We need to find a fairer way of providing Goods and Services to the rest of the people on Earth.Cryptocurrencies and/or Gold Standard of money....maybe the answer to fight hyperinflation caused by too much printing of paper/fiat currencies by Governments and Central Banks all over the World. (https://nomorefiatmoneyplease.blogspot.com)
[NEW YORK] US stocks opened lower as oil prices resumed their fall due to concerns of weak demand and increasing supply.
The Dow Jones industrial average was down 150.43 points, or 0.91 per cent, at 16,298.75, the S&P 500 was down 14.18 points, or 0.73 per cent, at 1,925.2 and the Nasdaq composite was down 33.21 points, or 0.72 per cent, at 4,587.16.
China: Stocks surge as central bank boosts liquidity
Chinese stocks rallied on Tuesday after the country's central bank pumped billions of dollars into the financial system to boost liquidity ahead of the week-long Lunar New Year holiday.
PHOTO: REUTERS
[HONG KONG] Chinese stocks rallied on Tuesday after the country's central bank pumped billions of dollars into the financial system to boost liquidity ahead of the week-long Lunar New Year holiday.
The benchmark Shanghai Composite Index jumped 2.26 per cent, or 60.72 points, to 2,749.57 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, surged 3.42 per cent, or 57.18 points, to 1,729.09 on turnover of 244.3 billion yuan.
But the Hang Seng Index in Hong Kong fell 0.76 per cent, or 148.66 points, to close at 19,446.84.
BlackRock Inc's Larry Fink wants chief executives of top US companies to focus on creating long-term value instead of emphasizing quarterly targets.
PHOTO: BLOOMBERG
[NEW YORK] BlackRock Inc's Larry Fink wants chief executives of top US companies to focus on creating long-term value instead of emphasizing quarterly targets.
Fink, who heads the world's largest investment management firm, said companies should still report quarterly results and"long-termism" should not be a substitute for transparency. "But CEOs should be more focused in these reports on demonstrating progress against their strategic plans than a one-penny deviation from their EPS targets or analyst consensus estimates," Fink wrote in a letter to CEOs obtained by Reuters.
BlackRock, which has US$4.65 trillion in assets under management, has voted with activist investors, pushing for long-term value creation 39 per cent of the time in the 18 largest US proxy contests in 2015 by market value, Fink said.
He also asked companies to involve board members in reviewing long-term plans and "explicitly affirm" to shareholders that their boards have reviewed their strategic plans. "This review should be a rigorous process that provides the board the necessary context and allows for a robust debate. Boards have an obligation to review, understand, discuss and challenge a company's strategy," he wrote.
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Fink also suggested that companies focus on environmental and social factors affecting them. "For too long, companies have not considered them core to their business - even when the world's political leaders are increasingly focused on them, as demonstrated by the Paris Climate Accord," he wrote.
BlackRock's corporate governance team will look for the suggested changes and a board review while engaging with companies, Fink wrote.
Julius Baer CEO sees chance for Asian deals as rivals shrink
Julius Baer Group Ltd Chief Executive Officer Boris Collardi sees a chance to profit in Asia from businesses his competitors are willing to sell.
PHOTO: REUTERS
[GENEVA] Julius Baer Group Ltd Chief Executive Officer Boris Collardi sees a chance to profit in Asia from businesses his competitors are willing to sell.
Under-performing universal banks may sell wealth-management units as they shrink the number of markets in which they operate, he said in an interview on Monday. The move by Barclays Plc to sell its Asia wealth business is a "template for what's to come," he said.
"They have decided to get rid of their Asian wealth management business and I think we're going to see more of that happening," Collardi said. "You're going to see more portfolios being sold from large banks." Julius Baer hasn't decided whether to bid for the Barclays unit, a spokesman said. Barclays declined to comment.
Julius Baer, established in Zurich in 1890, is also trying to piggyback firms with connections to affluent Chinese, expecting private wealth in the country to increase to more than US$8 trillion by 2020, according to the company's research. Collardi, who is looking to invest in firms including Internet- only financial product and service distributors, said the roiling of the country's stock market has yet to make valuations of technology companies in China compelling.
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"There are still some successful firms trading at much too high price-earnings for our liking, especially when they are more technology-based, so we would be a bit more prudent on that," Collardi said in an interview on Monday. "Some companies you just don't want to touch because they haven't yet got to the stage of maturity where you can feel comfortable with them."
Julius Baer acquired a 5 per cent stake in Jupai Holdings Ltd. in December, sharing a private placement in the Shanghai- based financial firm with Chinese Internet company SINA Corp. The firm has previously said it has earmarked US$100 million for deals in China.
