5 billion pound sewer

- A + A TOKYO (May 17): Japan's cabinet has approved a ¥2.7 trillion (US$21 billion) additional budget to help households and firms hit by higher prices, as the government looks to shore up support ahead of a key summer election. The budget is part of a package of measures announced by Prime Minister Fumio Kishida last month that aims to ease the impact of inflation, particularly from rising energy costs amplified by the slide in the yen to two-decade lows. The additional spending comes the day before the government announces growth figures for the first quarter that are expected to show Japan's recovery stalling. Analysts estimate the economy contracted at an annualised pace of 1.8% as consumer spending was battered by the Omicron wave and the renewed activity restrictions that it triggered. With the measures, Kishida is showing his willingness to act promptly to address rising discontent over soaring energy and food prices while demonstrating his desire to … [Read more...] about Japan approves US$21 billion extra budget to ease price pain

- A + A NEW YORK/FRANKFURT (May 17): A unit of Allianz SE agreed to plead guilty to fraud and pay US$5.8 billion in fines and restitution after a relatively low-risk group of investment funds collapsed in the wake of pandemic market gyrations. Allianz Global Investors (AGI), a New York investment adviser wholly owned by the German insurance giant, will plead guilty to a single count of securities fraud and will pay, along with its parent company, more than US$5 billion to victims. The total payout, including a US$1 billion fine to the US Securities and Exchange Commission (SEC), is covered by provisions the company has already taken, it said. Gregoire Tournant, a former executive with the firm, was taken into custody on Tuesday and charged separately for his role in the alleged scheme to defraud investors, Manhattan US Attorney Damian Williams said in a statement. Tournant, the former chief investment officer and co-lead portfolio manager of the Structured Alpha … [Read more...] about Allianz unit to plead guilty, pay billions over hedge fund loss

Source: AFP Japan’s SoftBank Group on May 12 reported a net loss of 1.7 trillion yen ($13 billion) for the fiscal year ended March 31 2022, as the Japanese conglomerate’s listed portfolio companies were hit hard by falling tech valuations across the globe with investors pricing in interest rate hikes and China tightening regulations on the industry. According to Reuters estimates, SoftBank’s Vision Fund investment unit posted a record loss of over 2.97 trillion yen for the Jan-Mar quarter hitting the Japanese investment conglomerate’s profits for the year. The Masayoshi Son-led investment firm had reported a net profit of 4.99 trillion yen ($38 billion) for the previous fiscal year, with the Vision Fund unit clocking a profit of about 4.03 trillion yen. Shares of South Korea’s Coupang Inc and China’s Didi Global, two of SoftBank’s biggest portfolio companies, have plummeted in the Jan-Mar quarter, dragging the Japanese investment conglomerate into losses for the year. … [Read more...] about SoftBank posts $13 billion loss for FY22 as tech shares plunge across the globe

- A + A (May 18): The Walton family fortune tumbled almost US$19 billion on Tuesday after Walmart Inc. slashed its profit outlook. Walmart, controlled by the family, fell 11% in New York trading after the Bentonville, Arkansas-based company reported earnings that lagged analysts’ estimates. Soaring inflation heaped pressure on the retailing giant’s profit margins in the first quarter, testing the company’s appetite to raise prices. The family’s late patriarch, Sam Walton, centered the business around a discount ethos that has in the past helped buoy its stock during recessionary times. Walton’s three surviving children, Alice, Jim and Rob, daughter-in-law Christy and Christy’s son, Lukas, own just under half the retailer, giving them a combined net worth of about US$212 billion, according to the Bloomberg Billionaires Index. The family, which owns its stake through various trusts, has stepped up its stock sales in recent years. They unloaded US$6.2 billion in … [Read more...] about World’s richest family loses US$19 billion in Walmart wipeout

The bottom fell out from one of crypto’s fastest growing blockchains, LUNA, which promised to succeed where bitcoin failed. Its predictable collapse reverberated across the entire crypto market and is forcing investors to pick up the pieces. C rypto’s history has been defined by five resets. The first came in 2014 when what was basically the only bitcoin exchange in the world, Mt. Gox, imploded following a nearly half-billion-dollar hack. The second, in 2016, was The DAO hack, when an attacker tricked a smart contract into giving away $60 million worth of ethereum, worth $8 billion today. The third, in January 2018, occurred when the ICO bubble popped, starting a year-long decline wiping out 60% of the crypto market or more than $700 million mostly in the form of worthless junk tokens. The fourth took place in March 2020 when crypto lost 40% of its value along with most other global financial markets. Each reset not only led to price-market capitalization increases, they … [Read more...] about Crypto’s Great Reset: How Digital Asset Investors Will Recover From The Market’s $1 Trillion Meltdown

Major Moves The majority of the stocks in the S&P 500 lost ground today as traders attempted to quantify and make adjustments for the uncertain risk they face with the Trump administration's tariff deadline looming at 12:01 a.m. Friday morning. The risk is uncertain because nobody knows if the Trump administration is going to go through with tariff increase. The U.S. Trade Representative's (USTR) office filed paperwork on Wednesday to raise tariffs on $200 billion of Chinese goods from 10% to 25%, but that doesn't mean the administration has to pull the trigger. However, the S&P 500 component that lost the most ground today didn't drop because of uncertain tariff risks. It fell because it faces easily quantifiable risks – 38 billion of them to be precise. Until today, Occidental Petroleum Corporation ( OXY ) had been in a bidding war with Chevron Corporation ( CVX ) for Anadarko Petroleum Corporation ( APC ). Chevron originally bid $33 billion for Anadarko, … [Read more...] about Occidental Petroleum Stock Plunges, but S&P 500 Rallies Into Close

The Biden administration, which wants everyone in the U.S. to have affordable access to high-speed internet by 2029, announced May 13, 2022, a $45 billion 'Internet for All (IFA)' initiative to pay for it. According to the U.S. Commerce Department, the initiative will provide "affordable, reliable, high-speed internet for everyone in America by the end of the decade." Administration and implementation of the program will be the responsibility of the U.S. Department of Commerce’s National Telecommunications and Information Administration (NTIA). The announcement about the IFA initiative came on the heels of news May 9, 2022, that the Biden administration had partnered with 20 broadband providers, including AT&T and Verizon, to improve their subsidized high-speed internet plans made available to low-income Americans through the Affordable Connectivity Program. Key Takeaways 'Internet for All (IFA)' is a $45 billion initiative to provide affordable high-speed broadband … [Read more...] about Biden’s New Plan To Expand Broadband Access

- A + A KUALA LUMPUR (May 17): Petronas Chemicals Group Bhd (PetChem) is acquiring the entire equity interest in leading specialty chemicals group Perstorp Holding AB from Financière Forêt SARL for a base purchase of €1.538 billion (approximately RM7.018 billion) cash. The acquisition marks the creation of a significant specialty chemicals portfolio, while enhancing its overall earnings, said PetChem, which together with its wholly-owned unit Petronas Chemicals International BV (PCIBV), had entered into a conditional securities purchase agreement with the seller for the proposed acquisition. The Perstorp group currently derives more than 80% of its revenue from the 18 preferred chemical segments identified by PetChem, including surfactants, specialty polymers, specialty films, plastic additives, coatings, preservatives and biocides, and pre/pro biotics. Perstorp has also developed a number of solutions such as the game-changing production of sustainable methanol … [Read more...] about PetChem buys Swedish specialty chemicals group Perstorp for €1.5b

(Photo credit: Sea Ltd) - A + A (May 17): Singapore’s Sea Ltd posted a wider quarterly loss as its revenue growth slowed, underscoring how online gaming and shopping are retreating from pandemic-era heights. Its net loss in the first three months widened to US$579.8 million from US$422.7 million a year earlier, according to a statement on Tuesday. Total revenue climbed 64% to US$2.9 billion, the slowest pace of growth in more than four years. Sea revised its full-year outlook for e-commerce sales, its main source of revenue, to US$8.5 billion to US$9.1 billion from its previous guidance of US$8.9 billion to US$9.1 billion. The company said in March that it expects its gaming arm Garena to post US$2.9 billion to US$3.1 billion in bookings in 2022, set to be its first decline ever. The results showcase how consumers emerging from prolonged lockdowns are cutting back on online entertainment and purchases, especially with the war in Ukraine and rising interest … [Read more...] about Sea quarterly loss widens after consumers cool online spending

- A + A BEIJING (May 17): China's general fiscal revenue plunged 41% in April as the government gave money back to taxpayers to help businesses weather the impact of Covid-19 curbs that have weighed on the economy. Government income from taxes and fees totalled 1.23 trillion yuan (US$182 billion) in April, according to a Bloomberg calculation using official data, which was released on Tuesday but did not break out the monthly figure from the year-to-date total. Income for the first four months of the year was 7.43 trillion yuan, down 4.8% from the same period last year, the Ministry of Finance said in a statement. Revenue for this period would have increased 5% from a year earlier had it not been for the tax rebates, the ministry said. In early March the government said it would provide tax relief this year worth about 2.5 trillion yuan, including 1.5 trillion yuan in rebates. That amount — more than double that of 2021 — was announced as the government sought … [Read more...] about China’s revenue slumps 41% on tax cuts to counter Covid-19 pains