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SoftBank Estimates $4.6 Billion Gain From Alibaba Listing

TOKYO (Reuters) - Japan's SoftBank Corp said it expected a gain of about 500 billion yen ($4.6 billion) from Alibaba Group Holding's share listing in New York, where the Chinese e-commerce leader surged 38 percent on its first day of trade.SoftBank CEO Masayoshi Son also told CNBC that he would want to own more of Alibaba, although he reiterated that the Japanese mobile carrier and Internet media company was happy with the current 32 percent stake, which made it the Chinese company's biggest shareholder.Asked if he would like more of Alibaba, Son told CNBC on Friday: "Of course."Pressed on the likelihood of buying more shares, Son added: "Anything is possible but we are happy the way it is."He said SoftBank considered Alibaba a core holding and he was upbeat about the Chinese company's future."My point of view is that this is the true beginning of Alibaba," he said. "I'm very, very optimistic."SoftBank said in a statement on Saturday that it would book the estimated 500 billion yen gain in the half-year to end-September and would announce a precise figure at a later time. The gain was recorded to reflect Alibaba's increased asset value with the issuance of new shares and the conversion of preference shares to common stock in conjunction with the listing.The Chinese e-commerce leader's shares surged in their Friday debut on the New York Stock Exchange as investors jumped at what is likely to rank as the largest IPO in history, betting on Chinese growth and a company that accounts for 80 percent of that country's online sales.(Reporting by Yuka Obayashi, Teppei Kasai and Yoshiyasu Shida; Writing by Edmund Klamann; Editing by Simon Cameron-Moore)Join the conversation about this story »

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Bund hat Hypo-Chefabwickler formell ausgeschrieben

Der Bund hat am Samstag über Deloitte den Posten des Chef-Abwicklers der staatlichen Krisenbank Hypo Alpe Adria offiziell ausgeschrieben, und zwar auf Ebene...

Quelle: www.kleinezeitung.at

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Drunter und drüber am Gold- und Silbermarkt

Wenn man sich anschaut, welche Signale Experten so gesehen haben wollen und damit die Kursentwickl ...

Quelle: www.foonds.com

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It's Not 2008 For Chinese Companies — It's Worse

If you think we saw bad things out of China this week, brace yourselves. It's going to get worse.A recent slew of economic data out of the country showed that industrial production had slowed to its lowest level since 2008.Retail, investment, housing — all the numbers pointed to a slow down. The Chinese government responded by injecting about $81 billion into the top five Chinese banks, a targeted move that isn't meant to be more than a quick tiny jolt.So conditions will remain as they are, and for Chinese companies, those conditions are bad and getting worse.In a recent report Morgan Stanley described a grim future for corporates, especially in sectors like mining, property development, and industrials. The picture is pretty bad all around, but these industries are the most vulnerable given market conditions.Companies in these sectors are seeing lower profit margins, excess capacity, and eroding pricing power. To make up for that, they're spending too much cash while levering up.China's corporates took on 5.4 times more leverage than they had before in the first half of 2014 alone, according the Morgan Stanley's report, bringing leverage up to levels unseen since 2006.What may  be the worst part of this is that Chinese companies are trying to avoid this to no avail."The deterioration is also, for the most part, unintentional: debt growth has generally been decelerating, reflecting slower spending (yes, there are exceptions), but it’s just not enough," said the report.This isn't sustainable, especially with the Chinese government insisting that it's not going to rescue the economy with big stimulus anymore. On Tuesday the government's publication, Xinhua News Agency, accused those calling for fresh stimulus after the weekend's bad data dump of "failing to clearly see the Chinese economy's new normal."That means credit will be tight, and Morgan Stanley thinks that puts Chinese companies in a similar, terrible position to the one they were in in 2008 and 2011. "Both periods saw decelerating growth and were preceded by tightening credit conditions," said the report.So expect defaults, expect credit events, expect strong companies to survive in this environment and weak companies to get wiped out.In fact, as you can see in the Morgan Stanley table below, it's already started.Join the conversation about this story »

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