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

HCAC names Mack as scholarship winner

first_imgBatesville, IN—Grace Mack, Batesville, has been selected at the 2020 Hispanic Community Advisory Committee Scholarship winner.  Mack, a 2020 Oldenburg Academy graduate, will continue her studies at Bellarmine University and study Global Languages and Cultures and be on a Pre-Med course of studies.  In the application, English teacher Mary Gehring wrote, “Mack has opted to take some of our most rigorous courses offered, and she has done and continues to do well in them… Furthermore, with her consistent commitment to others, I believe Grace will embrace her calling and be a successful doctor.”The HCAC Selection Committee credited Mack for her accomplishments while a student at Oldenburg Academy such as the student council, a Medical Mission trip to Haiti, an internship at Forefront Dermatology, and First Honors in 2017, 2018, and 2019. Students from Batesville, Jac-Cen-Del, and North Decatur applied as well.last_img read more

“Ride Along” being played at Wellington’s Regent Theater

first_imgWhen: Friday 7 p.m. and 9:15 p.m. Saturday and Sunday, 7 p.m. Rated: PG-13 Time: 99 minutes Rotten Tomatoes rating (movie critics collective approval ratings): 17%. Audience review: 69% approval.Movies ahead at Regent Theater: This week at the Regent Theater: “Ride Along” (Movie trailer is below). Movie Synopsis: Kevin Hart and Ice Cube lead the lineup in Ride Along, the new film from the director and the producer of the blockbuster comedy Think Like a Man. When a fast-talking guy joins his girlfriend’s brother-a hot-tempered cop-to patrol the streets of Atlanta, he gets entangled in the officer’s latest case. Now, in order to prove that he deserves his future bride, he must survive the most insane 24 hours of his life. For the past two years, high-school security guard Ben (Hart) has been trying to show decorated APD detective James (Cube) that he’s more than just a video-game junkie who’s unworthy of James’ sister, Angela (Tika Sumpter). When Ben finally gets accepted into the academy, he thinks he’s earned the seasoned policeman’s respect and asks for his blessing to marry Angela. Knowing that a ride along will demonstrate if Ben has what it takes to take care of his sister, James invites him on a shift designed to scare the hell out of the trainee. But when the wild night leads them to the most notorious criminal in the city, James will find that his new partner’s rapid-fire mouth is just as dangerous as the bullets speeding at it. John Leguizamo and Laurence Fishburne join the cast of the action-comedy directed by Tim Story. Ride Along is produced by Will Packer (Think Like a Man), alongside Ice Cube, Matt Alvarez (Barbershop) and Larry Brezner (Good Morning, Vietnam). (C) Universal Also! Nut Job – Friday, Saturday, Sunday, Monday – 2 p.m. Feb. 14 – Ride Along.Coming soon:Lego MovieThe Monuments Men.Frozen – Sing a Longlast_img read more

AC Milan out of Europe as Eintracht fans run riot at Lazio

first_img– Celtic get one over on Rangers –Celtic looked to be following Old Firm rivals Rangers out of the competition after Steven Gerrard’s side fell 1-0 at Rapid Vienna earlier on Thursday, but Tore Reginiussen’s equaliser four minutes from time for Rosenborg at RB Leipzig allowed Brendan Rodgers’ side to qualify second from Group B, two points ahead of the Bundesliga outfit.Second-half goals from Munas Dabbur and Fredrik Gulbrandsen meant that Salzburg topped the group with a 100 percent record after a 2-1 win, while Olivier Ntcham’s stoppage-time penalty meant nothing for the result nor the final standings.“There will be things from a performance perspective that we can go away and look at,” said Rodgers.“But the campaign ended tonight in terms of the qualification and we’re through which is an absolutely huge effort from everyone.”Earlier Rangers, who had to win at Rapid Vienna in their final group game in order to qualify for the last 32, finished third in Group G after losing 1-0 to group winners Rapid, Dejan Ljubicic sealing the points in the 84th minute.The Austrians are through to the knockout stages, level on 10 points with group winners Villarreal.Share on: WhatsApp Pages: 1 2 Paris, France | AFP | Olympiakos dumped AC Milan out of the Europa League on Thursday after beating the seven-time European champions 3-1 in a pulsating clash in Greece, while Eintracht Frankfurt fans ran riot during the German side’s win at Lazio and Celtic made the knockout stages despite losing to Salzburg at Parkhead.Captain Kostas Fortounis’ penalty nine minutes from time saw the Greeks move into second place in Group F ahead of Gennaro Gattuso’s Milan, who thought they had squeaked through when Cristian Zapata had pulled a goal back less than two minutes after putting the hosts 2-0 up with a comical own goal.Olympiakos finished level on 10 points with Milan but qualified ahead of the Italians thanks to their superior goal difference following Milan’s 3-1 win over the Greeks in October, and they end the group stage two points behind group winners Real Betis, who drew 0-0 at Dudelange.“It’s a bitter night… We shouldn’t have conceded the first goal and it all went south from then on. We should have done better in the group and come to Greece already qualified,” said Milan captain Ignazio Abate, who gave away the decisive spot-kick by fouling former Roma player Vasilis Torosidis.Five Eintracht Frankfurt fans had been arrested in clashes with police in Rome ahead of their dead-rubber Group H match against Lazio as nearly 9,000 Germans swamped the Stadio Olimpico.Eintracht had already comfortably taken top spot in the group thanks to winning all five of their previous games, while Lazio were also in the last 32 regardless of the result of the match, won 2-1 by the away side as they came back from a goal down thanks to second-half strikes from Mijat Gacinovic and Sebastien Haller.However, away fans charged the pitch after Joaquin Correa’s 56th-minute opener, and subsequently threw smoke bombs and flares at both Lazio fans and the police.Last year’s runners-up Marseille finished bottom of that group after losing 3-1 at home to Apollon Limassol and ending the group stage with just a single point.last_img read more