• A Spate of Bank Runs Breaks Out in China, Fueled by Social Media
    Bloomberg

    A Spate of Bank Runs Breaks Out in China, Fueled by Social Media

    (Bloomberg) -- Social media-fueled rumors about banks collapsing are popping up at an unprecedented frequency in China, forcing regulators and even the police to step in to calm depositors.Just since the past month, worried savers have descended on three banks to withdraw funds amid rumors of cash shortages that were later dismissed as false. Over the weekend customers rushed to a bank in the northern Hebei province to take out money, prompting local regulators to publicly vouch for the soundness of its lenders as the police halted the run.Confidence in the $43 trillion banking system is eroding among the nation’s more than 1 billion account holders, threatening a cornerstone of China’s rise into an economic powerhouse. After several bailouts and the first bank seizure in more than two decades last year, the coronavirus outbreak and its economic fallout have exacerbated an already shaky situation in the world’s largest banking system.“The perception Chinese savers had of banks being risk free is changing even though in nearly all recent cases their deposits have been protected,” said Zhang Shuaishuai, a Shanghai-based analyst at China International Capital Corp. “Once a rumor like this spreads, it brings immediate liquidity risk to a bank.”For decades, deposit-taking has provided a stable and low-cost funding base for China’s financial market, playing a key part in the rise of its economy to the second largest in the world. Chinese households hold about 90 trillion yuan ($13 trillion) of bank deposits, more than anywhere else in the world.Regulators are now not only seeking to soothe nerves publicly, but are also raising the protection to preserve this cushion for banks. The run in Hebei came after authorities kicked off a pilot program to limit large transactions in the province.The two-year program, which is set to be expanded to Zhejiang and Shenzhen in October to encompass 70 million people, would require retail clients to pre-report any large withdrawals or deposits of 100,000 yuan ($14,000) to 300,000 yuan.The China Banking and Insurance Regulatory Commission on Saturday again warned that lenders are facing a surge in bad debt as the economy sputters at its slowest pace in four decades.While stopgap measures, which have included rolling over debt and delaying loan payments, have limited an immediate surge in bad debt, the regulator said the fundamental issues of poorly managed banks and the deteriorating ability of companies and individuals to repay loans are still far from solved. They are also asking banks to forgo 1.5 trillion yuan in profit this year by offering lower lending rates, cutting fees, deferring loan repayments, and granting more unsecured loans to small businesses to help the economy.Authorities have more than 3,000 banks to oversee, most of which are small, rural entities without ready access to capital. In another unprecedented move, China now plans to allow local governments to use about 200 billion yuan from bond sales to help smaller banks replenish their capital.The industry overall may suffer an 8 trillion yuan increase in bad debt this year, S&P Global has estimated. Small banks are facing a $349 billion shortfall in capital, according to an analysis by UBS Group AG. Putting that figure at only $50 billion, the regulator said the shortfall could mean slower profit growth or even sliding profits at some institutions.Corporate bonds are also suffering, adding further pressure on banks. About 80 billion yuan worth of Chinese bonds defaulted on and offshore so far this year, the most in at least three years, according to data compiled by Bloomberg.Squashing RumorsIn the most recent episodes, authorities stepped in last month to halt banks runs at two local lenders in Hebei and Shanxi. On July 11, savers rushed to withdraw money from Hengshui Bank Co., also based in Hebei, before the police put a stop to it.In response, the local offices of the People’s Bank of China and the CBIRC said in a joint statement that Hengshui Bank and its branches are legitimate financial entities where any savings under half a million yuan are protected under China’s deposit insurance regulation. They reassured depositors that their money is safe and urged them not to “blindly” withdraw savings.Police took people into custody, issuing reprimands to those spreading rumors, according to the statement.Hengshui Bank didn’t immediately respond to calls and emails seeking a comment.More broadly, regulators have been working on a plan since last year that would see more small banks merge to shore up their strength, but so far little of that effort has come to fruition. Investors were spooked last year when authorities seized inner-Mongolia-based Baoshang Bank Co., in the first state takeover since 1998. They have since engineered rescues by having state-run entities inject capital into other struggling lenders such as Bank of Jinzhou Co.“China has too many banks,” said Zhang. “Quite a few of them are weak in corporate governance and earnings capacity. A better option is to take a more proactive approach to restructuring those regional banks.”(Adds details on bank profits 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.

  • China’s $42 Billion Clean Energy Debt Is Only Getting Worse
    Bloomberg

    China’s $42 Billion Clean Energy Debt Is Only Getting Worse

    (Bloomberg) -- China has used offers of generous subsidies to amass the world’s largest array of wind and solar power. But there’s a problem: it’s not fully paying them.Renewable energy projects have grown far faster in recent years than the pool of money the government sets aside to pay the fees it promised them. The result is a total debt of $42 billion and growing, according to one analyst, with a payoff not seen until 2041 without a change in policy.While China is moving away from subsidies for new projects, the delayed payments are weighing on developers and restricting their ability to borrow more money to fund new generation. The issue is of particular importance because of the huge amounts of money pouring into the sector in China -- $818 billion in the last decade, more than double any other country, according to BloombergNEF.“Without structural change to address the issue, the subsidy receivables in the whole industry would continue to grow and drag companies’ balance sheets and investment capabilities,” Tony Fei, an analyst with BOCI Research Ltd., said in a July 6 note.China for several years now hasn’t been paying its full subsidy bill, and the mountain of debt keeps growing higher. The government funds the payments with a surcharge on electricity bills, and hasn’t been willing to increase that or find new sources as the number of subsidy-eligible wind and solar projects soared last decade.Now the lack of payments have become a major concern for investors in China’s clean power operators. Take China Longyuan Power Group Corp., the country’s largest wind operator, for example. The firm’s shares have plummeted as its accounts receivables soared to more than 18 billion yuan last year.Longyuan now trades below its book value because of the mounting delayed payments, said Robin Xiao, an analyst at CMB International Securities Ltd. Denmark’s Orsted A/S, another energy company with a large portfolio of wind assets, trades at nearly 5 times its book value, by comparison.The low valuation for Longyuan and other the Chinese renewable firms restricts them from issuing more equity to fund new projects, Xiao said. That’s leading to a rash of privatizations on the Hong Kong Stock Exchange.Other private developers, such as GCL New Energy Holdings Ltd., have had resort to selling off their renewable power assets to help reduce debt. Chinese state-owned developers, which have easier access to low-cost capital, are happy to snap up such projects, BloombergNEF analyst Jonathan Luan said.China has been offering renewable subsidies since at least 2006, typically in the form of a promised payout for electricity generated over 20 years. The rates were higher than those for coal plants, and gave developers and banks confidence their investments in wind and solar installations would pay off.Such early subsidies, also a major feature in markets like Germany, helped create the demand for solar panels and wind turbines that allowed manufacturers to build their economies of scale. Thanks to that virtuous cycle, wind and solar power is now cheaper than fossil fuel plants in many parts of the world.“Without China’s subsidies, the renewable industry wouldn’t be in the position that it is today to compete with coal on price alone,” said BOCOM International Holdings Co. analyst Louis Sun.Success came faster than anyone expected, and China’s wind and solar installations rose to almost 421 gigawatts as of the end of March, a more than four-fold increase from 2013, data from National Energy Administration show.Subsidy budgets have lagged. For 2020, the Ministry of Finance boosted its budget for renewable power subsidies to 92.36 billion yuan this year, 7.5% more than it spent last year. That still falls far short of the 242.3 billion yuan required for this year alone by the projects already qualified for subsidies, according to BNEF’s Luan.The Ministry of Finance, which is responsible for allocating the subsidies, didn’t reply to a faxed request seeking comment. China is currently looking to keep electricity prices low to aid a post-pandemic economic recovery, meaning an increase in the surcharge that funds subsidies is even less likely, Luan said.For new projects, China is forcing renewables to compete against dominant coal power on price alone. Subsidies for onshore wind will be phased out after this year, with offshore wind following from 2022. The country has reduced benchmark solar power prices, including subsidies, by 91% since 2007, according to data from State Grid Corp. of China.Still, cumulative subsidies owed by the government to wind and solar developers reached 293 billion yuan at the end of 2019, including projects under review, according to BOCI. If the government increases its subsidy budget by an average of 4% a year, the debt would continue grow to as much as 1.06 trillion yuan by 2032. The 20-year deals would start rolling off then, and China would be able to start making back payments, writing the final checks in 2041, according to BOCI.Clean energy plants accounting for about 140 gigawatts, or a third of the total renewables fleet, are currently under review to be added to the subsidy list, Luan said. Those plants, which came online after March 2016, have so far been paid the same as coal-fired plants in their respective provinces, which is usually about half of what they would receive with subsidies.China will prioritize full subsidy payments from this year’s budget to clean energy plants approved from 2019 and projects aimed at easing poverty, the National Renewable Energy Information Management Center said earlier this month. All other projects will receive about 30% to 50% of promised payments, it said.The government needs to “solve overdue subsidies for existing projects,” said BOCOM’s Sun. “There’s no effective measure for now, and whether China can accelerate its pace to ease the issue may only depend on a recovery of the economy.”(Updates solar prices in 16th paragraph and analyst comment in 17th 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.

  • PR Newswire

    2020 DIGIX GLOBAL AI CHALLENGE Motivates Students Innovation

    University students from across the world are being invited to put their AI algorithm skills to the test on a global stage at the 2020 DIGIX GLOBAL AI CHALLENGE, which launched on 8th July.

  • Amber Riley, Udonis Haslem, Blair Imani, Kimberly Jones, and Other Celebrity Activists Join The Andrew Goodman Foundation’s First Take Your Power Back Weekend
    GlobeNewswire

    Amber Riley, Udonis Haslem, Blair Imani, Kimberly Jones, and Other Celebrity Activists Join The Andrew Goodman Foundation’s First Take Your Power Back Weekend

    MAHWAH, NEW JERSEY&160;-, July 14, 2020 -- Actors, musicians, athletes, social activists, organizations, and more have come together to host and kick off The Andrew.

  • Virus worries and FOMO drive options bets on surging tech giants
    Reuters

    Virus worries and FOMO drive options bets on surging tech giants

    Options investors are ramping up bets on some of this year's biggest winners, including Amazon.com Inc, Netflix Inc and Tesla Inc, even as they turn cautious on the wider market amid a resurgent U.S. coronavirus outbreak. Investors are betting that tech-related stocks will remain comparatively resilient to the coronavirus-fueled economic disruptions that have battered sectors such as retail and travel, despite growing concerns about stretched valuations following steep rallies. Analysts also see another factor driving the momentum stocks: fear of missing out, or FOMO.

  • Global Application Lifecycle Management Market 2020-2024 | Improved Cost Savings to Boost Growth | Technavio
    Business Wire

    Global Application Lifecycle Management Market 2020-2024 | Improved Cost Savings to Boost Growth | Technavio

    The Global Application Lifecycle Management Market will grow by $ 1.78 bn during 2020-2024

  • Dow Jones Futures Rise On Moderna Coronavirus Vaccine News After Stock Market Rally; Tesla Rallies On Cybertruck Tax Breaks
    Investor's Business Daily

    Dow Jones Futures Rise On Moderna Coronavirus Vaccine News After Stock Market Rally; Tesla Rallies On Cybertruck Tax Breaks

    Dow Jones futures rose on positive Moderna coronavirus vaccine news, following a stock market rally rebound. Three key earnings reports loom.

  • Nike and Grateful Dead jam on new trio of psychedelic sneakers
    USA TODAY

    Nike and Grateful Dead jam on new trio of psychedelic sneakers

    The Nike SB Dunk Low Grateful Dead sneakers, available in three different colors, begin becoming available later this week.

  • Massachusetts sues Uber, Lyft over driver status as contractors
    Reuters

    Massachusetts sues Uber, Lyft over driver status as contractors

    The complaint filed in Suffolk Superior Court claims Uber and Lyft violate state minimum wage, hour and sick time laws. "Uber and Lyft have built their billion-dollar businesses while denying their drivers basic employee protections and benefits for years,” Massachusetts Attorney General Maura Healey said in a statement.

  • Hyperion's hydrogen-powered supercar launches in August
    Engadget

    Hyperion's hydrogen-powered supercar launches in August

    Hyperion Motors has been working on a supercar project for years, and according to a teaser video, we’ll meet the hydrogen-powered XP-1 next month. For now, all we have is this vague teaser, which contains a shadowed image of a swoopy vehicle that will wrap around a “high-performance, zero-emissions hydrogen-electric powertrain.”

  • Thomson Reuters StreetEvents

    Edited Transcript of OC.DI earnings conference call or presentation 21-May-20 11:30am GMT

    Q1 2020 Orascom Construction PLC Earnings Call

  • IPOs Boom With Lasting Pandemic Effect on How Deals Get Done
    Bloomberg

    IPOs Boom With Lasting Pandemic Effect on How Deals Get Done

    (Bloomberg) -- Equity issues are surging to a record high and projected to stay strong for the rest of 2020 even as the pandemic upends traditional in-person marketing junkets.The initial public offerings process-- not just how deals are getting done but also how they’re structured -- has adapted in ways that will change capital markets for years to come.Instead of companies shuttling between cities and sometimes continents to meet investors, roadshows have gone virtual and are now often shortened to four to five days from seven to eight. Meanwhile, more informal test-the-waters meetings have lengthened and prospective investors are indicating their interest earlier.“Investors are realizing the IPO roadshows are becoming more condensed from a time standpoint, which puts more importance on the testing the waters interactions with investors in advance of the IPO launch,” said Ryan Parrish, head of Bank of America Corp.’s Americas equity capital markets syndicate.While these meetings are similar to a formal roadshow, no official orders for shares are taken. The U.S. Securities and Exchange Commission amended rules last year to allow all companies to have these meetings, which were previously only available to emerging growth companies.Their purpose can also be to find potential cornerstone or anchor investors to secure commitments before formal book building starts. That can smooth the first few months of trading, allocating more stock to large investors who are less likely to sell right away.ZoomInfo Technologies Inc., a business intelligence company that went public last month, received commitments from BlackRock Inc., Fidelity Investments and Dragoneer Investment Group LLC for as much as $300 million combined in advance. Cornerstone investments have long been common in listings across Asia, but have been less popular in the U.S., especially on competitive technology offerings.Commitments can take the form of an anchor investment, which is a large order in the IPO, for investors who want to avoid triggering an immediate regulatory disclosure.Most listings now attract significant indications of interest from investors before the deal launch, said Will Connolly, head of technology ECM at Goldman Sachs Group Inc. That wasn’t common before the pandemic.Debut PopsAnchor deals have helped bring back the feted IPO pop, when a company’s shares skyrocket from the offering price on their debut.All but eight of the 37 U.S. IPOs that raised at least $100 million since mid-March saw their shares jump by at least double-digits from their offer prices after the first day of trading. Only one major listing, private equity-backed supermarket chain Albertsons Cos., didn’t price within or above the marketed range.On Tuesday, bank software provider nCino Inc. rose 195% in its trading debut, the biggest first-day gain for a U.S. listing this year.Despite steep drops in March when the U.S. locked down, the Nasdaq Composite Index and S&P 500 are now both hovering around their all-time highs. As the equity markets roared back, equity issuance in the second quarter exceeded $130 billion, the most active on record. That compared to $41 billion in volume in the first quarter.In June, new listings, including those by blank-check firms, and follow-on offerings raised a combined $67 billion.Record follow-on trades were led by PNC Financial Services Group Inc., which in May sold its $14 billion stake in BlackRock Inc., and Sanofi raising $11.7 billion by selling its holdings in Regeneron Pharmaceuticals Inc.Look AheadDespite a presidential election looming, it could be an unusually busy third quarter.Palantir Technologies Inc. announced this month it has filed confidentially with regulators for a public stock listing, a major step toward a market debut that has been many years in the making. The company has been weighing a direct listing instead of a traditional IPO, people with knowledge of the matter have said. The parent company of the mortgage giant Rocket Mortgage and Quicken Loans is also on deck.“If the market remains healthy and strong, more people will try in September as an opportunity in front of the election,” said Colin Stewart, ECM vice-chairman at Morgan Stanley.Other areas that should remain hot are IPOs by biotechnology firms and blank-check companies. Jordan Saxe, Nasdaq’s head of health-care listings, expects about 45 to 50 biotech listings this year, raising over $9 billion combined. Saxe had earlier forecasted 30 to 35 listings raising $3.5 billion.For blank-check deals, the largest one on-record is close to pricing within days. It’s the special purpose acquisition company, or SPAC, backed by billionaire investor Bill Ackman. Pershing Square Tontine Holdings Ltd. could raise $4 billion from an IPO this week.SPACs used to be viewed as an IPO last resort, which isn’t the case anymore, said Barbara Ard, who leads accounting and transactions services at MorganFranklin Consulting. “It’s now just a different way to get access to capital.”While bankers trickle back into some offices in New York and other U.S. finance centers, some plans are being postponed while Covid-19 cases surge in certain states. But that’s unlikely to hurt activity, advisers said, as they have had several months to adapt to the new way of getting deals done.“An IPO can be done virtually,” said Greg Chamberlain, head of JPMorgan Chase & Co.’s U.S. technology, media and telecommunications equity capital markets. “The process changes, evolves and innovates.”(Updates with nCino closing price in 12th 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.

  • BHP faces first step in $6.3 billion UK claim over Brazil dam failure
    Reuters

    BHP faces first step in $6.3 billion UK claim over Brazil dam failure

    More than 200,000 Brazilian people and groups will next week kick off a 5 billion-pound lawsuit against Anglo-Australian miner BHP in Britain over a 2015 dam failure that led to Brazil's worst environmental disaster. An initial, eight-day hearing will establish whether the case can be heard in Britain, although the judge is expected to reserve judgment until later in the year. BHP spokesman Neil Burrows said the claim did not belong in Britain because it duplicated proceedings in Brazil and the ongoing work of the Renova Foundation, an entity created by the miner and its partners to manage reparations and repairs.

  • GlobeNewswire

    The Global Automotive Engine Belt & Hose Market is expected to grow from USD 22,870.97 Million in 2019 to USD 29,745.71 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 4.47%

    New York, July 14, 2020 -- Reportlinker.com announces the release of the report "Automotive Engine Belt & Hose Market Research Report by Type, by Vehicle Type, by.

  • Fox Business

    Coronavirus spread reduced by Americans' increased use of face masks: CDC

    The U.S. Centers for Disease Control and Prevention is calling on Americans to wear facial coverings following new findings that increased mask use has been effective in helping to prevent transmission of the coronavirus.

  • Reuters

    CoreLogic meets with buyout consortium, rejects $7 bln offer as inadequate

    Property data and analytics company CoreLogic Inc on Tuesday again rejected an unsolicited $7 billion buyout offer as inadequate after meeting with the two investment firms that made the bid, Senator Investment Group LP and Cannae Holdings Inc. "Despite the company's recent guidance update for 2020 and disclosure of financial projections for 2021 and 2022, Senator and Cannae have not revised their proposal to deliver appropriate value to our shareholders," CoreLogic said in a statement issued after the telephone meeting on Tuesday. Cannae and Senator, which jointly hold an economic interest of roughly 15% in CoreLogic, proposed to buy the company for $65 per share in cash.

  • Fed officials warn on 'thick fog' ahead for U.S. economy as recovery concerns deepen
    Reuters

    Fed officials warn on 'thick fog' ahead for U.S. economy as recovery concerns deepen

    The U.S. economy will recover more slowly than expected amid a surge in novel coronavirus cases across the country, and a broad second wave of the disease could cause economic pain to deepen again, Federal Reserve officials warned on Tuesday. One by one, Fed policymakers have become more downbeat in recent days, resetting expectations on the recovery and cautioning that recent improvements in economic data such as job gains may be fleeting.

  • China Set to Post Return to Growth After Easing Lockdowns
    Bloomberg

    China Set to Post Return to Growth After Easing Lockdowns

    (Bloomberg) -- China’s economy is set to post a return to growth for the second quarter, with a range of indicators due Thursday to confirm the upward trend as the nation slowly climbs out of the virus-induced slump.Gross domestic product is forecast to have expanded 2.4% in the three months to June, according to the median estimate of economists surveyed by Bloomberg. That reverses the historic decline of 6.8% in the first quarter compared to the same period last year.The steady resumption of growth in the Chinese economy will be a signal for a world still mired in an accelerating pandemic that the virus can be contained and output can recover. At the same time, China remains vulnerable to the effects of demand-sapping containment measures elsewhere, and local consumer confidence is fragile.“Since mid-March, China’s economy has staged an impressive comeback, bolstered by pent-up demand, a catch-up in production, a surge in medical product exports and stimulus in both China and other major economies that has bolstered demand for goods made in China,” Wang Tao, chief China economist at UBS Group AG in Hong Kong, wrote in a note.Industrial output likely continued to lead the rebound in June, jumping 4.8% from a year earlier, survey results showed.Fixed-asset investment in the first six months is expected to decline 3.3%, a much slower pace than previously. Retail sales, the weak link in China’s fragile recovery, is projected to have grown for the first time since the pandemic, expanding by 0.5% on the year.However, for the first six months of the year, none of the main indicators are forecast to have recovered the level they were at in June 2019, showing how hard it will be to climb out of the deep slump. GDP is forecast to have shrunk 2.4% compared to the first six months of 2019.The pace of China’s recovery will depend to an extent on the effectiveness of the moderate stimulus measures rolled out so far. The government has earmarked a record 3.75 trillion yuan ($534 billion) in special local government bonds this year, most of which will be channeled to infrastructure projects. However, infrastructure investment has so far remained a drag on growth, while property investment is expected to have returned to expansion, despite Beijing’s reluctance to further support the property market.“The economic recovery has been slow domestically due to the unexpectedly slow kick-off of infrastructure investments,” said Iris Pang, chief economist for greater China at ING Bank NV. “The slow growth in infrastructure investments is dragging on growth, and is very damaging on future economic growth as jobless rates would increase with a slow recovery, and then will feed back into the economy with shrinking consumption.”Uneven RecoveryWhile the incremental recovery has demonstrated the resilience in the world’s second-largest economy, it remains an uneven one, mainly driven by supply rather than demand. Industrial production growth has already returned to pre-virus levels with the possibility to rise further, but consumers have so far stayed wary as small outbreaks within the country and shrinking income hurt sentiment.That unevenness can also be seen in the gap between the state and private sector, with the former receiving more resources. However, domestic demand is picking up faster than external demand, with China being the first to reopen most of its economy and the rest of the world still largely under lock-downs.Uncertainty and HeadwindsLooking ahead, the recovery momentum may weaken on rising uncertainty and strong headwinds.Pent-up demand that has supported growth in the second quarter will naturally lose some steam. Exports that have been bolstered by demand for medical equipment may fall significantly when production catches up overseas. Rising trade tensions could also hit China’s exports and export-related manufacturing investment.The risks of a second wave will also linger. The recent resurgence of cases in Beijing triggered a re-imposition of restrictions, and sporadic cases around the country continue to occur.Serious floods in southern China could threaten to wipe out much of the country’s output this summer, with 27 provinces being hit to some extent and the current direct losses standing at 61.8 billion yuan, according to state media.Considering the other factors weighing on growth, including unemployment and deflation pressure, a reversal from the current accommodative policy stance is unlikely.“Despite the strong recovery between March and mid-June, we believe a full economic recovery remains distant,” Lu Ting, chief China economist at Nomura International Ltd in Hong Kong, wrote in a note. “It is too early for Beijing to reverse its easing stance.”Global ImplicationsAs the country first hit by the coronavirus pandemic and first to climb out of the slump, China’s recovery still implies a brighter outlook for the rest of the world ahead if the pandemic can be arrested.“China is showing that the virus can be contained, but the trade-off has been very tight pandemic mitigation policies, among the tightest across major economies,” said Shaun Roache, Asia-Pacific chief economist at S&P Global Ratings. “The lesson here is that virus containment is not enough to drive a quick rebound and that we may have to wait for a lasting medical solution to truly get back to business-as-usual.”(Updates to reflect new median estimate for GDP growth rate)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.

  • HDR Global Trading announces new holding structure, 100x Group
    CNW Group

    HDR Global Trading announces new holding structure, 100x Group

    MAHE, Seychelles , July 14, 2020 /CNW/ -- HDR Global Trading Limited ("HDR"), the company behind leading cryptocurrency derivatives trading platform, BitMEX, announces the creation of a new holding company structure, 100x. Building on the success of BitMEX, the new 100x holding company structure will pursue a broader vision to reshape the modern digital financial system into one which is inclusive and empowering. 100x will become the holding structure for HDR and all  their other assets, including the BitMEX platform.

  • Joycity Announces the Release Date for 3on3 FreeStyle: Rebound on Steam
    PR Newswire

    Joycity Announces the Release Date for 3on3 FreeStyle: Rebound on Steam

    JOYCITY announces 3on3 FreeStyle: Rebound will be released worldwide on Steam, July 15th 2020.

  • Kantar hosts a live webinar to share the impact of COVID-19 - winning and losing in 2020
    PR Newswire

    Kantar hosts a live webinar to share the impact of COVID-19 - winning and losing in 2020

    Kantar, the world's leading data, insights and consulting company, announced today that they will host a live webinar focused on the impact of COVID-19 in people's purchase behaviour of in-home FMCG products and brands performance based on a new study of seventy-eight categories and 400 brands in Vietnam.

  • Business Wire

    D8 Holdings Corp. Announces Pricing of Upsized $300 Million Initial Public Offering

    D8 Holdings Corp. (the "Company") announced today the pricing of its initial public offering of 30,000,000 units, upsized from 25,000,000 units, at a price of $10.00 per unit. The units will be listed on The New York Stock Exchange (the "NYSE") and trade under the ticker symbol "DEH.U" beginning on July 15, 2020. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. After the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols "DEH" and "DEH WS," respectively. The offering is expected to close on July 17, 2020.

  • Thomson Reuters StreetEvents

    Edited Transcript of BOCH.CY earnings conference call or presentation 26-May-20 1:30pm GMT

    Q1 2020 Bank of Cyprus Holdings PLC Earnings Call

  • Back to refillables: Tesco targets plastic waste with online trial
    Reuters

    Back to refillables: Tesco targets plastic waste with online trial

    Online shoppers at Tesco will be able to order ketchup and Coca-Cola in refillable bottles as part of a pilot service by Britain's biggest supermarket chain that aims to cut down on waste generated by plastic packaging. Britons have become increasingly aware of the amount of plastic they use in recent years, with television documentaries such as David Attenborough's "Blue Planet II" highlighting the dangers of plastic pollution to marine life. Tesco has partnered with Loop, a spin-off of waste management company TerraCycle, for the trial which will allow online shoppers to buy products, such as Heinz Tomato Ketchup, Coca-Cola, Nivea moisturiser and Persil washing powder, in reusable containers.

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