Saleable assets – Brl Speak http://brlspeak.net/ Wed, 28 Sep 2022 13:33:56 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://brlspeak.net/wp-content/uploads/2021/11/brl-160x160.png Saleable assets – Brl Speak http://brlspeak.net/ 32 32 Hong Kong’s CK Asset to sell real estate assets for $2.65 billion https://brlspeak.net/hong-kongs-ck-asset-to-sell-real-estate-assets-for-2-65-billion/ Wed, 28 Sep 2022 12:37:00 +0000 https://brlspeak.net/hong-kongs-ck-asset-to-sell-real-estate-assets-for-2-65-billion/ Sep 28 (Reuters) – Hong Kong-based investment holding company CK Asset Holdings (1113.HK) has agreed to sell property assets for HK$20.77 billion ($2.65 billion). CK Asset said on Wednesday that its subsidiary would sell what it said was the “one and only issued share” in Aim Clever Holdings Limited, which indirectly owns assets such as […]]]>

Sep 28 (Reuters) – Hong Kong-based investment holding company CK Asset Holdings (1113.HK) has agreed to sell property assets for HK$20.77 billion ($2.65 billion).

CK Asset said on Wednesday that its subsidiary would sell what it said was the “one and only issued share” in Aim Clever Holdings Limited, which indirectly owns assets such as 152 residential units in Hong Kong.

The sale, which is expected to result in a gain of approximately HK$6.3 billion ($802.57 million) for CK Asset, follows the company’s announcement in March of a sale of 729, £17 million ($777.00 million) stake in Bluebutton Holdco 5 Broadgate (Jersey), which owns property assets in London.

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ORIC-Borrett Ltd, owned by a sub-fund of LC Vision Capital VCC, which is managed by Singapore-based asset management group Sino Suisse Capital, will buy Aim Clever’s stake, a company filing said. Hong Kong Stock Exchange.

The deal is expected to close on March 28, 2025, the soonest possible, according to the filing.

($1 = 0.9384 pounds)

($1 = HK$7.8498)

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Reporting by Roushni Nair in Bangalore; edited by Uttaresh.V and Jane Merriman

Our standards: The Thomson Reuters Trust Principles.

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Shell and Exxon launch sale of UK and Dutch North Sea assets – sources https://brlspeak.net/shell-and-exxon-launch-sale-of-uk-and-dutch-north-sea-assets-sources/ Tue, 27 Sep 2022 16:57:37 +0000 https://brlspeak.net/shell-and-exxon-launch-sale-of-uk-and-dutch-north-sea-assets-sources/ LONDON, Sept 27 (Reuters) – Shell (SHEL.L) and Exxon Mobil (XOM.N) have launched a process for the simultaneous sale of a significant set of offshore natural gas assets in the south of the United Kingdom and the Dutch North Sea, three industrial and banking sectors sources said. Investment bank Jefferies has been hired to handle […]]]>

LONDON, Sept 27 (Reuters) – Shell (SHEL.L) and Exxon Mobil (XOM.N) have launched a process for the simultaneous sale of a significant set of offshore natural gas assets in the south of the United Kingdom and the Dutch North Sea, three industrial and banking sectors sources said.

Investment bank Jefferies has been hired to handle the sale, which could raise more than $2 billion, the sources said.

Launched earlier this month, the sale comes after Shell and Exxon launched initial sale processes for their UK and Dutch assets.

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Shell, Exxon and Jefferies declined to comment.

In July, Shell and Exxon launched the sale of their 50-50% joint venture NAM in the Netherlands, operator of the Groningen gas field and one of the largest and oldest natural gas production companies in the ‘Europe. Read more

Reuters reported that Shell was preparing to launch the sale in February.

Shell and Exxon are also trying to sell their stakes in their UK gas hub in the southern North Sea, which includes the Clipper Leman Alpha hubs as well as the Bacton terminal in the east of England, the sources said.

NAM initiated the sale of NAM’s offshore assets independently, one of the people said. The sale of the Southern North Sea Assets and NAM’s Offshore Assets are separate sale processes, allowing for one or more buyers.

The process of selling the two basins simultaneously hopes to attract bids from several oil and gas companies that have expressed interest in the first round, the sources said.

The sales are part of the two companies’ drive to shed aging oil and gas assets in a bid to cut costs and focus on bigger new projects around the world.

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Reporting by Ron Bousso Additional reporting by Sabrina Valle in Houston Editing by Jason Neely and David Gregorio

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Role of consumer regulators under the Biden administration on digital assets | Akerman LLP https://brlspeak.net/role-of-consumer-regulators-under-the-biden-administration-on-digital-assets-akerman-llp/ Mon, 26 Sep 2022 22:28:28 +0000 https://brlspeak.net/role-of-consumer-regulators-under-the-biden-administration-on-digital-assets-akerman-llp/ Earlier this year, President Biden issued an executive order aimed at ensuring the responsible development of digital assets (“Digital Assets EO”).[1] The Digital Assets EO asked more than 20 federal agencies to provide the administration with recommendations on cryptocurrency policy that the White House intended to incorporate into a federal regulatory framework. The results of […]]]>

Earlier this year, President Biden issued an executive order aimed at ensuring the responsible development of digital assets (“Digital Assets EO”).[1] The Digital Assets EO asked more than 20 federal agencies to provide the administration with recommendations on cryptocurrency policy that the White House intended to incorporate into a federal regulatory framework. The results of this work were announced on September 16e.

Background

The Digital Assets EO highlighted six priorities:

  1. consumer and investor protection;
  2. financial stability;
  3. illicit financing;
  4. US leadership in the global financial system and economic competitiveness;
  5. financial inclusion; and
  6. responsible innovation.

The Digital Assets EO directed the Consumer Finance Protection Bureau (along with the Attorney General and the FTC) to focus on the “effects that the growth of digital assets could have on competition policy” and “the the extent to which privacy or consumer protection measures in their respective jurisdictions can be used to protect users of digital assets and whether additional measures may be necessary.”[2] In addition, the Treasury has been instructed to develop an action plan with the Attorney General and other agencies to address the “risks of illicit financing of digital assets” and assess “opportunities to mitigate these risks through the regulations”.[3]

Presentation of the framework

On September 16, the White House released an overarching framework for federal regulation of digital assets.[4] The framework is contained in a series of nine reports released concurrently by various federal agencies.[5] While the framework does not create new laws or regulations, it represents an important step toward clarifying regulatory expectations and increasing federal oversight of digital assets, which have fundamentally upended the traditional financial landscape and “present potential opportunities to strengthen American leadership in the global financial market. system and stay at the technological frontier.[6] Among other things, this framework signals the likelihood of increased regulatory oversight by two federal agencies that focus on consumer issues – the CFPB and the FTC – and the potential future enactment of legislation to clarify legal obligations and crack down on illicit digital-related financial activities. assets.

Framework’s handling of consumer protection issues

The framework calls for expanding the scope of regulatory oversight, highlighting the volatility and recent decline in the market capitalization of digital assets. It directs the SEC and CFTC to “aggressively pursue investigations and enforcement actions against illegal practices in the digital asset space.”[7] It also calls on the CFPB and FTC to “double their efforts” to monitor crypto-related consumer complaints, which have increased dramatically in recent years.[8] A report released by the Treasury noted that the CFPB complaints database had 2,404 published crypto-asset consumer complaints in 2021, compared to 983 in 2020, representing an increase of more than 140%. As of July 15, 2022, the CFPB had registered 906 complaints since the beginning of the year and 1,870 complaints published in the previous 12 months.[9]

The Treasury report explains that the CFPB has jurisdiction over certain crypto products. Specifically, the Treasury asserts that the CFPB is able to regulate “the offering of financial products and services to consumers – which, depending on the facts and circumstances, may include a variety of crypto-asset-related offerings – under federal consumer finance laws, including (among other things) the Dodd-Frank Act prohibition against unfair, deceptive, or abusive acts or practices for consumer financial products and services.”[10] This appears to be the first concrete acknowledgment by the federal government (but not the CFPB itself) that the CFPB has jurisdiction over at least some crypto products.

The framework directs agencies to publish plain language crypto-asset oversight guidelines to protect vulnerable consumers. For example, the Treasury report cites Department of Labor concerns over the use of cryptocurrencies as investments in defined contribution plans — including 401(k) plans — demonstrating the need for language guidance. clearer.[11]

The framework also encourages collaboration among federal agencies to promote thorough and consistent regulatory oversight of digital assets. For example, an agency’s sharing of consumer complaints and data with other agencies can “help identify relevant clusters of illegal activity and spot trends in types of scams and fraud.”[12] The Treasury report noted the growing volume of crypto-related scams in recent years, citing 46,000 fraud incidents reported to the FTC between January 1, 2021 and March 31, 2022, with losses exceeding $1 billion. cryptocurrency assets.[13]

Illicit Finance Regulations

The framework further explores how to prevent the use of digital assets for money laundering and other illicit activities. The White House statement on the framework explains that “digital assets have facilitated the rise of ransomware cybercriminals; the sale of narcotics and money laundering for drug trafficking organizations; and the financing of the activities of rogue regimes… “.[14] The framework attempts to address these emerging issues through a proposed expansion of the Bank Secrecy Act (BSA), anti-whistleblower laws, and laws relating to the transmission of unlicensed money, which the framework would have explicitly enforced. to certain digital asset service providers.

The BSA currently imposes anti-money laundering obligations on “money services businesses” (MSBs).[15] The BSA requires MSBs to register with the Financial Crimes Enforcement Network (FinCEN), implement anti-money laundering controls, and comply with record keeping and reporting requirements. But not all digital asset service providers are explicitly covered by the BSA, even when operating as an MSB. A Department of Justice (DOJ) report recommends amending the BSA to expand its coverage to reach certain types of digital asset providers who may not currently be subject to the law because they have not taken custody of cryptocurrency or fiat currency.[16] The DOJ also recommends expanding the anti-whistleblower prohibition to include all criminal offenses under the BSA and other relevant federal statutes.[17]

The framework aims to strengthen federal law prohibiting the operation of an unlicensed money transfer business, described by the DOJ as a “key prosecution tool in digital asset cases.”[18] A company that operates as a money transmitter without a required state license or federal registration can be criminally prosecuted under 18 USC § 1960. Yet digital currency exchanges are often not required to comply with the requirements of registration and license. The DOJ report proposes amending the law to clarify that it applies to platforms “providing services that enable consumers to transfer digital assets in a manner analogous to traditional money transmission businesses.”[19] It is also considering greater penalties and fines for unlicensed money transfers (including through virtual currency) by amending 18 USC § 1960. The proposed amendment would increase the maximum statutory penalty from five to ten years of ‘imprisonment. An amendment would also include an enhanced penalties provision, under which individual criminal fines would double — and corporate criminal fines would triple — for violations involving the activities of a money transmitter of more than one year. million dollars over a 12 month period.[20]

Impact of this new regulatory framework

While the framework does not create new laws or regulations, it does attempt to address the problems posed by the current patchwork of fragmented and often inconsistent agency guidance on digital assets. By delegating specific regulatory responsibilities to federal agencies, it lays the foundation for a more unified and predictable regulatory environment for cryptocurrency in the future.

Going forward, companies in the digital asset industry should prepare to comply with broader regulatory requirements, including disclosure requirements for registered exchanges, products and intermediaries designed to provide investors and consumers with relevant and important information, as well as market conduct requirements.

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Sipa Resources is focusing on Western Australian assets in line with its strategy to advance large-scale land holdings in underexplored areas https://brlspeak.net/sipa-resources-is-focusing-on-western-australian-assets-in-line-with-its-strategy-to-advance-large-scale-land-holdings-in-underexplored-areas/ Mon, 26 Sep 2022 02:32:41 +0000 https://brlspeak.net/sipa-resources-is-focusing-on-western-australian-assets-in-line-with-its-strategy-to-advance-large-scale-land-holdings-in-underexplored-areas/ Sipa Resources is focusing on Western Australian assets in line with its strategy to advance large-scale land holdings in underexplored areas Sipa Resources Limited (ASX:SRI) (FRA:SPO) sees the coming year shaping up to be a year of very active exploration after a year of challenges and transformation. The company has made significant progress on its […]]]>

Sipa Resources is focusing on Western Australian assets in line with its strategy to advance large-scale land holdings in underexplored areas

Sipa Resources Limited (ASX:SRI) (FRA:SPO) sees the coming year shaping up to be a year of very active exploration after a year of challenges and transformation.

The company has made significant progress on its suite of exploration projects in Western Australia (WA) and East Africa.

They include the Paterson North Copper-Gold project adjacent to Rio Tinto PLC’s recent Winu discovery (LON: ASX:) in the Pilbara, the Wolfe Basin Base Metals project in the Kimberley region and the Kitgum-Pader Nickel-Copper project. in northern Uganda.

Following a strategic review of its portfolio, Sipa forfeited early-stage projects in Queensland and South Australia due to access constraints.

Sale of royalties

He sold several royalty rights and received $1 million in cash and approximately $1.25 million in shares of Vox Royalty Corp (CVE:VOX).

Chairman Tim Kennedy said: “The strategic sale of our royalty portfolio has allowed us to make significant progress on our series of exploration projects without the need to raise additional capital during a weak market.”

New 100% owned projects during the year included the Warralong Gold Project in North Pilbara and the Skeleton Rocks Gold Project in the Southern Cross District, WA.

First pass reconnaissance type exploration has started on these two projects and will be accelerated once the concessions have been granted.

Warralong Gold Project

The Warralong Project covers over 50 kilometers of the Lalla Rookh Shear Zone in a tectonic and geological setting “resembling” recent discoveries by De Gray Mining Limited (ASX:DEG), which lie on the sub-parallel shear zone of Tabba.

Sipa has since expanded its ground position to five buildings covering over 1,000 square kilometers of prospective rock.

Tenements progress through the native title and granting processes.

In the meantime, Sipa is undertaking work to advance the project and generate drill targets.

Field reconnaissance programs have allowed Sipa to test different sampling options through the shallow cover that blankets the area.

Public domain geophysical data was also acquired and the reprocessed magnetisms show many features interpreted as younger intrusions and previously unrecognized greenstone units in the basement rocks.

Further work will be undertaken to test their validity as drill targets using recently acquired detailed aeromagnetic evidence in combination with additional stream sediment samples.

Wolfe Basin Base Metals Project

The Wolfe Basin project, which covers approximately 780 square kilometers, is located 80 kilometers south of Halls Creek in the Kimberley region.

Exploration at Wolfe Basin is primarily targeting sediment-hosted base metals, with strong support for the mineralization model coming from the identification of two outcropping lead-zinc-rich gossans.

Reverse circulation drilling is scheduled for mid-October with an initial program of 1,500 meters which may be extended if favorable results are received.

Up to 50% of direct drilling costs must be covered by successful application of the exploration incentive program.

Paterson North Copper-Gold Project

Sipa’s Paterson North project includes the Great Sandy joint venture in which Sipa has now acquired an 89% interest under an affermage and joint venture agreement with Ming Gold Limited, and another wholly owned property.

Subsequent to the end of the year, Sipa entered into an affermage and joint venture agreement with Rio Tinto Exploration to fund further exploration on the concessions.

Barbwire Terrace Zinc-Lead-Silver Project

The Barbwire project claims cover the targeted Devonian carbonate sequences adjacent to the Fitzroy Trough.

There are several lines of evidence indicating that zinc- and lead-rich fluids also flowed to the Barbwire Terrace carbonates forming the southwestern margin of the trough.

Two major northwest trending fault corridors and adjacent stratigraphy are prime target areas for mineralization.

The synthesis of high quality datasets generated for oil exploration presents an opportunity for detailed geology definition and mineralization targeting, and has been enhanced by the recent joint venture with Buru Energy Limited (ASX:BRU) (OTCMKTS: BRNGF) (ENG: BUD).

Nickel-copper project in Uganda

The 100% owned Ugandan project is prospective for intrusive nickel-copper sulphide deposits and contains a nickel-copper sulphide discovery at Akelikongo.

From August 2018 to April 2020, exploration for the project was managed by Sipa under a participation and joint venture agreement with Rio Tinto.

Rio then withdrew from the project on April 30, 2020, by which time US$4.5 million had been spent by the joint venture.

Subsequently, project ownership costs have been minimized while an alternative route to fund future exploration is found.

The impact of COVD-19 related travel restrictions and local lockdowns in Uganda has made the process of finding funding solutions more difficult.

Board changes

The year was marked by the arrival of Sipa’s new Managing Director, Pip Darvall, who most recently served as Managing Director of Jindalee Resources Limited (ASX: JRL).

He was previously Exploration Manager for Atlas Iron Limited before establishing his own consultancy specializing in the evaluation and management of resource projects.

Shortly after the end of the fiscal year, John Forwood joined the Board of Directors to replace Karen Field, who will step down at the 2020 Annual General Meeting.

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Disclaimer

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Basilea pursues asset sale https://brlspeak.net/basilea-pursues-asset-sale/ Sat, 24 Sep 2022 13:30:46 +0000 https://brlspeak.net/basilea-pursues-asset-sale/ Swiss biotech Basilea Pharmaceutica (SIX: BSLN) continues its positive wave of activity in the third quarter of 2022 with the successful purchase of assets and sublicensing of its tyrosine kinase/polo-like inhibitor kinase 1 (TTK/PLK1), BAL0891, to SillaJen (Kosdaq:215600), a South Korean biotech. Basilea obtained a BAL0891 license in 2018 from the Dutch precision medicine company […]]]>

Swiss biotech Basilea Pharmaceutica (SIX: BSLN) continues its positive wave of activity in the third quarter of 2022 with the successful purchase of assets and sublicensing of its tyrosine kinase/polo-like inhibitor kinase 1 (TTK/PLK1), BAL0891, to SillaJen (Kosdaq:215600), a South Korean biotech.

Basilea obtained a BAL0891 license in 2018 from the Dutch precision medicine company NTRC. As part of the asset purchase agreement, Basilea is selling its intellectual property…

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Call for tenders underway to acquire the assets of Electric Last Mile Solutions https://brlspeak.net/call-for-tenders-underway-to-acquire-the-assets-of-electric-last-mile-solutions/ Fri, 23 Sep 2022 23:14:00 +0000 https://brlspeak.net/call-for-tenders-underway-to-acquire-the-assets-of-electric-last-mile-solutions/ MISHAWAKA, Ind. (WNDU) – The Mishawaka plant where the civilian Hummer was built may soon have a new owner. The favorite seems to be a California company called Mullen Automotive. According to court documents, Mullen Automotive offered more than $93 million in cash and other consideration to buy the plant and most other assets from […]]]>

MISHAWAKA, Ind. (WNDU) – The Mishawaka plant where the civilian Hummer was built may soon have a new owner.

The favorite seems to be a California company called Mullen Automotive.

According to court documents, Mullen Automotive offered more than $93 million in cash and other consideration to buy the plant and most other assets from Electric Last Mile Solutions (ELMS) – the company that planned to build electric trucks. in Mishawaka but ended up filing for bankruptcy in June.

The Delaware bankruptcy court has scheduled an auction of assets in the case for Oct. 7 and is considering a proposed asset purchase agreement with Mullen Automotive, which describes itself as an emerging electric vehicle maker. .

Court documents indicate that at least 39 other entities have expressed interest in the possible purchase of assets.

“Our goal has been to help lead people through this process, but also to help answer questions about the community, because many of them are not from this area,” said Jeff Rea, president and CEO of the South Bend Regional Chamber of Commerce. “It’s a state-of-the-art car production plant, so I think there are people in car production who think it could be a major asset. And it could be available at a clearance sale. because he is bankrupt.

“We are optimistic that it will be bankrupt bought here in the next few months,” Rea added. “We would like that to mean that buildings become productive again.”

Last month, Mullen Automotive bought a majority share of Bollinger Motors for $148 million. Bollinger Motors describes itself as a designer and developer of electric trucks.

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US dollar weighs on global risk assets, Hong Kong opens to visitors, week in review https://brlspeak.net/us-dollar-weighs-on-global-risk-assets-hong-kong-opens-to-visitors-week-in-review/ Fri, 23 Sep 2022 15:21:04 +0000 https://brlspeak.net/us-dollar-weighs-on-global-risk-assets-hong-kong-opens-to-visitors-week-in-review/ China last night KraneActions Review of the week The Public Company Accounting Oversight Board (PCAOB) began the process of reviewing the audit books of Chinese companies listed in the United States on Monday by meeting with PWC and KPMG in Hong Kong. China’s National Development and Reform Commission (NDRC) announced new policies to boost consumption, […]]]>

Review of the week

  • The Public Company Accounting Oversight Board (PCAOB) began the process of reviewing the audit books of Chinese companies listed in the United States on Monday by meeting with PWC and KPMG in Hong Kong.
  • China’s National Development and Reform Commission (NDRC) announced new policies to boost consumption, offering particularly favorable treatment to big-ticket items such as vehicles, which drove auto names higher on Tuesday.
  • Russian leader Vladimir Putin announced the partial mobilization of reserve forces in the country and reiterated on Wednesday the possibility of using unconventional weapons in Ukraine, prompting China’s foreign minister to call for a ceasefire -fire.
  • Travel booking site Trip.com reported mixed second-quarter results after the US shutdown on Wednesday, but issued a positive outlook on an expected recovery in travel to and within Greater China.

Friday’s key news

Asian stocks ended the week with a thud although Japan was spared due to a market holiday today.

An index of Asian currencies hit a 52-week low for the 5e day in a row as the US dollar index hit a 52-week high for the 5e day in a row. The Chinese currency depreciated further by -0.61% against the US dollar, with the exchange rate ending at 7.12 CNY/USD.

In the late 1990s, I worked for Salomon Brothers Asset Management. We had a great portfolio manager, seasoned statesmen, and versatile class player named George Williamson, who started his career at the US Fed before he started managing money in the early 1970s. spoke to us young people about the bear market of 1973 to 1974 and the emotional pain caused by a two-year bear market. George described waking up in the morning knowing the market was going to go down, which made getting out of bed a colossal undertaking. I remembered this story and George when I noticed that funeral stocks was one of the only positive sub-sectors in Hong Kong today! A financial journalist based in mainland China was of the same mind when writing about Hong Kong’s decline despite Hang Seng’s price-earnings (P/E) ratio of 8.66, which is “below 99 % of the last decade”.

US Federal Reserve interest rate hikes are turning the US dollar into a wrecking ball, creating a risk-free global environment. A research report noted that over the past three months, emerging market funds have lost over $10 billion in redemptions, while Europe-focused funds have lost almost $40 billion. Meanwhile, US equity funds saw inflows of $15 billion.

We must remember that Hong Kong has a large market for structured products or “warrants”, which makes large round numbers important, as going above these levels forces buying and selling. The Hang Seng Index fell below 18,000 last night, which created a forced sell-off as structured products with a floor of 18,000 sold off.

As I have mentioned in the past, we need positive catalysts even if the macroeconomic environment remains a challenge. The news that Hong Kong will remove visitation restrictions next week helped Trip.com HK gain +5.13% as well as gains in other tourism players such as airlines and hotel chains. This is another example of the watering down of China’s zero COVID policy.

Hong Kong-listed Chinese internet stocks were down as short sellers pressed their bets again. 39% of JD.com’s total transactions were short! Yes, the chairman of the PCAOB has stated the need for full access to Chinese audits, but I view that as a positive. No one wants to go down in history as a modern day version of Smoot and Hawley, which an ADR delisting would be.

Mainland stocks were down on little news as the Shanghai Composite closed below 3,100. The market’s poor mood should be noticed by policy makers as markets. It may be time to step on the political accelerator pedal!

I’ve been on a Malcolm Gladwell hit recently because I loved it David and Goliath yet Talk to strangers might be my favorite.

The Hang Seng and Hang Seng Tech indices fell -1.18% and -2.29%, respectively, on volume that was down -5.14% from yesterday, or 64% of the 1-month average. year. 72 stocks rose while 415 fell. Motherboard short sales revenue was down -7.05% from yesterday, or 73% of the 1-year average, with short trades accounting for 20% of total trades. Value factors outperformed growth factors, with large caps “outperforming” small caps. All sectors were negative, with Consumer Discretionary falling -2.82%, Communication Services -2.51% and Healthcare -2.35%. The best performing sub-sectors included telecommunications, funeral stocks, banks and oil. Meanwhile, e-cigarette/tobacco, retail, software and plastic surgery stocks were among the worst. Southbound Stock Connect volumes were light, with mainland investors buying $358 million worth of Hong Kong stocks, Tencent being a strong/moderate buy, China Mobile a strong buy, Meituan a small sell and Li Auto a very net purchase.

Shanghai, Shenzhen and the STAR Board were down -0.66%, -1.41% and -1.53%, respectively, on volume that was up +4.31% from yesterday, or 66 % of 1-year average. 581 shares rose while 4,007 shares fell. All sectors fell, with Energy falling -2.63%, Technology -2.34% and Materials -1.7%. The best performing sub-sectors included insurance, banking and liquor stocks. Meanwhile, Ports/Shipping, Education, and Coal were among the worst. Northbound Stock Connect volumes were moderate/light as overseas investors sold -$71 million worth of mainland stocks. Treasuries sold off, CNY fell -0.61% to 7.12 CNY/USD and copper gained +0.22%.

Last night’s exchange rates, prices and yields

  • CNY/USD 7.12 vs. 7.08 yesterday
  • CNY/EUR 6.95 vs. 6.95 yesterday
  • Overnight government bond yield 1.03% vs. 0.98% yesterday
  • 10-year government bond yield 2.68% vs. 2.65% yesterday
  • China Development Bank 10-year bond yield 2.83% vs. 2.80% yesterday
  • Copper price +0.22% overnight
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Excellent work, great assets at Swann sale of works by artists from Walker, Woodruff, Weems etc. https://brlspeak.net/excellent-work-great-assets-at-swann-sale-of-works-by-artists-from-walker-woodruff-weems-etc/ Thu, 22 Sep 2022 22:42:53 +0000 https://brlspeak.net/excellent-work-great-assets-at-swann-sale-of-works-by-artists-from-walker-woodruff-weems-etc/ The Swann Galleries African American Art Sale on Thursday, October 8, 2022 offers a selection of the best of the genre as the house celebrates its 15th year of auctions dedicated to works by African American and Black artists. The fall 2022 sale will feature a survey of American art history with works by black […]]]>

The Swann Galleries African American Art Sale on Thursday, October 8, 2022 offers a selection of the best of the genre as the house celebrates its 15th year of auctions dedicated to works by African American and Black artists.

The fall 2022 sale will feature a survey of American art history with works by black artists ranging from Henry Ossawa Tanner at the turn of the 19th century to the present day with Chakaia Booker.

Headlining the auction is a bright and energetic 1967 abstract work in orange by Norman Lewis ($400,000-600,000).

The oil on canvas comes from the late sixties when Lewis created a series of paintings depicting abstract jazz musicians – a significant moment between his black and white civil rights and Klan images of the early to mid-1960s and the change of the sea series in the 1970s.

Other works by Lewis include an early oil on canvas from 1947 ($120,000-180,000) and carpentersa 1954 watercolor and ink drawing ($30,000-40,000).

Other important works in abstraction from the 1960s to the 1990s include Hale Woodruff’s Countryside, oil on canvas, 1967 ($150,000-250,000); At Romare Bearden’s wine star, oil on canvas, 1959 ($150,000-250,000); by Sam Gilliam upside down horses, acrylic and polypropylene on canvas, 1998 ($120,00-180,000); by Charles Alston Black and White #3 (Astral #3), oil on canvas, 1961 ($100,000-150,000); and Cliff Joseph people get upoil on canvas, 1970 ($35,000-50,000).

Building on recent market recognition at Swann, a selection of tooled leather paintings by Winfred Rembert includes The Book That Couldn’t Be Read2013 ($10,000-15,000), Winfred Rembert and the class of 19591999 ($25,000-35,000), and Jeff’s Café & Room and Zeb’s shoe shine service, 1998 ($25,000-35,000). Rembert’s 2021 Biography, as told by Erin I. Kelly, Chasing Me to My Grave: An Artist’s Memoir of the Jim Crow South, recently won the 2022 Pulitzer Prize for Biography or Autobiography.

Featured fabric-based artists include Bisa Butler with Sea Island Woman, an intricate 2007 quilted work referencing the Gullah people of South Carolina ($40,000-60,000); Xenobia Bailey with Think, a 2008 hand-crocheted study for her MTA work Hudson Yards ($12,000-18,000); and Michael Cummings with Freedoma 2013 quilt and appliqué depicting a civil rights activist singing for freedom with lyrics and quotes surrounding them ($12,000-18,000).

Modernist highlights include Westchester Graduation Balla 1951 brush and ink drawing by Jacob Lawrence ($50,000-75,000); domestic worker, a rare print by Elizabeth Catlett, created at the Taller de Gráfica Popular when she moved to Mexico in 1946 and the first she printed there ($20,000-30,000); and folk singera 1957 print by Charles White, which reinterprets his iconic ink drawing from the same year, Folk Singer (Voices of Jericho: Portrait of Harry Belafonte) ($20,000-30,000).

Sculptures from the period feature a marble sculpture by Marion Perkins ($30,000-40,000) and a large welded steel sculpture by Harold Cousins ​​($30,000-40,000).

Also featured in the sale are a selection of photographs with images by James Van Der Zee, Anthony Barboza, LaToya Ruby Frazier and Carrie Mae Weems; figurative works by Joseph Delaney and Hughie Lee-Smith; assembly artists Noah Purifoy and Betye Saar; and contemporary works by Chakaia Booker, Hank Willis Thomas, Glenn Ligon and Kara Walker, among others.

Auction date: Thursday, October 6, 2022, at 12 p.m.

Exhibit hours are noon to 5 p.m. Saturday, October 1 and Monday, October 3 through Wednesday, October 5, 2022.

The live online auction platforms will be the Swann Galleries App, Invaluable and Live Auctioneers.

The full catalog and auction information is available at www.swanngalleries.com and on the Swann Galleries app. The complete list of lots.

Swann Auction Galleries

Swann Auction Galleries is a third-generation family business and the world’s largest print auction house.

Over the past 80 years, Swann has repeatedly revolutionized the trade with such innovations as America’s first auction dedicated to photographs and the world’s only department of African American art.

More than 40 auctions and previews take place each year at Swann Galleries’ two-story exhibition space in Midtown Manhattan and online around the world.

Visit swanngalleries.com for more information. @swanngalleries

Photo credit: 1) Carrie Mae Weems, Untitled (Woman and Daughter with Makeup), silver print, 1990. 2) Woodruff. 3) Bailey. 4) Jose. 5) Lewis. 6) Alston. seven) Barden. 8) Charles White. 9) Lawrence. 10) Elizabeth Catlett.

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The dairy giant’s promise on Australian assets https://brlspeak.net/the-dairy-giants-promise-on-australian-assets/ Thu, 22 Sep 2022 04:15:00 +0000 https://brlspeak.net/the-dairy-giants-promise-on-australian-assets/ Global dairy giant Fonterra will retain its entire Australian business on the back of promising profits, quashing fears of a partial sale. The New Zealand cooperative is the largest exporter of dairy products in the world and owns the popular domestic brands Perfect Italiano, Mainland and Western Star. The company has struggled with volatile supply […]]]>

Global dairy giant Fonterra will retain its entire Australian business on the back of promising profits, quashing fears of a partial sale.

The New Zealand cooperative is the largest exporter of dairy products in the world and owns the popular domestic brands Perfect Italiano, Mainland and Western Star.

The company has struggled with volatile supply chains, rising costs, rampant inflation and the fallout from protests in Sri Lanka over the past financial year.

Despite the challenges, Fonterra general manager Miles Hurrell said it was a good 12 months.

At an investor briefing on Thursday, Hurrell said retaining full ownership of Fonterra’s Australian assets was the best path forward for continued growth and return on investment.

“We looked at a number of options for our Australian business and decided it was in the co-op’s interest to retain full ownership,” he said.

“Australia plays an important role in our consumer strategy with a number of common and complementary brands.

“The business is doing well and will play a key role in helping us achieve our 2030 strategic goals.”

Fonterra, which is owned by around 10,000 New Zealand farmers, began a review of its Australian operations a year ago.

The co-op also considered launching the business publicly or selling a partial stake in its Australian business.

The company has since announced the sale of its Chilean branch Soprole after an ill-fated expansion effort and has refocused on New Zealand exports.

On Thursday, Fonterra announced an 11% increase in its total revenue of 23.4 billion New Zealand dollars (20.6 billion Australian dollars).

Its normalized profit after tax rose 1% to a total of NZ$591 million. However, Fonterra’s reported net profit fell 3% to NZ$583 million. Both of these figures were hampered by inflation.

The company paid a record farmgate milk price of NZ$9.30 per kilogram in the 2021/22 financial year.

Hurrell said robust demand and rising dairy prices in the United States and Europe supported Fonterra’s earnings.

The company initially announced plans to return $1 billion to shareholders by 2024, but extended the deadline to 2030 so it could keep its Australian assets.

“While we have decided not to sell a stake in our Australian business, we remain committed to aiming for a meaningful capital return for our shareholders,” Hurrell said.

Fonterra maintains a positive outlook for the year ahead thanks to an easing of geopolitical events like the COVID-19 lockdowns in China and political tensions in Sri Lanka, as well as long-term optimism for dairy.

It forecasts a farm gate milk price of $8.50 to $10.00 in 2022/23.

“The strength of our balance sheet means we remain in a strong position to weather market uncertainty and volatility,” Hurrell said.

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Today’s markets: The Fed is unlikely to do risky assets a favor https://brlspeak.net/todays-markets-the-fed-is-unlikely-to-do-risky-assets-a-favor/ Wed, 21 Sep 2022 11:09:45 +0000 https://brlspeak.net/todays-markets-the-fed-is-unlikely-to-do-risky-assets-a-favor/ Companies City Pub Group suggests future acquisitions City Pub Group (CPC) shares rose more than 10% after he said in an update for the six months ending June 26 that trading had returned to pre-pandemic levels and that he is looking to grow the business through the acquisition bias. Half-year revenue rose 193% from a […]]]>

Companies

City Pub Group suggests future acquisitions

City Pub Group (CPC) shares rose more than 10% after he said in an update for the six months ending June 26 that trading had returned to pre-pandemic levels and that he is looking to grow the business through the acquisition bias.

Half-year revenue rose 193% from a year ago to £26m and the company expects trading to “remain resilient” for the rest of the year.

Low indebtedness “will allow the group to take advantage of the opportunities that will arise in these most difficult times”, the company said. California

Schneider signs an agreement on Aveva

Schneider Electric (FR:SE) and Aveva (AVV) have reached an agreement on the terms of their all-cash deal. Schneider will acquire the remaining shares of industrial software company Aveva for 3,100p in cash. Schneider already owned 60% of the company. This values ​​the business at £9.48 billion, implying an enterprise value of £10.1 billion.

Aveva was valued at around 13.2 times its annual recurring revenue, which makes it quite expensive for a software company. It is also a 41% premium to the August 23 closing price.

There have been a number of deals for UK software firms this year by overseas buyers – including Emis and Micro Focus – implying that public markets here are undervaluing them. Cloud transitions are expensive and take a while to generate growth and it seems UK investors are unwilling to wait for cash flow. Schneider is happy to be patient. AS

Payday for former JD Sports boss

When JD Sports (JD.) announced in May that he was getting rid of the dual role of chairman and chief executive and Peter Cowgill with him, it looked like a clear sign that improved governance was in place and the conquering boss was out.

Now the retailer has announced a multi-year deal with Cowgill in which it will receive £3.5million for not starting a rival business or hiring JD employees for two years, and an additional £2million for consulting the new managing director Régis Schultz and president Andy Higginson. The combined payouts are more than he earned as executive chairman in the last fiscal year. However, he is still trailing a retrospective £6million bonus he received three years ago. He has also sold a significant number of shares over the past decade, worth £50m.

Cowgill oversaw the company’s massive growth, but also the failed merger with Footasylum, which it had to offload after the Competition and Markets Authority blocked it. Higginson said he was “happy to have settled the terms of [Cowgill’s] Departure”. Ah

Sainsbury’s sells £500m of assets to LXi

Sainsbury’s (SBRY) eyes £500m sale of supermarkets to long-income property investment trust LXi REIT (LXI). Under the terms of the sale-and-leaseback agreement, the retail chain would transfer ownership of the 18 stores to LXi and then lease them to the REIT under long-term leases.

LXi said the deal, which was first reported by Sky News, would generate a 5% return. He added: “The portfolio benefits from several defensive characteristics, including: strong commercial performance, very low and sustainable indexed rents, long-term ‘green’ leases, low site coverage and modern buildings which provide an option omnichannel sales. ML

Supermarket revenue items jump in pre-tax profit

Supermarket Income Reit (SUPR) posted a 36% increase in pre-tax profits in its annual results for the year to June 30. The supermarket property investment trust’s figures were driven by a 50% rise in net rental income and a £432m rise in the value of its portfolio. However, the average investment return of his portfolio fell slightly from 4.7% to 4.6%. Chief Executive Nick Hewson said: “I am pleased to report another set of strong annual results for the company. » M.L.

FCA steps up Woodford action

The FCA has taken initial action against Link Group for its involvement in the Woodford scandal, with a proposed £50million fine.

The regulator has issued a draft warning notice to the company’s subsidiary Link Fund Services, which managed the bankrupt Woodford Equity Income fund, with a proposed penalty of £50million before any discount for a speedy settlement . However, Link could have to pay up to £306million.

“This potential repair figure reflects FCA’s current view on [Link’s] failures in the management of the liquidity of the Woodford Equity Income fund,” the regulator said in a statement.

“This does not reflect any amount that may be owed to anyone, including members of the fund, as a result of potential wrongdoing by other parties. The remedy determined by the FCA is based on misconduct rather than losses caused by fluctuations in the market value or price of investments.

Issuance of a Draft Warning Notice is a step in the FCA enforcement process and provides the recipient with the opportunity to resolve the case by agreement. Link will now have 14 days to respond. Unless it chooses to settle the case by agreement within this period, the company will have the opportunity to challenge the findings of the CAF and the proposed sanction. comics

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