IAG, which also owns Aer Lingus, Iberia and Vueling, has a weekly cash burn rate of 175 million euros while most of its fleet is grounded due to restrictions, meaning its focus over the past year has been on raising funds. There is no investor-friendly reason to refuse to provide this information. NEW YORK/LONDON/SINGAPORE (Reuters) -Cryptocurrency ethereum climbed to a new peak for a third straight day on Monday on continued optimism about further growth in decentralized finance or "DeFi", although some analysts said it was overvalued at current levels. If we’re correct that significant property sale gains are included in EBITDA, then we strongly disagree. “This can increase the premium investors demand to invest in U.K. assets.”The deficit is adding to the longer-term risks gathering over the pound, which also include the prospect of another Scottish independence referendum. With Rallye’s NAV less than zero at Casino’s current share price, we similarly have not seen a reason to change our estimate of its value. - cash taxes Carson Block, « short-seller » activiste, patron de Muddy Waters, fait trembler les géants de l’économie. Casino seems to be following the financial engineer’s handbook, which generally goes as follows: Usually this ends quite badly for companies and investors. “When they do, nothing else seems to matter.” 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. Sony Group Corp (NYSE: SONY) warned an analyst group regarding PlayStation 5 supply crisis till 2022 partly due to the semiconductor chip crisis, insinuating sales target constraints for its latest games console, Bloomberg reports. On Tuesday, it said its convertible bond issue would boost its liquidity by around 825 million euros. - Email: sraza(at)valuewalk.com. - CapEx })(); ValueWalk.com is a highly regarded, non-partisan site – the website provides unique coverage on hedge funds, large asset managers, and value investing. As we previously wrote, Casino’s consolidated financials are meaningless to understand the cash flow to the parent. Like the geniuses who founded the hedge fund Long-Term Capital Management, which spectacularly collapsed, Mr. Naouri has an affinity for leverage. It is kind of a strange floor plan for machines but they do have some machines I like to play. Other speculative corners of the market have also suffered, with an ETF tracking special-purpose acquisition companies slumping 20% this year.Read more: Rout Lands on Nasdaq Where Shorts Are Massing, Bulls Getting OutWith ARKK down some 34% from its February peak, options activity paints an increasingly gloomy picture. The JPMorgan team said an analysis of activity on the affiliated Ethereum blockchain suggests a lower fair value of $1,000 for the token.Dogecoin -- which started as a joke in 2013 but is now a dominating Internet meme and sitting on a 20,000% advance in the past year -- captured the headlines over the weekend.First off, billionaire Elon Musk cited the token again, this time in a much-touted television appearance on the U.S. show Saturday Night Live. (Bloomberg) -- Parabolic jumps in digital tokens such as Ether, Dogecoin and Binance Coin are outshining Bitcoin, prompting more questions about whether that segment of the cryptocurrency sector is ripe for a reckoning.The rallies have contributed to a slump in Bitcoin’s share of the $2.6 trillion crypto market to 43% from about 70% at the start of 2021, a metric that for strategists at JPMorgan Chase & Co. and DataTrek Research LLC may be a warning sign of investor excess in a range of digital tokens.Bitcoin’s waning dominance carries echoes of “froth” to the extent it’s being fueled “by a rally in other cryptocurrencies driven more by retail demand,” a JPMorgan team led by Nikolaos Panigirtzoglou wrote in a note Friday. CFO Hiroki Totoki does not expect to catch up with the demand surge despite securing additional devices and additional production of PS5 next year. jo.id = 'FJVoiceFeed'; var r = Math.floor(Math.random() * (9999 - 0 + 1) + 0); jo.type = 'text/javascript'; S&P did not look through CBD's ownership of Via Varejo, which is only 43.3%. Early life and career. Benoit Schultz, 48, will take over on Sept. 1 from Philippe Balducchi, a former finance executive who became the first head of the Canadian venture when Airbus bought the CSeries jet programme from Bombardier in 2018 and renamed it A220. Alphabet shares are trading at eight times revenue, the highest in more than a decade, according to data compiled by Bloomberg, while Facebook’s price-to-sales multiple is nine -- nearly twice that of the average Nasdaq 100 company.Roaring BearsBears boosted bets against tech stocks as the industry’s leadership faltered amid a flight to the reflation trade. Banks Are Setting An Ambitious Technology Agenda. How much EBITDA has been, and is expected to be, generated by property sales? Short interest on the biggest ETF tracking the Nasdaq 100, or QQQ, increased to 3.6% of the stock outstanding, the highest level since August and up from 0.9% in December. Benzinga does not provide investment advice. It is now Max Casino instead of Carson Station. Instead, Casino defended S&P without condition or caveat. Carson Block and other fraud hunters say the next big wave of scandals may now be imminent as the coronavirus crisis makes bad behavior tougher to conceal. It is recognized in profit or loss (“Other operating income and expense”) when the asset is derecognized”. Carson Block is a short-seller, investor and the founder of Muddy Waters Research. The gain or loss arising from the derecognition of an asset is determined as the difference between the net sale proceeds, if any, and the carrying amount of the asset. Ethereum has soared this year, fuelled by the boom in DeFi, which are platforms that facilitate crypto-denominated lending outside traditional banking. The U.S. lender will still cap occupancy at 50% in its main London and Bournemouth hubs, it said, and the plans are dependent on there being no changes to government plans to ease remaining COVID-19 related restrictions. Alba, who co-founded the direct-to-consumer brand in 2011 and now serves as chief creative officer, brought some Hollywood glamour to the IPO last week with multiple media appearances.There have been hints that the pandemic boom is starting to subside for packaged goods, with some peers reporting higher costs and uneven demand trends recently. Short interest remains near an all-time high, according to data from IHS Markit Ltd.(Updates price moves throughout)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) -- Whatever caused the tech selloff, and inflation angst looks to be the likeliest culprit, evidence has been gathering for weeks that traders were bracing for declines.Short interest in the Nasdaq 100 exchange-traded fund, in free fall as recently as March, was surging before the index had its biggest plunge since March. Le gestionnaire de fonds de Muddy Waters a lancé une attaque éclair en décembre. )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. London stocks struggled for traction on Monday, boosted by shares of mining companies as commodity prices climbed, but were held back by a strong pound. Selon le gérant du fonds spéculatif new-yorkais Muddy Waters, le groupe français aurait chargé un faux journaliste de le cuisiner. It is likely that Casino’s OCF includes proceeds from the sales of properties to Mercialys. How is booking gains on sales of property so that they’re included in EBITDA consistent with Casino’s disclosed accounting policy or IFRS? (Adds Nasdaq futures move in the third paragraph. REUTERS/Benjamin Myers Shares of French retailer Groupe Casino plunged after short-seller Carson Block, founder of Muddy Waters Research, issued a … What this means is S&P only reduces Adjusted Net Debt by the non-controlling share of Adjusted Debt without regard to the cash that is not owned by Casino. To throw down the gauntlet, we think it highly likely that Casino’s discounting strategy has not generated much of an increase in profitability, and that the company is using property sale gains to cover this up. Casino’s response to our criticism of its apparent practice in 2014 and 2015 of inflating France EBITDA by including gains on sales of properties reads in part (emphasis added): “As a fully-fledged operational activity, real estate development generates results, which have constantly been reflected in the EBITDA according to the Group’s accounting principles, and in compliance with IFRS standards.”. Sheeraz previously ran a taxation firm. BMO Capital Markets, BofA Securities, J.P. Morgan Chase & Co., Scotiabank and TD Securities are arranging the deal.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. Jim Cramer told us about his 'vicious' daily routine which starts at 3:45 AM and doesn't end until after 11:30 PM, Ubisoft invests in free-to-play games, signals profits might fall, Obamacare enrollment jump 'is both good news and bad news', Biden Eases Gasoline-Sale Rules as Pressure Mounts After Hacking, Canada Sells Its Largest U.S. Dollar Bond Since 2015, Gas Growing Harder to Find in U.S. South as Pipeline Hack Bites, British Airways owner IAG boosts liquidity with 825 million euro convertible bond, JPMorgan to bring all staff back to office in England - memo, The U.K. Deficit That Risks Cutting the Pound’s Rally Short, Sony Expects PlayStation 5 Supply Crisis To Loom Till 2022: Bloomberg, Latest Bitcoin price and analysis (BTC to USD), AUD/USD Price Forecast – Australian Dollar Continues to Break Out, U.S. business lobby calls on China to play fair, warns of consumer boycott danger, Airbus puts supply chain executive at helm of loss-making A220, Bitcoin’s Waning Dominance Stirs Warning of Crypto Market Froth, Google Pay launches international money transfers with Wise and Western Union, Chipotle minimum wage hike to $15 deals 'psychological' blow to restaurant industry: top analyst, Jessica Alba’s Honest Co. However, the company’s continued sensitivity about discussing the numbers makes us concerned that the property sale gains included in EBITDA might be even greater than we estimated. As Via Varejo generated €737 million of EBITDA in 2014, this error results in a €164 million overstatement of proportional EBITDA. Carson Block is arguably the world's "most feared short-seller and fraud-sniffing dog", whose ten-year "reign of terror" spread from China to France, says Jon Shazar on Dealbreaker. We count 13 times since 2013 that you told questioners the company does not disclose a particular number. ALL RIGHTS RESERVED. The sales of full games also declined during the quarter on a Y/Y basis. Caught in a broad tech selloff, the product has fallen for nine of the past 10 sessions, a retreat that accelerated on Monday in the biggest slide in about seven weeks.Tesla Inc., the fund’s biggest holding, was down 3.5% on Tuesday. First, Casino took only approximately 3.5 hours from the release of our short thesis to threaten to sue us. The legendary investor says these are the key lessons for investors and consumers. If management is aware of these errors, we do not think it’s appropriate to direct investors to S&P’s rating as assurance of Casino’s financial profile. Sony had sold 7.8 million console units through March 31, 2021. Muddy Waters Research LLC is an American privately held due diligence based investment firm that conducts investigative research on public companies while also taking investment positions that reflect their research. Cathie Wood’s ARK Innovation ETF (ticker ARKK) sank 5.2% to the lowest since November as its biggest holdings nosedived, with the likes of Tesla Inc., Roku Inc. and Teladoc Health Inc. skidding. After soaring 44% on its first day of trading, the stock declined more than 7% in the next two sessions and was on pace Monday for its third straight drop.The slump is an inauspicious start for a company looking to capitalize on elevated demand for packaged-goods and cleaning supplies during the pandemic. The table below showing Casino’s market share versus its “Real” EBITDA (i.e., excluding our estimate of gains on sale in 2014 and 2015) strongly casts doubt on the notion that there’s any relationship between Casino’s present market share and EBITDA generated by selling products in stores. They do not distinguish between what Casino owns and what it owes. Are there other ways in which Casino window dressed its 2015 financials (e.g., taking longer than usual to pay suppliers)? Carson C. Block. Cole at RBC points out that recent inflows have shifted toward loans and deposits -- “hot money” that could quickly leave the country if sentiment on Britain soured.“Seemingly unsustainable deficits can be sustained for a very long period and they don’t seem to matter until they do matter,” he said on Monday. Muddy Waters then went on to compare the company's largest shareholder, Jean-Charles Naouri, to the "geniuses" who founded defunct hedge fund Long-Term Capital Management: Jean-Charles Naouri is a genius. That may make sense after the index’s 92% gain since its pandemic low.The largest companies, loosely known as Faamg, last September saw day traders flocking to bullish options for quick profits. Control person(s) have significant equity stakes and / or equity incentives. Is Casino’s very temporary reduction of commercial paper outstanding at the end of 2015 an attempt to window dress the balance sheet? Many DeFi applications are embedded in the ethereum blockchain. Google Pay users in the United States can now transfer money to app customers in India and Singapore, with plans to expand to the 80 countries available via Wise, and 200 via Western Union by the end of the year. Google's foray in the $470 billion remittance market, marks a further step by the technology company to expand its financial services offering, ramping up competition in the digital payments sector. (function () { Alphabet Inc's Google has launched international money transfer partnerships with remittances firms Wise and Western Union Co for users of its U.S. payments app, the companies said on Tuesday. Save it to your desktop, read it on your tablet, or email to your colleagues. Foreigners attracted by a robust legal and financial systems and the prospect of decent investment returns have proved eager buyers of British firms and high-end London properties. In an annual white paper, the chamber, also known as AmCham, which represents 900 companies, also called on the United States and China to communicate more and cooperate on climate change and public health. Why did the company’s response imply that it has always included gains on property sales to Mercialys in EBITDA, when in 2013, the vast majority of the gains did not flow into EBITDA (because they were booked as Other Operating Income in accordance with the company’s disclosed policy for derecognition of assets)? EXCLUSIF. Carson Block: Everything You Always Wanted To Know About Casino, Please speak to a licensed financial professional, The Texas Storm: Understood With Peter Kelly-Detwiler, Hoarding Wealth: Seven Deadly Economic Sins, JPMorgan, Wells Fargo, CitiGroup, Bank of America, Morgan Stanley, Goldman Sachs – Earnings Preview, Bronze Age Pompeii Discovered In Peterborough, Britain. Plot the Nasdaq’s relative altitude versus the S&P 500 shows the ratio has fallen back below its 2000 peak again. Casino’s investing cash flow shows proceeds from disposals of noncurrent assets in 2014 and H1 2015 that are far lower than the proceeds from property sales to Mercialys. FCF formulae differ. We continue to believe that despite Casino’s view the property sales are operating activities, when combined with Casino’s leaseback or repurchase, the sales are in fact financing transactions. British Airways-owner IAG said on Tuesday it would raise 825 million euros ($1 billion) from a convertible bond, the group's latest move to strengthen its balance sheet as travel remains at very low levels during the pandemic. Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. Futures on the Nasdaq 100 slid as much as 1.4% in early Asian trading on Tuesday.“Inflationary pressures are becoming harder to ignore,” said Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors. Second, Casino cited S&P’s recent rating as support for a purportedly “solid” financial structure. There are also numerous instances of your using the phrase “by definition”, which we interpret as often signaling your discomfort discussing a particular topic. Carson Block, in particular, has been effective in corroding value. Depuis, Carson Block a fermé ses positions sur Casino. Shares of French retailer Groupe Casino plunged after short-seller Carson Block, founder of Muddy Waters Research, issued a report calling the company "one of the most overvalued and misunderstood" he has ever seen. 3. Shares of French retailer Groupe Casino plunged after short-seller Carson Block, founder of Muddy Waters Research, issued a … We did not discuss these errors S&P made when we unveiled our short thesis because we hoped Casino in its response would point them out. Please speak to a licensed financial professional before making any investment decisions. Mais Carson Block va encore être traité de menteur ou de vil patron de fonds activiste. Dans une interview à Challenges, Carson Block, le fondateur du fonds activiste Muddy Waters, accuse Jean-Charles Naouri, patron de Casino, de le faire espionner depuis un an. Second, and even more substantial, S&P does not make any adjustment for the proportional cash (i.e., cash held at non wholly-owned listed subsidiaries). The table below showing the amount of commercial paper Casino has outstanding suggests that Casino has been window-dressing its accounts. An ... His campaign against French retailer Casino saw the regulator open an investigation into Mr Block in 2016. The confidence you and the company have expressed in 2015 France guidance could be explained by Casino generating an abundance of EBITDA through property transactions. We won't send you spam. As we discuss next, as of 2013, Casino appeared to account for these gains in accordance with the above policy, which further calls into question Casino’s accounting for these gains in 2014 and H1 2015. How much of the proceeds of property sales to Mercialys were, or are expected to be, included in Operating Cash Flow? This answer should individually cover 2014, H1 2015, H2 2015, and 2016. We respect your privacy. Casino’s guidance for its France / Parent 2016 FCF is bullish. With inflation threatening to break higher, the cohort’s expensive valuations are growing increasingly harder to justify. The relationship between the world's two biggest economies deteriorated rapidly over the past few years over issues ranging from trade to China's response to COVID-19. 6. Casino’s response stated that our short thesis contained “a number of false and misleading allegations”.2 Despite this bluster Casino’s response failed to address the core concerns we outlined. How much EBITDA has been, and is expected to be, generated by property sales? The firm has exposed accounting problems and fraud at several companies, primarily in China but also in other countries in Asia, Europe and North America. He added that with more than $2 trillion now invested in virtual currencies, “a meaningful reset lower could also affect more traditional financial assets like equities.”For the JPMorgan team, the possible retail-driven froth in cryptocurrencies is a reminder of late 2017, when a crypto boom peaked.Ether RecordAmong the most notable moves in the crypto market Monday was Ether’s jump past $4,000 for the first time after a climb of more than 2,000% in the past year.