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Original Story, May 29, 2020: Chinese gaming giant NetEase confirmed today that it will seek a secondary listing on the Hong Kong stock exchange.

Currently listed in the US, NetEase is preparing a secondary listing amid mounting tensions between the US and China, which have begun to manifest as possible legislation in Wall Street.

“As we come to NetEase’s 20th listing anniversary this month, we are at another new starting point,” said CEO William Ding in a letter to shareholders.

“We are also preparing our secondary listing on the Stock Exchange of Hong Kong, bringing our established brand back to China.

“I believe that returning to a market that is closer to our roots will further fuel our passion in our business and our users.”

Credit Susse, China International Capital Corporation, and JP Morgan Securities are joint sponsors of the listing, the value and timing of which was not disclosed.

The move follows a recent piece of legislation passed by the US Senate which, if enshrined into law, would require companies to prove “they are not owned or controlled by a foreign government.”

Update, June 1, 2020: NetEase’s new listing on the Hong Kong stock exchange has been approved.

The approval was reported by Dow Jones, via Morningstar, although the company’s has not disclosed the planned timing of the IPO or the amount it hopes to raise.

Dow Jones cites a Wall Street Journal source who claimed NetEase plans to raise as much as $3 billion before June 11.

Additional reporting by James Batchelor

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A Peek Into The Markets: US Stock Futures Edge Lower Following Weekend of Violent Protests; Manufacturing Data In Focus

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade, after posting strong gains for the month of May. Investors also assessed violent protests over the death of George Floyd in Minneapolis. The manufacturing PMI for May is scheduled for release at 9:45 a.m. ET. The ISM manufacturing index for May and data on construction spending for April will be released at 10:00 a.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world. Total coronavirus cases in the U.S. exceeded 1,790,190 with around 104,380 deaths. Russia reported a total of at least 405,840 confirmed cases, while Brazil confirmed over 514,840 cases.

Futures for the Dow Jones Industrial Average dropped 31 points to 25,347 while the Standard & Poor’s 500 index futures traded fell 6 points to 3,036.00. Futures for the Nasdaq 100 index fell 38 points to 9,522.25.

Oil prices traded lower as Brent crude futures fell 0.7% to trade at $37.56 per barrel, while US WTI crude futures fell 1% to trade at $35.15 a barrel.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 1.5% and STOXX Europe 600 Index gaining 0.6%. The UK’s FTSE index was trading higher by 0.9%, while French CAC 40 Index rose 1%.

In Asian markets, Japan’s Nikkei rose 0.84%, Hong Kong’s Hang Seng Index rose 3.36%, China’s Shanghai Composite Index rose 2.21% and India’s BSE Sensex rose 2.8%.

Broker Recommendation

Analysts at ScotiaBank downgraded Occidental Petroleum Corporation (NYSE: OXY) from Sector Outperform to Sector Perform and lowered the price target from $25 to $16.

Occidental Petroleum shares rose 1.2% to $13.10 in pre-market trading.

Breaking News

Target Corporation (NYSE: TGT), late Saturday, announced plans to shutter 175 stores and reduce hours at a few others until

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First Ever U.S. Representative to African Development Bank Calls for U.S. to Support Adesina

First Ever U.S. Representative to African Development Bank Calls for U.S. to Support Adesina – Business News Today – EIN News

Trusted News Since 1995

A service for global professionals · Monday, June 1, 2020 · 518,361,579 Articles · 3+ Million Readers News Monitoring and Press Release Distribution Tools News Topics Newsletters Press Releases Events & Conferences RSS Feeds Other Services Questions?

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Asian Markets Begin the Week on Major Upswing

The indexes in Hong Kong and Shanghai are leading Asia’s huge rally in equities trading Monday as investors ignore multiple crises around the world.   

The Hang Seng in Hong Kong is up 3.3% in late afternoon trading, while Shanghai is up 2.2%, despite China’s current diplomatic dispute with the United States over Hong Kong’s semi-autonomous status.  

Meanwhile, the Nikkei index in Tokyo is up 0.8%, Sydney’s S&P/ASX is 0.9% higher, Seoul’s KOSPI index is up 1.7%, and Taiwan’s TSEC index is 1.2% higher.   

Oil markets are trading essentially even, with U.S. crude selling at $35.47 per barrel, while Brent crude, the international standard, is $35.33 per barrel. 

The Dow Jones, S&P 500 and Nasdaq are all trading in positive territory, indicating a good opening session on Wall Street despite the angry protests over last week’s death of George Floyd, an unarmed black man while in custody of police in Minneapolis, Minnesota.   

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European stocks jump after Trump doesn't escalate China tensions

European stocks rallied on Monday, with the U.K. FTSE 100 UKX, +1.01% up 1.5% and the France CAC 40 PX1, +1.14% up 1.6%, gaining ground in the first opportunity for traders in Europe to react to President Donald Trump’s Friday news conference on China, in which he took no new steps to punish the world’s second-largest economy over its new national security law for Hong Kong. The de-escalation helped stocks resume their upward path as economies reopen that has pushed the Stoxx Europe 600 SXXP, +0.71% up over 9% over the last two months. The euro EURUSD, +0.06% rose to the highest level since the middle of March on hopes for the European Union’s 750 billion euro rescue fund. Futures on the Dow Jones Industrial Average YM00, -0.02% rose 106 points as markets brushed aside sweeping nationwide protests and violence.

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European stocks jump after Trump doesn't escalate China tensions

European stocks rallied on Monday, with the U.K. FTSE 100 UKX, +0.75% up 1.5% and the France CAC 40 PX1, +0.78% up 1.6%, gaining ground in the first opportunity for traders in Europe to react to President Donald Trump’s Friday news conference on China, in which he took no new steps to punish the world’s second-largest economy over its new national security law for Hong Kong. The de-escalation helped stocks resume their upward path as economies reopen that has pushed the Stoxx Europe 600 SXXP, +0.47% up over 9% over the last two months. The euro EURUSD, +0.33% rose to the highest level since the middle of March on hopes for the European Union’s 750 billion euro rescue fund. Futures on the Dow Jones Industrial Average YM00, -0.20% rose 106 points as markets brushed aside sweeping nationwide protests and violence.

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Both Australian And New Zealand Equity Markets Finished May With Gains

National: National Backs Businesses With $10k JobStart

National will provide a $10,000 cash payment to businesses that hire additional staff as part of our commitment to keeping New Zealanders in jobs, National Party Leader Todd Muller and Finance spokesperson Paul Goldsmith have announced. Our JobStart … More>>

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DIY Law: Government Exempts Some Home Improvements From Costly Consents

Homeowners, builders and DIYers will soon have an easier time making basic home improvements as the Government scraps the need for consents for low-risk building work such as sleep-outs, sheds and carports – allowing the construction sector … More>>

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Media Awards: The New Zealand Herald Named Newspaper Of The Year, Website Of The Year At Voyager Media Awards

The New Zealand Herald has been labelled a “powerhouse news operation” as it claims the two biggest prizes – Newspaper of the Year and Website of the Year – along with many individual awards at the 2020 Voyager Media Awards Website of the … More>>

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ASB Bank: ASB Takes The Lead Again With New Low Home Loan Interest Rate

ASB has moved again to support its customers, cutting a number of home loan rates, including the two-year special rate to a new low of 2.69% p.a. Craig Sims, ASB executive general manager Retail Banking says the reduced rate will be welcome news for many … More>>

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Nathan Hoturoa Gray: The Problems With Testing And Case Statistics For Covid-19

To begin to understand disease transmission in a country requires adequate testing of your population with properly vetted, accurate tests. As the world struggles to find what ‘adequate percentage’ of the population is necessary, (estimates predict … More>>

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RNZ: Fletcher Building To Lay Off 1000 Staff In New Zealand

The construction company will cut around 10 percent of its workforce as

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Both Australian And New Zealand Equity Markets Finished May With Gains

National: National Backs Businesses With $10k JobStart

National will provide a $10,000 cash payment to businesses that hire additional staff as part of our commitment to keeping New Zealanders in jobs, National Party Leader Todd Muller and Finance spokesperson Paul Goldsmith have announced. Our JobStart … More>>

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DIY Law: Government Exempts Some Home Improvements From Costly Consents

Homeowners, builders and DIYers will soon have an easier time making basic home improvements as the Government scraps the need for consents for low-risk building work such as sleep-outs, sheds and carports – allowing the construction sector … More>>

ALSO:

Media Awards: The New Zealand Herald Named Newspaper Of The Year, Website Of The Year At Voyager Media Awards

The New Zealand Herald has been labelled a “powerhouse news operation” as it claims the two biggest prizes – Newspaper of the Year and Website of the Year – along with many individual awards at the 2020 Voyager Media Awards Website of the … More>>

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ASB Bank: ASB Takes The Lead Again With New Low Home Loan Interest Rate

ASB has moved again to support its customers, cutting a number of home loan rates, including the two-year special rate to a new low of 2.69% p.a. Craig Sims, ASB executive general manager Retail Banking says the reduced rate will be welcome news for many … More>>

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Nathan Hoturoa Gray: The Problems With Testing And Case Statistics For Covid-19

To begin to understand disease transmission in a country requires adequate testing of your population with properly vetted, accurate tests. As the world struggles to find what ‘adequate percentage’ of the population is necessary, (estimates predict … More>>

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RNZ: Fletcher Building To Lay Off 1000 Staff In New Zealand

The construction company will cut around 10 percent of its workforce as it struggles with the fallout from Covid-19. More>>

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Can Pay, Won’t Pay: Cashflow Moves Urged

Government Ministers are asking significant private enterprises to adopt prompt payment practices in line with the state sector, as a way to improve cashflow for small businesses. More>>

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Gordon Campbell: On Why We Should Legally Protect The Right To Work From Home

For understandable reasons, the media messaging around Level Two has been all about “freedom” and “celebration”, but this is not necessarily going to be a universal experience. When it comes to workplace relations, Level Two is just as likely to … More>>

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Auckland Airport: Thousands Of Kiwis Travelling For Queen’s Birthday Weekend

Confidence in domestic travel is beginning to steadily ramp up, with thousands of Kiwis travelling within New Zealand for Queen’s Birthday.
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Science Media Centre: Understanding 5G Concerns – Expert Q&A

Recent attacks on cell phone towers have brought concerns over the rollout of 5G technology into sharp relief.
While scientific research has consistently shown that the technology does not adversely affect human health, public concerns about its impact have spread around the world, fueled in part by growing misinformation online. The SMC asked experts to comment… More>>

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Trade: Record Monthly Surplus As Imports Dive

Imports in April 2020 had their biggest fall since October 2009, resulting in a monthly trade surplus of $1.3 billion, Stats NZ said today. “This is the largest monthly trade surplus on record and the annual goods trade deficit is the lowest … More>>

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Media Blues: Stuff Chief Executive Buys Company For $1

Stuff chief executive Sinead Boucher has purchased Stuff from its Australian owners Nine Entertainment for $1.
The chief executive was returning the company to New Zealand ownership, with the sale is expected to be completed by 31 May.
“Our plan is to transition the ownership of Stuff to give staff a direct stake in the business as shareholders,” Boucher said in a statement…. More>>

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RNZ: Bar Reopening Night ‘much, Much Quieter’

Pubs and bars are reporting a sluggish first day back after the lockdown, with the fear of going out, or perhaps the joy of staying home, thought to be a reason for the low numbers. More>>

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Stats NZ: New Zealand’s Population Passes 5 Million

New Zealand’s resident population provisionally reached 5 million in March 2020, Stats NZ said today. More>>

NIWA: Seven Weeks Of Clearing The Air Provides Huge Benefits: Scientist

Seven weeks of lockdown has provided evidence of how pollution can vanish overnight with benefits for the environment and individuals, says NIWA air quality scientist Dr Ian Longley. Dr Longley has been monitoring air quality in Auckland, Wellington … More>>

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Government: Milestone In Cash Flow Support To SMEs

A significant package of tax reforms will be pushed through all stages in Parliament today to throw a cash flow lifeline to small businesses. More>>

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Both Australian And New Zealand Equity Markets Finished May With Gains

National: National Backs Businesses With $10k JobStart

National will provide a $10,000 cash payment to businesses that hire additional staff as part of our commitment to keeping New Zealanders in jobs, National Party Leader Todd Muller and Finance spokesperson Paul Goldsmith have announced. Our JobStart … More>>

ALSO:

DIY Law: Government Exempts Some Home Improvements From Costly Consents

Homeowners, builders and DIYers will soon have an easier time making basic home improvements as the Government scraps the need for consents for low-risk building work such as sleep-outs, sheds and carports – allowing the construction sector … More>>

ALSO:

Media Awards: The New Zealand Herald Named Newspaper Of The Year, Website Of The Year At Voyager Media Awards

The New Zealand Herald has been labelled a “powerhouse news operation” as it claims the two biggest prizes – Newspaper of the Year and Website of the Year – along with many individual awards at the 2020 Voyager Media Awards Website of the … More>>

ALSO:

ASB Bank: ASB Takes The Lead Again With New Low Home Loan Interest Rate

ASB has moved again to support its customers, cutting a number of home loan rates, including the two-year special rate to a new low of 2.69% p.a. Craig Sims, ASB executive general manager Retail Banking says the reduced rate will be welcome news for many … More>>

ALSO:

Nathan Hoturoa Gray: The Problems With Testing And Case Statistics For Covid-19

To begin to understand disease transmission in a country requires adequate testing of your population with properly vetted, accurate tests. As the world struggles to find what ‘adequate percentage’ of the population is necessary, (estimates predict … More>>

ALSO:

RNZ: Fletcher Building To Lay Off 1000 Staff In New Zealand

The construction company will cut around 10 percent of its workforce as

Read More Here...