The world’s ‘largest all-electric ferry’ has completed its maiden voyage

An all-electric ferry capable of carrying roughly 30 vehicles and 200 passengers has completed its maiden voyage. Toward the end of last week, the e-ferry Ellen crossed waters between the ports of Soby and Fynshav, which are located on the islands of Aero and Als in the south of Denmark. In a statement last week, Leclanche said the e-ferry Ellen, which it described as the world’s biggest all-electric ferry, was expected to be fully operational in the next few weeks. Leclanche CEO Anil Srivastava


An all-electric ferry capable of carrying roughly 30 vehicles and 200 passengers has completed its maiden voyage. Toward the end of last week, the e-ferry Ellen crossed waters between the ports of Soby and Fynshav, which are located on the islands of Aero and Als in the south of Denmark. In a statement last week, Leclanche said the e-ferry Ellen, which it described as the world’s biggest all-electric ferry, was expected to be fully operational in the next few weeks. Leclanche CEO Anil Srivastava
The world’s ‘largest all-electric ferry’ has completed its maiden voyage Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: anmar frangoul
Keywords: news, cnbc, companies, allelectric, worlds, ellen, described, ferry, eferry, completed, sulfur, srivastava, week, voyage, tons, maiden, fuel, largest


The world's 'largest all-electric ferry' has completed its maiden voyage

An all-electric ferry capable of carrying roughly 30 vehicles and 200 passengers has completed its maiden voyage.

Toward the end of last week, the e-ferry Ellen crossed waters between the ports of Soby and Fynshav, which are located on the islands of Aero and Als in the south of Denmark.

The ship is powered by a battery system with a capacity of 4.3 megawatt hours, which was supplied by Switzerland-headquartered energy storage firm Leclanche.

In a statement last week, Leclanche said the e-ferry Ellen, which it described as the world’s biggest all-electric ferry, was expected to be fully operational in the next few weeks. Leclanche CEO Anil Srivastava described the ship as “the precursor to a new era in the commercial marine sector.”

He added that over the course of one year the ferry would stop the release of 2,000 tons of carbon dioxide, 2.5 tons of particulates and 1.4 tons of sulfur dioxide.

The development of electric ferries like the Ellen comes at a time when the International Maritime Organization is preparing to introduce new regulations relating to sulfur oxide emissions, as efforts are made to tackle pollution in the sector. In January 2020, the IMO will ban shipping vessels using fuel with a sulfur content higher than 0.5%, compared to levels of 3.5% at present.

“This project demonstrates that today we can replace fossil fuel thermal drives with clean energy, and thus contribute to the fight against global warming and pollution for the well-being of our communities,” Leclanche’s Srivastava said.

According to those behind the e-ferry project, which has received funding from the European Union, the Ellen is able to sail as much as 22 nautical miles (approximately 25.3 miles) between charges.

It is the latest example of innovative technologies powering larger-scale forms of transport. In September 2018, European railway manufacturer Alstom launched what it described as the world’s first hydrogen fuel cell train.

The French business said that the Coradia iLint used fuel cells that turn hydrogen and oxygen into electricity. In terms of speed, the train can travel up to 140 kilometers per hour.

CNBC’s Sam Meredith contributed to this report


Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: anmar frangoul
Keywords: news, cnbc, companies, allelectric, worlds, ellen, described, ferry, eferry, completed, sulfur, srivastava, week, voyage, tons, maiden, fuel, largest


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

‘Greenland belongs to Greenland’: Denmark says selling world’s largest island to US is absurd

Greenland is not for sale and the idea of selling it to the United States is absurd, Denmark’s prime minister said on Sunday after an economic adviser to President Donald Trump confirmed the U.S. interest in buying the world’s largest island. Greenland belongs to Greenland. I strongly hope that this is not meant seriously,” Danish Prime Minister Mette Frederiksen told the newspaper Sermitsiaq during a visit to Greenland. White House economic adviser Larry Kudlow on Sunday confirmed media reports


Greenland is not for sale and the idea of selling it to the United States is absurd, Denmark’s prime minister said on Sunday after an economic adviser to President Donald Trump confirmed the U.S. interest in buying the world’s largest island. Greenland belongs to Greenland. I strongly hope that this is not meant seriously,” Danish Prime Minister Mette Frederiksen told the newspaper Sermitsiaq during a visit to Greenland. White House economic adviser Larry Kudlow on Sunday confirmed media reports
‘Greenland belongs to Greenland’: Denmark says selling world’s largest island to US is absurd Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-18
Keywords: news, cnbc, companies, denmark, trump, kudlow, greenland, president, belongs, selling, prime, minister, visit, worlds, largest, buying, told, island, danish, absurd


'Greenland belongs to Greenland': Denmark says selling world's largest island to US is absurd

Greenland is not for sale and the idea of selling it to the United States is absurd, Denmark’s prime minister said on Sunday after an economic adviser to President Donald Trump confirmed the U.S. interest in buying the world’s largest island.

“Greenland is not for sale. Greenland is not Danish. Greenland belongs to Greenland. I strongly hope that this is not meant seriously,” Danish Prime Minister Mette Frederiksen told the newspaper Sermitsiaq during a visit to Greenland.

Trump’s is due to visit Copenhagen early next month, when the Arctic will be on the agenda in meetings with Frederiksen and Prime Minister Kim Kielsen of Greenland, an autonomous Danish territory.

White House economic adviser Larry Kudlow on Sunday confirmed media reports earlier in the week that Trump had privately discussed with his advisers the idea of buying Greenland.

“I don’t want to predict an outcome, I’m just saying the president, who knows a thing or two about buying real estate, wants to take a look at a Greenland purchase,” Kudlow told Fox News.

Kudlow said the situation was “developing” and noted that U.S. President Harry Truman also had wanted to buy Greenland.

“And Denmark owns Greenland, Denmark is an ally, Greenland is a strategic place, up there. And they’ve got a lot of valuable minerals,” Kudlow added.


Company: cnbc, Activity: cnbc, Date: 2019-08-18
Keywords: news, cnbc, companies, denmark, trump, kudlow, greenland, president, belongs, selling, prime, minister, visit, worlds, largest, buying, told, island, danish, absurd


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Ray Dalio says he wouldn’t rule out China weaponizing its massive US Treasury holdings

Hedge fund titan Ray Dalio said he wouldn’t rule out China using its Treasury holdings to gain an upper hand against the U.S. in the trade war — a view that contrasts with many other observers. “We have a debtor-creditor relationship, not just a trade relationship. And (that) can be a dangerous thing,” Dalio, founder of the world’s largest hedge fund Bridgewater Associates, told CNBC’s “Managing Asia” in Singapore. When repeatedly pressed on whether Beijing could weaponize its ownership of U.S.


Hedge fund titan Ray Dalio said he wouldn’t rule out China using its Treasury holdings to gain an upper hand against the U.S. in the trade war — a view that contrasts with many other observers. “We have a debtor-creditor relationship, not just a trade relationship. And (that) can be a dangerous thing,” Dalio, founder of the world’s largest hedge fund Bridgewater Associates, told CNBC’s “Managing Asia” in Singapore. When repeatedly pressed on whether Beijing could weaponize its ownership of U.S.
Ray Dalio says he wouldn’t rule out China weaponizing its massive US Treasury holdings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: yen nee lee
Keywords: news, cnbc, companies, worlds, treasurys, trade, treasury, rule, holdings, weaponizing, china, dalio, ray, largest, relationship, massive, wouldnt


Ray Dalio says he wouldn't rule out China weaponizing its massive US Treasury holdings

Ray Dalio, founder of investment firm Bridgewater Associates, speaking at the WEF in Davos, Switzerland on Jan. 22, 2019.

Hedge fund titan Ray Dalio said he wouldn’t rule out China using its Treasury holdings to gain an upper hand against the U.S. in the trade war — a view that contrasts with many other observers.

“We have a debtor-creditor relationship, not just a trade relationship. And (that) can be a dangerous thing,” Dalio, founder of the world’s largest hedge fund Bridgewater Associates, told CNBC’s “Managing Asia” in Singapore.

When repeatedly pressed on whether Beijing could weaponize its ownership of U.S. Treasurys, Dalio responded: “I wouldn’t rule it out.”

Analysts and investors have said that amid escalating trade conflict between the world’s two largest economies, China could resort to the so-called nuclear option to hurt the U.S.: Selling its large Treasury holdings. But many dismissed that suggestion, saying such a move will harm China too.

China was the largest foreign holder of U.S. Treasurys until June, when it was surpassed by Japan. According to data by the U.S. Treasury department, China held $1.11 trillion of U.S. debt in June.


Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: yen nee lee
Keywords: news, cnbc, companies, worlds, treasurys, trade, treasury, rule, holdings, weaponizing, china, dalio, ray, largest, relationship, massive, wouldnt


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Japan surpasses China as largest foreign holder of US Treasurys

How the Chinese yuan is likely to perform in three trade war… The trade war between the U.S. and China is turning into a brewing currency war, say analysts. Bank of America Merrill Lynch Global Research predicts what might happen to the…Asia FXread more


How the Chinese yuan is likely to perform in three trade war… The trade war between the U.S. and China is turning into a brewing currency war, say analysts. Bank of America Merrill Lynch Global Research predicts what might happen to the…Asia FXread more
Japan surpasses China as largest foreign holder of US Treasurys Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: patti domm
Keywords: news, cnbc, companies, turning, research, perform, holder, treasurys, war, japan, trade, say, china, predicts, largest, surpasses, foreign, warthe, theasia, yuan


Japan surpasses China as largest foreign holder of US Treasurys

How the Chinese yuan is likely to perform in three trade war…

The trade war between the U.S. and China is turning into a brewing currency war, say analysts. Bank of America Merrill Lynch Global Research predicts what might happen to the…

Asia FX

read more


Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: patti domm
Keywords: news, cnbc, companies, turning, research, perform, holder, treasurys, war, japan, trade, say, china, predicts, largest, surpasses, foreign, warthe, theasia, yuan


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

What Hong Kong’s unrest means for Asia’s largest financial hub

How bonds with negative yields work and why it’s bad for the… Imagine paying a highly educated, market-seasoned master of the financial universe to put your hard-earned cash in an investment that is guaranteed to lose. Marketsread more


How bonds with negative yields work and why it’s bad for the… Imagine paying a highly educated, market-seasoned master of the financial universe to put your hard-earned cash in an investment that is guaranteed to lose. Marketsread more
What Hong Kong’s unrest means for Asia’s largest financial hub Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-07  Authors: brian clark jordan smith, brian clark, jordan smith
Keywords: news, cnbc, companies, yields, marketseasoned, largest, asias, hong, theimagine, hub, work, means, negative, investment, kongs, financial, paying, master, losemarketsread, unrest, universe


What Hong Kong's unrest means for Asia's largest financial hub

How bonds with negative yields work and why it’s bad for the…

Imagine paying a highly educated, market-seasoned master of the financial universe to put your hard-earned cash in an investment that is guaranteed to lose.

Markets

read more


Company: cnbc, Activity: cnbc, Date: 2019-08-07  Authors: brian clark jordan smith, brian clark, jordan smith
Keywords: news, cnbc, companies, yields, marketseasoned, largest, asias, hong, theimagine, hub, work, means, negative, investment, kongs, financial, paying, master, losemarketsread, unrest, universe


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Thousands of YouTubers want to unionize, and they’ve got the support of Europe’s largest trade union

But now, tens of thousands of YouTubers have formed a movement demanding greater transparency from the company, and Europe’s largest trade union is backing them. If YouTube’s algorithms determine that a video violates their advertising guidelines, it removes all ads from the video, also known as demonetization. Sprave started the YouTubers Union Facebook group in March 2018 as a place for dissatisfied creators to gather and organize against YouTube’s new advertising rules. Sprave’s took his effo


But now, tens of thousands of YouTubers have formed a movement demanding greater transparency from the company, and Europe’s largest trade union is backing them. If YouTube’s algorithms determine that a video violates their advertising guidelines, it removes all ads from the video, also known as demonetization. Sprave started the YouTubers Union Facebook group in March 2018 as a place for dissatisfied creators to gather and organize against YouTube’s new advertising rules. Sprave’s took his effo
Thousands of YouTubers want to unionize, and they’ve got the support of Europe’s largest trade union Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-06  Authors: carmin chappell
Keywords: news, cnbc, companies, trade, ads, youtubers, youtubes, thousands, ig, fairtube, europes, video, theyve, company, youtube, videos, support, largest, union, unionize


Thousands of YouTubers want to unionize, and they've got the support of Europe's largest trade union

YouTube has turned ordinary people into celebrities and created an entirely new class of professionals who make a living on the platform.

But now, tens of thousands of YouTubers have formed a movement demanding greater transparency from the company, and Europe’s largest trade union is backing them.

YouTubers get a cut of the revenue when ads are placed in their videos. But in response to backlash from brands whose ads were being shown on inappropriate videos, in 2017 YouTube decided to implement stricter policies to prevent ads from appearing next to offensive content. If YouTube’s algorithms determine that a video violates their advertising guidelines, it removes all ads from the video, also known as demonetization.

Jörg Sprave is a YouTuber based in Germany who builds and tests extreme slingshots and crossbows. He started his channel in 2009 and now, with over 2.2 million subscribers, being a YouTuber is his full-time job.

In 2017, Sprave noticed that his videos were being demonetized seemingly without reason, preventing him from earning money on the platform. “I fail to understand YouTube’s decisions,” he wrote in a Facebook post in April 2017. Sprave started the YouTubers Union Facebook group in March 2018 as a place for dissatisfied creators to gather and organize against YouTube’s new advertising rules. The group now has over 20,000 members.

Sprave’s took his efforts to the next level in July, when the YouTubers Union partnered with IG Metall to start the FairTube campaign. IG Metall is a German union founded in 1949 with over 2 million members, making it Europe’s largest trade union. Although it was originally founded to advocate for the country’s metalworkers, IG Metall has expanded to represent other industries.

YouTube has pushed back against FairTube and IG Metall’s claims of unfair treatment. “We’re deeply invested in creators’ success,” a YouTube spokesperson told CNBC Make It. “We also need to ensure that users feel safe and that advertisers feel confident that YouTube is safe for their brand. We take lots of feedback as we work to get this balance right.”

Still, FairTube is not backing down on its demands for change at the company, and it has set a deadline of August 23, 2019 for YouTube to come to the negotiating table. If YouTube refuses, the organizers have threatened legal action to force the company’s hand.

FairTube’s demands for YouTube include:

Transparency in decisions surrounding demonetization

A direct line of communication to a company representative

An independent board to resolve disputes between creators and YouTube

A YouTubers advisory board where creators can weigh in on company decisions

“YouTube calls the YouTubers ‘partners,’ but in reality that’s not the case,” Sprave said in a video announcing the campaign. “YouTube has all the power, and this is not how a partnership works.”

One method is claiming that YouTubers are actually employees of YouTube and not self-employed like the company claims. “There is some evidence that YouTubers may be falsely self-employed. For example, they are continuously rated and monitored by YouTube, and only YouTube managers the relationship with advertisers,” said IG Metall lawyer Thomas Klebe in a video announcing the partnership.

FairTube is also considering appealing to the European Union’s General Data Protection Regulation (GDPR) that went into effect last year. GDPR states that individuals have a right to request a copy of their personal data collected by companies. FairTube claims that YouTube’s decisions about whether or not to place ads on individual videos fall under this umbrella, and that data should be made available to YouTubers as part of GDPR.

Whether or not YouTube decides to change its policies as a result, the support FairTube has gained is a clear indication that the traditional notion of work is no longer relevant for many people. Companies ranging from Google to Lyft have struggled to keep up as workers demand greater protections in a rapidly changing economy, and now it seems YouTube is no exception.

Like this story? Subscribe to CNBC Make It on YouTube!

Don’t miss: These 7 high-paying work-from-home jobs all pay as much as $90,000 a year or more


Company: cnbc, Activity: cnbc, Date: 2019-08-06  Authors: carmin chappell
Keywords: news, cnbc, companies, trade, ads, youtubers, youtubes, thousands, ig, fairtube, europes, video, theyve, company, youtube, videos, support, largest, union, unionize


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Vodafone to create European mobile mast company with potential for IPO

Vodafone said on Friday it would move its mobile mast operations in 10 European markets into a new company that it potentially could list, in a move it said would unlock value for shareholders. Chief Executive Nick Read said the tower company, which will be created in the next 18 months, would be Europe’s largest, comprising about 61,700 sites, with 75% in its biggest markets of Germany, Italy, Spain and Britain. “Given the scale and quality of our infrastructure, we believe there is a substanti


Vodafone said on Friday it would move its mobile mast operations in 10 European markets into a new company that it potentially could list, in a move it said would unlock value for shareholders. Chief Executive Nick Read said the tower company, which will be created in the next 18 months, would be Europe’s largest, comprising about 61,700 sites, with 75% in its biggest markets of Germany, Italy, Spain and Britain. “Given the scale and quality of our infrastructure, we believe there is a substanti
Vodafone to create European mobile mast company with potential for IPO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-26
Keywords: news, cnbc, companies, potential, billion, ipo, european, germany, create, euros, company, markets, value, largest, italy, vodafone, mobile, mast, unlock


Vodafone to create European mobile mast company with potential for IPO

Vodafone said on Friday it would move its mobile mast operations in 10 European markets into a new company that it potentially could list, in a move it said would unlock value for shareholders.

Chief Executive Nick Read said the tower company, which will be created in the next 18 months, would be Europe’s largest, comprising about 61,700 sites, with 75% in its biggest markets of Germany, Italy, Spain and Britain.

“Given the scale and quality of our infrastructure, we believe there is a substantial opportunity to unlock value for shareholders while capturing the significant industrial benefits of network sharing for the digital society,” he said.

The world’s second largest mobile operator announced the spin off along with a first-quarter trading update on Friday that saw group service revenue decline by a smaller-than-expected 0.2%. It said a gradual recovery in its previously weak top line would continue.

It said market conditions in Italy had continued to improve and retail growth in Germany remained robust, which in part had been offsetting intense competition in Spain.

Vodafone said it was confident about its full year guidance for adjusted core earnings of 13.8-14.2 billion euros and free cash flow before spectrum costs of at least 5.4 billion euros.


Company: cnbc, Activity: cnbc, Date: 2019-07-26
Keywords: news, cnbc, companies, potential, billion, ipo, european, germany, create, euros, company, markets, value, largest, italy, vodafone, mobile, mast, unlock


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

GE reveals new parts for the ‘world’s largest offshore wind turbine’

GE Renewable Energy, a subsidiary of General Electric based in Paris, revealed “the first manufactured components” for its gigantic Haliade-X 12 megawatt (MW) offshore wind turbine. GE Renewable Energy said that a prototype of the Haliade-X 12 MW would be installed onshore in the Netherlands in order to “simplify access for testing.” In September 2018, MHI Vestas Offshore Wind, a major player in the sector, launched the first commercially available double digit turbine, the V164-10.0 MW. The sca


GE Renewable Energy, a subsidiary of General Electric based in Paris, revealed “the first manufactured components” for its gigantic Haliade-X 12 megawatt (MW) offshore wind turbine. GE Renewable Energy said that a prototype of the Haliade-X 12 MW would be installed onshore in the Netherlands in order to “simplify access for testing.” In September 2018, MHI Vestas Offshore Wind, a major player in the sector, launched the first commercially available double digit turbine, the V164-10.0 MW. The sca
GE reveals new parts for the ‘world’s largest offshore wind turbine’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-23  Authors: anmar frangoul
Keywords: news, cnbc, companies, offshore, renewable, energy, wind, ge, haliadex, reveals, turbine, largest, mw, nacelle, parts, 12, turbines, worlds


GE reveals new parts for the 'world's largest offshore wind turbine'

GE Renewable Energy, a subsidiary of General Electric based in Paris, revealed “the first manufactured components” for its gigantic Haliade-X 12 megawatt (MW) offshore wind turbine.

On Monday, the firm displayed the first nacelle for the turbine, which will now be shipped from Saint-Nazaire in France to Rotterdam-Maasvlakte in the Netherlands. A nacelle sits directly behind a turbine’s blades and is a shell-like structure that contains crucial pieces of kit. These include the turbine’s gearbox, controller, generator and brake.

GE Renewable Energy said that a prototype of the Haliade-X 12 MW would be installed onshore in the Netherlands in order to “simplify access for testing.” Another nacelle is being assembled with a view to testing it in “actual operational conditions” at a site in the U.K.

John Lavelle, the CEO of GE Renewable Energy Offshore Wind, said the firm was “on track to start commercializing this new product very shortly.”

As technology develops, the size of wind turbines is increasing. In September 2018, MHI Vestas Offshore Wind, a major player in the sector, launched the first commercially available double digit turbine, the V164-10.0 MW. The turbine has 80-meter long blades which weigh 35 tons each, and a tip height of around 187 meters.

The scale of GE Renewable Energy’s Haliade-X 12 MW turbine is also considerable. It will have a capacity of 12 megawatts, a height of 260 meters and a blade length of 107 meters. The turbine will generate 67 gigawatt hours of gross annual energy. The company has repeatedly described it as “the world’s largest offshore wind turbine.”


Company: cnbc, Activity: cnbc, Date: 2019-07-23  Authors: anmar frangoul
Keywords: news, cnbc, companies, offshore, renewable, energy, wind, ge, haliadex, reveals, turbine, largest, mw, nacelle, parts, 12, turbines, worlds


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Facebook to be slapped with $5 billion fine for privacy lapses, say reports

The Federal Trade Commission approved an approximately $5 billion settlement with Facebook over the company’s 2018 Cambridge Analytica scandal, a person familiar with the matter told The Wall Street Journal. The fine represents the largest ever imposed by the FTC against a tech company. Previously, the agency’s largest fine against a tech company came in 2012 when Google agreed to pay a $22.5 million penalty due to its privacy practices. The fine would represent approximately 9% of Facebook’s 20


The Federal Trade Commission approved an approximately $5 billion settlement with Facebook over the company’s 2018 Cambridge Analytica scandal, a person familiar with the matter told The Wall Street Journal. The fine represents the largest ever imposed by the FTC against a tech company. Previously, the agency’s largest fine against a tech company came in 2012 when Google agreed to pay a $22.5 million penalty due to its privacy practices. The fine would represent approximately 9% of Facebook’s 20
Facebook to be slapped with $5 billion fine for privacy lapses, say reports Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: salvador rodriguez
Keywords: news, cnbc, companies, facebook, facebooks, 2018, slapped, house, settlement, ftc, lapses, privacy, reports, billion, mark, tech, largest, fine, say


Facebook to be slapped with $5 billion fine for privacy lapses, say reports

Facebook co-founder, Chairman and CEO Mark Zuckerberg testifies before the House Energy and Commerce Committee in the Rayburn House Office Building on Capitol Hill April 11, 2018 in Washington, DC.

The Federal Trade Commission approved an approximately $5 billion settlement with Facebook over the company’s 2018 Cambridge Analytica scandal, a person familiar with the matter told The Wall Street Journal. Several other news outlets separately reported the approval.

The fine represents the largest ever imposed by the FTC against a tech company. Previously, the agency’s largest fine against a tech company came in 2012 when Google agreed to pay a $22.5 million penalty due to its privacy practices. The fine would represent approximately 9% of Facebook’s 2018 revenue.

The settlement drew criticism from a number of senators and Congress members, including Democratic Sen. Mark Warner.

“Given Facebook’s repeated privacy violations, it is clear that fundamental structural reforms are required,” Warner said in a statement on Friday. “With the FTC either unable or unwilling to put in place reasonable guardrails to ensure that user privacy and data are protected, it’s time for Congress to act.”


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: salvador rodriguez
Keywords: news, cnbc, companies, facebook, facebooks, 2018, slapped, house, settlement, ftc, lapses, privacy, reports, billion, mark, tech, largest, fine, say


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Anheuser-Busch InBev Asia cancels world’s largest IPO of 2019

Anheuser-Busch InBev said on Friday it will not proceed with the initial public offering of its Asia Pacific unit, Budweiser Brewing Company APAC, on the Hong Kong Stock Exchange. The move, against the backdrop of a protracted U.S.-China trade war, set a downbeat tone for large Hong Kong listings, seen as a barometer for future large share sales, such as Alibaba’s Hong Kong listing. IPOs on Hong Kong exchanges are only able to price up to 10% below the target range without regulatory approval if


Anheuser-Busch InBev said on Friday it will not proceed with the initial public offering of its Asia Pacific unit, Budweiser Brewing Company APAC, on the Hong Kong Stock Exchange. The move, against the backdrop of a protracted U.S.-China trade war, set a downbeat tone for large Hong Kong listings, seen as a barometer for future large share sales, such as Alibaba’s Hong Kong listing. IPOs on Hong Kong exchanges are only able to price up to 10% below the target range without regulatory approval if
Anheuser-Busch InBev Asia cancels world’s largest IPO of 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: eustance huang
Keywords: news, cnbc, companies, billion, cancels, ipo, investors, hong, kong, worlds, large, set, 2019, company, end, asia, debt, inbev, anheuserbusch, largest


Anheuser-Busch InBev Asia cancels world's largest IPO of 2019

Anheuser-Busch InBev said on Friday it will not proceed with the initial public offering of its Asia Pacific unit, Budweiser Brewing Company APAC, on the Hong Kong Stock Exchange.

The company said the decision was due to “several factors, including the prevailing market conditions.”

It had been set to be world’s biggest listing of 2019. The company had been seeking to raise up to $9.8 billion.

The move, against the backdrop of a protracted U.S.-China trade war, set a downbeat tone for large Hong Kong listings, seen as a barometer for future large share sales, such as Alibaba’s Hong Kong listing.

Budweiser APAC, whose portfolio of more than 50 beer brands includes Stella Artois and Corona, received offers for shares within its targeted range from hedge funds and private wealth managers but some large long-only U.S. investors, which are often prioritized in an IPO, offered below the HK$40 per share level, other people familiar with the matter said.

IPOs on Hong Kong exchanges are only able to price up to 10% below the target range without regulatory approval if the risk is flagged in its prospectus.

This was not sufficiently highlighted in the Budweiser filing so AB InBev held firm on the HK$40 price, meaning some U.S. investors trimmed the size of their orders, sources said.

The company’s executives and representatives from the deal’s co-sponsors, JPMorgan and Morgan Stanley, met in New York to discuss pricing after the books closed on Thursday.

People familiar with the issue said it was struggling to secure enough demand from long-term investors.

Typically investors put in orders for more shares than they actually expect to receive in an effort to ensure they get a good allocation. Deals where those investors end up with more than they really expected often trade poorly to begin with.

All the sources who spoke to Reuters did so on condition of anonymity as they were not authorized to speak on the matter.

Budweiser APAC was seeking to raise between $8.3 billion and $9.8 billion through the float, much of which will go towards paying down debt at its highly leveraged parent. Trading was set to begin on July 19.

AB InBev, the world’s largest brewer, has been working to reduce a debt pile of more than $100 billion that it built up with the purchase of nearest rival SABMiller in late 2016.

AB InBev has said it will reduce its net debt to EBITDA ratio to below 4 by the end of 2020 from 4.6 at the end of last year and that this is not dependent on the Asian flotation. It says the optimal ratio is 2.

AB InBev stock, which has rallied 36% this year, is still down 11% over the last 12 months. It fell 1.5% on Friday.


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: eustance huang
Keywords: news, cnbc, companies, billion, cancels, ipo, investors, hong, kong, worlds, large, set, 2019, company, end, asia, debt, inbev, anheuserbusch, largest


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post