China leaves lending benchmark rate steady for 12th straight month
SHANGHAI, April 20 (Reuters) – China kept its benchmark lending rate for corporate and household loans steady for the 12th straight month at its April fixing on Tuesday, matching market expectations.
The one-year loan prime rate (LPR) was kept at 3.85%. The five-year LPR remained at 4.65%.
Twenty-seven traders and analysts of 30 participants in a Reuters poll this week predicted no change in either rate.
Most new and outstanding loans in China are based on the one-year LPR. The five-year rate influences the pricing of mortgages.
Xi says China 'will never seek hegemony' no matter how strong it becomes
- Chinese President Xi Jinping said his country will not pursue hegemony regardless of the level of its development.
- Xi also promoted China as a champion for globalization and the multilateral trading system.
Chinese President Xi Jinping said Tuesday his country will not pursue hegemony regardless of how powerful it becomes.
"However strong it may grow, China will never seek hegemony, expansion or a sphere of influence, nor will China ever engage in an arms race," Xi said at the opening ceremony of the annual Boao Forum for Asia in the Chinese province of Hainan.
Xi also promoted China as a champion for globalization and the multilateral trading system.
Without naming any countries, Xi said international rules should not be set by one or a few countries.
U.S.-China relations were off to a rough start under the administration of President Joe Biden.
Biden said last month that China has "an overall goal to become the leading country, the wealthiest country in the world and the most powerful country in the world." Biden said he will not let that happen under his watch.
Cathie Wood\u2019s ARK Invest Sells Over 590,000 Shares of Virgin Galactic
A couple of the ARK exchange-traded funds run by ETF star Cathie Wood made huge purchases on Monday. Accordingly these funds sold over 590,000 shares of Virgin Galactic Holdings, Inc. (NYSE: SPCE) shares on Monday, as the price of these ETFs dropped over 1% on Monday. Note that these ETFs are still up over 100% in the last year.
ARK Autonomous Technology & Robotics ETF (NYSEARCA: ARKQ) sold 315,600 shares of Virgin Galactic and Ark Space Exploration & Innovation ETF (NYSEARCA: ARKX) sold 275,204 shares. At Monday’s closing price this would have valued this sell at roughly $13.3 million. Even though this is a small fraction of the total holdings, every little bit counts. ARKQ is up 124% in the last year, and ARKX is up 2% since it debuted earlier this year.
24/7 Wall St. recently reported on Virgin Galactic:
Virgin Galactic Holdings Inc. (NASDAQ: SPCE): Wolfe Research started the stock with a Market Perform rating and a $27 price target. The consensus target is much higher at $38.33, and the last trade Monday came in at $26.77, down almost 9% on the day.
Catherine Wood, the CEO and CIO of ARK Investment Management LLC is a minority and non-voting shareholder of 24/7 Wall St., LLC, owner of 247wallst.com.
Walter Mondale Sent A Touching Farewell Message 48 Hours Before His Death
Former Vice President Walter Mondale sent a touching farewell message to his staff just two days before his death on Monday at the age of 93.
“Well my time has come,” wrote Mondale in his Saturday message. “I am eager to rejoin Joan and Eleanor.”
His late wife, Joan, died in 2014 at the age of 83, while his late daughter, Eleanor, died of brain cancer in 2011 at the age of 51.
The 1984 Democratic presidential candidate added:
“Before I go I wanted to let you know how much you mean to me. Never has a public servant had a better group of people working at their side!
Together we have accomplished so much and I know you will keep up the good fight.
Joe in the White House certainly helps.”
“I always knew it would be okay if I arrived some place and was greeted by one of you!” he wrote, and included a picture of him relaxing on a boat, dog at his side:
Arcadis Q1 Operating EBITA Rises; Net Revenues Organically Up 0.5%
Arcadis (ARCVF.PK) reported first quarter EBITDA of 86 million euros compared to 76 million euros, prior year. EBITA increased to 57 million euros from 45 million euros. Adjusted EBITDA was 66 million euros, up 17%. Operating EBITA increased 21% to 58 million euros from 48 million euros, last year; resulting in a margin improvement to 9.2% from 7.2%.
First quarter net revenues were 632 million euros, down 4% from 658 million euros, last year. Net revenues were organically up 0.5%, for the quarter. Order intake was at 693 million euros.
The company expects operating EBITA margin to exceed 10% of net revenues in 2023. Organic net revenue growth is projected in mid-single digit.
Sika Q1 Sales Rise – Quick Facts
Sika (SXYAY.PK,SKFOF.PK), a specialty chemicals company, reported that its sales for the first-quarter were CHF 1.999 billion, represented an increase of 12.6% in local currencies from last year. Sales growth in Swiss francs amounted to 10.2%, which includes a negative currency effect of -2.4%. The acquisition effect was 1.5%. Organic growth in the first quarter amounted to 11.1%.
In the first quarter of 2021, the EMEA region recorded a sales increase in local currency of 13.2%.
The Americas region recorded growth in local currencies of 6.2%.
Sales in local currencies in the Asia/Pacific region increased by 25.8%.
For the 2021 fiscal year, Sika now expects double-digit sales growth in local currencies compared to the prior estimation of 6%-8% growth.
Sika confirmed its 2023 strategic targets. The company is still clearly aligned for long-term success and profitable growth. With its focus on the six strategic pillars, Sika is seeking to grow by 6%-8% a year in local currencies up to 2023.