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Share to Twitter Share to Linkedin Topline Mortgage rates tumbled last week to their lowest level in over a month, according to data released Wednesday morning by the Mortgage Bankers Association, as waning confidence in the U.S. banking system provides a reprieve to home buyers. Key Facts The average 30-year fixed mortgage rate slipped from 6.71% to 6.48% last week, falling to its lowest level since mid-February and its largest percentage decline since November. Mortgage applications rose 3% last week, according to the survey, as buyers take advantage of rapidly declining home prices. That followed a wild stretch for the banking sector – headlined by the failures of Silicon Valley Bank and Signature Bank, the nation’s second and third-biggest such failures ever – causing investors to pack into safer assets such as government bonds. Yields for 10-year U.S. Treasury notes sank 70 basis points to 3.4% in the two-week period … [Read more...] about Housing Market: Mortgage Rates Sink To 5-Week Low Amid Bank Havoc

Share to Twitter Share to Linkedin China Evergrande Group has unveiled its plan to restructure about $19 billion of offshore debt, buying more time for its billionaire founder Hui Ka Yan to resume operations and generate much-needed cash. But analysts say the plan lacks details and offers less-than-favorable terms for creditors. Holders of offshore debt in the Hong Kong-listed company are to receive a basket of options, according to a late Wednesday filing to the city’s stock exchange. The bondholders can either swap their debt for new notes with maturities of 10-12 years, or they can convert them into new notes with repayment terms of five to nine years combined with equity-linked instruments. The instruments will be tied to the shares of Evergrande itself, its property management business or its Hong Kong-listed electric car unit. “The proposed restructuring will alleviate the company’s pressure of offshore indebtedness and facilitate the company’s … [Read more...] about Evergrande’s Restructuring Plan For Offshore Debt Still Carries Considerable Risks For Creditors

Share to Twitter Share to Linkedin Key News Asian equities were mostly higher overnight as the Yuan and the Asia Dollar Index both gained significantly versus the US dollar. Xi Jinping returned to Beijing from Russia with some lower-level agreements, especially regarding the northern and eastern borders. I have not heard an update on Xi’s call with Ukrainian leader Zelenskyy, but we know that he is keen to meet with the Chinese president. Given his reticence about Xi’s visit to Moscow, we can assume that he is open to hearing Xi out. An end to the war could be a positive black swan for markets. Tencent’s over-the-counter ADR traded at a significant discount to its Hong Kong share class, which was up +8% overnight versus the ADR's only +2% gain yesterday. This echoes the continued disparity between US and global/China views of China. Tencent’s results were slightly lower than expected, but the company is rebounding in its advertising division after the … [Read more...] about Yuan Strengthens Versus USD, Tencent Soars On Earnings

Key Takeaways ADB’s fourth Southeast Asia Development Symposium (SEADS) will bring together decision-makers, innovators, and climate leaders from government, industry, academia, and the development sector to discuss practical ways to achieve carbon neutrality by 2050. SEADS 2023’s plenary panel discussion, “Financing Net Zero,” will explore measures to bridge the gap in climate financing, and enable countries in ASEAN to attain net-zero and the Sustainable Development Goals. SEADS 2023 will launch a new ADB report, ASEAN and Global Value Chains: Locking in Resilience and Sustainabliity, which provides actionable insights for strengthening ASEAN’s value chain resilience against the impacts of climate change. ADB SEADS 2023 will be a low-carbon event, with less than 10% of participants travelling to the sustainable venue, and with carbon offsets for every attendee. In response, countries in Southeast Asia have committed to decarbonization, with eight out of 10 member … [Read more...] about ADB SEADS 2023: Imagining a Net-Zero ASEAN

Share to Twitter Share to Linkedin People often ask me, “what is Web3?” My short answer, which I elaborate on in my ‘What The Zuck’ article and keynotes , is always—you are! Why? Because the promise of Web3 flips the ownership model and gives the money and the power back to you. Social media has deteriorated in many countries—especially for women—and the tech. and media oligopolists love it. These media landlords like TikTok, Facebook, Instagram, Google, Twitter, Apple, et al. have taken control of everything we do, say, share, post and buy online—and they are not very excited about the changes Web3 can usher in to their market. Want proof? While Tik Tok’s CEO, Shou Chew, was grilled by U.S. lawmakers in Washington today—last week at SXSW, his former product head admitted this about creators: “Platforms don’t really care if you are successful…because their metrics are 100 percent focused on retention, publish rates, active days. Monetization of … [Read more...] about Web3 Rebels Vs. Tech. Oligopolies

People are seen on Wall St. outside the New York Stock Exchange (NYSE) in New York City, U.S. REUTERS/Brendan McDermid/File photo LONDON  – New York kept the top spot in the latest rankings of global financial centers from Z/Yen Group on Thursday, with London and Singapore also unchanged in second and third place. New York overtook London to head the table in September 2018 — two years after Britain voted to leave the European Union — but London has retained its second place ranking since then, despite some predicting it could take a heavy knock from Brexit. “New York retains a significant first position, and five other U.S. centers are in the top 10,” Z/Yen chairman Michael Mainelli said in a statement. Finance industry officials worried about London’s global reputation as a financial center after the Bank of England had to step in last September to buy government bonds to stop a rout in prices. Markets had been unnerved by a government announcement of unfunded tax cuts. … [Read more...] about New York holds top spot, London second in Z/Yen financial center survey

Share to Twitter Share to Linkedin WASHINGTON, DC - OCTOBER 02: Tomas Telis #18 of the Miami Marlins celebrates with Ichiro Suzuki #51 ... [+] after hitting his first career major league home run in the fifth inning against the Washington Nationals (Photo by Greg Fiume/Getty Images) The latest buzz among sports bankers is that the Miami Marlins can be had for $1.7 billion. Marlins owner Jeffrey Loria is an art dealer who originally became a baseball owner with a relatively small investment —$30 million—in the Montreal Expos--and was part of the controversial deal put together by then MLB commissioner Bud Selig that saw Loria swap his ownership of the Expos for the Marlins so that John Henry could unload the Marlins and purchase the Boston Red Sox. In March we valued the Marlins (and the economics of their stadium) at $675 million, 29th out of the league's 30 teams. The Marlins had attendance of only 1.75 million in 2015, 28th in MLB, … [Read more...] about Bankers Say Jeffrey Loria Floating $1.7 Billion Price For Miami Marlins

Share to Twitter Share to Linkedin TikTok is widely popular among the younger generation around the world, and the large majority of TikTok users are between the ages of 18 and 34. There is also little denying that older folks likely simply don't get it. For those reasons, TikTok could be seen as just the latest youth/pop culture fad that is being targeted unfairly. History Lesson In 1921, legislators in 37 states introduced almost one hundred film censorship bills aimed to address the threat from motion pictures, which lawmakers and various religious and civic groups warned was introducing morally questionable content on the masses. In the 1950s, German-American psychiatrist and author Fredric Wertham published his book Seduction of the Innocent , which asserted that comic books caused youth to become delinquents. Tipper Gore, the wife of then-Senator Al Gore (D-Tenn.), co-founded the Parents Music Resource Center (PMRC) in the 1980s with the stated … [Read more...] about TikTok Ban Isn’t About Targeting Youth Culture – But It Kinda Is