Pumps and compressors manufacturer Ingersoll Rand Inc is nearing a deal to sell its golf cart business to private equity firm Platinum Equity LLC for around $1.7 billion, people familiar with the matter said on Sunday. The deal will separate Ingersoll Rand from a business it acquired in 1995. It is the latest in a series of divestitures that CEO Vicente Reynal has embarked on to pay down debt and streamline the company's portfolio following the merger last year of Ingersoll Rand's industrial business with Gardner Denver Holdings Inc.
Most CEOs on a call to discuss a new push against U.S. state voting restrictions said in a poll they will reassess donating to candidates who fail to support voting rights, while many will consider holding back investments in states that restrict voting access, according to people familiar with the matter. Some business executives are putting together a new statement calling for the protection of U.S. voting rights, the latest corporate backlash against moves by Republican politicians to change election rules in Georgia and other states, the sources said. About 100 chief executive officers, investors, lawyers and corporate directors participated in a private Zoom call on Saturday organized by Yale professor Jeffrey Sonnenfeld to discuss a new response to Georgia's election law and voting restrictions contemplated by other states such as Texas and Arizona, according to the sources.
The family of Daunte Wright said he was later pronounced dead. Officials from the Minnesota Bureau of Criminal Apprehension said the agency was on the scene of a shooting involving a police officer in Brooklyn Center on Sunday afternoon. Brooklyn Center is a city with a population of about 30,000 people located on the northwest border of Minneapolis.
Alibaba Group CEO Daniel Zhang said on Monday he does not expect any material impact from the change of exclusivity arrangement imposed by China's regulators, after an anti-trust probe found the firm had abused its dominant market position. Alibaba, China's largest e-commerce company, will introduce measures to lower entry barriers and business costs faced by merchants on its platforms, Zhang told an online conference for media and analysts. China on Saturday imposed a record 18 billion yuan ($2.75 billion) fine on Alibaba amid a crackdown on technology conglomerates, signalling a new era after years of laissez-faire approach.
Colton Sceviour scored two, quick goals just hours after coming off waivers and the streaking Pittsburgh Penguins rolled to a 5-2 victory over the New Jersey Devils on Sunday night. Bryan Rust scored a controversial goal and Jake Guenzel added two late ones as the Penguins won their third straight and improved to 9-2-1 in their last 12. Tristan Jarry was outstanding, making 28 saves.
(Bloomberg) -- The allure of Asian stocks is fading after beating global peers last year.While 2021 began with investors expecting regional stocks to continue leading the global equity rebound as vaccine rollouts gather pace, that conviction now seems to be in short supply owing to a selloff in Chinese shares and concerns over dollar strength. The MSCI Asia Pacific Index is up just 3.1% year-to-date, compared with a gain of almost 10% each for equity benchmarks in the U.S. and Europe.The recent jump in real U.S. Treasury yields has put a squeeze on risk assets and prompted money managers to rethink geographic and cyclical exposure in their portfolios. Higher yields are also raising the odds of a stronger dollar -- a traditional negative for emerging Asia investors -- just when the worst rout in years in China, the world’s second-biggest stock market, has soured sentiment.“It is hard to see a catalyst for Asia regaining equity-market leadership without a more supportive policy backdrop in China or a reversal of the reflationary market sentiment we have seen in 2021,” said Nick Watson, a portfolio manager at Janus Henderson Investors. “On a regional basis, the 2021 returns from Chinese equities have weighted heavily on the wider index.”Investors are already shying away from making big bets, with intraday swings in the Asian index slipping to the lowest since the start of 2021. China’s CSI 300 Index is down more than 13% from a 13-year high reached in February amid concerns over valuations and potential liquidity tightening in the nation.READ: Chinese Assets Appeal Eroded by Dollar Strength, U.S. RatesMuch of the growth recovery in Asia has been priced in, said Patrik Schowitz, global multi-asset strategist at JPMorgan Asset Management. It downgraded emerging Asia to neutral from overweight “driven mostly by a less bullish view on Chinese equities,” he said.The MSCI Asia Pacific Index was down 0.2% as of 9:42 a.m. in Singapore on Monday.Resurgent VirusAlso hurting Asia’s prospects is a resurgence in virus cases and vaccine shortages in some countries. While investors lauded the region for its progress in containing the pandemic last year, the recent jump in infections in Japan, India, Thailand and the Philippines has weighed on their equity performance.In comparison, nations like the U.S. and the U.K. are much further ahead with their vaccination campaign. Plus some investors see shares in the U.S. and Europe remaining bigger beneficiaries of government stimulus in the near term.Asia “is a less positive Covid story than the U.S. and U.K.,” said Watson. “Unlike other growth markets such as the U.S., investors in Chinese equities are unlikely to find much support from the central bank as authorities try to avoid fueling a stock-market bubble,” he said.READ: More Than 726 Million Shots Given: Covid-19 Vaccine TrackerStill, some are more optimistic on Asian equities. That’s due to attractive valuations, strong growth prospects and expectations that regional manufacturers will benefit from a potential rebound in U.S. consumer spending.“We remain overweight on Asian equities, attracted by an expected 30% EPS growth in 2021, reasonable valuation, Chinese economic strength, and more focus on ESG considerations,” said Sean Taylor, chief investment officer APAC at DWS Group.(Updates MSCI Asia Pacific Index’s performance in the second paragraph, adds Monday’s move in the seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Sir Richard Sutton was listed at number 435 in the Sunday Times Rich List last year.
The Scottish Parliament will pay tribute to the Duke of Edinburgh during a motion of condolence on Monday.
Jack Merritt and Saskia Jones were killed by convicted terrorist Usman Khan at a prisoner rehabilitation event near London Bridge in November 2019.
Bereavement for older people after many years together can be ‘overwhelming’, the Independent Age charity said.
(Bloomberg) -- Asia’s top ride-hailing startups are pushing ahead with listing plans, as they seek to take advantage of a boom in equity offerings to fund expansion in everything from food delivery to autonomous driving.Beijing-based Didi Chuxing has filed confidentially with the U.S. Securities and Exchange Commission for an initial public offering that could raise several billion dollars, according to people with knowledge of the matter. Its Southeast Asian peer Grab Holdings Inc. aims to announce a merger with a blank-check company in the U.S. as soon as this week in a deal valued at more than $34 billion, the people said.These listings pave the way for some of the largest tech debuts globally this year as demand for ride services and ride-sharing jumped after pandemic-induced disruptions in Asia. Didi and Grab are also capitalizing on a rebound in tech stocks as the Nasdaq Composite Index is again charging toward an all-time high.Didi has tapped Goldman Sachs Group Inc. and Morgan Stanley as underwriters for its U.S. listing which could value the company at as much as $70 billion to $100 billion, the people said, asking not to be identified because the information is private. It is raising $1.5 billion through a revolving loan facility to shore up capital ahead of the share sale, Bloomberg News reported last week.The startup is also exploring a potential dual listing in Hong Kong at a later time, one of the people added.Didi, the Chinese version of Uber Technologies Inc., acquired its U.S. rival’s China business in 2016. The SoftBank Group Corp.-backed company is stepping up efforts to grow its presence in strategically important sectors like autonomous driving and technologies like artificial intelligence chips. It has also just raised about $1.5 billion for its on-demand trucking unit earlier this year, Bloomberg News has reported.Separately, Singapore-based Grab has attracted backing from T. Rowe Price Group Inc. and Temasek Holdings Pte for its planned merger with Altimeter Growth Corp., the people said. The firms have expressed interest in joining a private investment in public equity offering, or PIPE, to support Grab’s combination with the blank-check company, the people said. BlackRock Inc. is also in talks to participate in the PIPE, which could raise about $4 billion, they added.At a valuation of more than $34 billion, Grab’s deal could become the biggest SPAC merger ever, according to data complied by Bloomberg, and would see the startup become one of the first Southeast Asian unicorns to go public through a blank-check company.Read more: Grab’s $34 Billion SPAC Deal Puts Southeast Asia Tech on the MapDidi and Grab are set to test investor appetite for the capital-intensive ride-hailing business. Uber, which raised $8.1 billion in an IPO in 2019, saw its share dive in March 2020 as the pandemic led to lockdowns in major cities globally. The stock has since quadrupled and even reached a new high in February this year.Details of Didi and Grab’s listings could still change as deliberations continue, the people said. Representatives for Didi, Grab, Goldman Sachs and Morgan Stanley declined to comment.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
A majority of residents of European cities support a Europe-wide phaseout of combustion engine car sales from 2030 to reduce planet-warming emissions, a YouGov poll conducted on behalf of environmental campaigners said on Monday. Of 10,050 survey respondents, 63% said they supported the idea that after 2030, only emission-free cars should be sold in Europe. The online opinion poll surveyed people last month in 15 cities including London, Warsaw and Budapest, with an average of 29% opposing the idea of ending petrol and diesel car sales, while 8% said they did not know.
The Met Office has said the UK will experience cold temperatures throughout Monday, with rain forecast in the south and sunshine further north.
People can enjoy a chilly pub garden pint in England from today.
(Bloomberg) -- Asian stocks were steady Monday after a third straight weekly Wall Street advance, with Federal Reserve Chair Jerome Powell flagging the prospect of stronger growth and hiring. The dollar ticked up.Shares fluctuated in China and Hong Kong, with Alibaba Group Holding Ltd. rallying after the weekend imposition of a record antitrust fine removed a key source of uncertainty. Markets were little changed in Japan and slightly lower in Australia. U.S. equity futures dipped after the S&P 500 Index closing above 4,100 as investors braced for earnings reports this week.The yield on 10-year Treasuries held Friday’s advance on stronger-than-expected producer-price inflation data and ahead of a heavy week of supply.China Led The Recovery Trade; Now Almost Everyone Is CautiousWhile the economic recovery from the pandemic is picking up speed, policy makers are highlighting the need for more progress before they consider withdrawing exceptional support. Traders are watching price pressures, with market-based expectations at multiyear highs. U.S. consumer-price data are due this week.The U.S. economy is at an “inflection point” with stronger growth and hiring ahead thanks to rising vaccinations and powerful policy support, Powell told CBS’s 60 Minutes in an interview aired Sunday. He warned that a resurgence of Covid-19 remains the principal risk to the economy.“The Fed is going to be more concerned about the labor market,” Sian Fenner, senior economist at Oxford Economics, told Bloomberg News. “Definitely inflation’s not spiraling out of control.”Investors are wary of supply stirring more rates-market volatility, however. Bonds have rallied from the losses that roiled equity markets earlier this year, but another heavy round of auctions could pressure yields higher again. The U.S. sells three-, 10- and 30-year Treasuries at the start of the week.Oil inched back toward $60 a barrel after a 3.5% drop last week. Bitcoin eased from a rally past $61,000 on the weekend. The forthcoming listing of cryptocurrency exchange Coinbase Global Inc. in the U.S. has put the spotlight back on the digital-token sector.Some key events to watch this week:Banks and financial firms begin reporting first-quarter earnings, including JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Morgan Stanley, Goldman Sachs Group Inc.U.S. officials and company executives are due to discuss the global shortage of computer chips on Monday.The U.S. releases inflation data Tuesday.Chinese trade data are scheduled for Tuesday.Economic Club of Washington hosts Fed Chair Jerome Powell for a moderated Q&A on Wednesday.U.S. Federal Reserve releases Beige Book on Wednesday.U.S. data including initial jobless claims, industrial production and retail sales come Thursday.China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets:StocksS&P 500 futures dipped 0.2% as of 10:42 a.m. in Tokyo. The index rose 0.8% on Friday.Japan’s Topix Index was flat.China’s Shanghai Composite was up 0.1%.Hong Kong’s Hang Seng slipped 0.2%.South Korea’s Kospi climbed 0.2%.Australia’s S&P/ASX 200 slipped 0.3%.CurrenciesThe Bloomberg Dollar Spot Index edged up 0.1%.The yen was steady at 109.70 per dollar.The euro was at $1.1898.The offshore yuan was at 6.5629 per dollar.BondsThe yield on 10-year Treasuries steadied at 1.66%.Australia’s 10-year yield climbed two basis points to 1.77%.CommoditiesWest Texas Intermediate crude was up 0.5% at $59.60 a barrel.Gold was down 0.2% at $1,741.10 an ounce.(An earlier version corrected the day of the U.S. CPI release.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
A growing number of Chinese tech start-ups are cancelling plans to list on Nasdaq-style markets at home with some eyeing Hong Kong share sales instead, as regulators tighten scrutiny of IPO applicants after the halting of Ant Group's $37 billion float. Over 100 companies have voluntarily withdrawn applications to list on Shanghai's STAR Market and Shenzhen's ChiNext since Ant's termination of its initial public offering (IPO) in November, according to Reuters review of exchange filings. The unprecedented withdrawals come against the backdrop of sharply intensified grilling of listing prospects by regulators, leading to IPO delays, outright rejection or even penalties, say bankers and company executives.
A Brooklyn Center, Minnesota, police officer fatally shot a driver during a traffic stop Sunday afternoon, police said. Officers initiated a stop for a traffic violation in the area of the 6300 block of Orchard Ave. shortly before 2 p.m., Brooklyn Center Police Chief Tim Gannon said in a statement Sunday. There, they determined that the driver of the vehicle had an outstanding warrant.
Vox Media looks to bolster its podcasting arm with the acquisition of Cafe Studios, a podcast company co-founded by Preet Bharara, former U.S. Attorney for the Southern District of New York. Financial terms of the deal were not immediately disclosed. However, Bharara and executive producer and head of content Tamara Sepper will join Vox Media […]
Berkshire Hathaway Specialty Insurance Names Idie Si as Head of Accident & Health Insurance, Asia
(Bloomberg) -- After China imposed a record antitrust fine on Alibaba Group Holding Ltd., the e-commerce giant did an unusual thing: It thanked regulators.“Alibaba would not have achieved our growth without sound government regulation and service, and the critical oversight, tolerance and support from all of our constituencies have been crucial to our development,” the company said in an open letter. “For this, we are full of gratitude and respect.”It’s a sign of how odd China’s crackdown on the power of big tech has been compared with the rest of the world. Mark Zuckerberg and Tim Cook would likely not express such public gratitude if the U.S. government were to hit Facebook Inc. or Apple Inc. with record antitrust fines.Almost everything about China’s regulatory push is out of the ordinary. Beijing regulators wrapped up their landmark probe in just four months, compared with the years that such investigations take in the U.S. or Europe. They sent a clear message to the country’s largest corporations and their leaders that anti-competitive behavior will have consequences.For Alibaba, the $2.8 billion fine was less severe than many feared and helps lift a cloud of uncertainty hanging over founder Jack Ma’s internet empire. The 18.2 billion yuan penalty was based on just 4% of the internet giant’s 2019 domestic revenue, regulators said. While that’s triple the previous high of almost $1 billion that U.S. chipmaker Qualcomm Inc. handed over in 2015, it’s far less than the maximum 10% allowed under Chinese law. Alibaba’s shares rose 5.5% Monday morning in Hong Kong.“We’re happy to get the matter behind us,” Joseph Tsai, co-founder and vice chairman, said on an investor call on Monday. “These regulatory actions are undertaken to ensure fair competition.”The fine came with a plethora of “rectifications” that Alibaba will have to put in place -- such as curtailing the practice of forcing merchants to choose between Alibaba or a competing platform -- many of which the company had already pledged to establish. But Tsai said regulators won’t impose radical changes to its e-commerce strategy.“They’re affirming our business model,” he said. “This kind of model is good for the growth of the country’s economy and helps innovation.”He said the company is unaware of any other antitrust investigations into the company, except for a previously discussed probe into acquisitions and investments by Alibaba and other tech giants.Alibaba Chief Executive Officer Daniel Zhang on Saturday declared his company now ready to move on from its ordeal, while China’s Communist Party mouthpiece People’s Daily issued assurances that Beijing wasn’t trying to stifle the sector.The Hangzhou-based firm “has escaped possible outcomes such as a forced breakup or divestment of assets. The penalty will not shake up its business model, either,” said Jet Deng, an antitrust lawyer at the Beijing office of law firm Dentons.Beijing remains intent on reining in its internet and fintech giants, a broad campaign that’s wiped more than $250 billion off Alibaba’s valuation since October. The e-commerce giant’s speedy capitulation underscores its vulnerability to further regulatory action -- a far cry from just six years ago, when Alibaba openly contested one agency’s censure over counterfeit goods on Taobao and eventually forced the State Administration for Industry and Commerce to backtrack on its allegations.Beyond antitrust, government agencies are said to be scrutinizing other parts of Ma’s empire, including Ant Group Co.’s consumer-lending businesses and Alibaba’s extensive media holdings. And the shock of the crackdown will continue to resonate with peers from Tencent Holdings Ltd. and Baidu Inc. to Meituan, forcing them to tread far more carefully on business expansions and acquisitions for some time to come.What Bloomberg Intelligence SaysChina’s record fine on Alibaba may lift the regulatory overhang that has weighed on the company since the start of an anti-monopoly probe in late December. The 18.2 billion yuan ($2.8 billion) fine, to penalize the anti-competitive practice of merchant exclusivity, is equivalent to 4% of Alibaba’s 2019 domestic sales. Still, the company may have to be conservative with acquisitions and its broader business practices.-- Vey-Sern Ling and Tiffany Tam, analystsClick here for the full research.The investigation into Alibaba was one of the opening salvos in a campaign seemingly designed to curb the power of China’s internet leaders, which kicked off after Ma infamously rebuked “pawn shop” Chinese lenders, regulators who don’t get the internet, and the “old men” of the global banking community. Those comments set in motion an unprecedented regulatory offensive, including scuttling Ant’s $35 billion initial public offering.It remains unclear whether the watchdog or other agencies might demand further action. Regulators are said, for instance, to be concerned about Alibaba’s ability to sway public discourse and want the company to sell some of its media assets, including the South China Morning Post, Hong Kong’s leading English-language newspaper.Read more: China Presses Alibaba to Sell Media Assets, Including SCMPChina’s top financial regulators now see Tencent as the next target for increased supervision, Bloomberg News has reported. And the central bank is said to be leading discussions around establishing a joint venture with local technology giants to oversee the lucrative data they collect from hundreds of millions of consumers, which would be a significant escalation in regulators’ attempts to tighten their grip over the country’s internet sector.“The high fine puts the regulator in the media spotlight and sends a strong signal to the tech sector that such types of exclusionary conduct will no longer be tolerated,” said Angela Zhang, author of “Chinese Antitrust Exceptionalism” and director of the Centre for Chinese Law at the University of Hong Kong. “It’s a stone that kills two birds.”For now, it appears investors are just glad it wasn’t worse. In its statement, the State Administration for Market Regulation concluded Alibaba had used data and algorithms “to maintain and strengthen its own market power and obtain improper competitive advantage.” Its practice of imposing a “pick one from two” choice on merchants “shuts out and restricts competition” in the domestic online retail market, according to the statement.The firm will be required to implement “comprehensive rectifications,” including strengthening internal controls, upholding fair competition and protecting businesses on its platform and consumers’ rights, the regulator said. It will need to submit reports on self-regulation to the authority for three consecutive years.The company will have to make adjustments but can now “start over,” Zhang wrote in a memo to Alibaba’s employees Saturday.“We believe market concerns over the anti-monopoly investigation on BABA are addressed by SAMR’s recent decision and penalties,” Jefferies analysts wrote in a research note entitled “A New Starting Point.”Indeed, The People’s Daily said in its commentary Saturday that the punishment was intended merely to “prevent the disorderly expansion of capital.”“It doesn’t mean denying the significant role of platform economy in overall economic and social development, and doesn’t signal a shift of attitude in terms of the country’s support to the platform economy,” the newspaper said. “Regulations are for better development, and ‘reining in’ is also a kind of love.”(Updates with share rise in the fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.