14 August

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Facebook, Amazon seek U.S. approval to operate undersea data cable By Reuters

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By David Shepardson WASHINGTON (Reuters) - Facebook Inc (NASDAQ:FB) and Amazon.com Inc (NASDAQ:AMZN) have asked the U.S. government for approval to operate a new undersea data cable between the Philippines and California after China Mobile agreed to exit the plan, a government agency said on Friday. The two companies told the Federal Communications Commission (FCC) they intend to start commercial operation by late 2022 and said the new data connection will provide significant new capacity on routes where capacity demand continues to increase substantially each year. The companies in a joint filing...

14 August

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China tightens scrutiny over IPO price-setting, punishes 19 institutions By Reuters

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SHANGHAI (Reuters) - China's securities regulators punished 19 institutional investors as authorities tighten scrutiny over price-setting behaviours under a more liberalised listing system. China launched the tech-focused STAR Market in Shanghai in mid-2019, along with the introduction of a U.S.-style, registration-based initial public offering (IPO) system in that market. The Securities Association of China (SAC) said late on Friday that a joint probe recently with the Shanghai Stock Exchange over STAR IPOs had exposed issues with 19 institutional investors. The problems included weak internal controls, inadequate rationale for price-settings, non-compliance with stipulated procedures and...

14 August

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Global investors bet on China’s rental property amid shifting political winds By Reuters

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By Samuel Shen and Kane Wu SHANGHAI (Reuters) - Beijing's regulatory firestorm is hitting large swathes of China's economy, but global investors including Blackstone (NYSE:BX) and Warburg Pincus are ramping up bets on Chinese rental properties, judging the political wind is blowing in their favour. China has cracked down on private tutoring, brought monopolistic tech giants to their knees, and stepped up curbs on home buying. But Beijing is wooing capital to help provide rental housing and is attracting plenty of institutional interest. In China, "people need to be housed, but houses have become too...

14 August

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Massive China Port Shutdown Raises Fears of Closures Worldwide By Bloomberg

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(Bloomberg) -- A Covid outbreak that has partially shut one of the world’s busiest container ports is heightening concerns that the rapid spread of the delta variant will lead to a repeat of last year’s shipping nightmares. The Port of Los Angeles, which saw its volumes dip because of a June Covid outbreak at the Yantian port in China, is bracing for another potential decline because of the latest shutdown at the Ningbo-Zhoushan port in China, a spokesman said. Anton Posner, chief executive officer of supply-chain management company Mercury Resources, said that many companies chartering...

14 August

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Italy’s problem bank casts shadow over Draghi’s summer break By Reuters

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By Silvia Ognibene, Valentina Za and Gavin Jones SIENA (Reuters) - When Italian Prime Minister Mario Draghi returns from his brief summer break one of the thorniest items on his "to do" list will be finally fixing the woes of the world's oldest bank, Monte dei Paschi di Siena (MPS). The Tuscan lender's decline has tarnished Draghi's record ever since 2008 when, as Bank of Italy chief, he approved its purchase of rival Antonveneta at an inflated price that analysts say contributed to its financial meltdown. Thirteen years of scandals, crisis management and state help...

14 August

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S&P 500, Dow Grind Out Records as Stronger Earnings Keep Bulls Marching On By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 and Dow eked out a fourth-straight day of record closes, supported by mostly positive quarterly reports from corporates, though optimism was hurt by data showing the Delta variant is weighing on consumer sentiment. The Dow Jones Industrial Average ended the week at a closing record of 35,515.38, while the S&P 500 added 0.2%, to clinch another closing record of 4,468. The Nasdaq closed flat. The University of Michigan Consumer Sentiment index slumped to a reading of 70.2 in the preliminary August survey from 81.2 in July, the weakest reading since...

14 August

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London court orders Binance to trace cryptocurrency hackers By Reuters

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By Kirstin Ridley LONDON (Reuters) -London's High Court has ordered Binance, one of the world's largest cryptocurrency exchanges, to identify hackers and freeze their accounts after one user said it was the victim of a $2.6 million hack. In a judgment made public this week, a High Court judge granted requests by artificial intelligence (AI) company Fetch.ai for Binance to take steps to identify the hackers and track and seize the assets. While involving a relatively small sum, the case is one of the first public ones involving Binance and will be a test of the...

14 August

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After criticism, Apple to only seek abuse images flagged in multiple nations By Reuters

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By Joseph Menn and Stephen Nellis (Reuters) - After a week of criticism over a its planned new system for detecting images of child sex abuse, Apple Inc (NASDAQ:AAPL) said on Friday that it will hunt only for pictures that have been flagged by clearinghouses in multiple countries. That shift and others intended to reassure privacy advocates were detailed to reporters in an unprecedented fourth background briefing since the initial announcement eight days prior of a plan to monitor customer devices. After previously declining to say how many matched images on a phone or computer it...

14 August

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Euro zone bond yields drift sideways, off multi-month lows for now By Reuters

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By Dhara Ranasinghe LONDON (Reuters) - Euro zone government bond yields drifted sideways on Friday, with German borrowing costs holding above recent six-month lows in a sign that the rush to fixed income has abated for now. After tumbling 26 basis points in July in the biggest monthly fall in almost two years as global reflation bets turned tail, Germany's benchmark 10-year bond yield has edged higher this month. An improving U.S. labour market and speculation that the U.S. Federal Reserve could soon start to unwind its bond buying stimulus has pushed up U.S. and European...

14 August

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Global equity funds see higher inflows boosted by strong earnings -Lipper By Reuters

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(Reuters) - Global equity funds lured inflows for a third straight week in the week to Aug. 11, as strong corporate earnings and positive economic data from the United States boosted sentiment. According to Lipper data, global equity funds attracted inflows of $10.12 billion, a 12% increase over the previous week. (GRAPHIC: Fund flows into global equities bonds and money markets - https://fingfx.thomsonreuters.com/gfx/mkt/zjpqkqxlxpx/Fund%20flows%20into%20global%20equities%20bonds%20and%20money%20markets.jpg) European equity funds had the major share of the inflows, receiving $5.6 billion, while U.S. equity funds obtained $2.7 billion. About 69% of global firms have beaten analysts' profit estimates...

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Facebook, Amazon seek U.S. approval to operate undersea data cable By Reuters

China tightens scrutiny over IPO price-setting, punishes 19 institutions By Reuters

Global investors bet on China’s rental property amid shifting political winds By Reuters

Massive China Port Shutdown Raises Fears of Closures Worldwide By Bloomberg

Italy’s problem bank casts shadow over Draghi’s summer break By Reuters

S&P 500, Dow Grind Out Records as Stronger Earnings Keep Bulls Marching On By Investing.com

London court orders Binance to trace cryptocurrency hackers By Reuters

After criticism, Apple to only seek abuse images flagged in multiple nations By Reuters

Euro zone bond yields drift sideways, off multi-month lows for now By Reuters

Global equity funds see higher inflows boosted by strong earnings -Lipper By Reuters

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