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Ant Group Trades at 50% Premium in Hong Kong Gray Market

(Bloomberg) — Institutional investors are buying Ant Group Co.’s shares at a 50% premium, signaling the Chinese fintech giant is poised to soar in its debut this week following the world’s largest initial public offering.Some trades were executed at HK$120 ($15.50) apiece in gray-market trading Monday, compared with the listing price of HK$80, according to people familiar with the matter who declined to be identified as they aren’t authorized to speak to the media.Billionaire Jack Ma’s Ant IPO has become the most anticipated in years, attracting at least $3 trillion in orders for its dual listing in Hong Kong and …read more […]

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Mukesh Ambani Loses $7 Billion as Oil Sinks Reliance Shares

(Bloomberg) — Mukesh Ambani, Asia’s richest man, lost almost $7 billion from his net worth as Reliance Industries Ltd.’s shares tumbled the most in over seven months following a drop in quarterly profit.The stock of India’s most-valuable company closed 8.6% lower in Mumbai on Monday, slipping the most since March 23. It was the day’s worst performer on the benchmark S&P BSE Sensex, which rose 0.4%. The slide also shaved down Ambani’s wealth to about $71 billion, according to the Bloomberg Billionaires Index.The refining-to-retail conglomerate reported a 15% decline in quarterly profit to 95.7 billion rupees ($1.3 billion) late on …read more […]

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Trump Supporters Chant `Fire Fauci' at Florida Rally

Nov.02 — Supporters of President Donald Trump chanted “Fire Fauci” at a rally in Florida early this morning, the latest development in Trump’s ongoing critique of Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, who was once a prominent figure in Trump’s coronavirus response but who has since been marginalized. “Don’t tell anybody, but let me wait until a little bit after the election,” Trump told the crowd in Opa-Locka. …read more […]

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Mall operator CBL files for Chapter 11 bankruptcy protection

Mall operators in the U.S. have been strapped for cash amid the pandemic as people have stayed indoors and resorted to online shopping. Retailers, including J.C. Penney Co Inc, one of CBL’s biggest renter, already grappling with customers’ abandonment of traditional stores for online shopping have also resorted to bankruptcy filings. CBL’s filing follows that of Pennsylvania Real Estate Investment Trust earlier on Sunday, which filed a chapter 11 petition to execute a prepackaged financial restructuring plan. …read more […]

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Russian firm seeks to produce COVID-19 drug without patent, Vedomosti reports

Russian drugmaker Pharmasyntez has asked the Kremlin for permission to produce a generic version of U.S. firm Gilead Sciences’s COVID-19 treatment remdesivir without а patent, the Vedomosti newspaper reported on Monday. Siberia-based Pharmasyntez previously approached Gilead requesting a voluntary licence to produce and distribute the drug in Russia, the company’s director, Vikram Punia, had told Reuters this year. Pharmasyntez did not immediately respond to a request for comment. …read more […]

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China Delays Australian Lobster Imports as Tensions Rise

(Bloomberg) — Supply Lines is a daily newsletter that tracks Covid-19’s impact on trade. Sign up here, and subscribe to our Covid-19 podcast for the latest news and analysis on the pandemic.Australia says Chinese customs officers are delaying imports of some premium shellfish products, in a sign its rock lobster industry could be the latest casualty of growing tensions between Canberra and Beijing.Some Australian lobster shipments have experienced customs clearance delays in the past few days due to increased import inspections in China, the Seafood Trade Advisory Group said in a statement. Most exporters have decided to halt shipments to …read more […]