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

Sponsored range preview: Ferrero Christmas 2018

first_imgThorntons PearlsRSP: £4.99This new treat, designed for gifting, comprises chocolate balls with a soft filling individually twist-wrapped in colourful foil. Available in two variants, Salted Caramel and Nutty Crunch, the boxes are aimed at younger shoppers who want to “give to share”. Though launching ahead of Christmas, this product will be available year-round.  Kinder UnicornRSP: £7.51Jumping on the craze for all things unicorn, Kinder is adding this new character to its range of cuddly Christmas gifts which currently includes a polar bear and a reindeer. The fluffy pink plush comes with six Mini Choc and seven Mini Choc Cereal bars. Kinder Mini Advent CalendarRSP: £5.38This new 24-door advent calendar is filled with 12 Kinder Mini Choc and 12 Mini Choc Cereal bars. Thorntons Cheeky ElfRSP: £5.00Joining the Jolly Reindeer and The Snowman, this new milk chocolate Cheeky Elf variant is the newest character in the Thorntons Christmas novelties range.The elf is designed to capture excitement around the growing Elf on the Shelf craze during the run-up to Christmas, which involves parents moving a toy elf ‘scout from Santa’ to different spots in the house overnight for children to find in the morning.The box includes details of a competiton for customers to submit a picture of the Cheeky Elf hiding around the house for a chance to win a trip to Lapland.center_img The end of the year is approaching and it’s nearly time to deck the aisles with festive NPD. Ferrero’s latest Christmas range will showcase its innovative gifting lines and products designed for sharing during the season. Here’s our pick of the best new launches across Nutella, Kinder and Thorntons.,Nutella Glow in the Dark RSP: £1.75Ferrero is offering a glow-in-the-dark version of its limited edition Christmas Nutella packaging for the first time. Available across the 200g variant only, the resuable glass jars will feature four different snowy scenes including a wintery street scene and a frosty landscape with deer.  Thorntons Star CollectionRSP: £5Decorated with a refreshed design for 2018, this milk, white and dark box now includes four new chocolates: a Milk Salted Fudge Star, a Dark Chocolate Truffle Star, a Milk Roast Almond & Hazelnut Star and a White Gingerbread Star.last_img read more

Sodje slams NFF for making Rohr’s contract issue public

first_img “There is some information that shouldn’t come out, even I heard them on several platforms talking about some coaches vying for the position, It shouldn’t be so. Sodje emphasized further saying that” It is wrong if they want a manager they should talk to him in the private and not coming out to shoot out the whole thing as to his contract terms”. read also:Sodje Lampoons NFF over influx of foreign coaches and assistants“I felt it’s unprofessional because we hear it too much on the airwaves a lot, which it shouldn’t have been”. He said. FacebookTwitterWhatsAppEmail分享 Speaking to brila.net, the former Nigeria defender stated that contract terms should be between the coach and the management of the NFF and it shouldn’t be for the consumption of the public, he said. “This is something that is not supposed to come out and it’s coming out and I don’t think the NFF had shown the right thing at the right time concerning the way and manner they handle the contract talks.”Advertisement Promoted ContentCouples Who Celebrated Their Union In A Unique, Unforgettable WayThe Highest Paid Football Players In The World12 Movies That Almost Ended Their Stars’ Careers7 Things That Actually Ruin Your PhoneEver Thought Of Sleeping Next To Celebs? This Guy Will Show You9 Facts You Should Know Before Getting A TattooWhich Country Is The Most Romantic In The World?You’ve Only Seen Such Colorful Hairdos In A Handful Of Anime6 Extreme Facts About Hurricanes12 Movies That Almost Ended Their Stars’ Careers7 Universities Where Getting An Education Costs A Hefty PennyPortuguese Street Artist Creates Hyper-Realistic 3D Graffiti Loading… Former Super Eagles defender, Sam Sodje, had faulted the way the terms of the Contract of Genort Rohr was spelt out in the public.last_img read more