China set to award protest-free Macau with financial policy rewards

“The financial industry used to be an idea that we reserved for Hong Kong,” said one Chinese official who requested anonymity. “We used to give all the favorable policies to Hong Kong. In contrast, China has condemned anti-government protests in Hong Kong and accused demonstrators in the financial center of undermining national stability. The idea is not for Macau to replace or undermine Hong Kong but for China to have a contingency plan in case the situation in Hong Kong worsens, they said. “Th


“The financial industry used to be an idea that we reserved for Hong Kong,” said one Chinese official who requested anonymity.
“We used to give all the favorable policies to Hong Kong.
In contrast, China has condemned anti-government protests in Hong Kong and accused demonstrators in the financial center of undermining national stability.
The idea is not for Macau to replace or undermine Hong Kong but for China to have a contingency plan in case the situation in Hong Kong worsens, they said.
“Th
China set to award protest-free Macau with financial policy rewards Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-12
Keywords: news, cnbc, companies, protestfree, financial, macau, kong, set, chinese, executives, hong, officials, rewards, china, casino, exchange, policy, award


China set to award protest-free Macau with financial policy rewards

China’s President Xi Jinping attends the opening ceremony of the Hong Kong-Zhuhai-Macau Bridge at the Zhuhai Port terminal on October 23, 2018 FRED DUFOUR | AFP | Getty Images

Chinese President Xi Jinping will visit Macau next week to announce a raft of new policies aimed at diversifying the city’s casino-dependent economy into a financial center, according to over a dozen interviews with officials and corporate executives. The move is seen by officials and executives in Macau as a reward for having avoided the anti-government protests that have gripped nearby Hong Kong over the past six months. The policies include the establishment of a yuan-denominated stock exchange and the acceleration of a renminbi settlement center already in the works, as well as the allocation of land for Macau to develop in neighboring mainland China, they said. While there has been speculation about the proposals in recent months, the fact they have been officially approved has not previously been reported. “The financial industry used to be an idea that we reserved for Hong Kong,” said one Chinese official who requested anonymity. “We used to give all the favorable policies to Hong Kong. But now we want to diversify it.” Xi’s trip to mark the 20th anniversary of Macau’s return to China comes as the central government has praised the city for upholding the “one country, two systems” framework that governs both Hong Kong and Macau. In contrast, China has condemned anti-government protests in Hong Kong and accused demonstrators in the financial center of undermining national stability. China’s Hong Kong and Macau Affairs Office did not respond

to requests for comment.

Diversified economy

Beijing has instructed state-owned banks and enterprises to help set up infrastructure in Macau to aid financial diversification, four sources familiar with the matter told Reuters. Two officials who helped develop the Shanghai stock exchange moved to the territory this year to help establish its yuan-based stock exchange, one of the sources said.

Chinese officials, and bankers in Hong Kong, say the push to develop financial infrastructure in Macau is part of a plan to avoid any major market disruption in Hong Kong that could impact Chinese businesses. The idea is not for Macau to replace or undermine Hong Kong but for China to have a contingency plan in case the situation in Hong Kong worsens, they said. “Xi Jinping has made very clear that he wants a diversified Macau economy,” said another Chinese official who declined to be identified. The future focus will be on tourism and finance, to make it a center to host international meetings like Singapore.” Macau’s new exchange will initially be focused on bond trading to encourage local and Chinese companies to issue debt in the city, according to a Chinese official familiar with the matter. The exchange will also focus on start-ups and target companies from Portuguese-speaking countries, ensuring it does not directly compete with bourses in Hong Kong or in the southern Chinese city of Shenzhen, according to six Macau executives and Chinese officials. Macau was a Portuguese colony until it was handed to China in 1999. An announcement that Macau will join the Beijing-backed Asian Infrastructure Investment Bank is also expected during Xi’s visit, two Chinese officials said.

Deeper integration

Xi is expected to announce policies to further integrate Macau with mainland cities in the Greater Bay Area, the region around the Pearl River Delta that also includes Hong Kong, according to Chinese officials and Macau executives. As part of that effort, Macau will be allocated more land on the mainland island of Hengqin to develop in areas such as education and healthcare, they said. Macau’s casino operators, which have been hit by slowing economic growth, the Sino-U.S. trade war and a weakening Chinese yuan, are also looking at development opportunities in Hengqin, casino executives said. The economic slowdown in China has added to pressure on Macau to diversify its economy from the casino industry, which accounts for more than 80% of government revenues. “We plan to work with the Macau government to launch programs that encourage next-generation entrepreneurs to start businesses in Hengqin,” said Lawrence Ho, chief executive of Melco Resorts, which runs three casino resorts in Macau. Sands China, another casino operator, said it was looking at setting up a training academy in Hengqin. Beijing has previously allocated Macau portions of land on the former oyster farming island, which lies just across the water from its casinos, including land for Macau University’s campus which opened in 2013. While the new initiatives were not explicitly linked to toeing the official line, Chinese officials have repeatedly

praised Macau for setting an example in maintaining national security and adhering to the central government’s requirements. “This is the candy that Hong Kong did not want,” said Larry So, a political commentator and retired Macau university

professor. “It is a gift for Macau, for Macau being a good boy.”

Macau model


Company: cnbc, Activity: cnbc, Date: 2019-12-12
Keywords: news, cnbc, companies, protestfree, financial, macau, kong, set, chinese, executives, hong, officials, rewards, china, casino, exchange, policy, award


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Saudi Aramco IPO is latest example of why it’s best to wait to invest in newly public companies

The companies typically list on the public markets, often the New York Stock Exchange or Nasdaq, giving public investors the ability to own those stocks. For starters, the company is only traded on the Saudi Stock Exchange, also known as Tadawul. Some funds, particularly sovereign wealth funds, could own the company, Smith said. The back office automation software company began trading on the New York Stock Exchange on Thursday. If you are tempted to put money to work in a newly public company,


The companies typically list on the public markets, often the New York Stock Exchange or Nasdaq, giving public investors the ability to own those stocks.
For starters, the company is only traded on the Saudi Stock Exchange, also known as Tadawul.
Some funds, particularly sovereign wealth funds, could own the company, Smith said.
The back office automation software company began trading on the New York Stock Exchange on Thursday.
If you are tempted to put money to work in a newly public company,
Saudi Aramco IPO is latest example of why it’s best to wait to invest in newly public companies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-12  Authors: lorie konish
Keywords: news, cnbc, companies, public, wait, shares, companies, stock, newly, best, example, company, investors, exchange, saudi, latest, ipo, thats, smith, invest


Saudi Aramco IPO is latest example of why it's best to wait to invest in newly public companies

A sign of Saudi Aramco’s initial public offering (IPO) is seen during a news conference by the state oil company at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. Hamad I Mohammed | Reuters

Saudi Aramco set new records as the world’s biggest initial public offering. And, chances are, you’re shut out from getting a stake in Saudi Arabia’s state-owned oil company. That’s actually good news, according to experts. It has been a big year for companies, including household name brands such as Uber, Lyft and Pinterest, to tap the public markets for funding. However, for individual investors, it’s still better to wait before risking your money on them. IPOs allow private companies to raise money by selling shares publicly. The companies typically list on the public markets, often the New York Stock Exchange or Nasdaq, giving public investors the ability to own those stocks. The company’s existing private investors, meanwhile, often have access to preferential shares. More from Personal Finance:

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Why some economists are calling 401(k) plans a ‘disaster’

How to cash in your investments with 0% capital gains taxes Saudi Aramco climbed to a $2 trillion valuation on its second day of trading on Thursday. Admittedly, Saudi Aramco is a one-of-a-kind deal. For starters, the company is only traded on the Saudi Stock Exchange, also known as Tadawul. “You have to have a certain amount of assets to participate in the foreign exchange, so it’s not open to all investors,” said Kathleen Smith, principal and manager of IPO ETFs at Renaissance Capital. The deal is also structured so that Saudi citizens get extra shares if they stay invested in the company for six months.

Consequently, even institutional investors want to wait until that six-month mark when the stock trades more freely, Smith said. There’s another reason individual investors might want to wait. That would be until the company is listed on other international exchanges, which would require the energy giant to file more disclosures than it has on the Tadawul exchange. That development could be at least a year away, Smith said. “You’re better off buying another oil and gas energy company that have much higher yields and are more transparent,” Smith said. Some funds, particularly sovereign wealth funds, could own the company, Smith said.

Renaissance Capital’s ETFs, which hold companies that have recently gone public, won’t be included. That’s because Tadawul doesn’t qualify as an open exchange, according to the firm’s standards. Instead, Renaissance Capital is watching Bill.com, a venture capital backed “unicorn,” valued at more than $1 billion. The back office automation software company began trading on the New York Stock Exchange on Thursday. Bill.com’s IPO priced at $22 per share, and was trading at above $35 per share on its opening day. If you are tempted to put money to work in a newly public company, there are a few things you should keep in mind.

It’s OK to wait

It may not be easy to get in on an IPO deal early. That’s because to participate, you often have to have an account at a brokerage firm that is participating in the offering, says Barry Glassman, founder and president of Glassman Wealth Services, with offices in Vienna, Virginia, and North Bethesda, Maryland. The deal’s availability may also be limited by how many shares are actually going public and how much demand there is for the offering, said Glassman, a certified financial planner.

Too often, people get very excited about a product, and a great product does not necessarily mean a great stock. JJ Kinahan chief market strategist at TD Ameritrade

Investors who are interested in an IPO can start by checking with the financial institutions with which they’re currently affiliated to see if they can get in. But those same investors would be wise not to rush, according to JJ Kinahan, chief market strategist at TD Ameritrade. “You don’t have to be the first one to the party,” Kinahan said. “Too often, people get very excited about a product, and a great product does not necessarily mean a great stock.”

Limit your risks

Whether you invest in an IPO or not should first be determined by whether it makes sense for you personally before you consider the particular investment’s risks. Start by asking yourself: What’s my timeframe?

“If you’re in just for some quick flip, that’s a very risky type of investing behavior,” Kinahan said. “There’s a reason that it often doesn’t work out really well, because it’s hard.” If you do plan to hold onto the stock longer, it’s also important to keep in mind that you don’t necessarily want to wager your safe investments — the funds you will rely on in retirement — on a risky bet.

Do your research


Company: cnbc, Activity: cnbc, Date: 2019-12-12  Authors: lorie konish
Keywords: news, cnbc, companies, public, wait, shares, companies, stock, newly, best, example, company, investors, exchange, saudi, latest, ipo, thats, smith, invest


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The Securities and Exchange Commission wants bad guys to know: ‘We’re watching’

Scammers, fraudsters, insider traders, Ponzi schemers, stock spoofers — the Securities and Exchange Commission has seen it all. This year, for example, the SEC brought actions against 18 Chinese traders for manipulating the prices of over 3,000 stocks. Nissan was hit with a $15 million fine for false financial disclosures. Altogether, the SEC brought 862 enforcement actions and obtained judgments and orders totaling more than $4.3 billion in disgorgement and penalties in fiscal 2019. The message


Scammers, fraudsters, insider traders, Ponzi schemers, stock spoofers — the Securities and Exchange Commission has seen it all.
This year, for example, the SEC brought actions against 18 Chinese traders for manipulating the prices of over 3,000 stocks.
Nissan was hit with a $15 million fine for false financial disclosures.
Altogether, the SEC brought 862 enforcement actions and obtained judgments and orders totaling more than $4.3 billion in disgorgement and penalties in fiscal 2019.
The message
The Securities and Exchange Commission wants bad guys to know: ‘We’re watching’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-11  Authors: bob pisani
Keywords: news, cnbc, companies, watching, commission, million, wants, exchange, traders, sec, bad, trading, fine, data, announcements, financial, brought, know, cases, securities, guys


The Securities and Exchange Commission wants bad guys to know: 'We're watching'

Scammers, fraudsters, insider traders, Ponzi schemers, stock spoofers — the Securities and Exchange Commission has seen it all.

I spent a day at SEC headquarters with the regulators Chairman Jay Clayton and the co-directors of the Division of Enforcement, Stephanie Avakian and Steven Peikin. The highlight was a visit to the Forensics Lab, a copper-lined room where the SEC extracts data from cell phones and computers from traders and others who may be engaged in suspicious activity.

Detecting illegal trading is a large part of the activities here. This year, for example, the SEC brought actions against 18 Chinese traders for manipulating the prices of over 3,000 stocks.

In January this year, the SEC charged nine defendants with hacking into the SEC Edgar database and extracting corporate announcements — including earnings announcements — before they were public.

They identified suspicious trading in advance of more than 150 corporate announcements. They analyzed IP addresses to establish connections among participants that seemed unrelated to each other.

The technology to do this type of analysis was not possible just a few years ago.

It’s not just trading fraud the SEC is monitoring — there were many actions against companies reporting false or inaccurate financial information.

For example, Facebook was hit with a $100 million civil fine because they described the misuse of user data as hypothetical when they knew user data had been misused.

Nissan was hit with a $15 million fine for false financial disclosures.

There were cases on fraud in digital assets and unlawful promotion of Initial Coin Offerings or ICOs.

The SEC has also brought many cases against mutual funds and advisory firms. There were cases against 95 investment firms that were forced to return $195 million to mutual fund investors for charging excessive fees, among other things.

They even get involved in cyber security issues. They forced the Options Clearing Corp. — the only clearing agency for exchange listed options contracts on equities — to pay a $15 million fine because it wasn’t doing adequate financial risk management and system security.

Altogether, the SEC brought 862 enforcement actions and obtained judgments and orders totaling more than $4.3 billion in disgorgement and penalties in fiscal 2019. And $1.2 billion has been returned to harmed investors.

The message from Clayton: “We want the bad guys to know we’re watching.”


Company: cnbc, Activity: cnbc, Date: 2019-12-11  Authors: bob pisani
Keywords: news, cnbc, companies, watching, commission, million, wants, exchange, traders, sec, bad, trading, fine, data, announcements, financial, brought, know, cases, securities, guys


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China’s November foreign exchange reserves fall more than expected amid focus on trade deal

A bank employee counts U.S. currency and Chinese currency notes at a bank on August 6, 2019 in China. China’s foreign exchange reserves fell $9 billion in November to $3.096 trillion, central bank data showed on Saturday, as Washington and Beijing remained locked in negotiations over an interim trade agreement. Analysts polled by Reuters had expected China’s reserves, the world’s largest, would fall $4 billion to $3.101 trillion in November. The value of the country’s gold reserves fell to $91.4


A bank employee counts U.S. currency and Chinese currency notes at a bank on August 6, 2019 in China.
China’s foreign exchange reserves fell $9 billion in November to $3.096 trillion, central bank data showed on Saturday, as Washington and Beijing remained locked in negotiations over an interim trade agreement.
Analysts polled by Reuters had expected China’s reserves, the world’s largest, would fall $4 billion to $3.101 trillion in November.
The value of the country’s gold reserves fell to $91.4
China’s November foreign exchange reserves fall more than expected amid focus on trade deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-07
Keywords: news, cnbc, companies, focus, reserves, foreign, fall, trade, billion, amid, exchange, expected, end, chinas, deal, bank, yuan, months, chinese, trillion


China's November foreign exchange reserves fall more than expected amid focus on trade deal

A bank employee counts U.S. currency and Chinese currency notes at a bank on August 6, 2019 in China.

China’s foreign exchange reserves fell $9 billion in November to $3.096 trillion, central bank data showed on Saturday, as Washington and Beijing remained locked in negotiations over an interim trade agreement.

Analysts polled by Reuters had expected China’s reserves, the world’s largest, would fall $4 billion to $3.101 trillion in November.

Despite the slowing Chinese economy and escalating U.S.-China trade war, its reserves have been gradually rising since late 2018, helped by tight capital controls and rising inflows from foreign investors who are snapping up the country’s stocks and bonds.

Modest changes in reserve levels in recent months have been largely ascribed to fluctuations in global exchange rates and the value of assets that China holds such as foreign bonds.

The yuan has been driven largely by twists and turns in the 17-month long trade war between China and the United States.

After sliding sharply this summer as the dispute suddenly escalated, the yuan rose for three straight months through November on hopes of a trade truce, only to slide again in early December as tensions between Washington and Beijing flared.

Fresh U.S. tariffs on Chinese goods are set to take effect on Dec. 15.

It gained 0.12% against the dollar in November, but remains about 2.3% weaker for the year to date.

The dollar, meanwhile, rose about 1 percent against a basket of other major currencies in November.

The value of the country’s gold reserves fell to $91.47 billion at the end of November from $94.65 billion at the end of October.

China held 62.64 million fine troy ounces of gold at the end of November, unchanged from October.

China’s economic growth cooled to 6.0% in the third quarter, the slowest pace in nearly 30 years, and many economists believe it will decelerate further into the upper 5% range in 2020.

Still, analysts note capital outflows have been modest compared with the last economic downturn in 2015-16, when policymakers burned through roughly $1 trillion in reserves supporting the yuan.

China’s central bank has started to slowly trim interest rates in recent months, and more reductions are expected in coming quarters to avert a sharper slowdown.

But analysts believe those cuts will likely be more gradual and smaller than those in 2015. If so, moves in the yuan are likely to be influenced more by trade developments than policy easing.


Company: cnbc, Activity: cnbc, Date: 2019-12-07
Keywords: news, cnbc, companies, focus, reserves, foreign, fall, trade, billion, amid, exchange, expected, end, chinas, deal, bank, yuan, months, chinese, trillion


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Housing in 2020 will be most challenging for buyers: Economist

Housing in 2020 will be most challenging for buyers: EconomistCNBC’s “The Exchange” team discusses the 2020 housing outlook with George Ratiu, Realtor.com senior economist.


Housing in 2020 will be most challenging for buyers: EconomistCNBC’s “The Exchange” team discusses the 2020 housing outlook with George Ratiu, Realtor.com senior economist.
Housing in 2020 will be most challenging for buyers: Economist Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-04
Keywords: news, cnbc, companies, 2020, senior, george, economist, exchange, ratiu, economistcnbcs, team, challenging, buyers, housing, outlook, realtorcom


Housing in 2020 will be most challenging for buyers: Economist

Housing in 2020 will be most challenging for buyers: Economist

CNBC’s “The Exchange” team discusses the 2020 housing outlook with George Ratiu, Realtor.com senior economist.


Company: cnbc, Activity: cnbc, Date: 2019-12-04
Keywords: news, cnbc, companies, 2020, senior, george, economist, exchange, ratiu, economistcnbcs, team, challenging, buyers, housing, outlook, realtorcom


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Dueling Conways: Trump aide Kellyanne, husband George trade tart tweets over Joe Biden

White House Counselor Kellyanne Conway and her husband George Conway arrive for a candlelight dinner at Union Station on the eve of the 58th Presidential Inauguration in Washington, U.S., January 19, 2017. Kellyanne Conway asked, linking to a video of Biden. George Conway fired back 11 minutes later: “Your boss apparently thought so.” She helped run his campaign and is one of the longest-serving senior advisors in the Trump White House. The White House had no immediate comment on Monday’s Twitte


White House Counselor Kellyanne Conway and her husband George Conway arrive for a candlelight dinner at Union Station on the eve of the 58th Presidential Inauguration in Washington, U.S., January 19, 2017.
Kellyanne Conway asked, linking to a video of Biden.
George Conway fired back 11 minutes later: “Your boss apparently thought so.”
She helped run his campaign and is one of the longest-serving senior advisors in the Trump White House.
The White House had no immediate comment on Monday’s Twitte
Dueling Conways: Trump aide Kellyanne, husband George trade tart tweets over Joe Biden Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: dan mangan
Keywords: news, cnbc, companies, conway, president, house, husband, joe, white, conways, exchange, kellyanne, tweets, dueling, george, trade, tart, twitter, trump


Dueling Conways: Trump aide Kellyanne, husband George trade tart tweets over Joe Biden

White House Counselor Kellyanne Conway and her husband George Conway arrive for a candlelight dinner at Union Station on the eve of the 58th Presidential Inauguration in Washington, U.S., January 19, 2017.

The lawyer husband of President Donald Trump’s senior advisor Kellyanne Conway sent a scathing Twitter reply to his spouse after she called Democratic presidential contender Joe Biden “Creepy Joe” in her own tweet.

George Conway’s waspish response to his wife and her own tweet each implicitly referenced the ongoing House impeachment inquiry into Trump’s pressuring of Ukraine to investigate Biden while withholding military aid to that country.

“We need Ukraine’s help to defeat THIS guy?” Kellyanne Conway asked, linking to a video of Biden.

George Conway fired back 11 minutes later: “Your boss apparently thought so.”

The exchange was possibly the first time that George Conway — who has been a persistent, cutting critic of Trump — had directly responded to his wife on Twitter with a critical post about the president.

The exchange came two days before the House Judiciary Committee is set to have its first hearing on the impeachment process.

Kellyanne Conway is an ardent defender of Trump. She helped run his campaign and is one of the longest-serving senior advisors in the Trump White House.

The couple’s dueling political views of the president have been a repeated subject of media attention.

Kellyanne Conway has bristled when asked by reporters about her husband’s outspokenness about Trump.

Last month, she told CNN’s Wolf Blitzer that “I think you embarrassed yourself, and I’m embarrassed for you because this is CNN now?” when the anchorman asked about George’s opinions.

The White House had no immediate comment on Monday’s Twitter exchange between the Conways.

The president himself has attacked George Conway in the past, calling him a “stone cold LOSER & husband from hell!” in his own Twitter posts.

Last month, during an interview on Fox News, Trump speculated that Kellyanne Conway “must have done some bad things” to George “because that guy is crazy.”

“Kellyanne is great, but she’s married to a total whack job,” Trump said. “I think she must have done some number on him.”


Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: dan mangan
Keywords: news, cnbc, companies, conway, president, house, husband, joe, white, conways, exchange, kellyanne, tweets, dueling, george, trade, tart, twitter, trump


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Older adults are being targeted by cybercrimes because they have more money in their accounts

Older adults are being targeted by cybercrimes because they have more money in their accountsCybercrimes targeting older adults are on the rise. CNBC’s Kate Fazzini joins ‘The Exchange’ to discuss.


Older adults are being targeted by cybercrimes because they have more money in their accountsCybercrimes targeting older adults are on the rise.
CNBC’s Kate Fazzini joins ‘The Exchange’ to discuss.
Older adults are being targeted by cybercrimes because they have more money in their accounts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-27
Keywords: news, cnbc, companies, older, adults, cybercrimes, targeted, money, accounts, kate, targeting, joins, rise, fazzini, exchange


Older adults are being targeted by cybercrimes because they have more money in their accounts

Older adults are being targeted by cybercrimes because they have more money in their accounts

Cybercrimes targeting older adults are on the rise. CNBC’s Kate Fazzini joins ‘The Exchange’ to discuss.


Company: cnbc, Activity: cnbc, Date: 2019-11-27
Keywords: news, cnbc, companies, older, adults, cybercrimes, targeted, money, accounts, kate, targeting, joins, rise, fazzini, exchange


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NYSE proposes allowing companies to raise fresh capital in direct listings

Slack Technologies Inc. CEO Stewart Butterfield stands on the trading floor during the company’s IPO at the New York Stock Exchange (NYSE) in New York, U.S. June 20, 2019. The biggest hurdle for companies aiming to follow Spotify and Slack into the public markets is that the direct listing process they pursued doesn’t currently allow businesses to raise new capital. The New York Stock Exchange is trying to fix that. On Tuesday, the NYSE filed with the Securities and Exchange Commission to change


Slack Technologies Inc. CEO Stewart Butterfield stands on the trading floor during the company’s IPO at the New York Stock Exchange (NYSE) in New York, U.S. June 20, 2019.
The biggest hurdle for companies aiming to follow Spotify and Slack into the public markets is that the direct listing process they pursued doesn’t currently allow businesses to raise new capital.
The New York Stock Exchange is trying to fix that.
On Tuesday, the NYSE filed with the Securities and Exchange Commission to change
NYSE proposes allowing companies to raise fresh capital in direct listings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-26  Authors: ari levy
Keywords: news, cnbc, companies, fresh, raise, listings, public, nyse, exchange, allow, stock, companies, securities, allowing, york, listing, proposes, capital, direct


NYSE proposes allowing companies to raise fresh capital in direct listings

Slack Technologies Inc. CEO Stewart Butterfield stands on the trading floor during the company’s IPO at the New York Stock Exchange (NYSE) in New York, U.S. June 20, 2019.

The biggest hurdle for companies aiming to follow Spotify and Slack into the public markets is that the direct listing process they pursued doesn’t currently allow businesses to raise new capital. The New York Stock Exchange is trying to fix that.

On Tuesday, the NYSE filed with the Securities and Exchange Commission to change the rules so that companies can simultaneously go public through a direct listing and raise cash from public market investors. It’s the latest sign that direct listings, as an alternative to traditional IPOs, are gaining momentum and that market experts expect to see more such offerings in the coming years.

“The proposed change would allow a company that has not previously had its common equity securities registered under the Act, to list its common equity securities on the Exchange at the time of effectiveness of a registration statement pursuant to which the company will sell shares in the opening auction on the first day of trading on the Exchange,” the NYSE wrote in its proposal.

As currently structured, when companies choose the direct listing path, they go public after publishing the same type of prospectus that’s required for an IPO. But rather than issuing new shares, they allow existing private shareholders to sell stock to public investors.


Company: cnbc, Activity: cnbc, Date: 2019-11-26  Authors: ari levy
Keywords: news, cnbc, companies, fresh, raise, listings, public, nyse, exchange, allow, stock, companies, securities, allowing, york, listing, proposes, capital, direct


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The best-performing hedge funds are piling into these financial shares

Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE). CNBC used Symmetric.io, a hedge-fund tracking firm, to find the top-performing hedge funds and see where the smart money placed their wagers in the third quarter. In fact, the best-performing hedge funds with a track record of beating the market are not managed by big names such as David Einhorn and Bill Ackman. The top 10 funds from Symmetric are mostly run by lesser-known managers.The data reflect thir


Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE).
CNBC used Symmetric.io, a hedge-fund tracking firm, to find the top-performing hedge funds and see where the smart money placed their wagers in the third quarter.
In fact, the best-performing hedge funds with a track record of beating the market are not managed by big names such as David Einhorn and Bill Ackman.
The top 10 funds from Symmetric are mostly run by lesser-known managers.The data reflect thir
The best-performing hedge funds are piling into these financial shares Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-20  Authors: yun li
Keywords: news, cnbc, companies, quarter, shares, hedge, hedgefund, piling, disclosed, financial, bestperforming, york, exchange, work, funds, performance, fund


The best-performing hedge funds are piling into these financial shares

Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE).

Bank stocks may seem far from hedge-fund darlings, but some of the best and under-the-radar managers in the industry are doubling down on them.

Every quarter, investors get a glimpse into an otherwise opaque arena as hedge funds file their long positions with the Securities and Exchange Commission, and the information is disclosed 45 days after each quarter ends. CNBC used Symmetric.io, a hedge-fund tracking firm, to find the top-performing hedge funds and see where the smart money placed their wagers in the third quarter.

In fact, the best-performing hedge funds with a track record of beating the market are not managed by big names such as David Einhorn and Bill Ackman. The top 10 funds from Symmetric are mostly run by lesser-known managers.The data reflect third-quarter holdings that hedge funds disclosed last week in required quarterly filings.

Symmetric.io grades the stock-picking ability of nearly 1,000 hedge funds in its database with a proprietary indicator of performance called StockAlpha. It is derived by comparing the performance of equities in the fund with that of a sector exchange-traded fund.


Company: cnbc, Activity: cnbc, Date: 2019-11-20  Authors: yun li
Keywords: news, cnbc, companies, quarter, shares, hedge, hedgefund, piling, disclosed, financial, bestperforming, york, exchange, work, funds, performance, fund


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China is building up its ‘shadow reserves’ to counter its reliance on the US dollar

A Chinese bank employee counts 100-yuan notes and U.S. dollar bills at a bank counter in Nantong in China’s eastern Jiangsu province on August 6, 2019. China is heavily exposed to the U.S. dollar, but now, with the risk of “decoupling,” Beijing is silently diversifying its reserves to reduce its dependence on the world’s largest reserve currency, analysts say. The White House reportedly considered some curbs on U.S. investments in China such as delisting Chinese stocks in the U.S.Beijing will th


A Chinese bank employee counts 100-yuan notes and U.S. dollar bills at a bank counter in Nantong in China’s eastern Jiangsu province on August 6, 2019.
China is heavily exposed to the U.S. dollar, but now, with the risk of “decoupling,” Beijing is silently diversifying its reserves to reduce its dependence on the world’s largest reserve currency, analysts say.
The White House reportedly considered some curbs on U.S. investments in China such as delisting Chinese stocks in the U.S.Beijing will th
China is building up its ‘shadow reserves’ to counter its reliance on the US dollar Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-18  Authors: weizhen tan
Keywords: news, cnbc, companies, reserves, reliance, largest, shadow, dollar, anz, foreign, beijing, counter, building, risk, currencies, exchange, china


China is building up its 'shadow reserves' to counter its reliance on the US dollar

A Chinese bank employee counts 100-yuan notes and U.S. dollar bills at a bank counter in Nantong in China’s eastern Jiangsu province on August 6, 2019.

China is heavily exposed to the U.S. dollar, but now, with the risk of “decoupling,” Beijing is silently diversifying its reserves to reduce its dependence on the world’s largest reserve currency, analysts say.

Ongoing trade tensions with the U.S. has “increased the risk of a financial decoupling” between the two largest economies, ANZ Research said in a recent report. The White House reportedly considered some curbs on U.S. investments in China such as delisting Chinese stocks in the U.S.

Beijing will therefore manage its risk by diversifying its foreign exchange reserves into other currencies, ANZ predicted, as well as build up its “shadow reserves.”

“Although China still allocates a high share of its FX exchange reserves to the USD … the pace of diversification into other currencies will likely quicken going forward,” ANZ says in the report, adding that the share of the dollar in the country’s foreign exchange reserves was estimated to be around 59% as of June.

Although the exact allocation of China’s foreign exchange reserves in different currencies isn’t known, ANZ told CNBC it believes those would include the British pound, Japanese yen and euro.

Meanwhile, Beijing is gradually reducing its holdings of U.S. Treasurys, which it is heavily invested in — China was the largest foreign holder until June, when it was surpassed by Japan. Since peaking in 2018, China has reduced its holdings by $88 billion in the last 14 months, DBS said in a note.

According to data from the U.S. Treasury department, China held $1.11 trillion of U.S. debt in June.

At the same time, Beijing has been going on a gold buying spree, with its official gold reserves holding at record levels of 1,957.5 tons in October.


Company: cnbc, Activity: cnbc, Date: 2019-11-18  Authors: weizhen tan
Keywords: news, cnbc, companies, reserves, reliance, largest, shadow, dollar, anz, foreign, beijing, counter, building, risk, currencies, exchange, china


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