Wall Street Roundup
From Chinese authorities refusing to bailout realty developers to Reddit’s IPO prospects to vinyl LPs’ revival, here are some global happenings.
Bitcoin’s rise continues after the LSE confirmed it will accept exchange-traded note applications. The cryptocurrency has soared beyond $70,000 without slowing. The $750 million IPO of social media giant Reddit is planned. This and more on World Street.
Going Global
The London Stock Exchange approved Bitcoin and Ethereum exchange-traded notes. The UK gains a new market niche. Only “professional investors” can buy these ETNs.
Bitcoin Exceeds $70,000
Bitcoin rose 350 percent from 2022 lows of $15,000 to $70,000, creating new lifetime highs. Ethereum and crypto ETFs are expected to gain popularity as the market believes cryptocurrency is reaching an inflection point.
Public offerings
Reddit plans an IPO of its common shares to garner $750 million. Reddit stated in a filing that its IPO will contain 22 million shares for $31–$34 each. The social networking company aims to make $450 million.
Shutters Down
The Body Shop filed for bankruptcy in Canada and America due to cash problems. Australian vendors have not been paid since the UK company folded last month. Around 400 US employment and the distribution center with millions of dollars in merchandise are at jeopardy.
Sold Out?
Choice Hotels abandoned its Wyndham Hotels & Resorts acquisition. Choice failed to win Wyndham Hotels shareholders’ backing for its aggressive takeover. Choice Hotels’ exchange offer for Wyndham shares expired, therefore it withdrew.
Document Scratch
Vinyl records returned to the UK inflation basket after 30 years. Taylor Swift, who has sold many best-selling vinyl LPs, has impacted this. Taylor Swift is driving vinyl sales in the UK to their highest level since 1990. The products basket now includes air fryers.
Realty Bites
Government aid and bailouts for the struggling Chinese real estate market are unlikely. Chinese officials have said individuals who damage the public would be punished. “Real estate companies that are seriously insolvent and have lost the ability to operate should go bankrupt or be restructured, per the law and market principles,” stated the Chinese housing and urban-rural development minister.
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Petrobras (NYSE:PBR) shares fell 13% after the firm reported a smaller-than-expected net profit and fewer shareholder distributions, suggesting its dividends may stop. The board authorized Q4 dividends of 1.10 reais per share, totaling 14.2B reais ($2.9B), with no special payments for the year. Analysts predicted $3.7B dividends and $3B special dividends. Petrobras CEO Jean Paul Prates said rising investment on wind, solar, and biofuel programs made him more cautious about payouts.
Petrobras (NYSE:PBR) shares fell 13% after the firm reported a smaller-than-expected net profit and fewer shareholder distributions, suggesting its dividends may stop. The board authorized Q4 dividends of 1.10 reais per share, totaling 14.2B reais ($2.9B), with no special payments for the year. Analysts predicted $3.7B dividends and $3B special dividends. Petrobras CEO Jean Paul Prates said rising investment on wind, solar, and biofuel programs made him more cautious about payouts.
WGovernment aid and bailouts for the struggling Chinese real estate market are unlikely. Chinese officials have said individuals who damage the public would be punished. “Real estate companies that are seriously insolvent and have lost the ability to operate should go bankrupt or be restructured, per the law and market principles,” stated the Chinese housing and urban-rural development minister.all Street Roundup Wall Street Roundup
Estancia Capital Partners LP is buying a minority stake in UK Savings Fintech Flagstone, a cash deposit platform, to boost its savings services. Flagstone said the private equity firm’s £108 million ($139 million) investment will help it consolidate and expand domestically and internationally.
This investment will also reward Flagstone’s investors. The sale did not reveal Estancia’s interest in the Arizona firm.
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