HALISTER: Flipkart Gets $1.4b Investment From EBay, Tencent and Microsoft

Flipkart Gets $1.4b Investment From EBay, Tencent and Microsoft

(Bloomberg) -- Deal confers a post-money valuation of $11.6b on the startup, co. says in an emailed statement.
  • The investment is the largest ever in the Indian internet sector
  • NOTE: EBay is investing $500 million in Flipkart. As part of the deal, EBay is handing over its India e-commerce business, which has 4 million shoppers and 70,000 merchants, in exchange for equity.
  • NOTE: SoftBank is said to be closing in on an agreement to combine Snapdeal with Flipkart, creating a stronger domestic player to compete with Amazon.

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
MSFT US (Microsoft Corp)
EBAY US (eBay Inc)
1303065D SP (Flipkart Ltd)
9984 JP (SoftBank Group Corp)

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UUID: 7947283

HALISTER1: Turkish Banks Soar, Making Country’s Stock Index Best in World

Turkish Banks Soar, Making Country’s Stock Index Best in World

(Bloomberg) -- Borsa Istanbul Banks Index up 3.9% as of 12:33pm in Istanbul, most since Jan. 30; benchmark Borsa Istanbul 100 Index rises 1.8%.
  • Akbank +4.2%, Garanti +4.2%; Isbank +4.9%
    • Bank of America Merrill Lynch upgrades Akbank and Garanti bank to buy from neutral; Vakifbank to neutral from underperform
  • Borsa Istanbul 30 Index, gauge of Turkey’s biggest listed companies, rises 2% for biggest gain among 96 equity benchmarks tracked by Bloomberg
  • “Analysts are reviewing their expectations for 1Q earnings for banks,” Cagdas Dogan, analyst at BGC Partners in Istanbul, says by e-mail. “Add referendum bets for a possible Yes win and recommendation upgrades; obviously these factors are pushing banks higher” 
  • “While referendum is obviously a risk, in the short-term the market is more interested to see the referendum being out of the way and on the removal of uncertainty,” Ozgur Yasar Guyuldar, head of equity sales at Raiffeisen Centrobank AG in Vienna
    • “Market is currently longing for reduced uncertainty in Turkey which will, in the short term, improve the sentiment,” Guyuldar says. “Banks are the obvious destination for tactical longs.”
  • RELATED
    • Investors Just Want Turkey’s Referendum Done With: Scenarios
    • Turkey Pollster Gezici Sees ‘Yes’ Vote at 53.3% in Referendum
    • Turkey Pollsters: Too Many Undecideds to Forecast Referendum

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
AKBNK TI (Akbank TAS)
GARAN TI (Turkiye Garanti Bankasi AS)
ISCTR TI (Turkiye Is Bankasi)
VAKBN TI (Turkiye Vakiflar Bankasi TAO)

People
Cagdas Dogan (BGC Partners Inc)
Ozgur Guyuldar (Raiffeisen Bank International AG)

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UUID: 7947283

HALISTER1: Basel Guidelines on Problem Assets Are Credit Positive: Moody’s

Basel Guidelines on Problem Assets Are Credit Positive: Moody’s

(Bloomberg) -- Guidelines address the lack of a common and internationally applicable definition of non-performing exposures and forbearance, a credit positive for banks, Moody’s says.
  • Guidelines will help:
    • Harmonize the definition and treatment of banks’ problem loans
    • Reduce discrepancies in the recognition and treatment of problem assets
    • Make international comparisons less challenging
  • Guidelines extend non-performing category to all exposures >90 days past due, or where full repayment isn’t likely
  • Non-performing exposures can be re-categorized as performing only after certain conditions met, which will increase stock of non-performing exposures for some banks
  • Forbearance can apply to performing, non-performing exposures, is defined as “a concession granted on exposures where counterparties have financial difficulties, and which the bank would not otherwise have considered”
  • International standard “will require cross-border banks to implement a common definition of problem assets, forcing them to address rising risks in timely manner”
    • It will mean “some disclosure requirements whereby banks will have to publish amounts of non-performing and forborne exposures”
    • Guideline doesn’t address other discrepancies, including definition of default
  • LINK: http://tinyurl.com/l8grtes

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER: Barclays Says FCA and PRA Are Investigating CEO Jes Staley

Barclays Says FCA and PRA Are Investigating CEO Jes Staley

(Bloomberg) -- Barclays says Financial Conduct Authority and Prudential Regulation Authority have started investigations into CEO Jes Staley.
  • Authorities are investigating Staley’s individual conduct and senior manager responsibilities related to Barclays whistleblowing program and attempt by Staley in 2016 to identify author of a letter treated by Barclays as a “whistleblow”
  • Also investigating Barclays’ responsibilities related to Staley’s attempt to identify letter’s author, as well as Barclays’ systems, controls and culture related to whistleblowing

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
BARC LN (Barclays PLC)

People
James Staley (Barclays PLC)

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UUID: 7947283