Former Collingwood chairman speaks for first time since resignation. Source: Footy Classified
Former Collingwood chairman speaks for first time since resignation. Source: Footy Classified
Eight months after a massive blast ripped through Beirut port and nearby districts of the Lebanese capital, a host of foreign companies with different national interests are competing to rebuild it.
The Oscars are the glitziest night of the year in Hollywood and millions across the globe tune in, but they threaten to be a dud in China after the nomination of a Hong Kong protest documentary.
Mel Greig has revealed the backlash she received after sharing her 'disturbing' sugar daddy experience. Read why she won't stay silent.
Former Ecuadoran president Rafael Correa told AFP on Tuesday that he plans to keep up his political fight from exile following his protege's election defeat.
Long, strong and versatile defensive lineman who might not be an elite pass rusher but has strong football and personal character
A $400 million medicinal marijuana facility is being built in Queensland as Tasmanian weed farms are set to double in size.
After more than a year of frustration, diehard American fans of cruise vacations at last sense an end to their Covid-imposed stranding, and many are booking trips as soon as they can.
President Joe Biden sent an unofficial delegation of former US officials to Taiwan on Wednesday in a signal of support for the democratic island as it faces increasingly hostile moves by China.
The Victorian government has decided on the final design of the state's long-awaited container deposit scheme, due to be rolled out in 2023.Environment Minister Lily D'Ambrosio on Wednesday announced the state will have a split scheme, with the government to provide regulatory oversight, while the beverage industry will be involved in managing operations.
(Bloomberg) -- Zhejiang Geely Holding Group Co. is considering raising about $1 billion to help expand its iconic British sports and racing automotive business Lotus Cars into the electric vehicles market in China, according to people familiar with the matter.Geely is working with advisers to sound out potential investor interest in a funding round that could value Lotus’s EV operations at about $5 billion, the people said, asking not to be identified because the matter is private.Separately from the fundraising, the Chinese company is also weighing an initial public offering of Lotus Cars, or just the British carmaker’s EV business, as soon as next year, the people said. A listing could value the entire business, including its combustion-driven sports and racing cars, at more than $15 billion, the people said.Geely Automobile Holdings Ltd. shares rose as much as 6.6% in their biggest advance in a month, outperforming a 1% gain in the benchmark Hang Seng Index.Chinese billionaire Li Shufu’s Geely, which also controls Sweden-based Volvo Car AB, purchased a stake in Group Lotus in 2017. It owns 51% of the company, including both Lotus Cars and consultancy Lotus Engineering, while Malaysia’s Etika Automotive Bhd. owns the remainder, according to a press release. Under Geely, Lotus in 2019 launched its all-electric Evija hypercar, a 1,972-horsepower coupe that costs about $2 million.Considerations are ongoing and details including size and timing could change, the people said. A Geely representative declined to comment. Representatives for Lotus didn’t immediately comment when contacted by Bloomberg News.Geely is seeking to expand into electric vehicles amid a booming market in countries including China. Polestar, the electric carmaker controlled by Volvo Car and its owner Geely, is exploring options for going public as soon as this year, Bloomberg News has reported.Investor mania over EV-related stocks has pushed the share prices of players including Nio Inc. and Xpeng Inc. to stratospheric levels. That intense interest has also spawned a wave of EV upstarts raising billions and racing to list via special-purpose acquisition companies. More than $180 billion has been raised globally through SPAC IPOs in the past 12 months, Bloomberg-compiled data show.(Updates with Geely Automobile share price in fourth 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.
Former world champion Billy Dib has opened up about his ill-fated association with 50 Cent and the feud that shattered his boxing dream.
(Bloomberg) -- Nomura Holdings Inc. is beginning to tighten financing for some hedge fund clients following the Archegos Capital Management LP fiasco that may cost Japan’s biggest brokerage an estimated $2 billion, according to people familiar with the matter.The restrictions include curbing leverage for some clients previously granted exceptions to margin financing limits, one of the people said, declining to be identified as the details are private. A representative for the Tokyo-based firm declined to comment.Nomura is taking steps to reduce risk at its prime brokerage unit in the wake of the Archegos collapse that may result in combined losses of $10 billion for global banks, according to estimates from JPMorgan Chase & Co.The Japanese brokerage joins a swathe of high-profile lenders caught up in the failure including Credit Suisse Group AG, which disclosed a first-quarter charge of 4.4 billion Swiss francs ($4.76 billion) for its ties to the New York-based firm.Credit Suisse has also been tightening financing terms for hedge funds and family offices, in a potential revamp of new industry practices after the blowup, people with direct knowledge of the matter said last week. The Swiss bank is also planning a sweeping overhaul of the hedge fund business at the center of the incident.‘Too Early’Nomura is examining the cause of the possible losses and it’s too early to say how it might impact earnings, an executive at the firm said in March, asking not to be identified. They declined to say how much the company has unwound positions linked to Archegos, which made highly leveraged bets on stocks that imploded when the investments suddenly lost value last month.Shares in Nomura lost 2.3% as of 10:33 a.m. in Tokyo on Wednesday. Under Kentaro Okuda, who became chief executive officer last April, Nomura’s net income reached a 19-year high for the nine months ended in December, driven by a boom in trading and investment banking at home and overseas. The brokerage said in late March that it had an estimated $2 billion claim against a U.S. client, which Bloomberg identified as Archegos. The announcement sent the stock plunging 16% on March 29.Although Nomura is yet to confirm exactly how much it will lose from Archegos, SMBC Nikko Securities Inc. analysts led by Masao Muraki have said that it may post a 95 billion yen loss in the fourth quarter as a result of the trades.The brokerage isn’t the only Japanese financial institution taking a hit from Archegos. Mitsubishi UFJ Financial Group Inc.’s securities unit is booking a $270 million loss from the debacle, while Mizuho Financial Group Inc. faces about 10 billion yen in potential losses, Bloomberg has reported.Prime-brokerage divisions cater specifically to hedge funds, lending them cash and securities and conducting their trades. The relationships can be very lucrative for investment banks as well as a significant source of revenue.(Updates with Wednesday’s stock price in 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.
Scams can leave victims thousands of dollars out of pocket – but some are also leaving Aussies without a roof over their heads.
(Bloomberg) -- Bitcoin advanced Wednesday after eclipsing its most recent record in March a day earlier as the mood in cryptocurrencies turned bullish ahead of Coinbase Global Inc.’s listing this week.The token extended gains in Asia, climbing to as high as $63,856 before pulling back slightly. Cryptocurrency-exposed stocks such as Riot Blockchain Inc. and Marathon Digital Holdings Inc. advanced during U.S. trading hours.Crypto bulls are out in force as a growing list of companies embrace Bitcoin, even as skeptics doubt the durability of the boom. In one of the most potent signs of Wall Street’s growing acceptance of cryptocurrencies, Coinbase will list on the Nasdaq on April 14 at a valuation of about $100 billion.Coinbase’s debut “will mark the first official juncture between the traditional financial avenue and the alternative crypto path,” Ipek Ozkardeskaya, a senior analyst at Swissquote, wrote in a note. “As such, a successful addition to Nasdaq should act as endorsement of cryptocurrencies by traditional investors.”Goldman Sachs Group Inc. and Morgan Stanley have announced plans to offer their clients access to crypto investments. Tesla Inc. earlier this year disclosed a $1.5 billion investment in Bitcoin and more recently started accepting it as payment for electric cars.Still, skeptics argue that digital coins have been inflated by stimulus that’s also sent stocks to records. Regulators around the world are stepping up oversight and casting doubt on its usefulness as a currency.Isabel Schnabel, member of the executive board of the European Central Bank, called Bitcoin “a speculative asset without any recognizable fundamental value” in an interview with Der Spiegel this month.Coinbase’s public debut this week is also boosting the digital coins of other cryptocurrency exchanges, such as Binance Coin, which has jumped to become the third-most valuable cryptocurrency behind Bitcoin and Ether.Many analysts expect the rally to continue.“The lowest 30-day volatility since October tells us Bitcoin is ripe to exit its cage and continue in a bull-market on its way to the next $10,000 move,” according to Mike McGlone, Bloomberg Intelligence commodities strategist. “Similar to Tesla’s equity-wealth allocation to Bitcoin, the Coinbase IPO may add to the growing list of 2021 crypto-validation milestones.”(Updates with latest Bitcoin pricing in second 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.
Oil prices rose in early trade on Wednesday, adding to overnight gains, after industry data showed U.S. oil inventories declined more than expected and OPEC raised its outlook for oil demand. U.S. West Texas Intermediate (WTI) crude futures similarly climbed 28 cents, or 0.5%, to $60.46 a barrel, adding to Tuesday's rise of 48 cents. Oil price gains over the past week have been underpinned by signs of a strong economic recovery in China and the United States, but have been capped by concerns over stalled vaccine rollouts worldwide and soaring COVID-19 infections in India and Brazil.
Ventas, Inc. named a 2021 ENERGY STAR Partner of the Year by the US Environmental Protection Agency and US Department of Energy for the first time.
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.
It's not the Olympic trials but this week's Australian swimming championships on the Gold Coast are a key step on the road to Tokyo for national coach Rohan Taylor.Australia's leading swimmers including Olympic 100m freestyle champion Kyle Chalmers and 400m freestyle world champion Ariane Titmus will all be in action during the five-day meet at the Gold Coast Aquatic Centre.
South Korea has recorded 731 new coronavirus cases, the Korea Disease Control and Prevention Agency (KDCA) said on Wednesday, as the country battles to stem the number of infections with more testing and vaccination efforts. New cases are centered on the greater Seoul area and have spread to over a dozen city and provinces despite rigid social distancing rules. The latest cases on Tuesday bring the total to 111,419 infections, with 1,782 deaths.
Female officer who shot young man identified as 26-year veteran of force