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

NRA applauds Hoosier lawmakers

first_imgFairfax, Va.— Lawmakers in both the Indiana House and Senate have passed bills that would make it more affordable for law-abiding gun owners in the state to protect and defend themselves.Yesterday, the Indiana state House of Representatives passed House Bill 1424 71-20 and the state Senate previously passed Senate Bill 237 49-0.  HB 1424, sponsored by Representative Timothy Wesco (R-21), would extend the duration of a 4-year License to Carry a Handgun (LTCH) to five years and remove fees for lifetime licenses.  SB 237, sponsored by Senator Rodric Bray (R-37), would also extend the duration of a four-year LTCH to five years.“This bill recognizes that law-abiding citizens have a fundamental right to protect and defend themselves and their families in public.  We must eliminate excessive fees that make it hard for the most vulnerable among us to exercise that right.” – Catherine Mortensen, NRA SpokespersonEach bill will now cross over to the opposite chamber for further consideration.Both of these bills will bring the Indiana LTCH into compliance with federal law to make it eligible for what is called “NICS (National Instant Criminal Background Check System) exemption.” NICS exemption simply means that law-abiding permit holders who have been fully vetted and have undergone a federal background check may purchase or receive a firearm from a firearm dealer without the delays sometimes associated with an additional NICS check.  The permit itself acts as verification that the holder has undergone a background check and is neither prohibited under state or federal law from possessing a firearm.last_img read more

COLUMN: The Coliseum has lost its edge

first_imgOhio State. Alabama. Florida State. They all have one thing in common: It’s almost impossible to beat them at their home stadiums. In fact, these teams are a combined 72-3 at home since the 2012 season.The fact that these teams are so dominant at home should come as no surprise. Over the past four years, Ohio State, Alabama and Florida State have been some of the most consistent teams. In fact, these three teams are the past three NCAA champions.USC used to be this dominant at home. Teams hated to make the trek to the Los Angeles Memorial Coliseum. However, times have changed.Last Thursday, the Trojans dropped their second consecutive home game, a feat that hasn’t happened since 2001 — Pete Carroll’s first year in charge.  In fact, since Carroll’s departure after the 2009 season, the Trojans have struggled mightily at home.During Carroll’s nine-year tenure from 2001-09, the Trojans lost a combined five home games. As noted above, two of those came in his first year as head coach and another two came during his last season in 2009. The only other loss was a 24-23 stunner to Jim Harbaugh’s Stanford in 2007.To put it straight, the Trojans were basically invincible at home from 2002-08 going 41-1 and at one point having an impressive 32 home game winning streak. The Coliseum was the holy grail of stadiums. The crowd, the media and the players all knew the Trojans were going to win every home game.Everything changed after the 2008 season. In 2009, the Stanford Cardinal handed the Trojans their worst home defeat in ages — a whopping 55-21 loss. You have to go back to 1966 when the Fighting Irish shut out the Trojans 51-0 at the Coliseum.The aura of the Coliseum faded after that Stanford game and seemingly never recovered. After only suffering five home defeats during the Carroll era, the Trojans have lost five games in the past three years, and 11 games since Carroll bolted for the NFL in 2009.Under Kiffin and Sarkisian, the Trojans lost six games against unranked opponents and boast only one win over a top 10 ranked team — 2013 against No. 4 Stanford. Even more insinuating is the fact that the Trojans only have one home win each over UCLA and Notre Dame since Carroll’s departure.The Coliseum is simply no longer feared.Teams like Washington State, Arizona State and Washington would have never dreamed of  beating USC at home before. Most of this is a result of the coaching. Kiffin and Sarkisian were sub-par head coaches at best, but some of the blame falls on the shoulders of the fans as well.Growing up, I had the privilege of watching the Trojans during their impressive 32 home game winning  streak. Every time I went to the Coliseum, the stadium would be rocking. Oftentimes, it was so loud you could barely hold a conversation with the person next to you if you weren’t screaming.Last Thursday, the attendance at the Coliseum was pathetic.I remember gazing around the Coliseum and thinking to myself, “Wow, I haven’t seen this place so quiet in years.”The Coliseum was half empty, the student section didn’t fill up until mid-way through the second quarter and the only time there was life was when the Trojans needed a stop late in the fourth quarter.As fans, we have to do better. Ohio State consistently ranks in the top three of attendance with an average of 105,000 fans per game. The Trojans, who have one of the largest seating capacities at 90,000, have had an average attendance of just 73,000 over the past five years.Heck, even Michigan, who went 5-7 last season, had an average attendance of 104,000 people. Sure the stadium holds 109,900, but almost selling out every game when your team is that awful is pretty impressive.The Coliseum can get back to its glory days, but it starts with the fans. Every game during the Carroll era was basically a sell out. The Trojans haven’t sniffed anywhere near 90,000 fans since 2008.The Trojans will reach greatness again, but I think it has to start with winning home games. Losses to 17-point under dogs at home can’t be tolerated any longer.The Coliseum needs to be feared once again.Nick Barbarino is a senior majoring in business administration. His column, “Beyond the Arc,” runs Thursdays.last_img read more