs of fatigue.With Friday’s declines delivering a week-ending jolt to the bulls, some of the warning signs took on a more worrying look. The Bloomberg Barclays local-currency bond index registered its first back-to-back weekly drop since June. Bloomberg’s Fear-Greed indicator for the MSCI developing-nation stock gauge -- which measures selling strength versus buying strength -- climbed to its highest in almost a decade, a sign that gains may have been excessive. And a basket of currencies had its worst week since the end of October.Which is why an assurance from the Fed on Wednesday that it will keep the stimulus spigot open via an unaltered bond-buying program could be enough to comfort investors concerned about the delays to a global recovery.“Because of continuing Covid-19 disruption, the recovery in emerging-market growth will, of course, be a stop-start one,” said Hasnain Malik, the Dubai-based head of equity strategy at Tellimer. “But pauses in emerging-market equity performance, particularly in Asia, should be viewed as opportunities.”A slew of economic output data from countries including South Korea, Poland and Mexico this week will give further evidence of the damage from the pandemic. Excluding China, emerging-market activity fell to about 77% below its pre-virus level in the third week of January, according to Bloomberg Economics estimates.Investor anxiety, as measured by implied volatility for currencies and stocks, jumped on Friday by the most in about two weeks. Just 24 hours earlier, optimism over additional U.S. stimulus under President Joe Biden had helped drive a gauge of developing-nation equities to an unprecedented high.Tensions between the world’s two largest economies may also be on the radar this week, with the U.S.-China Economic and Security Review Commission due to hold a hearing on Thursday. The commission is mandated by Congress to report annually on the national security implications of the economic relationship between the two countries.Economic PulseAs the focus shifts away from U.S. politics and more governments impose lockdowns to fight the spread of Covid-19, several countries are set to report fourth-quarter growth dataBloomberg Economics expect South Korea’s gross domestic product data to come in significantly below consensus, arguing that private consumption will be the main drag on growth, as the year-end virus surge and tightened social distancing measures weigh on incomes and spendingThe won has been emerging Asia’s worst-performing currency so far this yearFigures from the Philippines on Thursday are expected to show continued significant year-over-year contractionThe data may come in below consensus because of “prolonged movement restrictions and limited fiscal support,” according to Bloomberg Economics. In addition, a spate of strong typhoons in October and November likely added further downward pressureTaiwan’s data will be released on Friday, with economists surveyed by Bloomberg expecting a 3.45% year-over-year rebound for the fourth quarterThe numbers will be buoyed by “strong export performance, while private consumption also rebounded, in part thanks to the government’s cash vouchers and tourism subsidies,” according to BarclaysThe authorities’ battle against local-currency appreciation continues, with a clamp down on grain companies and their banking partnersDecember industrial production numbers are also due on Monday, with the consensus expecting the year-over-year rate to coolPoland’s gross domestic product published on either Wednesday, Thursday or Friday is forecast to have contracted 2.7% in 2020, compared with a 4.5% expansion the year beforeA preliminary reading of Mexico’s fourth-quarter gross domestic product on Friday will probably show the economy is recovering, while remaining below pre-pandemic levelsMexican President Andres Manuel Lopez Obrador said he’s infected with Covid-19 after the country posted record increases in cases and fatalities from the outbreak in the past weekCentral Banks DecideHungary’s central bank is predicted to leave its benchmark rate unchanged at 0.6% on TuesdayThe forint is the best-performing emerging-market currency this yearPolicy makers in Colombia will probably leave interest rates on hold on Wednesday during their first meeting under new central bank Governor Leonardo VillarBloomberg Economics expects the decision to be split, as it was in December, with a few policy makers voting for a 25 basis-point cutWhile Chile’s central bank is expected to keep its key policy rate steady on Wednesday, investors will be watching for any hint on the future path of policyWhat to WatchVietnam’s twice-a-decade National Congress kicks off on Monday. Bloomberg economics expects the leaders to allow more flexibility in the dong’s exchange rateRussian assets may be under pressure after supporters of opposition leader Alexey Navalny held the country’s biggest anti-Kremlin protests since at least 2018The ruble was the worst performer after Brazil’s real on Friday as oil prices declinedTurkey will hold exploratory talks with Greece in Istanbul on Monday as the two countries seek to defuse years of conflict over sovereignty and energy rightsSouth Korea’s January consumer confidence is out on Wednesday. The lockdown may have continued to impact sentiment, which slumped in DecemberNote that the average Goldman Sachs lockdown index for the country had risen an average 6.7 points to Jan. 15 from December’s averageIndustrial production numbers will be released on Friday. Consensus expects continued improvement in seasonally adjusted month-on-month terms, as demand for tech products remains robustThe Philippines’ December trade data Wednesday are likely to show a continued deficit and slow recovery in export growthChina’s industrial profit growth for December is forecast to show continued rapid expansion; the data is due on WednesdayThe figures may have shown the second-biggest increase since July 2018, according to Bloomberg Economics. This would reflect a pickup in production, double-digit growth in exports and narrower producer price deflation. A lower year-earlier base may also benefit the readingOfficial PMIs are out on Sunday, with consensus expecting both manufacturing and services to coolThe Chinese authorities continue to battle yuan appreciation with weaker-than-expected fixings and state-bank buying of dollar-yuan; the yuan remains the strongest-performing Asian currency in 2021 so farRead: Surge in USD/CNY Conversion Rates Augurs Well for Yuan in 2021The Thai manufacturing production index for December is likely to come in close to flat after trade data on Friday surprised with exports rising more-than-expectedCurrent-account numbers are due on Friday, and are likely to show a continued deficit of about $1 billionMalaysia trade data will be released on Friday and are expected to show a near record surplus of about 25 billion ringgit, according to economists surveyed by BloombergRead: Lockdown Will Take Toll on Malaysia’s Longer Bonds: SEAsia RatesRussia’s industrial output due Monday is likely to show a further contraction in December from a year earlierSouth Africa’s trade balance data for December published on Friday are set to show the country’s surplus narrowedThe rand is one of the worst-performing currencies this yearData due Friday will probably show that Turkey’s trade deficit narrowed in DecemberGoldman Sachs revised its forecasts for the Turkish currency again, projecting further gains in the near term but warning that “the extent of lira appreciation may be limited”A release of Mexico’s November economic activity index on Monday and retail sales on Tuesday may also add fresh evidence of the country’s economic reboundReadings of Chile’s December retail sales, unemployment and copper production in be released on FridayIn Brazil, investors will scrutinize a reading of the bi-weekly consumer-price index on Tuesday for further evidence of a pick-up in inflationary pressures after the central bank adopted a more hawkish tone last weekDecember’s primary budget-balance figures are due a day later; national unemployment data for the same month come on ThursdayThe real is the worst-performing currency in emerging markets this yearFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
It’s long been said that a picture is worth a thousand words. But when looking at the countless moments Jineen Williams captured of Kobe the coach, Kobe the father, Gigi and the rest of the young Mambas team, it’s difficult to find any words at all.
N'dea Jones and Ciera Johnson led a balanced attack with 14 points apiece and Jones grabbed 18 rebounds as No. 8 Texas A&M held off Missouri 70-66 on Sunday. Jordan Nixon and Distiny Pitts each made a pair of free throws in the final 15 seconds to seal the win. Aaliyah Wilson added 13 points for the Aggies (15-1, 6-1 Southeastern Conference) and Pitts had 10.
(Bloomberg) -- Most Asian stocks and U.S. equity futures pushed higher Monday as investors looked ahead to this week’s Federal Reserve policy meeting and mulled the prospects for stimulus amid the worsening pandemic. The dollar held Friday’s gains.Stocks outperformed in South Korea and Hong Kong, and saw more modest gains in Japan and Australia. S&P 500 futures pointed higher after the benchmark slipped on Friday for the first session in four. Treasury yields edged up and oil was steady. The yen dipped.Global stocks have edged back from all-time highs as additional virus lockdowns, the patchy rollout of vaccines and sparring over U.S. fiscal stimulus highlight risks to a nascent economic recovery. Investors are hoping Fed Chair Jerome Powell will provide reassurance after Wednesday’s policy meeting that $120 billion of monthly bond purchases won’t be tapered any time soon.Vaccine distribution is key to escaping the Covid-19 outbreak but frustration over supplies is growing. In a Facebook post, Italian Prime Minister Giuseppe Conte described delays in consignments by Pfizer Inc. and AstraZeneca Plc as “unacceptable.” Meanwhile, the U.K.’s health minister warned that vaccines may be less effective against new variants of the coronavirus.Hong Kong lifted its first lockdown, which affected thousands of people over the weekend, after the government completed testing residents in the area to contain an outbreak.Elsewhere, China’s Xi Jinping is the opening day headliner at a virtual session of the World Economic Forum. With the global economy reeling, topics will range from fair economic and social systems to digitization and the climate crisis.These are some key events coming up in the week ahead:Microsoft Corp., Apple Inc., Tesla Inc., Facebook Inc., UBS Group AG and Samsung Electronics Co. are among companies reporting results.Chinese President Xi Jinping is due to speak at the World Economic Forum’s “The Davos Agenda 2021” online event on Monday.People’s Bank of China Governor Yi Gang and European Central Bank Chief Economist Philip Lane speak at a conference on Monday.Data on U.S. home prices and consumer confidence come Tuesday.The Federal Open Market Committee monetary policy decision and briefing by Chair Jerome Powell are scheduled for Wednesday.Fourth-quarter GDP, initial jobless claims and new home sales are among U.S. data releases Thursday.U.S. personal income, spending and pending home sales come Friday.These are the main moves in markets:StocksS&P 500 futures rose 0.3% as of 10:25 a.m. in Tokyo. The S&P 500 fell 0.3% on Friday.Japan’s Topix index rose 0.2%.South Korea’s Kospi index added 1.1%.Hang Seng Index rose 0.8%.Australia’s S&P/ASX 200 Index rose 0.4%.Shanghai Composite IndexCurrenciesThe Bloomberg Dollar Spot was little changed.The yen fell 0.1% to 103.84 per dollar.The offshore yuan was little changed at 6.4949 per dollar.The euro dipped 0.1% to $1.2163.The British pound was little changed at $1.3684.BondsThe yield on 10-year Treasuries was steady at 1.09%.CommoditiesWest Texas Intermediate crude was flat at $52.25 a barrel.Gold was little changed at $1,856 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The dollar held ground against riskier currencies on Monday as weak economic data from Europe and fresh worries about the coronavirus supported investor demand for safe-havens, stretching greenback selling positions. Economic activity in the euro zone shrank markedly in January as stringent lockdowns to contain the coronavirus pandemic hit the bloc's dominant service industry hard while UK data showed British retailers struggled to recover in December. British Prime Minister Boris Johnson also said on Friday there was evidence a new variant of COVID-19 discovered late last year could be associated with higher mortality.
Indonesia said on Sunday its coast guard had seized the Iranian-flagged MT Horse and the Panamanian-flagged MT Freya vessels over suspected illegal fuel transfers off the country's waters. A statement from coast guard spokesman Wisnu Pramandita said the tankers, seized in waters off Kalimantan province, were escorted to Batam island in Riau Island Province for further investigation. "The tankers, first detected at 5:30 a.m. local time (2130 GMT on Jan. 23) concealed their identity by not showing their national flags, turning of automatic identification systems and did not respond to a radio call," the statement said.
A surveillance camera caught the moment a suspected carjacker dropped a baby off on the side of the road before speeding off.
Bryan Rust (Pittsburgh Penguins) with a Goal vs. New York Rangers, 01/24/2021
The stock market is riding a bullish wave, but here comes a tsunami of earnings, led by Apple and Tesla. With the Nasdaq extended, here's what to do.
The dollar held ground against riskier currencies on Monday as weak economic data from Europe and fresh worries about the coronavirus supported investor demand for safe-havens, stretching greenback selling positions. Economic activity in the euro zone shrank markedly in January as stringent lockdowns to contain the coronavirus pandemic hit the bloc's dominant service industry hard while UK data showed British retailers struggled to recover in December. British Prime Minister Boris Johnson also said on Friday there was evidence a new variant of COVID-19 discovered late last year could be associated with higher mortality.
It’s fitting that one of the first spring college events on the east coast, the Any Given Tuesday Intercollegiate, pays homage to van drivers.
IntelliCentrics (6819.HK), a healthcare technology platform company and innovator of the SEC³URE Ethos, SEC³URE Passport, Link & GO! and BioBytes™ serving North America, the United Kingdom and China, all on an integrated, end-to-end technology platform, announces the latest expansion of BioBytes™ innovations.
No. 13 Oregon women's basketball has now won eight-straight versus Washington following a 69-52 victory on Sunday at Matthew Knight Arena. Lydia Giomi put together her second career double-double with 11 points and 10 rebounds against the Huskies.
Learn what factors have led to Turkey's economic crisis, and discover three ETFs that investors can buy to position for a short-term bounce.
Word has gotten around that the injury-plagued Miami Hurricanes are one of the worst three-point shooting teams in the nation – ranked No. 333 of 340 Division I teams – so Notre Dame sat back in a zone defense, forced UM to shoot from distance, and the strategy worked.
JoJo Siwa opened up about being part of the LGBTQ+ community, which immediately gathered praise from her fans and celebs alike. Siwa said in an Instagram livestream on Saturday, ‘I have never ever ever been this happy before,’ and that she’s received, ‘the most endless amount of love and support.’ JoJo also told fans she's not ready to put a label on her sexuality at the present moment. She received supportive messages from former dance coach Abby Lee Miller, Paris Hilton, Adam Rippon and more. Miller wrote on Instagram, ‘I always knew the world would be a more colorful, positive, sparkly place with a kind, loving, dazzling triple threat like you in it.’
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