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News Slideshows (12/02/2019 - #vlrPhone #android)


  • 1/27   News Photos Slideshows
    PEOPLE TOPIC NEWS

    News Photos Slideshows - Hot Trends - Click on the image to view in augmented reality or in stereo 3D

    News Photos Slideshows - Hot Trends - Click on the image to view in augmented reality or in stereo 3D


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  • 2/27   Press Review #data #sonification
    TECHNOLOGY TOPIC NEWS

    

 - What does a chart sound like? - Financial Times   More Information - Volcanologist Blends Music Background With Volcanic Data - KLCC FM Public Radio   More Information - When It Comes to Fighting Gerrymandering, These Youth Activists Are Using Data for Democracy - Teen Vogue   More Information - Culture Crossover: Can Kepler Concordia discover music of the planets? - Techworld.com   More Information - At 10, Line Upon Line Percussion Still Surprises - Sightlines   More Information - Safety concerns as video emerges of Citi director in Hong Kong - eFinancialCareers   More Information - Listen to the Wild Sounds of a Solar Storm Hitting Earth - VICE   More Information - Sonification: turning the yield curve into music - Financial Times   More Information - 'The Power of Immersion': Abbey Road Red announces results of Hackathon 2019 - PSNEurope   More Information - Our Ears Are Unlocking an Era of Aural Data - WIRED   More Information - China approaches chip self-sufficiency breakthrough - Financial Times   More Information - Data sonification lets you literally hear income inequality - Mic   More Information - Power BI Insights: PowerQuery optimization; Data sonification; Icon names; Paginated Premium Metric Reports; Version control; Conditional formatting - MSDynamicsWorld.com   More Information - Hear the Earth’s magnetic field sing as it is bombarded by a solar storm - Digital Trends   More Information - Professors' Sonification Project Profiled in Wired Magazine - Stony Brook News   More Information - The promise and peril of 'sonification': giving feedback through sound - Boing Boing   More Information - Transforming Advanced Nanoscience Data into Interactive Art - Stony Brook News   More Information - Global Oryzenin Market Unit Sales to Witness Significant Growth in the Near Future - Weekly Spy   More Information - The Sound of the Economy: Data Sonification and the Cheeseburger Index - Foreign Affairs   More Information - 5 Questions about the Sound Visualization & Data Sonification Hackathon - I CARE IF YOU LISTEN   More Information


Did you see the #crowdfunding campaign that @whmsoft will start? #tailored #3d #vr #audio.
Please share and comment. Campaign link:



vlrFilter Project #crowdfund

    - What does a chart sound like? - Financial Times
       More Information

    - Volcanologist Blends Music Background With Volcanic Data - KLCC FM Public Radio
       More Information

    - When It Comes to Fighting Gerrymandering, These Youth Activists Are Using Data for Democracy - Teen Vogue
       More Information

    - Culture Crossover: Can Kepler Concordia discover music of the planets? - Techworld.com
       More Information

    - At 10, Line Upon Line Percussion Still Surprises - Sightlines
       More Information

    - Safety concerns as video emerges of Citi director in Hong Kong - eFinancialCareers
       More Information

    - Listen to the Wild Sounds of a Solar Storm Hitting Earth - VICE
       More Information

    - Sonification: turning the yield curve into music - Financial Times
       More Information

    - 'The Power of Immersion': Abbey Road Red announces results of Hackathon 2019 - PSNEurope
       More Information

    - Our Ears Are Unlocking an Era of Aural Data - WIRED
       More Information

    - China approaches chip self-sufficiency breakthrough - Financial Times
       More Information

    - Data sonification lets you literally hear income inequality - Mic
       More Information

    - Power BI Insights: PowerQuery optimization; Data sonification; Icon names; Paginated Premium Metric Reports; Version control; Conditional formatting - MSDynamicsWorld.com
       More Information

    - Hear the Earth’s magnetic field sing as it is bombarded by a solar storm - Digital Trends
       More Information

    - Professors' Sonification Project Profiled in Wired Magazine - Stony Brook News
       More Information

    - The promise and peril of 'sonification': giving feedback through sound - Boing Boing
       More Information

    - Transforming Advanced Nanoscience Data into Interactive Art - Stony Brook News
       More Information

    - Global Oryzenin Market Unit Sales to Witness Significant Growth in the Near Future - Weekly Spy
       More Information

    - The Sound of the Economy: Data Sonification and the Cheeseburger Index - Foreign Affairs
       More Information

    - 5 Questions about the Sound Visualization & Data Sonification Hackathon - I CARE IF YOU LISTEN
       More Information


    Did you see the #crowdfunding campaign that @whmsoft will start? #tailored #3d #vr #audio. Please share and comment. Campaign link:

    WhmSoft

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  • 3/27   PHOTOS: Fluorescent turtle embryo wins forty-fifth annual Nikon Small World Competition

    The winners of the 45th annual competition showcase a spectacular blend of science and artistry under the microscope.

    The winners of the 45th annual competition showcase a spectacular blend of science and artistry under the microscope.


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  • 4/27   7 tax scams to watch out for this year

    In case wringing your hands over the tax man weren’t enough, criminals are out there trying to swipe your hard-earned cash and personal information from right under your nose.

    In case wringing your hands over the tax man weren’t enough, criminals are out there trying to swipe your hard-earned cash and personal information from right under your nose.


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  • 5/27   Mother Angry After School's Robocall Keeps Mispronouncing Daughter's Name As A Racial Slur

    The daughter's name is Nicarri.

    The daughter's name is Nicarri.


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  • 6/27   Avowed Apple Fan Jeb Bush Realizes His Apple Watch Can Take Phone Calls

    Jeb Bush's love of Apple products has been widely documented, and the Republican presidential candidate continues to wear his Apple Watch on the campaign trail. Yesterday, in a meeting with The Des Moines Register editorial board documented by USA Today, Bush stumbled upon a feature he didn’t realize his smartwatch was capable of: taking phone calls. Somehow Bush managed to take a call without picking up his iPhone, and the sound of a person’s voice saying hello breaks through the meeting noise, to which Bush responds, “My watch can’t be talking.”

    Jeb Bush's love of Apple products has been widely documented, and the Republican presidential candidate continues to wear his Apple Watch on the campaign trail. Yesterday, in a meeting with The Des Moines Register editorial board documented by USA Today, Bush stumbled upon a feature he didn’t realize his smartwatch was capable of: taking phone calls. Somehow Bush managed to take a call without picking up his iPhone, and the sound of a person’s voice saying hello breaks through the meeting noise, to which Bush responds, “My watch can’t be talking.”


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  • 7/27   Social media welcomes Pope Francis to the United States

    Pope Francis gets the social media treatment upon arriving in the U.S. Tuesday.  As Pope Francis’s flight touched down in Washington, D.C. on Tuesday, Twitter unveiled a new batch of emojis created for the highly anticipated papal visit.  Until his departure from the United States on Sunday, Twitter users chronicling the Catholic leader’s East Coast journey will be able to include a cartoon image of the Pope’s face in front of the American flag on all Pope-related tweets by using the hashtag #PopeinUS.

    Pope Francis gets the social media treatment upon arriving in the U.S. Tuesday. As Pope Francis’s flight touched down in Washington, D.C. on Tuesday, Twitter unveiled a new batch of emojis created for the highly anticipated papal visit. Until his departure from the United States on Sunday, Twitter users chronicling the Catholic leader’s East Coast journey will be able to include a cartoon image of the Pope’s face in front of the American flag on all Pope-related tweets by using the hashtag #PopeinUS.


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  • 8/27   Turkish Economy Loses Momentum as Politics Dent Recovery
    TECHNOLOGY TOPIC NEWS

    (Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.Turkey’s economy lost some of its momentum in the third quarter as political uncertainty and heightened fear of U.S. sanctions hurt a nascent recovery.Gross domestic product expanded a seasonally adjusted 0.4% from the previous three months, down from an expansion of 1% during the April-to-June period, Turkstat said Monday. The median of eight forecasts in a Bloomberg survey was for an increase of 1.1%. From a year earlier, GDP increased 0.9%, making it the first annual expansion this year.The quarterly slowdown was largely due to a drop in consumption growth. Household’s spending on purchases of goods and services, the biggest driver of Turkey’s economy, expanded 1.9% from the previous quarter, down from a 3.4% during the April-to-June period. Government consumption growth fell to 1.9% from 2.2% during the same period.Monday’s GDP report shows policy makers still face an uphill battle as they try to boost an economy that exited a recession earlier this year following a currency crisis in 2018. Economic data such as factory output indicate the economy is back on a growth path, helped by central bank stimulus. But the prospect of U.S. sanctions and political turmoil following municipal elections have weighed on consumer and business confidence.“It’s all about confidence,” said Piotr Matys, a strategist at Rabobank in London. “As long as corporates remain reluctant to invest and households do not increase spending due to prevailing concerns that the lira could weaken again as reflected in the record high dollar deposits,” achieving the government’s growth targets will be a difficult task, he said.Here are some highlights from the data:On an annual basis, growth was driven by consumption. Households’ spending rose 1.5% and the government’s rose 7%, compared to a year earlier.Exports grew 5.1% on an annual basis, down from 8.1% in the preceding three-month period. Imports jumped 7.6%, following a 17% contraction during the previous period.Gross fixed capital formation shrank for a fifth time on a quarterly basis. Last year’s lira depreciation hurt companies that borrowed in foreign currency, and higher interest rates hit businesses that borrowed in the local currency.What may be worrying policy makers is the dropping contribution from Turkey’s foreign trade, after growth was boosted by quarters of surplus on the back of last year’s steep depreciation.The drama surrounding Turkey’s ties with the U.S. has been keeping investors anxious since President Recep Tayyip Erdogan went ahead with plans to buy an advanced missile defense system from Russia. Erdogan’s personal rapport with President Donald Trump has so far spared Turkey from sanctions over the arms deal, but U.S. lawmakers are likely to push for punitive action after Turkey began testing components of the Russian system last week.Erdogan’s government dramatically increased its target for economic growth to 5% for 2020-2022, after cutting this year’s forecast to 0.5%.In an attempt to promote growth, central bank Governor Murat Uysal has slashed Turkey’s benchmark interest rate by 1,000 basis points since his surprise appointment in July.Whether that goal can be achieved hinges on the strength of the private sector, investment and exports, with the government relying on cheap credit to give the economy a shot in the arm.(Updates with more details from the report from third paragraph.)To contact the reporter on this story: Cagan Koc in Istanbul at ckoc2@bloomberg.netTo contact the editors responsible for this story: Onur Ant at oant@bloomberg.net, Amy TeibelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

    (Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.Turkey’s economy lost some of its momentum in the third quarter as political uncertainty and heightened fear of U.S. sanctions hurt a nascent recovery.Gross domestic product expanded a seasonally adjusted 0.4% from the previous three months, down from an expansion of 1% during the April-to-June period, Turkstat said Monday. The median of eight forecasts in a Bloomberg survey was for an increase of 1.1%. From a year earlier, GDP increased 0.9%, making it the first annual expansion this year.The quarterly slowdown was largely due to a drop in consumption growth. Household’s spending on purchases of goods and services, the biggest driver of Turkey’s economy, expanded 1.9% from the previous quarter, down from a 3.4% during the April-to-June period. Government consumption growth fell to 1.9% from 2.2% during the same period.Monday’s GDP report shows policy makers still face an uphill battle as they try to boost an economy that exited a recession earlier this year following a currency crisis in 2018. Economic data such as factory output indicate the economy is back on a growth path, helped by central bank stimulus. But the prospect of U.S. sanctions and political turmoil following municipal elections have weighed on consumer and business confidence.“It’s all about confidence,” said Piotr Matys, a strategist at Rabobank in London. “As long as corporates remain reluctant to invest and households do not increase spending due to prevailing concerns that the lira could weaken again as reflected in the record high dollar deposits,” achieving the government’s growth targets will be a difficult task, he said.Here are some highlights from the data:On an annual basis, growth was driven by consumption. Households’ spending rose 1.5% and the government’s rose 7%, compared to a year earlier.Exports grew 5.1% on an annual basis, down from 8.1% in the preceding three-month period. Imports jumped 7.6%, following a 17% contraction during the previous period.Gross fixed capital formation shrank for a fifth time on a quarterly basis. Last year’s lira depreciation hurt companies that borrowed in foreign currency, and higher interest rates hit businesses that borrowed in the local currency.What may be worrying policy makers is the dropping contribution from Turkey’s foreign trade, after growth was boosted by quarters of surplus on the back of last year’s steep depreciation.The drama surrounding Turkey’s ties with the U.S. has been keeping investors anxious since President Recep Tayyip Erdogan went ahead with plans to buy an advanced missile defense system from Russia. Erdogan’s personal rapport with President Donald Trump has so far spared Turkey from sanctions over the arms deal, but U.S. lawmakers are likely to push for punitive action after Turkey began testing components of the Russian system last week.Erdogan’s government dramatically increased its target for economic growth to 5% for 2020-2022, after cutting this year’s forecast to 0.5%.In an attempt to promote growth, central bank Governor Murat Uysal has slashed Turkey’s benchmark interest rate by 1,000 basis points since his surprise appointment in July.Whether that goal can be achieved hinges on the strength of the private sector, investment and exports, with the government relying on cheap credit to give the economy a shot in the arm.(Updates with more details from the report from third paragraph.)To contact the reporter on this story: Cagan Koc in Istanbul at ckoc2@bloomberg.netTo contact the editors responsible for this story: Onur Ant at oant@bloomberg.net, Amy TeibelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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  • 9/27   Qatar Airways considers buying Lufthansa stake - report
    TECHNOLOGY TOPIC NEWS

    Qatar Airways is considering taking a stake in Germany's Lufthansa , its chief executive Akbar al-Baker was quoted as saying by German news agency dpa.  'If there is an opportunity to invest in Lufthansa, we would like to do it,' Akbar Al-Baker told dpa in Doha on Sunday on the sidelines of a visit of the premier of regional state Lower Saxony, Stephan Weil, to Qatar.  Initially, Qatar Airways would also look into a partnership with Lufthansa, Al-Baker was quoted as saying.

    Qatar Airways is considering taking a stake in Germany's Lufthansa , its chief executive Akbar al-Baker was quoted as saying by German news agency dpa. 'If there is an opportunity to invest in Lufthansa, we would like to do it,' Akbar Al-Baker told dpa in Doha on Sunday on the sidelines of a visit of the premier of regional state Lower Saxony, Stephan Weil, to Qatar. Initially, Qatar Airways would also look into a partnership with Lufthansa, Al-Baker was quoted as saying.


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  • 10/27   Saudi exchange to limit Aramco index weighting with cap
    TECHNOLOGY TOPIC NEWS

    Saudi Arabia's Tadawul has introduced an equity index  cap of 15% which is set to address concerns over the weighting oil giant Saudi Aramco will have when it lists on the exchange.  State-owned oil firm Aramco is expected to list 1.5% of its shares this month in a deal which could raise more than $25 billion and top the record initial public offering (IPO) of Chinese retailer Alibaba on the New York Stock Exchange in 2014.  The Aramco IPO is seen as a test for the Saudi exchange, where the largest listing so far has been worth $6 billion.

    Saudi Arabia's Tadawul has introduced an equity index cap of 15% which is set to address concerns over the weighting oil giant Saudi Aramco will have when it lists on the exchange. State-owned oil firm Aramco is expected to list 1.5% of its shares this month in a deal which could raise more than $25 billion and top the record initial public offering (IPO) of Chinese retailer Alibaba on the New York Stock Exchange in 2014. The Aramco IPO is seen as a test for the Saudi exchange, where the largest listing so far has been worth $6 billion.


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  • 11/27   Just Eat investor Cat Rock puts 925 pence per share price on engagement with Prosus
    TECHNOLOGY TOPIC NEWS

    Investors in Just Eat should back the all-share merger with Takeaway.com unless rival bidder Prosus lifts its offer for the food delivery platform to 925 pence per share, one of its biggest shareholders said on Monday.  Just Eat shareholders have two offers to consider: a tie-up between the British group and its Netherlands-based peer Takeaway.com and a 710 pence-a-share cash offer from technology company Prosus.  Cat Rock, which has been vocal in its support of the Takeaway deal, said in a letter to other shareholders on Monday that Prosus had exaggerated the challenges facing Just Eat to justify its low price.

    Investors in Just Eat should back the all-share merger with Takeaway.com unless rival bidder Prosus lifts its offer for the food delivery platform to 925 pence per share, one of its biggest shareholders said on Monday. Just Eat shareholders have two offers to consider: a tie-up between the British group and its Netherlands-based peer Takeaway.com and a 710 pence-a-share cash offer from technology company Prosus. Cat Rock, which has been vocal in its support of the Takeaway deal, said in a letter to other shareholders on Monday that Prosus had exaggerated the challenges facing Just Eat to justify its low price.


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  • 12/27   The Best Cyber Monday Microwave & Toaster Oven Deals for 2019: List of Smart Oven, Smart Oven, Air Fryer, Microwave & Toaster Oven Deals Rounded Up by Consumer Articles
    TECHNOLOGY TOPIC NEWS

    In search of the best oven, toaster & microwave deals for Cyber Monday 2019? Deals researchers at Consumer Articles have found the best savings on best-selling smart ovens, microwave ovens, convection ovens, air fryers and toaster ovens. Links to the best live deals are listed below.

    In search of the best oven, toaster & microwave deals for Cyber Monday 2019? Deals researchers at Consumer Articles have found the best savings on best-selling smart ovens, microwave ovens, convection ovens, air fryers and toaster ovens. Links to the best live deals are listed below.


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  • 13/27   Record M&A by Singapore Property Managers Amid Red-Hot Rally
    TECHNOLOGY TOPIC NEWS

    (Bloomberg) -- Underpinned by a global hunt for yield, Singapore’s real estate investment trusts are having a bumper year in deal-making as well as fundraising. The mantra that bigger is better will continue to drive capital market activity in the sector, analysts say.Singapore-listed REITs have forked out $16.9 billion to purchase assets this year, already triple the previous peak reached in 2014. The sector has also raised a record amount in follow-on share sales, riding an 19% gain in the FTSE Singapore REIT Index, which is more than four times the rise in the broad benchmark in the city-state.The mergers and acquisitions have created some of the largest REITs in the region. The allure of being big: the entity would find it easier to get a place in global benchmarks and portfolios, raise funds for expansion and tackle competition. For those reasons, expanded companies are better investments for stock buyers.“REITs are going to be a go-to sector for the next year as consolidation will add another reason to buy alongside yields,” said Jin Rui Oh, a Singapore-based director at United First Partners. The enlarged entities would get better market value, analyst coverage and potential index inclusion, he added.Singapore REITs will deliver 12% to 15% returns over the next year and the deals will continue, said Oh, who specializes in trading special situations created by mergers and acquisitions.REITs will continue to lure investors amid interest-rate cuts by global central banks, which has already led to more than $12 trillion of negative-yielding debt. The chase for yield has also made Singapore REITs more expensive, with the sector’s estimated dividend yield at 5.36%, almost one percentage point below the level at the beginning of the year.M&A JuggernautIn the largest deal this year, CapitaLand Ltd. spent S$6 billion ($4.4 billion) to purchase two real estate units from Temasek Holdings Pte.In April, OUE Commercial REIT agreed to buy OUE Hospitality Trust to create one of Singapore’s 10 biggest REITs. Then in July, Ascott Residence Trust and Ascendas Hospitality Trust agreed to create the largest hospitality trust in the Asia-Pacific region, with S$7.6 billion of assets.The latest deal to emerge involves Frasers Logistics & Industrial Trust, which agreed to buy Frasers Commercial Trust in a S$1.5 billion transaction, according to a statement Monday.Analysts at United First and CLSA expect more deals in the coming year, especially among commercial and industrial REITs. “They are emboldened by the success,” United First’s Oh said.To help facilitate the deal spree, Singapore’s central bank is considering looser debt rules that could spur more acquisitions by property managers.Size MattersFor bigger real estate trusts, one of the most sought-after gauges to be part of is the 307-member FTSE EPRA/NAREIT Global REIT Index. That usually means a boost in profile, liquidity and valuations.The gauge saw three additions from Singapore this year -- Frasers Logistics & Industrial Trust, Frasers Centrepoint Trust and Keppel DC REIT -- taking the total number of the city’s REITs in the index to 17. That’s the most in Asia outside Japan, according to data compiled by Bloomberg. All three have outperformed the Singapore index for REITs this year.To finance acquisitions, Singapore REITs have raised a record $2.8 billion in secondary share sales and $2.2 billion in initial public offerings in 2019, according to data compiled by Bloomberg. Most of these issues were oversubscribed and priced near the the top end of the range.“M&As will extend the rally and solidify Singapore’s position as a REIT hub in Asia,” Oh said.(Updates Singapore REIT index gain in second paragraph)\--With assistance from Zhen Hao Toh.To contact the reporters on this story: Abhishek Vishnoi in Singapore at avishnoi4@bloomberg.net;Ishika Mookerjee in Singapore at imookerjee@bloomberg.netTo contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Shamim AdamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

    (Bloomberg) -- Underpinned by a global hunt for yield, Singapore’s real estate investment trusts are having a bumper year in deal-making as well as fundraising. The mantra that bigger is better will continue to drive capital market activity in the sector, analysts say.Singapore-listed REITs have forked out $16.9 billion to purchase assets this year, already triple the previous peak reached in 2014. The sector has also raised a record amount in follow-on share sales, riding an 19% gain in the FTSE Singapore REIT Index, which is more than four times the rise in the broad benchmark in the city-state.The mergers and acquisitions have created some of the largest REITs in the region. The allure of being big: the entity would find it easier to get a place in global benchmarks and portfolios, raise funds for expansion and tackle competition. For those reasons, expanded companies are better investments for stock buyers.“REITs are going to be a go-to sector for the next year as consolidation will add another reason to buy alongside yields,” said Jin Rui Oh, a Singapore-based director at United First Partners. The enlarged entities would get better market value, analyst coverage and potential index inclusion, he added.Singapore REITs will deliver 12% to 15% returns over the next year and the deals will continue, said Oh, who specializes in trading special situations created by mergers and acquisitions.REITs will continue to lure investors amid interest-rate cuts by global central banks, which has already led to more than $12 trillion of negative-yielding debt. The chase for yield has also made Singapore REITs more expensive, with the sector’s estimated dividend yield at 5.36%, almost one percentage point below the level at the beginning of the year.M&A JuggernautIn the largest deal this year, CapitaLand Ltd. spent S$6 billion ($4.4 billion) to purchase two real estate units from Temasek Holdings Pte.In April, OUE Commercial REIT agreed to buy OUE Hospitality Trust to create one of Singapore’s 10 biggest REITs. Then in July, Ascott Residence Trust and Ascendas Hospitality Trust agreed to create the largest hospitality trust in the Asia-Pacific region, with S$7.6 billion of assets.The latest deal to emerge involves Frasers Logistics & Industrial Trust, which agreed to buy Frasers Commercial Trust in a S$1.5 billion transaction, according to a statement Monday.Analysts at United First and CLSA expect more deals in the coming year, especially among commercial and industrial REITs. “They are emboldened by the success,” United First’s Oh said.To help facilitate the deal spree, Singapore’s central bank is considering looser debt rules that could spur more acquisitions by property managers.Size MattersFor bigger real estate trusts, one of the most sought-after gauges to be part of is the 307-member FTSE EPRA/NAREIT Global REIT Index. That usually means a boost in profile, liquidity and valuations.The gauge saw three additions from Singapore this year -- Frasers Logistics & Industrial Trust, Frasers Centrepoint Trust and Keppel DC REIT -- taking the total number of the city’s REITs in the index to 17. That’s the most in Asia outside Japan, according to data compiled by Bloomberg. All three have outperformed the Singapore index for REITs this year.To finance acquisitions, Singapore REITs have raised a record $2.8 billion in secondary share sales and $2.2 billion in initial public offerings in 2019, according to data compiled by Bloomberg. Most of these issues were oversubscribed and priced near the the top end of the range.“M&As will extend the rally and solidify Singapore’s position as a REIT hub in Asia,” Oh said.(Updates Singapore REIT index gain in second paragraph)\--With assistance from Zhen Hao Toh.To contact the reporters on this story: Abhishek Vishnoi in Singapore at avishnoi4@bloomberg.net;Ishika Mookerjee in Singapore at imookerjee@bloomberg.netTo contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Shamim AdamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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  • 14/27   A Note On DATA MODUL Aktiengesellschaft, Produktion und Vertrieb von elektronischen Systemen's (ETR:DAM) ROE and Debt To Equity
    TECHNOLOGY TOPIC NEWS

    While some investors are already well versed in financial metrics (hat tip), this article is for those who would like...

    While some investors are already well versed in financial metrics (hat tip), this article is for those who would like...


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  • 15/27   With EPS Growth And More, China Aoyuan Group (HKG:3883) Is Interesting
    TECHNOLOGY TOPIC NEWS

    Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of...

    Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of...


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  • 16/27   Asia Oil Refiners Resist Run Cuts Despite Record-Low Margins
    TECHNOLOGY TOPIC NEWS

    (Bloomberg) -- Asian refiners struggling with record-low margins are resisting cutting operating rates on expectations that new rules mandating the use of cleaner-burning ship fuels will boost diesel demand.Nine of ten major Chinese, Indian and South Korean processors surveyed by Bloomberg said they’re running at normal run rates and not planning to reduce them, asking not to be identified because of internal policy. Only one -- a Chinese refiner -- said it would cut run rates by about 5% of its total capacity in December.An expected jump in returns from making diesel next year as ship-owners switch to cleaner-burning fuels due to new International Maritime Organisation standards was the main reason the refiners gave for not cutting activity. Peak winter consumption of heating fuels was also cited by some of the processors.A wave of new mega-refineries starting up, still elevated freight rates following U.S. sanctions on Chinese shippers and slowing economic growth have conspired to push down returns. Margins from turning crude into fuels in Singapore have plunged from more than $10 a barrel in mid-September to a record low of -$1.87 late last month, according to Oil Analytics data.“If you look at the current margins, it does look bad, but 2020 is shaping up to be a better year for refining in Asia,” said Victor Shum, vice president of energy consulting at IHS Markit Ltd. in Singapore. “The need for IMO-compliant fuels is expected to pick up, supporting diesel cracks and hydrocracking margins, especially from the second quarter.”See also: Momentous Shipping Fuel Shake-Up Playing Out in Unexpected WaysThe rules, known as IMO 2020, take effect from Jan. 1 and ban vessels from using fuel with more than 0.5% sulfur unless they’re fitted with pollution-reducing scrubbers. Gasoil prices, which are expected to benefit, haven’t reacted significantly yet. Returns from making diesel from crude in Singapore jumped 6.3% on Monday, paring the loss this quarter to around 19%, according to data from PVM Oil Associates.“What we’re hoping to see is, in coming weeks or days, shippers start to see a need to buy marine gasoil,” Alan Gelder, vice president for refining, chemicals and oil markets at Wood Mackenzie Ltd., said last week. “With high-sulfur fuel oil being so weak, shippers will use it as long as they can.”Margins need to stay lower for longer for refiners to start cutting processing rates, Energy Aspects Ltd. said in a note last week. Forward margins for diesel are currently positive, reducing the incentive to curb activity.In China, new mega-refineries are ramping up, teapots need to use up their import quotas and refiners want to make sure they have product stocks for the Lunar New Year, said Michal Meidan, director of the China energy program at the Oxford Institute for Energy Studies. Overall runs could soften a bit, but they will still be “massively higher” than last quarter, she said.Gasoil margins in China are also being supported by a shift to higher standards for diesel, said Liu Yuntao, an analyst at Energy Aspects in London. The move, to take place next year, is aimed at curbing pollution. Refiners in South Korea may also attempt to drain their crude inventories before the end of the calendar year for accounting reasons, according to IHS Markit’s Shum.Meanwhile, in India rising gasoline consumption is aiding the outlook. After plunging to a 14-year low of 94.7% in September, refinery processing rates recovered to 103.5% of installed capacity in October, according to Indian government data.“There’s ample demand within India for the refiners to continue running without any cuts,” said R. Ramachandran, refineries director at Bharat Petroleum Corp. “Gasoline demand is growing close to double-digit and diesel consumption remains stable. We expect diesel margins to keep rising as IMO 2020 kicks in.”(Updates with comment on Chinese diesel standard change in 10th paragraph.)To contact Bloomberg News staff for this story: Sharon Cho in Singapore at ccho28@bloomberg.net;Alfred Cang in Singapore at acang@bloomberg.net;Sarah Chen in Beijing at schen514@bloomberg.net;Debjit Chakraborty in New Delhi at dchakrabor10@bloomberg.netTo contact the editors responsible for this story: Serene Cheong at scheong20@bloomberg.net, Andrew Janes, Ben SharplesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

    (Bloomberg) -- Asian refiners struggling with record-low margins are resisting cutting operating rates on expectations that new rules mandating the use of cleaner-burning ship fuels will boost diesel demand.Nine of ten major Chinese, Indian and South Korean processors surveyed by Bloomberg said they’re running at normal run rates and not planning to reduce them, asking not to be identified because of internal policy. Only one -- a Chinese refiner -- said it would cut run rates by about 5% of its total capacity in December.An expected jump in returns from making diesel next year as ship-owners switch to cleaner-burning fuels due to new International Maritime Organisation standards was the main reason the refiners gave for not cutting activity. Peak winter consumption of heating fuels was also cited by some of the processors.A wave of new mega-refineries starting up, still elevated freight rates following U.S. sanctions on Chinese shippers and slowing economic growth have conspired to push down returns. Margins from turning crude into fuels in Singapore have plunged from more than $10 a barrel in mid-September to a record low of -$1.87 late last month, according to Oil Analytics data.“If you look at the current margins, it does look bad, but 2020 is shaping up to be a better year for refining in Asia,” said Victor Shum, vice president of energy consulting at IHS Markit Ltd. in Singapore. “The need for IMO-compliant fuels is expected to pick up, supporting diesel cracks and hydrocracking margins, especially from the second quarter.”See also: Momentous Shipping Fuel Shake-Up Playing Out in Unexpected WaysThe rules, known as IMO 2020, take effect from Jan. 1 and ban vessels from using fuel with more than 0.5% sulfur unless they’re fitted with pollution-reducing scrubbers. Gasoil prices, which are expected to benefit, haven’t reacted significantly yet. Returns from making diesel from crude in Singapore jumped 6.3% on Monday, paring the loss this quarter to around 19%, according to data from PVM Oil Associates.“What we’re hoping to see is, in coming weeks or days, shippers start to see a need to buy marine gasoil,” Alan Gelder, vice president for refining, chemicals and oil markets at Wood Mackenzie Ltd., said last week. “With high-sulfur fuel oil being so weak, shippers will use it as long as they can.”Margins need to stay lower for longer for refiners to start cutting processing rates, Energy Aspects Ltd. said in a note last week. Forward margins for diesel are currently positive, reducing the incentive to curb activity.In China, new mega-refineries are ramping up, teapots need to use up their import quotas and refiners want to make sure they have product stocks for the Lunar New Year, said Michal Meidan, director of the China energy program at the Oxford Institute for Energy Studies. Overall runs could soften a bit, but they will still be “massively higher” than last quarter, she said.Gasoil margins in China are also being supported by a shift to higher standards for diesel, said Liu Yuntao, an analyst at Energy Aspects in London. The move, to take place next year, is aimed at curbing pollution. Refiners in South Korea may also attempt to drain their crude inventories before the end of the calendar year for accounting reasons, according to IHS Markit’s Shum.Meanwhile, in India rising gasoline consumption is aiding the outlook. After plunging to a 14-year low of 94.7% in September, refinery processing rates recovered to 103.5% of installed capacity in October, according to Indian government data.“There’s ample demand within India for the refiners to continue running without any cuts,” said R. Ramachandran, refineries director at Bharat Petroleum Corp. “Gasoline demand is growing close to double-digit and diesel consumption remains stable. We expect diesel margins to keep rising as IMO 2020 kicks in.”(Updates with comment on Chinese diesel standard change in 10th paragraph.)To contact Bloomberg News staff for this story: Sharon Cho in Singapore at ccho28@bloomberg.net;Alfred Cang in Singapore at acang@bloomberg.net;Sarah Chen in Beijing at schen514@bloomberg.net;Debjit Chakraborty in New Delhi at dchakrabor10@bloomberg.netTo contact the editors responsible for this story: Serene Cheong at scheong20@bloomberg.net, Andrew Janes, Ben SharplesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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  • 17/27   Can Hope Education Group Co., Ltd. (HKG:1765) Improve Its Returns?
    TECHNOLOGY TOPIC NEWS

    Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is...

    Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is...


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  • 18/27   World’s Most Famous Hedge Funds Get Cold Shoulder in China
    TECHNOLOGY TOPIC NEWS

    (Bloomberg) -- Three years after China opened its 2.5 trillion yuan ($355 billion) hedge fund market to global asset managers, the industry is discovering just how hard it is to win over the country’s investors.BlackRock Inc., Man Group Plc and 20 other foreign firms licensed to run Chinese hedge funds -- or private securities funds, as they’re known locally -- amassed around 5.8 billion yuan of assets as a group till August, according to data compiled by Shenzhen PaiPaiWang Investment & Management Co. The meager haul -- amounting to 0.2% of hedge fund assets in China -- reflects a host of challenges.International names like BlackRock don’t resonate much in China’s crowded market of close to 9,000 hedge funds, which has its own set of local stars. The world’s largest money manager is routinely confused with private-equity major Blackstone Group Inc. UBS Group AG’s shared Swiss roots with Credit Suisse Group AG mean their Chinese abbreviations are just one similar-meaning character apart, also prompting mix-ups.The limited name recognition is compounded by distribution hurdles. It all suggests a long wait before China turns into a meaningful source of profit for international money managers, which are desperate for new avenues of growth as clients in developed markets shift toward low-fee investments.“Building a brand in China is definitely a challenge for some foreign players,” said Hersh Gandhi, Man Group’s managing director for Asia Pacific ex-Japan. “We’ve been thoughtful about the strategies we want to run and the market segments we want to be in, and have sized our operations accordingly.”Man Group declined to comment on its assets and profitability in China. It, UBS and BlackRock oversee between 100 million yuan to 1 billion yuan each, according to ranges from PaiPaiWang, which tracks hedge funds in the country.Winton Group Ltd. has the biggest share of onshore money -- roughly 2.5 billion yuan -- after spending several years building an advisory business in China before receiving its private fund management approval in 2018.Excluding Winton puts the average for the rest at about 170 million yuan, 36% below the local mean, according to data from the Asset Management Association of China and Bloomberg calculations. Nine manage less than 100 million yuan, including Fullerton Fund Management Co. and Invesco, which both won licenses more than two years ago. Three, which have yet to launch a product or did so only recently, aren’t included in the calculation.Invesco declined to comment on investment flows, saying in an e-mailed statement that the company is “committed” to its mainland China business. Fullerton didn’t immediately reply to a request for comment.Fund raising difficulties are common, according to Yan Hong, director of the China Hedge Fund Research Center at the Shanghai Advanced Institute of Finance.Read more: In China’s Hedge Fund Industry, Global Managers Are a Tough SellForeign managers probably can’t make much money managing less than 1 billion yuan, given the operational and compliance costs, he said. But big global players with deep pockets may view such initial difficulties as manageable while they wait for longer-term opportunities.The task of building a presence was complicated by a rule change last year that blocked easy access to retail investors through securities firms and banks, forcing funds to go down a more costly path of chasing qualified individual investors.Local ChampionsAnother stumbling block is the extreme bets some local managers are willing to make to produce the stunning returns known to draw Chinese investors.Read more: Hedge Funds Chasing 400% Return Show Risk in China’s Wild MarketChina’s five-year champion among private stock funds -- Shanghai Panyao Asset Management Ltd. -- boasts a 515% cumulative return (the No. 2 fund is up 494%), according to PaiPaiWang. The top 10 performers among the largest local players had an average return of 37% in the first 10 months of 2019.While comparable data for foreign funds isn’t available, BlackRock’s first product returned about 10.3% as of Nov. 15 since its inception in May 2018, a person familiar with the matter said, asking not to be identified because the fund can’t be promoted to investors other than institutions or qualified clients. That compares to an 8.6% decline in the Shanghai Composite Index during the period.The company didn’t respond to a request for comment on its assets under management in China, or its products’ returns.Wang Linggang, who was BlackRock’s China compliance officer from 2017 until earlier this year, said foreign funds “have to accept” the local common practice of ceding part of management fees to distribution channels to ensure sales. They also need to follow the stricter anti-money laundering and anti-terrorism requirements of their home jurisdictions, whose tougher criteria may cost them clients, he wrote in an Aug. 13 article on the Wechat account of consultancy Financial Regulation & Law.To be sure, the reputation global managers have for being more stable and disciplined is starting to attract high-net-worth clients, particularly those wary of irregularities and performance volatility among local funds.UBS, which entered China in the 1990s and is among the largest foreign players in this space, launched its fifth product in July -- a fund of hedge funds offering, where investors can put money into products managed by both local and foreign hedge funds in China.The private funds unit has tapped into UBS’s existing distribution channels and leverages its wealth management clients, according to Adrian Chen, general manager of UBS Asset Management (Shanghai) Ltd. “The client base available now in China already presents us with a big market,” he said.Return ExpectationsKevin Wu, who works in Shanghai’s financial services industry, plowed 1 million yuan into a BlackRock product in August last year, diversifying his portfolio to try out a global player with a relatively low fee.The investment has so far yielded about 15% after fees, beating local stock indexes but trailing returns of some of Wu’s own share holdings in companies like Ping An Insurance (Group) Co. and Jiangsu Hengrui Medicine Co., both of which jumped at least 40% over the period.“It depends on your expectations,” the 42-year-old said by phone. “As long as they can yield around 12% a year, I can totally accept that.”High returns remain a draw among most though, prompting a constant churn and defeating regulatory efforts to encourage longer-term horizons. China’s hedge fund investors hold for an average of six months compared with around four years globally, estimates from PaiPaiWang and Preqin Ltd. show.Patience PaysThe “velocity of money in and out” is high even by retail standards, said Man Group’s Gandhi. “Foreign players need to accept this as part of the local landscape.”The foreign options available are also expanding as more funds are drawn in by the roughly 60 trillion yuan of investable assets China’s high-net-worth individuals hold. Many are also looking ahead as the Asian nation looks to unshackle its 14 trillion yuan mutual funds industry.Five overseas companies have made inquiries with Fangda Partners about hiring the law firm to apply for a private securities fund management license, according to partner Ren Zhiyi, who has represented Bridgewater Associates LP in China. LLinks Law Offices, which advised BlackRock, has about the same number of clients making preparations, partner Sandra Lv said.Read more on the overhaul to regulations in China’s private funds market here“This is a huge market with a lot of potential,” said Natasha Xie, a Shanghai-based partner with JunHe LLP, who says the number of registered foreign hedge funds may reach around 30 by the end of 2020.All three law firms declined to identify individual clients.Eastspring Investments, Prudential Plc’s asset management arm, registered as a private fund last year and is focusing on establishing a track record with its first product launched in April, said Bernard Teo, the head of corporate strategy. It took more than six months of interviewing for the firm to hire a local fund manager with the right mix of performance and risk controls, he said.Teo may need to brave the industry’s talent crunch again as he weighs adding local multi-asset and quantitative teams. “You certainly need to have the patience for the long term,” he said.(Adds comment from former BlackRock executive in 17th paragraph.)\--With assistance from Nishant Kumar, Evelyn Yu and Jun Luo.To contact Bloomberg News staff for this story: Zhang Dingmin in Beijing at dzhang14@bloomberg.netTo contact the editors responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net, Candice ZachariahsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

    (Bloomberg) -- Three years after China opened its 2.5 trillion yuan ($355 billion) hedge fund market to global asset managers, the industry is discovering just how hard it is to win over the country’s investors.BlackRock Inc., Man Group Plc and 20 other foreign firms licensed to run Chinese hedge funds -- or private securities funds, as they’re known locally -- amassed around 5.8 billion yuan of assets as a group till August, according to data compiled by Shenzhen PaiPaiWang Investment & Management Co. The meager haul -- amounting to 0.2% of hedge fund assets in China -- reflects a host of challenges.International names like BlackRock don’t resonate much in China’s crowded market of close to 9,000 hedge funds, which has its own set of local stars. The world’s largest money manager is routinely confused with private-equity major Blackstone Group Inc. UBS Group AG’s shared Swiss roots with Credit Suisse Group AG mean their Chinese abbreviations are just one similar-meaning character apart, also prompting mix-ups.The limited name recognition is compounded by distribution hurdles. It all suggests a long wait before China turns into a meaningful source of profit for international money managers, which are desperate for new avenues of growth as clients in developed markets shift toward low-fee investments.“Building a brand in China is definitely a challenge for some foreign players,” said Hersh Gandhi, Man Group’s managing director for Asia Pacific ex-Japan. “We’ve been thoughtful about the strategies we want to run and the market segments we want to be in, and have sized our operations accordingly.”Man Group declined to comment on its assets and profitability in China. It, UBS and BlackRock oversee between 100 million yuan to 1 billion yuan each, according to ranges from PaiPaiWang, which tracks hedge funds in the country.Winton Group Ltd. has the biggest share of onshore money -- roughly 2.5 billion yuan -- after spending several years building an advisory business in China before receiving its private fund management approval in 2018.Excluding Winton puts the average for the rest at about 170 million yuan, 36% below the local mean, according to data from the Asset Management Association of China and Bloomberg calculations. Nine manage less than 100 million yuan, including Fullerton Fund Management Co. and Invesco, which both won licenses more than two years ago. Three, which have yet to launch a product or did so only recently, aren’t included in the calculation.Invesco declined to comment on investment flows, saying in an e-mailed statement that the company is “committed” to its mainland China business. Fullerton didn’t immediately reply to a request for comment.Fund raising difficulties are common, according to Yan Hong, director of the China Hedge Fund Research Center at the Shanghai Advanced Institute of Finance.Read more: In China’s Hedge Fund Industry, Global Managers Are a Tough SellForeign managers probably can’t make much money managing less than 1 billion yuan, given the operational and compliance costs, he said. But big global players with deep pockets may view such initial difficulties as manageable while they wait for longer-term opportunities.The task of building a presence was complicated by a rule change last year that blocked easy access to retail investors through securities firms and banks, forcing funds to go down a more costly path of chasing qualified individual investors.Local ChampionsAnother stumbling block is the extreme bets some local managers are willing to make to produce the stunning returns known to draw Chinese investors.Read more: Hedge Funds Chasing 400% Return Show Risk in China’s Wild MarketChina’s five-year champion among private stock funds -- Shanghai Panyao Asset Management Ltd. -- boasts a 515% cumulative return (the No. 2 fund is up 494%), according to PaiPaiWang. The top 10 performers among the largest local players had an average return of 37% in the first 10 months of 2019.While comparable data for foreign funds isn’t available, BlackRock’s first product returned about 10.3% as of Nov. 15 since its inception in May 2018, a person familiar with the matter said, asking not to be identified because the fund can’t be promoted to investors other than institutions or qualified clients. That compares to an 8.6% decline in the Shanghai Composite Index during the period.The company didn’t respond to a request for comment on its assets under management in China, or its products’ returns.Wang Linggang, who was BlackRock’s China compliance officer from 2017 until earlier this year, said foreign funds “have to accept” the local common practice of ceding part of management fees to distribution channels to ensure sales. They also need to follow the stricter anti-money laundering and anti-terrorism requirements of their home jurisdictions, whose tougher criteria may cost them clients, he wrote in an Aug. 13 article on the Wechat account of consultancy Financial Regulation & Law.To be sure, the reputation global managers have for being more stable and disciplined is starting to attract high-net-worth clients, particularly those wary of irregularities and performance volatility among local funds.UBS, which entered China in the 1990s and is among the largest foreign players in this space, launched its fifth product in July -- a fund of hedge funds offering, where investors can put money into products managed by both local and foreign hedge funds in China.The private funds unit has tapped into UBS’s existing distribution channels and leverages its wealth management clients, according to Adrian Chen, general manager of UBS Asset Management (Shanghai) Ltd. “The client base available now in China already presents us with a big market,” he said.Return ExpectationsKevin Wu, who works in Shanghai’s financial services industry, plowed 1 million yuan into a BlackRock product in August last year, diversifying his portfolio to try out a global player with a relatively low fee.The investment has so far yielded about 15% after fees, beating local stock indexes but trailing returns of some of Wu’s own share holdings in companies like Ping An Insurance (Group) Co. and Jiangsu Hengrui Medicine Co., both of which jumped at least 40% over the period.“It depends on your expectations,” the 42-year-old said by phone. “As long as they can yield around 12% a year, I can totally accept that.”High returns remain a draw among most though, prompting a constant churn and defeating regulatory efforts to encourage longer-term horizons. China’s hedge fund investors hold for an average of six months compared with around four years globally, estimates from PaiPaiWang and Preqin Ltd. show.Patience PaysThe “velocity of money in and out” is high even by retail standards, said Man Group’s Gandhi. “Foreign players need to accept this as part of the local landscape.”The foreign options available are also expanding as more funds are drawn in by the roughly 60 trillion yuan of investable assets China’s high-net-worth individuals hold. Many are also looking ahead as the Asian nation looks to unshackle its 14 trillion yuan mutual funds industry.Five overseas companies have made inquiries with Fangda Partners about hiring the law firm to apply for a private securities fund management license, according to partner Ren Zhiyi, who has represented Bridgewater Associates LP in China. LLinks Law Offices, which advised BlackRock, has about the same number of clients making preparations, partner Sandra Lv said.Read more on the overhaul to regulations in China’s private funds market here“This is a huge market with a lot of potential,” said Natasha Xie, a Shanghai-based partner with JunHe LLP, who says the number of registered foreign hedge funds may reach around 30 by the end of 2020.All three law firms declined to identify individual clients.Eastspring Investments, Prudential Plc’s asset management arm, registered as a private fund last year and is focusing on establishing a track record with its first product launched in April, said Bernard Teo, the head of corporate strategy. It took more than six months of interviewing for the firm to hire a local fund manager with the right mix of performance and risk controls, he said.Teo may need to brave the industry’s talent crunch again as he weighs adding local multi-asset and quantitative teams. “You certainly need to have the patience for the long term,” he said.(Adds comment from former BlackRock executive in 17th paragraph.)\--With assistance from Nishant Kumar, Evelyn Yu and Jun Luo.To contact Bloomberg News staff for this story: Zhang Dingmin in Beijing at dzhang14@bloomberg.netTo contact the editors responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net, Candice ZachariahsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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  • 19/27   Saudi exchange to limit Aramco index weighting with cap
    TECHNOLOGY TOPIC NEWS

    Saudi Arabia's Tadawul has introduced an equity index  cap of 15% which is set to address concerns over the weighting oil giant Saudi Aramco will have when it lists on the exchange.  State-owned oil firm Aramco is expected to list 1.5% of its shares this month in a deal which could raise more than $25 billion and top the record initial public offering (IPO) of Chinese retailer Alibaba on the New York Stock Exchange in 2014.  The Aramco IPO is seen as a test for the Saudi exchange, where the largest listing so far has been worth $6 billion.

    Saudi Arabia's Tadawul has introduced an equity index cap of 15% which is set to address concerns over the weighting oil giant Saudi Aramco will have when it lists on the exchange. State-owned oil firm Aramco is expected to list 1.5% of its shares this month in a deal which could raise more than $25 billion and top the record initial public offering (IPO) of Chinese retailer Alibaba on the New York Stock Exchange in 2014. The Aramco IPO is seen as a test for the Saudi exchange, where the largest listing so far has been worth $6 billion.


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  • 20/27   Amazon, Walmart Face the Ire of 70 Million India Shopkeepers
    TECHNOLOGY TOPIC NEWS

    (Bloomberg) -- In the heart of New Delhi’s largest wholesale bazaar, merchants who normally compete with each other have united against a common enemy.“Amazon, Flipkart!” one merchant after another shouts into a microphone from a small stage in Sadar Bazaar’s central traffic circle. Some 50 other shopkeepers gathered around shout back in unison: “Go back! Go back!”The sit-in, which created more chaos than usual among the rickshaws, motorbikes and ox-carts plying the market road, was one of as many as 700 protests against Amazon.com Inc. and Walmart Inc. -- owner of local e-commerce leader Flipkart -- that organizers say took place at bazaars across India on a recent Wednesday.Predatory PricingIndia’s shopkeepers are mobilizing against the global e-commerce giants, alleging they are engaged in predatory pricing in violation of new rules meant to protect local businesses. At stake is the future of retailing in a country with 1.3 billion consumers, where Walmart and Amazon have sunk billions of dollars trying the crack the market and capture its growth potential.“Amazon and Flipkart are a second version of the East India company,” said Praveen Khandelwal, national secretary of the Confederation of All India Traders at the Delhi protest, referring to the British trading house whose arrival in India kicked off nearly 200 years of colonial rule. “The motive of Amazon and Flipkart is not to do business, but to monopolize and control.”India’s government in October announced an investigation into the allegations of predatory pricing. Amazon and Walmart said in statements to Bloomberg News last week that their operations comply with Indian laws, and that they act only as a third-party marketplace.The conflict comes amid a broader global backlash against the breakneck expansion of tech firms -- from protests by taxi drivers against an Uber-clone in Jakarta, to couriers for a Softbank-backed delivery startup creating a bonfire of their backpacks in Bogota in protest of low wages and poor benefits.Worsening PainIndia’s slowing economy -- it expanded at the slowest pace in more than six years last quarter -- and the accompanying consumption slowdown has worsened the pain of these neighborhood stores.Representing about 70 million small merchants who collectively control almost 90% of India’s retail trade, India’s shopkeepers union has shown itself to be a strong political force. The traders are an important part of the voter base of Prime Minister Narendra Modi’s Bharatiya Janata Party.“For a government, especially a government of the BJP, which has the support of small businessmen, it may not be prudent or politically advisable to totally ignore such demands,” said Sandeep Shastri, a political scientist at Jain University in Bangalore. “They would have to be seen taking some steps at least.”The union’s power is a significant reason the government has placed such onerous restrictions on foreign retailers -- including a minimum $100 million investment and strict local sourcing rules. Because of the hurdles, the likes of Walmart and Carrefour SA have all but given up on opening their eponymous stores in the country.The shopkeepers won a key victory against the foreign e-commerce players last year when the government tightened regulations on how the platforms are allowed to sell goods. The rules, aimed at creating a level playing field on pricing, forced Amazon and Flipkart to pull thousands of items from their virtual shelves and restructure large parts of their local operations.The changes, coming after Walmart announced its acquisition of Flipkart, threw the foreign companies into chaos and prompted analysts to question their India investments. With Amazon shut out of China and Walmart’s e-commerce performance in the U.S. decidedly mixed, both companies have settled on India as key to growth. Amazon CEO Jeff Bezos has pledged to spend $5.5 billion to win India, while Walmart’s $16 billion Flipkart deal was the retailer’s biggest ever.Now the shopkeepers are alleging Amazon and Flipkart are circumventing the rules with predatory pricing and deep discounting. They are demanding the government shut down the companies’ online marketplaces until they are in compliance.Amazon said its sellers have complete discretion on what price to sell their products. Flipkart said it provides sellers with data to help determine what product offerings will sell best at what price, but business decisions are ultimately the sellers’ to make.The flash point for the latest escalation was Diwali, a Hindu festival that’s occasion for a gift-giving bonanza akin to Christmas in Western countries. This year’s festival in October came amid a slowdown in consumer spending that’s hit everyone from carmakers to shampoo sellers. But while the shopkeepers union said its members saw as much as a 60% drop in Diwali sales, Amazon and Flipkart managed to report record revenue from the six-day festival.The shopkeepers union argued that the online holiday deals must be in violation of the new rules, prompting Commerce Minister Piyush Goyal to announce an investigation.“E-commerce companies have no right to offer discounts or adopt predatory prices,” Goyal said in October. “Selling products cheaper and resulting the retail sector to incur losses is not allowed.” Another government official said policy makers are looking at setting up a dedicated e-commerce regulator.A spokesperson for the commerce and industry ministry didn’t respond to an email seeking comment.Vinod Kumar, a 35-year-old shopkeeper selling women’s cosmetics in the Delhi bazaar, is looking for relief. Standing by his small stall, he picks up a bottle of a rosewater-based hair product. He sells it for 40 rupees (56 cents), but says customers can get it from Amazon or Flipkart for 30 rupees, with delivery right to their home.Heat, Crowds“If everything is available online, why would anyone come here to face the heat and the crowds?” he says. “My business is shrinking by the day.”Kumar says if the situation continues he may go out of business, as many other shops already have.Overall data show sales at traditional mom-and-pop shops are still growing in India. Though these stores have seen a decline in their share of total retail sales since 2014 as e-commerce and organized retail chains grab market share, the consumer market is expanding at such a pace that absolute spending with mom-and-pop shops increased nearly 60%, according to consultancy Technopak Advisors. That pace of absolute growth is projected to slow slightly to 50% over the next five years.That may be cold comfort to Muhammad Yusuf. The 72-year-old, who runs a jewelry shop at the Delhi bazaar, says he’s unable to match the prices online, has cut his staff from six employees to two and is in danger of not being able to pay rent.Yusuf is conspicuous in the e-commerce protest, however, in that he’s sporting a fleece jacket bearing the Amazon logo. Asked why he’s wearing it, he shrugs and says he needed something to keep him warm and found it in a clothing stall nearby. He bought it because it was cheap.(Updates with India’s GDP growth data in the eighth paragraph.)\--With assistance from Shruti Srivastava.To contact the reporter on this story: Ari Altstedter in Mumbai at aaltstedter@bloomberg.netTo contact the editors responsible for this story: Rachel Chang at wchang98@bloomberg.net, Jeff Sutherland, Bhuma ShrivastavaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

    (Bloomberg) -- In the heart of New Delhi’s largest wholesale bazaar, merchants who normally compete with each other have united against a common enemy.“Amazon, Flipkart!” one merchant after another shouts into a microphone from a small stage in Sadar Bazaar’s central traffic circle. Some 50 other shopkeepers gathered around shout back in unison: “Go back! Go back!”The sit-in, which created more chaos than usual among the rickshaws, motorbikes and ox-carts plying the market road, was one of as many as 700 protests against Amazon.com Inc. and Walmart Inc. -- owner of local e-commerce leader Flipkart -- that organizers say took place at bazaars across India on a recent Wednesday.Predatory PricingIndia’s shopkeepers are mobilizing against the global e-commerce giants, alleging they are engaged in predatory pricing in violation of new rules meant to protect local businesses. At stake is the future of retailing in a country with 1.3 billion consumers, where Walmart and Amazon have sunk billions of dollars trying the crack the market and capture its growth potential.“Amazon and Flipkart are a second version of the East India company,” said Praveen Khandelwal, national secretary of the Confederation of All India Traders at the Delhi protest, referring to the British trading house whose arrival in India kicked off nearly 200 years of colonial rule. “The motive of Amazon and Flipkart is not to do business, but to monopolize and control.”India’s government in October announced an investigation into the allegations of predatory pricing. Amazon and Walmart said in statements to Bloomberg News last week that their operations comply with Indian laws, and that they act only as a third-party marketplace.The conflict comes amid a broader global backlash against the breakneck expansion of tech firms -- from protests by taxi drivers against an Uber-clone in Jakarta, to couriers for a Softbank-backed delivery startup creating a bonfire of their backpacks in Bogota in protest of low wages and poor benefits.Worsening PainIndia’s slowing economy -- it expanded at the slowest pace in more than six years last quarter -- and the accompanying consumption slowdown has worsened the pain of these neighborhood stores.Representing about 70 million small merchants who collectively control almost 90% of India’s retail trade, India’s shopkeepers union has shown itself to be a strong political force. The traders are an important part of the voter base of Prime Minister Narendra Modi’s Bharatiya Janata Party.“For a government, especially a government of the BJP, which has the support of small businessmen, it may not be prudent or politically advisable to totally ignore such demands,” said Sandeep Shastri, a political scientist at Jain University in Bangalore. “They would have to be seen taking some steps at least.”The union’s power is a significant reason the government has placed such onerous restrictions on foreign retailers -- including a minimum $100 million investment and strict local sourcing rules. Because of the hurdles, the likes of Walmart and Carrefour SA have all but given up on opening their eponymous stores in the country.The shopkeepers won a key victory against the foreign e-commerce players last year when the government tightened regulations on how the platforms are allowed to sell goods. The rules, aimed at creating a level playing field on pricing, forced Amazon and Flipkart to pull thousands of items from their virtual shelves and restructure large parts of their local operations.The changes, coming after Walmart announced its acquisition of Flipkart, threw the foreign companies into chaos and prompted analysts to question their India investments. With Amazon shut out of China and Walmart’s e-commerce performance in the U.S. decidedly mixed, both companies have settled on India as key to growth. Amazon CEO Jeff Bezos has pledged to spend $5.5 billion to win India, while Walmart’s $16 billion Flipkart deal was the retailer’s biggest ever.Now the shopkeepers are alleging Amazon and Flipkart are circumventing the rules with predatory pricing and deep discounting. They are demanding the government shut down the companies’ online marketplaces until they are in compliance.Amazon said its sellers have complete discretion on what price to sell their products. Flipkart said it provides sellers with data to help determine what product offerings will sell best at what price, but business decisions are ultimately the sellers’ to make.The flash point for the latest escalation was Diwali, a Hindu festival that’s occasion for a gift-giving bonanza akin to Christmas in Western countries. This year’s festival in October came amid a slowdown in consumer spending that’s hit everyone from carmakers to shampoo sellers. But while the shopkeepers union said its members saw as much as a 60% drop in Diwali sales, Amazon and Flipkart managed to report record revenue from the six-day festival.The shopkeepers union argued that the online holiday deals must be in violation of the new rules, prompting Commerce Minister Piyush Goyal to announce an investigation.“E-commerce companies have no right to offer discounts or adopt predatory prices,” Goyal said in October. “Selling products cheaper and resulting the retail sector to incur losses is not allowed.” Another government official said policy makers are looking at setting up a dedicated e-commerce regulator.A spokesperson for the commerce and industry ministry didn’t respond to an email seeking comment.Vinod Kumar, a 35-year-old shopkeeper selling women’s cosmetics in the Delhi bazaar, is looking for relief. Standing by his small stall, he picks up a bottle of a rosewater-based hair product. He sells it for 40 rupees (56 cents), but says customers can get it from Amazon or Flipkart for 30 rupees, with delivery right to their home.Heat, Crowds“If everything is available online, why would anyone come here to face the heat and the crowds?” he says. “My business is shrinking by the day.”Kumar says if the situation continues he may go out of business, as many other shops already have.Overall data show sales at traditional mom-and-pop shops are still growing in India. Though these stores have seen a decline in their share of total retail sales since 2014 as e-commerce and organized retail chains grab market share, the consumer market is expanding at such a pace that absolute spending with mom-and-pop shops increased nearly 60%, according to consultancy Technopak Advisors. That pace of absolute growth is projected to slow slightly to 50% over the next five years.That may be cold comfort to Muhammad Yusuf. The 72-year-old, who runs a jewelry shop at the Delhi bazaar, says he’s unable to match the prices online, has cut his staff from six employees to two and is in danger of not being able to pay rent.Yusuf is conspicuous in the e-commerce protest, however, in that he’s sporting a fleece jacket bearing the Amazon logo. Asked why he’s wearing it, he shrugs and says he needed something to keep him warm and found it in a clothing stall nearby. He bought it because it was cheap.(Updates with India’s GDP growth data in the eighth paragraph.)\--With assistance from Shruti Srivastava.To contact the reporter on this story: Ari Altstedter in Mumbai at aaltstedter@bloomberg.netTo contact the editors responsible for this story: Rachel Chang at wchang98@bloomberg.net, Jeff Sutherland, Bhuma ShrivastavaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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    Mark Carney to be special UN envoy on climate change and finance Goldman Sachs eyes multi-year Boris boom, but warns on gilts risk Roger Bootle: The pound’s rollercoaster ride will continue even if the Tories triumph? ?Tenders for £270m HS2 station in Birmingham go out despite project doubt 7:34AM Agenda: European markets to start December higher  Good morning. European markets are tipped to open the month in the green following better-than-expected Chinese manufacturing results for November which gave Asian stocks a boost overnight. The Caixin manufacturing survey for November came in at 51.8, its best reading since January 2017.  Meanwhile, the pound tread water over the weekend to stay above $1.292 despite polls predicting that the gap between the Labour Party and the Conservatives is narrowing as the general election nears.  5 things to start your day 1) High-Speed 2 officials are ploughing ahead with preparations for a £270m station in Birmingham despite the cloud hanging over the future of the rail link. Read why here 2) There have been few elections where the voice of business has seemed so peripheral. It feels as if the needs and interests of UK companies both large and small have been largely ignored by all of the major political parties. Starting today, we begin an eight part series featuring the voice of business from all of the UK's regions and spanning all of the nation's biggest industries. Today, Lucy Burton tests the temperature in the City of London. The business of London   3) The Lib Dems want to take a leaf out of California’s book and legalise cannabis. But can it work in Britain? Tech reporter Laurence Dodds looks at what we can learn from the Americans. 4) Boris Johnson’s Brexit deal has given a temporary lift to the nation’s manufacturers but the sector is still facing an “uphill battle” next year, industry body Make UK has warned. Here’s why 5) A fleet of electric scooters and bikes backed by Ford is preparing to take to the streets in a dozen European cities in the latest phase of the car maker’s survival plan for the Uber era. What happened overnight Financial markets started December with a risk-on mood in Asia following a better-than-expected reading on Chinese manufacturing that added to evidence the global economy is turning a corner. Japanese stocks led equity gains across the region, while S&P; 500 Index futures edged up. Ten-year Treasury yields climbed to 1.81pc, and their Japanese counterparts ticked up closer toward zero. Sentiment could still be kept somewhat in check by the continuing lack of closure on a US-China trade deal. China’s Global Times underscored that its government wants tariffs to be rolled back as part of “phase one.” The so-called official China manufacturing purchasing-manager index exceeded all estimates in a Bloomberg survey, and suggested an acceleration in activity in November. A private gauge released Monday also showed an increase. Coming up today The reporting wind-down heading into the Christmas period continues this week, but there are still a handful of interesting companies reporting.  Interim results: Ferroglobe Economics: Markit manufacturing PMI final reading (UK, US and eurozone), ISM manufacturing (US), Caixin manufacturing PMI (China)

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