U.S. markets close in 3 hours 28 minutes

  • S&P 500

    4,199.97
    +2.92 (+0.07%)
     

  • Dow 30

    34,441.81
    +47.83 (+0.14%)
     

  • Nasdaq

    13,676.56
    +15.39 (+0.11%)
     

  • Russell 2000

    2,224.93
    -2.41 (-0.11%)
     

  • Crude Oil

    66.26
    +0.21 (+0.32%)
     

  • Gold

    1,893.40
    +8.90 (+0.47%)
     

  • Silver

    28.03
    +0.12 (+0.45%)
     

  • EUR/USD

    1.2238
    +0.0018 (+0.15%)
     

  • 10-Yr Bond

    1.5810
    -0.0270 (-1.68%)
     

  • GBP/USD

    1.4136
    -0.0019 (-0.13%)
     

  • USD/JPY

    108.9240
    +0.1780 (+0.16%)
     

  • BTC-USD

    37,949.49
    +617.40 (+1.65%)
     

  • CMC Crypto 200

    971.94
    -11.79 (-1.20%)
     

  • FTSE 100

    7,029.79
    -21.80 (-0.31%)
     

  • Nikkei 225

    28,553.98
    +189.37 (+0.67%)
     

Tidal's new Apple Watch app works without an iPhone nearby

Jon Fingas
·Associate Editor
·1 min read

Spotify's upgraded Apple Watch app already has some fresh competition. Tidal has released its first Apple Watch app, giving you the chance to either play offline music or stream without needing your iPhone nearby. You'll need to link your Tidal account through a web browser, but after that you can blast your running playlist from your wrist at any time.

Tidal was available on Samsung watches before this, but otherwise wasn't an option on wearable devices.

This marks the fourth major streaming service to run independently on the Apple Watch following Apple Music, Spotify and Pandora. While that still doesn't leave you with many choices (Deezer and YouTube Music remain tied to your iPhone), it does make Apple's wristwear more appealing, at least compared to some platforms — even Google is only now bringing YouTube Music to Wear OS.

Recommended Stories

  • Bitcoin ETF Backers See Canada Fund’s Slump as Reason to Believe

    (Bloomberg) -- This month’s cryptocurrency meltdown has at least one bright spot for advocates of a Bitcoin exchange-traded fund in the U.S.As the price of the largest digital asset cratered, the $660 million Purpose Bitcoin ETF (ticker BTCC) in Canada -- North America’s first such fund -- moved in lockstep.That may not sound like a good thing, but it kept the ETF’s price stable relative to the value of assets it holds.The ability to keep trading without huge premiums or discounts appearing in a fund’s price is a key argument in the case for an exchange-traded crypto vehicle. In contrast to BTCC, for example, the $23.9 billion Grayscale Bitcoin Trust (GBTC) at one point traded about 21% below its net-asset value during the turmoil.Regulators have yet to approve a U.S. ETF, in part because of concerns on how a fund would be able to handle the token’s infamous volatility. But if Canada’s ETF is anything to go by, the concern might be misplaced.The reason why BTCC was able to keep its price discount to a minimum during the selloff boils down to the fact that it is an ETF. To keep its price in line with its holdings, specialized traders either create or redeem shares of the ETF to adjust the outstanding supply as demand shifts. That process doesn’t exist for trusts like GBTC, which doesn’t allow for share redemptions -- which can create dramatic dislocations.“While the recent nasty selloff in Bitcoin will likely spook the SEC, it should do the exact opposite and give them maximum confidence to approve, as it showed once again how well the ETF can handle pressure thanks to their fungibility,” said Eric Balchunas, Bloomberg Intelligence ETF analyst. Investors “deserve to get something that tracks the price well -- and ETFs have shown they are the best structure to do that.”Bitcoin has plunged over 33% so far this month, dragged down by renewed regulatory concerns from China and criticism from Tesla Inc.’s Elon Musk about its energy usage. The world’s largest cryptocurrency is hovering near $37,900 per coin, down roughly 40% from a mid-April peak.At least 11 companies are looking to launch a Bitcoin ETF in the U.S., and nine of them have filed since the end of 2020, according to a tally kept by Bloomberg Intelligence. VanEck renewed that push with a filing in late December, but the SEC has delayed a decision on its application until at least June. VanEck also filed for an ETF tracking the second-largest cryptocurrency Ether.Hopes for a Bitcoin ETF approval in 2021 have faded somewhat in the past few weeks. New SEC chairman Gary Gensler told Congress that the crypto market “could benefit from greater investor protection,” and later a letter from the Securities and Exchange Commission staff warned that Bitcoin is “highly speculative” and volatile.But Bitcoin’s turbulence shouldn’t prevent the SEC from giving the green light, according to CFRA Research’s Todd Rosenbluth.“The regulatory approval process for a U.S. Bitcoin ETF appears more focused on whether they have comfort in the risks related to Bitcoin in a fund and whether the fund could become too large to handle the lack of liquidity in the market,” said Rosenbluth, the firm’s head of ETF and mutual fund research. “I don’t think the volatility for Bitcoin impacts the decision-making process, but the fact that demand remains high could add data to support their concerns about the impact of the fund’s potential size and inability to close to new investors.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Boom in China Firms Listing in the U.S. Comes to Sudden Halt

    (Bloomberg) -- At least three Chinese companies have put their plans to list in the U.S. on hold, heralding a slowdown in what’s been a record start to a year for initial public offerings by mainland and Hong Kong firms.A bike-sharing platform, a podcaster and a cloud computing firm are among popular Chinese corporates holding off plans for a U.S. float, put off by recent market declines, souring investor sentiment toward fast-growth companies and lackluster debuts by peers like Waterdrop Inc.Hello Inc., Ximalaya Inc. and Qiniu Ltd. are postponing plans to take orders from investors, even though the three had filed paperwork with the Securities and Exchange Commission well over two weeks ago. In the U.S., companies can kick off their roadshows two weeks after filing publicly and most typically stick to that timetable.“The recent broad market selloff, combined with the correction of the IPO market since the beginning of last month when some new issuers tanked during their debuts, may make the market conditions less predictable for newcomers who are ‘physically’ ready -- meaning they have cleared all regulatory hurdles for IPO -- to get out of the door,” said Stephanie Tang, head of private equity for Greater China at law firm Hogan Lovells. “Some participants may choose to monitor the market for more stable conditions.”The delays throw a wrench in a listings flood by Chinese and Hong Kong companies in the U.S. that already reached $7.1 billion year-to-date -- the fastest pace on record -- after booming in 2020. Demand for IPOs surged as a wave of global stimulus money, ultra-low interest rates and rallying stock markets lured investors despite Sino-American tensions and the continued risk of mainland stocks being kicked off U.S. exchanges.READ: Stock Market’s Million Little Dramas Come Down to a Supply GlutThe S&P 500 Index capped its biggest two-week slide since February on Friday amid mounting investor concern over inflation and its impact on tech and other growth stocks. China’s CSI 300 Index remains in a technical correction, having fallen 10% from a February peak, while the Nasdaq Golden Dragon China Index, which tracks Chinese companies listed in the U.S., has slumped more than 30% from its high that month.Waiting OnHello, which offers a bike-sharing platform plus electric scooters for sale, has delayed its planned launch and is still undecided on its prospective valuation given rising investor caution about new shares, Bloomberg News has reported. It had been planning to raise between $500 million and $1 billion in the offering, although the final number will depend on valuations, according to one person with knowledge of the matter.Online podcast and radio services startup Ximalaya and enterprise cloud services provider Qiniu have put their listings on hold after beginning to gauge investor interest at the end of April, people with knowledge of the matter said, asking not to be identified as the information isn’t public.The sounding out of investors, or pre-marketing process, generally comes after filing for an IPO and before formal order-taking in a roadshow. Hello declined to comment while Qiniu didn’t immediately respond to an emailed request for comment. Ximalaya’s IPO process is ongoing and the company will seek public listing at an appropriate time depending on market conditions, it said in response to questions.Weak DebutsThe poor performance of recent Chinese debutants has also sapped investor confidence. Insurance tech firm Waterdrop has plunged 38% from its offer price since going public earlier this month. Onion Global Ltd., a lifestyle brand platform, has fallen more than 8% below its IPO price.In fact, almost 59% or specifically 20 of the 34 Chinese firms that have listed in the U.S. this year are under water, data compiled by Bloomberg show, among them the two largest IPOs -- e-cigarette maker RLX Technology Inc. and online Q&A site Zhihu Inc. Of the ones that listed in 2020, just 40% are trading below their IPO prices.The recent volatility in global markets has spooked U.S. companies as well. They have also been delaying floats or facing weak debuts.For some, the current challenges faced by Chinese listing hopefuls are likely to be transitory, with the hotly-anticipated IPO of ride-hailing giant Didi Chuxing Inc., which has filed confidentially for a multibillion-dollar offering, set to prove the real test of investor appetite for the China story.Apart from Hello and the two other firms that are said to delay IPO plans after kicking off their pre-marketing process, Chinese road freight transport platform ForU Worldwide Inc., which filed for a U.S. offering on May 13, and online education company Zhangmen Education Inc., which filed on May 19, are waiting in the wings though they have yet to pass the two-week hallmark.“There is a natural strong growth in China which international investors will still want to invest in over the longer term,” said Gary Dugan, chief executive officer at the Global CIO Office in Singapore.(Updates prices throughout, adds more details in the second-last paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • 4 Little-Known Cryptocurrencies That Beat Bitcoin During the Crash

    Polygon, Helium, Celsius, and Maker may not be household names, but they are being explored as potentially useful technologies.

  • Of Course China Is Anti-Bitcoin: Look What Happened to Jack Ma

    China's assault on Bitcoin is part of a broader struggle to foster innovation while maintaining control, says our columnist.

  • 3 Things You Need to Know About China’s Crypto Crackdown

    The crackdown notice from the State Council has sent shockwaves across the crypto industry in China.

  • Huawei plans to launch new operating system for phones in June

    China's Huawei Technologies said it will launch its new Harmony operating system for smartphones on June 2, its biggest move yet aimed at recovering from the damage done by U.S. sanctions to its mobile phone business. U.S. sanctions banned Google from providing technical support to new Huawei phone models and access to Google Mobile Services, the bundle of developer services upon which most Android apps are based. The new HarmonyOS will only go some way to mitigating the impact of the 2019 sanctions that also barred Huawei from accessing critical U.S.-origin technology, impeding its ability to design its own chips and source components from outside vendors.

  • Central Banks Running Out of Options as Recovery Falters in Asia

    (Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Asia’s surging coronavirus infections and slow pace of vaccinations is testing the limits of what central banks can do to further support what, until recently, had been the world’s stand out economic recovery.With interest rates already low, the likely policy response will center on more government borrowing, relegating central banks to a supporting role. That backdrop will overshadow decisions this week where policy makers are expected to keep rates on hold -- Indonesia, South Korea and New Zealand.“In my view, there is little room for further monetary policy stimulus, at least in terms of traditional policy levers like interest rate cuts,” said Tuuli McCully, head of Asia-Pacific economics at Scotiabank. “I expect additional fiscal stimulus to play a key role in helping economies.”In Jakarta, the finance ministry has offered more tax cuts to spur economic activity and plans to stick with its $84 billion-net bond issuance target this year, even as borrowing costs climb. Bank Indonesia is expected to keep rates unchanged Tuesday.South Korea’s economy is being cushioned by soaring exports even as rolling social distancing restrictions damp consumer spending -- prompting the government to pledge more fiscal spending to create jobs. The Bank of Korea is also expected to remain on hold when it meets Thursday.New Zealand’s economy continues to recover, amid a low case count, after contracting at the end of last year. The Reserve Bank of New Zealand is expected to hold steady Wednesday after the government’s annual budget last week included the biggest increase in welfare payments in more than a generation as part of measures to support growth.India is the global epicenter of the latest virus surge, and even other economies that had kept infections under control -- such as Singapore and Taiwan -- are also battling flare ups. Japan continues to struggle with spreading cases and even China is seeing an uptick in infections.The region is also lagging in the vaccination roll out, with Singapore having inoculated around 30% of its population, followed by China at around 15% and the others well behind.“The region’s relatively slow vaccine roll out is increasingly proving to be a drag, including for the more developed economies whose hitherto successful strategy to more emphasize contact tracing, rapid testing and social distancing, is being challenged by the recent surge in cases,” according to Sameer Goel, Deutsche Bank AG head of emerging market research.The Reserve Bank of India will be central to how India responds to the crisis, given the government has only limited fiscal space with a budget deficit of 6.8% of gross domestic product in the year to March 2022, down from an estimated 9.5% last year. Benchmark rates have remained unchanged for a year amid sticky inflation.Next month the RBI’s monetary policy committee is likely to keep rates unchanged, but Governor Shaktikanta Das could expand a quantitative easing program for the second straight quarter to keep borrowing costs under check.Other Asian central banks are supporting their nations’ fiscal policies. Bank of Japan Governor Haruhiko Kuroda said last week he will continue with powerful monetary easing, indicating his yield curve control program will keep government bond yields low to help additional fiscal spending. China’s central bank is also continuing to ensure borrowing costs are kept low for those parts of the economy that need it, while keeping an overall disciplined approach to the volume of its stimulus.“Monetary policy is not as effective compared to fiscal policy in responding to the current virus wave,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group Ltd. “Extension of fiscal support is what is needed.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • S&P 500 Price Forecast – Stock Markets Testing Major Figure Again

    The S&P 500 has rallied quite significantly during the trading session on Monday as we continue to see upward pressure yet again.

  • PG&E to Sell San Francisco Headquarters for $800 Million

    (Bloomberg) -- PG&E Corp. has reached a deal to sell its iconic San Francisco headquarters to real estate joint-venture Hines Atlas for $800 million as the utility giant moves to cut costs after it emerged from bankruptcy last year.PG&E, which plans to move to Oakland next year, needs approval from state regulators to sell the 1.7 million-square-foot (158,000-square-meter) complex, which includes 77 Beale Street and 245 Market Street, according to a statement Monday.The sale comes as office markets around the globe have been battered by the coronavirus pandemic. One broker estimated in 2019 that PG&E’s headquarters could bring in more than $1 billion. The utility giant is one of the most high-profile companies to leave San Francisco for Oakland, a less expensive city located across San Francisco Bay.Nearly a dozen bids were submitted for the property, according to a person familiar with the matter. That level of interest suggests real estate investors are willing to bet on a rebound for office demand in the city.“It’s a fantastic bet on San Francisco,” said J.D. Lumpkin, executive managing director at commercial real estate brokerage Cushman & Wakefield in San Francisco, who wasn’t involved in the deal. “While San Francisco has taken its lumps through Covid, perhaps more than other cities, there’s a lot of evidence that we will rebound over the next two or three years.”PG&E didn’t immediately respond to a request for comment about the bids. The company’s shares rose as much as 2.1% Monday.Unlike some other large property sales in San Francisco since the pandemic, the complex will require a substantial amount of renovation. It also doesn’t have a tenant in place, so the buyers will have to fill it in a few years once the redevelopment is finished.Also See: KKR Said to Buy $1.08 Billion San Francisco Dropbox OfficesSan Francisco’s overall office vacancy rate in the first quarter shattered the previous record high hit during the dot-com bust at the turn of the century, according to CBRE Group Inc. That’s pushed rent down and weighed on the value of buildings.The sale price is about $200 million less than expected, Citigroup Inc. utility analyst Ryan Levine wrote in a research note Monday. That raises the prospect that PG&E may need to raise equity this year, he said.Offset BillsPG&E intends to distribute about $400 million from its gain on the sale to customers over five years to offset bill increases as it invests in safety and operational improvements. In an added benefit, most PG&E workers will have shorter commutes to their new office, the company said.CBRE’s San Francisco Capital Markets team brokered the deal.PG&E filed for bankruptcy in early 2019 after collapsing under liabilities from wildfires sparked by its equipment. Though the company exited Chapter 11 last year, it remains burdened by about $42 billion of debt, raising concerns about its financial durability and ability to make the investments required to fire-proof its grid.Hines is one of the biggest private real estate investors and managers in the world, according to its website. Hines Atlas is a joint venture between Hines and another investor, a Hines spokesman said. He declined to name the other investor.(Adds details of bid beginning in fourth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Singapore’s Richest Property Family Warns of Cooling Measures

    (Bloomberg) -- The Singapore government may step in to introduce property curbs if home prices keep rising, according to the city-state’s richest property family, marking the first time a developer has waded in on the issue.City Developments Ltd. Chairman Kwek Leng Beng “noted that the residential market has been performing well though he cautioned that if property prices continue to rise, there may be a time that further cooling measures could be introduced to control the prices,” records from the company’s annual shareholder meeting show. The gathering was held on April 30, with the notes filed at the Singapore Exchange on Monday.Singapore’s property market has rebounded sharply in recent months, making the sector a bright spot as the economy recovers from the pandemic. Prices of properties ranging from public apartments to private units and luxury bungalows have been rising, with some hitting records.That has prompted growing speculation that authorities may take steps to calm the market and prevent it from running ahead of the economy. But a recent Covid-19 outbreak may test the market’s resilience as the city-state returns to lockdown-like conditions last imposed a year ago.At the shareholder meeting, Chief Executive Officer Sherman Kwek expressed optimism about the prospects of CDL’s residential projects and office properties in Singapore.The number of home units sold in the city-state has recovered to a healthy level despite the pandemic, said Kwek, who is the chairman’s son. Transaction volume last year equaled that of 2019, with close to 10,000 units sold for the entire market. And there’s still pent-up demand, especially among buyers who are upgrading from public to private apartments, he said.“While there is uncertainty surrounding whether the government would implement new cooling measures, the overall residential market remains very stable,” the notes said, citing the CEO’s comments.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Obese Pigs in China Are Fueling Relentless Slump in Pork Prices

    (Bloomberg) -- Obese pigs in China are being blamed for worsening a sudden rout in the country’s pork prices.Farmers have been fattening hogs since late last year to almost double their normal weight -- roughly the size of a pygmy hippo or a female polar bear -- in the hope the animals will generate higher returns should prices rebound.Cao Tao, a pig trader in the northwestern province of Shaanxi, said many of the swine he’s buying weigh more than 200 kilograms, compared with their usual size of around 125 kilograms. “Some farmers are holding onto their larger pigs on hopes of a price rebound,” he said.Instead, Chinese wholesale pork prices have plunged more than 40% since mid-January amid sluggish demand, increased imports and panic selling by farmers after fresh outbreaks of African swine fever. Muyuan Foods Co., the country’s biggest pig breeder, said this week it’s expecting a continued drop in domestic hog prices, with the slump not bottoming out until next year or even 2023.Many farmers had fattened their pigs in anticipation of a recovery in pork prices, but the rout since February has triggered a sell-off of these large animals that may be delaying a rebound in prices, according to Lin Guofa, a senior analyst at consultancy Bric Agriculture Group.“When these farms sell together, the sell-off causes an explosive price slump,” he said. Farms in the southwest and south are still holding a large number of “cow-sized” pigs, which could be sold as the weather warms and push down prices for a while yet, Lin said.China’s hog herd was devastated by African swine fever in 2018 and, while numbers have recovered since then, a recent resurgence has driven up pork imports. The agriculture ministry said in April that the country’s pig herd may recover to usual levels by June or July, although the number of hogs available for slaughter may take another four months to get back to normal.“Super-sized” pigs are partially to blame for the drop in pork prices, Qiu Huaji, the head of swine infectious diseases at Harbin Veterinary Research Institute, said at a conference last week. A price rebound had been expected in the third quarter due to the resurgence of African swine fever cutting herds by almost half in some areas, he said.See also: China’s Swine Fever Borders to Reshape $300 Billion IndustryThe impact of the obese hogs on pork prices is also being complicated by new rules that prohibit the transport of live pigs across the boundaries of five areas. The regulations -- aimed at combating the spread of African swine fever - are reshaping the market and leading to regional price differences.Qian Xiaoyun, a farmer in the northern city of Tianjin, said her family wouldn’t be breeding larger pigs after the price slump and had sold all of their animals that weighed more than 150 kilograms. “The falling pork prices and high corn prices give poor returns on those larger hogs as they eat more,” she said.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Volkswagen receives 7.5 billion euro offer for Lamborghini -Autocar

    The non-binding offer sets out terms for the purchase of Automobili Lamborghini by Switzerland's Quantum Group AG, which has formed a consortium with London-based investment firm Centricus Asset Management, Autocar reported. The report, citing offer documents, also said that the consortium would include job assurances for existing Lamborghini employees for up to five years and the creation of 850 new jobs.

  • Singapore clears LSE deal for Refinitiv after FX pledge

    Singapore's competition authority has approved the London Stock Exchange Group's $27 billion acquisition of data and analytics company Refinitiv provided the bourse continues to offer certain foreign exchange benchmarks to rivals. The Competition and Consumer Commission of Singapore (CCCS)gave the conditional approval after examining whether the deal, which transforms the 300 year old bourse into a one-stop shop for data, trading and analytics, threatened competition in the currency market. The LSE has committed to making Refinitiv's WM/Reuters foreign exchange benchmarks available to existing and future customers to provide index licencing services or clearing services in Singapore, CCCS said in a statement, adding that the commitment, effective from Monday, was for 10 years.

  • Fed's Brainard says central bank stepping up exploration of digital dollar

    (Reuters) -Growing digital currency options could lead to a "fragmentation" of the payment system that poses financial risks for households and businesses, Federal Reserve Governor Lael Brainard said on Monday in a speech that outlined the major policy questions the Fed will need to address as it explores the potential development of a digital version of the U.S. dollar. As the holder of the world's reserve currency, the United States must be highly involved as digital payments become more common and other countries develop digital currencies that can be used to send money across borders, Brainard said. "The Federal Reserve is stepping up its research and public engagement on a digital version of the U.S. dollar," Brainard said in remarks made during a virtual conference organized by CoinDesk.

  • GBP/USD Daily Forecast – U.S. Dollar Is Under Pressure Against British Pound

    GBP/USD settled above the resistance at 1.4150 and is testing the next resistance level at 1.4180.

  • Gold Touches Four-Month High on Fed Policy View, Home-Sales Drop

    (Bloomberg) -- Gold rose to the highest in more than four months after Federal Reserve officials reassured investors on the outlook for monetary policy and a gauge of U.S. new-home sale fell more than expected.Central bank officials reiterated that they expect transitory rather than lasting price pressures from the U.S. economic rebound, damping speculation around any push to tighten policy. Declines in Treasury yields also underpinned gains in precious metals.Gold is close to wiping out losses for 2021 after posting three straight weekly increases, with a weakening dollar and lower bond rates helping boost demand for the non-interest-bearing metal. Bullion got an extra boost Tuesday as the drop in U.S. home sales shored up the appeal of the metal as a haven.“You have that slight miss on the U.S. data, and bond yields are creeping lower,” said Bob Haberkorn, senior market strategist at RJO Futures. “That’s helping gold. Gold is just acting as a safe haven today.”Spot gold rose 0.5% to $1,892.17 an ounce at 11:58 a.m. in New York after climbing as much as 0.8% to the highest since early January. Silver, palladium and platinum also advanced.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • NVIDIA Split Announcement Raises Red Flag

    The systems chip manufacturer announced a four-for-one stock split on Friday morning, effective on July 20th.

  • China’s Largest Listed Property Manager Raises $2 Billion

    (Bloomberg) -- Country Garden Services Holdings Co. raised $2 billion, paving the way for more acquisitions as China’s largest listed property services manager seeks to reach an ambitious revenue goal.In the biggest additional fundraising in the sector, the Foshan, Guangdong-based company agreed to sell HK$10.5 billion in new shares and issue HK$5.04 billion of zero-coupon convertible bonds due 2022, exchange filings showed Tuesday. That’s more than earlier offered, according to terms for the deal obtained by Bloomberg News.Click here for more details on the transaction.The proceeds will be used for acquisitions, expansion of new businesses and general purposes. In March, President Li Changjiang said the company aimed to reach 100 billion yuan ($16 billion) in revenue by 2025, up from 15.6 billion yuan last year. Fundraising is expected to drive the target, CMB International Capital Corp. property analyst Jeffrey Zeng said. Real estate service providers, whose businesses range from housekeeping to parcel deliveries, are taking advantage of lofty valuations to raise cash and expand through takeovers, and competition has become fierce. In January， China Evergrande Group’s property services unit bought a rival for 1.5 billion yuan to help meet its ambitions of increasing profit by 50% this year.Country Garden Services announced plans in March to take mid-sized rival Sichuan Languang Justbon Services Group Co. private to expand its business. The deal would use 8.3 billion yuan, more than half of its cash buffer at the end of last year, according to CMB.While many companies are seeking to buy competitors, others are looking to sell. Chicago-based Jones Lang LaSalle Inc. is weighing a plan to offload its property management business in China for at least $500 million, Bloomberg reported last month.At HK$75.25 apiece, the share placement represents a 6% discount to the closing price of Country Garden Services in Hong Kong on Monday. The stock fell 1.8% to HK$78.60 at 11:48 a.m. on Tuesday.Country Garden Services now trades 47 times projected earnings this year, among the highest in the industry, according to data compiled by Bloomberg. Listed in Hong Kong in 2018, it’s the biggest publicly traded property management services firm, with a market value of HK$238 billion.(Updates with analyst comment in the third paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Israel's Elbit Systems eyes growth from night-vision tech

    Israeli defence electronics specialist Elbit Systems reported higher quarterly profit on Tuesday and said it expects its night-vision business and other acquired operations to prosper as global defence spending continues to rise. The company's U.S. business last year won a U.S. Army contract for enhanced night-vision systems that use thermal imaging and augmented reality, with the deal worth up to $442 million. Elbit Systems of America in 2019 bought the night-vision business of L3Harris Technologies for $350 million and has also won German and Dutch military deals.

  • Battered Bitcoin claws back losses as oil rallies on recovery hopes

    Consumer-related stocks helped tip London markets into the green, following two weeks of drops, helped by a weekend of Covid restrictions being eased. “It seems investors have had a good weekend and have realised how many other people have also been enjoying newly reinstated opportunities,” said Danni Hewson, financial analyst at AJ Bell. “From cinemas to restaurants, shops to bingo halls, real life has translated into share gains for companies like Primark owner Premier Foods, The Restaurant Group and the Rank Group.” The domestically-focused FTSE 250 index added 84.31 points to close at 22,483. Gambling company Rank Group led the leaderboard, rising 14.2p to 196.2p, followed by Mr Kipling’s parent Premier Foods, which gained 6p to 107.6p. Joining them in the top 10 was Frankie & Benny’s owner The Restaurant Group, which added 6.4p to 128.4p, as well as pub chain Wetherspoon. Similar types of blue-chip companies helped push the FTSE 100 to close in positive territory, though gains were tempered by miners which mostly fell after China’s commodity price warnings. Meanwhile, stocks globally struggled for momentum as investors awaited key US inflation readings for guidance on monetary policy. London’s benchmark FTSE 100 edged up 33.54 points to close at 7,051.59 Catering company Compass Group led the charge, up by 43p at £15.82. Gambling firms Entain and Flutter Entertainment also finished in the top 10, gaining 35.5p to £16.14 and 270p to £13.20 respectively. They were followed by hotel owners Intercontinental Hotels Group and Whitbread, which rose 98p to £49.22 and 59p to £31.50, respectively. Heavyweight oil stocks also performed well as oil prices extended Friday’s rally and climbed higher after Iran said that gaps remain in negotiations aimed at reaching a deal to end US sanctions on its crude. Iran said there are still differences around the timing of when countries will return to compliance with the original 2015 nuclear agreement, allaying some concern about a rapid ramp-up in the Persian Gulf nation’s output. While the market is anticipating the Islamic Republic’s supply will pick up again by late summer, the demand recovery will be strong enough to absorb it, according to Goldman Sachs. The bank expects Brent futures to hit $80 (£57) a barrel in the next few months. Royal Dutch Shell added 10.4p to £13.50, while BP rose 4.2p to 316.4p. Dominating the bottom of the rankings and dragging on the index, however, were miners including Fresnillo, Antofagasta, BHP and Evraz. RBC also cut its price target on Chilean miner Antofagasta. Elsewhere among companies, shares of FTSE 250 software firm Kainos fell 25p to £13.87 despite saying its annual pre-tax profit more than doubled in an eleventh consecutive year of growth, surging 124pc to £57.1m in the year through March. Revenue grew by 31pc to £234.7m while booking rose 6pc.