On 16 July a report on crypto-assets by the FSB reveals that the Basel Committee is “conducting an initial stock take on the materiality of banks’ direct and indirect exposures to crypto-assets”. Currently cryptocurrencies such as Bitcoin are covered by Basel rules on minimum capital requirements and liquidity for “other assets”. FSB has published a framework, developed with the BIS Committee … more
In the last week of June 2018, US manufacturer Tesla produces 7,000 cars. These include 5,000 Model 3 electric sedans, beating its goal of producing 5,000 Model 3s per week before the close of the second quarter to demonstrate it could mass produce the battery-powered sedan. The company has promised to eventually sell the Model 3 at US$ 35,000, seeking … more
On 29 May Starbucks closes over 8,000 of its US stores to provide racial-bias education for its employees. This follows controversy around the arrest of two black men at one of its Philadelphia stores. The training is provided to over 174,000 employees with the aim to prevent discrimination in Starbucks stores. This comes two years after Starbucks was one of … more
In April 2018 the Investment Association of asset managers whose members own a-third of the FTSE, and the governmental Hampton-Alexander Review send letters to 35 of the UK’s largest listed companies with low female representation at leadership level, calling for action on gender diversity. The recipient companies with low representation of women in top management and among their direct reports … more
On 23 March South Africa`s Naspers announces it would sell US$ 10bn of its shares in Chinese media giant Tencent. It foresees the sale to raise money for funding investments across a portfolio of ecommerce and tech assets in emerging markets, incl shares in the holding company of Mail.ru (Russia) and Flipkart (India). Traditionally known as a print media company … more
On 14 February Credit Suisse CEO Tidjane Thiam has a hard time explaining to media the closure of its product VelocitySharesDaily Inverse VIX Short-Term Exchange-Traded Note (ETN). The bank announced it would terminate the second-largest publicly traded product betting on future swings in the S&P 500 after its value plunged. Explaining the initial intention of providing a trading tool for … more
On 31 January Tencent Music Entertainment, part of China`s gaming and social mediagiant Tencent Holdings, joins Sony Music Entertainment in announcing that they are forming a new music label. The new label Liquid State will be dedicated to promoting electronic and dance music by showcasing Asian DJs. Digital music subscription income in China is expected to more than double from … more
US investment firm Manning & Napier ($31.7bn AuM) files a claim against UK retailer Tesco over its 2014 accounting scandal. The follows an earlier lawsuit filed against Tesco in October by Allianz Global Investors, Russell Investments and 110 other investors. In 2014 Tesco disclosed that it had misstated its profits during the first half of that year. The discrepancy eventually … more
Part of a series of reports published by The Inquiry into a Sustainable Global Financial System in mid-November 2017, the Singapore-based DBS digital bank reports that annual ASEAN green investment needs to grow 400% to guard against climate and environmental risks. The Green Finance Opportunities in Asian report by DBS and the UN Environment Inquiry signaled that USD 3 trillion … more
Walmart`s share price increases significantly on 10 October after optimistic earnings guidance and a $20bn share buyback programme was announced by the company before its annual investor day meeting. It`s stock rose 4.5% to $84.13, taking its year-to-date gain to almost 22%. Walmart expected earnings to climb 5% in the next fiscal year as its investment in ecommerce continued to … more
