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allinonecryptoapp · 5 months

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Weekly Crypto Round-Up: Top 10 News and Analysis

Dive into the ever-evolving world of cryptocurrency with our weekly round-up. From market trends to technological breakthroughs, we bring you the most pivotal updates shaping the digital currency landscape. Stay informed and ahead of the curve in the crypto universe!

Weekly Crypto Round-Up most important news 🌐

This week in crypto has been bustling with activity, from Bitcoin's bullish market forecasts and pivotal regulatory updates to the latest technological strides and significant market trends. The crypto world also witnessed major adoption news, key security updates, and exciting developments in NFTs and CBDCs. Stay tuned for more such weekly insights in weekly crypto round-up. - Regulatory Changes and Government Policies: - Matrixport Research's Bull Market Forecast: Bitcoin is projected to reach $63,140 by April 2024 and $125,000 by the end of 2024. - Spanish Arrest over North Korea Crypto Conspiracy: Alejandro Cao de Benos detained for allegedly helping North Korea evade sanctions via crypto and blockchain. - China, Japan, and South Korea's Blockchain Cooperation: Chinese Foreign Minister Wang Yi calls for big data and blockchain collaboration among these nations. - Technological Advancements: - Antpool Overtakes Foundry USA: Bitmain-affiliated Antpool becomes the largest bitcoin mining pool, surpassing Foundry. - Coinbase's No Token Plan for Base: CEO Brian Armstrong confirms no plans for a Base token, focusing on layer-2 transaction. - LayerZero Discord Mod Scam Alert: A scammer posted a phishing link in a proposal vote, affecting over 1,000 users. - Market Trends and Analysis: - Significant Transaction Volume Growth: Avalanche, Osmosis, Solana, ThorChain, and Sui hit record highs in transaction volume. - Rising Bitcoin Prices: Bitcoin approaches $40,000, with significant liquidations of both long and short position. - Ethereum's NFT Market Surge: Transaction volume reaches $34.786 million, the highest since June 2. - Major Adoption News: - SoFi Technologies Exits Crypto Business: Amid increasing banking regulatory scrutiny, SoFi announces the termination of its crypto services. - Binance's New Stablecoin Listing: Anchored Coins EUR (AEUR) to be listed, backed by licensed Swiss bank. - Security and Hacking Incidents: - Avalanche's Platypus Hackers Acquitted: French court acquits two hackers involved in the Platypus stablecoin flash loan attack. - Crypto Exchanges and Trading Platforms: - Bitget Exchange's Strategic Decision: Suspending new user registrations in mainland China amid a major investment. - Coinbase's Future Perpetual Futures Contracts: Adding support for Polygon and Bitcoin Cash perpetual futures. - Central Bank Digital Currencies (CBDCs) and Cross-Industry Applications: - South Korea's Stock Exchange Token Securities: Plans to open financial services for token securities trading, launching in the first half of next year. - Macroeconomic Factors and DeFi News: - U.S. Space Force Member on Bitcoin: Jason Lowery recommends investigating Bitcoin's national strategic importance for cybersecurity. - New Coin and Token Launches: - KuCoin Ventures Supports TON Ecosystem: Funding for the development and expansion of the TON ecosystem announce. - NFT Market Developments: - Ethereum NFT Market Highs: With Blur leading the market, notable increases in Pudgy Penguins, Azuki, and Milady NFT price

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stockloanservice · 5 years

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goloyieng · 3 years

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South Korea’s Chaebol Challenge

By Eleanor Albert

South Korea’s megaconglomerates have helped lift the country out of poverty, but their extraordinary influence could put the health of the Korean economy at risk.

Introduction

A group of massive, mostly family-run business conglomerates, called chaebol, dominates South Korea’s economy and wields extraordinary influence over its politics. These powerful entities played a central role in transforming what was once a humble agrarian market into one of the world’s largest economies.

The South Korean government has generously supported the chaebol since the early 1960s, nurturing internationally recognized brands such as Samsung and Hyundai. However, in recent years chaebol have come under fire amid a slowing South Korean economy and following a series of high-profile corruption scandals, including one that prompted mass protests and the ouster of Park Geun-hye.

What is a chaebol?

The word chaebol is a combination of the Korean words chae (wealth) and bol (clan or clique). South Korea’s chaebol are family-owned businesses that typically have subsidiaries across diverse industries.

Traditionally, the chaebol corporate structure places members of the founding family in ownership or management positions, allowing them to maintain control over affiliates. Chaebol have relied on close cooperation with the government for their success: decades of support in the form of subsidies, loans, and tax incentives helped them become pillars of the South Korean economy.

Although more than forty conglomerates fit the definition of a chaebol, just a handful wield tremendous economic might. The top five, taken together, represent approximately half of the South Korean stock market’s value. Chaebol drive the majority of South Korea’s investment in research and development and employ people around the world. Samsung Electronics, the largest Samsung affiliate, employs more than 300,000 people globally (more than Apple’s 123,000 and Google’s 88,000 combined).

Which are the largest chaebol?

Samsung. Founded in 1938, Samsung Group is South Korea’s most profitable chaebol, but it began as a small company that exported goods, such as fruit, dried fish, and noodles, primarily to China. Today the conglomerate is run by second- and third-generation members of the Lee family, the second-wealthiest family in Asia, according to Forbes. Over the past eighty years, the company has diversified to include electronics, insurance, ships, luxury hotels, hospitals, an amusement park, and an affiliated university. Its largest and most recognized subsidiary is Samsung Electronics, which for the past decade has accounted for more than 14 percent of South Korea’s gross domestic product (GDP).

Hyundai. Hyundai Group was a small construction business when it opened in 1947 but grew immensely to have dozens of subsidiaries across the automotive, shipbuilding, financial, and electronics industries. In 2003, following the Asian financial crisis and the death of its founder, Chung Ju-yung, the chaebol broke up into five distinct firms. Among the standout offshoots are Hyundai Motor Group, the third-largest carmaker in the world, and Hyundai Heavy Industries, the world’s largest shipbuilding company.

SK Group. The conglomerate, also known as SK Holdings, dates back to the early 1950s, when the Chey family acquired Sunkyong Textiles. Today, the chaebol oversees around eighty subsidiaries, which operate primarily in the energy, chemical, financial, shipping, insurance, and construction industries. It is best known for SK Telecom, the largest wireless carrier in South Korea, and its semiconductor company, SK Hynix, the world’s second-largest maker of memory chips.

LG. LG Corporation, which derives its name from the merger of Lucky with GoldStar, got its start in 1947 in the chemical and plastics industries. Since the 1960s, the company, under the direction of the Koo family, has heavily invested in the development of consumer electronics, telecommunications networks, and power generation, as well as its chemical business, which includes cosmetics and household goods. In 2005, LG split, spinning off a separate entity called GS, a chaebol whose core businesses are in energy, retail, sports, and construction.

Lotte. Shin Kyuk-ho founded Lotte Group in Tokyo in 1948 and brought the chewing gum company to South Korea in 1967. The conglomerate’s main businesses are concentrated in food products, discount and department stores, hotels, and theme parks and entertainment, as well as finance, construction, energy, and electronics. Lotte Confectionery is the third-largest gum manufacturer in the world. In 2017, the company opened the Lotte World Tower in Seoul, the tallest building in South Korea, with 123 stories.

How did chaebol emerge?

Many of South Korea’s chaebol date to the period of Japanese occupation before the end of World War II, modeling themselves after Japan’s powerful industrial and financial conglomerates, known as zaibatsu. As U.S. and international aid flowed into Seoul [PDF] following the Korean War (1950–1953), the government provided hundreds of millions of dollars in special loans and other financial support to chaebol as part of a concerted effort to rebuild the economy, especially critical industries, such as construction, chemicals, oil, and steel.

Park sought to build a South Korea that was self-reliant.

Scott A. Snyder, Council on Foreign Relations

These enterprises flourished under the leadership of General Park Chung-hee, who led a military coup in 1961 and then served as president from 1963 to 1979. As part of Park’s export-driven development strategy, his authoritarian government prioritized preferential loans to export businesses and insulated domestic industries from external competition. The practice was similar to that of the other Asian tigers, Hong Kong, Taiwan, and Singapore. “Park sought to build a South Korea that was self-reliant and not dependent on great powers for its security,” writes CFR’s Scott A. Snyder in his 2018 book, South Korea at the Crossroads.

Over time, the chaebol expanded into new industrial sectors and tapped into lucrative foreign markets, providing more fuel for South Korea’s engine. Exports grew from just 4 percent of GDP in 1961 to more than 40 percent by 2016, one of the highest rates globally. Over roughly the same period, the average income of South Koreans rose from $120 per year to more than $27,000 in today’s dollars. As South Korea lifted millions out of poverty, the parallel rise of chaebol embedded the conglomerates into the narrative of South Korea’s postwar rejuvenation.

Chaebol in the South Korean Economy

How did democratization and the 1997 financial crisis impact them?

South Korea’s democratic transition in the late 1980s had important but limited effects on the chaebol system. Democratization fostered the formation of strong labor unions, which fought for higher wages, better working conditions, and an unraveling of the close relationship between the government and chaebol. Reforms in the early 1990s introduced nominal improvements in economic governance and paved the way for South Korea to join the World Trade Organization and the Organization of Economic Cooperation and Development. However, throughout this period, the nexus between government and big business remained largely unchanged.

On the other hand, the 1997 Asian financial crisis, in which countries across the region were hit by plummeting currencies, debt crises, and recessions, tested South Korea’s chaebol-dominated economic model. In the lead-up to the crisis, South Korean banks lent aggressively to chaebol so they could expand into new sectors. Before and after the exchange rate crisis hit, fifteen of the top thirty conglomerates [PDF] were allowed to go bankrupt.

In December 1997, South Korea agreed to a more than $50 billion international bailout package, a record amount at the time. As a condition of the rescue, led by the International Monetary Fund, Seoul instituted reforms intended to weaken the chaebol system, including new corporate transparency measures and cuts to government subsidies. More broadly, the bailout required major economic adjustments: reducing government deficits, restructuring insolvent financial institutions, and liberalizing trade and foreign investment.

How close are chaebol to the government?

The South Korean government and the chaebol have long had a symbiotic relationship. Many leaders in Seoul have equated the success of the chaebol with South Korea’s postwar prosperity. “The large conglomerates and Korean economy cannot be separated from the politics and the culture and history,” says Rhyu Sang-young, a professor at Yonsei University in Seoul.

The large conglomerates and Korean economy cannot be separated from the politics and the culture and history.

Rhyu Sang-young, Yonsei University

Today, some politicians look to chaebol for financial support during campaigns and often tout chaebol economic successes as national ones. Meanwhile, the chaebol lobby for favorable legislation and public policy. Critics say the tight-knit relationship between Seoul and the chaebol has fostered a culture of corruption, in which embezzlement, bribery, and tax evasion have become the standard. “Asking for money from chaebol executives in return for political favors was considered quite normal until very recently,” Kang Won-taek, a professor at Seoul National University, told the Economist.

The cozy relationship between chaebol and government has increasingly roused the public’s ire. In recent decades, South Korea’s economic growth has dropped from near double digits to around 3 percent, while chaebol have gone global and moved many jobs overseas. Chaebol, once seen as instruments of growth, have become financiers for the government and “contributed more to Korean social inequality than to society,” says CFR’s Snyder.

Many top executives have been found guilty of corruption, including leaders from Samsung, Hyundai , Lotte, and SK. Despite their convictions, the businessmen rarely see the inside of a prison for long, if at all; many pay heavy fines instead, receive presidential pardons, or see their jail sentences suspended by the courts.

Public discontent with the chaebol reached a new peak in 2016–17 with the eruption of a massive influence-peddling scandal that led to the ouster of President Park Geun-hye. In April 2018, she was sentenced to twenty-four years in prison and fined almost $17 million for soliciting bribes from many of South Korea’s top chaebol. In a separate investigation, Park’s predecessor, Lee Myung-bak, was arrested in March 2018 on a slew of graft charges, for which he could receive a life sentence.

What are the ongoing challenges with chaebol?

Despite the scandals, chaebol have continued to stack their corporate boards with allies and place new generations of family in executive roles. While the boards generally adhere to international standards of transparency, analysts say that in practice chaebol families continue to dominate from the sidelines and have fostered a cult of personality that prioritizes loyalty. Practices such as cross-shareholding, in which families exert control over chaebol through a web of circular investments in various affiliates, persist.

Though the chaebol are responsible for the majority of the country’s investment in research and development, experts say they may also introduce challenges to the health of the Korean economy. Economists have warned that the behemoth conglomerates often use their monopolistic clout to squeeze small and medium enterprises (SMEs) out of the market, often copying their innovations rather than developing their own or buying out the SMEs. In this predatory environment, SMEs, which provide for most of the country’s employment, are unable to grow.

There is also a significant wage gap, as the average pay for workers at SMEs is only 63 percent of that at chaebol. South Korea faces growing income inequality levels [PDF] and limited job growth, with high youth unemployment rates.

Further, experts say that large-scale corruption, often associated with the chaebol, reduces economic competitiveness, diminishes social trust, leads to wasteful spending and poor decision-making, and sometimes necessitates large bailouts.

What’s the debate over reforming the chaebol system?

Many experts say the South Korean economy will require major corporate governance reforms to create sustainable growth and limit inequality.

The government, particularly under liberal administrations, has implemented some policies to change corporate management and ownership structures, increased transparency for management and financial reporting, and consolidated chaebol business ventures in core areas. However, analysts say reforms have so far only tackled low-hanging fruit. Chaebol remain dominant, with the top ten owning more than a quarter of all business assets in the country.

Elected in May 2017, President Moon Jae-in came into power with a mandate to sever the government-chaebol nexus and crack down on corruption. He has vowed to end the practice of pardoning convicted executives, raised the minimum wage, and modestly boosted the corporate tax rate from 22 to 25 percent. However, his ability to enact reforms is undermined by his party’s lack of a majority in parliament, where chaebol hold sway over many members.

Some economists have suggested other policy changes, including tougher antitrust laws, a ban on all cross-shareholding among subsidiaries, and greater voice to minority shareholders, to finally break the dominance of the chaebol. Yet many experts caution that changing the chaebol system’s deeply entrenched culture will not happen overnight.

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brassring2020 · 5 years

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AYA Analytica financial health memo March 2019

As of March 2019, this regular podcast is available on our Andy Yeh Alpha fintech network platform.

Congresswoman Alexandria Ocasio-Cortez proposes greater public debt finance with minimal tax increases for the Green New Deal. Congresswoman Alexandria Ocasio-Cortez proposes greater public debt finance with minimal tax increases for the Green New Deal. In accordance with the modern monetary theory, the central bank can print money to support greater government expenditures without tax increases as greater labor participation helps close the economic output gap. In reality, however, the modern monetary theory seems bizarre to many eminent economists such as Paul Krugman and Lawrence Summers. For the fiscal year 2019-2020, the Trump budget proposal would increase defense expenditures by 5% with 30% budget cuts to health care and environmental protection. For better border security and immigration, Trump asks for another $5 billion public finance to fulfill his campaign promise of a southern border wall.

The Trump $4.75 trillion budget plan has a slim chance of passing through the Democrat-majority House. All these fiscal details set the stage for another acrimonious battle between Trump and Congress. Alternatively, the Sargent-Wallace monetarist arithmetic analysis suggests that the government would have to tolerate higher inflation when the central bank raises seigniorage taxes on money supply growth to absorb any discrepancy between new budget deficit and public bond issuance. The subsequent Federal Reserve interest rate adjustments may thus inadvertently offset the positive economic effect of fiscal stimulus that the Trump administration proposes in the current budget deal.

OECD cuts the global economic growth forecast from 3.5% to 3.3% for the fiscal year 2019-2020. OECD cuts the global economic growth forecast from 3.5% to 3.3% for the fiscal year 2019-2020. The global economy suffers from economic protraction and uncertainty amid the recent Sino-U.S. trade and Brexit standoffs. OECD downgrades real GDP growth rates from 6.5% to 6% for China and from 1.5% to 1% for Europe. The Chinese Xi administration seeks to assuage U.S. concerns about the bilateral trade deficit, unfair technology transfer, and intellectual property protection. Meanwhile, the British May administration needs to delay Brexit to buy time for a plausible second referendum on whether the U.K. should leave the European trade bloc. These trade issues cloud macroeconomic momentum in Europe and East Asia. Several chief economists recommend the European and Asian central banks not to follow the Federal Reserve interest rate hikes too soon. To the extent that these non-U.S. central banks decelerate the global financial cycle with less hawkish monetary policy decisions, Europe and East Asia can insulate themselves from volatile exchange rates, stock market gyrations, and cross-border capital flows that might arise from the next Federal Reserve interest rate adjustments. The subsequent international interest rate hikes are likely to reflect recent upticks in consumer confidence, wage growth, and core inflation.

America seeks to advance the global energy dominance agenda by toppling Saudi Arabia as the top oil exporter by 2024. America seeks to advance the global energy dominance agenda by toppling Saudi Arabia as the top oil exporter by 2024. The International Energy Agency (IEA) now forecasts that U.S. crude oil exports will double to 9 million barrels per day by 2024. This U.S. crude oil production surpasses Russian shipments and may eventually overtake Saudi exports. The same IEA report shows that global oil demand can grow by 1.2 million barrels per day year-in-year-out through 2024. In recent times, U.S. State Secretary Mike Pompeo meets with top oil executives to help the Trump administration boost oil exports to Asia with draconian economic sanctions on Iran in the form of crude oil embargoes. This outreach represents a significant new effort to achieve American energy dominance that helps enhance the economic prospects of U.S. oil and natural gas. This effort wins success and support from China, Japan, and South Korea with more purchases of U.S. oil and gas units. In contrast to greater U.S. crude oil production, Saudi Arabia seeks to drain global supply glut to support higher oil prices by cutting oil exports to 7 million barrels per day while the Saudi oil output remains well below 10 million barrels per day.

Fed Chair Jerome Powell answers CBS News 60 Minutes questions about the recent U.S. economic outlook and interest rate cycle. Fed Chair Jerome Powell answers CBS News 60 Minutes questions about the recent U.S. economic outlook and interest rate cycle. Powell views the current U.S. economic outlook as a favorable one. The federal funds rate hits the neutral threshold where the U.S. economy operates near full employment with low inflation. Powell reiterates the *patient* approach to further raising the interest rate as the U.S. economy grows at a moderate pace. Although about 7 million Americans fall behind their auto loan payments and retail sales decline at the highest pace in the post-crisis period, Powell remains positive about U.S. economic growth in 2019-2020. As the U.S. real GDP growth rate increases above 3%, there are healthy upticks in both consumer confidence and wage growth. In light of the recent Sino-U.S. trade and Brexit negotiations, Powell considers the biggest macro risk to be a probable economic output slowdown in China and Europe. Powell considers the U.S. financial system to be more resilient with high capital buffers that help absorb extreme losses in rare times of severe financial stress. The Federal Reserve is independent in the generic sense that the monetary authority needs to execute monetary policy decisions in a strictly non-political way.

Senator Elizabeth Warren proposes breaking up tech titans such as Facebook, Apple, Microsoft, Google, and Amazon (FAMGA). Senator Elizabeth Warren proposes breaking up tech titans such as Facebook, Apple, Microsoft, Google, and Amazon (FAMGA). These tech titans have become too dominant and so tend to leverage their market power to squelch competition to the detriment of consumers. In addition to bulldozing free market competition, these tech titans use private user information for profits, tilt the playing field against small-to-medium enterprises, and thus stifle R&D innovation as their M&A deals encapsulate niche competitors. For better scale economies and network effects, several strategic M&A examples include the recent acquisitions of Instagram, Whatsapp, and Oculus (by Facebook), DoubleClick, Waze, and Nest (by Google), Whole Foods and Zappos (by Amazon), and Shazam, Texture, InVisage, Regaind, and Lattice Data (by Apple). Warren further proposes to bar these top platform orchestrators (FAMGA) from sharing private user data with third parties. Under the Warren proposal, small tech startups would have a fair shot to sell their products on Amazon without the fear of facing fierce competition from Amazon and its affiliates; Google could not smother competitors by demoting their products and services on the Internet search engine; and Facebook would face real pressure from Instagram and WhatsApp to improve the user experience with better privacy protection.

U.S. tech titans now increasingly recruit PhD economists to help solve business problems. U.S. tech titans now increasingly recruit PhD economists to help solve business problems. These tech titans include Facebook, Amazon, Microsoft, Google, Apple, Netflix, and Twitter (FAMGANT). PhD economists exhibit at least 2 critical knowledge-intensive skills that can contribute to effective business solutions. First, many economists can apply effective empirical methods and quantitative tools to ferret out causal relations in business data. Second, PhD economists can understand the useful design of both effective incentives and market mechanisms for better business optimization. In practice, these economists help demystify many empirical puzzles in the tech sector. For instance, some economists empirically find that Uber Express Pool may inadvertently draw in active users from other Uber products without growing the full Uber user base. Also, several other economists show that eBay tends to syphon off people who would have come through organic search when the online auction website advertises on Google. Moreover, some recent economic research demonstrates that many African-American Airbnb users experience rampant racial discrimination. If tech platforms involve matching users or businesses, market design economists can likely help guide these decisions. Modern examples of disruptive platform design include Amazon, Airbnb, Tinder, and TripAdvisor etc. If scale economies are important for the business, major mergers, acquisitions, and exclusive deals may dramatically alter the strategic industry structure and market environment. For instance, Apple and Alphabet are the dominant duo in the iOS-Android market for mobile devices; Microsoft remains a primary software market player with its Office Suite and Windows operating system; Intel and Qualcomm specialize and dominate in the tech-savvy market for microchips; Google acquires 90% of U.S. online search traffic; Facebook extracts hefty profits in social media advertisements; and Netflix retains key niches in the lucrative business of high-speed original video content distribution. If tech companies need to analyze large-scale user data to make better business decisions, econometricians can apply logistic regressions, panel estimation methods, and time-series models etc to derive informative business insights into user behaviors, product reviews, and customer interests and preferences. Smart tech data analyzers include Amazon, Apple, Facebook, Twitter, eBay, PayPal, and IBM etc. In stark contrast to doctors, engineers, and lawyers who may focus on specific mechanical details and techniques, most economists focus on the bigger picture when they implement empirical methods to solve practical business problems. On balance, most economists can see both the trees and the forest in critical business decisions when push comes to shove.

U.S. trade envoy Robert Lighthizer recommends America to require regular touchpoints to ensure Sino-U.S. trade deal enforcement. U.S. trade envoy Robert Lighthizer recommends America to require regular touchpoints to ensure Sino-U.S. trade deal enforcement. America has to maintain the threat of tit-for-tat tariffs on Chinese goods for many years even though the Trump administration seeks to strike a new agreement with China to end the prohibitively costly Sino-U.S. trade war. U.S. trade negotiators and lawmakers need to monitor-and-enforce Chinese compliance with the new trade rules. The Trump administration aims to eradicate the $350 billion bilateral U.S. trade deficit. In response, the Chinese Xi administration offers to buy $1.2 trillion U.S. goods and services over the next 6 years. Also, the Trump team plans to deter the Chinese government from forcing U.S. tech companies to involuntarily transfer trade secrets, tech advances, and other major intellectual properties such as patents, trademarks, and copyrights. On balance, tariffs remain an important tool for the Trump administration to push China to initiate structural trade policy changes in light of the specific perennial enforcement issue. Due to few major surprises, most U.S. stock market indices such as S&P 500, Dow Jones, and Nasdaq remain steady after the congressional testimonies by U.S. trade envoy Robert Lighthizer and Federal Reserve chairman Jerome Powell.

CNBC stock host Jim Cramer recommends Caterpillar and Home Depot as the current U.S. bull market is likely to continue in light of the recent Fed Chair comments. CNBC stock host Jim Cramer recommends Caterpillar and Home Depot as the current U.S. bull market is likely to continue in light of the recent Fed Chair comments. Fed Chair Jerome Powell reaffirms a patient approach to U.S. interest rate adjustments. In his biennial congressional testimony, Powell suggests that there are both economic crosscurrents and headwinds in the U.S. economy. Although the U.S. economic outlook remains solid, these crosscurrents and headwinds (such as the Sino-American trade and Brexit negotiations) may conflict with the Federal Reserve dual mandate of maximum employment and price stability. Economic policy uncertainty revolves around optimal Treasury debt positions, U.S. government budget decisions, and near-term political considerations. Specifically, Powell reiterates the Federal Reserve plan for balance sheet shrinkage with at least $1 trillion bank reserves through the U.S. real business cycle. In response, CNBC stock host Jim Cramer recommends well-known stocks such as Caterpillar and Home Depot in light of the patient Federal Reserve monetary policy stance. These stocks tend to lose hefty market valuation over the Christmas season. As the Federal Reserve switches from a hawkish monetary policy stance to a dovish one, the current U.S. bull market can elevate asset prices in stocks, bonds, and real estate properties.

Uber seeks an IPO in close competition with its rideshare rival Lyft and other tech firms such as Slack, Pinterest, and Palantir. Uber seeks an IPO in close competition with its rideshare rival Lyft and other tech firms such as Slack, Pinterest, and Palantir. Uber expects to complete one of the largest tech IPOs with $120 billion firm valuation in April 2019. Both Uber and its rideshare rival Lyft announce their recent S-1 confidential paperwork as of December 2018. With $50 billion taxi reservations and $11 billion net revenue, Uber runs a rideshare user network that is more diverse than the Lyft counterpart. As a global tech-savvy transportation company, Uber now operates in more than 70 countries with probable stock market valuation as high as $120 billion (well above its current $76 billion private market valuation). As a smaller rideshare tech firm, Lyft seeks stock market valuation of $20 billion to $25 billion (well above its current private market valuation of $15 billion). With these astronomical stock market figures, both companies can handle their net losses below $1 billion per annum. SoftBank Vision Fund and Toyota Motor Corp are now part of a consortium of investors that invest $1 billion in the Uber autonomous car unit. The current IPO proposal serves as a major strategic move for Uber to garner greater capital.

Lyft seeks to go public with a dual-class stock ownership structure that allows the co-founders to retain significant influence over the rideshare tech unicorn. Lyft seeks to go public with a dual-class stock ownership structure that allows the co-founders to retain significant influence over the rideshare tech unicorn. Within this dual-class structure, Class A shares follow the one-share-one-vote rule for new investors, whereas, Class B shares empower the co-founders John Zimmer and Logan Green and their executive managers to have 20 votes per share. The co-founders and their executive team may end up owning well more than 27% of equity stakes with near-majority control. The dual-class structure has become prevalent among U.S. public companies such as CBS, Comcast, Facebook, Ford, Google, News Corp, Nike, Snap, and Viacom etc. The co-founders retain significant influence over most matters that require shareholder approval, such as director elections and significant corporate transactions from M&A deals and capital investment projects to R&D expenditures and other asset sales. Harvard law professor Lucian Bebchuk criticizes the dual-class stock ownership structure. The probable costs of a lifetime lock on control tend to be especially large when the co-founders are young at the time of the IPO. The costs of inferior leadership can substantially rise when the co-founders fail to address dynamic changes in the business environment. This concern further aggravates when the dual-class structure enables a transfer of founder control to an heir who might be unfit to lead the company. Many dual-class structures allow controllers to substantially reduce their fraction of equity capital over time without relinquishing control, and controllers often do so to diversify their stock portfolios to fund other investment projects. When the wedge between the interests of controllers and public investors grows over time, the agency costs of a dual-class structure are likely to increase. Corporate controllers with a small fraction of equity capital have perverse incentives to retain an inefficient dual-class structure. The reason is that these controllers would capture only a fraction of efficiency gains (which would be shared by all shareholders), but would fully bear the costs of forgoing the private benefits of control that arise from the dual-class structure. Bebchuk proposes a sunset provision that stipulates the eventual expiration of dual-class structures after a specific period of time such as 10 years or 15 years. This proposal empowers founders to retain their lock on corporate control with minimal short-term market pressure in the early-IPO stage of their entrepreneurial efforts; whereas, the dual-class stock ownership structure should eventually converge toward the more efficient first-class structure.

Pinterest files a $12 billion IPO due in mid-2019. Pinterest files a $12 billion IPO due in mid-2019. This tech unicorn allows users to pin-and-browse images through its social media app and website. Pinterest seeks stock market valuation of at least $12 billion that would match the current valuation of Snap Inc, which owns another photo-centric social media app Snapchat. Pinterest differentiates itself from Facebook, Instagram, Twitter, and Snapchat etc because this new tech unicorn empowers active users to pin their recent real-life photos that hyperlink to external websites. For instance, a Pinterest user can pin her photo of a recent restaurant meal that links to an external website where others can find the recipe for the same meal. In contrast, most other social media apps and websites prefer to retain active users within their respective digital platform ecosystems. Pinterest has grown its user base to 250 million active users per month as of February 2019; whereas, Facebook keeps 2 billion active users, Instagram has 1 billion, Twitter has about 320 million, and Snapchat has almost 300 million as of early-2019. As Pinterest moves fast to disrupt the image search space via a $12 billion IPO, several other rideshare rivals Lyft and Uber seek opportunities to go public too.

A physicist derives a mathematical formula that success equates the product of both personal quality and the potential value of a given subject matter. A physicist derives a mathematical formula that success equates the product of both personal quality and the potential value of a given subject matter. As a Northeastern University expert on network theory, Albert-Laszlo Barabasi comes up with this simple and ingenious formula when he learns the transformative life stories of numerous people who achieved late-in-life successes. For instance, a U.S. analytical chemistry professor, John Fenn, conducted his revolutionary research on electrospray ionization at the age of 67 (which contributed to the quick mass measurement of viruses and ribosomes with incredible accuracy) and then received the Nobel Prize in Chemistry for this major contribution at the age of 85. Also, English actor and director Alan Rickman had his first movie role at 46; Julia Child brought French cuisine to the American public in her first TV show at 50; Yitang Zhang derived a revolutionary mathematical proof in his first journal publication and later earned full professorship with several special achievement awards at 57; and Nelson Mandela emerged after 27 years in jail and then became the President of South Africa at 76. The Barabasi success formula is S=Q*r where S denotes the success of a new deal, or the impact of a major discovery, which equates the product of the Q-factor (innate talent) and the value of a random idea r.

A highly creative and smart person may encounter some ordinary random idea, and this combination leads to a mediocre outcome. Conversely, an average person may come across a great idea, and this combination still leads to a mediocre result. Then there are perfect-storm instances where the idea and its creator both shine. When the Q-factor and the value of a new idea are both high, they enhance each other and result in a major breakthrough. A classic example is the revolutionary Apple iPhone that integrates the flash of genius in Steve Jobs, an Internet-connective telephone, a music player, and a digital camera into one mobile device. What illuminates the Barabasi success formula is the realization that if a person has an insufficiently high Q-factor in one vocation, he or she might want to consider switching to a different field where it is attainable to get an exceptionally high Q-factor. Amazon founder and chairman Jeff Bezos had considered becoming a physicist when he studied at Princeton, and later he realized that this ambition was too remote; as a result, he became an investment banker early in his career and then founded Amazon as an e-commerce startup, and the rest was history. Overall, these life lessons suggest that one should combine his or her high Q-factor with a healthy quantity of good ideas before the next eureka moment.

We may need to reconsider the new rules of personal finance. We may need to reconsider the new rules of personal finance. First, renting a home can be a smart money move, whereas, buying a home cannot always be a good investment. It can be reasonable to rent a home without opportunity costs such as down payments, maintenance fees, property taxes, interest expenses, and insurance premiums etc. Investing these opportunity costs in stocks and bonds may yield better long-term returns. Second, money is an important resource for long-term investment, and time is another key element of successful wealth accumulation. It takes time for compound interest to exponentially grow at the 6%-11% stock market annual rate of return. Third, it would be wiser to invest retirement finance in some stock market index to earn the average equity premium around 5%-9% in recent times. With longer lifespans and lower bond returns, stock market investors can reap higher rewards. Fourth, it is important to demystify the conventional wisdom that student loans are good debt because education pays handsomely in the form of higher future wages. However, only postgraduate degrees provide the higher *incremental* wage boost than college degrees. We should consider these new rules of personal finance during the recent Trump stock market rally.

Tech companies seek to serve as quasi-financial intermediaries. Tech companies seek to serve as quasi-financial intermediaries. Many retail traders can now list items for sale on eBay and then acquire these items economically on Amazon for direct shipments when busy buyers place orders on eBay. These retail traders serve as information arbitrageurs and clip spreads between the divergent prices on Amazon and eBay. This information arbitrage occurs often enough to be a viable business. In a practical sense, this information arbitrage proves to be a valuable service at a market price. Time is finite and human attention is precious such that this intermediary service often turns out to be worthwhile for better immediacy and convenience. In a similar vein, the online search website for real estate, Zillow Group, now attempts to serve as a quasi-financial intermediary for home purchases and mortgage loans. Zillow brings back its co-founder and former CEO Rich Barton to lead this ambitious transformation. Zillow transforms how Americans buy and sell their real estate properties as the tech platform uses both big data analysis and artificial intelligence to change how these residential owners and investors shop for homes with mouse clicks and satellite maps. Busy buyers pay for immediacy and convenience when they shop for homes on Zillow. In addition to Amazon-eBay retail arbitrage and Zillow real estate, Apple and Goldman Sachs enter into a strategic alliance to expand the joint credit card business. Apple pairs the new credit card with key iPhone features such as Face ID to better serve its active users. This credit card piggybacks on the Mastercard network and offers 2% cash rewards for the vast majority of U.S. online purchases. Beyond cash bonuses, Apple and Goldman Sachs hope to leverage the Wallet app for tracking account balances and rewards for better personal finance management. Like Goldman Sachs, big banks shift operational focus from their prior reliance on capital-intensive risk businesses to tech platforms for their tech-savvy clients. In light of financial distress and post-crisis regulation, these banks prefer to build online platforms for their institutional clients to trade bonds, funds, and other complex securities. The banks accumulate fees and commissions when these transactions take place for the mutual benefits of both banks and institutional investors themselves. This fresh logic explains why Apple and Goldman Sachs work together to strengthen their credit card business. Nowadays Amazon-eBay arbitrageurs and tech titans such as Apple and Zillow seek to serve as quasi-financial intermediaries.

Global economic uncertainty lurks in an even thicker layer of mystery. Global economic uncertainty lurks in an even thicker layer of mystery. This uncertainty arises from Sino-U.S. trade tension, Brexit fallout, monetary policy normalization, and financial fragility due to U.S. interest rate and greenback appreciation. As the Trump administration makes positive progress on Sino-U.S. trade negotiations, most economic pundits and experts expect U.S. monetary policy normalization to continue in 2019-2020 as financial asset returns and factor premiums reflect structural changes in the interest rate and dollar valuation. Also, the U.K. parliament may initiate a major delay or a second referendum on Brexit. At the turn of the new century, big data analysis, cloud computation, artificial intelligence, and robotic automation displace many workers and so irrevocably alter the tech structure of employment. Globalization is another powerful force. The free movement of goods, services, and people transforms economic integration and global value creation. This economic trend intensifies competition in the labor market, and the middle class faces higher wage growth, price inflation, human capital depreciation, and unemployment in OECD countries. In the financial sector, deregulation and capital account liberalization boost international capital flows well above trade. Post-crisis fintech advances such as crowd funds, peer-to-peer loans, and shadow banks shed skeptical light on the role of financial intermediaries in the monetary transmission mechanism. As a result, many central banks encounter real wage stagnation, deterioration in both income and wealth distribution, and a major slowdown in productivity growth. E-commerce tech titans such as Amazon and Alibaba now induce frequent, accurate, and competitive retail price adjustments. These faster price adjustments effectively flatten the Phillips curve or the inexorable and mysterious trade-off between inflation and unemployment. This macroeconomic transformation coincides with the new cycle of U.S. interest rate hikes. Through cross-border capital flows and exchange rate gyrations, U.S. monetary policy changes and trade imbalances can create global financial cycles that radically distort credit conditions in European and Asian economies. Central banks now need to adopt a cautious, gradual, and data-driven monetary policy approach for sound risk management in light of substantial macro uncertainty. Also, central banks need to monitor a wide variety of macroprudential indicators such as asset prices, risk premiums, credit supply shocks, and other financial imbalances. To the extent that both global capital flows and external supply-side shocks aggravate exchange rate volatility, central banks need to preserve greater price flexibility and monetary autonomy. When push comes to shove, the law of inadvertent consequences counsels caution.

AYA finbuzz podcast March 2019

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party-hard-or-die · 6 years

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Ant Financial raises $14 billion in world

SHANGHAI/BEIJING (Reuters) – Ant Financial Services Group, operator of China’s biggest online payment platform, on Friday said it raised around $14 billion in what market watchers called the biggest-ever single fundraising globally by a private company.

FILE PHOTO: The logo of Ant Financial Services Group, Alibaba’s financial affiliate, is pictured at its headquarters in Hangzhou, Zhejiang province, China January 24, 2018. Picture taken January 24, 2018. REUTERS/Shu Zhang

The cash will boost Ant’s firepower ahead of a widely expected initial public offering (IPO) in Hong Kong and mainland China as early as next year – though the company has neither publicly set a timetable nor chosen a likely stock exchange.

The exercise amounted to the largest confirmed single fundraising round in history, according to data provider Crunchbase.

Ant Financial, spun off from Alibaba Group Holding Ltd before the e-commerce firm’s 2014 listing, has played a major role in shaping China’s financial technology landscape. It oversees the largest mobile payment app in what is increasingly becoming a cash-less society.

In a statement, Ant said the funding included both U.S. dollar and Chinese yuan tranches. The dollar share made up over $10 billion, said people with knowledge of the matter.

Ant listed Singaporean sovereign wealth fund (SWF) GIC Pte Ltd [GIC.UL] and state investor Temasek Holdings (Private) Ltd [TEM.UL] as well as U.S. private equity firm Warburg Pincus LLC [WP.UL] as participants in the dollar tranche.

Other global investors included Malaysian SWF Khazanah Nasional Bhd [KHAZA.UL], Canada Pension Plan Investment Board and U.S. private equity firms Silver Lake and General Atlantic, it said.

Ant did not release details of its valuation following the funding round. Reuters reported earlier that Ant was likely to be valued at around $150 billion, making it one of the world’s most valuable financial firms.

“It’s the most uniquely positioned TechFin company in the world,” said Ben Zhou, a managing director of Warburg Pincus, who led the firm’s investment in Ant.

Participants in the yuan tranche were mainly existing shareholders, Ant said. Among them was China-focused private equity firm Boyu Capital, which invested in both the yuan and dollar tranches, said two of the people with knowledge of the matter, who declined to be identified as details were private.

Ant declined to comment on specific investors beyond those disclosed in its statement. Boyu did not immediately respond to requests for comment.

Ant, in its statement, said it would use the funds to speed up globalization plans for its Alipay payment platform and to invest in developing financial technology.

Figures seen by Reuters showed that in five years, Ant expects 65 percent of revenue to come from business-oriented financial technology including assisting banks and other institutions as well as providing fraud prevention services.

The emphasis on business comes as Ant shifts focus away from consumer finance in China amid increased regulatory scrutiny of financial risk.

Nevertheless, it aims to reach 2 billion consumers globally with its payments network in coming years, backed by investments and strategic partnerships with Southeast Asian payment firms as well as tie-ups in South Korea, Japan and India.

“Now, with the help of our partners, we are going to accelerate our strategy,” said Ant Chief Executive Eric Jing.

Aside from payments, Ant also offers consumer finance products including credit services, wealth management products and micro-loans.

Deutsche Bank, Citigroup, China International Capital Corp, CITIC Securities, JPMorgan and Morgan Stanley acted as financial advisors to Ant.

Reporting by Adam Jourdan in SHANGHAI, Cate Cadell in BEIJNG, and Julie Zhu and Kane Wu in HONG KONG; Editing by Miral Fahmy and Christopher Cushing

The post Ant Financial raises $14 billion in world appeared first on World The News.

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newestbalance · 6 years