What we’re reading (1/5)
“NYSE No Longer Intends To Delist Chinese Firms Despite U.S. Executive Order” (Axios). “The New York Stock Exchange announced late Monday it no longer plans to delist three Chinese companies…[t]he NYSE said last Thursday it would suspend trading action from Jan. 7 for China Mobile Ltd., China Telecom Corp Ltd., China Unicom Hong Kong Ltd. following a Trump executive order that imposed restrictions on firms the U.S. identified as being affiliated with the Chinese military.”
“Where Is Jack Ma? Chinese Tycoon Not Seen Since October” (The Guardian). “Speculation is mounting over the whereabouts of the Chinese billionaire Jack Ma, who has not been seen or heard in public for more than two months. Ma, the co-founder and former chairman of the technology firm Alibaba, has fallen out of favour with China’s leadership. In late October, he stood alongside senior officials and delivered a blunt speech criticising national regulators, reportedly infuriating China’s president, Xi Jinping.”
“Low Taxes And High Temperatures Lure Finance Firms To Miami” (Wall Street Journal). “Private-equity giant Blackstone Group Inc. unveiled plans in October to open an office in the city to serve its internal technology needs that will eventually employ 215 people. Billionaire financier Carl Icahn moved his company to nearby Sunny Isles Beach earlier in 2020. Real-estate investor Starwood Capital Group is building a sleek new 144,000-square-foot headquarters in Miami Beach. Goldman Sachs Group Inc. is eyeing the region as a possible home for its asset-management arm, according to people familiar with the matter…A string of smaller tech and finance firms recently opened offices in the area, or said plans are in the works. Venture capitalists including Keith Rabois and Jon Oringer have moved here and hailed its emerging tech scene.”
“A Crypto Exchange Wants To List Futures Contracts Tied To The Outcome Of NFL Games To Help Sportsbooks Hedge Their Risks” (Business Insider). “In the vast US futures markets, traders can exchange derivatives on everything from cattle to crude oil, the S&P 500 Index, Treasury rates and bitcoin. The breadth of products is a reflection of the variety of American businesses, and futures are how these businesses, from a soybean farmer in Iowa to a hedge fund in New York City, hedge their exposure to future risks or speculate on the price of a given commodity or other benchmark. To date, however, traders have never had access to futures on the outcome of sports games, the results of which affect sportsbooks and stadium vendors and owners alike.”
“A Cure For Politician's’ Stock Trades” (New York Times). “[The SEC] could create a rule for broker-dealers that requires them to ask ‘politically exposed persons’ — lawmakers, their staff and relatives — to personally answer a questionnaire every time a stock trade is executed, even if a financial adviser instigated it. Those answers and details of the trades could then be forwarded to the S.E.C. and posted publicly on its website within 24 hours.”
