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<ul class="summary-list"><li><keyword id="5173892" type="ORGANIZATION" weightage="60" keywordseo="International-Holdings">International Holdings</keyword> stock has surged 75% in the past three weeks.</li><li><keyword id="127117" type="COMPANY" weightage="60" keywordseo="IHC">IHC</keyword>'s market cap has hit $43 billion, higher than First <keyword id="63248" type="COMPANY" weightage="60" keywordseo="Abu-Dhabi">Abu Dhabi</keyword> Bank.</li><li>The <keyword id="6358356" type="LOCATION" weightage="60" keywordseo="uae">UAE</keyword> holding company owns a fund with a stake in <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword>'s <keyword id="6360701" type="DEFINITION" weightage="60" keywordseo="spacex">SpaceX</keyword>.</li></ul>A SpaceX investor has seen its stock price surge 75% in the past three weeks for no apparent reason.The market capitalization of International Holdings, an Emirati holding company, has soared to a record $43 billion, surpassing the market value of First Abu Dhabi Bank - one of the region's biggest lenders.IHC owns or part-owns businesses across multiple industries, including food packaging, military equipment, and air conditioning. Last year it purchased a 94% stake in Falcon CI IV LP, a private-equity fund in the Cayman Islands that has invested in Elon Musk's SpaceX, <a href="https://www.reuters.com/companies/IHC.AD/key-developments">according to Reuters</a>.The holding company's shares are closely held by Emiratis, and no analysts cover the company, <a href="https://www.bloomberg.com/news/articles/2021-04-07/the-uae-stock-that-s-up-70-in-three-weeks-and-nobody-knows-why?srnd=premium-europe">according to Bloomberg</a>, making it tough to diagnose what's behind the recent stock move.Century Financial's investment chief, Vijay Valecha, told Bloomberg that IHC's investments are "audacious and sometimes baffling" but that its bosses have "delivered the goods" so far.IHC's stock has climbed from 50 dirham ($13.60) on March 22 to 87.50 as of Thursday, after trading as high as 94 dirham on Wednesday. It has more than doubled in price this year already, after more than doubling last year.The company's gains might reflect the fact that it more than tripled its revenue and more than doubled its net profit last year.Its outperformance coincides with Sheikh Tahnoun bin Zayed al-Nahyan becoming the company's president. The sheikh is also a national security advisor to the UAE and is part of the country's royalty - his brother is the crown prince of Abu Dhabi. Additionally, he holds leadership positions at IHC's biggest (and only direct) shareholder, Royal Group, and at First Abu Dhabi Bank.Read more: <a href="https://www.businessinsider.com/goldman-sachs-stock-picks-for-higher-eps-earnings-growth-consensus-2021-4" target="_blank" rel="noopener">Goldman Sachs handpicks 40 stocks that will enjoy bigger earnings growth than Wall Street expects in 2021</a>

A secretive SpaceX investor has scored a 75% stock gain in the past 3 weeks

<ul><li>A fish-farming group's share price has mushroomed more than 2,500% in the past year.</li><li>International Holdings Co. PJSC, an Abu Dhabi-based holding company, ballooned from less than $150 million in market capitalization to more than $12 billion.</li><li><keyword id="127117" type="COMPANY" weightage="60" keywordseo="IHC">IHC</keyword>'s revenues more than doubled last year, and its net income soared 25-fold, helped by acquisitions.</li><li>Just 13 shareholders owned 97% of its shares at the end of December, and there were fewer than 9,600 trades of its shares last year, <a href="https://www.bloomberg.com/news/articles/2020-05-11/mysterious-abu-dhabi-stock-rally-has-traders-scratch-their-heads?srnd=premium-europe">Bloomberg reported</a>.</li><li><a href="https://www.businessinsider.com/international?r=US&amp;IR=TIR=T">Visit Business Insider's homepage for more stories</a>.</li></ul>A fish farmer's stock price has skyrocketed more than 2,500% in the past year, and nobody really knows why.International Holdings Co. PJSC, an Abu Dhabi-based holding company, has brushed off the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> pandemic and the oil-price crash to grow its share price from below one dirham (27 cents) a year ago to about 27 dirhams ($7.35). The surge has boosted its market capitalization from less than $150 million to north of $12 billion.As a result, IHC is the best-performing stock globally among companies with a market cap of at least $1 billion, <a href="https://www.bloomberg.com/news/articles/2020-05-11/mysterious-abu-dhabi-stock-rally-has-traders-scratch-their-heads?srnd=premium-europe">according to Bloomberg</a>. It now ranks in the United Arab Emirates' five biggest companies by market cap, rivaling First Abu Dhabi Bank and Emirates Telecom, Bloomberg said.One reason for IHC's outperformance could be its rapid growth. Its revenues more than doubled to $340 million last year, and it made several acquisitions, boosting its net income more than 25-fold to $138 million, according to its latest annual report.IHC has also acquired or invested in a variety of companies this year, including a motorcycle-rental business, a medical-device distributor, and an owner of beauty lounges.However, a key factor in IHC's remarkable rally is that its shares are closely held and lightly traded. Just 13 shareholders, including an Abu Dhabi royal who serves as IHC's chairman, controlled 97% of its shares at the end of last year, Bloomberg reported.Moreover, there were fewer than 9,600 trades of its shares in the past 12 months, or an average of about 31 per day, Bloomberg said. By contrast, Ocado, a British retailer with a similar market capitalizatin to IHC, sees an average of about 2.8 million trades per day.Read the original article on <a href="https://www.businessinsider.com/fish-farmer-ihc-stock-price-soars-2500-percent-unclear-why-2020-5">Business Insider</a>

A fish farmer's stock price has skyrocketed more than 2,500% in a year, and nobody really knows why

This comedian wanted a dog. But his wife wanted a baby. So, they had a baby. And, neither of them has slept ever since. Stand up comedian <keyword id="693857" type="PERSON" weightage="100" keywordseo="Sorabh-Pant">Sorabh Pant</keyword>’s jokes are about wonderful insanity. From the fun stuff like trying to have a baby and the gory stuff like actually having one, he has experienced it all. 
 
Regarded as one of the best-cum-most-travelled comedians of Indian right now, Pant has done 300+ shows over last three years. Call it “intelligent buffoonery”, “just really, really loud” or, “arbitrary screaming with jokes in the middle” – Pant has been described by the media by all these phrases. 
 To demonstrate his comedy would be like digging underneath of why Indian men are champions of leching or a comic approach to exposing the sad tale of <keyword id="6355354" type="PERSON" weightage="20" keywordseo="Taj-Mahal">Taj Mahal</keyword>. 
 <keyword id="824043" type="COMPANY" weightage="20" keywordseo="Business-Insider">Business Insider</keyword> caught up Pant recently to understand the building of a joke, the thought process behind it. 
 
Excerpts from the interview. 
 
How do you plan a joke? 
Different ways. Usually, I just keep making notes on anything and everything. It could be something about my son, my wife, politics, history or whatever. Then I read the notes. Try and write on them. And, depending on how the writing shapes up - I try it on stage. In small rooms. If it works there - I do them in big rooms. And, big shows. It's surprisingly really, really boring! But, I love the process. 
 
How important are jokes to a comedian? 
Obviously, VERY! Without jokes - I'm just an A-hole on stage ranting about needless things and gaining hate. Which happens often enough. 
 
How important is the performance? 
It depends on your comedic style. I tend to rely a lot on performance. Because a lot of my content is personality based. It's about having fun on stage and trying to be smart and silly and juvenile and occasionally insightful. I fail but, still. 
 
Sometimes a sub-standard joke can be sold with a really good performance. But, it's rare. The script is prime importance. 
 
How do you target a joke? 
I used to do all sorts of stuff like mind mapping and stream of consciousness and all sorts of writing techniques, when I started. Now, I just write. And, now I'm also just trying to figure out what I want to be saying. 
 
Why is it necessary to maintain hostility in joke? 
It's not necessary at all. You mix it up. If all your jokes were hostile - that would get exhausting. 
You try different things: joy, silliness, hostility blah blah. To be honest: there's nothing less funny than analysing a comedian's style or writing. 
 
Is exaggeration a dire necessary while cracking a joke? 
The answer is above. You mix it up. There is really no ONE way to write or deliver a joke. 
 
Is it necessary to have a surprise factor? 
The very essence of a joke is surprise. That’s like 90% of the time. There's also occasionally relatability of the content. 
 
But, a joke is a joke. Laughter is essentially a fear based mechanism. Fear comes from laughter. Again, surprise is not necessary but, it helps in some jokes. 
 
Tell us about your first comedy performance in life? My first big performance was at the gorgeous <keyword id="127117" type="COMPANY" weightage="20" keywordseo="IHC">IHC</keyword> in Delhi. It was an unmitigated disaster. I was supposed to do 11 minutes - I did all of it in 4 minutes. Because I was nervous. My next ten performances were the same. In fact the first year as a comedian I was constantly questioning why the hell I'm torturing myself like this. 
 
Sometimes I still do. 
 
But, then you have a phenomenal show and a great crowd and it makes you better and people laugh and tell you they forgot all their worries watching you: and, that's all you need. That's what makes you throw yourself in front of 300 - 1000 people every second night of your life. You need to make them laugh. Because laughter is the one thing that works in your life. 
 
Can stand up comedy be a full time profession for budding stand up comedians? What are the cons in the industry? 
It's like any other career. It's not going to be coasting. You WILL NOT make it if you think it's a world full of slackers and you can get in and drink around and do nothing and you'll suddenly be the greatest comedian in history. 
 
You have to work pretty hard. Some work harder than others. But, the list of India's top 30 comedians is full of people that have worked pretty hard. Even though comedians perform when other people are chilling - it's not always a chill job. 
 
Some parts are great - the traveling, the cities, the love from people but, it takes a long, long time.

Stand up comedian Sorabh Pant’s first performance was an unmitigated disaster. Here’s how he builds up a joke

A unit of <keyword id="6437412" type="General" weightage="20" keywordseo="Qatar-Investment-Authority" source="Orion">Qatar Investment Authority</keyword>, <keyword id="119583" type="General" weightage="20" keywordseo="SBI-Mutual-Fund" source="Orion">SBI Mutual Fund</keyword>, and foreign investment funds <keyword id="6354527" type="General" weightage="20" keywordseo="Nomura" source="Orion">Nomura</keyword> and <keyword id="44473" type="General" weightage="20" keywordseo="Citigroup" source="Orion">Citigroup</keyword> were the biggest buyers of shares in <keyword id="19955648" type="General" weightage="100" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="267" meta.entityid="Adani Group">Adani group</keyword>'s <keyword id="22661797" type="General" weightage="20" keywordseo="power-transmission-unit" source="Orion">power transmission unit</keyword>'s USD <keyword id="22661798" type="General" weightage="20" keywordseo="1-billion-QIP" source="Orion">1 billion QIP</keyword>, according to a stock exchange filing by the company. The Rs 8,373.10 crore (USD 1 billion) qualified institutional placement (QIP) of <keyword id="19964750" type="General" weightage="20" keywordseo="Adani-Energy-Solutions" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Energy Solutions" meta.hostid="267" meta.entityid="Adani Energy Solutions">Adani Energy Solutions</keyword> Ltd (AESL), which closed last week, saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business. Billionaire <keyword id="22623487" type="General" weightage="20" keywordseo="Stanley-Druckenmiller" source="keywords">Stanley Druckenmiller</keyword>'s family office-led investment firms were among the companies that sought shares of AESL in the QIP. AESL in the filing said its board has approved allocation of over 8.57 crore shares to eligible qualified institutional buyers at the issue price of Rs 976 per share, reflecting a discount of Rs 51.11 (4.98 per cent) to the floor price of Rs 1,027. Giving details of allottees who got more than 5 per cent of shares, it said INQ Holdings LLC, a wholly-owned subsidiary of QIA, cornered 15 per cent of the shares sold. Two Mauritius funds of Citigroup bought 8.88 per cent of the shares sold while four SBI funds - SBI Infrastructure Fund, SBI Large &amp; Midcap Fund, SBI Long term Advantage Fund Series IV and SBI Magnum Children's Benefit Fund - together took home 7.93 per cent of the shares. Nomura Singapore Ltd ODI cornered 7.5 per cent of the shares, the filing showed. INQ had in August last year acquired nearly 2.7 per cent in Adani Green Energy Ltd - the renewable energy firm of the conglomerate run by billionaire Gautam Adani. In 2020, it had acquired a stake in Adani Electricity Mumbai Ltd, a subsidiary of AESL. The AESL QIP last week was oversubscribed six times and fetched demand of over Rs 50,000 crore against an issue size of USD 1 billion. <keyword id="22636516" type="General" weightage="20" keywordseo="Duquesne-Family-Office" source="keywords" meta.keywordsubtype="org" meta.entityname="Duquesne Family Office" meta.hostid="267" meta.entityid="Duquesne Family Office">Duquesne Family Office</keyword> and two other US-based long-only funds - Driehaus Capital Management and Jennison Associates - bought shares but AESL did not disclose the exact number of shares they bought since these were less than 5 per cent of the issue size, sources said. The QIP issue marked the debut of highly prestigious long-only investors Duquesne Family Office, Driehaus Capital Management and Jennison Associates which are known for their strong performance. These investors are known for investing only in companies with high governance and are known for staying invested for decades. The QIP was the first public equity raise by the conglomerate since a damning Hindenburg report last year wiped away billions in shareholder value. The demand generated made the AESL QIP the largest in the energy space. Duquesne was founded by billionaire Stanley Druckenmiller, who along with George Soros in 1992 broke the Bank of England by shorting the British pound, leading to its crash and earnings over a billion dollars. Adani Group has a history of introducing several long-only investors in the market. In the past years, it has brought large investors including GQG Partners and International Holding Company (IHC) besides QIA. Other major global names that participated in the QIP include Blackrock, Jupiter Asset Management, and Eastspring. Domestic mutual funds that have participated included HDFC Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, LIC, WhiteOak, 360One among others. Insurance companies including SBI Insurance, SBI Pension and ASK Asset Management have also participated, according to sources. QIP is an instrument used by listed companies to raise funds from large institutions. The fundraise is the first after Adani group's flagship firm scrapped a Rs 20,000 crore issue in February last year, following the Hindenburg report alleging accounting fraud and stock manipulation. Though the group vehemently and repeatedly denied all allegations, listed companies of the conglomerate at one point saw over USD 150 billion of their market value being wiped out. While the group has largely recovered, a successful QIP is being seen as a powerful vote of investor confidence in the tycoon. Separately, Adani Enterprises Ltd, the flagship firm of the group, is looking to revive its first-ever public sale of bonds. It plans to raise as much as Rs 600 crore. The company has hired Trust Investment Advisors, AK Capital Services and Nuvama Wealth Management as lead managers for the issuances. The group had tapped the dollar bond market in March this year - the first time since the Hindenburg report - when its solar energy unit Adani Green Energy Ltd and associated firms got bids of about USD 2.9 billion.

Qatar Investment Authority unit, SBI funds, Citigroup biggest buyers in Adani Energy's USD 1 billion QIP

Over<a href="https://www.businessinsider.in/business/news/how-indias-digital-payments-ecosystem-has-evolved-in-the-last-one-year/slidelist/90595832.cms"> 45 billion transactions</a> were carried out through the unified payments interface (<keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword>) in the fiscal year 2022, between April 2021 and March 2022. These transactions accumulated up to ₹84 lakh crore in the same time frame. This was nearly double of 22 billion transactions worth ₹41 lakh crore that was carried out in the previous fiscal year. This leaves no doubt that UPI is currently among one of the most popular digital payments systems available in India. Walmart-owned <keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword> has facilitated most of it, especially in the last fiscal. A simple calculation based on the monthly payments data shared by National Payments Corporation of India (NPCI) has revealed that PhonePe carried out 20.7 billion <keyword id="4052276" type="General" weightage="20" keywordseo="upi-transactions" source="Orion">UPI transactions</keyword> in FY2022. This is roughly 46% of the overall transactions. It was followed by <keyword id="2750705" type="General" weightage="20" keywordseo="google-pay" source="Orion">Google Pay</keyword>, which facilitated 35%, or 15.8 billion, of such transactions. <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, or rather Paytm Payments Bank, continued to be a distant third biggest UPI app in the same fiscal with close to 13% market share. <keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> carried out 17 million transactions. <div type="image" title="WhatsApp carried out only 17 million UPI transactions last fiscal, PhonePe was at 20 billion" msid="90728801" hostid="261"></div> Well, this was all about the volume of transactions. The values or the amount transferred by these apps also showed a similar trend in FY2022. PhonePe continued to retain the top spot by facilitating transactions worth ₹39 lakh crore, which represents 46% of the overall transaction value. It was followed by Google Pay with 36% of overall transactions, with transactions worth ₹31 lakh crore. Paytm carried close to 8% UPI transaction in terms of number of value. Both WhatsApp and Amazon Pay have less than 1% market share in terms of value of transactions. <div type="image" title="WhatsApp carried out only 17 million UPI transactions last fiscal, PhonePe was at 20 billion" msid="90728810" hostid="261"></div> The next thing on the Reserve Bank of India’s (RBI) agenda is to make UPI more inclusive by enabling it for feature phone users and in offline mode. The central bank launched <a href="https://www.businessinsider.in/india/news/rbi-launched-upi123pay-here-is-how-upi-would-work-on-feature-phones/articleshow/90073275.cms">UPI123Pay</a> earlier in March especially for this purpose. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/abu-dhabis-ihc-to-invest-2-billion-primary-capital-in-three-adani-group-companies/articleshow/90725697.cms">Abu Dhabi's IHC to invest $2 billion primary capital in three Adani Group companies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zee-entertainment-rallies-sharply-in-one-month-on-strong-box-office-collection-of-the-kashmir-files-and-on-high-hopes-from-zee-sony-merger/articleshow/90725860.cms">Zee Entertainment rallies sharply in one month on strong box office collection of ‘The Kashmir Files’ and on high hopes from Zee-Sony merger</a>

WhatsApp carried out only 17 million UPI transactions last fiscal, PhonePe was at 20 billion

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul class="summary-list"><li>Trump now has a large printout of the knock-off "Game of Thrones" poster that got him in <a href="https://www.businessinsider.com/game-of-thrones-stars-react-to-donald-trumps-sanctions-are-coming-2018-11">trouble</a> with HBO in November.</li><li>The poster uses a font similar to the one made famous by "Thrones." It features Trump under the words "Sanctions are Coming" - which mimics the show's popular phrase "Winter is Coming."&#xa0;</li></ul>A poster featuring President Trump under the words "Sanctions are coming" - in reference to Trump's sanctions on Iran's energy, shipbuilding, shipping, and banking sectors - sat on the cabinet room's table as the president discussed the border wall, North Korea, and ISIS on Wednesday.&#xa0;It is the same poster that, months ago, got him in trouble with HBO for its use of "Game of Thrones" fonts and imagery.&#xa0;While the president talked border security, reporters - including Reuters' Jeff Mason, who <a href="https://twitter.com/jeffmason1/status/1080512792657051654?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed&amp;ref_url=https%3A%2F%2Fnews.dataminr.com%2Fapp%2Fdashboard.html">shared</a> an image of the poster - and other onlookers couldn't help but notice the large poster that mimics the famous "Thrones" phrase "Winter is coming."In November, Trump <a href="https://www.businessinsider.com/game-of-thrones-stars-react-to-donald-trumps-sanctions-are-coming-2018-11">shared</a> the same image on his Twitter account, earning him swift rebuke from the show's stars and HBO, who asked him to <a href="https://ew.com/tv/2018/11/02/trump-game-of-thrones/">stop</a> using "Thrones" imagery.&#xa0;Read more:&#xa0;<a href="https://www.businessinsider.com/game-of-thrones-stars-react-to-donald-trumps-sanctions-are-coming-2018-11">Donald Trump posted a mock 'Game of Thrones' poster implying that there will be new sanctions on Iran - and the stars of the show are not having it</a>In a statement to INSIDER at that time, an HBO spokesperson <a href="https://www.businessinsider.com/game-of-thrones-stars-react-to-donald-trumps-sanctions-are-coming-2018-11">said</a> the network does not support Trump using the show for political gain and was "not aware of this messaging and would prefer our trademark not be misappropriated for political purposes." HBO hasn't issued any comments on the poster's resurfacing yet.&#xa0;"Thrones" actresses Sophie Turner and Maisie Williams also tweeted against the president's use of their show's style in November. "Not today," Williams said in response to his post. Turner responded "ew" to the tweet.&#xa0;Twitter users were quick to respond to Trump's new use of the poster, with some pointing out that HBO "is gonna love that."&#xa0;During the meeting, Trump talked border security and said "walls work" in reference to the US-Mexico border wall (not the fictitious "Thrones" wall, which is the only barrier between Westeros and the infamous White Walkers).&#xa0;<div></div><div></div><div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/msnbc-host-chris-hayes-president-trump-china-trade-war-2018-12">MSNBC host Chris Hayes thinks President Trump's stance on China is 'not at all crazy'</a></h3> <div> </div> </div>

Trump flaunts the same knock-off 'Game of Thrones' poster that got him in trouble with HBO during cabinet meeting

New Delhi, Jan 15 () Playing ducks and drakes with canons of finance is a short-term game which will rebound with adverse consequences like bank failures, industry stagnations and resultant individual privations, warns a new book.
It also says that economy has to be built on principles and its ethics have to be adhered to honestly and sincerely.
"Below value collaterals, doctored appraisals of project costs, loan dispersals against diving goodwills, etc., mercurial fiscal regimes, notional disinvestment policies, all will come home to roost someday," writes Raj Liberhan, who was the director of India Habitat Centre (IHC) here and served in the government of India's financial services for 30 years.
His book "Urban Ethos and Pathos", brought out by Har-Anand Publications, looks at the country's social, political and governance challenges and their possible resolutions.
He says that inflated taxation demands locked in contention for long years, corporate dispute resolutions taking endless time are all converging to make our economic slowdown worse than ever before.
"The ecosystem of governance is sending out signals of alarm. In fact, it is the bells tolling in continuous peals that the economy needs immediate rescue acts. There is a whole chorus of voices out there advocating reforms of one kind or another," he writes.
Liberhan says that there may be a whole gamut of suggestions pouring in on a daily basis like tax concessions for one sector, lowering of GST for another, subsidies for yet another sector or easing liquidity for everyone but coherence of policy initiatives is the need of the hour.
"This coherence has to be underwritten by the integrity of the process, irrespective of the results that show up. Our collective efforts to manage results of the economy to merely show great spectacles will not endure beyond the temporary. Sustainability, however, needs ethical purpose and ethical means. That is real progress," he says.
The author seems to be frustrated by the use and often abuse of public spaces by fellow citizens, and why people are not more civil and conscious of the fact that one's right to swing arms ends where the other fellows' nose begins.
The book, launched recently, is a product of Liberhan's interface with people, conversations and happenings in and around his world; many of them being his opinions, some perspectives and some even his yearnings for his surroundings to be better.
He is of the view that mounting non-performing assets, cost overruns and delays in completing projects, misuse of legal recourse to defeat contractual obligations between Indian and foreign corporate and policy misadventures have all hurt growth.
He also stresses that governments must learn to tell the truth and not hype the lies.
"Most times, we are handed out lofty slogans by our leaders and for governance, we get deaf ears or inept management pleading scarce resources for non-delivery of public services," he says.
According to Liberhan, the history of our times is witness to a growing disenchantment, somewhat with the past, and more pointedly, the present.
"The counterpoints seem to have taken over all discourse, whether in politics, economics, or sociology. To conform to a code, be it of decency or ethics or one that is imposed by the institutional allegiance of the time, is to be a wimp or without belief," he says.
"To demonstrate a servile willingness to cheer those in power has always been the courtier's way. And don't we all covet the courtier's role, although we revile and disown it in public pronouncements," he adds. ZMN RB
RB

Economy has to be built on principles: Book

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Ralph OrlowskiDeutsche Bank CEO John Cryan</div></div></div><ul><li>JPMorgan's top banks analyst Kian Abouhossein said in a note Wednesday that Deutsche Bank needs to slash its US business. </li><li>The US business consumes 20% of Deutsche Bank's capital, has 10,000 staff, and yet delivered a return on equity of less than 2% in 2017, according to Abouhossein. </li><li>Deutsche Bank should slash its equities business and investment banking business, he said.</li></ul>JPMorgan's top banks analyst said Deutsche Bank needs to slash its US operation.In a note out Wednesday, Kian Abouhossein estimated that Deutsche Bank's US business, which he says is centered around corporate and investment banking, consumes 20% of the bank's capital, has 10,000 staff, and delivered a return on equity of less than 2% in 2017. For reference, most bank analysts assume a cost of equity of somewhere around 8% to 10%, meaning that Deutsche Bank's US business is destroying shareholder value. As such, Abouhossein suggests Deutsche Bank cut its equities business and its investment banking business. "A self-funded US restructuring is the key to i) unlock capital trapped at low ROE of c2% in '17E; ii) reduce asset exposure &amp; iii) improve group ROE in our view," the note said. "In this option, DB would reduce its US to US exposure resulting in shrinkage of US equities as well as of US corporate clients. The new strategy will be one of serving European companies in Europe with a Tier I IB and European companies outside of Europe."It's worth noting here that Deutsche Bank has made changes to its US equities business, with Peter Selman <a href="http://www.businessinsider.com/deutsche-bank-to-hire-ex-goldman-sachs-partner-to-run-global-equities-2017-11">joining Deutsche Bank last fall as the firm's global head of equities.</a> Selman told Business Insider in March that <a href="http://www.businessinsider.com/deutsche-banks-head-of-stock-trading-peter-selman-view-on-the-markets-interview-2018-2">he expected to have to manage the business aggressively</a>. "At the end of the day, there are a few underlying trends which aren't going to go away, which is going to continue to make it a challenging environment for equities businesses," he said. The bank has been investing in investment banking, meanwhile, hiring more than two dozen managing directors and directors in its US corporate-finance division in 2017. Still, the bank ranked outside the top ten for dealmaking revenues in the first quarter of 2018, according to Dealogic. Here's a summary from the note:<ul><li>Deutsche Bank's US operation consumes a lot of capital: "DBK's US business consumes material balance sheet resources with an estimated $326bn of GAAP assets of which $148bn is in the US IHC and $178 billion in the branch. This equates to c20% of DB's total €1.4tn leverage exposure, which is a conservative estimate considering we are using US GAAP numbers and not leverage exposure.</li><li>And it's not very profitable: "At the same time, in our view, DBK's US business has been suffering from persistently low profitability for a few years now. We estimate ROE would be somewhere in the 0-2% range at best in 2017."</li><li>The rates business in the US is unattractive: "We believe the balance sheet intensity of the Rates business would be making it an unattractive business for DBK in the US."</li><li>So is the equities business: "We believe it is also fair to assume, based on the continued underperformance of the Equities franchise since the latter half of 2015, that US Equities Sales and Trading business is a potential drag on the ROE from Americas as well."</li><li>And the investment banking business is no better: "We believe DBK has a sizable corporate lending business in the US and the question arises if this business is ROE accretive for the CIB or needs to be restructured as well."</li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/dropbox-ceo-drew-houston-on-rejecting-steve-jobs-offer-2018-3">How one CEO went from rejecting an offer from Steve Jobs to an $11 billion IPO</a></h3> <div> </div> </div>

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