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Beyond Meat Competitor Impossible Foods Is Readying Its IPO, Sources Say

After years of investor anticipation and guesswork, sources close to the situation told Reuters today Impossible Foods, the biggest dedicated U.S. plant-based meat maker after Beyond Meat (NASDAQ: BYND), is making plans for a near-future initial public offering (IPO). The sources were unsure about whether Impossible Foods would choose to make its stock market debut through a traditional IPO, or if it will do so using a special purpose acquisition company, or SPAC. According to data reported by PYMNTS.com, 400 companies are currently seeking a matching SPAC, while the blank-check shell enterprises raised approximately $87 billion during 2021’s first three months.

Reuters

MacBook, iPad production delayed as supply crunch hits Apple – Nikkei

Chip shortages have caused delays in a key step in MacBook production, the report said, adding that some iPad assembly was postponed because of a shortage of displays and display components. As a result of the delay, Apple has pushed back a portion of component orders for the two devices from the first half of this year to the second half, the report said, citing sources briefed on the matter. Apple did not immediately respond to a Reuters request for comment.

Reuters

Global Markets: Tech boosts Nasdaq, S&P as Treasury yields dip further

A tech-led rally pushed Wall Street higher on Thursday and Treasury yields extended their pull-back from recent peaks as market participants digested the U.S. Federal Reserve’s pledge to stay the course with its dovish monetary policy. The Nasdaq was sharply higher while the S&P 500, while up more modestly, was on track to notch another record high. European stocks touched all-time highs on growing optimism about a global stimulus-driven economic revival and reassurances from the Fed. Emerging market stocks and equities in Asia, aside from Japan, also rose.

Reuters

Indian tribunal starts insolvency process against Oyo unit, company appeals

India’s company law tribunal has initiated insolvency proceedings against a subsidiary of Softbank-backed hospitality startup Oyo, a public notice showed on Tuesday, a decision the company said it had challenged. Oyo is one of SoftBank’s biggest bets and the Japanese group has poured more than $1 billion into the company, in which it owns a 46% stake. The National Company Law Tribunal (NCLT) notice said it was appointing a resolution professional for Oyo’s subsidiary, Oyo Hotels and Homes Pvt Ltd, and inviting all creditors to submit any claims it may have against the company.

Reuters

Oil edges up on weak dollar; investors weigh rising supplies, demand outlook

Oil prices edged up in early Asian trade on Friday, supported by a weaker dollar, as investors weighed rising supplies and the impact on fuel demand from the COVID-19 pandemic. Brent crude futures for June climbed 7 cents, or 0.1%, to $63.27 a barrel by 0106 GMT while U.S. West Texas Intermediate (WTI) crude for May was at $59.77 a barrel, up 17 cents, or 0.3%. However, analysts expect global oil inventories to continue to fall as fuel demand accelerates in the second half of this year as the global economic recovery gathers steam.

Bloomberg

Russian Tycoon Komarov Eyes Precious Metals After Pipes Sale

(Bloomberg) — Russian tycoon Andrey Komarov is setting his sights on precious metals mining after selling ChelPipe PJSC, the pipe maker that made him a billionaire.Komarov is talks to purchase the Kumroch gold deposit in Russia’s Far East from Zoloto Kamchatki, according to people familiar with the matter, who asked not to be identified as it’s private. He’s also interested in investing in the Fedorova Tundra platinum and palladium project in the Murmansk region, the head of the company that owns the deposit said in March.While demand for steel pipes fell during the coronavirus crisis, platinum-group metals prices rallied on supply disruptions and stricter emissions rules that boost usage in autocatalysts. Even though gold has been pressured in recent months on bets for a economic recovery, prices are still historically high amid ultra-loose monetary policies around the world.A spokeswoman for Komarov said he’s considering investing in the Fedorova Tundra deposit in the future and that he’s interested in mining projects in general, without elaborating. Zoloto Kamchatki’s press service declined to comment.Until last year, Zoloto Kamchatki was controlled by billionaire Viktor Vekselberg’s Renova, which sold it to Complexprom, a company owned by former Renova managers, a spokesman for Renova said, without elaborating.Komarov, 54, bought his first stake in ChelPipe in the late 1990s, and saw his wealth soar after rebuilding the company’s facilities, impressing the Kremlin. When visiting a new site in Chelyabinsk in 2010, President Vladimir Putin said the modern layout made it look more like “Disneyland” than a pipe workshop.In March, Komarov sold his 86.5% stake in ChelPipe to rival TMK PJSC for 84 billion rubles ($1.1 billion). The tycoon’s fortune now stands at about $1.4 billion, according to the Bloomberg Billionaires Index.The Kumroch deposit holds 34.4 tons (1.1 million ounces) of gold reserves, a Zoloto Kamchatki representative said. It is due to start mining in 2025, with expected annual output of as much as 5 tons.Komarov’s Atom Gold has already filed documents to the anti-monopoly service to approve the purchase of 75% and one share of the company that holds the Kumroch license, the people said. The rest would be held by Zoloto Kamchatki, with the partnership sharing the risks of a big project, they said.The Fedorova Tundra deposit is expected to produce as much as 250,000 tons of concentrate annually, mostly containing PGMs, but also nickel, copper and gold. Fedorovo Resources took over the license from Barrick Gold Corp. last year.(Updates with Kumroch reserves in eighth paragraph. An earlier version was corrected from the second paragraph to reflect current ownership of Zoloto Kamchatki)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Bloomberg

A New York Stock Market Gets a Brexit Bounce From Europe

(Bloomberg) — The purveyors of U.S. penny stocks now have a booming business in blue chips — European blue chips.While Brexit drove most London equities trading to platforms in Amsterdam, Frankfurt and Paris, some has migrated to New York’s OTC Markets Group, known primarily for owning the “pink sheets” where thousands of speculative U.S. stocks are bought and sold.Average daily trading in European Union companies on the platform increased 27% in January and 25% in February compared to December, according to OTC Markets. The jump has accompanied rising volumes from the frenzy in retail trading during the pandemic.“We’ve been the unexpected beneficiary” of Brexit, says Jason Paltrowitz, director of OTC Markets Group International Ltd. “We’re getting a look where we might not have gotten it before.”The increase in trading volumes in New York is another sign that Brexit is driving some business away from Europe entirely. New York-based derivatives trading venues have gained following Brexit from the EU’s decision to bar its banks from trading certain contracts on London platforms.Even before Brexit, the OTC Markets platform was used to trade shares in foreign companies, such as Siemens AG, BNP Paribas SA and EssilorLuxottica SA. They can have their shares “cross traded” on the platform without going through the rigorous process of going public in the U.S. and meeting the Securities and Exchange Commisssion’s disclosure requirements.OTC Markets is trying to entice more foreign companies, arguing that it’s an easier way for foreign firms to attract U.S. investors who can trade the shares during U.S. hours and in U.S. dollars.“We’re taking that data and absolutely using it as a springboard to increase our outreach to companies both in the U.K. and more broadly in western Europe,” Paltrowitz said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Reuters

Naspers investors want big deals, share buyback after Tencent windfall

Investors in Naspers Ltd – Africa’s biggest company – said on Thursday they want proceeds from a $14.7 billion stake sale in its Tencent Holdings investment to go towards blockbuster acquisitions or a share buyback. Naspers’ Dutch-listed subsidiary Prosus NV sold a 2% stake in the Chinese gaming and social media giant on Thursday in the world’s largest-ever block trade, reducing its stake to 28.9%. Prosus’ portfolio is dominated by Tencent, which owns China’s biggest messaging app, WeChat.