Northern Trust Corp. stock outperforms competitors on strong trading day
Heavy travel day starts with brief grounding of all American Airlines flightsInjured cornerback Riley Moss could return to Denver's lineup at Cincinnati
Hail Flutie: BC celebrates 40th anniversary of Miracle in MiamiA major piece of LeBron and Bronny James history is up for grabs ... with the jerseys the father-son duo wore in their season-opening game hitting the auction block TOGETHER -- and, yeah, they ain't gonna come cheap. The one-of-a-kind memorabilia set is available via Sotheby's ... and has already reached $70,000 with almost two weeks left for bidding. Both jerseys are believed to have been worn for the Lakers' first game of the 2024-25 campaign against the Minnesota Timberwolves on Oct. 22 ... which L.A. won 110-103. LeBron scored 16 points in the contest ... adding four assists and five rebounds. While LeBron's threads were authenticated with visuals from the night, Bronny’s jersey is a bit more complicated -- it was photo-matched to the second half of the opener ... but with the lack of photos of the 20-year-old without his warmups on prior to the game, it is unknown if it was the same one he wore during his historic moment with his father. The jersey has "First Game 2D Half 10/22" written on the jock tag ... so chances are, he swapped unis during halftime -- and the jersey in this auction is not the exact one he wore when he entered the game in the second quarter. The James duo also wore these jerseys in other appearances ... including media day and preseason matchups. Game-worn LeBron jerseys are popular on the auction block ... with one even selling for $3 million. As for Bronny, his Summer League debut top had a price tag of over $38k. The auction will close on December 4 ... so fans of the James Gang have a bit of time to scrap together some dough.Nebraska State Auditor Mike Foley released a second letter Wednesday lambasting two Nebraska Department of Health and Human Services programs Thursday, listing “shocking examples” of alleged wrongdoing by caregivers contracted by the DHHS to provide services to Medicaid recipients. In a press release, Foley said his office found an Omaha-based home healthcare agency received over $1 million in reimbursements through DHHS’s personal assistance services and personal care services programs. Foley alleged many of the reimbursements requested by the agency were fraudulent, pointing out that one reimbursement was for a caregiver who was in law enforcement custody at the time services were supposedly performed. Foley said the agency’s founder had been authorized to provide child care services in a different DHHS program. However, the DHHS terminated its agreement with the founder due to improper billing procedures and double billings resulting in overpayments. People are also reading... Foley said the caregiver owed the DHHS $4,851 due to the billing irregularities. Foley said the person only paid $100 of that amount before the DHHS wrote off the rest and then allowed the founder to become an approved Medicaid provider through the home healthcare agency. Foley dryly noted that other caregivers apparently can be in two places at once as they billed the DHHS for working unrealistic hours. One woman, who Foley said “rivaled certain canonized saints in her ability to bilocate,” billed the DHHS for continuous 24-hour shifts while also working full-time with a financial technology company. Foley said the audit found the woman billed the DHHS for working 55 days while she simultaneously worked at her other job. Another woman, who Foley said was “an apparently similarly gifted practitioner of bilocation,” billed up to 95 hours of work per week with the DHHS even though the audit found the caregiver was also working a different full-time job outside of the state government system. Foley said the woman told the DHHS she provided services and worked more than 24 hours per day — “ostensibly defying the laws of time.” Foley added the audit found 29 days when the woman claimed to be providing DHHS services while working at her other job. Another woman, who was previously suspected of fraud by the auditor’s office, was allegedly found to have been billing the DHHS for hours worked as a caregiver even though in those same hours, the woman was allegedly working as a bus driver and even appeared in court on drug and gun charges. After being charged, Foley said the woman continued to work as a student bus driver and bill DHHS for caregiving services. Foley said the DHHS authorized another caregiver to work 88 hours per week while the caregiver simultaneously held a full-time job in county government. Foley’s report on Wednesday follows a similar report his office issued in February . In his annual audit of the DHHS released around that time, Foley said, according to the Lincoln Journal Star, the state’s largest agency likely mishandled tens of millions of dollars allocated to the department from the state and federal governments during the 2023 fiscal year from July 2022 through June 2023. Despite his office’s findings, Foley said in the press release his confidence in DHHS CEO Steve Corsi, who has led the agency since March, “remains as high as ever.” “Steve is a very serious minded and highly competent director who takes these matters seriously, and I am happy to collaborate with him toward solutions that respect the taxpayers of our state,” Foley said in a statement. In a statement included in Foley’s press release, Corsi pointed to improvements made by DHHS since Foley issued his February report. Those include updates to IT systems and “extensive provider engagement and education.” "Since these changes were made, non-compliant visits have reduced from 23% to 9%. We also added two full-time internal auditors, bringing the internal audit team up to six auditors,” Corsi said. “The department is dedicated to combating fraud and waste in any form and will continue to aggressively pursue and explore additional means to do so.” Corsi also praised Foley and said the DHHS will continue to work with the auditor’s office. “I appreciate Auditor Foley’s efforts to safeguard taxpayer dollars and his recommendations,” Corsi said. “As the department continues to strengthen internal controls and stewardship of taxpayer funds, we look forward to ongoing collaboration with the state auditor’s office.” Nebraska auditor: Health agency likely mishandled 'tens of millions' of dollars in 2023 Nebraska auditor says providers 'fleecing' HHS program plagued by questionable billings Our best Omaha staff photos & videos of December 2024 A few snowflakes rest on a hand rail at the Gerald R. Ford Birthsite and Gardens in Omaha on Monday, Dec. 2, 2024. Watie White prepares to hang the portraits he drew for an exhibit inside the carriage house at the Joslyn Castle in Omaha on Tuesday, Dec. 3, 2024. Watie White poses for a portrait holding some potraits he drew that will hang in an exhibit inside the carriage house at the Joslyn Castle in Omaha on Tuesday, Dec. 3, 2024. Creighton's Pop Isaacs (2) goes up for a 3-pointer s head coach Greg McDermott motions in the background during the second half of a men's college basketball game against Kansas at the CHI Health Center in Omaha on Wednesday, Dec. 4, 2024. Creighton players react as they are unveiled on the NCAA Volleyball Tournament bracket during a watch party at DJ's Dugout in Omaha on Sunday, Dec. 1, 2024. Creighton's Jackson McAndrew (23) and Fedor Žugić (7) take a selfie with fans after defeating Kansas, 76-63, at the CHI Health Center in Omaha on Wednesday, Dec. 4, 2024. Damany Rahn, CEO of the Heart Ministry Center, poses for a portrait at FRESH Floral in Omaha on Friday, Dec. 6, 2024. FRESH Floral helps support the Heart Ministry Center, a nonprofit that aims to provide food, healthcare and a way forward for people affected by poverty. The Omaha World-Herald 2024 All-Nebraska Volleyball Team, from left, Lincoln Lutheran's Keri Leimbach, Norris' Anna Jelinek, Papillion-La Vista South's Charlee Solomon, Omaha Skutt's Addison West, Fremont's Mattie Dalton, Omaha Westside's Ashlyn Paymal and Grand Island's Tia Traudt photographed at Steelhouse Omaha on Tuesday, Dec. 3, 2024. Siblings Aria, 9, and Apollo Taylor, 6, hold out alfalfa for a Camille, a camel from Scatter Joy Acres during the annual Christmas in the Village in Omaha on Saturday, Dec. 7, 2024. Asma Abdikadir, right, zips up the coat of her cousin Mohamed Ali, 1, as they wait for bags at baggage claim at Eppley Airfield in Omaha on Wednesday, Dec. 11, 2024. Asma and other extended family members waited at the airport to greet Mohamed and his family upon their arrival from a refugee camp in Kenya. Mohamed’s father, Ali Mohamed Lujendo, fled Somalia and spent 19 years living in refugee camps. Maka Ali Mgang, Somalia, makes food at her family’s home in Omaha on Friday, Dec. 13, 2024. Mgang arrived in Omaha with her family on Wednesday from a refugee camp in Kenya. Miriam Grant and Levi Grant, 9, screw legs on to a kitchen table while volunteering to help set up an apartment for an incoming refugee family in Omaha on Tuesday, Dec. 10, 2024. Nebraska's Juwan Gary (4) celebrates during the first half of a men's college basketball game against Indiana at Pinnacle Bank Arena in Lincoln on Friday, Dec. 13, 2024. Nebraska's Andrew Morgan (23) and Indiana's Myles Rice (1) dive for the ball during the second half of a men's college basketball game at Pinnacle Bank Arena in Lincoln on Friday, Dec. 13, 2024. 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OXFORD — After nearly half a year without a town manager and a controversial hire that never actually made it into the Oxford Town Office, the Commissioners of Oxford have found a new town manager. Holly Wahl, currently the Chesapeake Beach Town Administrator, will begin the role on Jan. 6 During a Commissioners of Oxford meeting Tuesday, Commissioner Katrina Greer read the news to residents. The commissioners also announced at the meeting that the town’s Clerk-Treasurer Vickie Sharp will be staying in her position and will not leave the town for other employment at the end of the year, which Sharp had told the Star Democrat in late November. “I think we all want to thank Vickie for the work she did in the last month and a half with nobody in the office to talk to except herself,” Commission President Norm Bell said. Residents in the audience of the meeting clapped upon hearing the news, and at the end of the meeting, one resident reacted to the news and the tone of the meeting by saying it felt like the best Christmas present. According to a news release from Oxford, Wahl has served Chesapeake Beach as its town administrator for the last eight years. In that time, she helped reduce town taxes more than 17% while increasing services to citizens and businesses, reduce liabilities by $9.44 million, increase the town’s net position by over $21 million and improve the town’s fund balance by over $15 million, the news release said. Wahl attributes those improvements in Chesapeake Beach to fiscal accountability, the acquisition of grant funding, the implementation of organizational changes, the application of technology and the alignment of staff with mission-critical activities to eliminate inefficiency, according to the news release. During the meeting, Greer said the commissioners are “delighted” that Wahl will be joining the town. “I mean, we think this woman is going to knock it out of the park,” she said. In the news release, the commissioners said they think Wahl’s experience in procurement and in managing larger projects will bring the town “cost savings with better management.” “Ms. Wahl has experience applying for and managing grant monies, coordinating with state and local agencies and has worked with the Army Corps of Engineers on major waterways projects such as the $3 million federal dredging of Fishing Creek Channel,” the release said. Along with town management, Wahl’s experience includes operations director roles in both the private and nonprofit sectors. According to the news release, Wahl holds business administration degrees from the University of Maryland and Johns Hopkins University. Wahl is currently finalizing her dissertation to obtain a doctorate in public administration and public policy from George Washington University. At the meeting on Tuesday, Bell acknowledged the months-long search it took to find a new town manager. “It was a learning experience,” he said. “And I think we wound up with a very good pick.” In late June, Michael Calvert — a former city administrator in Liberty, South Carolina — was hired to fill the role of town manager, which former Town Manager Cheryl Lewis was retiring from. But just three days after the commissioners announced the hire, they announced that the town and Calvert had “mutually agreed to part ways.” The commission did not comment on why the decision was made. Former Liberty City Council Member Peggy Edwards said she resigned from the council due to issues with Calvert and the city’s mayor. She said that when Calvert was in the position, there was a lack of transparency and mismanagement of money. The situation led to the commissioners choosing a search firm to assist in the search for the next town manager, which led to Wahl’s hiring.
Biden will decide on US Steel acquisition after influential panel fails to reach consensus WASHINGTON (AP) — A powerful government panel has failed to reach consensus on the possible national security risks of a nearly $15 billion proposed deal for Nippon Steel of Japan to purchase U.S. Steel. The Committee on Foreign Investment in the United States on Monday sent its long-awaited report to President Joe Biden, a longtime opponent of the deal. Some federal agencies represented on the panel were skeptical that allowing a Japanese company to buy an American-owned steelmaker would create national security risks. That's according to a U.S. official familiar with the matter. Both Biden and President-elect Donald Trump opposed the merger and vowed to block it. Nippon Steel says it is confident the deal will go ahead. Nissan and Honda to attempt a merger that would create the world's No. 3 automaker TOKYO (AP) — Japanese automakers Nissan and Honda have announced plans to work toward a merger that would catapult them to a top position in an industry in the midst of tectonic shifts as it transitions away from its reliance on fossil fuels. The two companies said they signed an agreement on integrating their businesses on Monday. Smaller Nissan alliance member Mitsubishi Motors agreed to join the talks. News of a possible merger surfaced earlier this month. Japanese automakers face a strong challenge from their Chinese rivals and Tesla as they make inroads into markets at home and abroad. What a merger between Nissan and Honda means for the automakers and the industry BANGKOK (AP) — Japanese automakers Honda and Nissan will attempt to merge and create the world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels. The two companies said they had signed a memorandum of understanding on Monday and that smaller Nissan alliance member Mitsubishi Motors also had agreed to join the talks on integrating their businesses. Honda will initially lead the new management, retaining the principles and brands of each company. Following is a quick look at what a combined Honda and Nissan would mean for the companies, and for the auto industry. Survey: Small businesses are feeling more optimistic about the economy after the election A survey shows small business owners are feeling more optimistic about the economy following the election. The National Federation of Independent Businesses’ Small Business Optimism Index rose by eight points in November to 101.7, its highest reading since June 2021. The Uncertainty Index declined 12 points in November to 98, following October’s pre-election record high of 110. NFIB Chief Economist Bill Dunkelberg said small business owners became more certain about future business conditions following the presidential election, breaking a nearly three-year streak of record high uncertainty. The survey also showed that more owners are also hoping 2025 will be a good time to grow. Heavy travel day starts with brief grounding of all American Airlines flights WASHINGTON (AP) — American Airlines briefly grounded flights nationwide due to a technical problem just as the Christmas travel season kicked into overdrive and winter weather threatened more potential problems for those planning to fly or drive. Government regulators cleared American flights to get airborne Tuesday about an hour after the Federal Aviation Administration ordered a national ground stop, which prevented planes from taking off. American said in an email that the problem was caused by vendor technology in its flight operating system. Aviation analytics company Cirium said flights were delayed across American’s major hubs, with only 37% leaving on time. Nineteen flights were cancelled. Nordstrom to be acquired by Nordstrom family and a Mexican retail group in $6.25 billion deal Century-old department store Nordstrom has agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group in a $6.25 billion deal. Nordstrom shareholders will receive $24.25 in cash for each share of Nordstrom common stock, representing a 42% premium on the company’s stock as of March 18. Nordstrom’s board of directors unanimously approved the the proposed transaction, while Erik and Pete Nordstrom — part of the Nordstrom family taking over the company — recused themselves from voting. Following the close of the transaction, the Nordstrom Family will have a majority ownership stake in the company. Stock market today: Wall Street rallies ahead of Christmas Stocks closed higher on Wall Street ahead of the Christmas holiday, led by gains in Big Tech stocks. The S&P 500 added 1.1% Tuesday. Trading closed early ahead of the holiday. Tech companies including Apple, Amazon and chip company Broadcom helped pull the market higher. The Dow Jones Industrial Average rose 0.9%, and the Nasdaq composite climbed 1.3%. American Airlines shook off an early loss and ended mostly higher after the airline briefly grounded flights nationwide due to a technical issue. Treasury yields held steady in the bond market. The yield on the 10-year Treasury was little changed at 4.59% An analyst looks ahead to how the US economy might fare under Trump WASHINGTON (AP) — President-elect Donald Trump won a return to the White House in part by promising big changes in economic policy — more tax cuts, huge tariffs on imports, mass deportations of immigrants working in the United States illegally. In some ways, his victory marked a repudiation of President Joe Biden’s economic stewardship and a protest against inflation. It came despite low unemployment and steady growth under the Biden administration. What lies ahead for the economy under Trump? Paul Ashworth of Capital Economics spoke recently to The Associated Press. The interview has been edited for length and clarity. American consumers feeling less confident in December, Conference Board says American consumers are feeling less confident in December, a business research group says. The Conference Board said Monday that its consumer confidence index fell back in December to 104.7 from 112.8 in November. Consumers had been feeling increasingly confident in recent months. The consumer confidence index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. The measure of Americans’ short-term expectations for income, business and the job market tumbled more than a dozen points to 81.1. The Conference Board says a reading under 80 can signal a potential recession in the near future. Stock market today: Wall Street rises at the start of a holiday-shortened week Stocks closed higher on Wall Street at the start of a holiday-shortened week. The S&P 500 rose 0.7% Monday. Several big technology companies helped support the gains, including chip companies Nvidia and Broadcom. The Dow Jones Industrial Average added 0.2%, and the Nasdaq composite rose 1%. Honda's U.S.-listed shares rose sharply after the company said it was in talks about a combination with Nissan in a deal that could also include Mitsubishi Motors. Eli Lilly rose after announcing that regulators approved Zepbound as the first prescription medicine for adults with sleep apnea. Treasury yields rose in the bond market. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Get local news delivered to your inbox!SYDNEY, Nov 24 (Reuters) - Australia's government said on Sunday it had dropped plans to fine internet platforms up to 5% of their global revenue for failing to prevent the spread of misinformation online. The bill was part of a wide-ranging regulatory crackdown by Australia, where leaders have complained that foreign-domiciled tech platforms are overriding the country's sovereignty, and comes ahead of a federal election due within a year. "Based on public statements and engagements with Senators, it is clear that there is no pathway to legislate this proposal through the Senate," Communications Minister Michelle Rowland said in a statement. Rowland said the bill would have "ushered in an unprecedented level of transparency, holding big tech to account for their systems and processes to prevent and minimise the spread of harmful misinformation and disinformation online". Some four-fifths of Australians wanted the spread of misinformation addressed, said the minister, whose centre-left Labor government has fallen behind the conservative opposition coalition in recent polling . The Liberal-National coalition, as well as the Australian Greens and crossbench senators, all opposed the legislation, Sky News reported. Greens senator Sarah Hanson-Young called the government bill a "half-baked option" in remarks televised on Australian Broadcasting Corp. on Sunday. Industry body DIGI, of which Meta is a member, previously said the proposed regime reinforced an existing anti-misinformation code. Sign up here. Reporting by Sam McKeith in Sydney; Editing by Chizu Nomiyama Our Standards: The Thomson Reuters Trust Principles. , opens new tab
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Mumbai: Even as the to unfold in courts, the rest of the edtech sector has moved on. Existing players have used the past fiscal to recalibrate growth strategies--shutting down unprofitable verticals and doubling down in profitable niches. In short, the Indian edtech sector went through an overhaul in 2024 with the next few years expected to throw up newer winners. “There was the crazy pop (in 2021) and then there was the Byju’s period. Now we're just seeing companies with their heads down, executing, driving to profitable growth. That is now the mantra," Deborah Quazzo, managing partner of edtech-focused investor GSV Ventures, told . As a result, investors have started reconsidering investments in edtech. According to data from analytics firm Tracxn, the sector's total funding surged from $245.8 million in 2023 to $608.9 million in 2024. Early-stage funding more than tripled, growing to $303.2 million this year, from $100.7 million in 2023. Similarly, late-stage funding surged nearly threefold, rising from $95.5 million to $263.3 million. Volumes went up as well. The number of early-stage rounds rose from 15 to 20 and late-stage from 6 to 10. Also read | This follows over two tough years for edtech, marked by waning investor confidence due to declining post-pandemic demand for online learning, a shift from growth to profitability, and the collapse of Byju’s. Funding plummeted from its $4 billion peak in 2021, reflecting the industry's challenges. Edtech investors warming up seems to be favouring some. A large chunk of the increased funding was mopped up by industry leaders like Physics Wallah, which raised $210 million in September; Eruditus with a $150 million round in October; and upGrad which raised $60 million in the same month. Fuelling this surge is the buzz around potential initial public offerings (IPOs) these companies are gearing up for in the next 12 to 24 months. Physics Wallah is planning for a public listing in 2025, while upGrad will gear up for an IPO within the next two years. Meanwhile, Ashwin Damera-led Eruditus is planning to shift its domicile from Singapore to India for a potential stock market listing. The prospects of a flurry of exits have resulted in investors warming up to the idea of making further investments. “In 2025, between further backing our existing investments in companies like Adda247, Sunstone, and Lead School, we are open to making more investments in the edtech sector," Sandeep Singhal, co-founder and managing partner of WestBridge Capital told Mint. The venture capital firm, however, did not make any primary edtech bets in the past two years. Singhal added that both the K-12 and undergraduate education segments in India are substantial, as families dedicate a significant portion of their income to their children's education. “In the next 5-10 years, edtech will be one of the largest value creation sectors, both monetarily for companies' valuation and from the perspective of the value they bring to consumers." Also read | Some have even started. Earlier this month, reported on Quazzo's GSV inking new deals in the Indian edtech sector. According to Varun Gupta, managing director and head SEA, digital and technology investment banking at Avendus, the pipeline for edtech is rebuilding on the back of sector leaders' performance and potential public listing. "Edtech is definitely seeing a renewed interest this year with two large rounds already announced and more logs in the fire... There are at least 3-4 good IPO candidates with strong profitability metrics for the next couple of years which is drawing investor interest in this space." Meanwhile, private equity players have also been more active in writing large cheques in select companies, signalling a growing interest in the intersection of education and technology as the sector matures. “We’re actively seeking management buyout opportunities in our focus sectors - financial services, consumer, education, software and automation," Gopal Jain, co-founder and managing partner at Gaja Capital, told . The challenges in the edtech ecosystem have been overstated, said Jain, noting that the issues are confined to a few business-to-consumer (B2C) players with unsustainable unit economics and poor learning outcomes. Gaja Capital has previously invested in CL Educate, Educational Initiatives and TeamLease. Where's the money going Edtechs have started niching down especially in high-margin or under-penetrated areas like study abroad, and business-to-business upskilling, on the back of falling revenue growth in broader categories. New niches within edtech have emerged in 2024 where both newer startups and established companies have attempted to enter. Some of these niches are attracting investor interest. Also read | Dev Khare, partner at Lightspeed, told that while the venture capital firm is excited about the growth of portfolio edtech companies like mental math startup Bhanzu and test prep Physics Wallah, he also sees significant potential in emerging niches. He is evaluating opportunities in non-certified skill development within areas like influencer training. “In a country like India, where there’s a strong aspiration for upward mobility, people want to learn and improve their prospects for such skills," Khare told . Khare also believes that Indian companies targeting global markets and leveraging local talent for international audiences, are among opportunities Lightspeed will explore in 2025. The company has also made investments into vocational training in verticals like healthcare this year with Emversity. For GSV’s Quazzo, investment opportunities lie within the intersection of artificial intelligence and education. “AI right now is obviously all anyone's thinking or talking about, it should have a profound impact on education. We're spending a huge amount of time around the impact of generative AI on education," said Quazzo. Meanwhile edtech companies like Frontrow, Bluelearn and Stoa School shuttered operations. The sector is expected to witness some consolidation with profitable and well-capitalized players acquiring the ones struggling. “There will be more acquisition activity as valuations settle to a level that buyers are willing to pay. There may be some companies that have not recovered really from the downdrafts and some of these weaker businesses might get pulled into other franchises," Quazzo said.Macau is hosting a record amount of bond listings as the world’s top gambling hub boosts efforts to diversify its economy and establish itself as an alternative financing hub for Chinese firms. A combined $28.1 billion of bonds have started trading this year on the Chongwa Financial Asset Exchange Co., a local exchange known as MOX, according to Bloomberg-compiled data. Around 63% of these new notes are yuan-denominated and mostly issued by Chinese local government financing vehicles, or LGFVs. The tally marks significant progress for MOX, where bond listings totaled slightly over $600 million at its inception in 2018, thanks to Macau’s initiatives to make debt registration cheaper and simpler than at major Asian financial centers including Hong Kong and Singapore. The latest boom also has benefited from a broader surge in offshore debt issuance by China’s LGFVs that face domestic borrowing restrictions. “We are still at the nascent stage. We need to do a lot more to build up the pool of investors and issuers here,” Henrietta Lau, executive director of Monetary Authority of Macao, said in an interview. “Our aim is to build the bond market as a financing bridge between the mainland and the outside world.” Prominent bond listings on MOX feature a 2 billion yuan offering by China’s Ministry of Finance in 2019, the first of its kind in Macau, and a 2.2 billion yuan deal by the neighboring province of Guangdong two years later. More recently, the bourse has become a popular venue for smaller listings of less than $100 million by LGFVs, a group of debt-laden issuers that borrowed heavily during China’s previous infrastructure booms. At the current level, Macau’s bond listings represent about 26% of Hong Kong’s and up from about 3.8% in 2020, Bloomberg-compiled data show. “The Chinese government intends to develop Macau into one of the key bond listing venues in Asia especially for offshore CNY bonds and free trade zone bonds,” said Zerlina Zeng, head of East Asia corporate research at Creditsights Singapore LLC. “LGFVs and SOEs are as a result encouraged to help promote such initiatives.” While the push for a stronger bond listing business is part of Macau’s efforts to reduce its excessive dependence on casinos, it remains a daunting task for the tiny former Portuguese colony. The city has in recent years taken steps to boost its appeal as a bond trading center, such as implementing a five-day registration process that’s shorter than the average time in Hong Kong. However, structuring, sales, clearing and settlement of debt offerings in many cases still occur outside of Macau. The lack of a dynamic secondary market is another hurdle. In order to improve, local authorities have been working on a securities law that would provide more investor protection and help attract big debt issuers such as Chinese policy banks and more provincial governments, Monetary Authority of Macao’s Lau said. Separately, MOX has signed a strategic cooperation agreement with Luxembourg’s stock exchange, seeking to add Macau-listed bonds into the former’s well-established trading platform. The city is also in talks with Deutsche Boerse AG’s Clearstream Banking SA and Euroclear Holding NV for further partnerships, Lau said. Meanwhile, most of the investors in Macau-listed bonds are institutional funds from mainland China, Hong Kong and Singapore, with little participation of the local casinos, she said, adding that fostering the latter as issuers and investors would be important. For 2025, there’s optimism about growth in green and sustainable bonds, an MOX spokesman said in emailed response to Bloomberg’s queries. “As investors increasingly prioritize ESG considerations, we anticipate a surge in demand for bonds that align with these values,” he said. Such notes carried a combined listed value of about 135 billion Macanese patacas as of November. This article was generated from an automated news agency feed without modifications to text.
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