Organic Banana Market to Grow by USD 252.00 Million During 2021-2025|Technavio

BBC
Beijing now has more billionaires than any city
China's capital has overtaken New York as it bounced back quickly from the pandemic, according to Forbes.
1h ago
Reuters
Nikola's fuel-cell development head exits, shares fall
The departure comes just over a month after Nikola disclosed details on its hydrogen fuel-cell-powered product lineup that will include vehicles with a driving range of up to 900 miles. Schneider, who spent three years at the startup as an executive vice-president, oversaw the development of its fuel cell and hydrogen team, Nikola said in a statement. Nikola had publicly rejected all accusations.
13h ago
FX Empire
USD/JPY Price Forecast – US Dollar Recovering
The US dollar fell during Asian trading against the Japanese yen, but as the Europeans came back on board, the market started to recover again.
17h ago
CoinDesk
Market Wrap: Bitcoin Drops to Near $56K as Spot Trading Volume Remains Low
The oldest cryptocurrency is looking at a price support level around $54,000, with resistance around $60,000.
10h ago
FX Empire
USD/JPY Forex Technical Analysis – Strengthens Over 109.687, Weakens Under 109.385
The direction of the USD/JPY on Wednesday is likely to be determined by trader reaction to the short-term 50% level at 109.687.
1d ago
CoinDesk
Here’s How the Archegos Debacle May Have Spilled Over to Bitcoin
The difference between bitcoin futures premium on CME and other crypto exchanges has widened since the end of March, when Bill Hwang’s troubles surfaced.
11h ago
Barrons.com
BP Hit Its Debt Reduction Target a Year Early. Here’s What That Means for the Stock.
BP stock climbed early on Tuesday, as the oil major said it would hit its net debt target almost a year earlier than expected, opening the door to share buybacks.
2d ago
Bloomberg
Suez Agrees to $1.9 Billion Australian Sale to Cleanaway
(Bloomberg) -- Suez SA agreed to sell its Australian business to Cleanaway Waste Management Ltd., with completion conditional on further talks about its own takeover by Veolia Environnement SA.Suez signed a deal to sell its recycling and recovery business in Australia to Melbourne-based Cleanaway for A$2.5 billion ($1.9 billion), the French water and waste-treatment firm said in a statement Tuesday. Under the terms, Suez can terminate the deal by May 6 if it gets taken over by Veolia, Cleanaway said in a filing.The arrangement leaves room for Suez to maneuver its own fate in its seven-month battle to convince shareholders that Veolia’s takeover offer is too low. Veolia bought almost 30% of Suez in October with a plan to absorb the whole company and create a new global leader in the sector.“We’re continuing to seek a friendly, negotiated solution with Veolia” with the aim of finding a solution by April 20, Suez Chairman Philippe Varin said on a conference call Tuesday. The valuation of the Suez asset sales, including in Australia, show that Veolia’s takeover offer, which it has resolutely maintained since October, “isn’t sufficient,” he said.Veolia said in a statement that Suez’s agreement to sell the Australian business creates another obstacle to a negotiated solution that will have a “negative impact” on its takeover offer. The company will continue to use “all legal means to prevent the sale of these strategic assets,” according to Veolia’s statement. Poison PillSuez on March 21 put forward a solution that would involve Veolia paying at least 20 euros ($23.63) per share -- 2 euros more than its offer -- and selling on over half of the company to Ardian SAS and Global Infrastructure Partners. It gave Veolia until April 20 to negotiate on that proposal.Alternatively, Suez wants a 22.50 euros per share bid by May 5, following which it would remove a so-called poison pill that’s meant to deter Veolia.Beyond that date, a legal mechanism has been put in place that would prevent any buyer from selling Suez’s French water assets until September 2024. It’s meant to complicate Veolia’s ability to resolve antitrust concerns after any deal unless it decides to sell its own French water business.Suez shares rose 0.3% in Paris trading, while Veolia was unchanged. Cleanaway surged 16% in Australia.The agreement with Cleanaway values Suez’s Australian assets at 12.9 times 2020 earnings before interest, taxes, depreciation and amortization, the company said. Given that Suez currently trades at about 8.5 times its Ebitda, the Australian deal shows the company is worth more than 20 euros a share, Chief Financial Officer Julian Waldron said.If no agreement is found with Veolia in the coming weeks, other asset sales can’t be ruled out, the Suez chairman said.Veolia or any other company can also make a higher bid for Suez’s Australian assets by April 21. If the deal between Suez and Cleanaway isn’t completed, the Australian utility will still acquire a portfolio of two landfills and five transfer stations in the Sydney region for A$501 million, the companies said.If the Australia deal is completed, it would make Cleanaway among the largest waste treatment operators in the country. It’s still currently searching for a new chief executive after longtime leader Vik Bansal announced plans to step down following an investigation into his workplace conduct.Cleanaway said it plans to raise new equity to partially fund the deal.(Updates with Veolia 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.
2d ago
FX Empire
AUD/USD and NZD/USD Fundamental Daily Forecast – Buyers Tentative Ahead of Fed Minutes
The conditions are ripe for a rally in the AUD/USD and NZD/USD, but buyers may be waiting for the release of the Fed minutes before making their move.
20h ago
Reuters
Top execs leave troubled refinery in U.S. Virgin Islands: letter
The finance chief and two other top executives at Limetree Bay Ventures, operator of a long-stalled Caribbean oil refinery, are stepping down, according to an internal letter reviewed by Reuters. The 200,000-barrel-per-day refinery in St. Croix recently halted processing after a mishap, according to people familiar with the matter. It has run more than $1 billion over its original budget and well behind a plan to begin processing in late 2019.
8h ago
Bloomberg
Carousell Bets on Second-Hand Car Marketplace to Boost Revenue
(Bloomberg) -- Carousell, a Southeast Asian online marketplace that lets people buy and sell second-hand goods, said it plans to invest aggressively to grow its classified cars business in the region.The Singapore-based startup, last valued at $850 million, will bolster its classified auto business across Malaysia, Vietnam, the Philippines, Hong Kong and Singapore with OneShift -- a portal that connects sellers with buyers and dealers -- and Reno Financial, which offers loans and other financial services, the company said in a statement.Carousell’s ambition underscores intensifying competition in the online second-hand car market in Southeast Asia, where middle class consumers are expected to swell in number to 334 million by 2030. Rivals Carsome, backed by investors including Asia Partners, and Carro, whose backers include Insignia Ventures Partners, both claim to be the region’s largest automotive marketplace and are trying to expand rapidly.“Covid has accelerated the trend of users buying and selling online, including for cars,” said Gaurav Bhasin, chief strategy officer of Carousell, who leads the firm’s automotive strategy. “We want to go one step further to power our autos brands with transactional models.”Carousell said it’s the most-visited auto classifieds platform in the region, with one of the biggest inventories of auto-related listings. Its cars business is now Carousell’s largest vertical, contributing a third of the company’s revenue.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
CoinDesk
Bitcoin Still Has Support From Long-Term Uptrend, Says Technical Analyst Katie Stockton
Despite short-term volatility, bitcoin's uptrend remains intact. And some traders could be shifting to altcoins.
14h ago
Reuters
Global Markets: Wall Street edges up, Treasury yields consolidate in advance of Fed minutes
U.S. stocks were modestly higher, while Treasury yields pressed "pause" on Wednesday in anticipation of the afternoon release of the Federal Reserve's minutes, which investors will dissect for clues regarding the central bank's economic outlook. "The market is on hold until we get some indication from the Fed," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. The U.S. Federal Reserve is expected to release the minutes from its most recent monetary policy meeting later on Wednesday, which will be parsed for any changes in its economic outlook and clues as to when it expects to tighten its accommodative stance.
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Reuters
Japan's regulators to check high-risk trades after Archegos -Nikkei
TOKYO (Reuters) -Japanese regulators will heighten scrutiny on high-risk trades by domestic financial institutions in the wake of the Archegos fallout, the Nikkei business daily reported on Wednesday. Top investment bank and brokerage, Nomura Holdings, was one of the highest-profile casualties while Mitsubishi UFJ Financial Group (MUFG) warned of a loss of around $270 million. The Financial Services Agency (FSA) and the Bank of Japan (BOJ) will scrutinise how financial institutions that incurred losses had been managing transaction risks, the Nikkei said.
21h ago
Bloomberg
Okta Expects 30% Annual Growth to 2024, Boosted by New Markets
(Bloomberg) -- Okta Inc., an identity-verification software maker whose business got a dramatic boost from the shift to remote work during the pandemic, projected sales will grow 30% in each of the next three years.Revenue at the end of fiscal 2024 will be close to an annualized $2 billion, or about $500 million for the fourth quarter that year, Chief Executive Officer Todd McKinnon said in an interview. The company, which last month agreed to buy Auth0 for about $6.5 billion, is interested in additional acquisitions, McKinnon said, but will achieve that growth rate without any more deals. Demand for the software maker’s products, which help workers access corporate systems and consumers authenticate their identity online, has increased as more employees logged on from home during the past year. For the 12 months through March 1, Okta was used more than 52 billion times to log into an app or website, almost 200% growth from the same period a year earlier.The company’s shares more than doubled last year, making McKinnon a billionaire on paper. But since hitting a record high on Feb. 12, the stock has declined 22% through Tuesday’s close with investors leery that the company may not be able to maintain its momentum.McKinnon said some investors were disappointed in the fiscal year 2022 forecast and thought the company paid too much for Auth0. He doesn’t agree with either concern. Okta last month said annual revenue would be as much as $1.09 billion while its adjusted loss would be 44 cents to 49 cents a share.The San Francisco-based company said Wednesday it will enter two markets with new products. One, Identity Governance Administration, generates reports after the fact that detail who in an organization has permission to see which parts of its systems. The idea is to make sure people who’ve left the company or have changed roles don’t retain access to unauthorized areas. The second, Privileged Access Management, governs who can view and change an organization’s critical systems. The new areas expand the size of Okta’s potential markets to about $80 billion, the company calculates.McKinnon said these protections have become more critical as employees continue to work for home and global companies and governments are roiled by sophisticated cyber-attacks like that involving SolarWinds Corp.“A lot of these data breaches come down to server accounts that weren’t locked down when they should have been — admins changed jobs or left the company,” McKinnon said. “If it wasn’t the cause of the breach, it was a vector that the attackers used once they got in.”In the newer markets, Okta said it will compete with SailPoint Technologies and CyberArk. Both new Okta products will be available in the first quarter of next year.Though Okta, with a market value of about $30 billion, is dogged by persistent rumors it might sell to a larger tech company, McKinnon said he wants it to be one of five or six independent software clouds that every company needs. The same way customers turn to Amazon.com Inc. or Microsoft Corp. for their cloud infrastructure, or Salesforce.com Inc. for business application cloud needs, McKinnon wants identity and access to remain Okta’s specialty rather than being subsumed into one of the other categories. Microsoft, which has identity software products that predate its cloud businesses, is already Okta’s main rival.“It really is such an important driver of choice in technology,” he said of having independent identity cloud software. If a customer uses Microsoft for identity management, they’ll be pushed towards Microsoft's Azure cloud and the software won’t work as well with Microsoft rivals like Zoom Video Communications Inc. and Slack Technologies Inc., he said. “This neutrality is more important than ever.”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.
15h ago
Reuters
Indian tribunal starts insolvency process against Oyo unit, company appeals
India's company law tribunal has initiated insolvency proceedings against a subsidiary of Softbank-backed hospitality startup Oyo, a public notice showed on Tuesday, a decision the company said it had challenged. Oyo is one of SoftBank's biggest bets and the Japanese group has poured more than $1 billion into the company, in which it owns a 46% stake. The National Company Law Tribunal (NCLT) notice said it was appointing a resolution professional for Oyo's subsidiary, Oyo Hotels and Homes Pvt Ltd, and inviting all creditors to submit any claims it may have against the company.
17h ago
Reuters
S&P gains, Treasury yields reverse losses in wake of Fed minutes
The S&P 500 and the Dow closed modestly higher and Treasury yields reversed slight losses after the Federal Reserve, in minutes of its latest meeting, said that the economic recovery remains far from complete despite showing signs of progress. The Nasdaq ended the session nominally lower, and economically sensitive small caps and transports crossed the finish line well into negative territory. "Today is noncommittal, not much going on, not much conviction one way or another," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.
1d ago
Bloomberg
BMO CEO Says Canada Should Prepare Housing Fixes But Not Act Yet
(Bloomberg) -- Bank of Montreal Chief Executive Officer Darryl White said Canada’s policy makers should work on preparing measures that could rein in the country’s surging home prices, but hold off on implementing solutions for at least a few weeks.During the coming weeks, provinces may be introducing another round of restrictions to combat a surge in coronavirus cases and the federal government is scheduled to release its first full budget in more than two years, both of which could affect the housing market, White said in an interview after the company’s annual meeting Wednesday. With the market “evolving weekly,” the government should hold off on major changes until it sees how those factors affect the situation, he said.“If I were a policy maker in this environment, I would be fast at work at preparation, but not necessarily quick to pull the trigger because I’d want to see what the next few weeks bring,” White said. Home values in Toronto, Canada’s biggest city, continued to swell last month, bringing average annual price gains to more than 20%.Bank of Montreal, Canada’s fourth-largest lender by assets, is forecasting 6.5% economic growth for both Canada and the U.S. this year. The recovery will gather strength in the second half of the year, with both consumers and businesses ramping up spending, White said.Bank of Montreal’s credit-card data show consumers have already started booking vacations and hotel reservations for later this year, and companies also are showing signs they’re ready to resume investing in their businesses, White said.“Lots of our bankers are in conversations with folks about getting back on the front foot in terms of capital-expenditure plans,” White said.Despite the strong rebound, White sees inflation remaining relatively tame. Longer-dated bond yields, which rose earlier in the year, have leveled out in recent weeks, signaling that markets are convinced central bankers will keep short-term rates low for “a good period of time,” White said. The bank expects 2022 inflation of a little more than 2%, White said.“If that were the outcome, that would be a pretty elegant landing to how the recovery plays out,” White said. “Based on what I see today, that’s a reasonable bet.”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
Yahoo Finance
Archegos: How Wall Street's hubris is a lesson for retail traders
As Wall Street still clamors to untangle the levered Archegos bets on ViacomCBS and other stocks, lessons are emerging that ring true for both institutional and retail investors. However, while Wall Street lives on to trade another day, the retail crowd may not be as fortunate.
14h ago
Bloomberg
Yellen Says Tax Plan Recoups $2 Trillion in Overseas Profits
(Bloomberg) -- Treasury Secretary Janet Yellen unveiled a detailed sales pitch for the Biden administration’s proposed new corporate-tax code, a plan that she said would be fairer to all Americans, remove incentives for companies to shift investments and profit abroad and raise more money for critical needs at home.Expanding on the tax proposals released last week in President Joe Biden’s $2.25 trillion economic package, the Treasury said the changes, over a decade, would bring back about $2 trillion in corporate profits into the U.S. tax net, with about $700 billion in federal revenue streaming in from ending incentives to shift profits overseas.All told, the extra tax take of about $2.5 trillion over 15 years would pay for Biden’s eight-year spending initiative, which is aimed at infrastructure, green investments and social programs that would support a larger labor force, according to the Treasury. Few major corporations would be untouched, with tech giants such as Apple Inc. and Microsoft Corp. likely to pay more.“Our tax revenues are already at their lowest levels in generations, and as they continue to drop lower we will have less money to invest in roads, bridges, broadband and R&D,” Yellen told reporters during a phone briefing, referring to research and development. “By choosing to compete on taxes, we’ve neglected to compete on the skill of our workers and the strength of our infrastructure. It’s a self-defeating competition.”Key ElementsThe Treasury released a 17-page report Wednesday that will likely serve as a road map for administration officials and lawmakers seeking to navigate the combined package of spending and tax proposals through Congress in coming months.The key elements of the corporate tax plan include raising the U.S. corporate rate to 28% from 21%, and imposing minimum taxes on both foreign earnings as well as the domestic profits that corporations report to shareholders, changes that would significantly increase the taxes companies owe.Read more: Biden’s Economic Plan Hinges on Party Unity After Procedural WinThe tax proposals already face sharp opposition from Republican lawmakers and pushback from some moderate Democrats. West Virginia Senator Joe Manchin has said he opposes a corporate tax rate above 25%. With the Senate split 50-50, Biden cannot afford to lose the support of a single Democratic senator if he wishes to push through any portion of the package.While most business groups, including the U.S. Chamber of Commerce and the Business Roundtable, have come out in opposition to the tax increases, some have acknowledged that there could be benefits from higher corporate taxes to fund infrastructure spending. Amazon.com Inc. Chief Executive Officer Jeff Bezos said Tuesday that he would support a tax-rate increase, but didn’t specify a number.The proposal for a global minimum tax comes as the Organization for Economic Cooperation and Development is managing talks with about 140 countries, including the U.S., on establishing a worldwide levy on corporate profits. A global rate has yet to be decided, though prior proposals had suggested rates at roughly 12.5%. Biden’s plan for 21% would be significantly higher and could complicate negotiations.Read more: Global Minimum Tax Momentum Gains With G-20 Seeing Mid-Year DealThe Treasury report featured a raft of data to support the administration’s case. U.S.-based companies that operate globally collectively paid a 7.8% effective rate in 2018, the first year that former President Donald Trump’s tax cut went into effect, according to the non-partisan Joint Committee on Taxation. The year before, corporations paid 16%.Across member countries of the OECD corporate tax revenues are equivalent to an average 3.1% of GDP. In the U.S., it’s 1%, the Treasury said.Worker BurdenThat places an unfair burden on workers, made worse by Trump’s 2017 changes that cut corporate levies, according to the Treasury report. The report points to research showing corporations put more of their savings from the Trump tax cuts into share buybacks and dividend distributions than into new investments.Profitable companies would no longer be able to use tax breaks to completely eliminate their federal tax bills and would have to pay at least 15% on the profits reported on their financial statements, known as book income.That levy would apply to corporations earning at least $2 billion, an increase from a $100 million threshold included in Biden’s campaign tax plan. About 180 companies have reported income at those levels in recent years and about 45 of those firms would have paid the minimum tax if Biden’s plan were in effect, the report said.The average company facing the tax would have an increased minimum tax liability of about $300 million a year, the Treasury said.Tech GiantsApple, Microsoft, Google parent Alphabet Inc., Facebook Inc. and Intel Corp. all had tens of billions in pre-tax income over the trailing 12 months with effective tax rates in the mid-teens, according to data compiled by Bloomberg.Warren Buffett’s Berkshire Hathaway Inc. and Verizon Communications Inc. also were big earners in that period, with effective tax rates of about 22% to 23%, according to Bloomberg data.Biden’s plan also calls to repeal central elements of Trump’s 2017 corporate tax overhaul, including the base erosion and anti-abuse tax, or “BEAT.” The measure, which is meant to punish companies that move profits offshore, has been criticized for taxing some non-abusive transfers while missing tax-avoidance strategies.The Treasury said it plans to replace the BEAT with the “SHIELD,” an acronym for stopping harmful inversions and ending low-tax developments. That would block companies from deducting payments made to their affiliates in countries with tax rates lower than the 21% rate on offshore profits. The plan would also include additional penalties for companies that try to move their headquarters to another country to escape the U.S. tax net.Biden’s plan also calls for eliminating all subsidies specifically for oil and gas embedded in the tax code, including deductions for drilling costs. The Treasury Department estimates that would raise about $35 billion in the coming decade.(Updates with affected companies starting in third paragraph. An earlier version corrected the level of corporate-tax revenue in OECD countries.)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

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Organic Banana Market to Grow by USD 252.00 Million During 2021-2025|Technavio

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