SEC Blocks Chinese IPO Filings Until Risks Are Better Disclosed

The U.S. Securities and Exchange Commission has halted initial public offerings of Chinese companies until they provide more disclosures about investment risks.

SEC Chair Gary Gensler said the Chinese government’s recent crackdown on foreign listings and its announcement of enhanced cybersecurity reviews are “relevant to U.S. investors.” He said he’s asked the SEC staff to seek additional disclosures from Chinese firms before signing off on their registration statements to sell shares. “I believe such disclosures are crucial to informed investment decision-making and are at the heart of the SEC’s mandate to protect investors in U.S. capital markets,” Gensler said in a Friday statement. Beijing has been clamping down on private businesses, including the booming private-education industry, prompting a selloff in shares as investors reassess how far the government will go in tightening its grip on the economy. Losses in Chinese tech and education stocks have surpassed $1 trillion since February.

Meanwhile, the SEC has faced intense pressure from Capitol Hill to increase scrutiny of Chinese companies after shares of Didi Global Inc. plunged earlier this month, hurting U.S. investors. Following the ride-sharing company’s U.S. listing, China announced it was conducting a security review. U.S. lawmakers have urged the SEC to investigate Didi over whether it failed to properly disclose risks to investors. Chinese companies listing in New York have been a lucrative source of revenue for Wall Street banks that underwrite the deals. This year is already the second-best on record for such listings, with companies raising at least $15.7 billion -- more than the entire amount in 2020, data compiled by Bloomberg show. But China proposed new rules earlier this month requiring that nearly all companies seeking to list in foreign countries undergo a cybersecurity review, a move that would significantly enhance its oversight. That tighter grip has thrown a wrench into the listing plans of many Chinese startups, which have flocked to the U.S. for its deeper capital markets, more streamlined listing processes and broader investor base.

Victims of the crackdown include Chinese bike-sharing giant Hello Inc., which said earlier this week that it had formally scrapped plans for a U.S. IPO. Hello is backed by Chinese tech mogul Jack Ma’s Ant Group Inc.

https://www.bnnbloomberg.ca/sec-blocks-chinese-ipo-filings-until-risks-are-better-disclosed-1.1634908

morning

>>77431

>>77432

good morning w b

>>77437

kek

09-0016 USAF C-32A on descent for Majors Airport Greenville, TX

L-3 located here and most likely heaving some maintenance and/or upgrades done.

HULK04 USAF E-4B Nightwatch departed Dyess AFB Abilene and heading north passing over western Dallas/Ft. Worth

UniCredit chief upbeat on Monte dei Paschi deal as takeover talks start

Unicredit is well placed to secure a beneficial deal with the Italian government in talks to take over Monte dei Paschi di Siena, which it sees as the best M&A option at present, its chief executive Andrea Orcel said.

Orcel defended the merits of a possible MPS acquisition as UniCredit posted a higher than expected second-quarter net profit, a day after agreeing to enter exclusive negotiations over the bailed-out rival. Italy’s No.2 bank said late on Thursday it had signed an accord with the Treasury setting guidelines for a potential takeover of MPS, in which Rome owns 64% having rescued it in 2017 at a cost of 5.4 billion euros ($6.4 billion). UniCredit, which had long rebuffed government pressure to buy MPS, said it would only acquire “selected parts” of the lender in a deal that would leave its capital buffers unchanged while boosting earnings per share by a double-digit percentage.

Discussions will unfold over the next few weeks with a decision expected by mid-September, Chief Executive Andrea Orcel, who took over in April, said. “We feel strongly that, with the principles we have highlighted, given the timing and the ability to (select what we buy), Monte dei Paschi is the best option, and the only option on the table at this point,” he told analysts. Orcel said the deal would allow significant cost cuts and boost UniCredit’s market position in Italy, where it has fallen behind Intesa Sanpaolo which last year snatched rival UBI to become Italy’s biggest bank. “Not only MPS would come at the right terms if the principles we have agreed are upheld, but also help us rebalance our presence in Italy towards the centre-north ... away from (the country’s poorer) centre-south, and that is healthy.”

UniCredit would be shielded from legal risks weighing on MPS following years of mismanagement and would not take on any problem loans or performing loans it deems too risky. MPS faces a capital shortfall of up to 2.5 billion euros and banking stress test results due later on Friday are set to turn the spotlight on to its frail finances.

https://www.reuters.com/article/unicredit-results/update-4-unicredit-chief-upbeat-on-monte-dei-paschi-deal-as-takeover-talks-start-idUSL8N2P61AD

Banca Monte dei Paschi di Siena also known as BMPS, is the oldest surviving bank in the world. It was founded in 1472 by order of the Magistrature of the Republic of Siena as the Monte di Pietà and has been in continuous operation since then. During the 17th and 18th century, after Italy was unified, BMPS expanded its operations throughout the entire country and offered the very first mortgage loans to Italian citizens.

Today, BMPS is the fourth largest commercial retail bank in Italy. In the the last few years, like several big banks around the world, BMPS has been bailed out by the government in order to avoid a shut down.

https://www.oldest.org/structures/banks/

>>77449

morning frb

as much as I can.

Still don't feel rested d'oh.

Amazon hit with $886m fine for alleged data breach

Amazon has been hit with an $886.6m (£636m) fine for allegedly breaking European Union data protection laws.

The fine was issued by the Luxembourg National Commission for Data Protection, which claimed the tech giant's processing of personal data did not comply with EU law. Amazon said it believed the fine to be "without merit", adding that it would defend itself "vigorously". A spokeswoman told the BBC there had been "no data breach". The EU's General Data Protection Regulation (GDPR) rules requires companies to seek people's consent before using their personal data or face steep fines.

The Luxembourg data protection authority, also known as Commission Nationale pour la Protection des Données (CNPD), issued the fine to Amazon on 16 July, according to a US Securities and Exchange Commission (SEC) filing by the company on Friday.

In response, Amazon said: "We believe the CNPD's decision to be without merit and intend to defend ourselves vigorously in this matter." The fine comes following rising regulatory scrutiny of large tech companies due to concerns over privacy and misinformation, as well as complaints from some businesses that the tech giants have abused their market power. "Maintaining the security of our customers' information and their trust are top priorities," said an Amazon spokeswoman. "There has been no data breach, and no customer data has been exposed to any third party. These facts are undisputed." She stressed that the firm strongly disagrees with the CNPD's ruling and intends to appeal. "The decision relating to how we show customers relevant advertising relies on subjective and untested interpretations of European privacy law, and the proposed fine is entirely out of proportion with even that interpretation," she added.

https://www.bbc.com/news/business-58024116

>>77463

In it ta win it muh fren.

Weekends better for dat (rest)

Had to draw a line on it or I'd have gone insane by nao.

See ya later

>>77465

ty for late add w