Lauren Boebert says there is no legislation you can pass to stop the evil in a man's heart.
Lauren Boebert says there is no legislation you can pass to stop the evil in a man's heart.
The dollar stood near three-week lows against the euro and the yen on Wednesday, after a larger-than-expected uptick in a U.S. consumer price gauge did not spark wider fears about accelerating inflation and the Federal Reserve's tapering. Philadelphia Fed Bank President Patrick Harker said on Tuesday it is unlikely that inflation will run out of control this year.
(Bloomberg) -- Singapore’s central bank kept its main monetary settings unchanged, while signaling a slightly less dovish tone going forward as it cautiously eyes a brighter recovery from the pandemic.While repeating its previous guidance that “that an accommodative policy stance remains appropriate,” the Monetary Authority of Singapore statement dropped the phrase “for some time.” It also said it expects economic growth to outpace its earlier expectations and noted a gradual rise in inflation.The MAS, which manages the exchange rate of the local dollar as its main monetary tool, held the slope, width and center of its currency band unchanged Wednesday, as expected in a Bloomberg survey. The slope is currently 0%, a policy that implies the MAS isn’t seeking currency appreciation, which it implemented at the outset of the pandemic last year.As a small city-state highly exposed to trade, Singapore offers a window into the global economic outlook, which is improving as vaccination drives get underway and fiscal and monetary stimulus filters through to businesses and consumers. The MAS pointed to a firming in domestic trade-related and modern services sectors, even as travel restrictions continue to hold back demand for leisure and hospitality.“The Singapore economy will grow at an above-trend pace this year, but the sectors worst hit by the crisis will continue to face significant demand shortfalls,” the central bank said in its statement. “As core inflation is expected to stay low this year, MAS assesses that an accommodative policy stance remains appropriate.”All 17 economists surveyed predicted no changes to the policy band, which the MAS uses to guide the local dollar against a trade-weighted basket of currencies. Rather than using interest rates to maintain price stability, it adjusts the slope, or pace of appreciation, as well as the width and center of the currency band. It doesn’t disclose the details of these components.Tad HawkishThe Singapore dollar gained 0.2% against the U.S. dollar to 1.3383 as of 8:51 a.m., although in trade-weighted terms the gain was about 0.1%, according to a model from ANZ.The MAS statement represents “a nuanced calibration to a less aggressively dovish position,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore. “In essence the MAS is shifting to a more state-dependent policy accommodation that will balance between uneven but ‘above-trend’ pace of recovery this year.”Khoon Goh, head of Asia research at Australia & New Zealand Banking Group Ltd., described the statement as “a touch hawkish” because of the absence of a time-based reference for the policy settings.“It’s clear that the next policy move will be a tightening,” he said. The statement “leaves the door open for a potential move in October. But I am still of the view that the earliest move would be April next year.”GDP GrowthThe decision was announced at the same time as government data showing gross domestic product grew 0.2% in the first quarter from a year ago, after falling 2.4% in the previous three months.On a non-annualized basis, GDP in the first quarter rose a seasonally adjusted 2.0% from the previous three months.Barring a setback to the global economy, this year’s GDP growth is likely to exceed the upper end of the official 4%–6% forecast range, the MAS said, without providing a new range. However, the central bank said significant uncertainties remain -- including potential virus mutations and premature relaxation of social restrictions by governments -- which could derail the recovery.The fact that the authority flagged GDP above the upper end of the forecast, but didn’t give a revised range, “is potentially a less dovish/more hawkish hint going ahead for the October monetary policy statement,” said Selena Ling, head of Treasury research and strategy at Oversea-Chinese Banking Corp. in Singapore. “The open-ended statement could also be attributable to the uncertainties pertaining to vaccination progress” and the resumption of international travel.Price PressuresCore inflation is expected to rise in coming months amid producer price pressures in major economies, the central bank said, reiterating its 0%-1% forecast for the full year. It raised its all-items inflation forecast for the year to 0.5% to 1.5%, from a previous forecast of -0.5% to 0.5%.The MAS also left the policy settings unchanged last October, after it had taken unprecedented easing steps in March 2020. Fiscal stimulus has done much of the heavy lifting for the recovery, with the government announcing programs worth about S$100 billion ($75 billion) to support businesses and workers.More details from the first-quarter GDP report:Manufacturing expanded 7.5% in the first quarter from the same period in 2020 after growing 10.3% in the previous three monthsConstruction contracted 20.2% year-on-year in the three months through March after declining 27.4% in the fourth quarter of 2020Services industries shrank 1.2% after declining 4.7% year-on-year in the fourth quarterDespite the bullish outlook for GDP, the MAS “equally stressed the lingering slack in labor markets and continued headwinds faced by certain domestic industries, a clear sign that there is no rush to normalize monetary policy for now,” said Joseph Incalcaterra, chief Asean economist at HSBC Holdings Plc in Hong Kong. However, “we think the MAS will be one of the first regional central banks to start normalizing policy in 2022 based on the strength of the country’s medium-term growth outlook.”(Recasts lead, adds GDP chart, adds analyst quote in final 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.
(Bloomberg) -- Grab Holdings Inc., Southeast Asia’s most valuable startup, is going public in the U.S. through the largest-ever merger with a blank-check company.The Singapore-based startup is set to have a market value of about $39.6 billion after the combination with Altimeter Growth Corp., the special purpose acquisition company of Brad Gerstner’s Altimeter Capital Management, the firms said in a statement Tuesday. Grab is raising more than $4 billion from investors including BlackRock Inc., Fidelity International and T. Rowe Price Group Inc. as part of the biggest U.S. equity offering by a Southeast Asian company.The deal would make the ride-hailing and food-delivery giant the first Southeast Asian tech unicorn to go public through a SPAC and give it funds to expand. Grab is trying to take advantage of a U.S.-led SPAC listing boom even though it’s showing signs of slowing amid increased scrutiny by regulators.“This is definitely one of the best internet companies,” Gerstner said in an interview. “The runway ahead is very long and very wide for Grab if they continue to execute.”The combined entity’s stock will trade on the Nasdaq in the coming months under the ticker GRAB. Altimeter Capital, which orchestrated the initial public offering of Altimeter Growth in September, is putting $750 million into the company, about a fifth of the fresh funds raised.That, together with a three-year lockup period for its sponsor shares, indicates Altimeter’s long-term commitment to the company, Grab Chief Executive Officer Anthony Tan said. Altimeter, which manages $15 billion of assets, has also committed as much as $500 million to a contingent investment to be equal to the total amount of redemptions by Altimeter Growth’s shareholders.“From sovereign wealth funds to mutual funds, it is world-class investors who are investing in us,” Tan said in an interview. “The world is seeing the potential of Southeast Asia and how exciting this region is.”Shares in Altimeter Growth surged about 10% Tuesday in New York.Grab, the market leader in Southeast Asia for so-called super apps for consumer services, expects its addressable market to expand to more than $180 billion by 2025 from $52 billion in 2020. Its total gross merchandise volume last year was $12.5 billion, more than doubling from 2018 even as competition from arch rival Gojek intensified and the coronavirus pandemic restricted people’s movements.The deal marks a remarkable turn for Grab. Under pressure from SoftBank Group Corp. and other investors, the company had been negotiating a possible merger with Indonesia’s Gojek for most of 2020. But the talks ultimately collapsed around December and Gojek began talks with Tokopedia, another local internet giant.Tan and Gerstner, both Harvard Business School graduates, began talking about a deal early this year after being introduced by common friends. Only about three months later, they reached an agreement for the record transaction.Gerstner is no stranger to Southeast Asia, having invested in Singapore-based gaming and e-commerce leader Sea Ltd. The Tencent Holdings Ltd.-backed company has emerged as a stock-market sensation since going public in New York in 2017. Among companies valued at $100 billion or more, the stock is the No. 1 Asian performer since the start of last year and trails only Tesla Inc. globally.“The U.S. and China have been big investment markets for 20 years and before Sea, Southeast Asia wasn’t really on many investors’ radar screens,” said Gerstner, who has been following Grab since its 2018 acquisition of the regional business of Uber Technologies Inc., another company he’s backed. “Now you have a second business with a $40 billion market cap which is going to be listed on the Nasdaq. This is a huge moment for global investors realizing the renaissance that’s occurring in Southeast Asia technology market.”Tan founded Grab in his native Malaysia as a taxi-hailing app in 2012 with Hooi Ling Tan, a Harvard classmate. They kicked off operations in Kuala Lumpur as what was then known as MyTeksi, allowing users to book cabs.Grab later relocated to Singapore before expanding as a ride-hailing app from Indonesia to Vietnam, the Philippines, Cambodia and Myanmar. With more than $10 billion raised from investors led by SoftBank over eight funding rounds, Grab became Southeast Asia’s largest ride-hailing provider before expanding into food delivery, digital payments and financial services across eight countries in the region.Working toward profitability, Grab lost about $800 million last year, on an Ebitda basis, on adjusted sales of $1.6 billion. It’s predicting earnings before interest, taxes, depreciation and amortization to become positive in 2023, reaching $500 million that year. The company is forecasting average annual sales growth of 42% for the next three years, with adjusted revenue hitting $4.5 billion in 2023.Grab said its mobility-services business is already making money in all its markets, while food delivery is in the black in five of six markets. The company said it had about 72% of Southeast Asia’s ride-hailing market, 50% of online food delivery and 23% of digital wallet payments last year. Grab was previously valued at about $16 billion, a person with knowledge of the matter said.Among companies participating in the cash injection, a so-called private investment in public equity, or PIPE, are Singapore’s state-owned investor Temasek Holdings Pte, Janus Henderson Group Plc and Nuveen LLC. The expected market value also reflects the PIPE and SPAC proceeds of $4.5 billion as well as a $2 billion term loan, according to Grab.Evercore Inc., JPMorgan Chase & Co. and Morgan Stanley advised Grab in the deal.(Updates with sales, earnings forecasts in 16th 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.
The White House says President Joe Biden will accompany his wife, Jill Biden, early Wednesday morning to an appointment where she will undergo a “common medical procedure.” The White House says both Bidens will then return to the White House and “resume their normal schedule.”
Lead Edge Growth Opportunities, Ltd (the "Company") announced today that it closed the issuance of an additional 4,500,000 units pursuant to the full exercise of the underwriters’ option to purchase additional units in connection with the Company’s previously announced initial public offering. The additional units were sold at a price of $10.00 per unit, resulting in gross proceeds of $45,000,000 and bringing the total gross proceeds of the Company’s initial public offering to $345,000,000.
Baseball's connection with Gen Z may be worse than we thought.
The defence has begun in the trial of the former Minneapolis police officer accused of killing George Floyd. One of the first witnesses contradicted prosecution evidence and said the force used on Mr Floyd was justified and reasonable because he kept struggling. Barry Brodd, a consultant in the use of police force, said Derek Chauvin was following his training when he knelt on Mr Floyd's neck.
‘Ma Rainey’s Black Bottom’ and “Mulan” led the 23rd annual Costume Designers Guild Awards. In the Excellence in Period Film category, Oscar nominee Ann Roth won for her work on ‘Ma Rainey’s Black Bottom.’ Bina Daigeler, who is also an Oscar nominee was recognized for her work on “Mulan,” winning the Excellence in Sci-Fi / […]
(Bloomberg) -- PT Dayamitra Telekomunikasi, the infrastructure unit of state-owned PT Telkom Indonesia, is considering an initial public offering that could raise about $1 billion, in what could be the country’s biggest first-time share sale in more than a decade, people familiar with the matter said.Dayamitra, also known as Mitratel, has asked for proposals on the potential offering in Jakarta and could pick advisers soon, said the people, who asked not to be named as the information is private. Deliberations are at an early stage and details of the offering could still change, the people said.“There is an IPO plan for Mitratel around end of the year, the preparation process is underway,” Ririek Adriansyah, president director of Telkom Indonesia, said in a text message in response to a Bloomberg News query. There are no further details to share and the company will announce more in due time, he said.At $1 billion, Mitratel’s potential IPO could be Indonesia’s largest since PT Indofood CBP Sukses Makmur’s $696 million offering in 2010, according to data compiled by Bloomberg.The telecommunications infrastructure firm would join gold miner PT Archi Indonesia, dairy firm Cimory Group and a state-owned geothermal merged entity in seeking a listing in Southeast Asia’s biggest economy. Companies have raised $137 million through first-time share sales in Indonesia this year, less than the $225 million raised over the same period in 2020, data compiled by Bloomberg show.Mitratel manages more than 16,000 telecommunication towers throughout Indonesia, according to its website. All Indonesian cellular operators are its tenants and have placed their base transceiver station devices in the Mitratel towers.(Updates with Indonesia’s IPO market data in 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.
In a video posted to YouTube, TikTok star Justine Paradise accused boxer Jake Paul of sexually assaulting her in 2019.
NBA Fearless Forecast Weekly Rank: 100
NBA Fearless Forecast Weekly Rank: 98
NHS Test and Trace is providing additional testing following the emergence of a cluster in the capital.
When Japan won the bid to host the Olympic Games eight years ago, it billed Tokyo as a reliable and secure location, contrasting it with rivals struggling with finances and political instability. But 100 days before the start of the Olympics, the organisers face a deluge of challenges and growing uncertainty as the pandemic rages around the world, affecting decisions on everything from athlete safety to spectator numbers to ticket sales. The biggest headache is the resurgent coronavirus, with countries like India and Brazil battling new variants and a fresh rise in cases.
IVP is pleased to announce that General Partner Tom Loverro has been named to the prestigious Forbes Midas List of 100 Best Venture Capital Investors.
Florida congressman has strongly denied any claims of sexual misconduct
Female officer who shot young man identified as 26-year veteran of force
Conflict-averse? Here's what you can do to have a productive conversation that doesn't escalate into a fight.
The New York Racing Association said two horses died as the result of a fire Tuesday night on the backstretch at Belmont Park. NYRA said it responded to a barn fire at 6:05 p.m. and that 58 of the 60 horses under the care of trainers Wayne Potts and Jeffrey Englehart were safely evacuated. Two of Potts’ horses died in the fire, according to NYRA, which reported no injuries to its employees or barn staff.
Buyer Consortium Comments on Financial Data Released by Hollysys Automation Technologies