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Ant’s IPO is a ‘sign of the times’ and ‘not an isolated case’

first_imgI believe the Chinese government stepped in because they realized that they had to regulate these companies, so that they don’t … get too big. Ant operates Alipay, which is one of China’s most popular mobile payment systems. It is also provides everything from wealth management to micro loans, and sells financial technology to enterprises.But the fintech firm’s IPO, which would have been the biggest ever, was pulled at the last minute after Chinese authorities said there were “major issues” with the listing. “As you know, that sector in China has grown by leaps and bounds,” he said. “And now I believe the government is realizing that they cannot let this get out of control, because it’ll jeopardize the entire financial structure.”Changing world of paymentsSpeaking on the same panel, Douglas Flint, chairman of asset manager Standard Life Aberdeen, said the Ant IPO suspension indicated a need for central banks and regulators to have control of financial stability.He highlighted how many of today’s payments, money transmissions and investments had gone online.“While that is good for consumers and good for competition and good for lowering the cost of intermediation, I think that regulators and policymakers are beginning to get nervous given the scale of dominance that could happen,” he said. “I think there’s a financial stability issue that caused the cause the IPO to be pulled back.” The suspension of Ant Group’s initial public offering (IPO) is a sign of the times, according to veteran investor Mark Mobius, who is the founder of Mobius Capital Partners. Ant, an affiliate of Jack Ma’s Alibaba, was all set for a $34.4 billion dual listing in Shanghai and Hong Kong last Thursday.- Advertisement – While China appears to have concerns about some companies getting too big, it is keen to rapidly scale others in different industries.Fiona Frick, CEO of asset manager Unigestion, said on the same panel that China wanted to become “more independent” in certain sectors of tech, naming the semiconductor industry as one example.  Going forward, she said her firm was more positive on emerging markets, especially in Asia, than it was on Europe. “They’ve been managing their Covid crisis much better than us,” she said, adding that she’s particularly positive on tech in these countries.center_img – Advertisement – “The Chinese government is waking up to the fact that they cannot allow these companies that dominate a particular sector and particularly the financial sector,” said Mobius on a virtual panel at CNBC’s East Tech West conference.“I believe the Chinese government stepped in because they realized that they had to regulate these companies, so that they don’t … get too big,” he said, adding that other emerging markets have the same concerns. “A lot of it is related to privacy and other factors.”Asked if he thinks Ant is an isolated case, Mobius said “definitely not” and warned that the Chinese government may look to regulate the technology industry further.- Advertisement – – Advertisement –last_img read more

The European Bank has secured 100m euros to support Croatian and Montenegrin tourism

first_imgThe European Bank for Reconstruction and Development (EBRD) supports the development of the tourism sector in Croatia and Montenegro in the amount of EUR 100 million through the Erste & Steiermärkische Bank (ECB) credit line. The funds are intended for sustainable investments in private catering and hotel companies and accompanying tourism activities. Erste Bank is the first financial institution to be granted a loan under the EBRD’s Inclusive Tourism Framework for the Eastern Mediterranean. The program represents a comprehensive approach to the financing of the tourism sector with a focus on a broader, faster and more systematic approach to the financing of tourism and related sectors. The program and approved credit line have the following goals. This important transaction was signed by EBRD President Suma Chakrabarti. “We are pleased to be able to provide much-needed capital for sustainable growth and further development of the tourism sector in Croatia and Montenegro. Tourism is an important driver of growth in both countries and we expect that through this investment new opportunities will open up for local companies and create new jobs. This new Program will allow the EBRD to reach more clients, including smaller ones”, He said during his stay in Zagreb. Suma Chakrabarti and Christoph Schoefboeck “We are very pleased to have become the first partner bank within this EBRD program and we are pleased to continue and further deepen the long-standing successful cooperation between our two institutions. Support to tourism is one of our basic strategic determinants and we believe that through this credit line we will enable our clients to realize many successful projects in this segment, which will contribute to their further strengthening and positioning in the domestic and international markets.and “, Christoph Schoefboeck, President of the Management Board of Erste Bank, emphasized on this occasion. The first is to increase employment opportunities for young people and women through internships and, through cooperation with local universities and vocational schools through the establishment of new or improved vocational programs, to promote vocational internships and equal employment opportunities policies. Also, the goal is to strengthen the connection with local suppliers through the cooperation of all important stakeholders, which is crucial for better development of local value chains and deeper integration of local farmers. Photo: Erste Bank; European Bank for Reconstruction and Developmentlast_img read more

Indiana sends troops for hurricane relief

first_imgIndianapolis, In. — About 100 men and women from the Indiana National Guard 38th Infantry Division and the 181st Intelligence Wing are in Florida assisting with hurricane response efforts.“The National Guard stands trained and prepared to assist authorities protect lives and property,” said Maj. Gen. Courtney P. Carr, the Adjutant General of the Indiana National Guard. “This is a core competency of this organization and we focus on being ready when called.”The group is posting updates on their Facebook page at https://www.facebook.com/IndianaGuardsmanlast_img read more

Cricket News Steve Smith, David Warner and Cameron Bancroft bans to stay: Cricket Australia

first_imgNew Delhi: Cricket Australia has announced that there will be no reduction in the penalties imposed on Steve Smith, David Warner and Cameron Bancroft in the wake of the ball-tampering scandal in the Newlands Test against South Africa in March 2018. The Australian Cricket Board announced the decision in a board meeting on Monday to consider a submission lodged by the Australian Cricketer’s Association (ACA) which called for the bans to be immediately lifted. The ACA had given the proposal after the Ethics Centre review concluded that Cricket Australia’s mindset of ‘winning without the cost’ was the main reason for the scandal in Cape Town.Read More | Maninder Singh’s advice to India in Australia: Read conditions wellThe decision means Smith and Warner, who have been banned for a year, will not be able to play domestic cricket or international cricket until the end of March 2019. Bancroft, who was suspended for nine months for his role in the scandal, could return to domestic cricket by January 2019. Earl Eddings, the interim chairman of Cricket Australia, explained the rationale behind not reducing the bans.Read More | Shastri questions India’s ‘poor travellers’ tag ahead of series “We believe the ongoing conversation about reducing the sanctions puts undue pressure on the three players – all of whom accepted the sanctions. Though we recognise that this decision will be disappointing for the ACA, we thank them for their submission. Our commitment to continue building a strong relationship between CA and the ACA in the interests of cricket in Australia remains. The Cricket Australia Board doesn’t intend to consider further calls for amendments to the sanctions,” Eddings said.Read More | India in Australia: First whitewash, ODI glory and historic twin tonsBancroft’s first international assignment, should be considered, could be the Sri Lanka Tests that begin in mid-January. On the other hand, Smith and Warner could play international cricket before the World Cup if Pakistan decide to move the scheduled ODI series from March to April.Cricket Australia stated that all the elements of ACA’s recommendations were considered and the submission was deliberated at length. The Board maintained that the length and nature of the sanctions was appropriate considering the damage to Australian cricket. The ACA has called the Board’s decision “disappointing” and announced the matter was closedMassive fall-out from ball-tampering scandalThe ball-tampering scandal erupted in the Cape Town Test against South Africa when Bancroft was caught on camera trying to alter the condition of the ball with yellow sandpaper from his pocket.  The controversy resulted in Smith and Warner being banned by Cricket Australia for a year and Bancroft for nine months, with Warner being permanently banned by the Board from holding a leadership position.In the wake of the scandal, an Ethics Centre report to review Australian Cricket Culture was published and it criticised Cricket Australia’s mentality of fostering a philosophy to ‘win without counting the cost’. Another report in the form of the Longstaff Review was constituted which looked in Cricket Australia’s cultural failings. The review criticised Cricket Australia as “arrogant and controlling” and that players lived in a “gilded bubble”. This resulted in the resignation of Chairman David Peever. For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more