$ 66.51 Million Growth in Global Pharmacovigilance and Drug Safety Software Market 2021-2025 | Evolving Opportunities with Ennov and EXTEDO GmbH

Reuters
Nike sues company that made 'Satan Shoes' with Lil Nas X
Athletic shoe maker Nike Inc on Monday sued a New York-based company that produced "Satan Shoes" purported to contain a drop of human blood as part of a collaboration with "Old Town Road" rapper Lil Nas X. Nike said in the lawsuit that the company, MSCHF Product Studio Inc, infringed on and diluted its trademark with the black-and-red, devil-themed shoes, which went on sale online on Monday. Lil Nas X is not named as a defendant in the suit.
27m ago
Yahoo Finance
Here's why Wall Street is terrified over 'Tiger Cub's' surprise portfolio blowup
Wall Street is looking over their backs following the portfolio blowup of whale Bill Hwang.
5h ago
Reuters
Global bank losses may top $6 billion on Archegos downfall
Global banks may lose more than $6 billion from the downfall of Archegos Capital, sources familiar with trades involving the U.S. investment firm said on Monday, as regulators and investors feared the episode would reverberate more widely. Japan's Nomura and Credit Suisse of Switzerland warned of major losses from lending to Archegos for equity derivatives trades, triggering a worldwide sell-off in banking stocks. Morgan Stanley shares fell 2.6% and Goldman Sachs Group dropped 1.7%.
1d ago
Reuters
Citigroup announces new investment banking unit in green push
The new unit, to be called the Natural Resources and Clean Energy Transition Group, will be headed by Steve Trauber and Sandip Sen, according to a memo seen by Reuters on Monday. The unit will include the chemicals, energy and power franchises, showed the memo from Tyler Dickson and Manuel Falcó, co-heads at Citi's Banking, Capital Markets and Advisory business. Trauber will oversee the unit's investment banking front, while Sen will be in charge of corporate banking, the memo said.
8h ago
Reuters
Analysis: With stick and carrot, Saudi starts winning over firms in regional race
When CSG opted to shift its regional headquarters this year from Dubai to Riyadh, it marked an early win for Saudi Arabia and proved a surprisingly easy move for the U.S. technology firm: the new office was up and running in just two months. CSG is among several foreign companies that agreed earlier this year to set up regional offices in Saudi Arabia rather than overseeing operations remotely from Dubai, the buzzing commercial hub in neighbouring United Arab Emirates.
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Quartz
More women are turning to investing during the pandemic
After getting furloughed by American Airlines, and watching her side gig leading trips outside of the US evaporate overnight at the start of the pandemic, Brittany Floyd felt unsettled. Having lived across every aspect of the income scale—she grew up in a low-income household, where her mother worked as a custodian and her father as a construction worker—she had no intention of going back to a life of financial struggle. The pandemic had Floyd thinking about wanting to be financially independent and not having all her money tied up in one sector of the economy.
16h ago
CoinDesk
Bitcoin Breaks Out, Near $58K, After Visa Adds Support for Stablecoin USDC
Bitcoin picks up a bid as payments giant Visa adds support for USDC – the second-biggest stablecoin.
14h ago
Bloomberg
Tiger Cub Hwang’s Family Office Behind Friday Trade Frenzy
(Bloomberg) -- The family office of former Tiger Management trader Bill Hwang was behind the unprecedented selling of some U.S. stocks Friday, according to two people directly familiar with the trades.Archegos Capital Management was forced by its banks to sell more than $20 billion worth of shares after some positions moved against him, said the people, who asked not to be named because the details aren’t public. The companies involved ranged from Chinese technology giants to U.S. media conglomerates.Morgan Stanley traded about $13 billion, including Farfetch Ltd., Discovery Inc., Baidu Inc. and GSX Techedu Inc., said the people, while Goldman Sachs Group Inc. sold $6.6 billion worth of shares of Baidu, Tencent Music Entertainment Group and Vipshop Holdings Ltd. before the market opened in the U.S, according to an email to clients seen by Bloomberg News.That move was followed by the sale of $3.9 billion of shares including ViacomCBS Inc. and iQiyi Inc. the email said.Hwang didn’t reply to an email seeking comment Sunday. A Goldman spokesperson declined to comment and a Morgan Stanley official didn’t immediately respond.ViacomCBS and Discovery posted their biggest declines ever Friday, after the selling and analyst downgrades. ViacomCBS closed 27% lower to $48.23, down from a high of $100.34 on March 22. Discovery also slumped 27% to $41.90, down from $77.27 on March 19.Wall Street figures have been feverishly speculating about the identity of Friday’s seller. The liquidation had triggered price swings for every stock involved in the high-volume transactions, rattling traders.Block trades -- the sale of a large chunk of stock at a price sometimes negotiated outside of the market -- are common, but the size of these trades and the multiple blocks hitting the market during the normal trading hours aren’t.Hwang was an institutional stock salesman at Hyundai Securities Co. in the early 1990s, where he dealt with Julian Robertson’s Tiger Management. Robertson hired him in 1995 after Hwang won an annual prize awarded to the person outside of Tiger who had contributed most to the fund’s success.After Robertson closed Tiger, Hwang set up Tiger Asia Management, in part with money seeded by his mentor Robertson.In December 2012, Hwang admitted to illegally using inside information to trade Chinese bank stocks and agreed to criminal and civil settlements of more than $60 million.(Updates with reasons behind selling in second 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
FX Empire
U.S. Dollar Index (DX) Futures Technical Analysis –Strengthens Over 93.135, Weakens Under 92.510
The direction of the June U.S. Dollar Index futures contract on Monday will be determined by trader reaction to 92.940 and 92.520.
20h ago
Bloomberg
Romania Gives Currency Go-Ahead to Leave Year-Long Trading Band
(Bloomberg) -- The Romanian leu headed for its biggest daily decline in more than a year, an unusual move for a currency that’s tightly controlled by the central bank.The leu slipped as much as 0.4% to a record low of 4.9085 per euro on Monday, weakening from a 4.80-4.90 trading range it had mostly held on to over the last 12 months. That said, the currency has been outperforming eastern European peers since the start of the pandemic due to the central bank’s policy on tempering moves in the exchange rate.The “Romanian central bank is not concerned about the recent leu decline,” central bank spokesman Dan Suciu said by phone. Its weakness this year has a minor impact on inflation, he said.The central bank’s remarks suggest policy makers may be allowing the currency move toward a new trading band against the euro. Similar small devaluations have typically come in the first three months of the year as the authority allows the leu to follow depreciation among peers with a lag, while smoothing daily volatility.Some analysts were calling for a new trading band even before the year began. At the end of 2020, UniCredit SpA’s Dan Bucsa predicted a shift to 4.9-5 per euro at the beginning of this year.“The market, ourselves included, was widely expecting a correction higher for the pair,” said Valentin Tataru, an analyst at ING Bank in Romania who sees the leu weakening to 4.92 per euro by year-end. “We do not foresee a prolonged depreciation period.”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.
11h ago
FX Empire
Price of Gold Fundamental Daily Forecast – Gold Finishes Lower for First Week in Three
Helping to provide some support for gold, was a dip in the U.S. 10-year Treasury yield from its intraday high.
1d ago
Reuters
Exclusive: Grindr's U.S. security review disclosures contradicted statements made to others
When Grindr Inc's Chinese owner sold the popular dating app to an investor consortium last year to comply with a U.S. national security panel order, the parties to the deal gave information to authorities that contradicted disclosures to potential investors and Chinese regulators, Reuters has learned. They told the Committee on Foreign Investment in the United States (CFIUS) that James Lu, a Chinese-American businessman who is now Grindr’s chairman, had no previous business relationship with a key adviser to the seller, a man named Ding'an Fei, according to a Reuters review of the parties’ written submissions to CFIUS. Fei, a former private equity executive, was acting as an adviser to Beijing Kunlun Tech Co Ltd, Grindr's owner at the time, on the deal, the documents show.
14h ago
CoinDesk
You’re a Lemon if You Buy a Tesla With Bitcoin
Should you purchase a car with bitcoin and then need a refund, the manufacturer has some special terms and conditions.
12h ago
Bloomberg
Teng Yue, Fund Run by Ex-Hwang Analyst, Denies Liquidation
(Bloomberg) -- A hedge fund run by a former analyst for Bill Hwang, the investor at the center of massive forced stock sales, told clients that banks haven’t liquidated his assets.Teng Yue Partners founder Tao Li also said in a brief note over the weekend that he has ample liquidity and sees a lot of buying opportunities, according to a fund investor.Banks including Goldman Sachs Group Inc. and Morgan Stanley liquidated holdings in Hwang’s family office Archegos Capital Management on Friday after he failed to meet margin calls.Li’s fund had been the subject of speculation that it, too, had been liquidated because he often makes bets on the same companies as his former boss. The block sales by the banks included several Chinese companies: Tencent Music Entertainment Group; Baidu Inc.; GSX Techedu Inc.; iQiyi Inc.; and Vipshop Holdings Ltd.Li worked at Hwang’s Tiger Asia Management for seven years before leaving in 2011 to start New York-based Teng Yue.The firm, which primarily trades Chinese companies, lost about 15% in March as of Friday, according to the investor. It’s still up for 2021, having gained about 40% during the first two months of the year. It returned 70% last year.Li didn’t return phone and email messages seeking comment.Like Hwang’s family office, Teng Yue has never filed a 13F form -- which reveals some portfolio holdings -- with the Securities and Exchange Commission. That suggests that Li trades few, if any, U.S. listed shares or that, like Hwang, he may have been using swaps to take positions.Teng Yue managed $10 billion, including leverage, at the end of 2020, regulatory filings show. The firm’s gross exposure, including borrowed money, typically ranges from 150% to 250% of net assets, according to the filing.(Updates with health of portfolio in second paragraph. An earlier version of this story corrected the year 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.
5h ago
Bloomberg
Here’s How the World’s Chip Shortage Is Playing Out for Stocks
(Bloomberg) -- A global semiconductor shortage has upended the supply of everyday devices from smartphones to gaming consoles to tech-dependent cars. With companies warning the issue may last into the second half, the fallout threatens to weigh on share prices for months to come.Since news broke in November that Apple Inc. faced a shortage of chips for its latest iPhone, warnings about the impact have been coming thick and fast. Truckmaker Volvo Group and electric-vehicle company Nio Inc. last week joined a long list of auto producers that have idled assembly lines.The lack of chips has been caused by booming demand for tech gear, in large part because of the pandemic, and winter weather in Texas and a fire in Japan have added to the problem. It’s been a boon for companies such as Applied Materials Inc. and Lam Research Corp. that produce the equipment semiconductor makers need to boost output.Here’s a look at the companies with the most at stake as the global chip shortage rages on, and how their stocks have been affected:AutomakersAuto stocks have come roaring back from their pandemic lows. Now both the chip shortage and concern over a resurgence of the coronavirus pandemic have pulled a Bloomberg index of global manufacturers down 14% from its Jan. 25 record high.Volvo Group slumped 7% Tuesday after saying it will have to suspend production due to the lack of semiconductors, while China’s Nio slid 4.8% Friday when it said it will stop output at a factory in Anhui province.A fire March 19 at a Japanese factory operated by Renesas Electronics Corp., one of the biggest makers of automotive chips, hit the industry hard. It triggered a 6.7% drop in General Motors Corp. shares over three days last week. In Japan, shares of Toyota Motor Corp., which touched a six-year high March 18, slumped 6.1% in the subsequent four sessions.“The automotive sector has arguably experienced the greatest level of disruption, with more and more OEMs either slowing production or closing manufacturing plants on a temporary basis,” said Thomas Fitzgerald, a fund manager at EdenTree Investment Management Ltd., referring to original equipment manufacturers.China’s Geely Automobile Holdings Ltd. slid 19% over three days last week after reporting disappointing earnings. Daiwa Securities cited the chip shortage in downgrading the stock and cutting estimates for this year and next. China is dealing with unrelated chip-supply issues of its own.READ, Chip Shortage May Put Market-Beating Rally at Risk: Taking StockSmartphones, Consumer ElectronicsBeyond the auto industry, it’s harder to tease out the stock market impact on companies that depend on semiconductors. Shares of Apple, for example, didn’t react in November to the impact of the shortage, and they’re up more than 5% since then. Smartphone maker Xiaomi Corp. slumped 4.4% Thursday after warning that parts shortages could slow its growth for the next few quarters.One positive aspect of the chip shortage: With demand for consumer electronics as strong as it is, it gives companies the power to raise prices and pass on higher costs, said Neil Campling, an analyst at Mirabaud Securities. “The share prices haven’t reacted particularly negatively to the news, and I think that’s because the important part is that you’re seeing a snapback in demand for these goods,” he said.Lenovo Group Ltd. said in August that its profit margins took a hit from the chip shortage, and in November it said it couldn’t fill all customer orders due to the lack of components. Still, demand for the company’s laptops is soaring because of purchases by people working at home, and the stock has doubled since August.Sony Corp. said last month it might be unable to fully sate demand for its new gaming console in 2021 because of production bottlenecks. The stock touched a 21-year high in February, though it’s dipped 8.2% since then.While Samsung Electronics Co.’s foundry business making chips for other companies benefits from the favorable supply-demand equation, the South Korean firm also has its own line of consumer products that are hurt. Samsung this month warned of problems, including the possible cancellation of the launch of its new Galaxy Note, one of its best-selling smartphone models.Makers of networking equipment also have been feeling the pinch. Analysts at Oddo BHF flagged a DigiTimes report that the lead times for deliveries of networking chips are extending to as long as 50 weeks, suggesting that the chip shortage has also reached the networking segment and will likely last into early next year.ChipmakersWhile automakers have struggled, the flip side of the semiconductor shortage is that the companies supplying those chips could see a boost to their business. Most semiconductor companies should report strong results for the first quarter and give good guidance for the second, said Janardan Menon, an analyst at Liberum Capital Ltd.“This is all great news for the semiconductor vendor,” Liberum’s Menon said by phone. “This kind of tightness -- of capacity utilization, rising prices, very, very strong demand -- invariably means that their results are very, very strong.”However, Menon cautioned that share prices may not follow, given the market is now worried that the peak of the semiconductor cycle is approaching.European auto chip supplier Infineon Technologies AG is up 12% for the year while STMicroelectronics NV has gained just 5.6%. In the U.S., Texas Instruments Inc. is up 15%, while NXP Semiconductors NV and ON Semiconductor Corp. have done better, up 25% and 24% respectively, versus the Philadelphia Semiconductor Index’s 11% rise.There are also broader winners from the shortages in the semiconductor industry, with chip foundries such as leader Taiwan Semiconductor Manufacturing Co. running at close to full capacity to try to keep up with the surge in demand. TSMC shares are down 12% from their record set Jan. 21 but are still up 11% on the year.Semiconductor-Equipment ManufacturersThe makers of equipment used to produce semiconductors are benefiting from the supply crunch as chipmakers rush to add capacity to their factories and governments concerned about national security risks are looking at measures to encourage local production. The combination has created a spending environment that some analysts say will benefit the industry for years.Applied Materials, the biggest equipment maker, has seen its shares double in the past six months, while Lam Research has gained 77% over the same period, nearly twice the return for the Philadelphia semiconductor index. ASML Holding NV is up 74%.TSMC committed to as much as $28 billion in capital spending in 2021, up from $17 billion the year before, while Intel Corp. unveiled a plan on March 23 to pour billions of dollars into production facilities.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.
2d ago
Bloomberg
Cathie Wood’s ETFs Ditch Ownership Caps, Add SPAC Warning
(Bloomberg) -- Cathie Wood has spent months defending Ark Investment Management from critics who say the money manager has too much cash tied up in too few stocks. The firm’s latest move is handing them fresh ammunition.In a filing late last week, Ark altered the prospectuses for its exchange-traded funds to remove clauses limiting its exposure and concentration risks.The changes eliminate a 30% cap on how much of each fund’s assets could be invested in the securities of a single entity, and a 20% limit on the amount of a company’s shares an ETF could own.It also introduced language acknowledging funds may buy into blank-check firms and noting the risks of buying shares in special-purpose acquisition companies that haven’t yet decided what businesses they’ll own. The ARK Autonomous Technology & Robotics ETF (ticker ARKQ) last week bought shares of a SPAC backed by tennis star Serena Williams.These are eye-catching changes for Ark, founded by Wood in 2014. Concerns have swirled around the New York-based firm in recent months after a stellar year saw ETF assets surge at one point to more than $60 billion. Ark invests in companies involved with disruptive trends, which mean it has a limited pool of targets in which to deploy that money.“It seems like they’re willing to take on more single-stock risk if they truly believe in a company,” said Mohit Bajaj, director of ETFs for WallachBeth Capital. “It’s truly active management.”Testing the LimitIn February as its flagship product, the Ark Innovation ETF (ARKK), peaked, the firm controlled 20% or more of at least three companies, according to data compiled by Bloomberg. This was spread across several funds, so didn’t yet test the 20% cap that’s now removed from prospectuses.In addition to deleting the general limits, the March 26 filing removed caps on ownership of depositary receipts, rights, warrants, preferred securities and convertibles.A representative for Ark didn’t immediately respond to a request for comment.The adjustments come on the eve of Ark’s first new ETF launch in two years. The ARK Space Exploration ETF (ARKX) is due to begin trading on Tuesday, according the firm’s website.In a nod to the kinds of concentration risk some investors fret about, the new ETF’s second-biggest holding will actually be another Wood product -- 6.1% of the fund will be invested in Ark’s 3D Printing ETF (PRNT).“When you have a situation where the risk is concentrated and there is a lot of leverage in the system, it creates even bigger risks,” said Matt Maley, chief market strategist at Miller Tabak + Co.(Updates with ARKX fund information in final paragraphs, analyst comment)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.
9h ago
Bloomberg
Billions in Secret Derivatives at Center of Archegos Blowup
(Bloomberg) -- The forced liquidation of more than $20 billion in holdings linked to Bill Hwang’s investment firm is drawing attention to the covert financial instruments he used to build large stakes in companies.Much of the leverage used by Hwang’s Archegos Capital Management was provided by banks including Nomura Holdings Inc. and Credit Suisse Group AG through swaps or so-called contracts-for-difference, according to people with direct knowledge of the deals. It means Archegos may never actually have owned most of the underlying securities -- if any at all.While investors who build a stake of more than 5% in a U.S.-listed company usually have to disclose their position and subsequent transactions, that’s not the case with stakes built through the type of derivatives apparently used by Archegos. The products, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings.The swift unwinding of Archegos has reverberated across the globe, after banks such as Goldman Sachs Group Inc. and Morgan Stanley forced Hwang’s firm to sell billions of dollars in investments accumulated through highly leveraged bets. The selloff roiled stocks from Baidu Inc. to ViacomCBS Inc., and prompted Nomura and Credit Suisse to disclose that they face potentially significant losses on their exposure.One reason for the widening fallout is the borrowed funds that investors use to magnify their bets: a margin call occurs when the market goes against a large, leveraged position, forcing the hedge fund to deposit more cash or securities with its broker to cover any losses. Archegos was probably required to deposit only a small percentage of the total value of trades.The chain of events set off by this massive unwinding is yet another reminder of the role that hedge funds play in the global capital markets. A hedge fund short squeeze during a Reddit-fueled frenzy for Gamestop Corp. shares earlier this year spurred a $6 billion loss for Gabe Plotkin’s Melvin Capital and sparked scrutiny from U.S. regulators and politicians.The idea that one firm can quietly amass outsized positions through the use of derivatives could set off another wave of criticism directed against loosely regulated firms that have the power to destabilize markets.While the margin calls on Friday triggered losses of as much as 40% in some shares, there was no sign of contagion in markets broadly on Monday. Contrast that with 2008, when Ireland’s then-richest man used derivatives to build a position so large in Anglo Irish Bank Corp. it eventually contributed to the country’s international bailout. In 2015, New York-based FXCM Inc. needed rescuing because of losses at its U.K. affiliate resulting from the unexpected de-pegging of the Swiss franc.Much about Hwang’s trades remains unclear, but market participants estimate his assets had grown to anywhere from $5 billion to $10 billion in recent years and total positions may have topped $50 billion. Hwang didn’t respond to requests for comment.CFDs and swaps are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges. Such opacity helped to worsen the 2008 financial crisis and regulators have introduced a vast new body of rules governing the assets since then.Over-the-counter equity derivatives occupy one of the smallest corners of this opaque market. Swaps and forwards linked to stocks had a gross market value of $282 billion at the end of June 2020, according to data from the Bank for International Settlements. That compared with $10.3 trillion for swaps linked to interest rates and $2.4 trillion for swaps and forwards linked to currencies.Regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors, with the European Securities and Markets Authority in 2018 restricting the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders.Banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities, another consequence of regulation imposed in the aftermath of the global financial crisis. Among hedge funds, equity swaps and CFDs grew in popularity because they are exempt from stamp duty in high-tax jurisdictions such as the U.K.(Updates with data on equity derivatives in eleventh 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.
12h ago
Bloomberg
Supreme Court Signals Narrow Ruling Likely on Goldman Investor Suit
(Bloomberg) -- The U.S. Supreme Court signaled it is headed toward a narrow ruling on shareholder lawsuits as the justices grappled with accusations that Goldman Sachs Group Inc. misled investors in the lead-up to a 2010 Securities and Exchange Commission fraud lawsuit against the firm.Hearing arguments Monday by phone, the justices suggested they might tell a lower court to revisit whether Goldman Sachs shareholders could press a class action suit. But several justices also indicated they had only minor quibbles with the reasoning of the appeals court decision to let the suit go forward.“This seems like an area that, the more I read about it, the less that we write, the better,” Justice Stephen Breyer said.The clash is the court’s first over shareholder lawsuits since former President Donald Trump appointed three justices and created a 6-3 conservative majority. Corporate advocates are looking to take advantage of that majority to put tighter limits on shareholder lawsuits.But conservative and liberal justices alike suggested the issues in the Goldman Sachs case had narrowed as it bounced up and down the court system. “It seems to me that you’ve both moved towards the middle,” Justice Amy Coney Barrett said.The investors, led by the Arkansas Teacher Retirement System, say they were deceived by Goldman Sachs’ repeated public assurances that it was being vigilant about avoiding conflicts of interest. They say the assurances proved to be false, as details emerged about a group of so-called collateralized debt obligations, known as CDOs, including the Abacus portfolio that was at the center of the SEC suit.Abacus PortfolioThe SEC said in its 2010 lawsuit that Goldman Sachs created and sold Abacus without disclosing that the hedge fund Paulson & Co. helped pick the underlying securities and bet against the vehicle. Goldman shares tumbled 13% on the day the suit was filed.Later that year, Goldman paid $550 million to settle with the SEC, a record amount for a Wall Street firm. Though Goldman didn’t admit wrongdoing, the firm said it made a “mistake” in not disclosing the Paulson & Co. role, an unusual acknowledgment in an SEC case.The Supreme Court case centers on the rules the court has crafted to determine whether shareholders have enough in common with one another to press a securities-fraud suit as a class action.In 1988, the high court said judges can presume that investors all relied on any public misrepresentations when they bought shares. But that ruling also said defendants can rebut that presumption -- and block certification of the class action -- by showing that the statements had no impact on the share prices.Goldman Sachs says its assurances about conflicts were so “generic” they couldn’t possibly have been responsible for propping up the stock price. The statements included promises in regulatory filings that the firm had “extensive procedures and controls that are designed to identify and address conflicts of interest” and that “our clients’ interests always come first.”Wall Street’s peddling of CDOs remains a touchstone of the global financial crisis, evidence to many that clients came second to the massive profits bankers were making for themselves. Much of the 2008 economic collapse was fueled by losses suffered by banks and hedge funds that owned the complex securities.Ultimately, the U.S. government was forced to provide a $700 billion taxpayer-financed bailout for the financial industry.The case, which the court is scheduled to decide by late June, is Goldman Sachs v. Arkansas Teacher Retirement System, 20-222.(Updates with Barrett comment in fifth 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.
8h ago
Bloomberg
Russian Farmers Undeterred by Export Crackdown, at Least for Now
(Bloomberg) -- Russia’s bid to cool food inflation with crop-export taxes is bad news for farmers’ profits, though leaves them little choice but to plow ahead with big plantings -- at least for now.Farmers had already planted winter grains and are hesitant to change spring plans because many bought seeds and fertilizers before the export restrictions were announced earlier this year. The government sees the total crop area rising slightly and while it’s early in the growing season, analysts expect a wheat harvest near 80 million tons, one of Russia’s largest ever.The big question is the size of the key winter-wheat crop that gets planted in autumn, and some consultants including SovEcon warned sowings may shrink.The top wheat exporter supplies more than 100 countries -- including some of the biggest buyers -- with cheap grain, so major supply changes can send ripples across the global market. For a nation that’s prided itself on its shift from being dependent on crop imports to an export powerhouse, the protectionist measures also raise questions about its dominance in the future.“We don’t know much about what next season will give us,” said Angelika Melikian, a consultant at adviser Agritel. “The spring sowing season is unlikely to see major changes from recent years because farmers have these constraints.”Read more about Russia’s grain-export curbs and planned measures for sunflower oil.Major farm company Ros Agro Plc in February said it would cut grains planting this year, without elaborating, while Steppe Agroholding, one of the top producers in southern Russia, plans to keep sowing steady. Some companies considered reviewing their acreage mix, but that’s a risk given export restrictions on other crops too, Steppe Chief Executive Officer Andrey Neduzhko said.The taxes are intended to help consumers by keeping domestic prices in check, but risk curbing farmer incomes as the supply chain absorbs the levies.That’s especially the case for smaller farmers, who unlike big agriculture holdings aren’t partly shielded by their size and diversification. Small growers looking to switch to other spring crops at this stage may also find seed supplies limited, said Eduard Zernin, head of the Russian grain exporters union.While global grain stockpiles remain tight, expectations for big harvests in Russia and elsewhere this summer have helped wheat futures ease from a multiyear high set in January. That could change if Russian farmers cut plantings later this year.Reduced access to export markets could also hinder Russia’s long-term growth in wheat output, which has doubled in the past decade, according to Rabobank.“We start to feel all those negative things from the 2022 crop,” said Andrey Sizov, managing director at SovEcon, which sees winter-wheat plantings falling 5% to 10%. Autumn sowings will prove “an important event” for the world market, 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.
14h ago
Reuters
S&P 500 ends a hair lower; hedge fund default concerns hit banks
The S&P 500 ended just slightly in the red on Monday, with bank shares falling amid warnings of potential losses from a hedge fund's default on margin calls, while optimism over the economy limited the day's declines. The Dow ended higher, with shares of planemaker Boeing Co rising 2.3% after the company reached a deal with U.S. budget carrier Southwest Airlines Co for a variant of the 737 MAX aircraft. Nomura and Credit Suisse are facing billions of dollars in losses after a U.S. hedge fund, named by sources as Archegos Capital, defaulted on margin calls, putting investors on edge about who else might have been caught out.
13h ago

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$ 66.51 Million Growth in Global Pharmacovigilance and Drug Safety Software Market 2021-2025 | Evolving Opportunities with Ennov and EXTEDO GmbH | Technavio

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