Top 5 Stock To Watch out And Trade Today – March 15, 2022

Top 5 Stock To Watch out And Trade Today – March 15, 2022

Top 5 Stock


1.TENCENT:- Tencent Holdings stock  closed nearly 10% lower in Hong Kong Monday on a report in The Wall Street Journal that the Chinese tech giant faces a potential record fine for violations of some central bank regulations by its WeChat Pay mobile network.

The violations relate to China’s anti-money-laundering rules. According to WSJ, there were also lapses in compliance with ‘know your customer’ and ‘know your business’ regulations – rules implemented by regulators the world over that require entities to verify the authenticity of the customer and their eligibility to undertake that transaction on the platform.

The breaches were discovered by the country’s central bank during a routine inspection that concluded in late 2021. Tencent’s mobile payments network was also found to have allowed the transfer and laundering of funds with illicit transactions such as gambling, the report said.

The impending penalty comes as Chinese fintech platforms prepare for tighter oversight of their business amid the government’s attempts to curb money laundering activities.

2.SOFT BANK: SoftBank Group Corp’s Vision Fund sold shares worth $1 billion in South Korean e-commerce firm Coupang, a filing showed, amid a slump in the value of the tech investment firm’s holdings.

Vision Fund sold 50 million Coupang shares for $20.87 each, according to a filing to the U.S. Securities and Exchange Commission dated Friday, leaving the investor with 461.2 million shares remaining.

SoftBank sold Coupang shares worth $1.69 billion for $29.69 each in September. The conglomerate first invested in Coupang in 2015 before the launch of Vision Fund which holds the stake.

“They’re going to sell the winners,” said Redex Research analyst Kirk Boodry, who estimates SoftBank invested in Coupang at an average of $4.80 per share. “Selling at a loss isn’t going to be very well accepted in this market.”

The South Korean firm’s shares are trading below their listing price as investors turn sceptical on the money losing startups that litter SoftBank’s portfolio, which has also been hit by a collapse in China tech valuations.

 3.VOLKSWAGEN:-. Carmakers including Volkswagen and BMW are scrambling to find alternative sources of vital parts made in Ukraine from as far afield as China and Mexico, as Russia’s invasion halts assembly lines and breaks complex supply chains.

The hunt for new supplies is the latest challenge for an auto industry already reeling from soaring metal and energy prices, supply chains snarled by the pandemic, and a shortage of semiconductor chips.

The fighting in Ukraine has now disrupted output of wire harnesses, which bundle up to 5 km (3.1 miles) of cables in the average car. Unique to each model, vehicles cannot be built without them.

As a result, world No. 2 automaker Volkwagen and rival BMW have cut output and temporarily closed some assembly lines, while Mercedes-Benz has warned its production will be affected soon.

VW’s premium brand Audi said the entire Volkswagen group is working to get major suppliers to relocate their Ukrainian wire harness production to other plants, or find alternative suppliers. That search includes Eastern Europe, North Africa, Mexico and “possibly” China, it said.

4.DEUTSCHE BANK:--Deutsche Bank, which faced stinging criticism from some investors and politicians for its ongoing ties to Russia, said on Friday in a surprise move that it would wind down its business in the country.

Deutsche joins the ranks of Goldman Sachs  and JPMorgan Chase , which were the first major U.S. banks to exit after Moscow’s invasion of Ukraine. Those moves put pressure on rivals to follow..

Deutsche had resisted pressure to sever ties, arguing that it needed to support multinational firms doing business in Russia.

But on Friday evening in Frankfurt, the bank suddenly reversed course.

“We are in the process of winding down our remaining business in Russia while we help our non-Russian multinational clients in reducing their operations,” the bank said.

Bill Browder, an investor who has spent years campaigning to expose corruption in Russia, said that Deutsche Bank staying was “completely at odds with the international business community and will create backlash, lost reputation and business in the West.”

“I would be surprised if they are able to maintain this position as the situation in Ukraine continues to deteriorate,” Browder told Reuters earlier on Friday.

The criticism came as Russian forces bearing down on Kyiv were regrouping northwest of the Ukrainian capital and Britain said that Moscow could now be planning an assault on the city within days.

Fabio De Masi, a former member of the Bundestag and a prominent campaigner against financial crime, said that Deutsche Bank had close ties to the Russian elite, many of whom faced sanctions and that the relationship, where it involved criminal Russian activity, had to end.

5.BLACK ROCK:-BlackRock Inc ‘s total client exposure to Russia has declined to less than $1 billion from $18 billion a month ago, before Moscow’s invasion of Ukraine led to Western sanctions and the closure of the Russian stock market, according to figures supplied by the asset manager on Friday.

A spokesman for the New York asset manager said via e-mail that the impact on clients would “depend on their initial asset allocation and the timing of their allocations to or away from this market during the period”.

Morningstar data through Feb. 25 had shown BlackRock had around $5 billion in exposure to Russia, among many large U.S. asset managers with investments there.

BlackRock last week said it had suspended the purchase of all Russian securities and given the figure that Russian securities accounted for less than 0.01% of its $10 trillion in assets. Most of BlackRock’s remaining exposure is through index strategies.

BlackRock CEO Larry Fink on Wednesday said moves by Western companies to break commercial and financial ties means “Russia has been essentially cut off from global capital markets”.

“BlackRock will continue actively consulting with regulators, index providers and other market participants to help ensure our clients can exit their positions in Russian securities, whenever and wherever regulatory and market conditions allow,” the spokesman said via e-mail on Friday.

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