Pinduoduo's Founder Becomes China's Second Richest Man

Pinduoduo's founder and CEO, and ex-Googler, Colin Huang (also known as 40 year old Huang Zheng), has overtaken Jack Ma as China's second richest man, with a net worth of $45bn. Tencent's Ma Huateng is first with $52bn net worth. Pinduoduo is listed on NASDAQ:PDD.

UK's Most Westerly Port (Foyle Port) Entices Data Center Investment

Foyle Port, the adopted name for Londonderry Port in Northern Ireland, which has a deepwater facility and is the UK's most westerly port, has granted planning permission for a new data center to create hundreds of jobs. This will be constructed by Atlantic Hub (Director: Brian Doherty), funded largely by Di-squared (Digital Infrastructure Investment) who invest in data centers, recovery sites and mobile network towers across Europe ("data infrastructure as an asset class"). Paul Clancy, head of Londonderry Chamber of Commerce, described the investment as "transformative".

Ernst and Young unable to locate $2.1bn of cash in German Wirecard

The $2.1bn corresponds to 1.9 billion euros. Shares of the Munich-based company (Germany's largest fintech) dropped 62%. Its financial statements release due June 18th has been postponed.

$12.7bn annual operating loss for SoftBank driven by Vision Fund

SoftBank has reported a 1.36 trillion yen loss ($12.7bn) in line with its forecasts. These losses, which are the worst ever for SoftBank, have been driven largely by the $100bn Vision Fund, as a result of valuations e.g. WeWork, Uber, dipping in the wave of Covid-19. Alibaba Founder Jack Ma has also resigned from its board. Son invested $20m in Alibaba in 2000, a bet that paid big when Alibaba went public in 2014.

Pinault's Kering in 1.2 billion (dual tranche) euro bond issue as Q1 Revenues Fall 15%

French conglomerate Kering, which owns the brands Gucci, Balenciaga, Bottega Veneta, Alexander McQueen and Saint Laurent, reported that group revenue fell 15.4% in Q1 2020 as a result of the coronavirus pandemic.

Kering exited the retail industry and focused on luxury goods under Pinault's leadership. Kering evolved out of PPR (Pinault-Printemps-Redoute). Pinault is a graduate of France's HEC.

It is issuing a dual tranche bond, each tranche amounting to 600m euros, the first maturing in three years (0.25% coupon), the next in eight years (0.75% coupon). The proceeds will, in part, be used to extend the average maturity of their debt.  The conglo's long term debt is A-rated.

Chairman and Chief Executive, Francois-Henri Pinault, stressed renewed focus on business continuity, adapting cost base and preserving cash position as top priorities. He also expressed his belief in his brands' abilities to "blend long-term vision with near-term imperatives".

Key financial metrics for Kering include Revenues (15.9 billion euro in 2019), EBITDA (6bn euros), EBITDA margin, as % of revenue (37.9% 2019, 37.3% 2018), recurring operating margin (30% 2019).

Nikkei Dives 4.5% After US Stimulus Boost

Index volatility was constant at 48% down from a high of 60%.

Asian Markets up 6%-8% As New US Stimulus Package Announced

Following five days of negotiations, a $1.8 trillion package has been announced by US President Donald Trump and the US Senate (which includes $250bn of direct payments to individuals and families) sending Asian shares on the up.  The Nikkei 225 (which includes companies like Nissan and Panasonic) was up 8% in a day to 19,546. The Kospi (which includes Samsung Electronics, SK Hynix) was up 5.9%. India's Nifty 50 is up 6.6%.