Friday, November 27

Day: October 16, 2020

What is a Special Purpose Acquisition Company (SPAC)?
Online Trading

What is a Special Purpose Acquisition Company (SPAC)?

A special purpose acquisition company, or a SPAC, is a publicly traded shell company that raises collective investment funds through an initial public offering (IPO) in the form of a blind pool.Also called “blank check companies,” SPACs are formed strictly to raise funds through an IPO in order to acquire private companies.The funds are placed in a trust until a predetermined period of time elapses or an acquisition is made and the fund is liquidated. These development stage companies purely rely on funding through an IPO and have no operations.SPACs have been in existence since the early 2000s, but they have enjoyed a resurgence in popularity lately.According to data provider Dealogic, U.S.-listed special purpose acquisition companies have raised $40.4 billion so far in 2020, up...
Blackstone nears $2 billion property deal with Prestige
Stock News

Blackstone nears $2 billion property deal with Prestige

By Baiju Kalesh and Saritha RaiBlackstone Group Inc. is nearing a deal to buy an Indian developer’s commercial properties for about $2 billion, according to people with knowledge of the matter. The US private equity group is in advanced talks to acquire Prestige Estates Projects Ltd.’s rent-yielding assets including offices and operating malls, the people said, asking not to be identified as the discussions are private. Terms haven’t been finalised and negotiations could still be delayed or fall apart, the people said.A representative for Blackstone declined to comment. An email to Prestige wasn’t immediately answered outside of business hours in India Friday.Blackstone is the largest owner of commercial real estate in India with a total investment of around $7.8 billion as of Marc...
GBP/USD remains steady above 1.2900 despite hard-Brexit speculation
Forex

GBP/USD remains steady above 1.2900 despite hard-Brexit speculation

GBP/USD trims losses and closes the week above 1.2900. The pound shrugs off Boris Johnson’s call for a no-deal Brexit.The sterling has shown resilience on Friday and managed to trim previous losses against the US dollar despite UK PM Boris Johnson’s plea to prepare for a no-deal exit from the European Union.The pound trims losses and regains the 1.2900 levelSterling has shrugged off negative pressure on Friday, taking advantage of a somewhat weaker US dollar, to bounce up from week lows at 1.2865 and return to 1.2920. The weekly chart, however, shows the pound on track to a 0.8% decline.The uncertainty about the outcome of the Brexit talks with the EU has been the pound’s main driver this week. The initial optimism about the possibility of a trade deal vanished on Thurs...
Daily Gold News: Gold Still at $1,900 as Markets Remain Indecisive
Commodities

Daily Gold News: Gold Still at $1,900 as Markets Remain Indecisive

FXEmpire.com -The gold futures contract gained 0.08% on Thursday, as it continued to fluctuate following Tuesday’s retreat below $1,900 price level. Recently gold was retracing a rally from around $1,800 to August 7 record high of $2,089.20 in reaction to U.S. dollar advance, among other factors. Then gold has bounced from the support level marked by mid-August local low of around $1,875, as we can see on the daily chart ( the chart includes today’s intraday data ):Gold is unchanged this morning, as it is extending a short-term consolidation. What about the other precious metals? Silver lost 0.7% on Thursday and today it is 0.3% higher. Platinum lost 0.24% and today it is 0.7% lower. Palladium gained just 0.03% yesterday and today it is 0.7% lower. So precious metals are mixed this...
Dow closes 100 points higher, snaps 3-day losing streak on strong retail sales data
Business news

Dow closes 100 points higher, snaps 3-day losing streak on strong retail sales data

The Dow Jones Industrial Average rose on Friday for its first daily gain in four sessions as traders cheered strong U.S. consumer data to end a volatile week.The Dow closed 112.11 points higher, or 0.4%, at 28,606.31. The S&P 500 eked out a small gain, closing at 3,483.81 and the Nasdaq Composite ended the day down 0.4% at 11,671.56.The major averages were broadly higher for most of the session. However, they gave up most of their gains in the final hour of trading as Big Tech shares sold off.Both Dow and the S&P 500 notched their third straight weekly gain and the Nasdaq posted a four-week winning streak.U.S. retail sales jumped 1.9% in September, easily topping a Dow Jones estimate of 0.7%, according to data released by the Commerce Department. Excluding autos, sales we...
Germany’s blockchain solution hopes to remedy energy sector limitations
Crypto News

Germany’s blockchain solution hopes to remedy energy sector limitations

Distributed energy resources, or DERs, have the potential to disrupt traditional electricity markets. Therefore, it shouldn’t come as a surprise that innovative countries are looking toward emerging technologies that will allow DERs to transform entire energy economies.Germany in particular is interested in using DERs to drive its digital energy economy while also complying with the European Green Deal. As such, the Deutsche Energie-Agentur, also known as DENA — the main governmental group responsible for energy innovation in Germany — announced plans to trial a blockchain-based solution to construct a digital registry for DERs.Sara Mamel, senior export in digitalization at DENA, told Cointelegprah that DENA unveiled a pilot project six weeks ago called the “Blockchain Machine Identi...
EUR/USD retreats toward 1.1700, consolidates weekly losses
Forex

EUR/USD retreats toward 1.1700, consolidates weekly losses

Mixed US data ignored by market participants focus on politics. EUR/USD gains after losing ground during four consecutive days.The EUR/USD pair is rising modestly on Friday and during the last hours it trimmed gains. The pair peaked at 1.1745 and as of writing it trades at 1.1720, gaining ten pips for the day and more than a hundred below the level it had a week ago.The greenback lost momentum on Friday amid an improvement in risk appetite. However, over the last hour, equity prices in Wall Street rose further and EUR/USD pulled back. The Dow Jones gains 0.88% and the Nasdaq rises 0.30%.Higher US yields are supporting the greenback that is posting modest losses despite the positive risk environment. The DXY bottomed earlier today at 93.53 and trades at 93.70.Economic da...
Sebi exempts family trust linked to Astec Life Sciences from open offer
Stock News

Sebi exempts family trust linked to Astec Life Sciences from open offer

New Delhi: Markets regulator Sebi on Friday exempted Cellular Family Trust from making open offer, following its proposed acquisition of shares in Astec Life Sciences Ltd. Cellular Family Trust is a private family trust of the promoters and promoter group of Astec Life Sciences. Sebi said the proposed acquisition of shares is in "furtherance to an internal reorganization within the promoter's family and is intended to streamline succession and promote welfare of the promoter's family".The proposed acquisition will be a non-commercial transaction, which would not affect the interests of public shareholders of the companies in any manner, Sebi said in an order on Friday.The orders came after Sebi received an application from the trustees of Cellular Family Trust, seeking exemption from...
A millennials love affair: China’s second-hand luxury goods market booms
Commodities

A millennials love affair: China’s second-hand luxury goods market booms

BEIJING, Oct 16 (Reuters) - China's love for luxury is spilling over into the once shunned second-hand goods sector, with online stores surfing a wave of pent-up demand from shoppers, led by millennials, who have been forced into belt-tightening by the coronavirus pandemic.The rapid proliferation over recent years of second-hand luxury sales online platforms have helped fuel an expansion of the market, similar to those of U.S. online luxury reseller The RealReal Inc REAL.O or Europe's Vestiaire Collective."Our income recorded a surge this year during the pandemic as offline stores are mostly closed," said Xu Wei, founder of Plum, a second-hand luxury products company in Beijing which is especially popular with millennial women from China's lower tier cities.Chinese consumers have t...
Biden leaves the door open to adding seats to the Supreme Court
Business news

Biden leaves the door open to adding seats to the Supreme Court

Democratic Presidential Nominee Joe Biden speaks during a Town Hall hosted by ABC News in Philadelphia, PA.ABC NewsDemocratic presidential nominee Joe Biden on Thursday refused to rule out the prospect of increasing the number of justices on the Supreme Court, and said he would announce a firm position on the issue before Election Day.Biden has previously criticized the idea of changing Senate rules in order to clear the way for a president to appoint additional justices to the Supreme Court who share that president's ideological leanings.Critics of the idea refer to it as "packing the court," and Biden has said previously in his presidential campaign that he is "not a fan" of the idea.Biden initially repeated that line on Thursday during a town hall event hosted by ABC, ...