Hong Kong central bank cuts lenders’ cash reserves to support economy amid protests

The Hong Kong Monetary Authority is displayed outside Two International Finance Centre in Hong Kong on June 19, 2013. The Hong Kong Monetary Authority (HKMA) has cut the amount of cash that banks must keep as reserves, releasing an extra HK$200-300 billion ($25.50-38.24 billion) into the broader economy which has been hit by months-long protests and the U.S.-China trade war. “Economic indicators and other relevant evidence have signalled that the economic environment in Hong Kong has deteriorate


The Hong Kong Monetary Authority is displayed outside Two International Finance Centre in Hong Kong on June 19, 2013. The Hong Kong Monetary Authority (HKMA) has cut the amount of cash that banks must keep as reserves, releasing an extra HK$200-300 billion ($25.50-38.24 billion) into the broader economy which has been hit by months-long protests and the U.S.-China trade war. “Economic indicators and other relevant evidence have signalled that the economic environment in Hong Kong has deteriorate
Hong Kong central bank cuts lenders’ cash reserves to support economy amid protests Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, central, reserves, capital, monetary, yue, ccyb, buffer, lenders, support, hong, cash, protests, banks, economic, economy, kong, cuts


Hong Kong central bank cuts lenders' cash reserves to support economy amid protests

The Hong Kong Monetary Authority is displayed outside Two International Finance Centre in Hong Kong on June 19, 2013.

The Hong Kong Monetary Authority (HKMA) has cut the amount of cash that banks must keep as reserves, releasing an extra HK$200-300 billion ($25.50-38.24 billion) into the broader economy which has been hit by months-long protests and the U.S.-China trade war.

The central bank late on Monday announced a reduction of the Countercyclical Capital Buffer (CCyB) ratio of banks to 2.0% from 2.5%, with immediate effect, particularly aimed at boosting credit to the struggling small and medium enterprises. It was the first cut in the CCyB ratio since it was introduced in 2015.

“Economic indicators and other relevant evidence have signalled that the economic environment in Hong Kong has deteriorated significantly since June 2019,” HKMA chief executive Eddie Yue said in the statement.

“Lowering the countercyclical capital buffer at this juncture will allow banks to be more supportive to the domestic economy and help mitigate the economic cycle,” Yue added.

Hong Kong, which has been rocked by four months of often huge and violent protests against what is seen as Beijing’s tightening grip on the Chinese-ruled city, is facing its first recession in a decade.

The economy shrank 0.4% in April-June from the previous quarter, revised government data showed on Friday, and conditions have sharply deteriorated since then.

The Asian financial center, which also has one of the world’s busiest ports, was already under intense pressure from the escalating U.S.-China trade war and China’s biggest economic slowdown in decades.

HKMA has recently denied rumors, circulating on social media platforms and messaging apps, which have raised concerns about the monetary and financial stability of Hong Kong.

“We have emphasised many times that Hong Kong’s banking system is robust and sound, with strong capital positions, ample liquidity and good asset quality,” Yue said in his blog on Monday. “It is well positioned to withstand market shocks.”

The CCyB was introduced in line with international standards in 2015, ensuring adequate capital buffer for banks which can be deployed during an economic downturn to boost credit growth.


Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, central, reserves, capital, monetary, yue, ccyb, buffer, lenders, support, hong, cash, protests, banks, economic, economy, kong, cuts


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DE Shaw gives searing indictment of waste at Emerson Electric, including fleet of 8 airplanes

Shaw, the $50 billion hedge fund that in recent years has engaged in shareholder activism along with its many other disciplines, released a voluminous report on Tuesday outlining all the ways it says Emerson Electric has failed shareholders over the last decade. Shaw also calls for a significant effort to cut costs. Shaw has a more than 1% position in Emerson Electric, is the funds first public utterance since the reports of its potential activism first surfaced. Shaw focuses on what it says is


Shaw, the $50 billion hedge fund that in recent years has engaged in shareholder activism along with its many other disciplines, released a voluminous report on Tuesday outlining all the ways it says Emerson Electric has failed shareholders over the last decade. Shaw also calls for a significant effort to cut costs. Shaw has a more than 1% position in Emerson Electric, is the funds first public utterance since the reports of its potential activism first surfaced. Shaw focuses on what it says is
DE Shaw gives searing indictment of waste at Emerson Electric, including fleet of 8 airplanes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: david faber
Keywords: news, cnbc, companies, waste, electric, report, shaw, peers, activism, searing, return, fleet, industrial, shareholder, capital, including, significant, airplanes, emerson, gives, indictment


DE Shaw gives searing indictment of waste at Emerson Electric, including fleet of 8 airplanes

D.E. Shaw, the $50 billion hedge fund that in recent years has engaged in shareholder activism along with its many other disciplines, released a voluminous report on Tuesday outlining all the ways it says Emerson Electric has failed shareholders over the last decade.

The report, obtained by CNBC ahead of its release, starts a campaign to bring significant change to the industrial giant, including asking it to split its industrial automation business from its climate technology business. D.E. Shaw also calls for a significant effort to cut costs.

The report, which also confirms that D.E. Shaw has a more than 1% position in Emerson Electric, is the funds first public utterance since the reports of its potential activism first surfaced.

Emerson’s stock price, which has already responded to stories of D.E. Shaw’s potential activism, was up slightly Tuesday.

The report offers a searing indictment of Emerson’s long time chief executive officer David Farr and of its board of directors, who have presided over a significant shortfall in total shareholder return over the last three, five and 10 years when measured against Emerson’s peers in the automation or HVAC industries not to mention a 10-year lag of 120% vs. the S&P 500.

D.E. Shaw focuses on what it says is a history of poor capital allocation by the company since Farr took over as CEO. Since 2000, Emerson has spent nearly $14 billion of capital when accounting for mergers and acquisitions and capital expenditures but has only increased its earnings by $400 million over that period when accounting for its capex. The resulting 3% pretax return on incremental capital severely lags almost every one of its peers, which post an average return of 11.4% during the same period. One culprit for those poor returns on capital, D.E. Shaw maintains, is a cost structure that includes the highest level of selling, general and administrative expenses relative to sales among its peers and the lowest revenue per employee versus those competitors and a broader universe of industrial companies.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: david faber
Keywords: news, cnbc, companies, waste, electric, report, shaw, peers, activism, searing, return, fleet, industrial, shareholder, capital, including, significant, airplanes, emerson, gives, indictment


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Fed finalizes post-crisis rule easing for domestic, foreign banks

The U.S. Federal Reserve on Thursday unveiled a final package of rules easing capital and liquidity requirements for domestic U.S. and foreign banks that were originally introduced following the 2007-2009 global financial crisis. The final domestic rules, which are nearly identical to the 2018 proposal, establish tiers of regulations for larger U.S. banks. Fed staff estimated the final rules would lower capital requirements by about 0.6% and liquidity requirements would drop by about 2% for all


The U.S. Federal Reserve on Thursday unveiled a final package of rules easing capital and liquidity requirements for domestic U.S. and foreign banks that were originally introduced following the 2007-2009 global financial crisis. The final domestic rules, which are nearly identical to the 2018 proposal, establish tiers of regulations for larger U.S. banks. Fed staff estimated the final rules would lower capital requirements by about 0.6% and liquidity requirements would drop by about 2% for all
Fed finalizes post-crisis rule easing for domestic, foreign banks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10
Keywords: news, cnbc, companies, relaxed, final, fed, postcrisis, requirements, rule, liquidity, domestic, rules, finalizes, foreign, banks, capital, easing


Fed finalizes post-crisis rule easing for domestic, foreign banks

The U.S. Federal Reserve on Thursday unveiled a final package of rules easing capital and liquidity requirements for domestic U.S. and foreign banks that were originally introduced following the 2007-2009 global financial crisis.

The changes, which should reduce the compliance burden and free up funds for U.S. Bancorp, Capital One and PNC Financial among others mark another win for the industry after the Fed also relaxed rules on derivatives trades and banks’ annual health checks.

Thursday’s package stems from bipartisan legislation passed by Congress in May 2018 that rewrote parts of the 2010 Dodd-Frank financial reform law.

That 2018 law ordered the Fed to reduce the burden on community and regional lenders, but progressive Democrats and consumer groups are likely to criticize the central bank for giving larger banks too much leeway with its final changes.

The Fed on Thursday said the changes, which it first proposed in October last year, aim to more closely tailor regulations to the riskiness of firms’ businesses.

The final domestic rules, which are nearly identical to the 2018 proposal, establish tiers of regulations for larger U.S. banks. Domestic banks with under $700 billion in assets, which includes all but a handful of the nation’s largest firms, would enjoy some degree of relaxed capital and liquidity rules.

Fed staff estimated the final rules would lower capital requirements by about 0.6% and liquidity requirements would drop by about 2% for all affected banks.

Globally systemically important U.S. banks, including JPMorgan Chase & Co, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley would not benefit from the changes however.

On Thursday the Fed also finalized a new regulatory regime for foreign banks operating in the United States. The rules relax capital, liquidity and stress testing requirements for subsidiaries of foreign banks but retain stricter standards for firms that engage in riskier activities like short-term funding.

Thursday’s rules package also includes a relaxed schedule for when foreign and domestic banks must submit “living wills” to the regulator detailing how they could be safely dissolved.


Company: cnbc, Activity: cnbc, Date: 2019-10-10
Keywords: news, cnbc, companies, relaxed, final, fed, postcrisis, requirements, rule, liquidity, domestic, rules, finalizes, foreign, banks, capital, easing


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Lab-grown meat start-up raises $14 million to build production plant

Now, one of those start-ups has raised $14 million to produce its cultured meat products. Future Meat Technologies, which was founded in 2018 and based in Israel, is trying to do for lab-grown meat what Beyond Meat and Impossible Foods have done for plant-based meat. Future Meat is far from the only company that has set out to create affordable cell-cultured meat. S2G Ventures, a Chicago-based venture capital fund that invests in food and agriculture, and Emerald Technology Ventures, a Swiss-bas


Now, one of those start-ups has raised $14 million to produce its cultured meat products. Future Meat Technologies, which was founded in 2018 and based in Israel, is trying to do for lab-grown meat what Beyond Meat and Impossible Foods have done for plant-based meat. Future Meat is far from the only company that has set out to create affordable cell-cultured meat. S2G Ventures, a Chicago-based venture capital fund that invests in food and agriculture, and Emerald Technology Ventures, a Swiss-bas
Lab-grown meat start-up raises $14 million to build production plant Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: amelia lucas
Keywords: news, cnbc, companies, plant, raises, ventures, production, meat, capital, cultured, future, startups, raised, build, labgrown, million, startup, round


Lab-grown meat start-up raises $14 million to build production plant

As meatless burgers have landed at Burger King and Carl’s Jr., dozens of start-ups are racing to be the first to sell beef grown in a lab.

Now, one of those start-ups has raised $14 million to produce its cultured meat products.

Future Meat Technologies, which was founded in 2018 and based in Israel, is trying to do for lab-grown meat what Beyond Meat and Impossible Foods have done for plant-based meat.

Future Meat is far from the only company that has set out to create affordable cell-cultured meat. Several dozen start-ups, mostly in the U.S. and Europe, have sprung up in the last couple of years to develop the product.

But only one, Memphis Meats, has raised more money than Future Meat in a Series A funding round — $17 million in 2017 — thanks to investments from Bill Gates, Richard Branson and Cargill.

S2G Ventures, a Chicago-based venture capital fund that invests in food and agriculture, and Emerald Technology Ventures, a Swiss-based firm, led the $14 million round, Future Meat announced Thursday.

“What we think separates Future Meat is that they have an actual plan to get to commercially viable price points that doesn’t require massive capital expenditures or future breakthroughs,” S2G managing director Matt Walker said in an interview.

Future Meat plans to use the proceeds to expand research and development efforts and build a cultured meat manufacturing facility to begin production next year.


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: amelia lucas
Keywords: news, cnbc, companies, plant, raises, ventures, production, meat, capital, cultured, future, startups, raised, build, labgrown, million, startup, round


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S4 Capital signs $150 million deal with Silicon Valley’s largest digital marketing firm

S4 Capital, the media firm founded by advertising mogul Sir Martin Sorrell in 2018, has announced a $150 million merger with Silicon Valley’s largest digital marketing agency. He said the deal was worth $150 million, with S4 Capital paying $112 million upfront — half in shares, half in cash — and the rest of the balance coming if Firewood hits its targets for the year. Firewood, founded in 2010 by Lanya and Juan Zambrano, is the largest digital agency in Silicon Valley. The company will join Med


S4 Capital, the media firm founded by advertising mogul Sir Martin Sorrell in 2018, has announced a $150 million merger with Silicon Valley’s largest digital marketing agency. He said the deal was worth $150 million, with S4 Capital paying $112 million upfront — half in shares, half in cash — and the rest of the balance coming if Firewood hits its targets for the year. Firewood, founded in 2010 by Lanya and Juan Zambrano, is the largest digital agency in Silicon Valley. The company will join Med
S4 Capital signs $150 million deal with Silicon Valley’s largest digital marketing firm Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: chloe taylor
Keywords: news, cnbc, companies, founded, sorrell, marketing, million, merger, valleys, capital, firm, deal, half, digital, largest, signs, silicon


S4 Capital signs $150 million deal with Silicon Valley's largest digital marketing firm

S4 Capital, the media firm founded by advertising mogul Sir Martin Sorrell in 2018, has announced a $150 million merger with Silicon Valley’s largest digital marketing agency.

Speaking to CNBC’s “Squawk Box Europe” on Tuesday, Sorrell, WPP’s former CEO, confirmed that the merger had been finalized this month.

He said the deal was worth $150 million, with S4 Capital paying $112 million upfront — half in shares, half in cash — and the rest of the balance coming if Firewood hits its targets for the year.

Firewood, founded in 2010 by Lanya and Juan Zambrano, is the largest digital agency in Silicon Valley. The company will join MediaMonks, S4 Capital’s digital content arm.

“We started with a clean sheet of paper, we’ve been at it for a year and we now have, post-Firewood, 1,800 people in 23 countries and a market cap of $600 million,” Sorrell said.


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: chloe taylor
Keywords: news, cnbc, companies, founded, sorrell, marketing, million, merger, valleys, capital, firm, deal, half, digital, largest, signs, silicon


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First sports betting venue inside a US pro sports arena is planned in the heart of DC

The sports betting operation from William Hill US and Monumental Sports & Entertainment will be the first of its kind inside a U.S. sports arena. Capital One Arena is home to the Wizards, Capitals and the Washington Mystics women’s pro basketball team. The planned sports book, operated by William Hill, will offer food and drinks alongside betting. “Not only will people be able to go and bet over the counter, but you can bet on your mobile phones anywhere within the arena,” William Hill CEO Josep


The sports betting operation from William Hill US and Monumental Sports & Entertainment will be the first of its kind inside a U.S. sports arena. Capital One Arena is home to the Wizards, Capitals and the Washington Mystics women’s pro basketball team. The planned sports book, operated by William Hill, will offer food and drinks alongside betting. “Not only will people be able to go and bet over the counter, but you can bet on your mobile phones anywhere within the arena,” William Hill CEO Josep
First sports betting venue inside a US pro sports arena is planned in the heart of DC Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-03  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, capital, monumental, betting, leonsis, heart, arena, hill, pro, william, capitals, wizards, inside, planned, venue, washington


First sports betting venue inside a US pro sports arena is planned in the heart of DC

The nation’s leading sports book operator and the owner of the Washington Wizards and Capitals professional sports teams are teaming up to put a sports betting venue inside D.C.’s downtown Capital One Arena.

The sports betting operation from William Hill US and Monumental Sports & Entertainment will be the first of its kind inside a U.S. sports arena. Capital One Arena is home to the Wizards, Capitals and the Washington Mystics women’s pro basketball team. The arena and the teams are owned by Monumental Sports & Entertainment.

“We want to start to drive toward the future where big data and gamification really ups the game and makes a broader base for sports gaming and sports gambling,” Monumental Chairman and CEO Ted Leonsis told CNBC’s “Squawk Box,” shortly after Thursday’s announcement. Leonsis helped build America Online in the early days into a internet powerhouse. He’s also co-founder of Revolution Growth, a venture capital firm run by AOL co-founder Steve Case.

As part of the deal, which is subject to regulatory approvals, William Hill also becomes the exclusive sports betting partner of the Wizards, Capitals, Mystics and Monumental.

“We want to focus on creating new products for a new generation,” Leonsis said. “For me, the most important thing is growing the market. We don’t want to keep this in a niche.”

The planned sports book, operated by William Hill, will offer food and drinks alongside betting. The betting venue, which will be multiple floors, is expected to be open on a daily basis.

“Not only will people be able to go and bet over the counter, but you can bet on your mobile phones anywhere within the arena,” William Hill CEO Joseph Asher said. Mobile sports betting is the future, he added, but stressed there’s still a big market for retail sports “where people can congregate.”

William Hill, founded in 1934 in Britain, established its gaming foothold in the U.S. in Las Vegas about seven years ago.

The U.S. Supreme Court ruled last year that states can legalize sports betting, breaking up Nevada’s monopoly on the practice. Months after the decision several states and the District of Columbia legalized sports betting. However, establishing sports betting in D.C. has been mired in legal challenges.

The deal is subject to regulatory approvals.


Company: cnbc, Activity: cnbc, Date: 2019-10-03  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, capital, monumental, betting, leonsis, heart, arena, hill, pro, william, capitals, wizards, inside, planned, venue, washington


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‘The IPO process has devolved,’ tech investor Bill Gurley says as he leads a direct listing movement

The IPO process has “devolved” and it’s time for a new approach, venture capitalist Bill Gurley said in an interview on CNBC’s “Squawk Alley,” Wednesday. Executives from Slack and Spotify, which both completed direct listings, were among the attendees. Gurley told CNBC that direct listings provide more open and equal access to shares and ensures market-based pricing. While an IPO may be appealing for a company that wants to raise capital, Gurley said the group discussed late stage capital fundra


The IPO process has “devolved” and it’s time for a new approach, venture capitalist Bill Gurley said in an interview on CNBC’s “Squawk Alley,” Wednesday. Executives from Slack and Spotify, which both completed direct listings, were among the attendees. Gurley told CNBC that direct listings provide more open and equal access to shares and ensures market-based pricing. While an IPO may be appealing for a company that wants to raise capital, Gurley said the group discussed late stage capital fundra
‘The IPO process has devolved,’ tech investor Bill Gurley says as he leads a direct listing movement Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-02  Authors: lauren feiner
Keywords: news, cnbc, companies, capital, meeting, listings, investor, leads, shares, movement, listing, gurley, devolved, direct, ipo, companies, process, tech


'The IPO process has devolved,' tech investor Bill Gurley says as he leads a direct listing movement

The IPO process has “devolved” and it’s time for a new approach, venture capitalist Bill Gurley said in an interview on CNBC’s “Squawk Alley,” Wednesday.

Gurley, a general partner at Benchmark Capital, hosted a meeting with about 100 private companies and VC firms in San Francisco Tuesday to discuss the benefits of direct listing rather than the traditional initial public offering process. Executives from Slack and Spotify, which both completed direct listings, were among the attendees.

Gurley told CNBC that direct listings provide more open and equal access to shares and ensures market-based pricing. While an IPO may be appealing for a company that wants to raise capital, Gurley said the group discussed late stage capital fundraising options at Tuesday’s meeting. Airbnb is expected to be one of the next major tech companies to consider a direct listing, according to Bloomberg.

“The data of how Silicon Valley companies have been taken advantage of by this broken process, it goes back … 30 or 40 years,” Gurley said. “In the past three years it’s gotten worse and I think that’s because the IPO process has devolved … it used to be that the IPO process was about disseminating and marketing and selling far and wide and it’s become a game of just hand-allocating shares to the same 10 or 15 firms.”


Company: cnbc, Activity: cnbc, Date: 2019-10-02  Authors: lauren feiner
Keywords: news, cnbc, companies, capital, meeting, listings, investor, leads, shares, movement, listing, gurley, devolved, direct, ipo, companies, process, tech


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Trump administration may be ‘inching toward bigger moves’ against China, Ray Dalio says

Billionaire hedge fund manager Ray Dalio said the White House’s deliberation on a block on U.S. investments in China made him wonder if bigger moves are on the way. Dalio, founder of the world’s largest hedge fund, said in a lengthy LinkedIn post President Donald Trump could use special emergency powers like the freezing of Japanese assets and embargoing of oil to Japan in the 1940s. “Regarding the capital and currency wars, the ability of the US president to unilaterally cut off capital flows t


Billionaire hedge fund manager Ray Dalio said the White House’s deliberation on a block on U.S. investments in China made him wonder if bigger moves are on the way. Dalio, founder of the world’s largest hedge fund, said in a lengthy LinkedIn post President Donald Trump could use special emergency powers like the freezing of Japanese assets and embargoing of oil to Japan in the 1940s. “Regarding the capital and currency wars, the ability of the US president to unilaterally cut off capital flows t
Trump administration may be ‘inching toward bigger moves’ against China, Ray Dalio says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: yun li
Keywords: news, cnbc, companies, dalio, white, fund, waydalio, hedge, moves, capital, ray, wonder, bigger, trump, worlds, china, inching, president, administration


Trump administration may be 'inching toward bigger moves' against China, Ray Dalio says

Billionaire hedge fund manager Ray Dalio said the White House’s deliberation on a block on U.S. investments in China made him wonder if bigger moves are on the way.

Dalio, founder of the world’s largest hedge fund, said in a lengthy LinkedIn post President Donald Trump could use special emergency powers like the freezing of Japanese assets and embargoing of oil to Japan in the 1940s.

“Regarding the capital and currency wars, the ability of the US president to unilaterally cut off capital flows to China and also freeze payments on the debts owed to China and also use sanctions to inhibit non-American financial transactions with China must be considered as possibilities,” Dalio, the co-chairman of Bridgewater Associates, said.


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: yun li
Keywords: news, cnbc, companies, dalio, white, fund, waydalio, hedge, moves, capital, ray, wonder, bigger, trump, worlds, china, inching, president, administration


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Constricting investments into Chinese companies could hit the US as hard as it hits China

BEIJING — Possible U.S. restrictions on investing in Chinese companies would not only have a limited effect on China — but it could also hurt the United States, analysts told CNBC. The KraneShares CSI China Internet ETF (KWEB), which tracks major Chinese internet-related companies listed in New York or Hong Kong, fell 3.8%. However, not all major Chinese companies have chosen to list in New York. Full inclusion of Chinese assets in these stock and bond indexes would mean that many Americans woul


BEIJING — Possible U.S. restrictions on investing in Chinese companies would not only have a limited effect on China — but it could also hurt the United States, analysts told CNBC. The KraneShares CSI China Internet ETF (KWEB), which tracks major Chinese internet-related companies listed in New York or Hong Kong, fell 3.8%. However, not all major Chinese companies have chosen to list in New York. Full inclusion of Chinese assets in these stock and bond indexes would mean that many Americans woul
Constricting investments into Chinese companies could hit the US as hard as it hits China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-30  Authors: evelyn cheng
Keywords: news, cnbc, companies, investment, markets, zhu, constricting, stock, capital, chinese, index, investments, companies, china, investors, hit, hard, hits


Constricting investments into Chinese companies could hit the US as hard as it hits China

BEIJING — Possible U.S. restrictions on investing in Chinese companies would not only have a limited effect on China — but it could also hurt the United States, analysts told CNBC. The comments come on the back of reports that the White House is considering investment curbs on China, such as delisting Chinese stocks in the United States and limiting government pension funds’ investments in the Chinese market. Restrictions such as delisting of Chinese stocks in New York could send the message that the “U.S. is not as open as before. It’s going to have a fairly far-reaching impact,” Ning Zhu, professor of finance at Tsinghua University in Beijing, told CNBC in a phone interview on Sunday. U.S. stocks closed lower on Friday after Bloomberg first reported the news. The KraneShares CSI China Internet ETF (KWEB), which tracks major Chinese internet-related companies listed in New York or Hong Kong, fell 3.8%. Analysts say the reported restrictions could be an effort by the White House to gain leverage in the upcoming U.S.-China trade talks. It is unclear how close, if at all, the White House is to announcing curbs on U.S. investment. The U.S. Treasury assistant secretary for public affairs, Monica Crowley, said in a statement over the weekend that “the administration is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time. We welcome investment in the United States.” The China Securities Regulatory Commission did not respond to a faxed request for comment.

Options outside the US

If the U.S. were to carry out such investment curbs, it would be difficult to implement and will negatively affect U.S. capital markets, said Zhu. “Finance is unlike military or export orders, or trade. Finance is much more difficult to trace.” Many Chinese start-ups have chosen to list in the U.S. for a boost to their brand and access to U.S. dollars.

U.S. banks, U.S. mutual fund companies will be at a clear disadvantage to their global competitors. Ning Zhu professor of finance at Tsinghua University

More than 200 Chinese companies, including giants like Alibaba, have raised tens of billions of dollars on U.S. capital markets through listings or American Depositary Receipts, according to an August report by analysts from research firm Gavekal Dragonomics, Andrew Batson and Lance Noble. However, not all major Chinese companies have chosen to list in New York. Tencent, the parent of the WeChat messaging app and a major developer of mobile games, is listed in Hong Kong. Smartphone maker Xiaomi and food delivery company Meituan-Dianping also went public in Hong Kong last year. London is another alternative, Zhu pointed out. The Chinese government would also like to keep its largest companies at home, and launched a new stock board in July in an effort to create a better environment for technology companies to go public.

Missed opportunities

On the other hand, foreign investment in mainland-listed Chinese stocks remains limited, even as Beijing tries to open its markets further to overseas investors. Since the domestic stock market is dominated by retail investors, authorities are trying to attract more stable inflows from institutional investors. Global stock index provider MSCI has also been gradually adding some mainland Chinese A-shares to its key emerging markets index, and more than $1.9 trillion in assets were included in the benchmark index as of the end of 2017. In April, the Bloomberg Barclays Global Aggregate Index started adding Chinese bonds. J.P. Morgan also announced it would include Chinese debt in its benchmark bond index early next year.

Full inclusion of Chinese assets in these stock and bond indexes would mean that many Americans would be indirect investors in Chinese capital markets through mutual funds and other widely held investment products. If such U.S. investments were banned, American investors would miss out on what many analysts expect will be a long-term growth story. “While there may be other political reasons for restricting US capital flows to China, Washington should understand that the implications for the trade imbalance are the opposite of what they want,” Michael Pettis, finance professor at the Guanghua School of Management at Peking University, said in an email. “If American capital that would have gone to China stays home, that means inevitably that the net American imports of capital will rise, and with that so will the American current account deficit — not with China, but overall,” Pettis explained. In addition to encouraging greater foreign participation in its capital markets, China is trying to increase foreign access to its financial services industry. Some announcements in the last 18 months include allowing a foreign bank to take majority ownership of its local securities joint venture. If this trend continues, regardless of how slowly, being prohibited from China would mean “U.S. banks, U.S. mutual fund companies will be at a clear disadvantage to their global competitors,” Zhu said.

Fraud, transparency concerns


Company: cnbc, Activity: cnbc, Date: 2019-09-30  Authors: evelyn cheng
Keywords: news, cnbc, companies, investment, markets, zhu, constricting, stock, capital, chinese, index, investments, companies, china, investors, hit, hard, hits


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Capital One cardholders get exclusive access to the New York City Wine and Food Festival—what you need to know

Capital One cardholders can receive access to exclusive events and experiences at the Food Network & Cooking Channel New York City Wine & Food Festival (NYCWFF), which runs from October 10 to October 13. To access exclusive tickets, pay with your Capital One® Visa or Mastercard credit or debit card. Cardholders earn unlimited 3% cash back on dining and entertainment purchases with the Capital One® SavorOne® Cash Rewards Credit Card and cash back rises to 4% in those categories with the Capital O


Capital One cardholders can receive access to exclusive events and experiences at the Food Network & Cooking Channel New York City Wine & Food Festival (NYCWFF), which runs from October 10 to October 13. To access exclusive tickets, pay with your Capital One® Visa or Mastercard credit or debit card. Cardholders earn unlimited 3% cash back on dining and entertainment purchases with the Capital One® SavorOne® Cash Rewards Credit Card and cash back rises to 4% in those categories with the Capital O
Capital One cardholders get exclusive access to the New York City Wine and Food Festival—what you need to know Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-29  Authors: alexandria white
Keywords: news, cnbc, companies, cash, wine, nycwff, access, need, festivalwhat, city, capital, credit, know, experiences, exclusive, card, events, food, york, cardholders


Capital One cardholders get exclusive access to the New York City Wine and Food Festival—what you need to know

Capital One cardholders can receive access to exclusive events and experiences at the Food Network & Cooking Channel New York City Wine & Food Festival (NYCWFF), which runs from October 10 to October 13.

The 12th annual NYCWFF includes 80-plus events with over 450 chefs, winemakers and culinary personalities from around the world, providing a wide range of experiences for approximately 50,000 “hungry fans” Lee Schrager, founder of the NYCWFF, tells CNBC Make It.

For the second year in a row, Capital One partnered with the NYCWFF to provide cardholders 30-minute early access, priority entry and reserved priority seating at select events, plus cardholder-only events throughout the four-day festival. To access exclusive tickets, pay with your Capital One® Visa or Mastercard credit or debit card. Capital One® issued private label cards are excluded.

Some Capital One exclusive events include a cookie dough making class with DŌ, Cookie Dough Confections founder Kristen Tomlan, dinner with Cedric and Jean-Georges Vongerichten and a master sushi rolling class with Iron Chef Morimoto. The latter two events are already sold out despite the respective $350 and $275 cost per ticket.

Individual events at NYCWFF can range up to $400, but there are many priced $100 and under, plus some that are free with an RSVP.

One hundred percent of NYCWFF net proceeds benefit the Food Bank For New York City and No Kid Hungry®. Since the festival’s inception in 2008, more than $12 million has been raised for these charities.

The partnership between Capital One and the NYCWFF came into fruition around the time the card issuer launched the Savor® Cash Rewards credit cards, Schrager says.

Both cards offer high cash-back rates on dining and entertainment purchases. Cardholders earn unlimited 3% cash back on dining and entertainment purchases with the Capital One® SavorOne® Cash Rewards Credit Card and cash back rises to 4% in those categories with the Capital One® Savor® Cash Rewards Credit Card.

Capital One often talks to its customers to get feedback on what benefits they’re looking for in a card and found that experiences are a big factor. “We’ve been focused on finding creative ways to offer [cardholders] exclusive experiences and access that they are really passionate about,” Lauren Liss, VP of U.S. cards at Capital One, tells CNBC Make It.

The NYCWFF is just one way the company is doing that. In addition to dining events, Capital One cardholders can also benefit from exclusive access to entertainment and sports events, such as the iHeartRadio Music Festival and college basketball and football games.

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Company: cnbc, Activity: cnbc, Date: 2019-09-29  Authors: alexandria white
Keywords: news, cnbc, companies, cash, wine, nycwff, access, need, festivalwhat, city, capital, credit, know, experiences, exclusive, card, events, food, york, cardholders


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