The Kernel

Mar 9, 2023

Australian Fund With $102 Billion Plans London Office, Hiring Thai Mall Builder Central Pattana Scouts for Acquisitions as It Lines Up More Mega Projects EBRD Pledges €1.5 Billion Support for Turkey’s Quake-Hit Region Egypt’s Pre-Ramadan Inflation Surge Puts More Rate Hikes in Play Turkey Raises $2.25 Billion in First Post-Quake Global Debt Sale S&P Unexpectedly Cuts Outlook on South Africa’s Junk-Rated Debt Vietnam Scouts for Its Inaugural LNG Shipment After Prices Fall Ukrainian Investor’s Exit Marks Rude Awakening for Warsaw Bourse Asian Stocks Set to Rise After Choppy US Session: Markets Wrap Credit Suisse Delays Annual Report After Last-Minute SEC Query Ukrainian Cities Hit by New Wave of Russian Missile Attacks Al Ansari Doubles Dividend Payout Ahead of Dubai IPO ADIA Nears Buying $500 Million Stake in India’s Lenskart, Sources Say Pakistan Expects IMF Agreement in Few Days After Multiple Delays Dubai Money Exchange Firm Al Ansari to Sell 10% Stake in IPO US Yields Show Ominous Signs for Investors Betting on Rate Cuts Mobius Says Chip Stocks Are Top Bets Amid US, China Investments UK Treasury Appoints Senior Lawyer to Lead Review of IPO Rules Egypt Gets Pre-IMF Flashback to Debt Distress, Devaluation Fears Here are the most risky types of scams in Canada: Report Review your rights before signing paperwork during a layoff: Employment lawyers More than half of Canadians say current economic conditions have impacted retirement plans: Survey Majority of Canadians feel like they're being targeted more than ever by financial fraud: Survey 'Don't be afraid to ask': Tips for young workers in salary negotiations Canadians want to retire by 61, amid financial concerns: CIBC poll Tax credits and deductions for Canadians to consider 5 RRSP season resolutions for a comfortable retirement: Dale Jackson Getting divorced? Here are the top tax considerations to take into account RRSP myths prevail as Canadians rush to contribution deadline: Dale Jackson Spousal RRSPs can offer tax benefits, but experts say it might not work for everyone MPs summon big grocery store CEOs to testify in Ottawa over food inflation 75% of Canadians say any level of debt is a relationship deal breaker: Survey Filing taxes for the first time? Here's what you need to know ​Nearly half of all insolvencies last year were filed by millennials: Study Panic and confusion grip RRSP season, once again: Dale Jackson Food inflation dips into Super Bowl spreads One-third of households say they're financially worse off compared to year ago: poll What to know about investing with your student line of credit Singapore Keen to Play Peacemaker Amid Growing US-China Tensions Silvergate Slides on Plan to Wind Down Bank Operations and Liquidate Silvergate Bet Everything on Crypto, Then Watched It Evaporate China’s Consumer Inflation Slows as Demand Eases Post-Holiday Lithium Royalty Raises $109 Million in Biggest Canadian IPO Since May Biden to Urge 25% Billionaire Tax, Big Levies on Rich Investors Britain’s Property Surveyors See Improvement in Housing Market Bond Market Rewrites Script for Rates in New Hard-Landing Threat Citigroup to ‘Recalibrate’ Investment Banking Headcount as Needed US Economy Got a Strong Start in 2023, Fed’s Beige Book Says Top Wall Street Banker Ray McGuire Joins Lazard as President What mortgage owners need to know about the Bank of Canada's rate pause US Mortgage Rates Increase for a Fourth-Straight Week VW Turkey Distributor Sinks as Market Balks at Deal With Parent Adler Creditor Sues in Frankfurt to Torpedo London Restructuring The Greenwich Mansion That Grey Goose Built Is Listed for $34 Million SoftBank-Backed Startup Ziroom Is Said to Mull $1 Billion HK IPO Swedish Housing Market Takes Breather From Worst Rout in Decades China Defaulter Jinke’s Global Creditors Turn Onshore for Help Apple Supplier’s Vietnam Chief Exits After Outlining China Shift Ukraine Latest: Cities Across Country Face New Missile Attacks EBRD Pledges €1.5 Billion Support for Turkey’s Quake-Hit Region Egypt’s Pre-Ramadan Inflation Surge Puts More Rate Hikes in Play Vietnam Scouts for Its Inaugural LNG Shipment After Prices Fall Ukrainian Investor’s Exit Marks Rude Awakening for Warsaw Bourse Asian Stocks Set to Rise After Choppy US Session: Markets Wrap Credit Suisse Delays Annual Report After Last-Minute SEC Query Singapore Keen to Play Peacemaker Amid Growing US-China Tensions Ukrainian Cities Hit by New Wave of Russian Missile Attacks Al Ansari Doubles Dividend Payout Ahead of Dubai IPO ADIA Nears Buying $500 Million Stake in India’s Lenskart, Sources Say Dubai Money Exchange Firm Al Ansari to Sell 10% Stake in IPO Philippines Voids Lower Retirement Age for Female Flight Crew Instagram Goes Down for Thousands of Users Around the World Mobius Says Chip Stocks Are Top Bets Amid US, China Investments UK Treasury Appoints Senior Lawyer to Lead Review of IPO Rules Egypt Gets Pre-IMF Flashback to Debt Distress, Devaluation Fears Russian Cyberwar in Ukraine Stumbles Just Like Conventional One Thai Mall Builder Central Pattana Scouts for Acquisitions as It Lines Up More Mega Projects Egypt’s Pre-Ramadan Inflation Surge Puts More Rate Hikes in Play S&P Unexpectedly Cuts Outlook on South Africa’s Junk-Rated Debt Vietnam Scouts for Its Inaugural LNG Shipment After Prices Fall Ukrainian Investor’s Exit Marks Rude Awakening for Warsaw Bourse Asian Stocks Set to Rise After Choppy US Session: Markets Wrap Ukrainian Cities Hit by New Wave of Russian Missile Attacks A Hardy Enzyme May Hold Key to Creating Power Out of Thin Air Ukraine Latest: EU Ministers to Back Plan to Send Ammunition Global Rate Hike Cycle Has ‘Ways to Go,’ Singapore’s Menon Says China’s Consumer Inflation Slows as Demand Eases Post-Holiday Lithium Royalty Raises $109 Million in Biggest Canadian IPO Since May Nissan Says New Powertrains May Cut Hybrid Costs by Up to 30% China’s Burst of Copper Exports Shows Economy Still Struggling Russian Oil Production Will Be Stubborn to Fall, S&P’s Yergin Says Nervous Bolivians Seeking Cash Line Up Outside Central Bank UK Energy Minister Says Green Trade Barriers Must Be Avoided US Energy Regains Its Swagger While Rest of World Gets IRA Envy DBS CEO Gupta’s Total Pay Last Year Rises to $11.4 Million Loonie hits four-month low as Bank of Canada holds key interest rate Bank of Canada holds rates at 4.5% The Bank of Canada held interest rates. 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Namsen Ltd — the investment vehicle of Ukrainian businessman Andrii Verevskyi — announced an offer this week to buy out all other shareholders in Kernel Holding SA, the company he founded whose listing in 2007 came amid a push to encourage Ukrainian firms to the Polish exchange. The exit is primarily due to Russia’s invasion of Ukraine just over a year ago, which devastated Kernel’s operations and sent its market value tumbling more than 60%. But the statement announcing the move also cited disappointments with the Warsaw exchange, where the number of traded stocks is now the lowest in more than a decade. Multiple attempts to “improve stock visibility and widen the shareholder base” had largely failed, the company said in a statement. Kernel suffers from a “lack of financial visibility and poor analyst coverage.” And low liquidity stops investors from exiting the stock “in a fast and predictable fashion, especially with the war-related risks.” A representative for the bourse didn’t comment when contacted by Bloomberg on Wednesday. Until recently, Warsaw was a magnet for listings, attracting UK discount retailer Pepco Group in 2021 and its biggest-ever initial public offering from e-commerce platform Allegro.eu SA a year earlier. Kernel’s 2007 debut and three subsequent share issues between 2008 and 2011 raised a total of 1.2 billion zloty ($270 billion). But the economic pain and massive outflows from Polish equities since the invasion have taken a toll. Polish billionaire Sebastian Kulczyk’s chemicals firm, Ciech SA, said it would be able to respond more nimbly to geopolitical and economic challenges once taken private. Pension Revamp Jakub Szkopek, an analyst covering Kernel at Erste Group Bank AG, disputed some of the company’s accusations. Even before the invasion, he said, Kernel traded at a discount to international peers due to geopolitical tensions following Russia’s annexation of Crimea in 2014. “Lack of active communication with investors in the months following the invasion additionally soured sentiment,” said Szkopek, one of four analysts covering the company. “Blaming Polish investors and the bourse, when most of the shareholders were international ones, doesn’t seem valid.” The Polish investor share of the free float is now around 15%, compared with about 80% after the initial public offering, Namsen said. It blamed Polish pension-fund overhauls for that change, saying they eroded the bourse’s natural longer-term domestic investor base. An unsuccessful attempt to raise emergency equity funding in September faced “huge resistance” from minority shareholders, who showed “no interest” in the company’s longer-term prospects, Namsen said. Since the war, Kernel risks becoming “a speculative asset in the hands of hedge funds and short-term investors,” it said. ©2023 Bloomberg L.P.