(Bloomberg) — Hong Kong’s boom in initial public offerings is set to be prolonged as companies given a boost by the pandemic outbreak follow China’s technology giants in selling shares, the bourse’s head of listings said.

a person sitting on a bench in front of a body of water: Views of Hong Kong as China Law to Establish 'Red Lines' for the City, Adviser Says

© Bloomberg
Views of Hong Kong as China Law to Establish ‘Red Lines’ for the City, Adviser Says

Companies from the technology and biotechnology sectors could continue to fill the IPO pipeline in the near future as Covid-19 has boosted investments in research and development, Hong Kong Exchanges & Clearing Ltd.’s Head of Listing Bonnie Chan said in an interview on Friday.


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“We thought 2020 would be a disappointment, but it has turned out to be a busy year,” Chan, 50, said. “I believe the IPO rush will continue.”

Hong Kong this year has seen a rush of listings from Chinese companies including JD.com Inc. and Netease Inc., which are selling shares

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Before the pandemic hit the United States, Walmart (NYSE:WMT) Grocery led the grocery delivery industry, consistently staying about a 50% market share of sales, according to Second Measure data. In March, Walmart dropped to a 25% share as it struggled to keep up with the surge of demand. Instacart (ICART) rose up the ranks, hitting a high of 57% in April before settling down into a 48% share in June.

The market gains required Instacart to quickly expand its workforce and customer experience, which costs money. Last week, Instacart received a fresh $200M infusion at a $17.7B post-money valuation. D1 Capital and Valiant Peregrine Fund led the round, which follows a $225M round in June and $100M round in July. Instacart says it now has 500 retail partners and delivers from nearly 40,000 store locations across the United States and Canada.

“We expect to deploy the new capital in a

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(The opinions expressed here are those of the author, a columnist for Reuters)

FILE PHOTO: Aluminium bar stock is seen inside a factory in Dongguan, China, April 10, 2018. REUTERS/Bobby Yip/File Photo

LONDON (Reuters) – China’s imports of unwrought aluminium rose again in August, extending a rare inversion of normal trade patterns.

Combined imports of primary metal and unwrought alloy totalled 393,000 tonnes, just shy of the previous record of 394,000 tonnes in April 2009.

For the second consecutive month the world’s largest producer was a net importer of aluminium in all forms.

It’s no coincidence that the only reference point for such high imports is the global financial crisis. That was the last time aluminium demand experienced the sort of hit now being generated by the COVID-19 pandemic.

Now, as then, China’s recovery is proving faster and more powerful than anywhere else. China’s smelters are responding by lifting production,

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(Bloomberg) —

Saudi Arabia added new incentives to keep its mortgage boom going by scrapping a 15% value-added tax on property sales and offering other relief for home buyers amid a push by the Arab world’s largest economy to expand residential ownership.

Property transactions will instead be subject to a new 5% real estate sales tax, according to state-run news agency SPA. The government will also shoulder the cost of taxes for first-time home buyers of properties worth up to 1 million riyals ($267,000), according to a royal order published on Friday.

The threshold for the tax exemption was increased from 850,000 riyals previously for citizens buying their first homes.

chart, bar chart: Mortgage Boost

© Bloomberg
Mortgage Boost

Saudi Arabia’s mortgage market has emerged as a bright spot at a time the economy is reeling from the global pandemic and lower oil prices, with citizen unemployment hitting its highest level on record in the

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Coppell-based home mortgage company Caliber Home Loans is seeking to raise up to $200 million in an initial stock offering.

The fast-growing home loan firm filed Friday with the U.S. Securities and Exchange Commission for its first public securities sale. Record-low interest rates are fueling a home buying and refinancing boom, leading privately owned mortgage companies to capitalize on Wall Street.

Home mortgage originations are forecast to hit $3.9 trillion this year – up from about $2.2 trillion in 2019. More than $2.4 trillion of this year’s home lending volume is homeowners refinancing their property at lower mortgage rates.

Caliber Home Loans is owned by an affiliate of Dallas private equity investor Lone Star Funds, which will maintain more than 50% of the company’s stock after the public offering. The company lists its current total stockholders’ equity at more than $1 billion.

Caliber – which is expanding its offices to

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  • Special-purpose acquisition companies — aka “blank-check” companies — are having a moment on Wall Street. The investment vehicles have raised more than $40 billion already in 2020 and are on track to more than triple last year’s total of $14 billion.
  • SPACs have recently attracted bold-faced names such as hedge-fund titan Bill Ackman, LinkedIn founder Reid Hoffman, Silicon Valley power player Dragoneer Investment Group, and “Moneyball” star Billy Beane.
  • But there’s an ecosystem of advisors, salespeople, and lawyers pitching blank-check companies to investment platforms and wealthy people as viable financing options.
  • We spoke with more than a half dozen industry insiders to come up with a list of the market’s most influential players.
  • Visit Business Insider’s homepage for more stories.

One of Wall Street’s most talked-about trends is the wave of special-purpose acquisition companies, or SPACs, that have launched IPOs at such a torrid pace that they’re on track to

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Last year, the median wealth for Black families was less than 15 percent that of White families, according to the 2019 Survey of Consumer Finances, released by the Federal Reserve on Monday. White families had median family wealth of $188,200, compared to that of Black families, which was $24,100.

The extensive survey is a detailed look at 2019 American household finances right before the recession began and millions of jobs were wiped away, offering yet another snapshot of an economy that worked best for White Americans and those at the top.

Those disparities laid the foundation for a recession that has been painfully unequal, with the worst of the crisis over for the wealthiest Americans while others scramble to make rent or pay for groceries. Last year, for example, the typical White family had $50,600 in equities they could tap into in an emergency, compared to just $14,400 for the

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Back in the 1980s, the long-forgotten “classified ads” for cars used to specify whether or not the auto for sale had AM/FM radio. If a tape deck, this was prominently noted. Hard as it is to imagine now, the tape deck that would signal an ancient car today was a sign of luxurious modernity in the 1980s. How things change.

As Andy Kessler has pointed out, your ownership of an Amazon
Echo combined with a monthly, $4.99 subscription to Amazon Music
gives you access to unlimited amounts of music worth billions of dollars. Nowadays Alexa is available in cars. Imagine that. While the well-to-do used to thrill at a tape deck that they could use to fast forward and rewind to get to favorite songs on one cassette tape, nowadays anyone can request nearly all the music ever recorded by voice command in their cars. Kessler

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Womenswear designer Aliya Wanek, based in the Bay Area, is facing more than just pandemic-related changes in what people are buying.

“[With] the spotlight on supporting Black-owned businesses, definitely within the past two months, there’s been exponential growth with the business,” Wanek said. “[It’s] really exciting, but also really crazy at the same time.”

In addition to her clothing line, Wanek works full-time as a speech therapist.

Before COVID-19, she’d spend a full day with her students before spending four to six hours working on her clothing line. Now, she said she’s gained tens of thousands of followers on Instagram and sold out collections in a few days.

“It’s been a pretty big adjustment,” she said. Wanek plans to spend the next year

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Ongoing concerns of COVID-19 and presidential election loom

After falling sharply between February and May with the rapid onset of the coronavirus pandemic, investor optimism showed little improvement in August despite the market rally.

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The Wells Fargo/Gallup Investor and Retirement Optimism Index registered 18 in the third quarter survey, conducted Aug. 10 – 16 among U.S. adults with $10,000 or more invested in stocks, bonds or mutual funds. This is up from an index score of 4 in the second quarter, following a sharp drop from the 20-year high of 138 in the first quarter.

The economy continues to weigh on investors’ outlook, with more saying they are pessimistic (47%) about economic growth over the next 12 months than optimistic (40%). Investors’ evaluation of current economic conditions is also grim. About three-quarters describe current conditions as “shaky” (49%) or

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