TherapeuticsMD Earnings Preview

Benzinga
Here's How To Capitalize On The Transition To Renewable Energy
According to Mirova (Natixis Investment Managers’ affiliate), energy transition offers opportunities not only in solar and wind projects but also in the hydroelectricity, biogas, electric mobility and hydrogen industries Mirova (an affiliate of Natixis Investment Managers) has been operating in the renewable energy industry since 2002 and has since undertaken more than 175 projects focused on renewable energy by forging partnerships with industrial companies in order to develop infrastructures throughout Europe. This nearly two-decade experience has highlighted some important truths. The Three Important Truths About Energy Transition: Firstly, there is an exponential demand for green energy aiming to replace carbon-intensive energy sources; secondly, investments in green energy can prove to be very profitable (and have been so in most cases) for investors, especially in the case of a solid investment process; the third truth is that opportunities for investors with a good experience in the industry are constantly expanding and evolving, thus offering extremely attractive diversified return streams. Hydroelectricity, Biogas, Electric Mobility And Hydrogen: “Our first investments were focused on simple yet effective strategies in the area of greenfield renewable energy, such as solar and wind projects in mature economies. Over the years we have considerably expanded our areas of intervention by implementing evolving technologies in energy storage, hydroelectric, biogas, electric mobility and hydrogen industries in our portfolio", said Raphael Lance, Head of Energy Transition Funds Mirova (Natixis Investment Managers’ affiliate). Green Energy Investments In Border Regions: At the same time, the focus is shifting from the construction of infrastructures for the supply of energy to the grid to B2B projects, such as the installation of infrastructures for electric vehicles. Mirova is also increasing green energy investments in border regions such as emerging Europe and Asia, particularly in those areas in which propagating green energy and identifying new sources of income is most needed. A Vast Network Of Contacts: “Mirova is a pioneer in the renewable energy and energy transition industry, and this enabled us to cultivate a vast network of contacts and to gain solid experience in a variety of operations types. At a time in which the whole economy’s risks are increasing, the value obtainable from operations in the green energy market is particularly important for investors", said Lance. On the other hand, policy makers are increasingly attentive to green energy and this should keep on supporting the industry despite the fluctuations in energy demand linked to the economy volatility. A Well-Running Investment Process: Mirova's process is well established. It starts with raising capital from a large number of investors (more than $1.4 billion are committed to date), which is then grouped into vehicles to make mezzanine debt and venture capital investments within the climate-related infrastructure sector in all OECD countries. By investing mainly in mature technologies on a "ready-to-build" or operational stage, the capital can be deployed quickly, allowing the redeeming stage for investors to start usually much earlier than, for example, in private equity. Each project involves the establishment of a partnership, generally in the form of a joint venture with industrial and utility companies in Western Europe; Mirova then intends to sell them within seven to 10 years to return the capital and distribute the profits to investors. Investors With Solid Industry Experience Are Favored: "The energy transition represents a deep change for the global economy, but its implementation implies that the vast amount of capital required is not indiscriminately injected into the sector. Only investors with solid experience in the industry and able to anticipate future changes will be able to use capital effectively", Head of Energy Transition Funds Mirova said. This article originally appeared on Financialounge.com and was translated from Italian to English. It does not represent the opinion of Benzinga and has not been edited. For news coverage in Italian or Spanish, check out Benzinga Italia and Benzinga España. See more from BenzingaClick here for options trades from BenzingaApple Watch Can Reveal COVID-19 SymptomsHere's Why High Dividend Stocks Remain An Attractive Choice© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
20h ago
Bloomberg
China’s Focus on Bubble Risks Is a Warning Sign for Stock Market
(Bloomberg) -- For investors fretting about an end to the era of cheap and plentiful debt, China just provided another reason to worry.The nation’s top banking regulator jolted markets on Tuesday with a warning about the need to reduce leverage amid the rising risk of bubbles globally and in the local property sector. The impact on Chinese stocks was swift: the CSI 300 Index fell as much as 2.1% to lead declines in Asia, while Kweichow Moutai Co., the biggest contributor to gains during 2020’s stimulus cycle, tumbled almost 5%. China’s largest stock has lost more than $100 billion in nine days.Central banks around the world are facing the challenge of when and how to pare back stimulus as economies recover from the pandemic. Global bond markets plunged last week as traders pulled forward bets on interest rate increases, with the 10-year Treasury yield reaching the highest in a year.Deleveraging has particular resonance in China, where it is a key priority of President Xi Jinping due to the size of the nation’s debt mountain. A crackdown on leverage in 2017 sent corporate and government bond yields to multi-year highs before officials halted the drive a year later amid the worsening trade war with the U.S.Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission and Party secretary of the central bank, didn’t mince his words. “From a banking and insurance industry’s perspective, the first step is to reduce the high leverage within the financial system,” Guo said at a briefing in Beijing. Speculation in the property market is “very dangerous” and bubbles in U.S. and European financial markets may soon burst, he said.“His talk shows a willingness to tolerate higher rates,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management in Hong Kong. “This is a confirmation of monetary-policy stance tightening. That’s important.”A stronger economy and signs of excess have provoked stronger rhetoric from Beijing in recent weeks. The People’s Bank of China said in its latest monetary policy report it will balance the need to support growth and prevent risk. A front-page report in state media last week argued the economy is strong enough to withstand policy normalization. In January, the central bank engineered the biggest cash squeeze since 2015, after an adviser suggested a shift away from stimulus.Debt was about 280% of China’s gross domestic product in November, the highest ratio since Bloomberg started compiling the data in 2014.Beijing is set to unveil its major economic goals on March 5, when the National People’s Congress, China’s rubber-stamp parliament, convenes for its yearly meeting. While officials have stressed that changes in policy would be gradual, China’s monetary policy conditions “will visibly tighten this year,” Li-Gang Liu, managing director and chief China economist at Citigroup Inc. wrote in a report this week.The prospect that China will tighten funding conditions is derailing gains in the country’s most popular stocks. Liquor makers like Moutai are hardest hit because they are widely owned and command some of the highest valuations. The CSI 300 Index -- which in February briefly topped its record close from 2007 -- has lost 7.9% since mainland markets reopened for the new Lunar Year.Authorities are juggling curbing leverage while maintaining economic growth before the Communist Party’s 100-year anniversary this year. The central bank has successfully calmed interbank funding markets since January, when short-term rates spiked to the highest since 2015.“Deleveraging and financial risk mitigation will both stay in policy focus in 2021,” said Tianhe Ji, a strategist at BNP Paribas SA in Beijing.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
2h ago
Bloomberg
Microsoft-Backed Bukalapak Considers U.S. Listing Via SPAC
(Bloomberg) -- Bukalapak.com, an Indonesian e-commerce company backed by Microsoft Corp., is weighing a U.S. listing via a special purpose acquisition company, according to people familiar with the matter.The company is working with investment banks on the plan and is in preliminary talks with several blank-check companies, the people said, asking not to be identified because the matter is private. Bukalapak could be valued at $4 billion to $5 billion in a potential SPAC merger, the people said. The startup could consider listing a small part of its business in Jakarta before doing a U.S. SPAC deal, they added.Deliberations are preliminary and no final decision has been made, the people said. A representative for Bukalapak declined to comment.Bukalapak, which means “open a stall” in Bahasa Indonesia, is an online marketplace that sells products from grapes and shoes to cars and televisions. Founded in 2010, the startup’s platform hosts 13.5 million online sellers and 100 million users.In November last year, Microsoft formed a strategic partnership with the Indonesian firm and made an investment as part of the deal. Other investors in Bukalapak include Jack Ma’s Ant Group Co., Singaporean sovereign wealth fund GIC Pte, Naver Corp. and Standard Chartered Plc. Bukalapak is valued at $3.5 billion, according to CB Insights.The coronavirus pandemic has boosted demand for e-commerce in the world’s fourth most populous country, where Bukalapak competes with rivals such as SoftBank Group Corp.-backed Tokopedia, Alibaba Group Holding Ltd.’s Lazada Group and Shopee, a unit of Singapore-based Sea Ltd.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
6h ago
Bloomberg
Wall Street Bullishness Is Becoming a Contrarian Sell Signal
(Bloomberg) -- Stock market optimism among Wall Street strategists has risen close to levels that signaled trouble for equities in the past.A Bank of America measure of their bullishness is near a level that historically has been bearish for stocks. The gauge assesses the average recommended allocation to equities by sell-side strategists and is very close to triggering a sell signal, a team including Savita Subramanian wrote Monday.“The last time the indicator was this close to ‘Sell’ was June 2007 after which we generally saw 12-month returns of minus 13%,” the strategists said, adding even current levels signal below-average equity returns over the next year. “We‘ve found Wall Street bullishness to be a reliable contrarian indicator.”Last week’s worries about the impact of higher bond yields on stocks evaporated Monday, with U.S. equities notching their biggest advance since June. Optimism is evident from the record amount of cash poured into stock ETFs in February as investors bet additional fiscal stimulus and the Covid-19 vaccine rollout will supercharge growth.The S&P 500 is up about 4% so far this year and some 32% over the last 12 months. The Bank of America gauge rose nearly 1 point to 59.2% in February.“The current level is forecasting 12-month returns of just 7%, a much weaker outlook compared to an average 12-month forecast of 16% since the end of the Global Financial Crisis,” the BofA team wrote.While investors seem to have come to terms with the recent upheaval in bond markets for now, an ongoing shakeout could spark fresh angst, particularly if real yields keep rising.The correlation between U.S. equities and inflation-adjusted Treasury yields dropped to the most negative in five years last week, according to data compiled by Bloomberg. That suggests further increases in real yields could hurt the S&P 500 index.(Updates with more on bond yields from 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.©2021 Bloomberg L.P.
7h ago
Reuters
Oil slips on fears over higher OPEC supply, slower China demand
Oil prices slipped on Tuesday as expectations that top producers would agree to raise oil supply in a meeting this week weighed on sentiment, already hit by concerns over slowing Chinese demand. Brent crude dropped 24 cents, or 0.4%, to $63.45 a barrel by 0940 GMT, after losing 1.1% the previous day. Expectations that the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, would boost oil output from April are pushing prices lower.
10h ago
USA TODAY
Texas electricity provider files Chapter 11 bankruptcy after devastating winter storm, power blackout
Texas power provider Brazos filed for Chapter 11 bankruptcy protection after it racked up bills in massive outages during February's winter storm.
17h ago
Bloomberg
South Korea’s Coupang Seeks Up to $3.6 Billion in New York IPO
(Bloomberg) -- South Korean e-commerce giant Coupang Inc. is seeking to raise as much as $3.6 billion from an initial public offering in New York, which will rank as one of the largest-ever Asian listings in the U.S.Seoul-based Coupang and some existing shareholders are offering 120 million shares at $27 to $30 each, according to a filing Monday. At the top end of the range, Coupang will be valued at as much as $51 billion based on the number of shares outstanding.Founded in 2010 by Chief Executive Officer Bom Kim, Coupang has grown faster than the e-commerce market amid fierce competition from retail conglomerates and startups. It has also aggressively expanded its delivery and logistics businesses.A successful IPO would be another windfall for billionaire Masayoshi Son’s SoftBank Group Corp. The Japanese conglomerate invested $1 billion in Coupang in 2015 and its Vision Fund put in another $2 billion in 2018, pushing its valuation to about $9 billion. The SoftBank Vision Fund will own about 37% of the company’s Class A shares after the offering, according to Monday’s filing.The listing would be the fourth-biggest on record by an Asian company on a U.S. exchange and the largest since Alibaba Group Holding Ltd.’s $25 billion IPO in 2014, data compiled by Bloomberg show. It also comes in what is expected to be a record year for Korean listings.Coupang is offering 100 million new Class A shares in the IPO, and 20 million shares are being offloaded by existing investors. Each Class A share is entitled to one vote, while the Class B shares held by Coupang’s founder are entitled to 29 votes. Kim will hold about 76.7% of the voting power at Coupang upon completion of the listing.Kim, a Harvard University dropout, has been considering an IPO for years, but had held off until now so he could focus on expanding the business. Coupang, known as “Korea’s Amazon,” has invested in new business models including food delivery and streaming services.BlackRock Inc. and Greenoaks Capital are also among Coupang’s investors. The company plans to list on the New York Stock Exchange under the symbol CPNG.Goldman Sachs Group Inc., Allen & Co., JPMorgan Chase & Co., Citigroup Inc., HSBC Holdings Plc, Deutsche Bank AG, UBS Group AG, Mizuho Financial Group Inc. and CLSA are working on the offering. Bank of America Corp., which was listed as one of the underwriters in a February registration document, didn’t appear in Monday’s filing.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
18h ago
Bloomberg
U.S. Manufacturing Expands Most in Three Years as Prices Climb
(Bloomberg) -- U.S. manufacturing expanded in February at the fastest pace in three years and a gauge of materials costs accelerated the most since 2008 as supply shortages challenge the industry.A gauge of factory activity increased to 60.8 from 58.7 a month earlier, according to Institute for Supply Management data released Monday. Readings above 50 indicate expansion and the figure exceeded the 58.9 median estimate in a Bloomberg survey of economists.At a time when household and business demand is off to a solid start to the year amid lean inventories, producers are struggling with rising costs for raw materials, labor force disruptions and higher shipping rates. The ISM’s measure of prices paid for inputs climbed nearly 4 points in February to 86, the highest since July 2008.Orders, production and factory employment measures all expanded at faster paces last month, highlighting robust and resilience in manufacturing that’s helping power the economy. At the same time, a measure of unfilled orders surged to the highest level in nearly 17 years while another gauge showed delivery times were the second-longest since 1979.“Labor-market difficulties at panelists’ companies and their suppliers continued to restrict manufacturing-economy expansion and will remain the primary headwind to production growth until employment levels and factory operations can return to normal across the entire supply chain,” Timothy Fiore, chair of ISM’s Manufacturing Business Survey Committee, said in a statement.The group’s gauge of order backlogs advanced to 64 last month, the highest since April 2004 and its index of supplier deliveries jumped almost 4 points to 72.Shortages of semiconductors have idled production at some auto plants. The disruption in supplies is largely tied to the pandemic as more people began working from home, spurred sharp increases in demand for electronics and computers.Select ISM Industry Comments“Things are now out of control. Everything is a mess, and we are seeing wide-scale shortages.” - Electrical Equipment, Appliances“Supply chains are depleted; inventories up and down the supply chain are empty. Lead times increasing, prices increasing, (and) demand increasing.” - Chemical Products“Steel prices have increased significantly in recent months, driving costs up from our suppliers and on proposals for new work that we are bidding.” - Transportation Equipment“We are still struggling keeping our production lines fully manned.” - Food, Beverage & Tobacco Products“Logistics times are at record times. Continuing to fight through shipping and increased lead times on both raw materials and finished goods due to the pandemic.” - Fabricated Metal Products“Prices are rising so rapidly that many are wondering if (the situation) is sustainable. Shortages have the industry concerned for supply going forward, at least deep into the second quarter.” - Wood Products“There’s a lot of money that’s being spent on things what people want,” Fiore said on a conference call with reporters. “I think the long-term demand remains, and I don’t see it really abating much” through the third quarter, he said. “And prices are going to remain pretty strong.”Higher materials costs are a common theme around the world. The J.P. Morgan and IHS Markit global manufacturing report on Monday showed supplier lead times were the second-longest since the survey began in 1998. Measures of prices paid and received climbed to the highest in nearly a decade.In the U.S., 16 of 18 ISM manufacturing industries reported growth in February, led by textiles, electrical equipment and appliances, and primary metals.The ISM indexes of production and new orders increased last month. To help meet demand, factories are adding to headcounts, the report showed. An index of manufacturing employment increased to the highest level in almost two years.A separate report Monday from the Commerce Department showed construction spending rose in January by the most in three months. The advance was fueled by more strength in homebuilding and the biggest gain in non-residential outlays in a year.A survey of economists by the National Association for Business Economics showed increased optimism about the economy’s prospects this year. Respondents boosted their growth estimates for each quarter this year, according to the NABE report issued Monday.Economists also forecast lower unemployment rates each quarter compared with their December projections.(Adds JPMorgan/IHS Markit global manufacturing report)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
20h ago
Bloomberg
U.S. Freeze Hammers Europe’s Bottom-of-the-Barrel Oil Exports
(Bloomberg) -- The freeze-driven shuttering of core sections of the U.S. refining system isn’t all good news for rival plants in Europe. Down at the bottom of the barrel, losses are deepening.While U.S. shutdowns mean less competition for European refiners in supplying gasoline and diesel on both sides of the Atlantic, they also remove an important export market for the remnants of the refining process -- products known as fuel oil.With much of the U.S. Gulf Coast in recovery mode after February’s extreme weather, many of those barrels need a new home. That is acting as a drag on margins for those refineries that churn out relatively large amounts of higher-sulfur fuel oil.“The U.S. is suddenly not taking so many cargoes a month transatlantic,” said Hedi Grati, a director at IHS Markit. “It needs to find another outlet.”Gulf Coast refineries regularly import bottom-of-the-barrel feedstocks from Europe and Russia, turning them into higher-value fuels like diesel and gasoline. But with so many outages on the Gulf Coast, there’s little appetite from that region for such cargoes at the moment.As a result, exports toward the U.S. from Europe and Russia of dirty petroleum product -- including various grades of mostly high-sulfur fuel oil and vacuum gasoil -- have plunged. They sank by 136,000 barrels a day, or about 40%, during the period February 1-23 compared with January, and by roughly 50% year-on-year, according to tanker analytics firm Kpler. The figures don’t include dirty shipments known to be low-sulfur.Lack of DemandThat’s led to diminished demand for European barrels, which is helping to push down the value of high-sulfur fuel oil relative to crude oil, known as the crack spread. In northwest Europe, the measure recently fell to its lowest since May.“High-sulfur fuel oil cracks in Europe -- but also in the U.S. Gulf Coast and Singapore -- are under pressure due to lower seasonal utility demand in the Middle East and refinery outages in the United States, drawing less fuel oil as heavy feedstock,” Grati said.With Gulf Coast refiners beginning to resume operations, the absence of U.S. demand for bottom-of-the-barrel material might prove short-lived. But there is another bearish factor on the horizon: OPEC+ may start ramping production back up, and its output of heavier, sulfurous crudes is likely to result in more high-sulfur fuel oil being made.“You would essentially be replacing light, sweet, U.S. crude with primarily medium sours, which have a much higher yield of HSFO,” said Chris Barber, principal of ESAI Energy. That “should increase HSFO supply,” he said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
1d ago
Reuters
Gold steadies as U.S. yields soften
Gold prices steadied on Monday, having earlier slid to an 8-1/2 month-low, as U.S. Treasury yields eased and offset pressure from a stronger dollar. Spot gold gained 0.1% to $1,725.30 per ounce by 1005 GMT, having dropped to its lowest since June 15 at $1,706.70 earlier in the session. "We have a bit of a pause in the (rally) in U.S. yields now," said ABN Amro analyst Georgette Boele.
8h ago
Yahoo Finance
Here are Warren Buffett's 15 largest stock holdings
Buffett views his stock portfolio as a 'collection of businesses.'
1d ago
CoinDesk
Canada’s CoinSmart Crypto Exchange Raises $3.5M for European Expansion
The exchange's owner is also planning a reverse takeover with the aim of listing on TSX Ventures.
21h ago
CoinDesk
Bots Encouraged Buying of GameStop, Dogecoin in Meme Trading Craze: Report
Posts hyping the craze on social media revealed patterns of keywords and were timed at regular intervals, cybersecurity firm PiiQ Media said.
1d ago
Bloomberg
U.S. Equity Futures Slide While Europe Shares Gain: Markets Wrap
(Bloomberg) -- S&P 500 futures pulled back after the index capped the best day since June. European shares climbed, while the dollar strengthened.Trading was mixed across markets as investors took stock of recent Treasury volatility and China’s top banking regulator said he’s “very worried” about risks from bubbles in global financial markets. Zoom Video Communications Inc. rallied 8% in early U.S. trading on an upbeat revenue forecast. In the U.K., the FTSE 100 Index rose and the pound weakened ahead of the government’s annual budget report on Wednesday. Oil futures in New York traded near $60 a barrel, with investors looking ahead to the OPEC+ meeting later this week. China ‘Worried’ About Bubbles in Property, Foreign Markets U.S. markets were poised to open lower after Monday’s sharp gains, which sent the S&P 500 up more than 2%. Bubbles in U.S. and European markets could burst because their rallies are heading in the opposite direction of their underlying economies and will have to face corrections “sooner or later,” Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission and Party secretary of the central bank said at a briefing in Beijing on Tuesday.The remarks dented Asian stocks, with the CSI 300 Index in China closing down 1.3%.“There’s lot of uncertainty, a lot of risks being built in, that’s why you’re seeing a bit of skittishness,” said Lorraine Tan, Morningstar director of Asia equity research. “The positive tailwind for the market is still going to be the global economic recovery.”Meanwhile, Bitcoin steadied around $49,000 after rallying 8% on Monday. Shares of HelloFresh SE dropped 3.5% as the meal-kit maker kept guidance unchanged despite extended lockdown measures.There are some key events to watch this week:U.S. Federal Reserve Beige Book is due Wednesday.OPEC+ meeting on output Thursday.U.S. factory orders, initial jobless claims and durable goods orders are due Thursday.The February U.S. employment report on Friday will provide an update on the speed and direction of the nation’s labor market recovery.These are some of the main moves in markets:StocksFutures on the S&P 500 Index decreased 0.5% as of 10:44 a.m. London time.The Stoxx Europe 600 Index rose 0.5%.The MSCI Asia Pacific Index declined 0.2%.The MSCI Emerging Market Index increased 0.1%.CurrenciesThe Bloomberg Dollar Spot Index gained 0.1% to 1,135.34.The euro fell 0.2% to $1.2022.The British pound decreased 0.3% to $1.3887.The Japanese yen weakened 0.1% to 106.88 per dollar.BondsThe yield on 10-year Treasuries climbed two basis points to 1.44%.The yield on two-year Treasuries gained one basis point to 0.13%.Germany’s 10-year yield rose one basis point to -0.32%.Britain’s 10-year yield increased less than one basis point to 0.76%.CommoditiesWest Texas Intermediate crude was steady at $60.59 a barrel.Gold strengthened 0.3% to $1,730.06 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
1h ago
Bloomberg
Wealth Fund Newbie Comes Into Focus in $1 Trillion Sovereign Hub
(Bloomberg) -- For all the buzz around Abu Dhabi’s newest wealth fund, the size of ADQ has been harder to pin down.A new report from Global SWF has put a number for the first time on how much the sovereign investor has amassed. Through the transfer of government holdings including the domestic stock exchange, alongside a series of investments, ADQ now oversees $110 billion in assets, according to estimates by the New York-based data firm and adviser.Even in a city that’s among the few globally to manage around $1 trillion in sovereign wealth capital, ADQ has been making waves as one of the Gulf region’s most dynamic and deal-hungry investors, morphing in a short time from a relatively obscure holding company first known as ADDHC.ADQ has also become Abu Dhabi’s go-to fund to accelerate the economic diversification of one of the world’s top oil exporters. Set up in 2018, it owns companies across the emirate’s non-oil economy, from a stake in a regional food giant, film studios and a steel producer to a low-cost airline and the entity that oversees the nuclear energy program of the United Arab Emirates.“We have been monitoring ADQ for some time now and we are impressed by its growth from a domestic holding company to a sovereign wealth fund in its own right,” said Diego Lopez, managing director of Global SWF.ADQ declined to comment.ADIA, MubadalaChaired by a royal family member, Sheikh Tahnoon Bin Zayed Al Nahyan, ADQ is now the UAE capital’s third-largest sovereign wealth fund after Abu Dhabi Investment Authority and Mubadala Investment Co. At the height of the global pandemic last year, its strategic role widened to ensure the emirate’s food supply and health-care infrastructure.ADQ has over 100 employees and its combined portfolio of 90 companies have more than 70,000 people working for them. Its chief executive, Mohamed Hassan Alsuwaidi, as well as several other executives, joined from Mubadala.Alsuwaidi describes ADQ’s mission as “developing economic clusters that act as catalysts to make the greatest contribution possible for the future development of our capital and our people.”Although its focus is largely domestic, signs have emerged that ADQ is looking beyond the UAE following its decision to buy a 45% stake in agricultural firm Louis Dreyfus Company BV and backing a regional supermarket chain’s expansion into Egypt.ADQ is also becoming a prominent investor in startups. Last year, it launched a 1 billion-dirham ($272 million) venture fund that targets early-stage businesses in India and Southeast Asia, with the aim of getting such companies to set up global or regional headquarters in Abu Dhabi. It also took control of a $146 million venture capital fund from another Abu Dhabi government entity.“We find especially striking the change in strategy from infrastructure and utilities local assets transferred by the government, to investments in venture capital in emerging countries, which is a significant departure,” Lopez said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
1d ago
Bloomberg
Goldman Sees Asia Stock Opportunities After Yield-Led Slide
(Bloomberg) -- The biggest slump in Asian stocks since March hasn’t shaken the faith of strategists, who recommend buying regional cyclical shares on expectations of a strong economic rebound from the pandemic.Growth can offset rate risks, a Goldman Sachs Group Inc. team including Timothy Moe wrote in a note Monday, saying they prefer value cyclicals and short versus long duration ideas. Sanford C. Bernstein and Oanda Asia Pacific Pte see Asian stocks weathering a global surge in sovereign bond yields to stay ahead of their U.S. peers in 2021.“We stay constructive on regional equities with modest downside risk from higher rates/volatility likely to create buying opportunities on corrections,” the Goldman strategists wrote. “We would not expect as sharp an equity reaction now unless yields rise more significantly or the Fed signals changes.”Despite its 3.7% plunge on Friday, the MSCI Asia Pacific Index has outperformed the S&P 500’s advance this year by three percentage points. Asia’s economic revival is predicted to outdo the U.S.: the region’s emerging and developing economies are poised for more than 8% growth in 2021, almost twice as fast as a basket of advanced nations including the U.S., International Monetary Fund projections show.“Asia should lead global equities this year,” said Rupal Agarwal, Asia quantitative strategist at Sanford C Bernstein in Mumbai. The region is recovering the strongest, and rising Treasury yields would be more supportive of a rotation to Asian value stocks, she said.The MSCI Asia Pacific Index was up 1.2% as of 1:27 p.m. in Tokyo, taking its gain this year to 4.5%.READ: Asian Stocks Rebound From Selloff on Tech Gains, Hang Seng MovesSovereign yields have jumped on the risk of faster inflation as economies accelerate. While higher long-term borrowing costs can dull the appeal of equities, some strategists say the U.S. is more exposed than Asia because its stock market is costlier and has more growth shares, such as technology firms.There may be some short-term downward pressure on the MSCI Asia Pacific index, but in the medium term it’s likely to outperform, said Jeffrey Halley, senior market analyst at Oanda. Unlike tech-heavy North American counterparts, Asia Pacific markets are dominated by cyclical industries, which stand to benefit from the acceleration in the global recovery, he said.‘Diversified Approach’However, the picture isn’t uniform across Asia. North Asia is the most sensitive to growth, while select Southeast Asian markets are more sensitive to rates, Goldman strategists wrote in their note.They upgraded Asia’s energy and insurance sectors to overweight given the stronger reflationary backdrop, while lowering internet and media to neutral in order to trim duration risk.Over the next 12 to 18 months, earnings outlooks are likely to be boosted by a solid Asian recovery, Tai Hui, chief Asia market strategist at JPMorgan Asset Management, wrote in a note.“A more diversified approach, both in terms of geography and sector, should help investors to navigate the upcoming bout of market volatility,” he said.(Updates index levels in the sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
1d ago
Reuters
Texas power crisis deepens as more companies skip payments due to grid operator
Texas energy companies failed to pay another $345 million for electricity and other services incurred during last month's cold snap, the operator of the state's grid said on Monday. The state's deregulated electricity market was thrown into turmoil last month as 48% of its generating plants went offline, fueling up to $9,000 per megawatt hour (mwh) spot rates and $25,000 per mwh service fees. In all, electricity prices on the state's wholesale market soared by $47 billion for the about five-day period when cold weather drove up demand and generating plants failed, estimated Carrie Bivens, a vice president at Potomac Economics, which monitors the Texas power market.
13h ago
FX Empire
Gold Price Futures (GC) Technical Analysis – Weakens Under $1711.70, Strengthens Over $1787.30
The longer-term direction is likely to be determined by trader reaction to the Fibonacci level at $1711.70 and the 50% level at $1787.30.
1d ago
BBC
Aston Martin: The billionaire building 'a British Ferrari'
Lawrence Stroll, executive chairman of Aston Martin, tells the BBC he wants to build a firm with a "luxury profile".
1h ago
CoinDesk
Citi: Bitcoin at ‘Tipping Point’ as Institutions Come on Board
Looking forward, a Citi report suggests bitcoin could "become the currency of choice for international trade."
1d ago

EPS Estimate	-0.14	-0.17	-0.19	-0.19
EPS Actual	-0.12	-0.19	-0.21	-0.19
Revenue Estimate	15.33 M	10.20 M	11.30 M	12.83 M
Revenue Actual	19.34 M	10.70 M	12.25 M	15.90 M

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