Posts belonging to Category banks



Revoke Article 50 petition calling for Brexit to be cancelled hits 5 million signatures

One million people marched through London demanding a second referendum on Brexit.

An online petition calling on the government to revoke Article 50 and cancel Brexit has attracted more than 5 million signatures. The petition, started in late February, became the most popular petition ever submitted to the parliament website after it hit over 4 million signatures on Saturday. The record-breaking number came as an estimated one million people marched through London demanding a second referendum on Brexit.

The parliament website has crashed numerous time since the petition leapt in popularity on Wednesday following Theresa May’s appeal to the British people to support her as she demanded MPs back her deal. But Ms May rejected the message of the petition on Thursday, when a No 10 spokesperson said failing to deliver Brexit would cause “potentially irreparable damage to public trust”.

https://www.independant.co.uk/

Uber IPO Could Be One of Five Biggest NYSE Listings in History

Uber chooses the New York Stock Exchange

Uber Technologies has selected the New York Stock Exchange for its imminent initial public offering, handing the trading floor what could be one of the five biggest listings of all time, according to a person familiar with the matter, who asked not to be identified as the details aren’t public.

The ride-hailing giant is expected to publicly file for its offering in April, kicking off a listing that could value the company at as much as $120 billion and is likely to be the biggest of the year, people familiar with the plans have said previously. At that valuation, Uber would only have to float about 16% of its shares to make the top five, according to data compiled by Bloomberg.

https://www.fortune.com/

Levi Strauss valued at $6.6 billion

IPO prices above target

Levi Strauss & Co fetched a higher price than expected in its initial public offering (IPO) on Wednesday, selling $623.3 million in shares as the U.S. jeans maker looks to return to the stock market after 34 years as a family-owned company.
The success of the IPO underscores the diverging fortunes of retail companies over the last few years. Vendors like Levi with consistently popular offerings have flourished as they reach more shoppers through online channels, while tens of thousands of brick-and-mortar stores have closed under pressure from e-commerce giants such as Amazon.com Inc.

With the stock market hovering near all-time highs, Levi said it priced its IPO at $17 share, just above its target range of $14 to $16, valuing the company at about $6.6 billion.

https://www.reuters.com/

Disney Closes $71 Billion 21st Century Fox Deal

Birth of a preeminent global entertainment company

Before the end of the East Coast airing of “Jimmy Kimmel Live!”, Disney has formally sealed the deal on its $71 billion acquisition of 21st Century Fox.

“This is an extraordinary and historic moment for us — one that will create significant long-term value for our company and our shareholders,” Disney chairman-CEO Bob Iger said in a statement on Tuesday afternoon. “Combining Disney’s and 21st Century Fox’s wealth of creative content and proven talent creates the preeminent global entertainment company, well positioned to lead in an incredibly dynamic and transformative era.”

Disney took possession of 21st Century Fox at 12:02 a.m. ET. Assets changing hands in the deal include: Twentieth Century Fox, Fox Searchlight Pictures, Fox 2000 Pictures, Fox Family, and Fox Animation; Fox’s television creative units, Twentieth Century Fox Television, FX Productions, and Fox21; FX Networks; National Geographic Partners; Fox Networks Group International; Star India; and Fox’s interests in Hulu, Tata Sky, and Endemol Shine Group.

https://www.variety.com/

Corporate America, not banks, could cause the next recession

The next debt crisis: There’s a $6.3 trillion elephant in the room

The last downturn was triggered by Wall Street and Americans accumulating too much debt — particularly in the sizzling housing market. A decade later, it’s Corporate America borrowing with gusto. Egged on by extremely low rates, US companies have piled on a record-setting $6.3 trillion of debt, according to S&P Global Ratings. All that debt is easy to ignore right now. Default rates are minuscule. Companies are sitting on tons of cash, and their coffers are growing thanks to the soaring US economy and corporate tax cuts.
But eventually, both the economy and corporate profits will slow, leaving companies less firepower to pay down debt. And it won’t be as easy to roll over the debt that’s due. Debt-laden companies would be vulnerable to rising borrowing costs caused by the Federal Reserve’s interest rate hikes. If companies are stuck in a credit crunch, they will have to pull back on hiring and investment. That could be a recipe for a recession.

http://www.cnn.com

ECB move sends stocks lower

Dollar climbs

A gauge of global stock markets stumbled on Thursday while the U.S. dollar rose, as the European Central Bank postponed interest rate hikes to 2020 and launched a new round of cheap loans to banks in an effort to spark the euro zone economy. Equities had drifted lower over the past several sessions before the session’s sharp drop, sparked by the ECB’s change of direction just months after it wound down its massive quantitative easing program.

The ECB’s move puts it in sync with other central banks around the world that have been taking a dovish tack, including the Bank of Canada earlier this week. The ECB also cut its growth and inflation estimates for 2019 as well as those for 2020 and 2021, raising alarm bells for investors once again over global growth.

http://www.reuters.com/

China’s government sets growth target of at least 6%

China will slash taxes and boost lending

China will cut billions of dollars in taxes and fees, increase infrastructure investment, and step up lending to small firms, Premier Li Keqiang said Tuesday, as the world’s second-largest economy looks set to slow further this year.

The government aims to expand its economy by 6.0 to 6.5 percent in 2019, Li said at the opening of the annual meeting of China’s rubber-stamp parliament, less than the gross domestic product growth of 6.6 percent reported last year.

Sources said earlier this year that China would cut its 2019 growth target to 6.0 to 6.5 percent from the 2018 target of 6.5 percent amid growing economic headwinds.

https://www.japantimes.co.jp

Facebook stablecoin for WhatsApp is set to hit the market soon

‘Facebook Coin’ Reportedly Coming in First Half of 2019

The social media giant has been in discussion with various exchanges for the launch of its new stable-coin that would allow cryptocurrency transactions between WhatsApp users. Facebook had recently acquired a high profile blockchain team to gear up the process for the same. As many as five different sources have reportedly confirmed that Facebook is going to launch the currency within the first half of the current year, i.e., 2019.

It is also being stated that the currency is in its testing phases with a small pilot group being involved. The coin when launched is expected to be one of the most rapidly growing digital assets since the social media network has an over two and a half billion global user base on the instant messaging application WhatsApp. Experts also believe that Facebook would have various options to go to after the currency has been launched.

https://www.cryptopolitan.com/

TikTok, Facebook rival

Watch out, Facebook.

The social video app TikTok just hit a major milestone as it sets its sights on global teen domination. TikTok has just crossed the 1 billion mark for worldwide installs on the App Store and Google Play, according to data from Sensor Tower, an analyst group that focuses on the mobile market.

“Approximately 663 million of these installs occurred in 2018,” Sensor Tower’s founder Oliver Yeh said in a statement. “To put this into perspective, the Facebook app was installed an estimated 711 million times last year and Instagram saw about 444 million new downloads.”

The 1 billion download figure is also only part of the story, as it does not include the number of downloads the app has received on Android in China, according to Sensor Tower, which also reported that TikTok was the No. 1 non-game app in the U.S. in January.

https://www.usatoday.com/

 

Labour will back call for second Brexit referendum

Labour would also back an amendment that would compel Theresa May to delay Brexit

Campaigners for a second referendum on Brexit received a major boost on Monday night when Jeremy Corbyn said Labour will back another public vote on leaving the European Union.

Mr Corbyn told Labour MPs that the party would also back an amendment this week that would compel Theresa May to delay Brexit rather than leave the EU without a deal on March 29th.

https://www.irishtimes.com/

Pinterest confidentially files for IPO

Valuation of at least $12 billion

Online image search site Pinterest Inc has confidentially filed with the Securities and Exchange Commission for an initial public offering, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

The company and its underwriters, led by Goldman Sachs Group Inc and JPMorgan Chase & Co are planning for a late-June listing and is seeking a valuation of at least $12 billion, the newspaper reported.

http://www.reuters.com

Amazon, GM in talks to invest in electric pickup truck maker Rivian

Rivian Automotive LLC valued up to $2 billion

Amazon.com Inc and General Motors Co are in talks to invest in Rivian Automotive LLC in a deal that would value the U.S. electric pickup truck manufacturer at between $1 billion and $2 billion, people familiar with the matter.

The deal would give Amazon and GM minority stakes in Rivian, the sources said. It would be a major boost for the Plymouth, Michigan-based startup, which aspires to be the first carmaker to the U.S. consumer market with an electric pickup.

If the negotiations conclude successfully, a deal could be announced as early as this month, the sources said, asking not to be identified because the matter is confidential. There is always a chance that deal talks fall through, the sources cautioned.

http://www.reuters.com

Europe sets up scheme to get round US sanctions on Iran

Vehicle will allow European firms to trade more freely with Iran

France, Germany and Britain have set up a financial mechanism designed to avoid US sanctions against Iran and keep the 2015 nuclear deal afloat. Through the Instex trade vehicle, they hope to assert European economic sovereignty in the face of Washington’s determination to impose its foreign policy on Europe. The strategy would initially focus on trying to ease the flow of humanitarian supplies to Iran, the German foreign minister, Heiko Maas, said. Such supplies, including medicines and foodstuffs, are not supposed to be subject to US sanctions.

Eventually, the plan is for the vehicle to expand to allow European firms to trade more freely with Iran in a range of goods, including those subject to US sanctions, the EU foreign affairs chief, Federica Mogherini, said. Instex, which stands for “instrument for support of trade exchanges”, was registered this week, and will act as a proposed payment channel from Europe to Iran, and vice versa. It will not be fully operational until later this year. Iran will be expected to establish a parallel organisation. If the scheme works, it is likely to be most useful to small- and medium-sized firms with no links in the US.

http://theguardian.com

Theresa May could introduce a martial law under a no-deal Brexit

How would no deal affect UK citizens in the EU?

The UK government’s Brexit withdrawal deal offers temporary guarantees for Britons living elsewhere in the EU and EU citizens in the UK.

But it still requires approval by the UK Parliament and European Parliament to become law. So what happens if the UK reaches the 29 March Brexit deadline still with no deal? A whole host of things would change overnight under that scenario, what critics call the “cliff edge”. But here we will focus on the situation of Britons living in another EU country (in the EU27).

About 1.3m UK-born people are resident in the EU27, while the UK hosts about 3.2m EU27 nationals. The withdrawal deal enables them to keep their current freedom of movement and other EU citizenship rights, until 31 December 2020, when the Brexit transition period ends. As for no deal, there is huge uncertainty about what it will mean for Britons living in France, Spain, Germany and elsewhere.

The priority for most will be to register as residents, but the rules – including deadlines for paperwork – vary from country to country.

http://bbc.com

At Davos, pessimism is dramatically rising among global CEOs

Record jump

Chief executives from the world’s leading companies have expressed a record jump in pessimism about global growth prospects, according to a PwC survey released alongside the World Economic Forum (WEF) in Davos.

The survey of 1,300 plus CEOs around the world revealed that nearly 30 percent of business leaders believe global growth will decline in the next 12 months, approximately six times the level of last year. The dramatic shift is coming off an extremely high base, however, with 2018 marking a record jump in confidence among corporate bosses.

The new risks this year are “the trade conflicts which are outside of their (CEOs) control per say, the policy issues when you think about the EU and Brexit and a combination of climate change and other aspects like that,” Bob Moritz, the global chairman of PwC, told CNBC Tuesday.

http://www.cnbc.com