Despite Regulatory Clampdown, Ant Group Posted $3.4 Billion Profit
May 14, 2021 | by Samuel Nwite |
Ant Group Co.’s profit rose to $3.4 billion in the December quarter after Chinese regulators thwarted its record initial public offering and told it to scale back its sprawling business, reported Bloomberg.
Billionaire Jack Ma’s fintech giant contributed nearly 7.2 billion yuan to Alibaba Group Holding Ltd.’s earnings, a company filing showed Thursday. Based on Alibaba’s one-third stake in Ant, that translates to 21.8 billion yuan ($3.4 billion) in profit, up 50% from 14.5 billion yuan in the previous three months. Ant’s earnings lag one quarter behind Alibaba’s.
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Tasos Vossos, Bloomberg News Skyscrapers in the skyline of the City of London, U.K., on Monday, March 8, 2021. Values in the U.K. capital should jump about 25% over the next five years, outpacing other European capitals, according to DWS researchers. Photographer: Jason Alden/Bloomberg , Bloomberg
(Bloomberg) Buyers of newly-minted corporate bonds are already nursing losses as inflation fears send government bond yields climbing.
About four fifths of high-grade non-financial corporate bonds priced in Europe this year are quoted below their issue price, based on data compiled by Bloomberg. Last Friday, the share of post-issue losers stood at under 50%.
This bleak statistic underscores the damaging effect on credit investors of the so-called reflation trade bets on rapid economic recovery and an associated pickup in inflation prompting many to seek shelter from further sovereign debt sell-offs.