been inside it and on top of that, spoopy place.
was a fire in the pirelli bldg i saw from the roof.
UK to launch "groundbreaking" China share market link
UK-listed firms will become the first foreign companies to be able to list in mainland China under a new stock link.
Chancellor Philip Hammond is due to launch the London-Shanghai Stock Connect project on Monday.
Companies will sell shares through dual listings on the Shanghai and London Stock Exchanges.
The Treasury said the project will open up British firms to new investors, and allow companies from each country to raise capital in the other.
"Stock Connect is a groundbreaking initiative, which will deepen our global connectivity as we look outwards to new opportunities in Asia," Mr Hammond is expected to say at the launch, according to a statement from the Treasury.
"London is a global financial centre like no other, and today's launch is a strong vote of confidence in the UK market."
The London-Shanghai Stock Connect project has taken four years to develop. It will enable companies to list on both exchanges using depositary receipts.
These certificates - which represent an ownership of ordinary shares of a company - allow foreigners to buy a stake in a company of another country without the risks associated in investing in a foreign stock directly, such as differences in currency and accounting practices.
More than 260 of the 1,500 companies listed in Shanghai will be potentially eligible to take part of the project and list in London.
Kicking off the initiative, London investors will be able to trade the global depositary receipts of China's securities brokerage Huatai from Monday.
The UK is seeking to tap into China's growing market. China is expected to have more than $17 trillion ($13.5 trillion) in assets under management (AUM) by 2030, having had $2.8 trillion AUM in 2016.
https://www.bbc.com/news/business-48658844
have the apollo atmosphere/soundtracks. like most of his stuff, roxy etc
go with it…I would.
checking out the credit unions guaranteed by NCUSIF, regular banks by FDIC. Doing these first?
Deutsche Bank to set up 50 billion euro bad bank: source
FRANKFURT (Reuters) - Deutsche Bank is planning to overhaul its trading operations by creating a so-called bad bank to hold tens of billions of euros of non-core assets, a source close to the matter said on Monday.
The overhaul, first reported by the Financial Times, will also include shrinking or shutting equity and rates trading businesses outside of Europe.
The bad bank would house or sell assets valued at up to 50 billion euros ($56.06 billion)- after adjusting for risk - and comprise mainly long-dated derivatives.
The measures are part of a significant restructuring of the investment bank, a major source of revenue for Germany’s largest lender, which has struggled to generate sustainable profits since the 2008 financial crisis.
It is trying to turn itself around, but has faced hurdles such as allegations of money laundering and failed stress tests.
Its attempt to create a German champion through a merger with Commerzbank failed in April.
In May, Chief Executive Officer Christian Sewing promised shareholders “tough cutbacks” at its underperforming investment bank.
Shares in Deutsche, which have recently traded at record lows, rose 3% in early trade in Frankfurt to top the list of German blue chip shares.
Deutsche said in an emailed statement in response to the FT report that it was “working on measures to accelerate its transformation so as to improve its sustainable profitability. We will update all stakeholders if and when required.”
The effort by Sewing marks a further shift by the German lender away from investment banking to focus on more stable forms of revenue, such as transaction banking.
The bank is planning cuts at its U.S. equities business, including prime brokerage and equity derivatives, to win over shareholders unhappy about its performance, four sources familiar with the matter told Reuters in May.
Sewing is expected to announce changes in July. It reports second-quarter earnings on July 24.
https://www.reuters.com/article/us-deutsche-bank-restructuring-usa/deutsche-bank-to-set-up-50-billion-euro-bad-bank-source-idUSKCN1TH0S7
May not be here then. They have been hinting at this for years. Because they can't find a "marriage" partner(tried to with commerzbank) this is the only solution they have left. Woke up to check and found it. Have been expecting this. Yes I know it's reuters but this is something that was always coming.
Here is another source
Deutsche Bank plans radical overhaul with €50bn hived off to 'bad bank' – reports
Deutsche Bank has drawn up plans for a radical restructuring which will involve the creation of a “bad bank” to hold tens of billions of euros of toxic assets and a round of severe cuts to its investment banking operations, according to reports.
The bad bank would house or sell assets valued at up to €50bn (£45bn) comprising mainly of long-term trades that have been a major drag on the struggling bank’s balance sheet, the Financial Times reported, citing four people briefed on the plan.
The creation of the bad bank – a tactic used by failed UK banks after the 2008 crisis – would enable chief executive Christian Sewing to shift the lender away from the highly profitable but risky world of investment banking and focus instead on mainstream banking and private wealth management.
As part of the restructuring, the lender’s stocks and interest rates trading units outside continental Europe would be shrunk or closed entirely, the report said.
The bank is planning cuts at its US equities business, including prime brokerage and equity derivatives, to win over shareholders unhappy about its performance, four sources familiar with the matter told Reuters in May.
The bank’s overhaul could involve major job losses in the UK, where it employs 8,500 people, and the US where it has around 10,000 staff.
“As we said at the AGM on 23 May, Deutsche Bank is working on measures to accelerate its transformation so as to improve its sustainable profitability. We will update all stakeholders if and when required,” DeutscheBank said in an emailed statement on Sunday in response to the FT report.
Sewing could announce the changes along with Deutsche Bank’s half-year results in late July, the FT reported.
Deutsche Bank has been beset by a series of crisis in the past year including money laundering allegations, failed merger talks with Commerzbank and concerns about the lender’s dealings with Donald Trump and his son-in-law Jared Kushner.
Deutsche’s shares closed near a record low of €6.03 on Friday, charting a spectacular fall from grace for the bank. The stock was worth €107 in 2008 before the global financial crisis and has never recovered its preeminence.
https://www.theguardian.com/business/2019/jun/17/deutsche-bank-plans-radical-overhaul-with-50bn-hived-off-to-bad-bank-reports
The struggling German lender will move poorly performing assets and drastically shrink its investment banking arm, the FT says
they get to play around with the value of them due to mark-to-model as opposed to mark-to-market.
The difference being the mark-to-model is basically whatever they say it's worth (internal models) and mark-to-market is using real input prices from the markets.
see this
What Is Mark to Market (MTM)?
Mark to market (MTM) is a measure of the fair value of accounts that can change over time, such as assets and liabilities. Mark to market aims to provide a realistic appraisal of an institution's or company's current financial situation.
In trading and investing, certain securities, such as futures and mutual funds, are also marked to market to show the current market value of these investments.
https://www.investopedia.com/terms/m/marktomarket.asp
What is Mark-To-Model
Mark-to-model is a pricing method for a specific investment position or portfolio based on internal assumptions or financial models. This contrasts with traditional mark-to-market valuations, in which market prices are used to calculate values as well as the losses or gains on positions. Assets that must be marked-to-model either don't have a regular market that provides accurate pricing, or valuations rely on a complex set of reference variables and timeframes. This creates a situation in which guesswork and assumptions must be used to assign value to an asset.
BREAKING DOWN Mark-To-Model
Mark-to-model assets essentially leave themselves open to interpretation, and this can create risk for investors. The dangers of mark-to-model assets occurred during the subprime mortgage meltdown beginning in 2007. Billions of dollars in securitized mortgage assets had to be written off on company balance sheets because the valuation assumptions turned out to be inaccurate. Many of the mark-to-model valuations assumed liquid and orderly secondary markets and historical default levels. These assumptions proved wrong when secondary liquidity dried up and mortgage default rates spiked well above normal levels.
Largely as a result of the balance sheet problems faced with securitized mortgage products, the Financial Accounting Standards Board (FASB) issued a statement in November of 2007 requiring all publicly traded companies to disclose any assets on their balance sheets that rely on mark-to-model valuations beginning in the 2008 fiscal year.
https://www.investopedia.com/terms/m/mark_to_model.asp
use the second one as it's got moar detail
DrSB on it!
that would have never worked in the way it was going to be. It may now, MAY, as they can sequester this shit to one place and comb through it, assuming it has not already been done.
o7