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● How major equities indices performed in the fourth month of the year p.3 ● Stock Exchanges World Map p.5

Nouriel WORLD Roubini Economist "We are still in a world of low potential growth" MarkeFinancial Markets Insights ts p. 07

Freely Distributed ⎥ Monthly Edition ⎥ Volume II ⎥ Issue 09 ⎥ May 2019

Hui Ka Yan East & SE Europe Indices The king of China's real estate Monthly performance reports and MSCI adds Saudi Arabia and

TRADING p.03 SEE STOCK EXCHANGES p.02 Argentina to EM index INVESTORS and Chairman of Evergrande p.06 statistics from the region

FINANCE IN THE SPOTLIGHT Rethinking the capital markets project

Kyriaki I. Balkoudi The need to diversify funding sources for business in the EU

U's efforts to create a capital reducing the economy's reliance on bank Marc Bayle, director general for market markets union across the bloc to lending. However, almost four years later, Market Capitalisation infrastructure at the European Central rival the United States have made after a revised version of the project in of Listed Companies Bank, told an Association for Financial little progress and the project is 2017 and the adoption of 11 new EU laws, Markets in Europe (AFME) conference. far from compete, bankers say. most companies in Europe still rely on and Bank Assets Brexit has also changed the landscape for European businesses still highly banks for most of their financing needs. CMU. The departure of the EU’s biggest Silicon Valley depend on banks for financing (50% of ( bn € ) Market Cap and deepest capital market, makes the 10,000 total financing), with few alternative fund- Bankers warn progress Bank Assets need for more diversified funding sources gets its brand ing sources. Their dependence is towards CMU has lost across the bloc more urgent, Brussels new stock ex- almost twice as high as in the US, where momentum warn. Since the UK voted to leave, Lon- companies tap financial markets instead, 7,500 don, the region’s biggest financial center change which have greater capacity to spread risk “We need a new push to reinforce the use used by companies across the continent to more evenly across the economy. Mean- of financial markets by companies in Eu- raise money, will be outside the EU. “De- The US will soon have a while, start-ups and small and medium- rope,” Reuters quoted Giovanni Sabatini, 5,000 pending on your point of view, CMU is new that could sized enterprises in Europe need more chairman of the European Banking Fed- either an ambitious project to map the appeal to hot technology start- funding for innovation and growth (mar- eration’s executive committee, as saying. challenges facing capital markets in the ups. Born out of concern about ket-based sources of finance are currently “It is clear though that the European CMU 2,500 EU and lay the foundations for further the ’s focus on less than 15%). The capital markets union project needs a reset. The fundamental growth in the decades ahead, or a missed near-term profit, the Long-Term or CMU, was launched in 2015 and aims and structural obstacles that stand in the opportunity for reform that avoids the dif- Stock Exchange (LTSE) just to stimulate economic growth by breaking way of an integrated Capital Markets 0 ficult questions and that will do little more gained approval from the U.S. down barriers that block cross-border in- Union need to be identified and re UK FR GER than tinker at the edges of the problem” Securities and Exchange Com- vestments in the EU. It also seeks to en- think tank New Financial said in 2017. moved,” Sabatini said. Others share a Sources: European Central Bank, mission, allowing it to conduct courage companies to get the finance they similar opinion. “CMU in general is a European Banking Federation, Today, analysts say more fundamental listings and operate as a venue need, by issuing stocks and bonds, while journey and we have not yet arrived,” OECD (2018) change is needed to make CMU a success. for buying and selling shares. Based in San Francisco, the new national securities exchange says its mission is to create a “market that reduces short-term GREAT pressures and encourages a TRADERS Peter L. Brandt steady cycle of innovation and investment in long-term value creation.” Peter Thiel's invest- ▶“Before a trader learns to make money in the markets, ment fund and venture capitalist Marc Andreessen are among A trader their first challenge is to learn how to lose properly.” LTSE's backers. must wait eter L. Brandt is a ing performance conducted in 2011 docu- LTSE, the brain- for a commodities trader based in Col- mented the firm's annual compound ROR orado Springs, C olorado, USA. of 41.6%. child of an entre- proper .P He has traded commodities since From the mid 1980s through the early 1990s trade 1976. From 1976 through 1979, he Factor also traded managed funds for sev- preneur handled large institutional accounts for eral large institutional clients, including “We are building a market where Conti, including Campbell Soup Company, Commodities Corporation (“CC”) of companies are rewarded for Oro Wheat, Godiva Chocolate, Swanson Princeton, New Jersey, at the time one of the choosing to innovate, to invest Foods, Homestake Mining and others. world’s largest trading houses. In 1990, in their employees, and to seed In 1980, Brandt founded Factor Trading Brandt published his first book, titled Trad- future growth,” LTSE CEO Eric Co.,( today Factor LLC) in Chicago, a ing Commodity Futures with Classical Ries said in a statement. Ries, global trading firm focused on foreign ex- Chart Patterns, considered a classic by also a venture capitalist and au- change, futures, fixed income and equity many traders. thor of The Lean Startup, has markets. Factor LLC produces the Factor In 2011, his 2nd book, Diary of a Profes- been promoting the idea of this Research Service based on four pillars: clas- sional Commodity Trader, became Ama- exchange since 2011. LTSE will sical charting principles, aggressive risk zon’s #1 ranked book on trading for 27 become the country’s 14th eq- management, the process of market specu- weeks. The same year Brandt was named uity market. It expects to begin lation and the importance of human ele- by Barry Ritholtz's website as one of the 30 accepting listings of companies ments in trading. most influential persons in the world of fi- and commencing trading some- A stunning proprietary nance. A popular figure among the Crypto time later in 2019. It remains to Twitter community where he shares his be seen how well it would com- performance record technical analysis., Brandt has over 280,000 pete with New York Stock Ex- Created by Ip An audit of Factor LLC's proprietary trad- followers on the platform as of May 2019. change and Nasdaq. WM 999_Layout 1 6/15/19 7:50 PM Page 26

2 INSIDE THE MARKETS Issue 09 ⎥ May 2019

Equity sales including IPOs, convert- Sub-Saharan Africa has around Through April 26th, 46% of com- ible bonds and follow-on sales, fell 29 stock exchanges representing panies in the S&P 500 index had 41% to $49.1 billion in the first quar- 38 countries including two re- reported earnings for the January- ter of the year, Refinitiv data show, gional exchanges. These ex- through-March quarter. Of those, the slowest since 2016. Fees from eq- changes have a lot of disparity 77% posted earnings above esti- 1 ASIA 2 3 NEWS uity capital market (ECM) deals have in terms of their size and mates, according to FactSet Re- AFRICA AMERICA WORLD trading volume. search. MARKETS reached $966 million so far.

INVESTMENT TRENDS BALTIC STATES

Investor confidence turns Nasdaq Baltic's thesis north in N.America competition winners The Global Investor Confidence Index increased to 72.9 in April up 1.7 points from March’s revised reading of 71.2, according to State Fostering young professionals’ interest and competence in the financial markets Street, which oversees $US2.8 trillion ($4.1 trillion).Confidence among North American investors imrpoved, with the North Ameri- asdaq announced the winners of the of Tartu, took third place and won a EUR 250 can ICI rising from 68.3 to 71.1. The European ICI declined by 1.5 .N 2019 Nasdaq Baltic Thesis Competition. prize with his thesis titled: “Raising Capital in In- points to 86.7 and the Asia ICI decreased by 6.7 points to 92.9. The Taking first place and winning a EUR vestment Based Crowdfunding Transactions: The Investor Confidence Index was developed by Kenneth Froot and 1000 prize were Emīls Seilis and Ralfs Scope of Investor Protection”. “Financial market Paul O’Connell at State Street Associates, State Street Global Ex- Sataki, co-authors of the bachelor thesis “Global is a powerful engine for fueling sustainable eco- change’s research and advisory services business. It measures in- Market Integration and Stock Market Liquidity: nomic growth, so the need for sound analysis, vestor confidence or risk appetite quantitatively by analyzing the Analysis of the Baltic Region” at the Stockholm new ideas and suggestions and further research is actual buying and selling patterns of institutional investors. School of Economics in Riga. Second place and never lacking” said Liene Dubava, Chairman of a EUR 500 prize went to Rytis Urbanavičius of the Nasdaq Baltic Thesis Competition Evaluation the ISM University of Management and Econom- Committee. A total of 32 theses by students at uni- ics for his thesis “The Impact of Board Composi- versities and business schools in all three Baltic Africa's top gold pro- tion on the Performance of Companies Listed on countries were submitted in the competition. Nasdaq Baltic”. Kaspar Kolk, a student at the ducer reviews divest- University ment options Liene Dubava, Chairman of the Nasdaq Baltic Thesis Competition Evaluation Committee Anglo Gold Ashanti is putting the last of its East & South East Europe Stock Exchanges South African assets up for sale. The company already has processes underway to find buy- Every month you can see at a glance for April. World Markets undertakes ers for its holdings in the trading activity of the main stock all the reasonanble efforts to ensure the Cerro Vanguardia exchanges of East and Southeast Eu- that data included in this column mine, in Argentina and rope. Unless stated otherwise, all was correct at the time of publica- the Sadiola mine, in figures below refer to performance tion. Mali. “Our priorities are to safely improve margins, and to ensure we increase long-term value for our stakeholders,” Chief Executive Officer Kelvin Dush- ● ATHEX - ATHENS WIG20: 0.96%(PLN) 3,545.27 nisky (pictured) said. “We’re working hard on both fronts - driving Composite Index: 7.19% Market Capitalisation (PLN ● PSE - PRAGUE fundamental cost improvements through investment and efficiency Main market cap (€ mln.): 53,498.62 mln): 1 226 422,05 PX: -0.53% initiatives, and ensuring we have a fit-for-purpose portfolio.” The Stocks total: 53,706.06 Domestic Equities (PLN) Trade turnover-equities: company also focuses on a range of projects in places such as Guinea, ● BJSE - BANJA-LUKA mln): 599 345,70 no of traded issues: 54 Turnover (CZK Colombia and Ghana. BIRS: -3.27% Foreign Equities 000s):10 214 877.127 Total Turnover for Securities: 54,297,700 (PLN mln): 627 076,35 Volume (pieces): 38 114 433 Total number of trades: 1011 ● LJSE - LJUBJANA No of transactions: 53 799 Total capitalisation: 3,927,261,772 SBI TOP: 2.43% ● SASE - SARAJEVO Investments in real es- ● BELEX- BELGRADE Index value on 30.04.2019: 887,95 SASX10: -0.28% (Dec. 2018) BELEX15: 1.52% Turnover (EUR): 16.956.317 Total turnover: 106.302.831,18 KM tate in CEE Turnover RSD: 6.732.597.246 Average daily turnover (EUR): 847.816 which constitutes 66,21 % of the Capitalisation of shares total turnover achieved on BH The volume of real estate investments in Hungary, in the first quarter Turnover EUR: 57.057.606 No of transactions: 3.894 (in EUR 000): 6.824.456 stock exchanges. of the year, amounted to EUR 123 million according to real estate ● MSE - SKOPJE No of transactions: 466 consultancy firm CBRE. In comparison, Romania's investments ● BSE - SOFIA MBI10: -1.80% Total no of securities traded: 3.350.474 amounted to EUR 117.5 million, Slovakia’s totaled EUR 86.5 million, SOFIX: - 1.51% Market capitalization(denars): while deals in the Czech Republic, Austria and Poland exceeded EUR Total Capitalisation of BSE main ● ZSE - ZAGREB 167.397.813.017 700 million each. In Romania, the acquisition of Prime Capital’s retail market: 8,696,109,419.36 CROBEX: 2.33% Total Turnover (denars): 995.462.412 parks portfolio by MAS Real Estate for EUR 113 million accounted Turnover (BGN): 12,127,980 Turnover: 197,481,142 KN No of trades: 2980 Trades: 1.396 Market capitalisation: 246,723,541,287 KN for most of the quarter’s market volume. The portfolio consists of ● MNSE - PODGORICA nine retail centres with a total surface of 67,959 square meters which BSSE - BRATISLAVA No of trades: 8,345 are located throughout the country: Roman, Baia Mare, Slobozia, SAX: 2.44% MNSE 10: 0.41% Focsani, Ramnicu Sarat, Targu Secuiesc, Fagaras, Gheorgheni, Sebes. Total Trading Volume: € 8 848 523 Market capitalisation (30/04/2019) Average Daily Trading 3.116.841.295 € IN FOCUS Volume: € 442 426 Turnover: 118.166.647 € ● BVB - BUCHAREST No of transactions: 421 Investors brace portfo- BET: 4.93% (RON) ● NASDAQ - RIGA Index points (RON ): 8.441,95 OMXR: 4.86% lios for longer Total turnover ( RON mil): 574,43 No. of listed shares: 20 Market Capitalization ( RON mil): No. of trades: 1976 U.S.-China trade war 169.178,74 Avrg no of trades per day: 98.80 Traded no. of finacial instruments Turnover (EUR mln) Month value: 4.31 Investors are worrying (shares, bonds, rights and futures): Market value (EUR mln) Month Montenegro issues about a collapse of 393.809.161 end: 800.26 U.S.-China trade dis- No. of trades: 30.778 ● NASDAQ - TALLINN bonds on MSE cussions and are brac- OMXT: 1.53% ing their portfolios for ● BSE - BUDAPEST In April 2019, the state of Montenegro is- BUX: 2.01% No. of listed shares: 17 a more prolonged bat- No. of trades: 6162 sued bonds at the Montenegro Stock Ex- tle that could hamper BUMIX: 0.11% change in order to raise funds for financing CETOP: 2.03% Avrg no of trades per day: 308.10 growth. They expect Turnover (EUR mln) Month value: 10.81 the state budget. The primary sale was made tariffs could lift corpo- Cash market: Hungarian Equities: 495 for two State bonds (symbols of trade: GB1- Certificates and Warrants: 12 Market value (EUR mln) Month end: rate costs and lower 2,738.34 2024 and GB1-2026) in the total amount of profit margins, while ● CSE - NICOSIA 190 million. On the first day of the issue, the continued uncertainty surrounding a trade deal will hinder the ability CSE General Index: 8.63% ● NASDAQ - VILNIUS sale of the complete quantity of bonds (sym- of companies to plan or make capital expenditures. “I wouldn’t be sur- Market capitalisation of shares (EUR): OMXV: 4.19% bol of trade: GB1-2026) in the amount of prised if some people are raising cash too,” Michael O’Rourke (pic- 2,13 billion No. of listed shares: 26 No. of trades: 4308 50.000.000 € was realized. When it comes tured), chief market strategist at JonesTrading in Greenwich, Total value of transactions (EUR): Avrg no of trades per day: 215.40 to bonds (symbol of trade: GB1-2024), a Connecticut told Reuters. “The market is starting to realize the situation 6,00 million Turnover (EUR mln)Month value: 9.26 total of 24,623,000 € was realized, or is as bad as it could be.” ● GPW- WARSAW Market value (EUR mln) Month end: 17,59%. WM 999_Layout 1 6/15/19 7:50 PM Page 29 I

Issue 9 ⎥ May 2019 WORLD STOCK EXCHANGES 3 Markets How 24 major equities indices summary, monthly change performed in April 2019

4.74% 3.93% 2.6% 3.23% 1.91% 2.21% 7.10% 3.08% -0.40% 4.97% 2.94% 3.08% NASDAQ S&P 500 DJIA STOXX 600 FTSE 100 CAC40 DAX SMI SHANGHAI C. KOSPI STI (USA) (USA) (USA) (EUROPE) (UK) (FRANCE) (GERMANY) (SWITZERLAND) (CHINA) (JAPAN) (S.KOREA) (SINGAPORE)

-0.21% 2.23% 4.16% 0.93% 0.98% 3.04% -11.64% 4.7% 1.24% 2.97% 2.34% 3.66% JSX COMP HANG SENG TSE 50 SENSEX BOVESPA IPC ASI MERVAL DJ RUSSIA EGX30 TSX COMP ASX 200 FTSE/JSE ASI (INDONESIA)(HONG KONG) (TAIWAN) (INDIA) (BRAZIL) (MEXICO) (ARGENTINA) (RUSSIA) (EGYPT) (CANADA) (AUSTRALIA) (S.AFRICA)

INDICES EXPERTS TALK MSCI adds Saudi The IPO rush Arabia, Argentina is here About 230 companies are to EM index seeking to go public this major investment research firm and the year world’s largest provider of indices, an- .A nounced that 30 equities from Saudi Ara- bia and eight Argentine securities are set tremendous amount is at stake to join its closely watched emerging-markets index. for Wall Street and for the in- MSCI, which announced the additions of Saudi .A vesting public, as tech unicorns Arabia and Argentina last June, said the stocks will including Pinterest, Uber, join its indices as of the close of trading on May Airbnb, WeWork and Palantir are 28, 2019. going public. Depending on market Saudi Arabia will account for 1.42% of the MSCI conditions, the value of all those compa- The Singapore Stock Exchange (SGX), where a rally in the banking sector pushed shares nies could be $700 billion to $1 trillion. Emerging Markets index,while Argentina will have higher in April 2019 a 0.26% weight. The amount sold to the public could top The three largest additions to the MSCI Emerging $100 billion, which would surpass the Markets index measured by full company market record $96 billion raised in 2000. On capitalization come from the Saudi Arabian mar- Stocks extend rally as the one hand, conditions are perfect. ket.AI Rejhi Banking and Investment Corporation, Yet, the sheer number of IPOs that are Saudi Telecom Company and Saudi Basic Indus- going to be coming have left investors a tries Corporation all being added to the index. bit nervous. At the same time, MSCI confirmed plans to in- geopolitical risks recede crease the weighting of Chinese A-shares in the ● Santosh Rao index, adding 26 new securities, 18 of which will Easing trade tensions and dovish signals from central Head of Research at Manhat- be Chi Next stocks. banks helped equities trade higher in April. tan Venture Twenty-six China A shares (18 of which are “The IPO trend is defi- ChiNext stocks) will be added to the MSCI China nitely up, companies are Index and the inclusion factor for 238 existing con- Kyriaki I. Balkoudi Editor-in-chief looking to price at the stituents will be increased from 0.05 to 0.10. high end of the range, or Additionally, the inclusion factor for 238 existing quity markets continued to rally in highest reading in a year, and retail sales increased for better,” Santosh Rao, who constituents will be increased from 0.05 to 0.10. April. Encouraging economic data, an- a third consecutive month in March. follows IPOs as head of research for Man- China A shares will have an aggregate weight of ticipated resolution of the Sino-Ame- Asia/Pacific hattan Venture told CNBC's Bob Pisani.“It 5.25% and 1.76% in the MSCI China and MSCI seems Lyft was the only one to price too >E rican trade conflict, ongoing Developed Asian markets were positive, led by Sin- Emerging Markets Indexes, respectively. high, maybe the original price of $62-$68 dovishness from major central banks gapore where a rally in the banking sector. The weight increase of China A shares in the MSCI would have been better,” Rao added. The and a solid start to the Q1 earnings sea- helped. Japan’s stock market edged higher on the back Emerging Markets Indexes will be implemented message to the bankers from investors, Rao son supported appetite for higher risk assets. Head- of a pledge by the Bank of Japan (BoJ) to keep interest through a three-step process, MSCI said. said, is: “You don’t have a free ride, there is lines on M&A and unicorn IPO’s also boosted rates at ultra-low levels for at least one more year. The FIF-adjusted market capitalization of China A a limit to how far you can go.” The ride- investor sentiment in the month. The MSCI All Coun- Stock gains in the Pacific Rim markets were also solid, shares will be further increased to 0.15 as part of hailing service went public last month with try World Index returned 3.4% while the EAFE Index, with Australia advancing. The MSCI Asian index the August 2019 Quarterly Index Review. Then a valuation 50 percent above its last round which measures the performance of stocks in Europe, lagged the MSCI EM Index at 1.8% for April 2019. to 0.20, together with the inclusion of Mid Cap Australasia, and the Far East, returned 2.91%. of funding. China A shares, in the final step as part of the No- Americas Emerging markets vember 2019 Semi-Annual Index Review US stocks recorded solid gains, supported by strong Despite facing several challenges, emerging markets ● Kathleen Smith labour market data as well as better-than-expected Q1 managed to rise for the fourth straight month in April Principal at Renaissance GDP growth, indicating that the economy is still with seven sectors rising and four declining in the Capital MSCI Emerging Markets Index. In China, U.S. dol- growing at an above-trend pace. Total nonfarm pay- “The earliest ones out of lar-denominated Chinese stocks and yuan‑denomi- roll employment increased by 196,000 in March the gate tend to be more GRAPH of the Month nated A shares rose amid optimism surrounding trade while the unemployment rate stayed at 3.8%. US Q1 profitable, and they tend to negations between the US and China. The market GDP growth stood at be priced more reasonably. peaked intra-month after reports that China’s GDP 3.2% annualised, surpassing expectations. Trade ne- As the cycle moves on, every- Index Returns for grew 6.4% y/y in 1Q19, above expectations. In India, gotiations between Washington and Beijing were one gets sloppy about pricing, and returns stocks edged up ahead of election polls to be counted (%) once again a primary driver of sentiment for much of tend to slip. But we are not at that point yet April 2019 on May 23rd to determine whether Prime Minister, the month, as investors remained optimistic that a in the IPO cycle” Kathleen Smith told Narendra Modi, would be elected for a second term trade deal between the two parties may be imminent. Pisani. Smith founded Renaissance Capital of five years. The MSCI Europe, Middle East and As the month drew to a close, both the S&P 500 and in 1991. Her experience includes mergers Source: African (EMEA) Index was helped along by a strong NASDAQ breached their all-time highs. and acquisitions and numerous public equity MSCI, FactSet, J.P. Morgan Economic return from Russian equities which performed well on In Mexico stocks gained as the peso rebounded thanks offerings. Ms. Smith has been Research, J.P. Morgan, Asset Management. higher oil prices. South African equities followed in large part to rising oil prices. the investment banker for many IPOs in- world markets higher in advance of May’s general INDEX GBP USD JPY EUR LOC In Latin America, stocks rose 0.46%, as measured by cluding Cabletron Systems, EMC election. Gains were firmest among industrial and fi- the MSCI EM Latin America Index. Corporation, and United States Cellular. Equities (MSCI) nancial shares. The rand strengthened by 1.3% against As a warning, she pointed to Lyft, which Europe the US dollar, 1.4% against the euro and 1.4% against MSCI World 3.6 3.6 4.2 3.8 3.8 was the first of the recent money-losing, European equities advanced in April. Most sectors the sterling by the end of April. MSCI USA 4.0 4.0 4.7 4.2 4.0 ended the month in the positive column, led by gains highly valued unicorns to go public, and its MSCI Europe 4.2 4.3 4.9 4.5 5.0 in IT and financials. Market returns were mostly pos- debut has been rocky. Pinterest began trad- ing on the on MSCI UK 2.2 2.3 2.9 2.5 2.2 itive, with German and Austrian stocks leading the way. Investors welcomed the European Central Bank's After a strong first quarter, equity markets climbed April 18 debuting at $23.75, up 25% from MSCI Japan 1.3 1.4 2.0 1.6 2.0 (ECB) decision to keep interest rates unchanged and across all regions in April with risk assets continuing its IPO price. Uber began trading on NYSE MSCI AC Asia 1.9 1.9 2.5 2.1 1.4 its plans to defer tightening for the remainder of 2019. their rally. Despite improving sentiment, uncertain- on May 10. By the end of its first day of MSCI EM L.Am. 0.4 0.5 1.1 0.6 0.9 On the political front, the European Union gave the ties remain. Since the world economy continues to trading, Uber shares had dropped to $41.57, MSCI EM 2.1 2.1 2.8 2.3 2.8 UK a six‑month extension (until October 31) to fi- focus on politics rather than market fundamentals, down 7.6% on its opening price, with a mar- nalise a Brexit agreement, removing the threat of a no- tensions are likely to persist and could restrain the ket cap of $69.7bn. The stock continued to (Data as of 30 April 2019) deal exit. UK's manufacturing PMI jumped to 55.1, its “animal spirits” of investors. drop in after-hours trading. WM 999_Layout 1 6/15/19 7:50 PM Page 30

4 TRADING VENUES NEWS Issue 9 ⎥ May 2019 Iss ⎥ World Markets Insider

Stay ahead of the market with the most ships this page aims to be your reliable interesting developments from world information centre. Every month we stock exchanges. From performance re- offer you a summary of events and trends GSX to list blockchain ports to changes in trading structures, that drive the financial markets so you from c-level executive positions to new stay up-to-date to make the best choices powered digital securities exchanges launches and new partner- regarding your investments.

BOVIDA Priced at N4.65, the shares were listed by way ASX (Sydney, Australia) the previous corresponding quarter ended 31 of an Initial Public Offering (IPO) on the Main March 2018 . The decrease in PATAMI is prima- (Luanda, Angola) ASX has successfully opened the Customer De- Board on April 23, 2019. velopment Environment (CDE) for its new equi- rily due to lower operating revenue by 16.2% to Bolsa de Dívida e Valores de Angola (BOVIDA) A2X (Johannesburg, South Africa) ties clearing and settlement system to replace RM121.4 million from 1Q2018. “A bourse is a will proceed to its first IPO by end 2019, its director reflection of wider conditions. The first quarter Mr Price Group has been approved for a secondary CHESS, which is based on distributed ledger Patricio Vilar, announced on May 2, 2019. Mr Vilar technology (DLT). The first of seven ‘drops’ of of the year remained challenging on the back of listing on A2X Markets and its shares will be avail- also indicated that five private firms showed “con- software code was made avail- weaker sentiment largely influenced by external able for trade on A2X from May 2, 2019. "We are crete interests” for listings on the BODIVA, but he able to customers on April 30, concerns. These concerns are wide ranging, and did not reveal their names. pleased to welcome Mr Price to the growing list of 2019. Additional functionality are driving uncertainty in the global economy” BOVIDA (Angola Securities and companies on A2X. The first retail company listing a will be released at approxi- CEO, Datuk Muhamad Umar a Debt Stock Exchange, in English) is an important milestone for A2X as we continue to i mately eight-week intervals, Swift said. attract listed companies from across various sectors,"

c launched its first operations in De- culminating in full functional-

s JPX (Tokyo, Japan)

i cember 2014 with sovereign bonds’ A2X Chief Executive Kevin Brady (pictured) said. ity in the CDE by mid-2020. Japan Exchange Group Inc. (JPX), which oper-

r trading. ASX is on-track to go-live ates the , and Tokyo Com- A & PACIFIC & with the new DLT-based sys- f NSE (Lagos, Nigeria) modity Exchange Inc. (TOCOM) announced they tem in March-April 2021. The have reached a basic agreement to merge to cre- Efforts by The Nigerian Stock A timetable and functionality reflect what the mar- ate the country's first all-in-one exchange which Exchange (NSE) to encourage ket has asked for through ASX’s extensive public can handle both stocks and commodity futures. Government at all levels to privatise and list the consultation process. In a press release, JPX said the aim of the merger shares of state-owned enterprises on its market BURSA MALAYSIA was "to improve the creditworthiness of TOCOM has received a boost with the listing of and invigorate Japan's derivatives market and 1,353,580,000 ordinary shares of Skyway Avia- (Kuala Lumpur, Malaysia) thereby contribute to the further development of PHOTO: Kevin Brady, A2X CEO tion Handling Company Plc (SAHCOL Plc). Bursa Malaysia recorded a Profit After Tax and Japanese companies and the Japanese economy." Minority Interest (PATAMI) of RM46.9 million The transaction is supposed to be completed in for the first quarter ended 31 March 2019, a October, with the merger of the two exchanges 26.5% decrease from RM63.8 million reported in BSX (Hamilton, Bermuda) The main theme was the mission of capital mar- finishing in the fiscal year ending March 2021. kets. Attendees discussed the government's and The (BSX) has the private sector's plan to deepen and expand launched an Environmental, Social and Gover- the Colombian capital market. Likewise, the Fi- GSX Group, stated: “This is a historic moment nance (ESG) initiative that aims to empower GSX (Gibraltar) nancial District of London expressed its support The Gibraltar Stock Exchange (GSX) is set to list for GSX, we have worked incredibly hard to sustainable and responsible growth for its mem- to promote this initiative. blockchain-powered digital debt securities and reach this point, and we are now at the precipice ber companies, listings and the digital funds. The new products, of a truly transformational period for the capital wider community. The BSX is NASDAQ (New York, USA) markets”. The GSX has been a pioneer in the i s known as digital, smart or to- also embracing ESG at their Leading Russian online recruitment platform e kenised securities, include Corpo- troduction of blockchain technology since 2017. a Hamilton headquarters and tak- HeadHunter, aka hh, launched its IPO on rate Bonds, Convertible Bonds, ing steps to improve energy effi- p MOEX ( Moscow, Russia) c the Nasdaq Stock Market on May 9, 2019. The Asset Backed Securities, Deriva- ciency, cutting down on waste, Yury Denisov has been appointed Chief Execu- i Moscow-based company offered 16.3 million o tive Securities, Open-Ended recycling and adopting a greener tive Officer of with effect r American Depository Receipts (ADRs) at Funds and Closed-Ended Funds. r footprint. $13.50, the upper range of the price guidance, They are listed on GSX Global from 16 May 2019. The decision was made by e Market. Commenting on the an- Moscow Exchange’s Supervisory Board and ap- raising $220 million. It was the first Russian of- u BVC (Bogota, Colombia) proved by the Bank of Russia. Mr Denisov has fering on Nasdaq since 2013, when consumer nouncement, Nick Cowan (pic- more than 25 years of financial markets experi- m On May 7, the Stock Exchange E tured), CEO of the lender TCS Group and provider of next genera- of Colombia (BVC) met with ence, including leadership positions at major tion payment and financial services Qiwi listed A Lord Mayor of London Peter Es- Russian financial companies. He previously held on the New York-based exchange. Other NAS- tlin - global ambassador for the an executive role at Moscow Exchange, serving DAQ-listed Russian tech companies include UK’s financial and professional services indus- as Deputy CEO in 2010-2011. During this time, Russia's biggest internet search engine try - representatives of the British Embassy, the he was involved in the development of new fi- Yandex, mobile operator MTS and telecom National Government and the financial sector nancial instruments and services, and was also re- company VEON (formerly VimpelCom). to hold a round table. sponsible for the establishment of the fully-fledged central counterparty and financial risk-management function, as well as the devel- PHOTO: Nick Cowan GSX CEO opment of the Group’s cash management system. GSE (Tbilisi, Georgia) became the first Institutional Investor and Share- holder of Crystal. On April 17, 2019, GEL 15 million worth of 2- year bonds issued by the MFO Crystal JSC have BSE (Baku, Azerbaijan) been admitted to the category B listing of the On May 08, 2019 an auction of discounted notes ASE (Amman, Jordan) Jordanian investors' ownership in companies Georgian Stock Exchange (GSE). Galt & Taggart of the Central Bank of the Republic of Azerbaijan listed at the ASE by end of April 2019 repre-

t The value of shares that were sented 50.7% of the total market value. acted as the placement agent and book runner for with the state registration number 50100276S, bought by non-Jordanian in- the issue. The floating coupon is total volume of AZN 200 000 000 and turnover s vestors at the Amman Stock Ex- EGX (Cairo, Egypt) set at 400 bases points above the period of 27 days was held on Baku Stock Ex- a change (ASE) in April 2019 was The (EGX) has received a

a refinancing rate of the National change (BSE). Total volume of 23 submitted or- JD 46.5 million, representing mission from the African Development Bank in E i Bank Of Georgia. Bonds will ma- ders by 14 investors made 552,884,500.00 AZN 34.1% of the overall trading the wake of its membership of the African Ex- ture on February 1, 2021. Crystal at face value. Orders were presented at price of

e value, while the value of shares changes Linkage Project (AELP), an initiative s is a microfinance organisation 99.4959 AZN (6.76%) .Central Bank of the Re- l sold by them amounted to JD to foster greater integration in securities trading launched in 1998. The company public of Azerbaijan set cut off price on compet-

a 43.5 million. As a result, the net across the continent. The AELP project, jointly operates 50 offices in 8 regions of itive orders at 99.4959 AZN (6.76%) and d of non-Jordanian investments initiated by the Bank and the African Securities r Georgia and has more than 60,000 weighted average price at 99.4959 AZN (6.76%). d in April 2019 showed an increase Exchanges Association (ASEA), has the main

customers. In October 2011, Total realized amount was 200,000,000.00 AZN i

u by JD 3 million, compared with a objective of increasing intra-African investment American Investment Bank "De- at face value. Maturity date of Notes is decrease by JD 1 million during flows through linking African Stock Exchanges.

E veloping World Markets" (DWM) 04.06.2019. M the same month of 2018. Non-

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Issue 9 ⎥ May 2019 STOCK EXCHANGES WORLD MAP 5

AMERICAS EURASIA ASIA PACIFIC

NORTH AMERICA 69. ARMENIA Yerevan NASDAQ 119. AUSTRALIA Sydney ASX 0. BAHAMAS Nassau BISX 70. AZERBAIJAN Baku BSE 120. BANGLADESH Dhaka DSE 1. BARBADOS Saint Michael BSE 71. GEORGIA Tbilisi GSE 121. BANGLADESH Chittagong CSE 2. BERMUDA Hamilton BSX 122. BHUTAN Thimphu RSEBL 3. CANADA Toronto TSX 123. CAMBODIA Phom Penh CSX 4. CAYMAN ISLANDS Grand Cayman SXE 124. CHINA Shanghai SSE 5. DOMINICAN REP. S.Domingo BVRD 125. CHINA Shenzhen SZSE 6. EL SALVADOR San Salvador BVES 126. HONG KONG Hong Kong HKEX 7. GUATEMALA Guatemala City BNV 127. INDIA Mumbai NSE 8. JAMAICA Kingston JSE 128. INDIA Mumbai BSE 129. INDONESIA Jakarta IDX 9. MEXICO Mexico City BMV 130. JAPAN Fukuoka FSE 10. MEXICO Mexico City BIVA MIDDLE EAST 131. JAPAN Nagoya NSE 11. NICARAGUA Managua BVDN 132. JAPAN Tokyo TSE 12. PANAMA Panama City BVP 133. KAZAKHSTAN Almaty KASE 72. BAHRAIN Manama BHB 13. SAINT KITTS & NEVIS Basseterre ECSE 134. KYRGYZSTAN Bishkek KSE 14. TRINIDAD & TOBAGO P. of Spain TTSE 73. JORDAN Amman ASE 135. LAOS Vientiane LSX 15. UNITED STATES Chicago CHX 74. IRAN Tehran TSE 136. MALAYSIA Kuala Lumpur BM 16. UNITED STATES New York NASDAQ 75. IRAQ Baghdad ISX 137. MALDIVES Male MSE 17. UNITED STATES New York NYSE 76. ISRAEL Tel Aviv TASE 138. MONGOLIA Ulaanbaatar MSE 77. KUWAIT Kuwait City BK 139. MYANMAR Vientiane LSX 78. LEBANON Beirut BSE 140. NEW ZEALAND Wellington NZX SOUTH AMERICA 79. OMAN Muscat MSM 141. NEPAL Kathmandu NEPSE 18. ARGENTINA Buenos Aires BCBA 80. PALESTINE Ramallah PEX 142. PAKISTAN Karachi PSE 19. BRAZIL Sao Paulo BOVESPA 81. QATAR Doha QSE 143. PAKISTAN Lahore PSE 20. CHILE Santiago SSE 82. SAUDI ARABIA Riyadh 144. PAKISTAN Islamabad PSE 21. COLOMBIA Bogota BVC 83. UAE Abu Dhabi ADX 145. PHILIPPINES Manila PSE 22. .EQUADOR Quito BVQ 146. SINGAPORE Singapore SGX 23. .HONDURAS Tagucigalpa BVC 147. SOUTH KOREA Busan KREX 24. PARAGUAY Asuncion BVPASA 148. SRI LANKA Colombo CSE 25. PERU Lima BVL 149. TAIWAN Taipei TPEX 26. URUGUAY Montevideo BVM 150. TAJIKISTAN Dushanbe CASE 27. VENEZUELA Caracas BVC 151. THAILAND Bangkong SET 152. UZBEKISTAN Tashkent UZSE AFRICA 153. VIETNAM Ho Chi Minh City HOSE

84. SOUTH SUDAN Juba To be launched 85. ETHIOPIA Addis Ababa ECX EUROPE 86. ALGERIA Algiers IL BOURSA 87. ANGOLA Luanda BOVIDA 88. BOTSWANA Gaborone BSE 28. ALBANIA Tirana ALSE 89. CAPE VERDE Mindelo BVC 29. AUSTRIA Vienna WIENER BORSE 90. CAMEROON Duala DSX 30. BELARUS Minsk BCSE 91. COTE D'IVOIRE Abidjan BRVM * 31. BELGIUM Brussels 92. EGYPT Alexandria EGX 32. BOSNIA-HERZEG.Banja Luka BLSE 93. EGYPT Cairo EGX 32a.BOSNIA-HERZEG. Sarajevo SASE 33. BULGARIA Sofia BSE 94. GABONE Libreville BVMAC ** 34. CHANNEL ISLANDS Guernsey TISE 95. GHANA Accra GSE 35. CROATIA Zagreb ZSE 96. KENYA Nairobi NSE 36. CYPRUS Nicosia CSE 97 LESOTHO Maseru MSM 37. CZECH REPUBLIC Prague PSE 98. LIBYA Tripoli LSM 38. DENMARK Copenhagen NASDAQ 99. MADAGASCAR Antananarivo MEX 39. ESTONIA Tallinn NASDAQ 100. MALAWI Blantyre MSE For any corrections regarding the stock 40. FINLAND Helsinki NASDAQ 101. MAURITIUS Port Louis SEM exchanges on this map contact: 41. FRANCE Paris EURONEXT 102. MOROCCO Casablanca CASA SE [email protected] 42. GERMANY Frankfurt FWB 103. MOZAMBIQUE Maputo BVM 42a.GERMANY Hamburg BOERSE 104. NAMIBIA Windhoek NSX 43. GIBRALTAR Europort GSX 105. NIGERIA Abuja ASCE 44. GREECE Athens ATHEX 106. NIGERIA Lagos NSE 45. HUNGARY Budapest BSE 107. RWANDA Kigali RSE 46 ICELAND Reykjavik NASDAQ 108. SEYCHELLES Victoria SSE 47. IRELAND Dublin EURONEXT 109. SOMALIA Mogadishu SSE 48. ITALY Milan BORSA ITALIANA 110. SOUTH AFRICA Johannesburg JSE 49. LATVIA Riga NASDAQ 111. SUDAN Khartoum KSE 50. LITHUANIA Vilnius NASDAQ 112. SWAZILAND Mbabane SSX 51. LUXEMBOURG Lux/urg City LUXSE 113. TANZANIA Dar Es Salaam DSE World 52. MACEDONIA Skopje MSE 114. TUNISIA Tunis BVMT 53. MALTA Valletta MSE 115. UGANDA Kampala USE Stock Exchanges 54. MONTENEGRO Podgorica MNSE 116. UGANDA Kampala ALTX 55.NETHERLANDS AmsterdamERONEXT 117. ZAMBIA Lusaka LUSE 56. NORWAY Oslo OSLO BORS Map 118. ZIMBABWE Harare ZSE 57. POLAND Warsaw GPW 58. PORTUGAL Lisbon EURONEXT WORLD MARKETS 59. ROMANIA Bucharest BVB ISSN 2668-1552 60. RUSSIA Moscow MOEX * The Bourse Régionale des Valeurs Mo- published by 61. RUSSIA Saint Petersburg SPB bilières, or BRVM, located in Abidjan, Cote EuropaProPress Ltd 62. SERBIA Belgrade BELEX d'Ivoire serves the countries of Benin, 42 Marasesti Blv. 63. SLOVAKIA Bratislava BSSE Burkina Faso, Guinea Bissau, Côte Bl.1, Sc.A, 2nd fl., Ap.7, 64. SLOVENIA Ljubljana LJSE d'Ivoire, Mali, Niger, Senegal and Togo. 04255 District 4, 65. SPAIN Madrid BME Bucharest, Romania 66. SWEDEN Stockholm NASDAQ ** The Bourse Régionale des Valeurs Mo- 67. SWITZERLAND Zurich SIX bilières d'Afrique Centrale, orBVMAC, lo- Commerce Registry 67a. SWITZERLAND Bern BX SWISS cated in Libreville, Gabon serves the Code: J40/12206/2016 69. TURKEY Istanbul BORSA ISTABUL Central African Republic, Chad, Demo- Tel.+40 314.228.321 69. UKRAINE Kiev UX cratic Republic of Congo, Equatorial 70. UK London LSE Guinea and Gabon. WM 999_Layout 1 6/15/19 7:50 PM Page 28 I

6 LEGENDARY INVESTORS Issue 9 ⎥ May 2019 Hui SHENZHEN-CHINA Ka .China Evergrande The king of Group dedicated Yan to diversification China's Formerly called the Hengda Group, Ever- grande was founded by Hui Ka Yan in the real estate southern Chinese city of Guangzhou in 1996. Today, the investment holding com- pany, owns more than 810 projects in more than 280 Chinese cities, and has established strategic cooperation with more than 860 “Don't marry too early in life. well-known firms from around the world. It's better to work hard when Evergrande has real estate development as foundation, while developing cultural young and establish a career tourism and health and wellbeing manage- first.” ment industries as complementary pillars and focusing on high technology as leading growth driver. It has also completed the layout of a new energy vehicle production “I want to help people help chain, and strives to become one of the world's largest new energy vehicle makers themselves.” within 3-5 years. The company raised $722 million in an initial public offering on the in 2009 and in 2017 experienced a surge in its “Save your first bucket of gold stocks, share price, profits and revenue, ris- ing almost three to four folds. Its bonds are and then use it for invest- quoted on Singapore Stock Exchange. In ments” 2018, Evergrande registered a turnover of RMB 466.2 billion, a year-on-year increase of 49.9%, and a core net profit of RMB Hui Ka Yan, is a Chinese billionaire businessman and chairman and to $36.2 billion according to the latest Forbes ranking. The Chinese property 78.32 billion, a year-on-year increase of largest shareholder of Evergrande Group, one of China's biggest tycoon is also a generous donor. Hui held the No 1 position on the 2018 93.3%, with a number of core indicators property developers. Forbes China Philanthropy List comprising 100 entrepreneurs, representing ranking 1st in the industry. During the same The Hong Kong-listed company, which Hui took public in 2009, 17.31 billion yuan in cash donations. year, the Group won multiple awards. It has built more than 810 projects in 280 Chinese cities including Bei- Evergrande's chairman gave away 4.21 billion yuan ($617 million) targeting was on the list of Fortune Global 500 for jing, Shanghai, Guangzhou and Shenzhen. In Hui's own words“since poverty reduction, including the poverty alleviation project in Bijie, South- the third consecutive year with ranking as- its foundation, Evergrande, has always adhered to the concept of de- west China's Guizhou province. Hui has also received several awards. cended to 230th and ranked 22th in the velopment based on people's well-being and made unremitting ef- The State Council has awarded him as “National Model Worker” which China Top 500.By the end of 2020, Ever- grande aims to gain total assets of RMB 3 is the highest honor for a civilian in China. In addition, he serves as a Vice forts to create better life for the common people”. trillion, an annual sales volume of RMB Chairman of the China Enterprise Confederation, China Enterprise Direc- 800 billion and an annual profit and tax of tors Association and China Real Estate Association. RMB 150 billion. The company creates native of Zhoukou in central China's Henan province, Hui was He is a Member of the 11th National Committee of the Chinese People's more than 2.6 million jobs each year. It has born in a rural family on October 9, 1958. He graduated with a Political Consultative Conference. Hui also has been a management pro- 140,000 staff. Bachelor's degree in Metallurgy from Wuhan University of Sci- fessor of Wuhan since 2003 and was appointed as doctoral tutor of that uni- ence and Technology in 1982. versity in 2010. He earned an honorary Ph.D. in commerce in 2008 from After graduating university, he began his career as a technician the University of West Alabama. at a state-owned iron and steel factory where he was promoted to associate director in 1983 and director in 1985. But in 1992, seeking for better opportunities, he quit his job, heading for the newly founded “special economic zone” of Shenzhen in China’s Guangdong province and joined a property trading company. Four years later, Hui founded the Evergrande Group and served as its chairman of the board, tapping into China’s insa- tiable demand for new houses. A property tycoon and philanthropist .A passion for Called “Donald Trump of China” for his zealous acquisition strategy, Hui football began picking up low price properties in small markets. Within two decades the Shenzhen-based company became China's biggest property developer In 2010 Evergrande bought the local based on sales volume and had revenue of 211.4 billion yuan ($31.8 billion) Guangzhou Football Club, which was re- in 2016. named the Guangzhou Evergrande F.C. and Athough Evergrande's debt stood at 671.1 billion yuan ($98.88 billion) at invested heavily. In 2013 they won the AFC the end of June 2018 (according to CreditSights), with some analysts wor- Champions League and in 2018 they suc- rying that the company has too much leverage, Evergrande continues to cessfully defended the champion title of the find sources of funding and expand. Meanwhile, Hui's net worth is now up Chinese Super League. Hui has been ac- tively involved in the club's activities.

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Issue 09 ⎥ May 2019 TRADING & OPINION 7

The , hosts The cash dividend for the companies listed A total of 14 listed entities over 480 infrastructure-related com- at the (ASE) for recorded trading activities during panies operating in more than 65 2018 amounted approximately JD 802.5 April on South Pacific Stock Ex- countries. It is also responsible for million representing 4.3% increase com- change. The SPSE Total Return 4 nearly 40 per cent of all FX trading – 5 pared to 2017. This resulted in a fall in the 6 Index declined slightly by 0.49% (40.31 points) and concluded the

that’s more than New York and companies' shares prices for who distributed 0CEANIA EUROPE Tokyo combined. EAST MID. cash profits. month at 8179.99.

Nouriel Roubini is an American economist, professor of economics at NYU's STOCKS PUBLICLY Stern School of Business, and CEO of Roubini Macro Associates, an economic TRADED COMPANIES consultancy firm. He has worked for the International Monetary Fund, the US Federal Reserve, and the World Bank. Thomson Reuters Mergers & Acquisi-

s shares hit all-time t

tions, IPOs revenues e Beware The Bipo- high k Thomson Reuters Corp's Canadian-listed stock and more r rose rose 1.9% to C$83.76 on May 8, after ear- News and announcements from companies a lar Markets In The lier hitting an all-time high of $C84.45. The listed on stock exchanges around the world. shares of the news and information provider M

Earnings, spin-offs, take-over bids, capital in- and parent of Reuters News are up more than creases, recent and upcoming IPOs, expansion l 60% over the past 12 months. The company re-

into new markets, signing of alliances, M&As... a

t “New Mediocre” ported stronger-than-expected quarterly profit, i boosted by demand for information it sells to ORAGROUP-AFRICA p As the stock market predicts risk-on sentiment will legal professionals.

a continue driving equities, “Dr Doom” warns the cur The pan-African banking rent ebullience will not last the year. group Oragroup was listed C on the Bourse Régionale CURRENCIES des Valeurs Mobilières his list, comes the price- (BRVM) on April 16. This Opinion to-earnings ratio listing - the most important which is high in Brazilian real to since the creation of the he man who warned about the finan- many markets, par- BRVM in 1998 - follows cial crisis before the crash of 2008 ticularly for U.S. turn unstable-poll the success of its 100% and his dark predictions have given equities, meaning Brazil's currency, the real, will turn more unsta- subscribed public offering >T him the nickname "Dr. Doom," now that even a modest ble as it becomes increasingly exposed to a of shares, from 29 October to 22 November 2018. warns that the stock market’s ad- negative shock could pending discussion of a plan to overhaul the This public offering included the issuance of vance this year may not last long as trigger a correction. country’s social security system that is proving 6,097,561 new shares, through a capital increase, risks haven’t disappeared. hard to sell in a divided Congress, a Reuters and the sale of 7,785,445 existing shares on the sec- “Second, there are heightened poll showed. The 12-month forecast for the ondary market at a price of CFAF 4,100 per share, In a Project Syndicate article titled Bipolar Markets risks associated with the scale and composition of representing a CFAF 56.92 billion (€86 million) in the “New Mediocre”, Nouriel Roubini argues U.S. corporate-sector debt...Third, assuming that Latin America's largest economy's currency fundraising on the regional financial market. that as one set of worries appears to fade, new ones U.S. economic growth holds up, market expecta- was pegged at 3.70 per dollar, according to the tend to emerge. Among the factors contributing to tions of more Fed dovishness will likely prove un- median estimate of 19 analysts surveyed April the latest risk-on cycle Rubini names the following: founded...Fourth, hopes of a resolution to the 29-May 1. CREDIT SUISSE The expectation of a recovery in Chinese Sino-American trade war may also be SWITZERLAND growth, as policymakers remain vigilant there and misplaced...Fifth, European growth is very frag- provide support. The anticipation of a strengthening ile...Sixth, many emerging-market economies are BONDS Credit Suisse has agreed to take majority control of in U.S. and global growth in the second half of the also heavily exposed to political and policy Chinese securities venture Credit Suisse Founder year. The avertion of a “hard Brexit” since the Eu- risks...Seventh, Trump may react to the Mueller re- Securities Ltd (CSFS), boosting its stake to 51 per ropean Union extended the deadline for the UK’s port with bluster...Finally, we are still in a world of Volvo raises € cent from previous 33.3 per cent via a capital injec- departure from the bloc to Oct. 31, 2019. Further low potential growth— a “New Mediocre” sus- tion, the Swiss bank said. Under the deal, the stake support for the markets came from central banks, tained by high private and public debt, rising in- 600mln in bond deal held by Credit Suisse’s partner Founder Securities particularly the US Federal Reserve, which became equality, and heightened geopolitical risk...So, Volvo Cars raised 600 million euros via its sec- Co Ltd will fall to 49 percent. China now allows “super-dovish again”. But these developments while investors’ latest love affair with equity mar- ond bond issue this year. The Swedish car- foreign banks to hold controlling stakes in securities “may or may not ensure clear sailing for the rest of kets maycontinue this year, it will remain a fickle joint ventures as a major part of the country’s pledge the year”. So what could trigger another risk-off and volatile relationship.” maker, which is owned by China’s Geely, said to ease ownership curbs, especially in the trillion- the bond would mature in April 2024, pay a episode? According to Roubini, there are at least To sum up, the current environment could set dollar financial sector. fixed coupon of 2.125 percent and have an issue seven triggers for a risk - off episode. On top of the stage for the next risk-off. price was 99.625, equating to a yield of 2.205 VIETNAM AIRLINES percent and a Euro mid-swap of plus 215 basis VIETNAM points. The money raised would be used for Vietnam Airlines listed more than 1.4 corporate purposes. billion shares on the Ho Chi Minh City Stock Ex- ★ change, the country's largest stock exchange, on World markets facts and figures May 7. The listing takes place in the context of in- AFRICA FUNDS creasing competition in the Vietnamese aviation market. At the end of 2018, Vietnam Airlines re- 16 Sixteen companies are listed as constituents of the SEM Sustain- ported a record revenue of VND96.8 trillion ($4.2 ability Index (SEMSI) on the Stock Exchange of Mauritius (SEM) Women a minority billion), up 17 per cent on-year. The flagship carrier ASIA in the hedge fund plans to buy an additional 22 airplanes to increase Only seven firms raised ₹5,033 crore through IPOs so far in its fleet size to 112 units. 7 India in 2019, shows data from Prime Database. industry AMERICA NATURA - BRAZIL Just seven women were hired or promoted last 4% The MSCI USA Index returned 4% in April 2019 while the MSCI year as investment executives at 20 of Britain’s Natura, the Brazilian cosmetics company that owns EM Latin America 0.5% top private hedge funds, the lowest level in at The Body Shop, intends to invest up to $5 million EUROPE least a decade, a Reuters analysis of regulatory in new brands in beauty and wellness segments in filings showed. They took on 82 men in that pe- Europe and the United States through venture cap- 1% At the end of April, the Euro Stoxx 50 was less than 1 per cent ital funds, executives said. The Sao Paulo-based away from entering a bull market. riod. The 10 largest U.S. hedge funds with a UK company also negotiates a deal with cosmetics OCEANIA office - including Citadel and Millennium Man- agement - registered slightly more women than maker Avon Products. Avon, has a 133-year history In April 2019, total capital raised on the ASX was $4.8 billion, 39% their British counterparts, at nearly 13 percent, in and a market cap of about USD 1.4 billion. It was down 39% on the previous corresponding period (pcp). founded in the US and is headquartered in London. 2018, according to the Reuters analysis.

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8 EVENTS Issue 09 ⎥ May 2019

EVENTS East & Interest rate decisions South East Economic Calendar Inflation reports From Below is a selection of business events 1st to 30 st June 2019 Upcoming macroeconomic events by means of pre-scheduled that take place across the region news announcements that affect the Forex and stock markets 01/06/2019 ● IBYS Kiev, Ukraine Venue: Chervona Kalyna Hotel ▶ 02/06/2019 Inflation Report Hearings utes after the Minimum Bid Committee votes on where compiled from a survey of Organiser: Kyiv International Contract Fair ● CHINA The Bank of England Gov- Rate is announced, provid- to set the overnight interest about 350 German institu- IBYS is an international boat and yacht show. Caixin Manufacturing ernor and several Monetary ing clues regarding future rate. The overnight rate is tional investors and ana- Latest technologies and samples of produced PMI Policy Committee members monetary policy. High lev- the rate at which lysts. equipment for sailing. Markit releases the Chinese testify on the inflation and els of volatility can fre- large banks borrow and ▶ 19/06/2019 05-07/06/2019 economic outlooks before quently be observed during HSBC Manufacturing PMI, lend from one another in NEW ZEALAND ● INTERGRAFICA a composite indicator de- Parliament's Treasury Com- the press conference as Zagreb, Croatia mittee. On the same day, press questions lead to un- the overnight market. The GDP (QoQ) signed to provide an overall overnight rate is the lowest Statistics New Zealand re- Venue: Zagreb Fair view of activity in the man- Markit/CIPS release the scripted answers. available interest rate, and leases data on the Gross Organiser: Zagreb Fair ufacturing sector and acts Manufacturing PMI. INDIA as such, it is only available Domestic Product (GDP) International Printing and Paper Industry Fair. as an leading indicator for ▶ 04/06/2019 RBI Interest Rate Deci- All relevant international and local manufacturers to the most creditworthy in- which measures the annual- the whole economy. The sion ized change in the infla- of the equipment, finished products and auxiliary AUSTRALIA stitutions. Chinese HSBC Manufac- The Reserve Bank of India materials in the field of printing, paper, packing RBA Interest Rate Deci- ▶ tion-adjusted value of all turing PMI is concluded sion Reserve Bank of Aus- Monetary Policy Commit- 14/06/2019 goods and services pro- materials and packing industry will be gathered from a monthly survey of tralia (RBA) board tee meets will hold a meet- RUSSIA duced by the economy. It is under a single roof. about 430 purchasing man- members come to a consen- ing on June 3, 4 and 6 to Interest Rate Decision the broadest measure of 06-07/06/2019 agers which asks respon- sus on where to set the rate. decide on key interest rates. The central bank of Rus- economic activity and the ● DIGITALK dents to rate the relative RBA also makes a monthly Interest rate in India aver- sia's decision on short term primary indicator of the Sofia, Bulgaria level of business conditions rate statement containing aged 6.66 percent from interest rate. The decision economy's health. A higher Venue: Sofia Event Centre including employment, the outcome of bank's inter- 2000 until 2019, reaching on where to set interest than expected reading Organiser: Economedia production, new orders, est rate decision and dis- an all time high of 14.50 rates depends mostly on should be taken as posi- ICT forum gathering of 900+ startup founders, prices, supplier deliveries, percent in August of 2000 . cusses the economic ▶ growth outlook and infla- tive/bullish for the NZD, investors, entrepreneurs and business leaders. and inventories. conditions that influenced 09/06/2019 tion. The primary objective while a lower than ex- 12-14/06/2019 the decision. It can also give JAPAN of the central bank is to pected reading should be ● TRANSNAV investors clues to the out- GDP (QoQ) achieve price taken as negative/bearish Gdynia, Poland come of future decisions. A The Cabinet Office releases stability. High interest for the NZD. Venue: Gdynia Maritime University higher than expected rate is data on the Gross Domestic rates attract foreigners USA Organiser: Akademia Morska w Gdyni Product (GDP) which looking for the best "risk- positive/bullish for the Fed Interest Rate Deci- International Navigational Conference on Mar- measures the change in the free" return on their money, AUD, while a lower than sion itime Navigation and Safety of Sea Transportation inflation-adjusted value of which can dramatically in- expected rate is Federal Open Market Com- 19-20/06/2019 all goods and services pro- creases demand for the na- negative/bearish for the mittee (FOMC) members ● ETCSEE AUD. duced by the economy. It is tion's currency. vote on where to set the Budapest, Hungary ▶ 06/06/2019 the broadest measure of A higher than expected rate Venue: Intercontinental economic activity and the is positive/bullish for the rate. Traders watch interest EU rate changes closely. The Organisers: Synergy, Spintelligent (Pty) Ltd primary indicator of the RUB, while a lower than Energy Trading Central & Southeastern Europe 25/06/2019 BRAZIL ECB Interest Rate Deci- economy's health. A higher expected rate is FOMC makes a statement, sion the primary tool the panel (ETCSEE) explores all major developments in BCB Copom than expected reading negative/bearish for the the power and gas traded markets, market supervi- The six members of the Eu- should be taken as posi- RUB. uses to communicate with sion and renewable energy - featuring over 50 Meeting Minutes ropean Central Bank (ECB) tive/bullish for the JPY, investors about monetary ▶ 18/06/2019 high-level speakers and over 400 attendees. Executive Board and the 16 while a lower than ex- policy. It contains the out- The Central Bank of governors of the euro area GERMANY come of the vote on interest 25-28/06/2019 Brazil (BCB) releases pected reading should be central banks vote on ZEW Economic Senti- rates, discusses the eco- ● RIEF the Minutes of its Mone- taken as negative/bearish where to set the rate. The ment nomic outlook and offers St. Petersburg, Russia tary Policy Committee for the JPY. Frankfurt-based institution The German Zentrum für clues on the outcome of fu- Venue: ExpoForum Convention and Exhibition (Copom) meeting. ▶ 12/06/2019 also makes a statement that Europäische Wirtschafts- ture votes. The US central Centre PHOTO: contains the outcome of the TURKEY forschung (ZEW) Eco- ban also releases FOMC's Organiser: ExpoForum International Ltd. Roberto Campos Neto ECB's decision on asset Overnight Borrowing nomic Sentiment Index Economic Projections. This Russian International Energy Forum (RIEF) purchases and commentary Rate gauges the six-month eco- report includes the FOMC is the annual convention and exhibition event about the economic condi- The Central Bank of the nomic outlook. A level projection for inflation and for the specialists of the fuel and energy sector, above zero indicates opti- ▶ tions that influenced their Republic of Turkey's economic growth over the the largest international occasion in Russia and 03/06/2019 decision. A press confer- mism; below indicates pes- (CBRT) Monetary Policy next 2 years. CIS countries. UK ence is held, about 45 min- simism. The reading is

1st Mare Forum Oslo Restoring Trust-The Way Ahead G ollowing the successful Mare Forum FORUM was founded by Mr Ioannis Kos- Principals, Ship-owners, Ship-managers, N

I conferences around the globe, consid- toulas (pictured) who is also its President. Charterers, Traders, Capital providers, Energy

P .F ered by many to be among the most in- The conference will take place in an open, Executives, Regulators, Maritime Lawyers,

P fluential forums for the maritime and stimulating, free-flowing and attractive envi- Consultants, shipbuilders and repair managers, I shipping industry, the 1st Mare Forum Oslo ronment combined with informal discussions. Classification Societies, Port and Terminals H 2019 will be held on Monday 3rd June at The participants will be discussing, debating executives, Press, and shipping services S the Grand Hotel in Oslo, Norway. The con- and brainstorming about shipping investments providers.The agenda: Session 1) Opening and ference is organised by MARE FORUM, a and shipfinance, and the future of shipping and Welcome – Setting the Scene .Session 2) The Rotterdam-based organiser of conferences, trade from now to 2030 and beyond. They will Big Change – Who is afraid of the future? Ses- specialised in conference management, project also plunge in a pool of booming business and sion 3) Shipping Investments and Ship fi- development and policy marketing. MARE network opportunities. Participants will be: nance: Public - Private - Banks –Alternatives.

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