Debt Instrument – HHQH http://hhqh.net/ Wed, 03 Aug 2022 01:24:48 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://hhqh.net/wp-content/uploads/2021/07/icon-2-150x150.png Debt Instrument – HHQH http://hhqh.net/ 32 32 Pension fund assets grow by N843 billion in H1 2022 https://hhqh.net/pension-fund-assets-grow-by-n843-billion-in-h1-2022/ Wed, 03 Aug 2022 01:24:48 +0000 https://hhqh.net/pension-fund-assets-grow-by-n843-billion-in-h1-2022/ Nigeria’s pension fund assets have increased significantly by N843 trillion in the first half of the current year, from N13.42 trillion in December 2021 to N14.27 trillion at the end of the year. end of June 2022, the first half of the year, learned LEADERSHIP. At the same time, 266,830 new workers in the public […]]]>

Nigeria’s pension fund assets have increased significantly by N843 trillion in the first half of the current year, from N13.42 trillion in December 2021 to N14.27 trillion at the end of the year. end of June 2022, the first half of the year, learned LEADERSHIP.

At the same time, 266,830 new workers in the public and private sectors joined the contributory pension scheme (CPS), during the first half of the current year.

In the latest data from the National Pensions Commission (PenCom), total pension funds increased by 6.28% from 13.42 trillion naira in December 2021 to 14.27 trillion naira in June 2022 .

Similarly, investment in corporate debt securities increased significantly by 26.11% to N1.19 trillion during the reporting period (year-to-date), while PFAs increased significantly. increased their investments in real estate by 50.66% to reach N236.2 billion in June. 2022 from N156.8 billion recorded at the start of the year.

The report said investments in private equity funds fell slightly by 0.24% to 38.87 billion naira from 38.96 billion naira. Additionally, PFA allocations to FGN securities amounted to N9.01 trillion, an increase of 2.67% from N8.77 trillion in December 2021, and investments in FGN securities accounted for approximately 63% of the total pension fund.

The RSA II fund accounted for the bulk of the contribution to the fund with 6.24 trillion naira, or 43.7% of total pension funds, followed by the RSA III fund with 3.86 trillion naira, which accounts for 27% of total assets and existing plans. accounted for 10.1% of total funds, increased by N85.78 billion to N1.44 trillion, while CPFAs accounted for 10.7% of total funds, amounting to 1, 52 trillion naira during the reporting period.

Only 4 States, FCT Remitting Workers’ Pension Under CPS – PenCom

Pension fund trustees increased their exposure to the Nigerian stock market in the first half of the year, investing an additional N53.85 billion in the local stock market, bringing total investments to N969.16 billion. of naira.

According to the LEADERSHIP survey, investment income has played a key role in this increase in pension fund assets, despite the fact that governments at most state levels do not pay the monthly pension contributions of their workers at maturity.

Similarly, the huge increase, according to the findings, was attributed to new pension contributions received, interest from fixed income securities and the net amount realized on equities and mutual fund investments.

At the same time, registrations for the Retirement Savings Account (RSA) increased by 2.8% to 9.79 million against 9.53 million recorded in December 2021, which represents an increase of 266,830 new workers entering in the system during the first six months of the year.

Speaking recently in an exclusive interview with LEADERSHIP, the Managing Director/CEO of ARM Pensions, Mr. Wale Odutola, said that pension fund operators invest most of their investments in federal government bonds because it it is the safest investment instrument that consistently gives good returns on investment.

Although, he said, each PFA has their investment model that suits them best, he added that, even with falling bond yields, it is still the safest.

According to him, “So each PFA has different investment strategies and they always invest in investment opportunities based on what suits their investment strategies. Thus, the capital market is an investment outlet that we look at, just like fixed income securities, government securities, money market instruments, etc.

He said, however, that the security of pension fund assets is relevant to operators, they are also concerned about the returns on investment for pension contributors, adding that the growth in pension fund assets in recent years was attributable returns on investment rather than contributions.

This, he said, shows that operators are investing wisely, adhering to pensions industry investment guidelines as set out in the Pensions Reform Act (PRA) 2014, indicating that PFAs will continue to play an active role in capital market transactions in the current. year.

]]>
Flower One modifies the terms of its https://hhqh.net/flower-one-modifies-the-terms-of-its/ Sat, 30 Jul 2022 14:00:54 +0000 https://hhqh.net/flower-one-modifies-the-terms-of-its/ Flower One Holdings Inc. (“Flower One” or the “Company”) (CSE: FONE) (OTCQX: FLOOF) (FSE: F11), Nevada’s leading cultivator and producer of cannabis, today announced that it has extended the maturity date of its short-term debt of USD 6,000,000 (the “Short-term debt”) from July 24, 2022 to December 31, 2022, which is referenced in document %26rsquo%3Bs+press+release+from+january […]]]>

Flower One Holdings Inc. (“Flower One” or the “Company”) (CSE: FONE) (OTCQX: FLOOF) (FSE: F11), Nevada’s leading cultivator and producer of cannabis, today announced that it has extended the maturity date of its short-term debt of USD 6,000,000 (the “Short-term debt”) from July 24, 2022 to December 31, 2022, which is referenced in document %26rsquo%3Bs+press+release+from+january +27%2C +2021. The other terms of the short-term debt remain in place.

The Company has determined that the extension of the maturity date of short-term debt is exempt from the formal valuation and minority approval requirements applicable to related party transactions under National Instrument 61-101 Minority Security Holders in Special Transactions (“MI 61-101”) pursuant to the financial hardship exemptions set forth in sections 5.5(g) and 5.7(1)(e) of NI 61-101.

About Flower One Holdings Inc.

Flower One is the largest full-service branded cannabis cultivator, producer and fulfillment partner in the State of Nevada. Combining over 20 years of greenhouse operational excellence with best-in-class cannabis operators, Flower One delivers consistent, reliable and scalable execution to a growing number of industry-leading cannabis brands (Cookies, Kiva, Old Pal, Heavy Hitters, Lift Ticket’s, The Clear, HUXTON and Flower One’s leading house brand, NLVO, and more). Flower One currently produces a wide range of products from flowers, full spectrum oils and distillates to finished consumer packaged products, including a variety of: pre-rolls, concentrates, edibles, topicals and more for the most popular brands. cannabis performers. Flower One’s footprint in Nevada includes the company’s flagship facility, a 400,000 square foot high-tech greenhouse and a 55,000 square foot production facility, as well as a second site with an indoor growing facility. of 25,000 square feet and a commercial kitchen. Flower One has assembled an industry-leading team dedicated to making high-quality cannabis accessible to everyone.

The Company’s common shares trade on the Canadian Securities Exchange under the Company’s symbol “FONE”, in the United States on the OTCQX Best Market under the symbol “FLOOF” and on the Frankfurt Stock Exchange under the symbol “F11”. For more information, visit: https%3A%2F%2Fflowerone.com.

Caution Regarding Forward-Looking Information

Statements in this press release that are not statements of historical or current fact constitute “forward-looking information” within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of United States securities laws ( collectively, “forward-looking information” statements”). These forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the Company to be materially different from historical results or any actual future results expressed or implied by these statements. prospective. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to review statements labeled with the terms “believes”, “beliefs”, “expects”, “intends”, “anticipates”. , “potential”, “should”, “may”, “will”, “plan”, “continue” or other similar expressions as uncertain and forward-looking.

Forward-looking statements may include, but are not limited to, statements regarding: the Company’s leadership as a full-service cannabis cultivator, producer, innovator and brand fulfillment partner; and producing a wide range of products for the most successful brands in the country.

The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement, the “Cautionary Note Regarding Forward-Looking Information” section contains the Company’s MD&A for the three months ended March 31, 2022 ( the “MD&A”). All forward-looking statements contained in this press release are made as of the date of this press release. The forward-looking statements contained herein are also generally subject to assumptions and risks and uncertainties that are described from time to time in the Company’s public filings with Canadian securities commissions, including the Company’s MD&A. the society. Although Flower One has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there may be other factors that cause the results , performance or achievements are not as anticipated, estimated or expected.

Although the Company believes that all forward-looking information and statements contained herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that such information and statements forward-looking statements will prove to be accurate and, accordingly, readers are urged to rely on their own assessment of such risks and uncertainties and not to place undue reliance on such forward-looking information and statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained in this press release are made as of the date of this release. Flower One disclaims and undertakes no intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER HAS REVIEWED NOR ACCEPTS RESPONSIBILITY FOR THE SUITABILITY OR ACCURACY OF THIS RELEASE.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220728006109/en/

]]>
Adtran Holdings, Inc.: Notification and Public Disclosure of Transactions by Individuals https://hhqh.net/adtran-holdings-inc-notification-and-public-disclosure-of-transactions-by-individuals/ Thu, 28 Jul 2022 19:26:01 +0000 https://hhqh.net/adtran-holdings-inc-notification-and-public-disclosure-of-transactions-by-individuals/ Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them 28.07.2022 / 21:24 The issuer is solely responsible for the content of this announcement. 1. Contact details of the person discharging managerial responsibilities / person closely linked a name […]]]>








Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

28.07.2022 / 21:24
The issuer is solely responsible for the content of this announcement.


1. Contact details of the person discharging managerial responsibilities / person closely linked

a name

Title:
First name: Thomas R.
Last names): Stanton

2. Reason for notification

a) Position / status

Position: Chairman of the Board of Directors

b) Initial notice

3. Contact details of issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a name

b) LEIs

4. Details of the transaction(s)

a) Description of the financial instrument, type of instrument, identification code

Type: Financial instrument linked to a share or a debt security
The description: Restricted Stock Units (RSUs) to be settled in shares of ADTRAN Holdings, Inc. (ISIN US00486H1059).

b) Nature of the operation

Vesting of 204,290 PSUs as part of the stock incentive compensation. RSUs will be paid in shares of ADTRAN Holdings, Inc. (ISIN US00486H1059), formerly trading as Acorn HoldCo, Inc.; “ADTRAN”) on a one-to-one basis.

c) Price(s) and volume(s)

Prices) Volume(s)
not numberable not numberable

d) Aggregated information

Price Aggregate volume
not numberable not numberable

e) Transaction date

f) Place of transaction


28.07.2022 DGAP distribution services include regulatory announcements, financial/corporate news and press releases.
Archive at www.dgap.de


Language: English
Company: Adtran Holdings, Inc.
901 Explorers Boulevard
35806 Huntsville
United States
The Internet: www.adtran.com

End of news DGAP Information Service

77173 28.07.2022

EQS 2022

All news about ADTRAN HOLDINGS, INC.

2022 sales 680 million

Net income 2022 -7.78M

Net cash 2022 113 million

PER 2022 ratio
2022 return 1.51%
Capitalization 1,844 million
1,844 million
EV / Sales 2022 2.55x
EV / Sales 2023 2.20x
# of employees 1,335
Floating 70.3%

Chart ADTRAN HOLDINGS, INC.


Duration :

Period :




ADTRAN Holdings, Inc. Technical Analysis Chart |  MarketScreener

Trends Technical Analysis ADTRAN HOLDINGS, INC.

Short term Middle term Long term
Tendencies Bullish Bullish Neutral



Evolution of the income statement

Sale

To buy

Medium consensus TO BUY
Number of analysts 5
Last closing price $23.85
Average target price $28.75
Average Spread / Target 20.5%


]]>
2Q22 results: Telefônica Brasil SA https://hhqh.net/2q22-results-telefonica-brasil-sa/ Tue, 26 Jul 2022 22:03:00 +0000 https://hhqh.net/2q22-results-telefonica-brasil-sa/ SAO PAULO, July 26, 2022 /PRNewswire/ — Telefônica Brasil – (B3: VIVT3; NYSE: VIV), announces its results for 2Q22. Accelerating Customer Base Evolution Drives Double-Digit Revenue Growth million reais 2Q22 2Q21 % year 6M22 6M21 % year Net operating income 11,831 10,649 11.1 23,183 21,498 7.8 Basic income 10,839 9,453 14.7 21,124 19,016 11.1 Mobile […]]]>

SAO PAULO, July 26, 2022 /PRNewswire/ — Telefônica Brasil – (B3: VIVT3; NYSE: VIV), announces its results for 2Q22.

Accelerating Customer Base Evolution Drives Double-Digit Revenue Growth

million reais

2Q22

2Q21

% year

6M22

6M21

% year








Net operating income

11,831

10,649

11.1

23,183

21,498

7.8

Basic income

10,839

9,453

14.7

21,124

19,016

11.1

Mobile revenue

8,110

6,990

16.0

15,691

14,138

11.0

Fixed basic income

2,729

2,462

10.8

5,433

4,878

11.4

Non-essential income

992

1,197

(17.1)

2,059

2,483

(17.1)

Total recurring costs

(7,253)

(6,423)

12.9

(14,093)

(12,817)

10.0

Total declared costs

(7,253)

(5,860)

23.8

(14,093)

(12,254)

15.0

Recurring EBITDA

4,578

4,226

8.3

9,090

8,681

4.7

Recurring EBITDA margin

38.7%

39.7%

(1.0)pp

39.2%

40.4%

(1.2)pp

Reported EBITDA

4,578

4,789

(4.4)

9,090

9,244

(1.7)

% of reported EBITDA margin

38.7%

45.0%

(6.3) pp

39.2%

43.0%

(3.8)pp

Net revenue

746

1,345

(44.6)

1,496

2,287

(34.6)








Capex | Ex-IFRS 16

2,575

2,251

14.4

4,455

4,194

6.2

Operating Cash Flow (OpCF)

2003

1,975

1.4

4,634

4,487

3.3

OpCF/net revenue margin

16.9%

18.5%

0.1

20.0%

20.9%

(4.2)

Free cash flow after lease payments

2,157

1,868

15.5

4,634

4,067

(13.9)








Total number of subscribers (thousands)

113,706

96,721

17.6

113,706

96,721

17.6

Main subscribers

105,821

87 197

21.4

105,821

87 197

21.4

Non-core subscribers

7,885

9,524

(17.2)

7,885

9,524

(17.2)

Net operating income grown up 11.1% YoY (or +7.6% YoY excluding the impact of the Oi Mobile acquisition) driven by Mobile service revenues which increased by 15.1% on an annual basis (or +9.4% over one year excluding the effect

acquisition of Oi Mobile). The revenue increase was driven by the accelerated expansion of the customer growthwhich now has 114 million accesses in total, due to the constitution of Oi Mobile and solid organic growth in the neighborhood. Handset revenue recorded a strong increase of 26.4% year-on-year, given the larger portfolio of smartphones and accessories in Vivo stores.

We have added 4,671,000 postpaid accesses with the acquisition of Oi Mobile. However, our organic growth also made solid contributions 1,361,000 new accesses this quarter. Basic services subscribers now count for 93.1% of all accessesa 2.9 pp increase year-over-year.

long live reached 5.0 million (+24.8% over one year) connected households with FTTH. Currently, Vivo’s FTTH coverage is available in 354 cities (+13 cities in 2Q22), with 21.0 million households passed.

Core Fixed Income (+10.8% YoY)now corresponds to 73.3% (+6.0 pp) of our Net fixed income (+1.7% over one year). This growth is linked to a 23.7% year-on-year increase FTTH revenuesas we continue to expand our network and connect customers through Brazil. Main activity income now accounts for 91.6% (+2.9 pp) of total turnover.

Total recurring costs increased by 12.9% year-on-yearslightly above inflation (IPCA-12M), which increased by 11.9%.

Recurring EBITDA totaled 4,578 million reais (+8.3% year-on-year) in 2Q22, with a recurring EBITDA margin of 38.7%.

In 2Q22, we bought 198 million reais in shares with the new Share buyback program which will last until February 23. Over the past 12 months, the Company has recorded 122% dividend distributionAnd one Dividend yield of 8.4%given the share buyback program.

Free cash flow after leases achieved 2.2 billion reais this quarter (+15.5% over one year).

In July 2022Telefônica Brasil issued R$3.5 billion in sustainability bonds, a debt instrument linked to the achievement of ESG objectives. This investment commits the company to reducing its direct greenhouse gas emissions by 40% and reaching at least 30% black people in leadership positions by 2027.

TELEFÔNICA BRASIL – Investor Relations

Christian Gebara
David Melcon
Joe Pedro Carneiro
Gabriel Figueiredo Menezes
[email protected]

To download the full version of the company’s earnings release, please visit our website: http://www.telefonica.com.br/ir

SOURCE Telefonica Brasil SA

]]>
‘I’m so bearish that I’m bullish?’ https://hhqh.net/im-so-bearish-that-im-bullish/ Mon, 25 Jul 2022 05:01:23 +0000 https://hhqh.net/im-so-bearish-that-im-bullish/ A spoon to start: the head of Kuwait Investment AuthorityThe London office has been terminated with immediate effect. Saleh al-Atiqi’S’s departure follows a turbulent period at one of the world’s largest sovereign wealth funds, characterized by high staff turnover and legal battles with former employees. Welcome to FT Asset Management, our weekly newsletter about players […]]]>

A spoon to start: the head of Kuwait Investment AuthorityThe London office has been terminated with immediate effect. Saleh al-Atiqi’S’s departure follows a turbulent period at one of the world’s largest sovereign wealth funds, characterized by high staff turnover and legal battles with former employees.

Welcome to FT Asset Management, our weekly newsletter about players in a multi-trillion dollar global industry. This article is an on-site version of the newsletter. Sign up here to get it delivered straight to your inbox every Monday.

Are the format, content and tone right for you? Let me know: harriet.agnew@ft.com

Investors cut equity allocations to lowest level since Lehman bankruptcy

There are certainly plenty of reasons why investors are feeling gloomy right now: no end in sight to the war in Ukraine, high energy prices, runaway inflation, rising interest rates, lingering Covid. . .

The growing risk that all of this will push major economies into recession has spoken to major institutional investors, writes Chris Flood in London. As a group, they have cut their equity allocations to the lowest level since the collapse of Lehman Brothers in September 2008, according to Bank of Americaof the widely followed monthly survey of fund managers.

Pessimism has reached a ‘disastrous level’, says Michael Hartnett, chief investment strategist of BofA. An indication of that: the survey, of 259 investment managers with combined assets of $722 billion, found that cash holdings last month hit a 21-year high. And nearly four in five respondents expected corporate earnings to deteriorate more than at any time during the coronavirus pandemic or Lehman’s bankruptcy.

Opposites can see all the gloom and pessimism as a “buy” signal. But the “I’m so bearish I’m bullish” argument doesn’t sit well with Hartnett. He warns that any rebound in stocks or bonds is unlikely to turn into a sustained rally until it is clear that the Federal Reserve decided to have tightened its monetary policy enough to control inflation.

Meanwhile Albert Edwardsglobal strategist at Societe Generale, is true to its usually bearish stance. He thinks central banks’ role in driving up prices and their misjudgment of the severity of the current rise in inflationary pressures could prevent them from stepping in again to provide support if financial markets continue to weaken. He asks:

“Have the arrogance and hubris of Western central bankers now been reduced? And if so, what will it mean for the future?

It’s a big question that will haunt investors after an extended period of central bank largesse. This is unlikely to happen again as long as inflation remains an issue in the eyes of policymakers.

Do you think it’s time to buy stocks? Email me: harriet.agnew@ft.com

Why young investors are not ready to give up risk

With $1,000 in savings and two US government stimulus checks, Chris Zettler started investing in 2020. He first bought companies he knew, he says, “but then I got tired of them.” He switched to call options at companies with volatile stock prices, riding the price swings, writes Madison Derbyshire At New York. He used a win to buy 100 shares of the same AMC stock at $30 in May and sold them at around $65 in June.

Aged 35 and studying finance at the University of AlabamaBirmingham, had a TD Ameritrade account that allowed him to trade on margin and place almost $8,000 in bets with his initial capital of $4,000. He turned that into $18,000.

Zettler saw his account balance soar to $50,000 before dropping to $35,000 when a bet swerved. He sold $20,000 worth of stock and paid his tuition: “I got lucky,” says Zettler.

Still, the risk was worth it, he adds. The possibility of making outsized returns outweighed the risk of loss: “If I did it again, would I have done it responsibly and sat on that $4,000?” Shoot, no. . . You have nothing to lose, so you might as well get your shot.

Zettler is part of a generation of investors who grew up around the 2008 financial crisis and its aftermath. Having struggled to accumulate wealth through traditional means over the past decade, many have turned to speculation in the riskier corners of the financial markets.

Experts say the growing appetite for speculative assets such as cryptocurrencies, NFTs and “meme stocks” (whose value skyrocketed in early 2021, driven by retail traders and hype social media) is not just about getting rich quick.

Stagnant wages, rock-bottom interest rates, soaring house prices – and now, corrosive inflation – have cut short the idea that those under 40 can follow the well-trodden path to the financial security that their parents borrowed. Young investors say they feel the game is rigged and playing by the old rules is a losing strategy.

Read the full story here on how even amid a crash in the crypto markets, there are few signs that the “moonshot generation” is planning to retire from the game.

Chart of the week

Premium investor demand for holding Italy’s debt soared to its highest level since mid-June as borrowing costs in the heavily indebted economy soared following the prime minister’s resignation Mario Draghi.

Draghi, the former president of the European Central Bankresigned on Thursday after right-wing parties in Italy’s parliament withdrew support for his national unity government, writes Ian Johnson in London.

Meanwhile, the European Central Bank’s decision to raise interest rates by 0.5 percentage points on Thursday – a bigger-than-expected hike and the central bank’s first in more than a decade – supported the demand for safer public debt, in particular German 10-year Bunds.

This widened the 10-year borrowing cost gap between Italy and Germany – a key measure of risk – to 2.3 percentage points, a high level that some analysts called a “danger zone”. “.

This widening of the spread reflects concerns about Italy’s political fragility and heavily indebted economy. It will also spark fresh concerns about fragmentation in the eurozone – when borrowing costs differ between southern and northern European economies – even despite the ECB’s unveiling of a new tool this week. purchase of bonds, the transmission protection instrument, to prevent debt crises.

Here is the markets editor Katie Martin on how the markets are testing the ECB’s resolve.

10 stories not to miss this week

Asset managers have navigated a rising tide of wealth in recent years. But Lex explains why rising interest rates, stubbornly high inflation and the worst start for equities in half a century mean that fund managers large and small will see their profits hit significantly this year.

Investors still need to exercise caution in emerging markets, writes Mohamed El-ErianAdvisor Allianz and Grammercy. Historically cheap prices are not enough given the macro headwinds.

Blackstone Groupthe world’s largest alternative asset manager, warns of a continued slowdown in economic activity as continued high inflation forces Federal Reserve continue to raise interest rates.

Turbulent global markets drove the $440 billion California Public Employees Retirement Systemthe largest US public pension plan, to its first annual loss since the 2009 global financial crisis. Toby Nangleformer Global Head of Asset Allocation at Columbia Threadneedle Investmentsexplains the large collateral call faced by pension funds in the UK.

The “return to cash” as a strategic asset has brought rare good news to investment managers. Rising interest rates are transforming the $4.6 billion money market fund business from a drag on profits to a source of revenue.

Neil Shenis new 9 billion Sequoia China The fund will target “politically correct” investments that align with Beijing’s political agenda, the latest sign of political pressure on investors in China.

“We had a spike in mutual funds,” says Pierre Harrisongeneral manager of Schröderswhich disclosed a minority stake in Forteus, an investment manager focused on digital assets. Here is an op-ed from Harrison explaining why the crypto crash has important lessons for asset managers.

US Quantitative Fund Strong has been hit by losses of between 20% and 40% across its funds this year, in stark contrast to the strong gains made by other computer-based hedge funds in the market turmoil in 2022.

Former FT City Editor Jonathan Ford former criticsApollo partner Sachin Khajuriathe book Two and twenty. His opinion ? A controversial investment industry insider’s account preaches to converts.

Bill Perkinsone of the hedge fund industry’s most successful energy traders, is expanding to London to exploit opportunities in the ‘crazy’ European market following Russia’s invasion of Ukraine.

and finally

Milton Avery, Boathouse by the Sea, 1959 © 2021 Milton Avery Trust / Artists Rights Society (ARS), New York and DACS, London

Milton Avery inspired abstract expressionists like Marc Rothko and Barnett Newman, and is considered one of the greatest North American colourists of the 20th century. According The New York Times“Only Matisse – to whose art he owed much, of course – produced a greater achievement in this regard”. The Royal Academy of Arts now shows the first comprehensive exhibition of Avery’s work in Europe. It brings together a selection of around 70 of his most famous paintings from the 1930s-1960s.

Thanks for reading. If you have friends or colleagues who might appreciate this newsletter, please forward it to them. register here

We would love to hear your feedback and comments about this newsletter. Email me at harriet.agnew@ft.com

Due diligence — The best stories from the world of corporate finance. register here

The week ahead — Start each week with an overview of what’s on the agenda. register here

]]>
Mitsuko Takahashi on the global egg industry https://hhqh.net/mitsuko-takahashi-on-the-global-egg-industry/ Sat, 23 Jul 2022 09:13:13 +0000 https://hhqh.net/mitsuko-takahashi-on-the-global-egg-industry/ Although not attracting much attention from the Western media, a financial crisis is developing in China, which could eventually lead to the collapse of the Chinese economy, and either the end of the rule by the Communist Party of China ( PCC), or a sudden military adventure. by the CCP in an attempt to distract […]]]>

Although not attracting much attention from the Western media, a financial crisis is developing in China, which could eventually lead to the collapse of the Chinese economy, and either the end of the rule by the Communist Party of China ( PCC), or a sudden military adventure. by the CCP in an attempt to distract the Chinese people from the financial crisis inside China.

The Chinese Communist Party came to power promising the Chinese people a higher standard of living. In order to provide this higher standard of living and stay in political power, the CCP opened its economy to the West in 1978.

China’s GDP in 1978 was $149.5 billion. After China opened its markets to a free economy in 1978, the growth rate of the Chinese economy was nothing short of phenomenal. In 2021, China’s GDP was $17.7 trillion. The main reason for the explosive growth of the Chinese economy was that its economy in 1978 was bankrupt and had no place to go but up.

Although China’s economic growth has been impressive, it has relied specifically on “stable growth”. Steady growth relies on continuous and increasing amounts of economic inputs to maintain its rate of growth. Once inflows to the economy stabilize or stagnate, the rate of growth suffers and a decline in the economy is inevitable.

On the other hand, Western economies are subject to the “non-steady state growth” model of the Solow-Swan economic model. Unstable growth occurs when a technological change in production increases the productivity of the economy, causing the supply curve of a particular good or service to shift to the right on a system of Cartesian coordinates, which increases the demand for that good or service at a lower price. Such an increase in the supply of a good and/or service increases the GDP of that country without the use of additional economic inputs. The steady-state growth rate continues until the new technology becomes the new standard, after which the steady-state growth pattern reverts to a steady-state growth pattern.

China is unable to experience this type of economic growth due to the lack of an impartial judiciary in China to fairly and impartially adjudicate contract law disputes. For this reason, the current Chinese economy increasingly depends on economic inputs to increase significant economic growth.

Money as a political good

In the West, and in most of the world, money is an economic good. Money in the West is governed by the philosophy of a return on investment that creates more wealth. Money acts as an intermediary between buyer and seller.

In China, according to geopolitician Peter Zeihan, money is seen by the CCP as political property.

According to Mr. Zeihan, “Investment decisions that are not driven by the concept of return tend to add up. Conservatively, corporate debt in China is about 150% of GDP. This does not take into account federal government debt, or provincial government debt, or local government debt. Nor does it involve the bond market, or non-standard borrowing such as LendingTree-like person-to-person programs, or parallel financing designed to evade even China’s hyper-lax financial regulators. That doesn’t even include US dollar-denominated debt that has sprung up in the rare moments when Beijing has taken some small steps to resolve the debt problem and so companies have sought funding outside of China. With this kind of attitude towards capital, it shouldn’t come as much of a surprise that Chinese stock markets are in essence gambling dens completely disconnected from issues of supply, labor, markets, logistics and cash. (and legality). Simply put, in China debt levels are simply not seen as a problem.

In China, money is a political commodity and only has value if it can be used to achieve a political goal. This political good is the maximum number of jobs.

The notions of rate of return or profit margins do not exist in China, and that is where the danger lies; the law of supply and demand will eventually prevail and the Chinese economy will face a correction. The longer it takes to deal with this economic correction, the greater the damage that the inevitable correction will cause to the Chinese economy.

The Chinese real estate market is in crisis

The default of huge real estate giant China Evergrande Group in December 2021 foreshadowed the wreckage of the slowing train of China’s real estate market. As they faltered in default, China’s state-owned enterprises picked Evergrande’s assets and took them over with cash and, in some cases, took on the debt of those assets with the blessing of the state government. Chinese. Due to Chinese law, international debt is so-called “unsecured” and issued by a Hong Kong subsidiary, which means that creditors do not automatically have the right to seize anything on the mainland, where Evergrande has nearly all of its 1,300 projects. There is little chance that foreign investors will be able to recover their investment thanks to this law.

In July, an article by the British news agency Reuters detailed the continuing crisis in the real estate market in China. According to the article, home buyers in 22 cities inside China are refusing to make mortgage payments on unfinished condos and apartments. According to Dan Wang, Chief Economist of Hang Seng Bank China… “If tens of thousands of home buyers really stop paying their mortgages, real estate companies will soon collapse because they have no cash, there has huge risks for banks, especially local banks, whose assets are mainly in the housing market, and there is no way the central bank can save them all.

These protesters risk being punished under a government system called “social credit” that rewards what is considered good behavior by Chinese citizens and punishes bad behavior. The refusal of frustrated Chinese families to pay a mortgage for an apartment or house that may never be built indicates the level of anger among thousands of Chinese buyers and carries over into the developing banking crisis in China.

A developing banking crisis in China

On July 10, 2022, in the Chinese province of Henan, in the provincial city of Zhengzhou, a crowd of around 1,000 people clashed with police outside a branch of the Central Bank of China to protest against the freezing of their deposits by the bank. .

The bank’s deposit freeze began in April 2022. Depositors were unable to withdraw their money from the bank from then on, despite promises that their money was safe.

The shock of July 10e, resulted in many protesters being attacked and beaten by unidentified men, who were later identified as government police and then held in detention centers. The protesters were freed later that afternoon. The next day, authorities announced that funds would be released with a maximum amount of 50,000 yuan ($7,434 in USD). Authorities have announced that frozen deposits above this amount will eventually be released, but no information on how and when was given.

The bank, one of around 1,600 village banks, is under pressure due to the slowdown in China’s property market. Many banks and financial institutions are heavily invested in China’s property market, and with the property market slowly collapsing, the damage is slowly seeping into China’s financial sector.

To boost its economy, China has announced a $1.1 trillion (USD) infrastructure package. This is an example of the Chinese economy adding inputs to its economy to drive growth, but the input is simply more debt. The stimulus package will depend on bonds, in which provincial banks are supposed to invest. Given the illiquidity of smaller banks, this could prove to be a daunting challenge.

With the real estate market in crisis in China, and with collateral damage leaks in the Chinese banking sector, with funds frozen where depositors cannot access their capital, a serious real estate and banking crisis is developing in China.

With the housing market crash in China, and the beginnings of a crash in the Chinese banking system, it seems that the inevitable economic correction has arrived.

]]>
Transmission Protection Instrument | Mirage News https://hhqh.net/transmission-protection-instrument-mirage-news/ Thu, 21 Jul 2022 13:54:00 +0000 https://hhqh.net/transmission-protection-instrument-mirage-news/ The Board of Governors today approved the Transport Protection Instrument (TPI). The Governing Council considered that the establishment of the TPI was necessary to support the effective transmission of monetary policy. In particular, as the Governing Council pursues the normalization of monetary policy, the TPI will ensure that the monetary policy stance is transmitted smoothly […]]]>

The Board of Governors today approved the Transport Protection Instrument (TPI). The Governing Council considered that the establishment of the TPI was necessary to support the effective transmission of monetary policy. In particular, as the Governing Council pursues the normalization of monetary policy, the TPI will ensure that the monetary policy stance is transmitted smoothly across all euro area countries. The single monetary policy of the Governing Council is a prerequisite for the ECB to be able to fulfill its price stability mandate.

The TPI will complement our toolbox and can be activated to counter unwarranted and disorderly market dynamics that seriously threaten the transmission of monetary policy in the Eurozone. By preserving the transmission mechanism, the TPI will enable the Governing Council to fulfill its price stability mandate more effectively.

Subject to compliance with the established criteria, the Eurosystem may make purchases on the secondary market of securities issued in jurisdictions experiencing a deterioration in funding conditions not justified by the fundamentals specific to each country, in order to counter the risks weighing on the transmission mechanism to the extent necessary. The extent of TPI purchases would depend on the severity of monetary policy transmission risks. Purchases are not limited ex ante.

Purchase Settings

TPI purchases would be focused on public sector securities (marketable debt securities issued by central and regional governments as well as agencies, as defined by the ECB) with a residual maturity of between one and ten years. Purchases of private sector securities could be considered, if necessary.

Eligibility

The Governing Council will review a cumulative list of criteria to assess whether the jurisdictions in which the Eurosystem can make purchases under the TPI pursue sound and sustainable fiscal and macroeconomic policies. These criteria will contribute to the decision-making of the Board of Governors and will be dynamically adjusted according to the risks and current conditions to be addressed.

In particular, the criteria include: (1) compliance with the EU fiscal framework: not being subject to an excessive deficit procedure (EDP) or not being assessed as not having taken effective measures in response to a recommendation from the Council of the EU under Article 126(7) of the Treaty on the Functioning of the European Union (TFEU); (2) absence of serious macroeconomic imbalances: not being subject to an excessive imbalance procedure (EIP) or not being assessed as not having taken the recommended corrective action linked to a recommendation of the Council of the EU under Article 121(4) TFEU; (3) fiscal sustainability: to determine whether the public debt trajectory is sustainable, the Governing Council will take into account, where appropriate, debt sustainability analyzes carried out by the European Commission, the European Stability Mechanism, the international monetary and other institutions, as well as internal ECB analysis; (4) sound and sustainable macroeconomic policies: comply with the commitments submitted in the Recovery and Resilience Plans for the Recovery and Resilience Facility and the country-specific recommendations of the European Commission in the budgetary area within the framework of the Semester European.

Activation

A decision by the Board of Governors to activate the TPI will be based on a comprehensive assessment of market and transmission indicators, an assessment of the eligibility criteria and a judgment that the activation of purchases under the TPI is proportionate to the achievement of the primary objective of the ECB.

The purchases would be terminated either in the event of a sustained improvement in transmission or based on an assessment that the continuing tensions are due to the fundamentals of the country.

Treatment of creditors

The Eurosystem accepts the same treatment (pari passu) as private or other creditors with respect to bonds issued by euro area governments and purchased by the Eurosystem under the TPI, in accordance with the terms of such bonds.

Relationship to monetary policy stance

To avoid potential interference with the appropriate monetary policy stance, in the event of TPI activation, the Governing Council will consider the implications of TPI purchases for the size of the overall portfolio of monetary policy debt securities. of the Eurosystem and the amount of excess liquidity. Purchases under the TPI would be carried out in such a way as not to have a persistent impact on the overall balance sheet of the Eurosystem and hence on the stance of monetary policy.

PEPP reinvestment flexibility

The reinvestment flexibility of the PEPP will continue to be the first line of defense to counter the risks on the transmission mechanism linked to the pandemic.

Outright Money Transactions (OMT)

The OMT is part of the Eurosystem’s toolbox. The Board of Governors reserves the discretion to perform OMT for countries that meet the criteria required for OMT.

/Public release. This material from the original organization/authors may be ad hoc in nature, edited for clarity, style and length. The views and opinions expressed are those of the author or authors. See in full here.

]]>
Soaring prices push American workers to the brink https://hhqh.net/soaring-prices-push-american-workers-to-the-brink/ Mon, 18 Jul 2022 05:30:17 +0000 https://hhqh.net/soaring-prices-push-american-workers-to-the-brink/ The purchasing power of American workers’ wages suffered another sharp drop last month, as the official inflation rate hit 9.1% while wage increases remained suppressed well below that level. According to the US Bureau of Labor Statistics, real wages fell 3.1% between June 2021 and June 2022. In the month of June alone, real average […]]]>

The purchasing power of American workers’ wages suffered another sharp drop last month, as the official inflation rate hit 9.1% while wage increases remained suppressed well below that level.

According to the US Bureau of Labor Statistics, real wages fell 3.1% between June 2021 and June 2022. In the month of June alone, real average weekly earnings fell 1%. More recent figures from the Wall Street Journal put the fall in real wages at 4.4%.

The devastating impact of inflation on the working class is demonstrated by the collapse of the purchasing power of the federal minimum wage. Frozen at $7.25 an hour since 2009, it is at its lowest value in 66 years. The 13-year minimum wage freeze, imposed by Democratic and Republican administrations, is the longest period without a raise since it was put in place in 1938 under the Roosevelt administration.

For comparison, the real value of the minimum wage in current dollars was $12.12 in 1968.

Soaring inflation is part of a class policy to make working people pay for the criminal and incompetent ruling class response to the pandemic, including the vast bailouts of banks and financial institutions to the tune of trillions of dollars. . At the same time, while health care and vital public services are underfunded, the government has lavished massive sums on the war machine. Military spending under the Democratic Biden administration is now at record highs.

The result has been that as workers pay more, consumption falls. For example, while gasoline prices have increased by 60%, the total dollar amount spent on gasoline has only increased by 50%, which means that workers are forced to reduce their trips and displacements.

While working people’s living standards are devastated, the world’s billionaires have seen their fortunes soar. The world’s 10 richest billionaires have more than doubled their fortunes from $700 billion to $1.5 trillion. Meanwhile, another 160 million people have been forced into poverty, a figure that is sure to rise.

The Biden administration has turned to unions to help quell the growing wave of strikes by workers to fight the devastating assault on wages. Biden, who calls his administration the most “pro-union” in history, sees the labor bureaucracy as a vital instrument to disorganize and betray workers’ struggles.

]]>
Soon the trading of Treasury bonds on the stock exchange https://hhqh.net/soon-the-trading-of-treasury-bonds-on-the-stock-exchange/ Sat, 16 Jul 2022 02:34:53 +0000 https://hhqh.net/soon-the-trading-of-treasury-bonds-on-the-stock-exchange/ Stakeholders bullish on stock market rebound thanks to risk-free tokens JASIM UDDIN HAROON | Published: July 16, 2022 08:34:53 The highly publicized trading of Treasuries in the market could begin as soon as stakeholders have completed most of the procedures, including the trading simulation, raising hopes for a rebound in the stock exchanges. Bonds have […]]]>

Stakeholders bullish on stock market rebound thanks to risk-free tokens