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delhi beijing: From the Belt and Road initiative to Made in China 2025, Beijing shrewdly incorporated geoeconomic tools of statecraft into its grand strategic thinking, according to The Japan Times. China's coercive economic maneuvering employs trade, investments, technology, internationalizing of currency and even weaponization of resource supply chains toward geopolitical ends. ; Thus, reorienting Japan's economic security strategy constitutes a top priority for Prime Minister Shinzo Abe. Where does Tokyo stand in crafting an effective economic security strategy New Delhi Beijing has systematically integrated economic and financial instruments into its foreign policy with the objective of advancing its grand strategic ambitions. The objective is primarily to secure cutting edge technologies including next-generation 5G networks; strengthening foreign investment regulations in core industries in 12 strategic sectors; blocking COVID-19 bargain hunters grabbing key businesses; protecting intellectual property and averting forced technology transfers; fortifying self-sufficiency in strategic metals and mineral resource supply; managing China's plans for a digital yuan; and better strategizing developmental aid in the Indo-Pacific. Pre-pandemic, Abe's priority was how to secure Japan's economic interests amid worrying trends of de-globalization, receding trade liberalization, and increasing protectionism. From instituting an economic unit at the National Security Secretariat, conceiving a Japan-U.S. economic security dialogue, and joining forces with other democracies in a Democracy 10 the Group of Seven plus India, Australia and South Korea framework for 5G and the Global Partnership on Artificial Intelligence Japan's strategic thinking on economic security is manifesting. ( As reported in the news.

lg: Expanding EV subsidies in Europe and Tesla's stupefying rally have buoyed related stocks worldwide despite global economic concerns, according to The Japan Times. Fundamentals matter little, with Tesla just starting to show profit and EV truck-maker Nikola Corp. yet to produce its first semitruck. South Korea's LG Chem Ltd. has surged more than 62 percent this year to a valuation of more than 30 billion, becoming the sixth-largest stock on the benchmark Kospi index and leaving Hyundai Motor Co., the nation's largest automaker, in the dust. ; While LG supplies many automakers, including Hyundai, it's been particularly fueled by a deal to supply batteries to Tesla's China factory, which is pumping out Elon Musk's cars at a growing clip. We believe LG Chem is set to benefit the most in Europe with its high market share and positioning, said Jae Lee, chief executive officer at Timefolio Asset Management SG Pvt, a Singapore-based hedge fund that holds shares of the company. China's Contemporary Amperex Technology Co. RELATED STORIESWired for profit How an obscure Japanese auto supplier is riding out the pandemic LG Chem had 24 percent of the global EV battery market as of the end of May. ( As reported in the news.

pla navy: China's shipyards have launched the PLA Navy's first two Type 075 amphibious assault ships, which will form the spearhead of an expeditionary force to play a role similar to that of the U.S. Marine Corps, according to The Japan Times. And like the marines, the new force will be self-contained able to deploy solo with all its supporting weapons to fight in distant conflicts or demonstrate Chinese military power. ; The 40,000-ton Type 075 ships are a kind of small aircraft carrier with accommodation for up to 900 troops and space for heavy equipment and landing craft, according to Western military experts who have studied satellite images and photographs of the new vessels. Now, China's People's Liberation Army is preparing to challenge American power further afield. They will carry up to 30 helicopters at first; later they could carry fighter jets, if China can build short take off and vertical landing aircraft like the U.S. F-35B. The first Type 075 was launched last September and the second in April, according to reports in China's official military media. Eventually, the PLA Navy could have seven or more of these ships, according to reports in China's official military press. A third is under construction, according to the May edition of a Congressional Research Service report. ( As reported in the news.

cash police: Five customers have also been arrested in the raid for betting with cash, according to Asahi Shimbun. Police searched the property for around six hours confiscating four baccarat tables, a number of player card decks and 12.25m yen 114,285 in cash. Tomohiro Hanaya, the 50-year-old manager of the gaming facility, has been arrested in addition to his 12 employees, under suspicion of hosting baccarat games with customers playing for money. According to The Asahi Shimbun, one customer reportedly told police they had intended to make money after losing their job as a result of the COVID-19 pandemic. During the pandemic, Japanese police have conducted raids of a number of illegal gambling operations across the nation. The illegal casino was active 24/7 for at least a year and took in around 10 customers on a typical day during the pandemic. ( As reported in the news.

coronavirus infections: It could take more than six months for business to return to normal, he said, provided there is no second wave of coronavirus infections. ; Japan, which has so far managed to contain the outbreak better than its Asian peers China and India without imposing a nationwide lockdown, has slowly begun getting back to business, according to The Japan Times. A national state of emergency order was lifted in the Tokyo region late last month and establishments from gyms to schools are now reopening their doors. Cities are slowly starting to reopen, and business is starting to get better, said Suntory's CEO Takeshi Niinami, who thinks his firm's global sales hit bottom last month. Nevertheless, Niinami said he predicts that more than 20 percent of bars and restaurants could fail due to the pandemic. Even with the emergency status lifted, many restaurants are reopening with caution and with limiting seating and opening hours as customers remain wary of dining out. Japan's vibrant dining scene, from izakaya traditional Japanese pubs and restaurants to Tokyo's high-end eateries boasting the largest number of Michelin stars of any city, mostly shut down in April as the government declared the state of emergency. ( As reported in the news.

iowa caucuses: Four surprises Surprise number one was Biden's clear victory in the South Carolina primary election on Feb. 29, according to The Japan Times. Having suffered a string of losses in the Iowa caucuses on Feb. 3, the New Hampshire primary on Feb. 11 and the Nevada caucuses on Feb. 22 Biden was literally up against the wall and would have had to withdraw from the presidential contest had he lost in South Carolina. And these unexpected developments pose four significant challenges to the new administration beginning on Jan. 20, 2021, regardless of whether the election is won by the incumbent, President Donald Trump, or his rival, former Vice President Joe Biden. But thanks to the support of African-American congressman Jim Clyburn and African-American voters, Biden made a miraculous comeback and won decisively with 49 percent of the popular vote. ; Surprise number two is that by Super Tuesday on March 3, Biden had succeeded not only in winning several key state primaries but also in securing the endorsement of many of his erstwhile Democratic rivals, including Amy Klobuchar, Pete Buttigieg, Mike Bloomberg, Tom Steyer and Beto O'Rourke. Rather, most observers had expected a deeply divided party going into the national convention then scheduled for July 13-16 with even the possibility of a brokered convention. Few had predicted this kind of unity behind one candidate so early in the primary season. ( As reported in the news.

point drop: The office maintained its assessment that the economy is worsening, using the most pessimistic expression for the ninth consecutive month, according to The Japan Times. The state of emergency was first declared on April 7 for Tokyo, Osaka and five other areas and was expanded to cover the entire nation about a week later. The Cabinet Office's coincident index of business conditions for the reporting month fell 7.3 points from March to 81.5 against the 2015 base of 100, the sharpest decline since the government began releasing comparable figures in January 1985. ; The headline figure sank for the third consecutive month, following a 4.9-point drop in March. Authorities asked people to refrain from going out and businesses to suspend operations. I believe manufacturers lagged in procuring parts to be used for their products as supply chains were disrupted due to the pandemic, and factories were forced to suspend their operations, which caused the negative effects, the official said. A government official told reporters that the index was most influenced by poor shipments of durable consumer goods such as cars and motorcycles, while demand for steel and other products weakened considerably. ( As reported in the news.

carbon-free sources: It will allow more renewables to be developed in Qinghai and Gansu provinces and deliver the electricity all the way to Henan in central China. ; China is promoting the technology, which allows long-haul transmission with little loss of power, to solve a vexing problem Its energy resources are thousands of kilometers inland from its densely populated coastal regions, according to The Japan Times. Making this line available for only carbon-free sources can help China achieve two of its energy goals, boosting renewable energy consumption while reducing idle capacity, State Grid said. It's the first UHV line in the world built to transmit only carbon-free electricity, its developer, State Grid Corp. of China, said in a statement. It could also drive more than 200 billion yuan and create almost 10,000 jobs in investments in renewables and other related industries, it said. UHV projects may account for 13 percent of 205 billion that's likely to be spent by the nation this year on new infrastructure, according to BloombergNEF. RELATED STORIESNuclear power is getting hammered by green energy and the pandemic China to dominate nuclear power as Beijing bets on homegrown reactors Prior to this latest addition, State Grid operated 19 UHV lines covering 27,570 kilometers 17,131 miles and the utility was building another four of the links as of June last year, according to its website. The long-haul lines are also part of China's stimulus plan to revive its economy from the impact of the coronavirus pandemic. ( As reported in the news.

tax base: Opponents warn that data leaks could lead to privacy violations and even a surveillance state, according to The Japan Times. Here's a look at Japan's Super City Initiative. Supporters tout them as high-tech marvels where artificial intelligence and big data are to be used to provide more efficient and cost-effective solutions to social problems, especially in areas faced with aging and declining populations and a reduced tax base. What was the purpose of the recently passed bill ; In order to realize the creation of smart cities in various parts of the country, any number of basic regulations involving multiple ministries needs to be changed. The revision means local governments that are selected by the central government to become smart cities, or super cities, can work with private technology firms to come up with plans for creating their own smart city. The May 27 revision to a national strategic special zone law included measures the government can now take to do that more quickly and under more specific guidelines. ( As reported in the news.

writer consultant: Unveiling a negotiating objectives paper for the bilateral talks in May, International Trade Secretary Liz Truss said, Both sides are committed to an ambitious timeline to secure a deal that goes even further than the EPA especially in digital and data, referring to the Economic Partnership Agreement between the EU and Japan, according to The Japan Times. Bill Emmott, chairman of The Japan Society in Britain and a writer and consultant on international affairs, said, I think that ultimately it will be quite easy to get a deal between Japan and the U.K. because I think there is goodwill on both sides and I don't think the gaps are too huge. Virtual meetings on a new free trade agreement between the U.K. and Japan will begin shortly, but little of substance may be achieved due to the lack of progress on the key talks in Brussels, which will bear heavily on minds in Tokyo. ; And even when negotiators from the U.K. and Japan start discussions on the terms of a new trade deal, the interests of food producers and powerful domestic lobbies may make getting a deal harder than initially envisaged, observers claim. But he believes neither side will push ahead substantially until the terms of the new trading arrangement between the U.K. and the EU are clearer. The talks between the U.K. and the EU are currently in a fragile state, with some observers expecting negotiations to be extended into next year. This is because Japan has many manufacturing and services subsidiaries that rely on easy access into the EU from their British base. ( As reported in the news.

export controls: But he stopped short of calling an immediate end to privileges that have helped the former British colony remain a global financial center, according to The Japan Times. Chinese Foreign Ministry spokesman Zhao Lijian said China firmly opposed the U.S. steps. China's rubber-stamp parliament last week voted to move forward with imposing national security legislation on Hong Kong, which U.S. President Donald Trump said on Friday was a tragedy for the people of the city, and which violated China's promise to protect its autonomy. ; Trump ordered his administration to begin the process of eliminating special U.S. treatment for Hong Kong to punish China, ranging from extradition treatment to export controls. RELATED STORIESTrump's Hong Kong announcement leaves room to de-escalate tensions China's security law sends Hong Kong residents dashing for exit Chinese media use race clashes to lambaste U.S. over Hong KongU.K. ex-foreign ministers call for G7 Hong Kong monitor group The announced measures severely interfere with China's internal affairs, damage U.S.-China relations, and will harm both sides. Any words or actions by the U.S. that harm China's interests will meet with China's firm counterattack, he said. China is firmly opposed to this, Zhao told reporters during a regular briefing. ( As reported in the news.

pandemic hits: It will partly be funded by a third extra budget now being drafted, according to a statement on the policy outlook for the second half. ; The extra spending will help an economy forecast to grow by just 0.1 percent this year, the slowest expansion since the 1998 Asian financial crisis, according to The Japan Times. The latest projection was more optimistic than the contraction expected by the Bank of Korea and private economists, but the government acknowledged downside risks to its view should a second virus wave emerge. The plan, first outlined by Moon in April, aims to refocus the economy through 2025 by supporting job growth and new industries. South Korea's trade-dependent economy is suffering as the pandemic hits overseas markets. President Moon Jae-in's administration has so far announced 250 trillion won in measures to prop up the economy, including direct support, loans and funds to stabilize financial markets. New virus clusters have also sprung up at home, raising fear among the public and potentially hindering a domestic recovery. ( As reported in the news.

section issues: On Friday, the index fell 38.42 points. ; The Topix index of all TSE first section issues closed up 5.08 points, or 0.32 percent, at 1,568.75, after losing 13.67 points the previous trading day, according to The Japan Times. Hopes for an economic recovery continued as the Tokyo Metropolitan Government lifted its business closure requests for a wide range of services on Monday, brokers said. The 225-issue Nikkei average listed on the first section of the Tokyo Stock Exchange rose 184.50 points, or 0.84 percent, to 22,062.39, its first finish above 22,000 since Feb. 26. Stock prices were also buoyed by a rise in Hong Kong and other Asian markets and the yen's weakening against the dollar, they said. Lagging cyclical issues such as semiconductor-related names attracted purchases after Friday's rise in the tech-heavy Nasdaq composite index, said Masayuki Otani, chief market analyst at Securities Japan Inc. Expectations are spread that the economy and corporate earnings have passed their worst amid easing of coronavirus economic restrictions, a brokerage house official said. ( As reported in the news.

models areas: Renault was under pressure even before COVID-19 hit, posting its first loss in a decade in 2019, and has said nothing would be taboo as it reviews its business, according to The Japan Times. It plans to trim its global capacity to 3.3 million vehicles in 2024 from 4 million now, focusing on its most profitable models and areas such as electric cars while freezing manufacturing expansion in countries like Romania. Faced with a slump in demand that has been exacerbated by the coronavirus pandemic, the French carmaker detailed plans on Friday to find 2 billion 2.22 billion in savings over the next three years. ; We thought too big in terms of sales, said interim Chief Executive Clotilde Delbos, adding the company was coming back to its bases after investing and spending too much in recent years. RELATED ties more crucial than ever as pandemic rocks carmakers Nissan and Renault unveil steps to cut costs and revamp alliance Spain says it will do all it can to reverse Nissan closure amid protests Nissan falls behind rivals in industry's critical transitional period Renault, like its Japanese alliance partner Nissan, is rowing back on an aggressive expansion plan pursued by Ghosn, its former boss-turned-fugitive, who is wanted on charges of financial misconduct in Tokyo. The mindset has completely changed. Ghosn denies the charges. ( As reported in the news.

oil shocks: Any oil-producing nation round the world unwise enough to try undercutting world market prices, as decided by the oil cartel the so-called Seven Sisters found themselves simply blocked out of the global system of handling, refining, distribution and marketing which the majors controlled, according to The Japan Times. At times this formula did not work. Could it now be heading back into just that situation And are the days of oil shocks of the last century, which did so much damage to the Japanese economy indeed to the world economy at last over From World War II up to the 1970s it was left to the giant oil majors, dominated by the Americans, to stabilize the price of a barrel of oil, keeping it not too low to damage their profits or to deter new investment, but not too high to impinge on the access of every American to a reasonably cheap and reliable supply of fuel roughly in the 3 a barrel range now about 22 . ; They did this by ruthless cartel operations, some just acceptable and some, at least by today's standards, distinctly dodgy. For example, in 1967, thanks to Middle East oil incontinence the posted price per barrel for Arab Light crude sank briefly to 80 cents. How were American and other great oil corporations to compete with that Answer, with difficulty and ingenuity, partly by themselves investing in the cheap oil regions outside the United States, partly by highly favorable domestic U.S. tax arrangements the famous depletion allowance and above all by ensuring a friendly face in the White House. And in the late 1960s the overall production price of Saudi oil, including all the overheads, was 10 cents. ( As reported in the news.

percent fall: Among manufacturers, the transportation equipment sector including the auto-related industry was the worst performer in terms of profit decreases, with the pandemic denting global demand, a ministry official told reporters, according to The Japan Times. In the nonmanufacturing sector, the service sector such as accommodation led the decline as people refrained from nonessential outings amid the virus spread. Pretax profits of domestic companies covered in the ministry's quarterly survey plunged 32.0 percent to 15.14 trillion 140 billion from a year earlier, the sharpest drop since a 32.4 percent fall in the July to September period in 2009 in the aftermath of the global financial crisis, according to the Finance Ministry. ; Profits were down for the fourth consecutive quarter, the ministry said. The official said the significant decrease in corporate profits reflected the severe trend of the entire economy due to the virus pandemic, adding, We'll keep monitoring its influence closely. Although the virus outbreak clouded the prospects for the economy, capital spending by all nonfinancial sectors for purposes such as building factories as well as adding equipment and software rose 4.3 percent to 16.35 trillion, following a 3.5 percent drop in the previous period. Corporate sales in Japan sank 3.5 percent from the previous year to 359.56 trillion, falling for the third successive quarter, while those of manufacturers grew 2.9 percent, helped by increased demand for industrial machinery. ( As reported in the news.

conglomerates co-chairman: The 98-year-old tycoon fathered 16 recognized children with four women he considered wives, according to The Japan Times. Outside the hospital in front of cameras and journalists, it was Pansy Ho the 57-year-old eldest daughter of his second wife who was given the honor of announcing his passing as they flanked her. ; Ho, a former socialite, is already chairman of one of Macao's biggest conglomerates and co-chairman of casino operator MGM China Holdings Ltd., having become her father's favored successor years ago. They were also there to send a clear message of unity. With the death of the trailblazer who catapulted Macao past Las Vegas to become the world's gambling epicenter, the pressure is now on her to unite the interests behind the Ho family's 15 billion fortune, rejuvenate an aging casino franchise and lead the empire through the coronavirus pandemic that's caused gambling revenue to plunge by more than 90 percent. While Stanley was alive, things were in limbo it would have been disrespectful for someone to take the helm, said Ben Lee, Macao-based managing partner at gaming consultancy IGamiX. Now that he has gone, what we'll ultimately see is one person leading a reincarnated Ho empire. And with a fractious family held in check only by a delicate balance of power, Ho will need to chart a careful path forward. ( As reported in the news.

san carlos: He said he would never forget the help Misra provided when he was at Deutsche Bank AG more than a decade earlier and spoke of the trust and respect they had developed since, according to a summary shared internally, according to The Japan Times. We are family, Son said. Wearing a 70 7,500 Uniqlo down jacket, the Japanese billionaire put his arm around Misra's shoulders at a town hall meeting in San Carlos, California. But behind the smiles and talk of kinship, another story is unfolding, one about the perplexing relationship at the top of Soft Bank. That triggered the biggest loss in Soft Bank's 39-year history. The Vision Fund last week reported a loss for the latest fiscal year of 17.7 billion as it wrote down the value of portfolio companies including WeWork and Uber Technologies Inc. ( As reported in the news.

theme parks: Investors hunted a wide range of stocks from the outset, taking heart from the U.S. Dow Jones industrial average gaining 2.2 percent to close above 25,000 for the first time in some 10 weeks on Wednesday, according to The Japan Times. Sentiment was brightened by moves in the world to awaken economic activities from their torpor induced by the novel coronavirus, including Walt Disney Co.'s announcement of phased reopenings for its theme parks from July, brokers said. The Nikkei average of 225 selected issues on the first section of the Tokyo Stock Exchange climbed 497.08 points, or 2.32 percent, to end at 21,916.31, following a 148.06-point rise on Wednesday. ; The Topix index of all first-section issues soared 27.87 points, or 1.80 percent, to 1,577.34, after adding 14.74 points the previous day. A rise in Dow futures in off-hours trading helped the Tokyo market extend gains by shrugging off selling to lock in profits in the current rally, in which the Nikkei scaled over 1,000 points in the past three sessions. Maki Sawada, vice president of Nomura Securities Co.'s Investment Research & Investor Services Department, noted that the investors also welcomed the European Commission's proposal of a 750 billion recovery fund. Meanwhile, concerns over an escalation of U.S.-China tensions grew ahead of China's expected adoption later on Thursday of national security legislation to tighten control of Hong Kong, brokers pointed out. ( As reported in the news.

stop-and-search operations: Wednesday's protests were sparked by a debate over a new law that will criminalize insults to the national anthem with up to three years in jail, the latest measure activists say is eroding freedoms in the city, according to The Japan Times. Police surrounded the city's legislature with water-filled barriers and conducted widespread stop-and-search operations in a bid to deter mass gatherings. The latest unrest comes days after China announced separate plans to impose a sweeping national security law on Hong Kong following last year's huge and often violent pro-democracy rallies. ; That move has prompted U.S. President Donald Trump to warn that Hong Kong might lose its status as a global financial center if the city's freedoms and vaunted judicial independence are swept aside. RELATED STORIESHow China pounced on Hong Kong while the world focused on COVID-19High-stakes power play Xi moves to subdue Hong Kong Small flashmob rallies in the districts of Causeway Bay, Mongkok and Central, the latter broken up by officers firing crowd-control rounds filled with a pepper-based irritant. Live images showed many of those being led away were teenagers. Police said 240 people were arrested on suspicion of holding an unlawful assembly. ( As reported in the news.

business activities: Stocks in the morning met with selling to lock in profits, but at the same time they attracted buying by investors welcoming the resumption of domestic business activities in the wake of the government's full lifting of the coronavirus emergency Monday, brokers said, according to The Japan Times. The market headed north in the afternoon, with sentiment brightened by media reports that the government's second fiscal 2020 supplementary budget plan calls for 31.9 trillion in general account spending to help the country overcome the virus crisis, brokers said. The 225-issue Nikkei average climbed 148.06 points, or 0.70 percent, to end at 21,419.23, following a 529.52-point surge Tuesday. ; The Topix index of all first-section issues on the Tokyo Stock Exchange closed 14.74 points, or 0.96 percent, higher at 1,549.47, after jumping 32.53 points the previous day. Besides, market players were relieved to see index futures on the Dow Jones industrial average go up in off-hours trading, after the major U.S. market yardstick staged a sharp rise Tuesday, Tomoaki Fujii, head of the investment research division at Akatsuki Securities Inc., said. Fujii also noted that the market was weighed down by concerns over U.S.-China tensions, which were heightened by news reports that the White House is considering sanctions against China over Beijing-proposed national security legislation to tighten its control over Hong Kong. The U.S. market was closed Monday for Memorial Day. ( As reported in the news.

technology filter: Nissan will focus on autonomous driving, Renault on the body of electric cars and electric powertrains while Mitsubishi Motors will work on plug-in hybrids, they said. ; Renault, Nissan and Mitsubishi Motors need each other more than ever now, with the global coronavirus pandemic forcing automakers to shutter showrooms and factories, according to The Japan Times. The industry is also facing a once-in-a-generation shift to electric vehicles and autonomous driving that will require significant investment in technology and filter out losers and winners. The measures will help deliver savings of as much as 40 percent in model investments for jointly developed vehicles, the companies said. After coming under strain last year, the partnership is seeking a fresh start, backed by new measures at the companies to improve profitability. In the past, the partnership focused too much on expansion, said Osamu Masuko, chairman of Mitsubishi Motors. The new model focuses on efficiency and competitiveness, rather than on volumes, Jean-Dominique Senard, chairman of the Alliance Operating Board and Renault, said in an online news conference. ( As reported in the news.

oil: The price of oil suffered an historic market crash last month when US oil prices turned negative for the first time, according to The Guardian. The IEA said the decline in investment is staggering in both its scale and swiftness and will impact every major sector, from fossil fuels such as oil, gas and coal to renewable sources including wind and solar power. The International Energy Agency IEA said the unprecedented investment slump follows the most severe plunge in energy demand since the second world war. In a report, the IEA said the decline in investment in areas such as clean energy technology could undermine the transition to renewable, sustainable sources of energy. If we are to achieve a lasting reduction in global emissions, then we will need to see a rapid increase in clean energy investment. The crisis has brought lower emissions but for all the wrong reasons, said Fatih Birol, the IEA's executive director. ( As reported in the news.

opposite-gender: The Office for National Statistics said separately that men were doing more than an hour less unpaid labour than women each day, despite increasing their responsibilities during lockdown, according to The Guardian. The IFS-UCL study interviewed 3,500 families of two opposite-gender parents and found that mothers were doing more childcare and more housework than fathers. A report from the Institute for Fiscal Studies and the UCL institute of education also says mothers in England are more likely than fathers to have lost their jobs during lockdown, increasing fears that the coronavirus crisis has exacerbated inequality and could lead to the gender pay gap increasing. The mothers interviewed were looking after children for an average of 10.3 hours a day 2.3 hours more than fathers and doing housework for 1.7 more hours than fathers. The study found that mothers were 23% more likely than fathers to have temporarily or permanently lost their jobs during the crisis. In families where the father had stopped work while his partner continued, on average they did the same amount of household work while the woman did an average of five hours of paid work a day. ( As reported in the news.

umar kamani: The report also claims that a recent 200m fundraising effort by Boohoo could be handed over in dividends or buyout costs to Umar Kamani, the son of Boohoo's chairman and co-founder, Mahmud Kamani, who owns about a third of the group's Pretty Little Thing PTL brand, according to The Guardian. Shadow Fall also suggests the funds could be used to buy up I Saw it First, an online fashion business set up by Jamal Kamani, the chairman's brother. The Shadow Fall hedge fund led by Matthew Earl, a specialist in taking positions that bet against a company's share price, issued a 54-page report accusing Boohoo of misleading investors about profits and cashflow. The report, published on Tuesday, claimed that an option to buy out a remaining stake in the PLT site could cost Boohoo nearly 1bn, and raised concerns about the presentation of profits and cashflow relating to PLT, which it said inflated the brand's value. Boohoo said on Wednesday it strongly refutes the allegations made by Shadow Fall. Boohoo paid 3.7m to buy a 66% stake in PLT in 2016. ( As reported in the news.

japanese firms: A ministry official refrained from presenting an outlook for the possible impact of the novel coronavirus pandemic on the 2020 balance, according to The Japan Times. In the reporting year, Germany had the world's second-largest net external assets, with 299.83 trillion at the end of 2019, followed by China with 231.77 trillion. The figure, up 6.8 percent from a year earlier and the highest since comparable data became available in 1996, reflected increased direct investments abroad by Japanese firms and a rise in prices of foreign stocks held by domestic investors. ; Japan was the world's largest holder of overseas net assets for the 29th consecutive year, the ministry said. The United States was the biggest net external debt holder with 1.199 quadrillion, according to the ministry. Japanese direct investment in the United States stood at a record 58.20 trillion, and that in China was also the largest on record at 14.22 trillion. RELATED STORIESJapan moves to limit foreign investment in half of listed firms Total Japanese external assets increased 7.8 percent to a record 1.098 quadrillion for the 11th straight year of gains. ( As reported in the news.

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financializer news

A weblog highlighting financial topics making news in the international media.