- HSBC Holdings plc HSBC has launched its planned $1 billion share buyback Wednesday as it seeks to redeploy excess capital and reward shareholders.
- The bank has appointed Merrill Lynch International to conduct the process, which could see as many as 2 billion HSBC common shares canceled in a move that should boost average EPS.
- Merrill Lynch will make trading decisions concerning the buyback independently of HSBC and purchase shares ‘on exchange,’ the bank said.
- On Wednesday, the Federal Reserve is expected to raise interest rates by half of a percentage point and announce the start of reductions to its $9 trillion balance sheet as U.S. central bankers work to combat high inflation.
- The decision would lift the Fed’s short-term target policy rate to 0.75% - 1% and set a plan to trim its Treasuries and mortgage-backed securities portfolio by as much as $95 billion a month.
- Markets have priced in further rate increases through this year and into next.
- The Federal Aviation Administration (FAA) plans to meet with telecom and airline industry officials to discuss a campaign to modify and eventually replace some airplane radio altimeters that could face interference from C-Band 5G wireless service.
- The altimeters provide data on a plane’s height above the ground and are critical for bad-weather landings. Still, airline fears about wireless interference from a planned 5G rollout caused issues at certain US airports earlier this year.
- German software firm SAP SE ADS SAP is working with investment bank Moelis & Company MC to divest its corporate learning software business Litmos.
- CEO Christian Klein looks to move towards subscription-driven services and increase cloud-based revenue.
- The report noted the sale of the profitable California-based Litmos could fetch a valuation of more than $1 billion.
Wall Street Journal
- Welltower Inc WELL, a healthcare-focused real estate investment trust, has reportedly made a nearly $5 billion all-cash bid for Healthcare Realty Trust Incorporated HR, according to people familiar with the matter.
- Welltower, with a market value of roughly $41 billion, has a portfolio of senior housing, rehabilitation centers, and medical offices. Healthcare Realty deal would expand its presence in medical-office buildings.
- Welltower remains interested after its bid was rejected and plans to say as much to Healthcare Realty this week, the people said.
- Wall Street’s trading powerhouse Jane Street, famed for its domination in markets such as ETFs and corporate bonds, is turning to decentralized finance to borrow cryptocurrency.
- Jane Street plans to borrow up to $25 million in USDC, a stablecoin pegged to the US dollar, to expand to $50 million.
- It will borrow from the crypto business BlockTower Capital via Clearpool, a DeFi marketplace where institutions can obtain uncollateralized liquidity from a network of lenders. Clearpool is backed by worldwide investors such as Sequoia Capital and Arrington Capital.
- India’s largest IPO has started taking orders from individuals and other categories after attracting anchor investors.
- Retail investors can place their orders for shares of India’s state-controlled Life Insurance Corporation until May 9.
- Retail investors will be allocated 35% of the stock on sale and will enjoy an ₹45 discount on the IPO price.
- Luxury sports car manufacturer Aston Martin Lagonda Global Holdings Plc ARGGY has disclosed Amedeo Felisa has joined as Chief Executive Officer, replacing Tobias Moers.
- The overhaul of its management structure comes ahead of a push into electric vehicles, Financial Times reported.
- Felisa has spent his entire career in automotive and engineering with over 26 years in leadership roles at Ferrari N.V. RACE including eight as CEO.
- The U.S. SEC is probing DiDi Global Inc’s DIDI botched U.S. IPO.
- DiDi’s annual report disclosed that “the SEC contacted us and made inquiries in relation to the offering.”
- DiDi President Jean Liu also made her posts on the Chinese social media platform Weibo Corporation WB invisible to her 10 million followers over the weekend.
- Tesla Inc TSLA CEO Elon Musk says Apple Inc’s AAPL app store fees is like having a “30% tax on the Internet.”
- Musk was responding to a Tweet by Slashdot that featured an article on how PayPal Holdings Inc PYPL +0% helped initiate a European Union antitrust complaint against Apple payments.
- Musk, who is also a co-founder of PayPal, said it was “definitely not ok” that Apple’s store could extort a “30% tax.”
- Facebook parent Meta Platforms Inc FB says it is giving away research surrounding a large language model in its commitment to “open science.”
- The artificial intelligence (AI) language it is sharing is called Open Pretrained Transformer (OPT-175B). Meta says it is a language model with 175 billion parameters trained on publicly available data sets, according to a statement from Meta AI.
- Large language models are natural language processing (NLP) systems with more than 100 billion parameters, according to Meta AI.
- Swedish automaker Volvo Car Group has reported a 24.8% decline in April sales.
- The company attributed the steep fall to lockdowns in eastern China due to a rise in COVID-19 cases and the persisting global supply chain challenges.
- Electrified Recharge models grew 18.7% Y/Y, constituting 38.4% of total sales. Fully electric cars share was 10% in the month.
- Car sales in the U.S. decreased 9.2% Y/Y. Sales in Europe fell 23.2%. China sales declined 47.8%
- Shiba Inu SHIB/USD is once again the most held token among the 100 largest Ethereum ETH/USD whales.
- According to an alert from on-chain wallet tracker Whale Stats, SHIB flipped FTX Token FTT/USD to become the biggest dollar holding among the richest Ethereum whales.
- While the token has reclaimed the top spot among Ethereum whales, the average number of transactions has seen a significant decline.
- Tesla Inc TSLA CEO Elon Musk on Tuesday teased plans to monetize Twitter Inc TWTR, a platform he calls “the bedrock of a functioning democracy” and where he has promised to return free speech after completing his $44 billion take-private deal.
- The billionaire entrepreneur said he plans to keep the microblogging site free for casual users while charging commercial and government users a slight fee.
- Musk in an earlier Tweet said, “the downfall of the Freemasons was giving away their stone cutting services for nothing.
- Tesla Inc TSLA has confirmed plans to build a second manufacturing plant in Shanghai as it looks to double production capacity in China, Reuters reported on Tuesday, citing a letter from the Elon Musk-led company addressed to local officials.
- Tesla plans to expand its plant in Shanghai and build a new facility on nearby land in the same area.
- The new facility will add an annual capacity of 450,000 cars and produce Model 3s and Model Ys.
- Craig Wright, the Australian computer scientist who claims to be Bitcoin’s BTC/USD creator, is now suing major cryptocurrency exchanges, Kraken and Coinbase Global Inc COIN.
- According to an intellectual property claim issued by ONTIER LLP on Friday, Wright is alleging that Kraken and Coinbase are “misrepresenting” BTC as Bitcoin Core when in fact, it is a software implementation created in 2017 that is separate from the original system.
- “The only digital asset that remains true to the original Bitcoin protocol is ‘Bitcoin Satoshi Vision’ BSV/USD, which is the software implementation of the original Bitcoin protocol,” stated ONTIER on behalf on Wright.
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