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SC Lowy

BEIJING/HONG KONG (Reuters) -China will launch a real estate fund to help property developers resolve a crippling debt crisis, aiming for a warchest of up to 300 billion yuan ($44 billion) in a bid to restore confidence in the industry, according to a state bank official with direct knowledge of the matter. The move would mark the first major step by the state to rescue the beleaguered property sector since the debt troubles became public last year. The size of the fund would initially be set at 80 billion yuan through support from the central bank, the People's Bank of China (PBOC), the person, who declined to be identified due to the sensitivity of the matter, told Reuters. He said state-owned China Construction Bank (OTC:CICHF) will contribute 50 billion yuan into the 80 billion yuan fund, but the money will come from PBOC's relending facility. If the model works, other banks will follow suit with a target to raise up to 200 to 300 billion yuan, he added. A key pillar of the world's second-largest economy, China's property sector has been lurching from one crisis to another, and has been a major drag on growth over the past year. A revolt by homebuyers this month heaped more headache for authorities. Some analysts said a fund would only provide part of [...]

By |2022-08-17T21:50:28+00:00August 10th, 2022|0 Comments
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The Long and Winding Road to Financial Reporting Standards

H1 2022 Review of Shareholder Activism Posted by Mary Ann Deignan, Rich Thomas, and Christopher Couvelier, Lazard, on Wednesday, July 27, 2022 Boards of Directors, Institutional Investors, International governance, Mergers & acquisitions, Proxy contests, Shareholder activism More from: Christopher Couvelier, Mary Ann Deignan, Rich Thomas, Lazard Mary Ann Deignan is Managing Director; Rich Thomas is Managing Director and Head of European Shareholder Advisory; and Christopher Couvelier is Managing Director at Lazard. This post is based on a Lazard memorandum by Ms. Deignan, Mr. Thomas, Mr. Couvelier, Emel Kayihan, Antonin Deslandes, and Leah Friedman. Related research from the Program on Corporate Governance includes The Long-Term Effects of Hedge Fund Activism (discussed on the Forum here) by Lucian Bebchuk, Alon Brav, and Wei Jiang; Dancing with Activists (discussed on the Forum here) by Lucian Bebchuk, Alon Brav, Wei Jiang, and Thomas Keusch; and Who Bleeds When the Wolves Bite? A Flesh-and-Blood Perspective on Hedge Fund Activism and Our Strange Corporate Governance System (discussed on the Forum here) by Leo E. Strine, Jr. Observations on Global Activism Environment H1 2022 Activity Slows vs. Q1 but Remains Robust Despite a challenging investing environment in 2022, activity remains elevated—Q2 was the second most active quarter in the past five quarters Global campaign activity for Q2 (53 campaigns) down 27% vs. Q1, in line with Q1/Q2 pattern of recent years Regionally, the decline was most acute in the U.S., where activity materially declined by [...]

By |2022-08-17T21:56:11+00:00July 27th, 2022|0 Comments
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Venture Forward

While Canada’s public venture market has delivered on its promise of growth over the last several decades, markets are not static. TSX Venture Exchange is focused on identifying and seizing opportunities to build from our position of strength to ensure that Canada's public venture market remains a critical driver of economic prosperity, and maintaining our competitive edge on the global stage. In this white paper, we outline three broad areas where TSX Venture Exchange and the Canadian public venture ecosystem can take action to innovate, adapt and evolve over the coming years: DOWNLOAD NOW REDUCE barriers and burdens to access public venture capital EXPAND the global base of investors and capital that support and finance issuers GROW empower and strengthen the public venture capital ecosystem and its participants Over the coming months, we aim to engage with representatives from across our stakeholder community to gain a full understanding of how our markets can better support early-stage companies. As we embark together on this journey, we will also share progress updates and our plans. Read More

By |2022-08-17T21:47:55+00:00July 3rd, 2022|0 Comments
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DFC

Helping Women in Brazil Access Affordable Healthcare Challenge Brazil has one of the highest rates of preventable death of any OECD country, partly due to high rates of breast and cervical cancer. Each year, millions of women in Brazil miss or delay routine health screenings due to an overburdened public healthcare system and an underdeveloped private healthcare market. Solution and Impact A DFC loan is helping GIP Medicina Diagnóstica S.A. expand its chain of women’s health diagnostic centers that provide diagnostic testing, imaging, blood work, and pathology testing services. The company, which is known as Femme in the local market, currently operates 14 centers in São Paulo and will use the DFC financing to expand, adding more than 27 centers over the next six years, serving low and middle-income women. With the additional diagnostic centers, the company projects its annual patient consultations will increase from approximately 300,000 currently to more than 4.5 million. Femme plans to place new locations in underserved areas to help increase access for low-income households. The project is projected to increase more than 1,000 permanent professional and technical jobs as well as support staff in the next five years. Eighty percent of the new jobs are expected to be filled by women. Read More

By |2022-07-03T13:54:35+00:00June 27th, 2022|0 Comments
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Project Syndicate

Can Nuclear Energy Come Back from the Grave? Jun 8, 2022NICK BUTLER From China to the United Kingdom, policymakers regard nuclear power as part of the solution to the twin challenges of energy security and climate change. But it remains to be seen whether the industry will finally establish itself as a major global electricity supplier, or again fail to live up to its promise. LONDON – Nuclear power has been in decline since the Fukushima disaster in Japan more than a decade ago, but it may be poised for a comeback. Russia’s invasion of Ukraine and soaring natural-gas prices have led some to argue that nuclear energy can help solve the twin challenges of energy security and climate change. Is the industry back in business, or will this prove to be another false dawn? Until recently, nuclear power’s prospects seemed poor. Plants built in the 1970s and 1980s are nearing the end of their working lives, while Germany and Japan decided to shut down theirs for political reasons. Of the relatively few new nuclear plants currently being built, many have been blighted by management failures and technical faults. The flagship EPR pressurized water reactors at Flamanville in northern France and Olkiluoto in Finland are, respectively, 13 and 12 years behind schedule. Hinkley Point in southwest England, which was supposed to have provided the power to cook Britain’s Christmas turkeys in 2023, [...]

By |2022-07-03T13:57:06+00:00June 27th, 2022|0 Comments
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Global Economic Prospects: Slowing Growth and the Risk of Stagflation | World Bank Expert Answers

Global Economic Prospects: Slowing Growth and the Risk of Stagflation | World Bank Expert Answers The war in Ukraine has compounded the damage left by the COVID-19 pandemic and magnified the slowdown in the global economy. The risk of stagflation is increasing with potentially harmful consequences for middle and low-income economies alike. So what do the next few months have in store for the global growth? The latest edition of the Global Economic Prospects projects global growth will slump from 5.7 percent in 2021 to 2.9 percent in 2022. To help us learn more, Director of the World Bank’s Prospects Group, Ayhan Kose joins Expert Answers to discuss.

By |2022-06-09T06:33:44+00:00June 9th, 2022|0 Comments
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Americas Quarterly

Financing Climate Change Adaptation in Latin America Watch webcast On May 26, AQ hosted a conversation about the transition to a low-carbon economy.   Climate change poses an urgent threat to the Western Hemisphere and will be a top agenda item at the Summit of the Americas in June. How can tools like green bonds and ESG requirements assist in the transition to a low-carbon economy? On May 26, Americas Quarterly convened a group of experts to discuss green finance and climate change adaptation strategies for Latin America. This event launched AQ’s special report on the Summit of the Americas. This event was hosted by:     The event was livestreamed on this page on May 26, 2022 at 10 a.m. ET. You can also watch this event on Twitter and YouTube. Speakers: Reina Irene Mejía Chacón, Executive Vice President at the Inter-American Development Bank Laura Segafredo, Global Head of Sustainable Research, ETF and Index investments at BlackRock @LauraSegafredo José Daniel Madrigal, Economics Specialist at the Honduras Resident Coordinator’s Office of the United Nations @JoseMadrigal92 Brian Winter, Vice President for Policy, AS/COA and Editor-in-Chief, Americas Quarterly @BrazilBrian (moderator)

By |2022-06-21T09:48:56+00:00June 2nd, 2022|0 Comments
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