• Trump Aides Weigh Proposals to Undermine Hong Kong’s Dollar Peg
    Bloomberg

    Trump Aides Weigh Proposals to Undermine Hong Kong’s Dollar Peg

    (Bloomberg) -- Some top advisers to President Donald Trump want the U.S. to undermine the Hong Kong dollar’s peg to the U.S. dollar as the administration considers options to punish China for recent moves to chip away at the former British colony’s political freedoms, according to people familiar with the matter.The idea of striking against the Hong Kong dollar peg -- perhaps by limiting the ability of Hong Kong banks to buy U.S. dollars -- has been raised as part of broader discussions among advisers to Secretary of State Michael Pompeo and hasn’t been elevated to the senior levels of the White House, suggesting that it hasn’t gained serious traction yet, according to people who discussed the matter on condition of anonymity.The proposal faces strong opposition from others in the administration who worry such a move would only hurt Hong Kong banks and the U.S., not China, they said. Another person cautioned that the idea of attacking the dollar peg is lower on the list of possible options now under discussion. Those ideas include canceling a U.S.-Hong Kong extradition treaty and ending cooperation with Hong Kong’s police, the person said.The State Department declined to comment when asked about the issue on Tuesday, as did the Treasury Department. Hong Kong’s financial secretary, Paul Chan, referred queries to the Hong Kong Monetary Authority, which said it had nothing to add beyond past statements on the subject. The People’s Bank of China in Beijing also didn’t immediately reply to queries.Chan said last month that China’s central bank could provide American dollars should the U.S. impose sanctions on the territory. The dollar peg is underpinned by about $440 billion of foreign-exchange reserves, which is more than two times the city’s money in circulation, he told China Central Television. Eddie Yue, chief executive of the HKMA, last month called any move to deny Hong Kong access to the U.S. dollar clearing system an “apocalyptic” scenario that “would also send shock waves across the global financial markets, including the U.S.”The proposal is a “nuclear-like weapon” and risks a complete decoupling between China and the U.S. if implemented, said Xia Le, chief Asia economist at BBVA Hong Kong. “It’s technically difficult to impose, and it’ll hurt U.S. a lot.”Hong Kong has pegged its currency to the U.S. dollar since 1983, allowing it to fluctuate within a fairly strict band that has generally centered around 7.8 per U.S. dollar. The currency has remained strong due to its yield advantage over the greenback, demand for Chinese company share sales and persistent flows into the local equity market.Markets SteadyCurrency market indicators from spot prices to risk reversals reflected little appetite among traders to bet that the Hong Kong dollar could break its peg with the greenback in early Asian trading Wednesday. The currency traded at 7.7501 per dollar on Wednesday, or just one pip away from the strong end of the trading band.While demand to bet on depreciation with derivatives picked up slightly on Wednesday, there were no signs of the speculative activity seen in late May, when China’s plans for a national security law were first reported. The local dollar’s 12-month forward points -- instruments used to hedge against depreciation in the currency -- rose just 11 points on Wednesday. They remain well below their May peak, which was the highest level since 1999.The very idea that undermining the peg has even been raised offers some insight into the range of discussions now underway for punishing China. It has primarily been discussed at the State Department, where Pompeo has emerged as the administration’s loudest critic of Beijing’s recent decision to impose a new national security law on Hong Kong.Two of the people familiar with the matter said a top administration priority has been finding ways to punish banks based in Hong Kong, particularly HSBC Holdings Plc. In a statement last month, Pompeo singled out Peter Wong, the bank’s Asia Pacific chief executive officer, for signing a petition supporting “Beijing’s disastrous decision to destroy Hong Kong’s autonomy.”“That show of fealty seems to have earned HSBC little respect in Beijing, which continues to use the bank’s business in China as political leverage against London,” Pompeo wrote in the June 9 statement. A Hong Kong-based spokeswoman for HSBC declined to comment.‘Unthinkable Instability’The possibility of the Hong Kong dollar peg’s demise has become a focus of major financial bets including by Hayman Capital Management founder Kyle Bass, who started a fund last month making wagers on a collapse in Hong Kong’s currency peg, according to people with knowledge of the matter.“It’s a fairly whacky idea that they would be able to force Hong Kong off the peg by some means,” said Patrick Bennett, head of macro strategy for Asia at Canadian Imperial Bank of Commerce. “I’ve been against the idea that Kyle Bass and others trying to break the peg -- that has been a spectacularly unsuccessful idea so far, and I expect it to be the same.”One possible way for Trump to attack the peg would be for the U.S. Treasury to limit American banks from providing dollar funding to Hong Kong and Chinese banks, which would drive the costs for such funding “exorbitantly” higher, according to Stephen Innes, chief global market strategist with AxiCorp. But he said this is unlikely because China could retaliate by taking action against U.S. assets including Treasuries and stocks, and it could destabilize pegs elsewhere -- especially those maintained by U.S. allies in the Middle East.“The unthinkable instability that it would trigger in the USD-based global financial ecosystem could drive a selloff in U.S. equity markets -- an outcome abhorrent to the White House ahead of the November presidential election,” Innes wrote in a note.Speaking on Monday to Fox News, Pompeo said the U.S. was mulling the possibility of banning ByteDance Ltd.’s social media app TikTok in the U.S., though he didn’t explain what authority the administration would use to do so.“We’d love to preserve the freedom in Hong Kong,” Pompeo said. “But if we can’t, we’re going to hold the Chinese Communist Party accountable.”(Updates with forwards in ninth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of Co-Diagnostics, Inc. of a Class Action Lawsuit and a Lead Plaintiff Deadline of August 17, 2020 - CODX
    Newsfile

    SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of Co-Diagnostics, Inc. of a Class Action Lawsuit and a Lead Plaintiff Deadline of August 17, 2020 - CODX

    New York, New York--(Newsfile Corp. - July 7, 2020) - The following statement is being issued by Levi & Korsinsky, LLP:To: All persons or entities who purchased or otherwise acquired securities of Co-Diagnostics, Inc. ("Co-Diagnostics") (NASDAQ: CODX) between February 25, 2020 and May 15, 2020. You are hereby notified that a securities class action lawsuit has been commenced in the the United States District Court for the District of Utah. To get more information ...

  • Traveloka Nears Fundraising at Sharply Lower Valuation
    Bloomberg

    Traveloka Nears Fundraising at Sharply Lower Valuation

    (Bloomberg) -- Traveloka, Southeast Asia’s biggest online travel startup, is close to raising fresh funds at a private-market valuation of about $2.75 billion -- roughly 17% less than its most recent fundraising, according to people familiar with the matter.The Jakarta-based firm is in advanced negotiations with new strategic investors such as Siam Commercial Bank Pcl and Richard Li’s FWD Group Ltd., as well as existing backers GIC Pte. and East Ventures to secure about $250 million, the people said, asking not to be named because the discussions are private. The primary fundraising will be at a $2.75 billion valuation, while a secondary sale will be at $2.4 billion, one of the people said. Traveloka counts online travel site Expedia Group Inc. and JD.com Inc. among its existing backers.Terms of the fundraising could still change, they said. A Traveloka representative declined to comment.Traveloka, which has had its business hammered by the coronavirus fallout, is one of the first unicorns in Southeast Asia to experience a down-round -- raising funds at a lower valuation than the previous funding round. It reflects the sharp drop in business after lockdown orders halted flights and travel. Since the outbreak, the company has cut an unspecified number of positions, including about 80 jobs in Singapore in April.The travel industry is witnessing a sharp decline in business since the spread of the coronavirus. Expedia saw its total gross booking fall 39% in the first quarter, while its share price has dropped 21% this year. Vacation-rental startup Airbnb Inc. cut 25% of its workforce and raised an additional $2 billion in debt to help weather the downturn.Despite the slump, some Traveloka investors are betting on the travel industry’s eventual recovery, led by a rebound in tourism within countries, and a series of cost-cutting measures at the company, one of the people said. In Vietnam -- a model case in containing the pandemic with fewer than 400 cases and no deaths -- domestic travel has restarted.With a population of 570 million and growing middle class, Southeast Asia’s six largest economies are expected to see their online travel market more than double from $34 billion in 2019 to $78 billion in 2025, according to the most recent report by Google, Temasek and Bain released in October.Read more: Southeast Asia’s No. 1 Travel App Jumps on Fintech BandwagonSince its inception in 2012, Traveloka’s valuation climbed to $3.3 billion, according to the people. It has expanded across Southeast Asia, making it easier for consumers to book flights and hotels across countries. Like other startups in the region, Traveloka followed a popular playbook of providing multiple products and extending into financial services to complement its travel, accommodation and lifestyle offerings.Traveloka Chief Executive Officer Ferry Unardi said in an interview at the New Economy Forum in Beijing in November that the company is considering an initial public offering in Indonesia and in the U.S. in two to three years.Traveloka Looking to Grow Into Lifestyle, Financial Services: CEO (Video)(Adds forecast of Southeast Asia’s digital market in the seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • COVID-19 Impact and Recovery Analysis | Virtualization Software Market 2019-2023 | Multiple Benefits Of SDS to Boost Growth | Technavio
    Business Wire

    COVID-19 Impact and Recovery Analysis | Virtualization Software Market 2019-2023 | Multiple Benefits Of SDS to Boost Growth | Technavio

    The Global Virtualization Software Market will grow by USD 62.91 bn during 2019-2023

  • Thomson Reuters StreetEvents

    Edited Transcript of 7203.T earnings conference call or presentation 12-May-20 5:10am GMT

    Full Year 2020 Toyota Motor Corp Earnings Press Conference - Session 2

  • Financial Times

    US and UK planning sanctions on Huawei

    UK expected to phase Huawei out of 5G networks Copyright © 2015 The Financial Times Limited. Please don't cut and paste FT.com articles and redistribute by email or post to the web.

  • Thomson Reuters StreetEvents

    Edited Transcript of SQMA.SN earnings conference call or presentation 20-May-20 4:00pm GMT

    Q1 2020 Sociedad Quimica y Minera de Chile SA Earnings Call

  • Civil-Rights Groups Express Disappointment With Facebook Meeting
    The Wall Street Journal

    Civil-Rights Groups Express Disappointment With Facebook Meeting

    Advocates came out of a meeting with Facebook CEO Mark Zuckerberg saying they didn’t make progress on their demands over how the social-media giant polices the platform.

  • U.S. says Ghosn wired money to man who helped him flee Japan
    Reuters

    U.S. says Ghosn wired money to man who helped him flee Japan

    The disclosure came less than a day after the men, Michael Taylor and his son Peter Taylor, who are trying to avoid extradition to Japan in connection with Ghosn's escape, petitioned a U.S. judge to release them on bail. Lawyers for the Taylors said they have been held for more than six weeks at the Norfolk County Correctional Center in Massachusetts, where 36 inmates and staff have tested positive for COVID-19, based on flawed arrest warrants and extradition requests.

  • Thomson Reuters StreetEvents

    Edited Transcript of DPW.DE earnings conference call or presentation 12-May-20 9:00am GMT

    Q1 2020 Deutsche Post AG Earnings Call

  • Should You Buy Applied Genetic Technologies Corp (AGTC)?
    Insider Monkey

    Should You Buy Applied Genetic Technologies Corp (AGTC)?

    The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F […]

  • Were Hedge Funds Right About Piling Into Servicesource International Inc (SREV)?
    Insider Monkey

    Were Hedge Funds Right About Piling Into Servicesource International Inc (SREV)?

    The latest 13F reporting period has come and gone, and Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of March 31st, a week after the market trough. Now, we are […]

  • Do Hedge Funds Love PC Connection, Inc. (CNXN)?
    Insider Monkey

    Do Hedge Funds Love PC Connection, Inc. (CNXN)?

    The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F […]

  • Confused by all those COVID-19 relief programs for consumers? Here’s a chart to break down what’s happening
    MarketWatch

    Confused by all those COVID-19 relief programs for consumers? Here’s a chart to break down what’s happening

    Moody’s Investors Service, a credit-rating agency, is keep tabs on the temporary U.S. consumer relief programs unfurled since the onset of the COVID-19 crisis in March.

  • Should You Buy Caesarstone Ltd (CSTE)?
    Insider Monkey

    Should You Buy Caesarstone Ltd (CSTE)?

    How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of […]

  • Should You Buy Global Medical REIT Inc. (GMRE)?
    Insider Monkey

    Should You Buy Global Medical REIT Inc. (GMRE)?

    The latest 13F reporting period has come and gone, and Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of March 31st, a week after the market trough. Now, we are […]

  • Were Hedge Funds Right About Ditching Mercer International Inc. (MERC)?
    Insider Monkey

    Were Hedge Funds Right About Ditching Mercer International Inc. (MERC)?

    The latest 13F reporting period has come and gone, and Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds' and investors' portfolio positions as of March 31st, a week after the market trough. Now, we are […]

  • Oil dips as U.S. inventory build stokes supply fears
    Reuters

    Oil dips as U.S. inventory build stokes supply fears

    Oil prices eased in early trade on Wednesday as industry data showing a build in U.S. crude stockpiles and a forecast for U.S. crude output to fall less than anticipated in 2020 added to worries about oversupply. Brent crude futures fell 13 cents, or 0.3%, to $42.95 a barrel by 0019 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 10 cents, or 0.3%, to $40.52 a barrel.

  • Were Hedge Funds Right About Shunning British American Tobacco plc (BTI)?
    Insider Monkey

    Were Hedge Funds Right About Shunning British American Tobacco plc (BTI)?

    Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds' and successful investors' positions as of the end of the first quarter. You can find articles about an individual hedge fund's trades on numerous financial […]

  • Florida governor grilled on COVID hospital data
    Reuters Videos

    Florida governor grilled on COVID hospital data

    "No, no, no!" At a heated news briefing in Miami on Tuesday, reporters grilled Florida Governor Ron DeSantis on the state's efforts to contain the coronavirus, cases of which have soared in the last month, and demanded an explanation for why he has not released the number of COVID-19 hospitalization in Florida. REPORTER: "She's asking specifically about the number of patients." DESANTIS: "So all the data that goes into this is all available." REPORTER: "I have the spreadsheet from that data, Governor. It is not available." Last week, DeSantis promised he would release the number of COVID-19 patients currently hospitalized statewide and by county, a metric reported by most other states. But he has yet to do so. The next best thing was data published Tuesday by the state's Agency for Health Care Administration, which showed that the intensive care units at 54 hospitals across 25 counties in Florida had reached full capacity. As of Tuesday, only 17% of the ICU beds were available statewide. But on Tuesday, DeSantis tried to put a positive spin on the recent rise in cases. "The idea was flatten the curve, have a flatter curve, which meant that you'd push this out over a longer period of time... By spreading this out you now can have way more robust testing. They're testing everyone who comes through the door." The coronavirus crisis worsened in other parts of the country, with infections now rising in 42 states. Texas shattered records on Tuesday when it reported over 10,000 new coronavirus cases, the biggest one-day increase in the state since the pandemic started. That news came the same day the Texas State Fair was cancelled for first time in 75 years. Arizona saw the rate of positive tests rise to 26% for the week ended July 5. The World Heath Organization considers a rate over 5% to be troubling. "Deaths are way down from this horrible China virus." On Tuesday, President Donald Trump - whose handling of the crisis has been widely criticized - highlighted the fact that the mortality rate in the United States has fallen, even as hundreds of Americans continue to die from the virus each day. U.S. coronavirus cases rose to over 3 million on Tuesday and more than 130,000 Americans have died from the virus - about a quarter of the worldwide total. And a widely cited model from the University of Washington's Institute for Health Metrics and Evaluation projected on Tuesday that U.S. deaths would reach 208,000 by Nov. 1, two days before the presidential election.

  • Were Hedge Funds Right About Reading International, Inc. (RDI)?
    Insider Monkey

    Were Hedge Funds Right About Reading International, Inc. (RDI)?

    Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds' and successful investors' positions as of the end of the first quarter. You can find articles about an individual hedge fund's trades on numerous financial […]

  • Do Hedge Funds Love Spark Energy, Inc. (SPKE)?
    Insider Monkey

    Do Hedge Funds Love Spark Energy, Inc. (SPKE)?

    We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not […]

  • Were Hedge Funds Right About TTM Technologies, Inc. (TTMI)?
    Insider Monkey

    Were Hedge Funds Right About TTM Technologies, Inc. (TTMI)?

    At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (see why hell is coming). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each stock might be going. […]

  • SHAREHOLDER ALERT: WeissLaw LLP Reminds GRUB and FNJN Shareholders About Its Ongoing Investigations
    PR Newswire

    SHAREHOLDER ALERT: WeissLaw LLP Reminds GRUB and FNJN Shareholders About Its Ongoing Investigations

    If you own shares in any of the companies listed above and would like to discuss our investigations or have any questions concerning this notice or your rights or interests, please contact:

  • SHAREHOLDER ALERT: WeissLaw LLP Reminds REXN and DLMV Shareholders About Its Ongoing Investigations
    PR Newswire

    SHAREHOLDER ALERT: WeissLaw LLP Reminds REXN and DLMV Shareholders About Its Ongoing Investigations

    If you own shares in any of the companies listed above and would like to discuss our investigations or have any questions concerning this notice or your rights or interests, please contact:

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