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As IPO flood recedes, Asia bankers bet on follow-on capital raising

Booth of Chinese smartphone maker Xiaomi is seen at an industrial design expo in Wuhan
A booth of Chinese smartphone maker Xiaomi is seen at an industrial design expo in Wuhan, Hubei province, China December 3, 2017. Picture taken December 3, 2017. REUTERS/Stringer

March 29, 2019

By Julia Fioretti

HONG KONG (Reuters) – Bankers in Asia are betting on newly-listed companies returning to the markets for fresh capital as last year’s flood of initial public offerings (IPOs) slows to a trickle, with 2019 seeing the weakest start in equity sales in three years.

Equity sales in the region, including IPOs, convertible bonds and follow-on sales, fell 41 percent to $49.1 billion in the first quarter, Refinitiv data show, the slowest since 2016.

Fees from equity capital market (ECM) deals have reached $966 million so far, bankers’ worst quarterly haul in six years.

The data make for a sobering read after 2018 when Asia’s red-hot markets hosted many multi-billion dollar IPOs, including SoftBank Corp’s $23.6 billion Tokyo float and Xiaomi’s $5.4 billion one in Hong Kong.

But bankers hope some of the gloom will be lifted as many of the companies that went public last year return for additional capital, making 2019 less a year of jumbo IPOs and more of follow-on capital raisings and convertible bonds.

“We are already seeing companies that went public last year coming back … with follow-on offerings,” said Goldman Sachs’ David Binnion, co-head of equity capital markets, Asia ex-Japan.

“In many situations these follow-on financings are coming sooner after listing than we have historically seen, reflecting the capital-intensive nature of these growth companies.”

Many firms that went public last year raised less than they had aimed for as investors pushed back against lofty valuations.

That will further drive follow-on activity, bankers said.

Chinese electric vehicle maker NIO, video streaming company iQIYI and e-commerce firm Pinduoduo, all 2018 IPOs, have come back to the market to raise funds.

NIO raised $750 million in a five-year convertible bond this year, four months after it went public in New York, while iQIYI raised $1.1 billion in six-year convertible bonds this week in its second such issue within a year of its IPO.

Pinduoduo raised $1.6 billion in a follow-on offering in February, the fourth-largest ECM transaction this quarter.

Asian companies have sold $21.3 billion in convertible bonds so far, a record for this point in any year.

(Graphic: Asia ECM fees since 2013 – https://tmsnrt.rs/2HJU9NG)

IPO SLOWDOWN

After a blockbuster IPO year for Asia in 2018, led by Hong Kong that hosted deals worth $36.3 billion – its best year in eight – 2019 is expected to be much slower.

“Some drivers of last year, such as mega IPOs out of China will probably be fewer,” said Murli Maiya, co-head of investment banking coverage for Asia Pacific for JPMorgan.

“There should be continued investor interest in IPOs, but likely at different price points and in different sectors.”

Hong Kong’s largest IPOs this year are likely to be from non-Chinese firms such as UK data centre operator Global Switch, which plans to raise $1 billion, and a spin-off of the Asian interests of the world’s largest brewer, Anheuser-Busch InBev, which could raise over $5 billion, sources say.

The largest IPO in Asia this year so far was the $687 million float of Embassy Office Parks REIT in India, the country’s first real estate investment trust IPO.

But bankers are optimistic the good performance of smaller IPOs, such as CStone Pharmaceuticals and Chinese broker Futu Holdings, will give investors confidence after the bleak performance of many newly-listed shares in 2018.

Despite the headline-grabbing amounts raised in IPOs last year, many companies languished below their offer prices with Sino-U.S. trade tensions keeping investors on tenterhooks.

Successful floats will give “investors the confidence that the IPO market is still an important contributor to performance and that’s important for the rest of 2019”, said Jason Cox, head of ECM, Asia Pacific for Deutsche Bank.

(Reporting by Julia Fioretti; Editing by Jennifer Hughes and Himani Sarkar)

Source: OANN

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Germany: We’ll miss Brexit Britain in economic and trade terms

The booth of Britain is seen during the International Tourism Trade Fair ITB in Berlin
The booth of Britain is seen during the International Tourism Trade Fair ITB in Berlin, Germany, March 7, 2019. REUTERS/Fabrizio Bensch

March 25, 2019

BERLIN (Reuters) – Germany will miss Britain in terms of trade and the economy, the Foreign Ministry said on Monday, adding that Brexit would cost jobs and weaken the European Union when it comes to foreign and security policy.

“Without the strong Britons, the EU will also be weaker in terms of foreign and security policy,” the ministry said on Twitter. “That’s why we’re trying to continue coordinating as closely as possible. It also concerns our own security.”

(Reporting by Michelle Martin; Editing by Tassilo Hummel)

Source: OANN

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U.S. expands return of asylum seekers to Mexico to new ports of entry

FILE PHOTO: A U.S. Customs and Border Protection agent participates in a test deployment during a large-scale operational readiness exercise at the San Ysidro port of entry with Mexico in San Diego, California, U.S, as seen from Tijuana
FILE PHOTO: A U.S. Customs and Border Protection agent participates in a test deployment during a large-scale operational readiness exercise at the San Ysidro port of entry with Mexico in San Diego, California, U.S, as seen from Tijuana, Mexico January 10, 2019. REUTERS/Jorge Duenes/File Photo

March 12, 2019

By Yeganeh Torbati

WASHINGTON (Reuters) – The United States is expanding its program to send asylum seekers back to Mexico to wait out their U.S. court proceedings and so far has returned 240 people since starting the program in January, U.S. officials told reporters on Tuesday.

The officials from the Department of Homeland Security (DHS) said the policy, which was rolled out at the San Ysidro port of entry in San Diego earlier this year, has been expanded to the Calexico port, which is also in Southern California on the U.S.-Mexico border.

In addition, migrants who attempt to cross illegally and then ask for asylum in the U.S. border patrol’s San Diego sector will now also be subject to return to Mexico, the officials said.

One official said border authorities had only started turning back people who crossed between ports this past week. He said that “a very low number” of people who crossed illegally have been returned so far, while the vast majority of those who were sent back presented themselves at legal ports of entry to claim asylum.

The policy is the latest effort by the Trump administration to try to curb a sharp increase in the number of Central American families that are arriving at the border and claiming asylum. Administration officials say even though many of the asylum claims are ultimately denied, applicants end up living in the United States for years while their court cases are processed.

But immigration advocates say that returning vulnerable migrants to dangerous border cities is illegal and violates U.S. obligations under international treaties. The American Civil Liberties Union and other groups sued in federal court to halt the program.

President Donald Trump, whose administration has worked to limit both legal and illegal immigration, said in an interview with the website Breitbart published on Tuesday that Mexican drug cartels should be considered terrorist organizations. He highlighted the danger of Mexican cities close to the U.S. border and said Mexico is “considered one of the most unsafe countries in the world.”

U.S. officials have previously argued that their policy of making asylum seekers wait in Mexico does not put them at any greater risk, and refer to the return policy as the “Migrant Protection Protocols.”

DHS officials said the U.S. government is working closely with Mexican authorities to clear the expansion plans. “We’re not going to open a location if the Mexicans aren’t ready and able to process and provide the humanitarian protections that they agreed to,” one official said.

But some Mexican officials have warned that the country’s border cities would struggle to look after asylum seekers for long periods of time. [L1N20P02E]

DHS said the return policy does not apply to Mexican citizens, unaccompanied minors or people with serious medical conditions or disabilities but families with children are being returned.

(Reporting by Yeganeh Torbati in Washington; Writing by Mica Rosenberg; Editing by Bill Trott)

Source: OANN

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Household Research Council 13th Annual Values Voter Summit Remarks by Senate Majority Leader Mitch McConnell

Family Research Council 13th Annual Values Voter Summit Remarks by Senate Majority Leader Mitch McConnell Speaker: Senate Majority Leader Mitch McConnell (R-KY) Location:  Omni Shoreham Hotel, Washington, D.C. Time:  10:07 a.m. EDT Date:  Friday, September 21, 2018   Transcript By Superior Transcriptions LLC www.superiortranscriptions.com   (Cheers, applause.)   SENATOR MITCH MCCONNELL (R-KY):  Thank you.  Well, […]

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Ex-cop: Saw woman at window, fired ‘to stop threat’

A former Minneapolis police officer on trial in the fatal shooting of an unarmed woman testified Thursday that he saw a woman in a pink shirt with blond hair at his partner's window, raising her right arm, before he fired his gun "to stop the threat."

Mohamed Noor refused to talk to investigators after the July 2017 shooting of Justine Ruszczyk Damond , a dual citizen of the U.S. and Australia, making his testimony his first public statements since her death.

Damond had called 911 minutes earlier to report a possible sexual assault behind her home, and was shot as she approached Noor's squad car as he and his partner slowly rolled down her alley looking for evidence of a woman in distress.

Noor testified that he fired to stop what he thought was a threat to him and his partner, Matthew Harrity, after he heard a loud bang on the driver's side of the squad car.

Noor said he saw fear in Harrity's eyes and saw that Harrity was trying to pull his gun but was having difficulty.

He described putting his left arm over Harrity's chest, and seeing a woman in a pink shirt with blond hair outside Harrity's driver's side window raising her right arm.

"I fired one shot," Noor said. "My intent was to stop the threat."

When he realized he had shot an innocent woman, Noor said, "I felt like my whole world came crashing down."

"I couldn't breathe," Noor said. "I felt great pain."

Prosecutor Amy Sweasy attacked Noor in cross-examination, noting that Noor didn't see Damond's hands or a weapon.

"You meant to shoot the woman to stop the threat?" she asked. "You knew you were shooting a person?"

"Yes ma'am," he answered.

Earlier Thursday, Noor described the unorthodox path he took to becoming an officer — he was working as a pharmaceutical analyst before deciding to switch careers — and then detailed his 29-week cadet training in 2015.

Noor was fired from the force soon after being charged. His attorneys have said he was spooked by a noise on his squad car right before the shooting and feared an ambush.

Noor described "counter-ambush" training that included scenarios such as two officers in a squad car, doing routine tasks, and an instructor yelling "Threat!" The officers had to make a quick decision about whether to shoot, Noor said.

"Action is better than reaction," Noor said. "If you're reacting, that means it's too late ... to protect yourself ... you die."

Noor described another training exercise where he was sent to a location, heard gunshots and instead of assessing the threat, he ran toward it. An instructor shot him with a paintball gun, he said.

"So the point is if you don't do your job correctly, you'll get killed," defense attorney Thomas Plunkett said.

"Yes sir," Noor answered.

The death of Damond, a 40-year-old life coach who was engaged to be married a month after her death, sparked anger and disbelief in both the U.S. and Australia, cost the city's police chief her job and contributed to the mayor's electoral defeat a few months later.

Prosecutors have questioned the supposed noise, presumably from Damond slapping the car as she approached, by noting that investigators didn't find forensic evidence of Damond's fingerprints on the car. They also questioned the timing of Harrity's first mention of the thump — not the night of the shooting, but a few days later, as he was being interviewed by state investigators.

Neither officer had their body cameras running when Damond was shot, something Harrity blamed on what he called a vague policy that didn't require it. The department toughened the policy after Damond's death to require that the cameras be turned on when responding to a call.

Damond was white. Noor, 33, is a Somali American whose hiring two years before the shooting was celebrated by Minneapolis leaders as a sign of a diversifying police force in a city with a large population of Somali immigrants.

Noor testified earlier Thursday about immigrating from Somalia to the U.S., where he became a citizen in 1999. He lived first in Chicago, then moved to Minneapolis, where he said he fell in love with the city.

He said he became a police officer because he "wanted to serve."

___

Follow Amy Forliti on Twitter: http://www.twitter.com/amyforliti

___

Check out the AP's complete coverage of Mohamed Noor's trial: https://apnews.com/MohamedNoortrial

Source: Fox News National

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Fed Interest Rate Shift Good for Gold

Historically, a Federal Reserve shift from interest rate tightening to a neutral stance has boosted the price of gold, although the effect has not always been immediate, according to a report released by the World Gold Council this week.

It wasn’t long ago that the Fed was talking about multiple rate hikes in 2019 and balance sheet reduction was on “autopilot.” But all of that changed when the stock market started tanking last December. Now we have the “Powell Pause,” and an apparent end to balance sheet reduction on the horizon.

According to the WGC, it seems likely the central bank will keep interest rate increases on hold for the rest of the year and that will influence gold’s performance.

“In our view, the combination of rangebound US interest rates, a slowdown in the appreciation of the US dollar and continued market risks will continue to make gold attractive to investors.”


The economic boom has dramatically slowed down after the Federal Reserve raised interest rates and uncertainty ahead of democratic control of congress. Peter Schiff joins Alex to break down the future if America votes for socialism in 2020.

The WGC report says previous research highlights the fact that interest rates have a bigger impact on asset price performance — including gold — when there is a shift in policy stance (e.g. from neutral to tightening or vice versa).

“Our analysis of gold’s performance in January suggests that, indeed, expectations of interest rates are starting to play a more influential role than they did in 2018.”

(Photo by Виталий Смолыгин / CC0 Public Domain)

The historical analysis shows that the price of gold does not always react in the early months of a policy shift. When the Fed transitioned from tightening to neutral and then to easing in 1999-2001, the price of gold fell in the first three months, but then showed 3.6% returns over 12 months. Post tightening cycle returns between 2004-2007 were more immediate, with a 7% return in one month, a 13.1% return over three months and an 18.8% return over 12 months.

“While no clear evidence points to an immediate positive impact on the price of gold after the Fed pauses, historical analysis suggests that gold eventually reacts positively as the pause cycle extends and/or the Fed eases monetary policy. Historical post-tightening periods have shown an eventual strong gold performance, counterbalancing the performance of risk assets such as stocks or commodities, and complementing – sometimes even outperforming – assets such as Treasuries and corporate bonds.”

Peter Schiff has been saying the pause won’t be enough and the Fed will have to shift to interest rate cuts and another round of QE in the relatively near future.

“They don’t want to admit the real problem is in America. We can’t raise rates because we can’t afford it – because we have too much debt thanks to the Federal Reserve because they kept interest rates so low for so long, we borrowed so much money that it’s impossible to normalize interest rates because we have an abnormal amount of debt. The reason they have to stop shrinking their balance sheet is because they can’t do it because the budget deficits are exploding and they can’t add to the problem by shrinking its balance sheet. And what Powell hasn’t said is that by the way, what we’re going to have to do is go back to quantitative easing because the deficits are so big and air is coming out of this bubble we’re going to have to buy even more bonds, the balance sheet is going to get a lot bigger. In fact, we’re going to have to cut interest rates back to zero. They haven’t let that cat out of the bag yet.”


Mike Adams exposes the agenda of the private Fed as a war against the prosperity of Americans that simply want to make America great.

Source: InfoWars

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Stirewalt: Trump supporters unfazed by Mueller release, ‘he didn’t exactly run as Pope Francis in 2016’

As a handful of top Democrats have called for the impeachment of President Trump, Fox News digital politics editor Chris Stirewalt noted Monday that Special Counsel Robert Mueller's report may not sway the American people as the president's opponents might expect.

“And, the question here is, would the American people countenance an impeachment. And, the answer is probably no, because there's nothing that anyone who voted for Donald Trump in 2016 could have read in the Mueller report, scuzzy as much of it was, unsettling as much of it was, that wasn't already baked into their consideration of Donald Trump,” Stirewalt said on “Special Report with Bret Baier.”

Stirewalt was discussing the most important question to ask for those considering impeachment of President Trump, saying pursuing that route was a “nonstarter.”

TOP DEM DISMISSES POSSIBILITY OF COLLUSION FATIGUE: 'THE RUSSIANS AREN'T GETTING TIRED'

“He didn't exactly run as Pope Francis in 2016, right, people knew a lot of this kind of stuff about his character before he ran, that's why I think it is a nonstarter,” Stirewalt told Bret Baier.

House Democrats backed off the idea of immediately launching impeachment proceedings against Trump in a conference call Monday evening, amid a growing rift among the party's rank-and-file members, presidential contenders and committee chairs on the issue.

Two senior sources told Fox News that on the conference call, House Financial Services Committee Chair Maxine Waters, D-Calif., told her fellow Democrats that while she personally favored going forward with impeachment proceedings, she was not pushing for other members to join her.

Washington Examiner chief political correspondent Byron York also noted that the timing of impeachment would make the political climate “crazy.”

TRUMP RAILS AGAINST 'BULLS---' IN MUELLER REPORT

“One last thing that the leadership is aware of, the timing of this will be crazy. If the Democrats start now, it will take a while to rev up the impeachment machine, and when they get going, we will be smack in the middle of a presidential election campaign where the impeachee is running for reelection,” York said Monday.

“Doing this in the middle of a campaign would put the whole process on steroids. It's crazy enough to begin with. The leadership is very worried about just the unpredictable aspect of that.”

Fox News' Bret Baier, Mike Emanuel and Gregg Re contributed to this report.

Source: Fox News Politics

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Multiple people died Thursday when a semitrailer plowed into stationary traffic that resulted in explosions and flames on a Colorado freeway, authorities said.

The incident occurred just before 5 p.m. in the Denver suburb of Lakewood when a truck driver lost control while traveling east on Interstate 70, according to a preliminary investigation. The collision started a chain reaction and a diesel fuel spill, Lakewood police spokesman Ty Countryman told the Denver Post.

“This is looking to be one of the worst accidents we’ve had here in Lakewood,” he said.

The driver of the runaway truck survived. At least one truck was carrying lumber, another was hauling gravel and the third may have been carrying mattresses, KDVR-TV reported.

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Lakewood police tweeted there were multiple fatalities but did not give a specific number. Six people were taken to a hospital. Their conditions were not released, according to the paper.

Lanes in both directions were closed and expected to remain so into Friday morning.

Source: Fox News National

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President Trump will address members and leaders of the National Rifle Association on Friday at the group’s annual convention in Indiana.

Around 80,000 gun enthusiasts and more than 800 exhibitors are expected to pack the Indiana Convention Center in Indianapolis for the three-day event, the Indianapolis Star reported. It will mark the third straight year that Trump will deliver the keynote address, where he is expected to champion the rights of gun owners.

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes,” Chris Cox, executive director of the NRA’s Institute for Legislative Action (ILA), said in a statement. “President Trump’s Supreme Court appointments ensure that the Second Amendment will be respected for generations to come. Our members are excited to hear him speak and thank him for his support for our Right to Keep and Bear Arms.”

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes.”

— Chris Cox, executive director, NRA’s Institute for Legislative Action

COLORADO ENACTS ‘RED FLAG’ LAW TO SEIZE GUNS FROM THOSE DEEMED DANGEROUS, PROMPTING BACKLASH

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

Trump and Vice President Mike Pence spoke at last year’s convention in Dallas. During his speech, Trump assured gun owners that he would protect their Second Amendment rights, according to the paper.

“Your Second Amendment rights are under siege,” Trump told the cheering audience in Dallas. “But they will never, ever be under siege as long as I am your president.”

Trump has supported some gun control measures in the past. Last year, his administration imposed a ban on bump stocks, attachments that enable semiautomatic rifles to fire in rapid bursts. Although, he most recently threatened to veto two Democratic gun control bills.

This year’s convention comes as the NRA faces outside pressure and internal problems. The group has seen its legislative agenda stall amid a series of mass shootings — including a massacre at a Parkland, Fla., high school in February 2018 that left 17 dead and launched a youth movement against gun violence.

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It’s also grappling with infighting in its ranks, money problems and investigations into whether Russian agents courted officials and funneled money through the group.

“I’ve never seen the NRA this vulnerable,” said John Feinblatt, president of Everytown for Gun Safety, a nonprofit that advocates for gun control measure.

The convention will run through the weekend and conclude Sunday.

The Associated Press contributed to this report.

Source: Fox News Politics

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FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London
FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London, Britain December 15, 2018. REUTERS/Simon Dawson

April 26, 2019

(Reuters) – Ailing British retailer Debenhams said two proposed company voluntary arrangements (CVA) could see all its stores remaining open during 2019, with 22 closures planned for next year, putting about 1,200 jobs at risk.

Debenhams’ lenders took control of the retailer earlier this month in a process designed to keep its shops open at the expense of shareholders.

(Reporting by Noor Zainab Hussain in Bengaluru; editing by Gopakumar Warrier)

Source: OANN

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FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London
FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London, Britain, November 8, 2018. REUTERS/Toby Melville

April 26, 2019

BENGALURU (Reuters) – Chinese brands controlled a record 66 percent of Indian smartphone market in the first quarter, led by Xiaomi Corp, a report showed, with volumes rising 20 percent on the back of popularity for brands like Vivo, RealMe and Oppo.

Xiaomi’s India shipments fell by 2 percent over last year, but the Beijing-based company was still the biggest smartphone brand in the country, followed by Samsung Electronics Co Ltd, according to Hong-Kong based Counterpoint Research.

Shipment volumes for Vivo jumped 119 percent, while those of Oppo rose 28 percent.

“Vivo’s expanding portfolio in the mid-tier range ($100 to $180) drove its growth along with aggressive Indian Premier League cricket campaign,” Counterpoint analysts said.

India is the world’s fastest growing market for smartphones, where affordable pricing coupled with features like “selfie” cameras and big screens have popularized Chinese brands.

Video streaming services like Netflix Inc and Hotstar, as well as heavy usage of messaging apps like Facebook Inc’s WhatsApp have further spurred demand.

“Data consumption is on the rise and users are upgrading their phones faster as compared to other regions,” Counterpoint’s Tarun Pathak said.

“As a result of this, the premium specs are now diffusing faster into the mid-tier price brands. We estimate this trend to continue leading to a competitive mid-tier segment in coming quarters.”

(Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu)

Source: OANN

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The Dalai Lama has returned to his headquarters in the north Indian hill town of Dharmsala after a brief stay in a hospital in the capital for treatment of a chest infection.

Hundreds of exiled Tibetans lined the streets of Dharmsala carrying ceremonial scarves and incense sticks to welcome the Dalai Lama on Friday.

The 83-year-old Tibetan spiritual leader told reporters that he had fully recovered, but that the illness had been “a little bit serious.” He did not give any details.

The Dalai Lama usually spends several months a year traveling the world to teach Buddhism and highlight Tibetans’ struggle for greater freedom in China. But he has cut down on his travels in the past year to take care of his health.

Source: Fox News World

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