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THOMAS, U.S. Virgin Islands, March 31, 2021 /PRNewswire/ -- Xinuos, Inc., a software company headquartered in the U.S. Virgin Islands that provides commercial customers with server operating systems, today filed a copyright infringement and antitrust lawsuit against International Business Machines Corp. ("IBM") and Red Hat, Inc. ("Red Hat") in the United States District Court of the Virgin Islands, St. Thomas and St. John Division. Xinuos alleges that IBM and Red Hat, using wrongfully copied software code, have engaged in additional, illegal anti-competitive misconduct to corner the billion-dollar market for Unix and Linux server operating systems. "While this case is about Xinuos and the theft of our intellectual property," said Sean Snyder, President and CEO of Xinuos. "It is also about market manipulation that has harmed consumers, competitors, the open-source community, and innovation itself." According to the complaint, at their peak, Xinuos' operating systems were the most widely-used operating systems in the Unix/Linux server operating system market. Xinuos' UnixWare 7 and OpenServer 5 and 6 server operating systems were popular because they were stable, reliable, and easy to manage. Xinuos alleges that in or around this time, IBM's server operating systems were declining in popularity and new entrants to the market, such as Red Hat, were gaining market share and threatening IBM's server operating system business, its underlying business selling server hardware, as well as related software and services. Xinuos' complaint alleges that IBM then took unlawful steps to improve its market position and safeguard its business from competition: "First, IBM stole Xinuos' intellectual property and used that stolen property to build and sell a product to compete with Xinuos itself. Second, stolen property in IBM's hand, IBM and Red Hat illegally agreed to divide the relevant market and use their growing market powers to victimize consumers, innovative competitors, and innovation itself. Third, after IBM and Red Hat launched their conspiracy, IBM then acquired Red Hat to solidify and make permanent their scheme." Story continues The complaint further alleges that IBM has been misleading its investors about its rights to use Xinuos' code for more than a decade: "IBM has made demonstrably and materially misleading statements in securities filings about its ownership interest in the Code. In every annual report filed with the SEC since 2008, IBM has represented that a third-party owns all of the UNIX and UnixWare copyrights, and that this third-party has waived any infringement claim against IBM. These self-serving representations are demonstrably false and misleading to investors and potential asset purchasers." The complaint also details IBM's and Red Hat's alleged conspiracy, summarizing it as follows: "Thereafter, IBM and Red Hat...divided the market for enterprise clients to protect IBM's precious high-end server, software, and services business, they promoted each other's operating system products, and they granted each other special technical access and abilities that were not made generally available and from which Xinuos and others were specifically excluded. These bad acts continue to this day." Xinuos alleges that the IBM and Red Hat conspiracy has harmed the open-source community and specifically Xinuos' OpenServer 10 product, which is based on FreeBSD, an open-source UNIX-based operating system and alternative to Red Hat's Linux-based open-source operating system, RHEL. "By dominating the Unix/Linux server operating system market, competing open-source operating systems, like our FreeBSD-based OpenServer 10, have been pushed out of the market," said Snyder. "This prevents developers and consumers from receiving the benefits that these products have to offer." Xinuos asserts claims under the copyright infringement provisions of 17 U.S. Code SS101, the Sherman Antitrust Act, the Clayton Antitrust Act, the Virgin Islands Antimonopoly Law, and Virgin Islands Unfair Competition and Unjust Enrichment common law. Xinuos has asked for both monetary damages and injunctive relief. About Xinuos, Inc. Xinuos provides commercial customers with operating systems that are reliable, dependable, and secure for mission-critical applications that demand rock-solid performance. The Xinuos general-purpose operating systems are on pace with hardware and software industry advances and are designed to power any size business that requires stability, reliability, and scalability. Learn more at www.xinuos.com . Contact: Simone Jackenthal SJackenthal@tridentdmg.com (202) 923-5296 CisionCision Cision View original content:http://www.prnewswire.com/news-releases/ xinuos-sues-ibm-and-red-hat-for-antitrust-violations-and-copyright-infringement-alleges-ibm-has-been-misleading-its-investors-since-2008-301259756.html SOURCE Xinuos [ ] TRENDING * 1. In Huawei extradition case, arguments wrap up about alleged U.S. international law violation * 2. Biden allows Trump ban on temporary foreign workers to expire * 3. Bright Health Plans IPO to Raise $1 Billion or More * 4. UPDATE 1-Canadian first-quarter auto sales rise as demand picks up * 5. UPDATE 1-U.S. CFTC official advises stricter oversight of funds managing family wealth _ Recommended Stories * [placeholde] The Telegraph Scots urged to obey lockdown restrictions over Easter weekend as 'stay at home' order replaced Scots must obey the remaining lockdown restrictions over the long Easter weekend, the Government's leading medics have urged, as the 'stay at home' message is replaced on Friday with an instruction to remain within council areas. Officials figures unveiled on Thursday showed that the proportion of Covid tests that came back positive has fallen to its lowest level in more than six months, following the latest lockdown and success of the vaccine rollout. It comes as Nicola Sturgeon pledged that a public inquiry into her Government's handling of the pandemic will be a priority if she is re-elected as First Minister in May's election, telling Channel 4 News that it should get underway before the end of 2021. 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These simple mistakes could cost you thousands of dollars. * [placeholde] Bloomberg Oil Slides With Lockdowns Spreading Ahead of OPEC+ Decision (Bloomberg) -- Oil fell the most in roughly a week after France announced it will start a month-long lockdown, while OPEC+ voiced its concerns about the strength of oil demand ahead of an expected decision this week on output.Futures in New York fell 2.3% on Wednesday to the lowest in nearly a week, with French President Emmanuel Macron saying the pandemic is more dangerous than it was in the fall in his address to the nation. The deteriorating near-term demand picture in Europe offset a surprise oil supply draw in the U.S. and other bullish signals pointing toward rising demand as more Americans are vaccinated."The news out of France is very troubling for the petroleum complex," said John Kilduff, a partner at Again Capital LLC. "The Covid situation worsening, particularly in Europe, represents a demand hit again, and it's weighing on prices."Meanwhile, an OPEC+ panel meeting ended without a policy recommendation ahead of Thursday's talks where the producer group will decide on production going forward. The OPEC+ alliance is debating whether to revive part of the 8 million barrels of daily output -- about 8% of global supply -- they're withholding. OPEC Secretary-General Mohammad Barkindo pointed to the oil market's recent volatility as "a reminder of the fragility facing economies and oil demand.""The balance of risks suggests OPEC will steer toward the cautious outcome, delivering sharp deficits and continue to tighten energy markets at a fast clip," TD Securities commodity strategists led by Bart Melek said in a note.Figures from the Energy Information Administration paint the U.S. as a bright spot for demand recovery. U.S. refineries are processing crude at the highest rate in a year. In other parts of the world, the trajectory for fuel consumption remains muddled as evidenced by France's renewed nationwide lockdown.The demand numbers in the U.S. "were huge and we continue to see improvements there," said Matt Sallee, portfolio manager at Tortoise, a firm that manages roughly $8 billion in energy-related assets. "It's pretty consensus to think that gasoline will be strong and jet fuel will be the laggard," but there's been positive signs "even on the jet fuel side."See also: U.S. Oil Demand Is Picking Up as Americans Get Ready to TravelSeparately, Saudi Aramco, the state-owned oil giant, is expected to raise its Arab Light official selling price for May supplies by 30 cents a barrel, according to the median estimate in a Bloomberg survey of refiners and traders. That's despite continued flows of Iranian crude into China, and challenging conditions for many Asian refiners.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.(c)2021 Bloomberg L.P. 1d ago * [placeholde] Bloomberg China Fintech Firm Falls 16% in Worst Hong Kong Debut Since 2018 (Bloomberg) -- Chinese fintech firm Bairong Inc. slumped on its debut in Hong Kong, the second listing in the financial hub this week to disappoint following a global selloff in China's technology sector.Shares of the artificial intelligence-powered technology platform closed 16% lower on Wednesday, making it the worst debut among IPOs exceeding $500 million in Hong Kong in three years. The company had priced its shares at HK$31.80 each in the IPO offering, the high end of its indicated range.The fall comes after video streaming service Bilibili Inc. slipped on its debut on Monday while Baidu Inc. - which debuted just last week - is trading around 15% below its listing price.Bairong's $507 million listing comes as investor enthusiasm for tech shares is waning globally, sapped by concerns about their remarkable run-up during the pandemic and the sustainability of Covid-era surges in online activity and gadget demand. The Archegos selloff exacerbated losses in recent days."The sentiment for IPOs has cooled down a lot after the recent correction," said Kenny Wen, a strategist at Everbright Sun Hung Kai Co. "Although Bairong is doing cloud-related business, lots of its revenue comes from peer-to-peer, a gray area that's likely to face more government crackdown. Investors no doubt will be very cautious."Chinese fintech companies are going through a particularly hard year after Beijing torpedoed Ant Group Co.'s initial public offering, signaling wider crackdowns for the sector. Regulators are inspecting businesses spanning from online lending to payments and insurance tech. That's made investors more worried when it comes to backing companies in the industry.Linklogis Inc., another fintech company, is scheduled to list on April 9.Bairong's cornerstone investors include Cederberg Capital Ltd., China Structural Reform Fund Corp. and Franchise Fund LP, which together bought about 64 million shares in the company, accounting for over 40% of this offering, according to its prospectus. The company's revenue jumped 47% on year in 2019, but is down during the first nine months of 2020 relative to the same period.(Updates with closing prices, tweaks paragraph 2 with size and scope)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.(c)2021 Bloomberg L.P. 2d ago * [placeholde] Bloomberg Leveraged Blowout: How Hwang's Archegos Blindsided Global Banks (Bloomberg) -- Shares of the "old media" company shot up almost 300% in weeks, and small investors were abuzz with theories: It's undervalued, like GameStop! It's a takeover target!Inside Wall Street's top trading firms, however, some executives had an idea of what caused the move. A trading whale -- Bill Hwang's Archegos Capital Management -- was building a massive position in ViacomCBS Inc.Banks around the world kept giving Hwang the leverage he needed to acquire more and more of the stock. What they couldn't see, according to people with knowledge of the situation, was the full extent of his wagers. He stealthily amassed $10 billion of Viacom and colossal positions in a few other companies.The holes in oversight and risk management are one reason banks were so vulnerable when the Viacom bet unraveled and Archegos imploded last week.Underscoring the chaos of an escalating situation, representatives from Credit Suisse Group AG floated a suggestion as they met last week to confront the reality of such an exceptional margin call and consider ways to mitigate the damage: Maybe wait to see if his stocks recover? Viacom, some noted, seemed artificially low after its run-up past $100 just two days earlier.Yet it was Hwang's own orders that had helped make Viacom the year's best performer in the S&P 500, forcing benchmark-tracking investors and exchange-traded funds to buy as well. Without him creating that momentum, Viacom and his other positions had little hope of rebounding.At several points during those exchanges, bankers implored Hwang to buy himself breathing room by selling some stocks and raising cash to post collateral. He wouldn't budge, people who participated in the meetings said.Read more: One of World's Greatest Hidden Fortunes Is Wiped Out in DaysNow, as regulators assess the fallout, Wall Street's habit of lending to lucrative clients with few questions asked is getting unwanted attention.Hwang's family office built positions in at least nine stocks that were big enough to rank him among the largest holders, fueled by a level of bank leverage that would have been unusual even for a hedge fund.Archegos was able to place outsize wagers using derivatives and, as a private firm, avoid the disclosures required of most investors. Almost invisibly, he accumulated a portfolio that some people familiar with his accounts estimate at as much as $100 billion.As more details emerge of how banks played such an instrumental role in helping Archegos ramp up those bets, increasingly evident are the blind spots that prevent the industry from effectively managing the risks it creates.Read more: SEC Opens Probe Into Archegos Trades That Triggered RoutAlready, regulators are privately dropping hints of new rules to come. Securities and Exchange Commission officials have signaled to banks that they intend to make trading disclosures from hedge funds a higher priority, while also finding ways to address risk and leverage.Senior finance executives acknowledge that a crackdown of some form, whether on borrowing or transparency or both, is inevitable.While some of those firms have disclosed the financial impact of their roles in the Archegos collapse, none is willing to comment on how or why they enabled Hwang to become such a force in the market. Hwang declined to comment through a representative.Limited VisibilityWhat's clear, according to people involved in the margin call and what followed, is that Hwang's financiers, the prime-brokerage units of Nomura Holdings Inc., Goldman Sachs Group Inc., Morgan Stanley, Credit Suisse and others, had clues about what Archegos was doing. These firms knew about the trades they had financed, of course, and also had some visibility into his total borrowings, the people said.But the lenders couldn't see that Hwang was taking parallel positions at multiple firms, piling more leverage onto the same few stocks, according to the people. While most clients insist on such opacity, it has obvious implications for a lender's ability to manage risk: Unwinding a series of large, leveraged bets placed by a single account is one thing; doing so when rival banks are liquidating the same positions held by the same client is quite another.On March 25, Hwang's prime brokers met again and discussed the possibility of standing down temporarily to let tensions ease, according to people who participated in the talks. But any attempt at solidarity proved short-lived. That day, some sent Archegos notices of default, clearing the way to sell his positions.Analysts at JPMorgan Chase & Co. estimate some of the banks may end up absorbing as much as $10 billion in combined losses.Read more: Credit Suisse Bid for Archegos Fix Ends With Banks Brawling"Hopefully this will cause the prime brokerages of regulated banking organizations (and their supervisors) to re-assess their relationships with highly leveraged hedge funds," Sheila Bair, a former chairman of the Federal Deposit Insurance Corp., tweeted.Hwang had already lived through one crisis. In 2012, he submitted a guilty plea on behalf of his hedge fund to a charge of wire fraud, and he resolved related civil claims of insider trading without admitting or denying wrongdoing. Archegos is the family office he formed after winding down that firm, Tiger Asia Management.Prime brokerages began lining up to help the new business. Morgan Stanley was among his early backers. Deutsche Bank AG signed him as a client at the urging of at least one senior executive who was unperturbed by the insider-trading taint and didn't believe Hwang had done anything wrong, according to a person familiar with that decision.One firm resisted the lure. Archegos approached JPMorgan sometime between 2016 and 2018 and was rebuffed, according to a person briefed on the situation. At the time, JPMorgan was still revamping the equity prime-brokerage unit it had acquired with Bear Stearns during the 2008 financial crisis. Dumb luck or not, the bank dodged a bullet.Another holdout was Goldman Sachs. For years, executives in its equities division tried to open an account for Hwang, and the compliance department consistently said no. Goldman finally jumped on board in the final months of 2020, enough time to ramp up business with Archegos and land in the middle of last week's mayhem.Settling SwapsThat business, at Goldman and everywhere else, was swaps. Swaps are agreements between a bank and its client that are settled on the basis of changing prices in the underlying assets -- such as shares of Viacom.One benefit of swaps is they allow big investors like Hwang to build positions in a stock anonymously. A prime broker would buy the shares and report itself as the beneficial owner when in reality Archegos was bearing the economic risk.To execute such a swap, Archegos would put up a percentage of the position's value in cash as margin. The rest of the trade would be financed by the prime broker.Because swaps are settled daily, with gains and losses netted out, Archegos also had to post a second type of collateral known as variation margin if the value of its portfolio dropped. If it increased in value, the bank would pay the firm cash.One feature that protected Hwang's lenders was the right, in the event he couldn't meet a margin call, to seize all the collateral in his swap accounts and sell the positions. That's what happened last week after Viacom plunged.Hwang's buying had helped to drive the stock above $100 for the first time ever, giving his position a market value of around $10 billion. The next biggest holder was indexing giant Vanguard Group, with a stake 40% smaller, according to data compiled by Bloomberg.Late on March 22, Viacom announced a $3 billion sale of stock and convertible debt. Over the next two days, shares of Viacom plunged 30%, pushing Archegos over its margin limits and tripping alarms at his prime brokers. In urgent meetings, they finally realized the full extent of his bets.Hwang's RefusalInitially, some of Hwang's lenders were reluctant to abandon him. The group pleaded with Hwang to reduce his positions, a decision that would force him to take some losses. He refused.By the close of trading on March 25, a Thursday, Viacom was down an additional 5.3% to $66.35. At one of the emergency sessions, Credit Suisse representatives suggested some sort of standstill agreement -- holding off on selling Hwang's collateral to see if the stock would trade up.On Friday, well before the 9:30 a.m. open of trading in New York, Goldman was already offering $3.3 billion of Archegos's holdings in massive blocks. Morgan Stanley and Wells Fargo & Co. soon followed. On Monday in Zurich, Credit Suisse revealed that it faced a "highly significant" loss, one that has since been linked to Archegos and is projected to reach into the billions of dollars. Nomura could lose $2 billion.Read more: Deutsche Bank Dodged Archegos Hit With Quick $4 Billion Sale"Risk controls still are not where they should be," David Herro, one of Credit Suisse's biggest shareholders, said Wednesday in a Bloomberg TV interview. "Hopefully, this is a wake-up call to expedite the cultural change that is needed in this company."The SEC has already opened a preliminary investigation into Hwang's trades and is calling other big investors to inquire about their use of swaps and access to leverage from prime brokers. A regulatory shadow is creeping over the industry.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.(c)2021 Bloomberg L.P. 3h ago * [placeholde] Ad*Prosper Trading Academy + Why this Ad? + I like this ad + I don't like this ad + Advertise with us AdThis Options Strategy Generated 390% In 1 Day? Millionaire Former Trader Reveals His 3 Favorite Options Trading Strategies. Learn More Now. * [placeholde] Bloomberg China Considers New Bourse to Attract Overseas-Listed Firms: Reuters (Bloomberg) -- China is mulling creating a new stock exchange to lure overseas-listed firms from markets like Hong Kong and the U.S., Reuters reported, citing two unidentified people, marking a new attempt by world's second-biggest economy to bring its tech success stories back home.China's State Council asked the China Securities Regulatory Commission to lead studies on how to design the bourse that would target mainland companies listed offshore on exchanges like Hong Kong and the U.S., Reuters said.Beijing is also hoping to attract global firms such as Apple Inc. and Tesla Inc. -- currently listed in the U.S. -- which would have the option of carving out local businesses and listing them on the new bourse, the report said.The CSRC didn't immediately reply to a fax seeking comment on plans on the new exchange.Some of the world's fastest-growing and biggest tech companies have sprung out of China, but few have listed there because of regulatory obstacles. China has made several attempts to lure its tech giants back, including piloting Chinese depositary receipts and setting up a tech-focused board on the Shanghai stock exchange.PC maker Lenovo Group Ltd. and AI startup Megvii Technology Ltd. are both set to list in Shanghai this year using the CDR program kicked off three years ago.Beijing's latest initiative comes as U.S.-listed Chinese tech heavyweights such as Alibaba Group Holding Ltd., Baidu Inc. and Bilibili Inc. have raised $36 billion through secondary listings in Hong Kong since late 2019.China's plans could hurt the listing business at Hong Kong's stock exchange which relaxed its rules to facilitate the secondary listings a few years ago. Chinese firms have flocked there from the U.S. as tensions between Beijing and Washington have threatened to curtail their access to U.S. capital markets.Hong Kong Exchanges & Clearing Ltd. shares reversed earlier gains on Wednesday to close down 1.3%.Read more: Hong Kong's Mr. Market Wants a Piece of All Your China TradesThose risks flared up again last week when the U.S. Securities and Exchange Commission said it would begin implementing a law that could result in Chinese companies being kicked off U.S. exchanges if they don't allow American regulators to inspect their audit papers.Read more: Few HKEX Worries as China Mulls Board for Global Firms: ReactOne option under discussion is upgrading an existing exchange such as a smaller bourse in Beijing, Reuters said. The capital's municipal government has been lobbying for years to upgrade its listing platform for small and medium-sized firms to be the venue for U.S.-listed Chinese firms, the report said.(Updates with more details throughout)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.(c)2021 Bloomberg L.P. 2d ago * [placeholde] Bloomberg Deutsche Bank Dodged Archegos Hit With Quick $4 Billion Sale (Bloomberg) -- Deutsche Bank AG sold about $4 billion of holdings seized in the implosion of Archegos Capital Management in a private deal Friday, helping it emerge unscathed from a scramble that may cost some rivals billions of dollars.The German bank executed the direct sale after Archegos defaulted on margin loans used to build up highly leveraged bets on stocks, people with knowledge of the matter said. At the time, other lenders had already started selling and the pressure was on Deutsche Bank to rid itself of the exposure or potentially get stuck with losses.One of the buyers was Marshall Wace, among Europe's largest hedge fund managers, according to a person familiar with its role who asked not to be identified discussing a private transaction. The names of the others weren't immediately available.Representatives for Deutsche Bank and Marshall Wace declined to comment.The $4 billion sale brings to almost $30 billion the known value of investments that have been liquidated in the messy unwinding of Archegos. The private investment firm, run by former Tiger Management star Bill Hwang, grew into a hidden colossus before collapsing almost overnight in one of the biggest margin calls in history.Bloomberg has reported that Archegos lenders led by Credit Suisse Group AG tried to broker some kind of standstill agreement with Hwang last week, seeking to untie positions without causing panic. But any agreement was elusive and the trades started to become public on Friday, triggering a selloff.Goldman Sachs Group Inc., Morgan Stanley and Wells Fargo & Co. dumped multibillion-dollar blocks of stock, in some cases through the weekend, to recover capital they loaned to Archegos. Deutsche Bank previously said it was able to de-risk its Archegos exposure and doesn't expect to incur losses on the trades.It is the second time in less than a year that Deutsche Bank avoided damage from a big corporate collapse it had exposure to. The lender also emerged relatively unscathed when the German payments company Wirecard AG imploded in one of the country's largest accounting scandals. The insolvency inflicted hundreds of millions of euros in credit losses on many lenders that, unlike Deutsche Bank, hadn't hedged their exposure.Swiss rival Credit Suisse expects a hit in the billions of dollars from Archegos, people with knowledge of the matter have said, while Nomura Holdings Inc. has signaled it may lose as much as $2 billion. Analysts at JPMorgan Chase & Co. estimate the Archegos blowup may cause as much as $10 billion of combined losses for banks.David Herro, chief investment officer of Harris Associates -- one of Credit Suisse's biggest shareholders -- said on Bloomberg Television on Wednesday that the Archegos incident was a "wake-up call" for Credit Suisse and should lead to sweeping changes to its culture and oversight practices.Shares of Credit Suisse tumbled 21% this week on concern over the size of its potential Archegos hit. Deutsche Bank is down 2.9%.(Adds details about Deutsche Bank's hedging before Wirecard scandal in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.(c)2021 Bloomberg L.P. 12h ago * [placeholde] Bloomberg 'Green Tidal Wave' Lifts Clean Energy Stocks With Biden Plan (Bloomberg) -- As President Joe Biden gets ready to lay out the infrastructure portion of his economic package, investors are refocusing on an industry that's recently been battered: green energy.Some of the newest S&P 500 members such as solar-power company Enphase Energy Inc. and lighting supplier Monolithic Power Systems Inc. climbed on Wednesday after tumbling from their January peaks. The selloff followed a surge of 572% and 106%, respectively, in 2020. Elon Musk's giant Tesla Inc. also rallied after largely underperforming the equity benchmark this year."My sense is green energy and clean tech stocks went on a tear between the election and the inauguration, suggesting buy the rumor, sell the news," said Mike Bailey, director of research at FBB Capital Partners. "You could argue that some of these green stocks have given up all of the good news from the Biden win. If that's the case, then progress toward the Biden infrastructure plan should be at least neutral and potentially favorable for green energy and clean tech." Read more: Biden Plans $2.25 Trillion Spending, Corporate Tax HikesCombating climate change and boosting green energy is a key aspect of Biden's plan, with $174 billion in proposed funding for electric vehicles and a 10-year extension for tax credits that have aided wind, solar and other renewable-energy projects. He's also looking to expand tax credits for the underground storage of carbon dioxide, which would help develop technology that could directly capture greenhouse-gas emissions from the air as well as from industrial sectors like steel and cement making.The electric-vehicle portion of the plan, in particular, is likely to benefit investments tracking the area, according to Dan Ives, senior equity research analyst at Wedbush Securities."For the EV sector, the Street has been awaiting this day since Biden was elected," he wrote in a note on Wednesday. "The combination of a Biden administration and a Blue Senate sets the stage for a green tidal wave in the U.S. to kick off, with electric vehicles the centerpiece," he added, referring to a Democratic Senate. Read more: Biden Infrastructure Plan Targets Electric Cars, Clean PowerTwo ETFs that follow the EV industry -- the KraneShares Electric Vehicles and Future Mobility Index ETF (KARS) and the Global X Autonomous & Electric Vehicles ETF (DRIV) -- have struggled recently, down 13% and 7% respectively from their February peaks. That's after rallying 71% and 62% in 2020."We saw a pretty big surge in a lot of green energy names, so I think in the short term, valuations may be a bit stretched," said Matthew Weller, global head of market research at Forex.com. "But over the time frame of quarters or years, they could be well positioned to benefit."Still, some investors are waiting for the adoption of green technology to accelerate further before making huge bets."At the margin there is more interest, there's the potential for some additional company and even sector inclusion," said Eric Freedman, chief investment officer at U.S. Bank Wealth Management. "But we need to see -- especially if you look at EV -- there has to be a significant ramp higher in implementation and usage. That's something we think is going to eventually happen but not in the immediate future."For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.(c)2021 Bloomberg L.P. 1d ago * [placeholde] Ad*Altimetry + Why this Ad? + I like this ad + I don't like this ad + Advertise with us AdL.O.C.K. System Predicts Stock Market Crash Joel Litman's L.O.C.K. system predicted the March 2020 crash...Now it says all Americans should do one thing before May. * [placeholde] Bloomberg Deutsche Bank Bond Drives $1.1 Million in Fees to Diverse Shops (Bloomberg) -- Deutsche Bank AG paid one of the largest fee shares ever to banks managed by women, minorities and veterans for helping oversee its recent bond sale, as diverse firms take on more significant roles in debt offerings.Over 60% of the deal's fees, or about $1.1 million, were split among a group of 11 banks including joint lead managers Academy Securities, CastleOak Securities, Loop Capital Markets, Mischler Financial Group, R. Seelaus & Co. and Siebert Williams Shank, according to a Deutsche Bank spokesman and the transaction's offering documents. That compares to an industry average of 20% or less in recent years for diverse firms, which have tended to serve mostly in lower paying co-manager roles."This is very indicative of the trajectory of ascending roles for diversity and inclusion firms," said Spencer Wilcox, a Navy veteran who now serves as Academy's head of debt capital markets. "We're graduating past these ancillary roles."Banks with diverse ownership have been making inroads in the U.S. corporate bond market, which has long been dominated by the likes of JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. Companies are increasingly factoring in diversity and inclusion goals into their capital markets activities, especially in the wake of racial justice protests that swept the U.S. last year.Read more: Up against Wall Street bond giants, minority firms want moreDeutsche Bank issued $750 million of bonds through its New York branch Tuesday, and the deal settled Thursday. The four-year senior non-preferred notes, which can't be bought back for three years, priced at a spread of 112.5 basis points over Treasuries, a minimal concession to its outstanding debt.As joint lead managers, the diverse firms were included in every aspect of the transaction, from calls to determine when the deal would move forward, to building orders with investors and pricing, said Jeanmarie Genirs, head of U.S. investment-grade syndicate at Deutsche Bank."We sat around a virtual table to figure out how we could make a difference in terms of really trying to increase diversity and inclusion on Wall Street," Genirs said. "You can always pay out more money, but the other important part was to help raise their profile with investors and issuers."Diverse firms not only pride themselves on their social missions, but also tend to cater to investors with backgrounds similar to their own, which helps issuers distribute bonds across a wider swath of the market.By being in on meetings to determine if a transaction will move forward, known as go-no-go calls, the diverse firms got a closer view of the discretion that issuers use in timing their transactions, Academy's Wilcox said. That was especially valuable given the backdrop earlier this week, when of some of the world's biggest banks reported significant losses tied to the implosion of Archegos Capital Management. The offering from Deutsche Bank, which managed to sidestep much of the tumult, likely would have gone on Monday, but was held until Tuesday to allow the market to process the headlines, Genirs said.Paving the WayFinancial issuers, some of the most frequent borrowers, have led the way in including diverse firms in their underwriting groups. Citigroup worked solely with Black-owned firms to distribute $2.5 billion of bonds in January, while Bank of America and Goldman Sachs Group Inc. hired diverse firms to help underwrite their respective bond sales in March."I give these big banks a lot of credit for bending over backwards to be more inclusive," said Leslie Graves, co-head of origination and syndicate at women-owned Seelaus. "It doesn't feel concessionary, they really are committed and it's not a one-time thing."As banks lead the effort, corporate issuers will take notice and follow suit, Wilcox said. It's already been happening -- Google parent Alphabet Inc. paid record absolute fees to diverse underwriters in a $10 billion bond sale in August, while Allstate Corp. in November hired solely banks owned by minorities, women or veterans for its $1.2 billion bond sale, the biggest corporate deal yet managed only by diverse firms."When Wall Street sets the standard, corporates tend to follow," Wilcox said. "It sends a signal to the marketplace very broadly."For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.(c)2021 Bloomberg L.P. 7h ago * [placeholde] Bloomberg Frontier Debut Fizzles in Second U.S. Airline IPO in a Month (Bloomberg) -- Frontier Group Holdings Inc. struggled to gain traction in its trading debut after selling shares at the bottom of a marketed range.The stock slipped less than 1% to close at $18.85 in New York after an initial public offering late Wednesday at $19 a share. By contrast, rival discounter Sun Country Airlines Holdings Inc. opened with a pop after an IPO in mid-March and was up 43% from the offering price through Wednesday.Frontier is betting that accelerating vaccination efforts and pent-up travel demand will buoy U.S. airline traffic this summer, after last year's unprecedented collapse in flying because of the coronavirus pandemic. But carriers from giants such as United Airlines Holdings Inc. to a pair of startups will be competing fiercely for the leisure travelers that are Frontier's lifeblood."If you think about the coronavirus as being a dam and the customers as the water, the vaccine is just chipping away at that dam and you're slowly seeing the people flow through," Frontier Chief Executive Officer Barry Biffle said in an interview. "By the time you get to Memorial Day, everyone who wants to be vaccinated will have been vaccinated."The Denver-based discounter is looking to use its $266 million in IPO proceeds to fuel an aggressive growth plan in the coming years. Frontier's offering raised a total $570 million, but half the shares sold came from existing stockholders and the company will get nothing from that part of the transaction.William Franke, Frontier's 83-year-old chairman and biggest investor, planned to sell 14.2 million shares in the offering, according to securities filings. Franke's Indigo Partners, which invests in low-cost airlines around the world, acquired Frontier in 2013. Frontier had filed to go public in 2017 but dropped that effort last July.The airline's optimism now stems from the elevated U.S. savings rate and the most recent round of government economic stimulus checks, Biffle said. The accelerated pace of vaccination campaigns is also likely to spur airline travel for summer and beyond.Frontier has 156 of Airbus SE's A320neo-family jets on order through 2028 and sees "plenty of white space out there to grow," Biffle said. The company uses 96% of its capacity domestically and will look to nearby international markets, including Canada, over time. But for now "being domestic is pretty popular" because of Covid-19, Biffle said.The company will face plenty of competition as airline giants revamp their networks to focus more on vacationers and less on business travelers, their traditional bread and butter. In addition, two new-leisure focused carriers -- Avelo and Breeze -- plan to begin flying before the end of May.Frontier features colorful animal portraits on its planes and crams passengers into seats with a 28-inch pitch -- the distance from a point on one seat to the same point on the seat in front of it. The tight fit for customers enables Frontier to compete on price. The company's ticker, ULCC, refers to its "ultra low-cost carrier" business model."If you're going to sell low fares you better have low costs, right?" Biffle said. "There's an ante to play in this type of game and that ante is low cost."(Updates for stock's close in second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.(c)2021 Bloomberg L.P. 2h ago * [placeholde] USA TODAY IRS tax refunds to start in May for $10,200 unemployment tax break: Here's what you need to know The IRS will start refunding money to people in May who already filed their returns without claiming the new tax break on unemployment benefits. 4h ago * [placeholde] Ad*Stansberry Research + Why this Ad? + I like this ad + I don't like this ad + Advertise with us AdDump Your Cash Now An unstoppable force is taking over our financial markets. But most Americans won't see what's going on until it's too late. Here's what's coming. * [placeholde] Benzinga Bitcoin Is Trading Near Record-High Again But Analyst Says We Are Staring At A Meltdown Bitcoin's (BTC) recent gains may be short-lived and "the whole rally in crypto is getting very long in the tooth," according to Boris Schlossberg, a leading foreign exchange expert. What Happened: "I think we're very, very close to perhaps an intermediate-term top here. A little bit of a correction is certainly due at this point," Boris Schlossberg, managing director of FX strategy at BK Asset Management, said Tuesday on CNBC's "Trading Nation." BTC traded 0.54% lower at $59,354.38 over the past 24 hours at press time, but was up 11.2% over the past week, indicating a recovery. It has an all-time high of $61,683, hit last month. See also: How to Buy Bitcoin (BTC) Bitcoin's Recent Gains: The cryptocurrency's recent gains came after PayPal Holdings Inc. (NASDAQ: PYPL) said it will allow its U.S. customers to use their cryptocurrency holdings to pay at millions of online merchants around the globe. PayPal's move came a day after payments giant Visa Inc (NYSE: V) said it would allow payments to be settled directly via cryptocurrency on the Ethereum blockchain. Schlossberg noted that Bitcoin's high degree of volatility will likely mean transactions on platforms such as PayPal's will be "infinitesimally small" compared to regular currency. However, he feels Bitcoin is a better store of value than gold. See Also: Why Is Ethereum Surging, Outperforming Bitcoin Today? CME Group's Plan: Further, Schlossberg said that derivative exchange CME Group Inc.'s (NASDAQ: CME) plan to launch Micro Bitcoin futures contracts on its platform in early May could rattle bitcoin's price even if investors like it or not. The Micro Bitcoin futures will be one-tenth the size of one Bitcoin. Schlossberg noted that Bitcoin topped out the last time CME launched bitcoin futures in late 2017. Matt Maley, chief marketing strategist at Miller Tabak, said in the same "Trading Nation" interview that if Bitcoin moves to the downside below $52,000, its going to be a "big warning flag" and give the cryptocurrency its first lower low of the year. Maley added it Bitcoin breaks above its recent highs of $61,000, it "should see another leg higher." However, he agreed with Schlossberg that bitcoin is going to see a lot more big declines along its way in a very volatile session. Read Next: 5 Best-Performing Cryptocurrencies Of Q1 (No -- Bitcoin, Dogecoin Don't Make The Cut) See more from BenzingaClick here for options trades from BenzingaTesla Will Be Employing A Lot More People At Giga Texas Than It Thought It WouldCramer Says Forget Tech And Look To These Sectors In Q2(c) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. 14h ago * [placeholde] Yahoo Finance Rapper Ice Cube accuses Robinhood of trademark infringement in act of 'transparent retribution' Stock trading platform Robinhood has a new legal opponent in rapper Ice Cube. The artist filed a federal lawsuit in California Wednesday accusing the company of damaging his reputation by using his image to promote its products, without his consent. 10h ago * [placeholde] Bloomberg Richard Li's FWD Leaning Toward U.S. for $3 Billion IPO (Bloomberg) -- FWD Group Ltd., the acquisitive Asian insurance firm backed by billionaire Richard Li, is leaning toward New York as its preferred venue for an initial public offering this year, according to people with knowledge of the matter.The company, whose business spans Southeast Asia, Japan and Hong Kong, is seeking to raise about $3 billion through an IPO in the U.S. as soon as the third quarter, the people said. A deal could value the insurer at more than $15 billion, the people said, asking not to be identified because the matter is private.FWD is working with advisers to adjust its accounting records to U.S. standards and plans to file with regulators in the second quarter, the people said. A U.S. listing would allow Li to keep control of the company via his investment manager Pacific Century Group, one of the people said.The insurer has been considering a range of options over the last few months including a first-time share sale in Hong Kong, Bloomberg News reported in September. FWD has also weighed plans such as a U.S. listing through a merger with a special purpose acquisition company, the people said.No final decision has been made and the other potential routes to a listing remain under consideration, the people said. A representative for FWD declined to comment.Founded in 2013, FWD has made numerous acquisitions across Asia in recent years. It has a presence in countries including Hong Kong, Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia, according to its website. Its minority shareholders include fellow insurer Swiss Re AG as well as GIC Ventures, RRJ Capital and Hopu Investments.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.(c)2021 Bloomberg L.P. 20h ago * [placeholde] Ad*True Market Insiders + Why this Ad? + I like this ad + I don't like this ad + Advertise with us AdMan Who Predicted 2020 Crash: Get Out Of Cash Now The last time something like this happened was in the 1990s, and more than $10 trillion in wealth surged through the hands of investors. * [placeholde] USA TODAY Stimulus checks coming for some Social Security recipients and other federal beneficiaries, IRS says When can Social Security recipients expect third stimulus checks? The IRS projects many COVID payments to be sent electronically by April 7. 1d ago * [placeholde] Bloomberg Riskiest U.S. Junk Bonds Are Outperforming Just About Everything (Bloomberg) -- The first quarter was a great time to bet on bonds from companies with the weakest credit ratings, as investors prepared for the economy to snap back after the pandemic.High-yield bonds rated in the CCC tier, usually the lowest-graded bonds that trade, gained 3.58% year-to-date, according to Bloomberg Barclays index total return data. They performed better than leveraged loans, which saw returns of 1.78%, and high-grade bonds, which posted a 4.65% loss. They outperformed mortgage bonds and Treasuries too.The higher coupons that the securities pay can offer insulation against the sting of rising yields. CCC notes average coupons of 7.7%, compared with 5.9% for high yield debt overall and 3.7% for investment-grade corporate notes, according to Bloomberg Barclays index data."The lower quality trade still has some legs," said Scott Kimball, co-head of U.S. fixed income at BMO Global Asset Management. "Investors typically look to high-yield securities, particularly CCCs, when yields are on the rise. Now, we see record positive revisions for U.S. growth by economists being further boosted by record fiscal stimulus expectations."That demand is helping CCC rated companies tap investors for cash. Cetera Financial Group Inc. is expected to complete a $400 million bond offering on Thursday to help finance its acquisition of a Voya Financial Inc. financial planning business. The deal is rated Caa2 by Moody's Investors Service and an equivalent CCC by S&P Global Ratings.U.S.Michaels Cos. launched a $2.3 billion junk bond deal to fund its buyout by Apollo Global Management, with investor calls through April 8.No new high-grade bond deals were launched on Thursday as issuance calmed before the Easter holiday weekendCitigroup says 20%-40% of U.S. CLO managers will incorporate environmental, social and governance factors into new issue CLOs in the next two years, up from 11% last year, according to estimates from analysts led by Maggie WangFor deal updates, click here for the New Issue MonitorFor more, click here for the Credit Daybook AmericasEuropeDeutsche Bank AG hired JPMorgan Chase & Co. veteran Sebastian Pearce as head of European high-yield trading, as it boosts staffing in that unit amid a boom in activity.The U.K. is increasing efforts to distance itself from Libor. From Thursday, firms should stop issuing new loans, bonds and securitizations tied to the discredited benchmark, according to the Bank of EnglandHSBC Holdings Plc gained ground in underwriting European bonds this year as the value of deals rose 8%Issuers sold 692.5 billion euros of bonds through March vs. 641 billion euros a year agoGlobal issuance of sustainability-linked loans totaled at least $77 billion in the first quarter, more than double the same period last yearCredit default risk declined in Europe on Thursday for both investment grade and high yield corporationsAsiaAsia's new dollar bond sales surged in a holiday-shortened week led by Pakistan's $2.5 billion three-part offering. Some parts of the region including Hong Kong will have public holidays on Friday.New issuance rose by 45% to $8.4 billion this week from $5.8 billion in the previous week, according to data compiled by BloombergPakistan turned to the fixed-income markets after the resumption of a $6 billion bailout program with the International Monetary FundAIA Group raised $750 million from an offering of Tier 2 notes, while Chinese developers including Jinmao and Logan also tapped dollar debt fundingSpreads on Huarong's dollar bonds widened Thursday morning in Hong Kong after its stock trading was suspended in the city following a delay in the company's earnings reportFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.(c)2021 Bloomberg L.P. 8h ago * [placeholde] CoinDesk Cryptocurrency Wallet Startup imToken Completes $30M Series B Funding Round The funding round was led by Qiming Venture Partners, and included Signum Capital, HashKey and IDG Capital. 1d ago More Stories __ __ __