As the pandemic starts to wind down in the coming months, these stocks could reward patient investors.
Rugby Australia has approved plans to seek an injection of private equity, which chairman Hamish McLennan said had the potential to spark "an incredibly exciting period" for the cash-strapped game.
Authorities promised Sunday to pursue criminal charges after a massive party near the University of Colorado in Boulder devolved into a violent confrontation with police that left three officers injured. (March 7)
Nathan Burke has given his Western Bulldogs charges a healthy dose of 'TLC' in the aftermath of their eye-opening loss to AFLW premiership favourites Collingwood.But as the former champion St Kilda rover is quick to point out, his approach is not what you might think.
As NSW approaches the first anniversary of its tough COVID-19 lockdown, the state has welcomed a milestone half-century in the fight against the virus that unleashed a global pandemic.NSW Health on Monday declared the community had gone 50 consecutive days without a single virus case in the community.
Isorg obtains FBI certification for security market’s first organic photodiode-based module for fingerprint scanners.
MegazoneCloud and Hyundai Motor Company collaborated to launch Channel Hyundai providing a new digital customer experience and communication channel
Mar.07 -- Chinese Foreign Minister Wang Yi urged the U.S. to stop “crossing lines and playing with fire” on Taiwan. Stephen Engle reports on "Bloomberg Daybreak: Asia."
Chinese drone giant DJI Technology Co Ltd built up such a successful U.S. business over the past decade that it almost drove all competitors out of the market. Yet its North American operations have been hit by internal ructions in recent weeks and months, with a raft of staff cuts and departures, according to interviews with more than two dozen current and former employees. The loss of key managers, some of who have joined rivals, has compounded problems caused by U.S. government restrictions on Chinese companies, and raised the once-remote prospect of DJI's dominance being eroded, said four of the people, including two senior executives who were at the company until late 2020.
The Queensland premier says the coronavirus vaccine can only be rolled out as fast as it's being supplied by the federal government.Annastacia Palaszczuk defended the pace of the rollout as the first two AstraZeneca hubs opened in Logan and Bundaberg on Monday.
(Bloomberg) -- Oil surged above $71 a barrel in Asian trading after Saudi Arabia said the world’s largest crude terminal was attacked, although output appeared to be unaffected after the missiles and drones were intercepted.Futures in London jumped as much as 2.6% at the open after rising 4.9% last week. The kingdom said a storage tank at Ras Tanura in the country’s Gulf coast was attacked on Sunday by a drone from the sea. The terminal is capable of exporting roughly 6.5 million barrels a day -- nearly 7% of oil demand -- and as such one of the world’s most protected installations.The attacks follow a recent escalation of hostilities in the Middle East region after Yemen’s Houthi rebels launched a series of attacks on Saudi Arabia. The new U.S. administration has also carried out airstrikes in Syria last month on sites it said were connected with Iran-backed groups.Oil climbed last week after Saudi Arabia and OPEC+ made a surprise pledge to keep output steady in April, accelerating a rally this year that has seen prices surge more than 35%. The move prompted a raft of investment banks to raise their price forecasts, with Goldman Sachs Group Inc. estimating global benchmark Brent will top $80 a barrel in the third quarter.The Sunday attack is the most serious against Saudi oil installations since a key processing facility and two oil fields came under fire in September 2019, cutting oil production for several days and exposing the vulnerability of the Saudi petroleum industry. That assault was claimed by the Houthi rebels, although Riyadh pointed the finger at Iran.“It’s a perfect mix of bullish news at the moment,” said Warren Patterson, head of commodities strategy at ING Bank NV in Singapore. “It does seem that these attacks are picking up in frequency, so the market may need to price in some risk premium.”Brent’s prompt timespread at 68 cents a barrel in backwardation, a bullish market structure where the front-month contract trades higher than later shipments. It averaged about 58 cents last week.Bullish Chinese export data and the outlook for U.S. stimulus also supported oil and other markets in Asia. President Joe Biden is on the cusp of his first legislative win with the House ready to give passage to his $1.9 trillion Covid-19 relief plan, the second-biggest economic stimulus in American historyFor 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.
* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E * Commodity currencies gain early after Brent rises * Dollar supported against yen and Swiss franc by yields * U.S. stimulus, jobs data give sentiment a boost By Stanley White TOKYO, March 8 (Reuters) - The dollar fell against the currencies of major commodity exporters on Monday as investors increased bets on countries that will benefit from rising prices for oil, metals, and other goods. The dollar also fell slightly against the British pound and the euro, but held at multi-month highs against the yen and the Swiss franc because of rising Treasury yields. Analysts said that sentiment for the dollar has improved because of positive economic data and progress in passing a $1.9 trillion stimulus package, but that the greenback would continue to struggle against commodity currencies amid strong expectations for a rebound in global trade.
Bryson DeChambeau once again drove his tee shot over the lake at the sixth hole at the Arnold Palmer Invitational.
Controversial golfer Patrick Reed has come under fire after fans accused him of improving his balls lie at the Arnold Palmer Invitation. Source: Golf Weekly / Twitter
Kane Williamson and the all-conquering Black Caps are in line to be the first New Zealanders outside of the border regime and health system to be vaccinated for COVID-19.New Zealand Cricket (NZC) has confirmed negotiations with Jacinda Ardern's government to protect the Black Caps before they head overseas next month and attempt to become the inaugural World Test Champions.
Australia and other countries have been accused of political motives for their opposition to China's re-education camps.
(Bloomberg) -- Entertainment software company Atari SA plans to start an online casino next month, the latest step in Chief Executive Officer Frederic Chesnais’s effort to revitalize the firm.The casino will include Atari-themed games and expects bets of $150 million in 2021 and $400 million over two years, according to a statement. Atari is working with Decentral Games and players will be able to win digital tokens.The collaboration “can move the Atari gaming experience onto the blockchain,” Chesnais said.Chesnais has been trying to make Atari more modern and relevant, including previous cryptocurrency related forays. Atari’s predecessor companies raised a whole generation of gamers with arcade and home titles like Asteroids and Pong in the 1970s and 1980s. But the firm has long been sidelined by stronger, bigger rivals.Decentral Games is backed by Digital Currency Group, whose main subsidiary Grayscale Investments LLC manages the largest traded Bitcoin fund.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) -- South Korean e-commerce giant Coupang Inc.’s is on track to be the largest listing by a Korean company in a decade. And, like most of the major tech offerings these days, it’s happening in New York.There are three big reasons that explain why the U.S. is a better pick for the e-tailer backed by SoftBank Group Corp.’s Masayoshi Son. Perhaps most significantly, New York offers a considerable valuation premium. It also has a deeper, more liquid market, and allows uneven voting rights that would benefit Coupang’s founder, Harvard Business School drop-out Bom Kim.The U.S. has been the destination of choice for mega tech initial public offerings, with 2020’s biggest debuts Airbnb Inc. and DoorDash Inc. both listed in New York. Chinese e-commerce giants such as Alibaba Group Holding Ltd. and JD.com Inc. also went public there. Coupang is seeking to raise up to $3.6 billion in its IPO and could garner a value of more than $50 billion. That would make it the largest float by a Korean company since Samsung Group took its insurance unit public at home in 2010.Had the loss-making e-commerce firm listed in Korea -- which from this month will allow unprofitable companies to go public -- Coupang could have fetched a maximum valuation of just $10 billion, according to Suh YongGu, a marketing professor at Sookmyung University.“The history of capitalism in South Korea is short, so Koreans don’t ascribe high valuations to loss-making companies,” said Suh.South Korea’s stock market is less than 70 years old, and is dominated by chaebols, or family-controlled industrial groups. In fact, SK Bioscience Co., a unit of SK Group, one of the county’s largest chaebols, will be the latest to have a stock market presence when it goes public this month. The maker of AstraZeneca PLC’s Covid-19 vaccine for Korea, is seeking to raise $1.3 billion ahead of its March 18 listing, according to Korean-language Seoul Economic Daily Monday.Korean investors’ appetite for their homegrown entrepreneur-led startups, however, will be tested in coming months with IPOs by Krafton Inc., the creator of hit game PUBG, and the country’s biggest mobile-only bank Kakao Bank. Unlike Coupang, those firms are profitable.Coupang has lost money in the last three years, recording an accumulated deficit of $4.12 billion as of December, according to its filing. Thanks to the surge in online shopping during the pandemic, however, it managed to nearly double its revenue to $12 billion last year.A $51 billion valuation would put Coupang among the five most valuable companies in Korea, of which Samsung Electronics Co. is the biggest. Korea’s other big startups with growing clout in e-commerce -- the $58 billion Internet conglomerate Naver Corp., and the $39 billion messaging app Kakao Corp. -- are both listed in Seoul, but were both profitable when they went public. The two are backed by entrepreneurs and not linked to the chaebols like Samsung Group.In fact, Coupang’s listing in the U.S. will allow it to exceed the combined market value of the six chaebol-owned retailers trying to expand their presence in e-commerce -- E-Mart Inc., Lotte Shopping Co., GS Retail Co., Shinsegae Inc., BGF Retail Co., and Hyundai Department Store Co..Liquidity is another allure of the U.S. market, allowing companies to raise funds frequently through secondary share sales. Korea’s stock market, at a total value of $2.12 trillion, is a fraction of the $44.2 trillion of the U.S., according to Bloomberg data.“It’s easier for investors to exit” their stakes in the U.S., said Seo Sang-Young, an analyst at Kiwoom Securities in Seoul. “And the trading volume is much larger.”And finally, a U.S. listing gives founders more power.Korea doesn’t allow uneven voting rights, favored by tech firms like Alphabet Inc. and Facebook Inc., who see it as a way for founders to focus on the long-term. But the U.S. does, even if the ownership structure is itself not without controversy, as it lacks shareholder protections. Kim, Coupang’s 42-year-old founder, will end up with 76.7% of the company’s voting rights with just 10.2% of its outstanding shares.“We would have liked Coupang to list in Korea,” said Kim Sung-gon, a spokesperson at Korea Stock Exchange. “But we respect the company’s choice.”Korea IPO Boom Year Kicks Off With Coupang FloatStill, missing out on the chance to buy into one of the country’s hottest companies in the biggest Asian company IPO since Alibaba Group Holding Ltd.’s $25 billion New York listing in 2014 is rankling the retail investors who have come to dominate Korea’s stock market since the pandemic spread.“There is certainly regret among retail investors that they cannot buy into the IPO,” said Kim DongJoo, the CEO of Iruda Discretionary Investment, a Seoul-based investment firm catering to retail investors seeking to buy foreign stocks.Largest IPOs by Korean Companies:Coupang prides itself on its same-day or at least pre-dawn deliveries. It is also giving its warehouse staff and 15,000 full-time delivery workers a total of $90 million in pre-IPO stock, a unique largess that comes at a time when the deaths of a string of couriers from overwork as online orders soared is causing a national uproar.“We believe we are the first company in Korea to make our front-line employees stockholders,” Kim said in a letter to shareholders in Coupang’s IPO filing.(Updates with details of SK Bioscience’s Korea IPO in the sixth 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.
Here’s what the world’s richest man had to say about the new pairing.
The Sydney Roosters are totally cool with assistant coach Cooper Cronk also mentoring Melbourne's halves, rejecting suggestions the NRL legend is working as an enemy within their own ranks.Cronk caused a stir last week when images were posted on social media of the four-times premiership-winning halfback running a Storm training session despite reportedly receiving a six-figure salary from the Roosters.
The United States has identified three online publications directed by Russia's intelligence services that it says are seeking to undermine COVID-19 vaccines produced by Pfizer and Moderna , a State Department spokeswoman said on Sunday. The outlets "spread many types of disinformation, including about both the Pfizer and Moderna vaccines, as well as international organizations, military conflicts, protests, and any divisive issue that they can exploit," the spokeswoman said. The Wall Street Journal (WSJ) first reported on the identification of the alleged campaign on Sunday.