SHANGHAI — China’s securities regulator plans to grant investment banking licenses to commercial lenders as part of efforts to breed industry behemoths in the face of fiercer foreign competition, business magazine Caixin reported.
A pilot scheme could involve at least two of China’s largest banks getting the green light from the China Securities Regulatory Commission (CSRC) to conduct investment banking business on the mainland, according to Caixin.
The Industrial and Commercial Bank of China , the country’s top lender, submitted a plan to CSRC in late 2018 seeking to set up a securities unit with registered capital of 100 billion yuan, Caixin reported.
In contrast, Chinese brokerage giant Citic Securities has registered capital of 13 billion yuan.
ICBC declined to comment. CSRC didn’t return an emailed request for comment.
Regulators’ desire to break the wall between commercial and investment banking was fueled by mounting competition from foreign players, according to Caixin.
China scrapped foreign ownership caps in the brokerage business earlier this year as part efforts to fully open its $40 trillion financial industry. Global investment banks including Morgan Stanley, Goldman Sachs and Credit Suisse have won regulatory approval for majority stakes in their Chinese ventures.
Currently, investment banking is off-limits to most Chinese banks, though Bank of China and China Development Bank control brokerage businesses onshore under special arrangements by the government.
In addition, many Chinese banks, including ICBC, China Construction Bank (CCB) and Bank of Communications (BoCom), operate investment banking through their Hong Kong subsidiaries. (Reporting by Samuel Shen, Leng Cheng and Emily Chow; Editing by Simon Cameron-Moore)
Report: Investment firms lobby sponsors to cut ties with Redskins – TheChronicleHerald.ca
A group of investment firms and shareholders is lobbying Nike, FedEx and PepsiCo to end their sponsorship agreements with the Washington Redskins unless the team changes its nickname, Adweek reported Wednesday.
The Redskins nickname has survived multiple challenges over the years, with many Native American groups labeling the name racist.
The latest move came in the form of letters sent Friday to the three companies, per Adweek. The request reportedly was backed by 87 firms, headed by First Peoples Worldwide, Oneida Nation Trust Enrollment Committee, Trillium Asset Management, Boston Trust Walden, Mercy Investment Services and First Affirmative Financial Network.
The group behind the letter have combined assets of $620 billion, according to the report.
First Peoples Worldwide director Carla Fredericks told Adweek, “This is a broader movement now that’s happening that Indigenous peoples are part of. Indigenous peoples were sort of left out of the civil rights movement in the late 1960s in many respects, because our conditions were so dire on reservations and our ability to engage publicly was very limited because of that. With social media now, obviously everything is very different.”
FedEx is the title sponsor of the Redskins’ home stadium, FedExField in Landover, Md.
The letter to Nike reportedly read, in part, “We appreciate that Nike has spoken up in support of the protests stating ‘Systemic racism and the events that have unfolded across America over the past few weeks serve as an urgent reminder of the continued change needed in our society. The Nike, Inc. family can always do more but will never stop striving to role model how a diverse company acts.’
“However, Nike continues to provide uniforms and equipment to the Washington D.C. NFL football team which bears the logo and name. Further, it produces and sells thousands of jerseys and other apparel with the team’s racist name and logo. This association with and facilitation of the racism inherent in the name and logo runs contrary to the very sentiments expressed by the company.”
Adweek reported that Nike and Pepsi refused to comment on the letters while FedEx referred questions about the football team’s nickname to Redskins owner Daniel Snyder.
The Redskins also declined comment according to Adweek.
Snyder has said that the team will not change the nickname as long as he is in charge.
–Field Level Media
Kayne Anderson MLP/Midstream Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at June 30, 2020 – GlobeNewswire
HOUSTON, July 01, 2020 (GLOBE NEWSWIRE) — Kayne Anderson MLP/Midstream Investment Company (the “Company”) (NYSE: KYN) today provided a summary unaudited statement of assets and liabilities and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 (the “1940 Act”) as of June 30, 2020.
As of June 30, 2020, the Company’s net assets were $819 million, and its net asset value per share was $6.47. As of June 30, 2020, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 660% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 317%.
|Kayne Anderson MLP/Midstream Investment Company|
|Statement of Assets and Liabilities|
|June 30, 2020|
|Cash and cash equivalents||22.1|
|Receivable for securities sold||6.2|
|Tax asset, net||23.0|
|Unamortized notes issuance costs||(0.4||)|
|Unamortized preferred stock issuance costs||(2.0||)|
|Payable for securities purchased||–|
|Deferred tax liability||40.4|
|The Company had 126,447,554 common shares outstanding as of June 30, 2020.|
As of June 30, 2020, equity and debt investments were 99% and 1%, respectively, of the Company’s long-term investments of $1.2 billion. Long-term investments were comprised of Midstream MLP (68%), Midstream Company (27%), Renewable Infrastructure/Utility Company (4%) and Debt (1%).
The Company’s ten largest holdings by issuer at June 30, 2020 were:
|1.||MPLX LP (Midstream MLP)||$150.7||12.7||%|
|2.||Enterprise Products Partners L.P. (Midstream MLP)||148.9||12.6||%|
|3.||Energy Transfer LP (Midstream MLP)||107.7||9.1||%|
|4.||The Williams Companies, Inc. (Midstream Company)||101.3||8.6||%|
|5.||Targa Resources Corp. (Midstream Company)||76.4||6.5||%|
|6.||Magellan Midstream Partners, L.P. (Midstream MLP)||72.0||6.1||%|
|7.||Plains All American Pipeline, L.P. (Midstream MLP)||67.4||5.7||%|
|8.||Shell Midstream Partners, L.P. (Midstream MLP)||55.2||4.7||%|
|9.||Western Midstream Partners, LP (Midstream MLP)||49.1||4.1||%|
|10.||Phillips 66 Partners LP (Midstream MLP)||46.9||4.0||%|
* Excludes cash.
Portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. You can obtain a complete listing of holdings by viewing the Company’s most recent quarterly or annual report.
Kayne Anderson MLP/Midstream Investment Company is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The Company’s investment objective is to obtain a high after-tax total return by investing at least 85% of its total assets in energy-related partnerships and their affiliates (“MLPs”), and in other companies that, as their principal business, operate assets used in the gathering, transporting, processing, storing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined petroleum products or coal (collectively with midstream MLPs, “Midstream Energy Companies”).
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Past performance is not a guarantee of future results. Current performance may be lower or higher than that shown based on market fluctuations from the end of the reported period.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward- looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the Company’s historical experience and its present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; MLP industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in the Company’s filings with the SEC, available at www.sec.gov. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objective will be attained.
Iraq Looks To Lure Saudi Investment As It Tries To Comply With OPEC Deal – OilPrice.com
Iraq is looking to attract investment from Saudi Arabia in one of its natural gas fields, Iraqi Deputy Prime Minister and Finance Minister, Ali Allawi, told Bloomberg, while OPEC’s second-largest producer looks to be seriously trying to comply with the OPEC+ production cuts.
Iraq is seeking Saudi investment in either the Akkas or the Mansuriya gas field, Allawi told Bloomberg in an interview published on Wednesday.
“Saudi Arabia has a high readiness to back our energy projects,” the Iraqi minister said.
“At the end of the day, they will pick one field. They are also interested in solar energy,” Allawi added.
Saudi Arabia will not be providing support to the Iraqi budget, Allawi told Bloomberg.
Iraq, one of the oil producers worst hit by the oil price crash, relies on oil revenues for 95 percent of its budgetary income and is one of the least diversified economies in the Middle East. The oil price crash has seriously impacted the budgetary income and the economy at OPEC’s second-largest producer.
Iraq is also in “intensive” talks for a loan from the International Monetary Fund (IMF), minister Allawi told Bloomberg.
Pressured by the OPEC+ leaders Saudi Arabia and Russia, Iraq – which has been the least compliant member of the coalition – has promised to compensate for the loose compliance in May and June with deeper cuts in July and the following months.
By the middle of June, Iraq had made significant cuts in its crude oil exports in a move suggesting that it was improving its compliance with the record production cuts.
For the full month of June, Iraqi oil exports dropped by 310,000 bpd, or by 9 percent, according to Reuters estimates of loading data and industry sources. This decline in crude oil exports last month points to Iraq delivering three-fifths of its share of the cuts, Reuters has calculated.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com:
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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