(Bloomberg) -- The Bank of Japan’s head-scratching surge this week came to a halt on Friday, as the stock erased earlier gains to fall by its limit.The shares traded at 44,000 yen as of 10:50 a.m. in Tokyo, dropping 19% after rising by the limit in each of the four previous sessions.The volatile moves in the shares, or subscription certificates as the BOJ refers to them, has baffled market participants. While the BOJ is unusual in being a listed central bank, the stock pays a tiny dividend and holds no voting rights. In fact, the central bank doesn’t even hold shareholders’ meetings. The stock traded at an all-time low just in January.Usually little noticed or commented on, the central bank’s stock became a topic of conversation in parliament on Friday, where BOJ Governor Haruhiko Kuroda was delivering his semi-annual report on currency and monetary control.“The Bank of Japan’s subscription certificates are completely different from the normal shares of listed companies,” Kuroda said in response to a question about the long-term decline in the stock price during his time as governor. Unlike a normal stock, he said, the share price doesn’t reflect profits or the state of its balance sheet. “The price is not the responsibility of the bank.”Speculative MovesWhile technically a listed entity on the Tokyo Stock Exchange’s Jasdaq, the nature of the stock and its speculative moves are a long-standing mystery of Japan’s financial markets. A speculative surge was also witnessed in late 2012 and early 2013, when optimism over the Abenomics program of former Prime Minister Shinzo Abe was at its peak.The government holds a 55% stake, while individual investors have 40%. The subscription certificates can’t be bought at online securities firms, as they weren’t subject to the 2009 digitalization of traditional paper stock certificates. It’s the only issue for which Japan Securities Clearing Corp., the entity that clears transactions for all equities in the country, still requires physical delivery of paper certificates, which remain valid even now.This week’s short-lived rally comes after the Nikkei 225 Stock Average briefly touched its highest levels since the bubble era of the 1980s. In those days, when the benchmark traded at around 70 times earnings, some investors collected BOJ’s stock and framed their certificates as a collectible which were then worth 745,000 yen ($6,945) apiece.The moves have come ahead of a closely-watched policy review by the central bank on March 19, which may lead to changes in how it buys exchange-traded funds -- because as well as being listed, the BOJ is itself the largest single owner of Japanese shares.(Updates with share slide on Friday.)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.
Lance Waldroup, a bootlegger featured on the early seasons of Discovery’s reality series Moonshiners, died Feb. 25 at his home in Robbinsville, North Carolina. His father, Jeff, who also appeared on the show, said he was 30-years-old and the cause of death was unclear. “We are saddened to hear about the loss of Lance Waldroup,” […]
China on Friday restored its annual economic growth target, setting it at above 6%, and pledged to create more jobs in cities than last year, as the world's second-biggest economy emerged from a year disrupted by the effects of COVID-19. In 2020, China dropped its gross domestic product growth target in the premier's work report for the first time since 2002 after the pandemic devastated its economy. "As a general target, China's growth rate has been set at over 6% for this year," Premier Li Keqiang said in his 2021 work report.
Bare Cove Technology (BCT) is pleased to announce that Nine Masts Capital has successfully migrated to Bare Cove Technology’s fully managed, cloud-hosted IT services platform. In addition to cloud hosting and IT support, Nine Masts has engaged BCT on an ongoing basis to provide CTO consultancy, cyber security advisory, and software development services.
New Orleans Pelicans All-Star Zion Williamson was scratched from the lineup shortly before the club's game against Miami on Thursday night because of a toe injury. Williamson missed just his second game of the season on the same day he was picked to play for Team Durant in Sunday's All-Star Game. Williamson had played in 34 of New Orleans' first 35 games this season, averaging 25.6 points an 7.2 rebounds in a little more than 33 minutes per game.
dMY Technology Group, Inc. IV (the "Company") announced today the pricing of its initial public offering of 30,000,000 units at a price of $10.00 per unit. The units will be listed on The New York Stock Exchange (the "NYSE’) and trade under the ticker symbol "DMYQ.U" beginning on March 5, 2021. Each unit consists of one share of Class A common stock and one-fifth of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. After the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the NYSE under the symbols "DMYQ" and "DMYQ WS," respectively. The offering is expected to close on March 9, 2021.
Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors that purchased Ontrak, Inc. (NASDAQ: OTRK) securities between November 5, 2020 and February 26, 2021, inclusive (the "Class Period"). Investors have until May 3, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
CBS Evening News anchor Norah O’Donnell landed an interview with Charlotte Bennett, the former aide to New York Gov. Andrew Cuomo who is one of three women who have accused him of sexual misconduct. In the interview, Bennett dismissed Cuomo’s apology, which he made at a press appearance Wednesday. She told O’Donnell that “it’s not […]
(Bloomberg) -- China’s CSI 300 Index has fallen more than 10% from its Feb. 10 peak, poised to enter a technical correction as traders rush to offload growth stocks in the $11 trillion market.On Friday, China’s main stock gauge slid as much as 2% in opening trade, extending losses from the peak reached right before the Lunar New Year holiday. It pared the decline to 1.6% as of 9:54 a.m. in Shanghai. The recent rout has been driven by consumer staples, with the subgauge down about 20% in the same time frame.The rout has come amid growing concern over liquidity tightening and possible asset bubbles, with markets seeking fresh cues from the National People’s Congress that began today. The nation’s top banking regulator jolted markets on Tuesday with a warning about the need to reduce leverage amid the rising risk of bubbles globally and in the local property sector.“The market’s primary focus is not the long-term policies or fundamentals, liquidity and U.S. yields are what it’s obsessing over right now,” said Liu Xiaodong, a fund manager at Shanghai Power Asset Management Co. “So a 10% drop in the CSI 300 index isn’t excessive.”The selloff has rapidly deflated a rally that briefly sent the benchmark CSI 300 Index past its 2007 record, with sure-win bets turning sour. China’s biggest stock Kweichow Moutai Co. has lost more than 20% from its peak.China set a conservative economic growth target of above 6% for the year, well below what economists forecast, and outlined ongoing fiscal support with prudent monetary policy. The government will narrow the budget deficit to 3.2% of gross domestic product this year from 3.6% in 2020, Premier Li Keqiang said Friday at the opening of the NPC.(Updates prices, adds a quote in the fourth paragraph and GDP growth target in the last.)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.
The last man facing a non-capital charge in the fatal 2019 Orchard Towers brawl was jailed four years and nine months and given 12 strokes of the cane
Former president lashed out and called on Fox to fire ‘pompous fool’ Mr Rove
Bridger and Seahorse Pipelines Announce Open Season for Transportation Capacity from Williston Basin and Guernsey, Wyo., to Midcontinent and Texas
The award-winning actress is among the voice cast for Disney’s animated fantasy film Raya And The Last Dragon.
Australia has expressed frustration at Italy's decision to block a shipment of AstraZeneca's Covid vaccine from entering the country. Italy, supported by the European Commission, stopped the planned export of around 250,000 doses of the jab after the drug manufacturer did not meet contract commitments. Health Minister Greg Hunt said Australia had already received 300,000 doses of AstraZeneca's COVID-19 vaccine, which would last until local production of the vaccine ramps up.
Tsunami warnings were issued for large stretches of New Zealand’s northeast coastline on March 5 after a magnitude 8.1 earthquake struck the Kermadec Islands, about 600 miles northeast of New Zealand’s North Island.Video taken by Brent Wall on the Karikari Peninsula in Northland shows evacuees on higher ground.Early on Friday afternoon, New Zealand authorities advised that the most significant wave activity had passed, and allowed evacuees to return. Credit: Brent Wall via Storyful
(Bloomberg) -- China set a conservative economic growth target of above 6% for the year, well below what economists forecast, and outlined ongoing fiscal support to keep the recovery going.The government will narrow the budget deficit to 3.2% of gross domestic product this year, Premier Li Keqiang said Friday at the opening of the National People’s Congress. While that’s lower than last year’s 3.6% of GDP, it’s above the 3% expected by many analysts, signaling Beijing still sees a need for expanded fiscal policy to support growth this year.“In 2021, China will continue to face many development risks and challenges, but the economic fundamentals that will sustain long-term growth remain unchanged,” said Li. “A target of over 6% will enable all of us to devote full energy to promoting reform, innovation, and high-quality development.”China’s economy was the only major one in the world to expand last year, aided by the central bank’s injections of liquidity to support businesses, extra fiscal spending on infrastructure and the quick control of coronavirus outbreaks domestically. Economists predict the economy will expand 8.4% this year, partly due to the low base from 2020.“The tone is very conservative,” said Raymond Yeung, chief economist for Greater China at Australia and New Zealand Banking Group in Hong Kong. The fiscal targets suggest “2021 is a year of tapering.”China’s CSI 300 Index of stocks fell as much as 2%, poised to enter a technical correction, before paring. Traders blamed the initial losses on a global rout overnight, rather than any negative headlines out of the NPC. China’s government bonds were little changed, while the onshore yuan weakened less than 0.1%.The quota for local government bond sales is higher than the 3.5 trillion yuan forecast by analysts as the government continues to pursue proactive fiscal policy. On monetary policy, the government reiterated that it would be prudent, and would keep the yuan basically stable at a reasonable level.China’s V-shaped recovery alongside a recession in the U.S. and elsewhere puts it on course to become the world’s largest economy by 2028, two years earlier than expected, according to projections by several banks including Nomura Holdings Inc.What Bloomberg Economics Says...This is a low bar for this year. Bloomberg Economics forecasts GDP will expand 8.2% this year, reflecting continued progress in the recovery and a low base of comparison last year, when growth slumped to 2.3%.-- Chang Shu, chief Asia economistFor the full report, click here Alongside that recovery has been a build-up in debt and worries about asset bubbles, fueling expectations that policy makers will withdraw the monetary and fiscal stimulus unleashed during the pandemic last year.This year’s meeting of the NPC, China’s main legislature, has added significance because of the release of a new five-year plan covering 2021-2025. Some of the key goals already outlined include strengthening consumer demand, investing in hi-tech industries, and addressing long-term challenges such as an aging population.(Updates with comment from economist and market reaction)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.
Oil prices rose early on Friday, adding to big gains overnight after OPEC and its allies agreed to not increase supply in April as they await a more solid recovery in demand from the coronavirus pandemic. Both contracts soared more than 4% on Thursday after the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, extended oil output curbs into April, with small exemptions to Russia and Kazakhstan. "It just goes to show how much of a surprise the OPEC+ discipline is," said Michael McCarthy, chief market strategist at CMC Markets.
Josh Humiston, who represented clients ranging from Dionne Warwick to Judas Priest as an agent and partner at Agency for the Performing Arts, died Wednesday at age 48. The cause of death was a stroke. “All of us are devastated for the loss of our dear friend, colleague and partner, Josh Humiston,” said Jim Gosnell, […]
Time for a Power-Up.
The injury likely ends Gillespie's Villanova career and delivers a big blow to the Wildcats' Final Four hopes.