Globant Says It Bought 500 Bitcoin in Q1

 Globant Says It Bought 500 Bitcoin in Q1

Motley Fool

Forget Dogecoin, These Stocks Are Better Buys During a Market Crash

With the April consumer price index (CPI), a metric used to gauge inflation, at 4.2%, the market has been gripped with fears of the Federal Reserve tightening the current stimulative monetary policy to control inflation. Instead, retail investors can benefit in these uncertain times by investing in high-quality stocks that are resilient to market ups and downs. Let’s explore why Etsy (NASDAQ: ETSY), Walt Disney (NYSE: DIS), and UnitedHealth Group (NYSE: UNH) fit the bill.

Reuters

U.S. SEC charges five individuals involved in BitConnect lending program

WASHINGTON (Reuters) -The U.S. Securities and Exchange Commission on Friday said it has charged five individuals for promoting a global unregistered digital asset securities offering that raised over $2 billion from retail investors. BitConnect allegedly organized a global network of promoters through referral commissions and used the network to sell the securities without registering them as required by federal securities laws, the SEC said. The agency alleged Trevon Brown, Craig Grant, Ryan Maasen, and Michael Noble were among the promoters advertising to prospective investors through YouTube videos.

Bloomberg

JD Logistics Gains on Debut After $3.2 Billion Hong Kong IPO

(Bloomberg) — JD Logistics Inc. rose as much as 18% on its first day of trading after raising $3.2 billion in Hong Kong’s second-largest initial public offering this year.Shares of the delivery arm of Chinese e-commerce giant JD.com Inc. climbed to as high as HK$47.75 in Hong Kong on Friday, before giving up some of their gains. The stock had been priced at HK$40.36, the lower end of its offered range, fueling concern that demand for new listings in the Asian financial center has cooled after the blockbuster coming-out party of Kuaishou Technology earlier this year. JD.com was little changed.The listing will allow JD Logistics to expand its network of more than 900 warehouses into less-developed regions of China and new markets overseas, while adding to the $782 million it’s spent on technology between 2018 and 2020. The company joins internet giants from Alibaba Group Holding Ltd. to Tencent Holdings Ltd. and Meituan in boosting spending, as increased antitrust scrutiny from regulators in Beijing threatens their most lucrative businesses from e-commerce to fintech.“Frankly speaking, the focus for next few years will still be growth,” Chief Executive Officer Yu Rui said in an interview with Bloomberg Television. “We will focus on business expansion and revenue growth for the next several years. Our net margin will keep improving in the long-term.”Created in 2007 and set up as a standalone unit under JD.com a decade later, JD Logistics’ networks include both so-called last mile and longer distance lines, as well as cold chain and bulky item networks, according to its prospectus. It is still loss-making, reporting a net loss of 4.1 billion yuan ($642 million) last year.What Bloomberg Intelligence SaysJD Logistics’ IPO valuation of up to $32 billion is reasonable compared with peers given its stronger growth prospects, despite the likelihood of further losses in 2021, in our view. Earnings volatility can be expected while the company prioritizes business and market-share growth over profitability in the near to medium terms.– James Teo and Chris Muckensturm, analystsClick here for the researchWith just a 2.7% share of the logistics industry, JD Logistics is seeking to expand its footprint outside China, including into Europe, where rivals like Alibaba’s Cainiao have also been growing. The company will probably set up logistics centers on the continent within a year, Yu said in the interview. The intense competition in the business of providing logistics to other enterprises means JD Logistics will be relatively insulated from Chinese scrutiny as it ventures overseas, he added.“JD Logistics is doing better than any other companies in B2B sector in terms of ensuring the benefits of our front-line workers and regulatory compliance,” said Yu, a JD Group veteran of 13 years. “From our point of view, we don’t see much potential risks in regulation.”JD Logistics’ debut is far more muted compared with the 161% first-day surge for short-video platform Kuaishou. It is the second unit to be spun off from JD.com in the past six months, following the December listing of JD Health International Inc. The e-commerce operator had also sought to list its fintech division last year before a crackdown on the sector forced it to shelve its plans.Decoupling from its parent will allow JD Logistics to tap new customers, including short video platforms like ByteDance Ltd.’s Douyin and Kuaishou that are increasingly expanding into online shopping, according to Jacob Cooke, chief executive officer at e-commerce and technology consultancy WPIC. That will allow the firm to expand its market share and bring about economies of scale that will help it achieve profitability, he added.“JD Logistics fits in very well with the regulatory plans of the Chinese government in breaking up these monopolies and really allowing them to go get a new customer base operating independently, like they are now,” Cooke said in a Bloomberg Television interview. “Now that they’re independent — and there’s so much that goes on with data sharing in China too — but that’s really going to make other platforms and other brands feel more comfortable using JD Logistic’s products to help with their fulfillment.”(Updates shares, adds analyst comment.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Bloomberg

Pexa Kicks Off $910 Million IPO in Year’s Biggest for Australia

(Bloomberg) — Online property exchange Torrens Group Holdings Pty and some of its shareholders are looking to raise A$1.18 billion ($910 million) in what would be Australia’s biggest initial public offering of the year, coming after a rocky patch during which three deals were shelved.Torrens, which will be renamed into its brand name Pexa, is issuing about A$216 million worth of shares while its controlling shareholder Link Administration Holdings Ltd. and other investors are selling about A$916 million in shares, according to terms of the deal obtained by Bloomberg News.Morgan Stanley Infrastructure Partners is disposing of its entire stake in Pexa while Link’s holding will drop to 42.1% from 42.6%, the terms show. Commonwealth Bank of Australia is also selling part of its holdings.The price has been set at A$17.13 per share, giving Pexa an A$3.3 billion ($2.6 billion) enterprise value.The IPO launch comes as Link has also been conducting a trade sale process for Pexa. The company has been weighing an offer from KKR & Co. giving the business an enterprise value of A$3 billion plus cash on the balance sheet. Domain Holdings Australia Ltd. said Friday it was seeking to join KKR’s bid, which expires on Sunday.If it is not trumped by the sale process, the offering is set to be Australia’s biggest since late last year, when Dalrymple Bay Infrastructure Ltd. raised $931.5 million in its first-time share sale, data compiled by Bloomberg show.Australia’s IPO scene has swung from boom to bust in the space of about a month, with three companies shelving offerings worth almost A$900 million combined on weak investor demand. If it hadn’t been for those pulled IPOs, Australia would have been having its best start to the year since 2007.The country’s biggest listing of the year, a $384 million IPO by non-bank lender Pepper Money Ltd., has dropped 16.6% from its offer price since its debut on Tuesday.Link itself was a buyout target last year. Private equity firms Carlyle Group Inc. and Pacific Equity Partners proposed a takeover of the service provider for Australia’s pension industry, followed by a rival offer from financial software maker SS&C Technologies Holdings Inc. Both offers have been withdrawn.Link bought Pexa in 2018 as part of a consortium, which also included Commonwealth Bank of Australia, for $1.6 billion. Pexa attempted to list later that year, before pulling the IPO, AFR reported.Orders from cornerstone investors will be taken starting Friday, while Pexa’s shares are expected to start trading on June 29, the terms show.Barrenjoey Capital Partners Pty, Macquarie Group Ltd., Morgan Stanley and UBS Group AG are lead managers for the offering.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Bloomberg

Web Doctor Babylon Is Said to Near $3.5 Billion SPAC Deal

(Bloomberg) — Babylon, the medical startup that connects patients and doctors via an app, is close to agreeing a deal to go public in a merger with blank-check company Alkuri Global Acquisition Corp., according to people familiar with the matter.Talks between Babylon and Alkuri, which is run by former Groupon Inc. executives, are in the advanced stages and a deal could be announced as soon as next week, the people said, asking not to be identified discussing confidential information.The deal could value Babylon at about $3.5 billion, the people said. Alkuri has lined up investors to provide about $270 million of private investment in public equity to support the deal, the people said. It’s going ahead even as those financing PIPE deals begin writing smaller checks, which has delayed some transactions.Shares of Alkuri rose 1.1% to $9.82 at 11:03 a.m. Friday in New York, hitting their highest intraday level in more than a month.Talks are ongoing and could still be delayed or fall apart, according to the people. Representatives for Alkuri and Babylon declined to comment.Alkuri is a special purpose acquisition company led by Groupon’s ex-chief executive officer Rich Williams and former chief operating officer Steve Krenzer, who left those roles last year after turnaround plans for the online discount provider faltered. Sultan Almaadeed, a former executive at the Qatar Investment Authority, is Alkuri’s chairman.Founded in 2013, Babylon’s app lets users schedule a video chat with a doctor, check symptoms or book time with specialists, such as therapists. It can be used to seek advice and treatment for conditions ranging from hair loss to chronic kidney disease, according to its website.In 2019, Babylon raised $550 million in a funding round valuing the business at more than $2 billion. Its backers include Saudi Arabia’s Public Investment Fund, Munich Re Ventures, Kinnevik AB, the family of Egyptian billionaire Nassef Sawiris and Vostok New Ventures.The company earlier explored a merger with a SPAC backed by financier Alec Gores before talks fell apart, Bloomberg News reported in April. It also attracted interest from Freedom Acquisition I Corp., the SPAC raised by former Credit Suisse Group AG CEO Tidjane Thiam, as well as a vehicle from Klaus Kleinfeld, the former head of Arconic.(Updates with details of funding round, investors in penultimate paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Bloomberg

Credit Suisse’s RenTech Fund Holds Back Some Client Cash

(Bloomberg) — Credit Suisse Group AG is temporarily barring clients from withdrawing all their cash from a fund that invests with Renaissance Technologies after the strategy tanked and investors rushed to exit.The bank has invoked a so-called hold back clause, after assets in the CS Renaissance Alternative Access Fund slumped to about $250 million this month from approximately $700 million at the start of 2020, according to people with knowledge of the matter. While investors will receive 95% of their redemption requests after two months, the remaining 5% is expected to be paid out in January, after the fund’s year-end audit, the people said. The hold back mechanism was put in place at the fund’s inception in 2016.The fund lost about 32% last year, in line with the decline in the Renaissance Institutional Diversified Alpha Fund International fund that it invests into, the people said. Renaissance, regarded as one of the most successful quant investing firms in the world, was rocked by billion of dollars in redemptions earlier this year after unprecedented losses in 2020. Three of its funds open to external investors fell by double digits last year.Credit Suisse and Renaissance declined to comment.Credit Suisse is currently under broader scrutiny as new chairman Antonio Horta-Osorio reviews the risk and control functions after the implosion of the bank’s supply-chain finance funds linked to Greensill Capital and the collapse of family office Archegos Capital Management.The Credit Suisse feeder fund was sold as an investment option for rich clients at the bank’s wealth arm.The Renaissance fund, which allows investors to take out money every month, also has the ability to hold back but is not invoking the clause and hasn’t ever done so, according to a person with knowledge of the matter.The fund was up 9.4% this year through May 21 after last year’s losses, the person said. Hold back clauses are a standard part of offer documents at some U.S. based hedge funds.(Adds that hold back clause was put in place at the fund’s inception in 2016 in the 2nd paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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