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China’s Guangdong stresses high-quality development at beginning of 2023

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News provided by

GDToday

Jan 28, 2023, 13:41 ET

GUANGZHOU, China, Jan. 28, 2023 /PRNewswire/ — The Guangdong government held a grand conference on high-quality development on January 28, the first working day after the Chinese New Year holiday, and gathered more than 25 thousand major government officials and business leaders online and offline to share their plans for 2023.

“High-quality development is an inevitable path for Guangdong to achieve modernization. The province has a large population and limited resources, which means it’s unwise to compete with its global counterparts on cheap land supply, product price and labor cost,” Huang Kuiming, Party Chief of Guangdong, addressed at the conference.

To pursue high-quality development, Wang Weizhong, Governor of Guangdong, highlighted critical projects and platforms construction, enhancement of the real economy and the manufacturing industry, coordinated development between urban and rural areas, enhancement of the efficiency of finance serving the real economy, expansion of all-around opening up, creation of an international, market-oriented, and law-based business environment.

More specific policies and plans have been announced at the event, echoing the call on high-quality development.

Ai Xuefeng, Director General of Guangdong’s Development and Reform Commission, said that in 2023, Guangdong has arranged 1530 provincial key projects with a total investment of 8.4 trillion RMB. The annual planned investment will reach 1 trillion RMB.

Guangdong has been known for its manufacturing industry worldwide with the industrial output exceeding 16 trillion RMB. More than 700 thousand manufacturers have settled in the province.

Tu Gaokun, Director General of Guangdong’s Industry and Information Technology Department, said the province will boost the growth of industrial investment to above 10 percent and help 9000 industrial enterprises to upgrade technologies in 2023.

“Guangdong will focus on the 20 strategic industries and enhance the 8 industrial clusters with 1 trillion RMB output, that is, electronic information, green petrochemicals, smart home appliances, advanced materials, modern light industry and textiles, software and information services, modern agriculture and food, automobiles,” said Tu.

To boost foreign economy, Zhang Jinsong, Director General of Guangdong’s Commerce Department, said that Guangdong is rolling out a slew of integrated measures in foreign trade, foreign investment, foreign outsourcing, foreign economic cooperation, and overseas talent attraction.

Zhang indicated that the province had formed a working mechanism of “one-to-one” services to the top 500 foreign trade enterprises and key foreign investment projects. The province will help deal with problems in financing, employment, land use, and energy use timely and further improve and implement the policy of rewarding and subsidizing foreign investment.

As for the highly requested Canton Fair, Chu Shijia, Director of the China Foreign Trade Center, announced that the 133rd Canton Fair will resume its offline exhibition and is scheduled to open on April 15. Invitations were sent to 950,000 domestic and foreign purchasers, 177 international partners, 224 overseas embassies and consulates, 67 consulates general in Guangzhou, and more than 50 domestic investment partners.

Representatives of both domestic and foreign-funded enterprises in such fields as electronics, petrochemical and energy gave presentations and elaborated their plans to further investment in Guangdong this year.

Xu Min, CEO of P&G Greater China, said the American multinational consumer goods corporation will move its product supply chain center from Europe to Guangdong，which will cover the import and export businesses in the RCEP and Belt and Road markets. P&G entered China in 1988 and is headquartered in Guangdong. Thus far, China has become the second largest regional market of P&G while Guangdong has the company’s largest production base.

Li Xingjun, GM of ExxonMobil (Huizhou) Chemical Company, revealed that his company would invest in a world-class R&D center in the Daya Bay petrochemical industrial park in Huizhou. Also, the company is considering establishing a ten-million-ton carbon capture, utilization and storage center in Daya Bay Petrochemical Zone.

As one of the major foreign-funded projects in China, ExxonMobil Huizhou Ethylene Project has fully funded 1.42 billion USD in place, and the total fixed assets investment reached 17.55 billion RMB. Currently, there are 6350 staff members on the project site.

Zheng Yongnian, professor at the Chinese University of Hong Kong, Shenzhen, said high-quality development has been highlighted multiple times in major meetings of Guangdong since December, 2022. Now that all the plans are put in place, the government held the conference to ask its officials to put everything into action and achieve all the goals.

“It shows the ambition of Guangdong, China’s economic power house, to lead development after China eased the travel restriction on inbound passengers and highlights the areas that the government might formulate more advantageous policies for future development. It presents great opportunities to global investors and job seekers,” said Zheng.

SOURCE GDToday

https://www.prnewswire.com/news-releases/chinas-guangdong-stresses-high-quality-development-at-beginning-of-2023-301732974.html

Global Times: Xi’s footprints convey China’s contribution, injecting stability to a turbulent world

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News provided by
Global Times

Jan 28, 2023, 02:40 ET

BEIJING, Jan. 28, 2023 /PRNewswire/ — The global landscape has, in recent years, gone through profound, complex and turbulent changes since the end of the Cold War. In the eyes of geopolitical observers, the ongoing COVID-19 pandemic, the intensifying geopolitical tensions and the “ripple effects” of the Ukraine crisis have led to growing upheaval in the global financial and economic sectors, while also posing a serious threat to food and energy security. Certain countries continue to blatantly advocate for decoupling, confrontation, and division, further exacerbating an already dire global situation.

In the face of growing challenges, China fully underscores its responsibility as a major country, actively promoting international cooperation and injecting stability into a turbulent world, providing new growth momentum to global governance.

Chinese President Xi Jinping made three trips overseas in 2022 and visited five countries between September and December, offering China’s solution, contribution and wisdom to global governance. Such trips are not only proof of the busy schedules maintained by a major country’s top leader, but also bear witness to China’s undeniable successes in initiating and executing major-country diplomacy, observers said.

Diplomatic footprints

On September 14, 2022, Xi arrived in Nur-Sultan and began his state visit to the Republic of Kazakhstan, and was warmly received at the airport by President Kassym-Jomart Tokayev of Kazakhstan, accompanied by senior Kazakh officials.

The golden autumn brought fair winds and wispy clouds to the city of Nur-Sultan, now called Astana. Atop flagpoles lining the streets, China’s red five-starred national flags flew high.

Xi’s visit, albeit a brief one, was highly productive and fruitful. Xi and Tokayev reached many important consensus, which will steer China-Kazakhstan relations toward an even more prosperous future.

Over the course of three days and two nights, Xi flew to Nur-Sultan and then Samarkand and, during a 48-hour stay, attended nearly 30 multilateral and bilateral events with twin focuses on security and development. Despite its brevity, the visit had many highlights and resulted in fruitful outcomes. With the visit’s facilitation, the expansion of the Shanghai Cooperation Organisation (SCO) took a new step forward. The visit also successfully propelled China’s relations with relevant countries to new levels.

“It was the first foreign trip made by President Xi since the start of the COVID-19 pandemic, which was warmly welcomed by host countries and closely observed by the international community. His attendance at the Samarkand Summit of the SCO and his state visits to Kazakhstan and Uzbekistan restarted the head of state’s diplomatic visits,” Xu Bu, secretary-general of Xi Jinping Thought on Diplomacy Studies Center and president of the China Institute of International Studies, told the Global Times in a recent interview.

On November 14, 2022, Xi flew to Bali, Indonesia, which was also his first foreign trip after the conclusion of the 20th National Congress of the Communist Party of China (CPC).

Xi both attended bilateral gatherings and participated in more than 30 events in six days, which sent out resounding messages on the promotion of global development, while demonstrating China’s role as a rational, confident and responsible major country.

In his speech at the G20 summit, Xi called on G20 members to stand with each other in the face of risks and challenges, join hands together, and elevate win-win cooperation to new heights.

Xi’s speeches conveyed an important message which highlighted the concept of building a global community with a shared future, emphasizing that countries with different cultural, religious, racial, historical and political systems as well as ideologies can entirely achieve stable mutual relations on the basis of mutual respect, Li Haidong, a professor at the Institute of International Relations at the China Foreign Affairs University, told the Global Times in a recent interview.

“We are in a multipolar world. To let most countries share the dividends of the joint development and cooperation is the main target of restructuring the global order,” Li said.

Reviewing past decades characterized by robust economic cooperation and remarkable growth in the region, Xi said in a written speech at the APEC CEO Summit in Thailand that “the Asia-Pacific miracle has been created by all of us working hand in hand and overcoming difficulties and obstacles.”

The region owes decades of rapid growth to a peaceful and stable environment, Xi said at the 29th APEC Economic Leaders’ Meeting on November 18, 2022. “History has proven time and again that only openness, inclusiveness, and win-win cooperation is the right way forward for humanity,” the Chinese president said.

“Xi’s series of multilateral and bilateral diplomatic activities have underscored China’s international status and influence,” Xu said.

President Xi visited Saudi Arabia from December 7 to 10, 2022, which not only yielded fruitful results in the economic and trade sectors but also demonstrated that China will increasingly contribute to peace in the strategically important Middle East while continuing to play the role of a contributor to regional development.

Forward looking

China greatly advanced its diplomatic agenda in 2022, with head-of-state diplomacy setting the pace for the country’s overall diplomatic work, which was highlighted by one home-ground event, two major initiatives, and three important visits, former Chinese foreign minister Wang Yi said in December when reviewing the country’s diplomatic work in 2022. Wang is currently the director of the Office of the Foreign Affairs Commission of the Communist Party of China (CPC) Central Committee and a member of the Political Bureau of the CPC Central Committee.

Experts believe that the overall success of China’s diplomatic efforts helped China navigate complex global and regional issues, consolidate consensus, and strike a balance in maintaining strategic stability in its relations with other major countries such as the US and Russia.

Since the APEC 2023 meeting of economies will be hosted by the US and the G20 Summit will be hosted by India later in 2023, Chinese observers, who have closely followed the Chinese president’s diplomatic footprints, predict that major issues and questions such as the Ukraine crisis, relations between major powers such as US-EU relations and China-US relations will continue being the focus in line with the current geopolitical trend.

“In 2023, the global situation will focus on two major topics – security and development. ” Xu said.

It remains to be seen whether the US-Russia relations, the China-US relations and the US-EU relations will be more volatile or moderate. But either outcome will have a significant impact on global peace and development, he said.

Also, Russian President Vladimir Putin said during a video conference with Xi at the end of 2022 that he looks forward to having an in-person meeting with Xi when the latter is on a “state visit to Moscow in the spring of 2023,” TASS reported.

Wang Yi, the former foreign minister, also said in the review of China’s 2022 diplomatic work that the head-of-state diplomacy will reach a new climax in 2023. With the adjustment and optimization of China’s epidemic measures, Chinese experts also expect more renewed people-to-people exchanges between China and the rest of the world, creating more opportunities for face-to-face communication and cooperation.

“In 2023, China will actively expand its global partnership featuring equality, openness, and cooperation, and promote the building of major-country relations featuring peaceful coexistence, overall stability, and balanced development,” Xu said.

This includes China deepening strategic mutual trust and mutually beneficial cooperation between China and Russia, and cement the China-Russia comprehensive strategic partnership of coordination. Meanwhile, China will follow through on the common understandings reached between the Chinese and US presidents, strive to recalibrate the China-US relationship, and bring it back on the right track, according to the Chinese Foreign Ministry.

China will take a clear stand against all hegemony and power politics, fighting back against external forces’ attempts to interfere in China’s internal affairs, and firmly safeguard national sovereignty, security, and development interests, Xu noted.

“It will also actively advocate for the common values of all mankind and promote a new type of international relations in implementing the Global Development Initiative and the Global Security Initiative that China has proposed,” he said.

SOURCE Global Times

https://www.prnewswire.com/news-releases/global-times-xis-footprints-convey-chinas-contribution-injecting-stability-to-a-turbulent-world-301732926.html

NEOGENOMICS SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against NeoGenomics, Inc. – NEO

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News provided by
ClaimsFiler

Jan 27, 2023, 22:50 ET

NEW ORLEANS, Jan. 27, 2023 /PRNewswire/ — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until February 6, 2023 to file lead plaintiff applications in a securities class action lawsuit against NeoGenomics, Inc. (NasdaqCM: NEO), if they purchased the Company’s securities between February 27, 2020 and April 26, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.

Get Help

NeoGenomics investors should visit us at https://claimsfiler.com/cases/nasdaq-neo/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

NeoGenomics and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On March 28, 2022, the Company disclosed that its CEO was stepping down effective immediately, that it expected 1Q2022 revenue and EBITDA below the low end of its prior guidance, and that it had withdrawn its 2022 annual financial guidance. On this news, shares of NeoGenomics fell $5.30 per share, or 29.8%. Then, on April 27, 2022, the Company disclosed its 1Q2022 financial results confirming revenue and EBITDA below its prior guidance, among other things, that the market “was moving towards larger, more comprehensive panels” and that the Company was “seeing bigger and bigger panels coming from…emerging companies . . . where we have not kept up.” On this news, shares of NeoGenomics fell $0.41 per share, or 3.8%.

The case is Goldenberg v. NeoGenomics, Inc., No. 22-cv-10314.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

SOURCE ClaimsFiler

https://www.prnewswire.com/news-releases/neogenomics-shareholder-alert-claimsfiler-reminds-investors-with-losses-in-excess-of-100-000-of-lead-plaintiff-deadline-in-class-action-lawsuit-against-neogenomics-inc—neo-301732708.html

PlayV Run Season 2, The Final Match Open

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News provided by

PlayV

Dec 06, 2022, 01:49 ET

SEOUL, South Korea, Dec. 6, 2022 /PRNewswire/ — PlayV, the global crypto currency social trading platform, announced on the 5th that competition of the 2022 PlayV Run Season 2:  Final Match had begun.

PlayV’s trading competition started with the first round on August 29th and recently completed a successful second round of the competition, recording returns of up to 77%. About 70 global traders who participated in the competition recorded high returns in the bear market caused by unfavorable factors.

A prize pool of $40,000 has been paid out thus far, and in the third and final round of trading competition, approximately $25,000 worth of prize money will be paid out.

A PlayV official stated, “The ROIs for top traders are increasing as the competition continues. Skilled traders are shining brightly even in this bear market. We’re expecting great results from the third round, and for the first time in a trading competition, we’re providing seed support to traders. This is not only a means to recruit skilled traders but also bolster investor security.”

The trader application period for the third round will be from December 5 to 19 , and the competition will run from December 19 to January 9, 2023. Various bounty events are being offered to traders and investors. When traders create strategies, PlayV plans to purchase additional strategies on their behalf, which will apply to the first 20 traders registered as early birds. Additional purchases of up to $10,000 will be made for strategies at a 1:2 investment-to-purchase ratio.

Details such as the prize pool and conditions for winning can be found on the PlayV website.

BC Labs, the operator of PlayV, acquired ISO/IEC 27001:2013 certification last October. “We obtained ISO/IEC 27001 certification with the goal of providing users with a secure social cryptocurrency trading platform, and we will continue to strive to protect customer data and comply with laws related to information security,” said Steve, CEO of BC Labs.

Last month, PlayV participated in Blockchain Week in Busan (BWB 2022), introducing their social virtual asset trading service and conducting an AMA.

Competition Details : https://bit.ly/3FjTQFL
Telegram : https://t.me/PlayV_Event_Chat
Web site : https://bit.ly/3En3jw3

SOURCE PlayV

https://www.prnewswire.com/news-releases/playv-run-season-2-the-final-match-open-301695382.html

Catch a Glimpse of The 2022 Holiday Auction (Wine & Spirit)

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News provided by

Madison Auction Limited

Dec 06, 2022, 01:42 ET

  • To celebrate the festival, Madison Auction is delighted to present the 2022 Madison Holiday Auction at 11:30 am (HKT) Saturday, December 10th in Hong Kong, the stunning 458 lots of fine wines and Spirits, with a total estimate of HK$27,000,000 – HK$45,000,000. 

  • Madison Auction offers an exceptional array of top-level wines and spirits that are rare in the market, including 124 lots of Bordeaux, 220 lots of Burgundy, 38 lots of Champagne, 16 lots of American cult wines, 12 lots of rare Italian wines, 23 lots of Japanese whiskies and 21 lots of Scottish whiskies. Most of them are collections built up by seasoned collectors for decades.

HONG KONG and BEIJING, Dec. 6, 2022 /PRNewswire/ — This sale will be live-streamed on Madison Auction bidding platform (www.madison-auction.com/auctions) and the Madison Auction App (search ‘Madison Auction’ in app store) at 11:30am (HKT) this Saturday. Take advantage of the last few days to place online absentee bid via the bidding platform and app.

As the first Hong Kong–based luxury lifestyle auction house, Madison Auction hosts auctions for the unique pool of high-net-worth clients from APAC and other regions. Madison Auction continues to accept consignments at 0% seller’s commission throughout the year for upcoming sales.

 

In addition to Hong Kong, Madison Auction will also set up salerooms in Macao, Shanghai, Singapore and Guangzhou, allowing more Asia-Pacific bidders to simultaneously attend the auction via live streaming.

410 Lots Wine | Lot 1 – 410

To celebrate the holidays, Madison Auction selected some most exciting and rare champagnes for customer’s enjoyment and collection, ranging from Vintaged Dom Pérignon (Lot 54-59, 65, 66, 165, 169, 302-304 & 311) and Salon (166-168, 341-344), to large formats of Bollinger (Lot 63) and Perrier-Jouët (Lot 309). Among these 38 lots of Champagne, customers probably don’t want to miss the magnum of Dom Pérignon P3 Rosé from 1988 (Lot 66), a rare champagne from a great vintage in a large format. Another that may catch your eye is the Salon Cuvée S Le Mesnil from 1985 (Lot 167), a beautiful creation from the legendary vintage.

From Burgundy, as usual, Madison Auction has impeccable provenance of the top wines in OWC and BOWC, such as DRC (Lot 133-136, 188, 206, 299, 368, 369, 371 & 372), and Leroy ( Lot 392, 394-396, 398). If you are looking for something even rare, the 1999 Rene Engel Clos Vougeot (Lot 88 & 89), the magnum of 1993 Georges Roumier Musginy (Lot 83), or the 1993 & 2006 Leroy Musigny (Lot 84 & 85) may interest you. If you are looking for more fun drinking wines, the ready-to-drink Arnouxs (Lot 71-80, 172-177), Cecil Tremblay (Lot 269-272), and Arnaud Ente (Lot 318 & 319) could be great choices.

From Bordeaux, if you are an 1855 Grand Classé collector, you may be thrilled to see the scarce Mouton collection containing one bottle each vintage from 1945-2001 (Lot 212-218) and 3 sets of the entire collection of every Château (61 of them) from the classification (Lot 219-221). Another scarce and absolutely delicious bottle is the 1989 Haut Brion Blanc which is in perfect condition (Lot 6). Of course, Madison Auction has many more to offer in these 124 lots of Bordeaux.

Madison Auction has the rarest and sought-after natural wines from other parts of France, from Jura, Domaine des Miroirs (Lot 312-315). Luckily, they have another Methuselah of Domaine du Pégau Cuvée da Capo (Lot 337), the “3rd Apostle” in The Drops of God, for our wine enthusiasts.

Outside of France, Madison Auction has the Library Pack collection from Schrader Cellars (Lot 345-347); this collection contains the best library stock of the top-line Cuvée from the winery. Furthermore, the Grace Family Vineyards magnums offer wine lovers not only delicious wines but also beautifully embossed bottles for your cellar (Lot 248 & 249). In addition, the 1946 Bodegas Toro Albalá Don PX Convento Selección from Spain could bring great joy to your holiday parties (Lot 208).

Spirit | Lot 411 – 458

For spirits, Madison Auction has Fine and Marc de Bourgogne from DRC and Hospices de Beaune (Lot 411, 412, 414). If you are a whisky lover, one of the rarest and most collectible Japanese whiskies, Hanyu Ichiro’s Malt Cards Series (Lot 420-422) may excite you, especially the King of Clubs (Lot 420). Madison Auction also has one lot of Karuizawa Geisha 1977 that could complete your Geisha collection (Lot 424). Finally, if you are a scotch fan, we also have some casual drinking bottles for your enjoyment (Lot 416-418, 431-433, 440 & 441, 448-457).

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Recommendation

1988 Dom Pérignon P3 Plénitude Brut Rosé Champagne

Lot 66 | 1 Magnum (GB), Overall: Great | Ullage: 1cm from bottom | RP 93
Est. HK$ 45,000 – HK$ 80,000

As we all know it is rare to find an outstanding vintage Dom Pérignon in magnum, not to mention the  P3 and the most sought-after Rosé champagne recently. P3 requires at least 25 years of cellar aging before release, making it incredibly sophisticated, full-bodied, and only available in vintage champagne auctions.

Vintage P3 like 1988, 1990, 1992, and 1993 have rarely been presented at auction in Asia in recent years, and the Wine Search average price has more than doubled in 5 years (the 1988 P3 Rosé price soared more than 3 times), making it a true rarity. However, 1988 is not the only gem in this auction that Vintage P3 mentioned above will also be presented (Lot 55-57), so don’t miss out on these legendary treasures!

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1993 Domaine Georges Roumier Musigny Grand Cru

Lot 83 | 1 Magum, Overall: Great | BH 98
Est. HK$ 190,000 – HK$ 320,000

In Wine Searcher’s latest list of The World’s Top 50 Most Expensive Wines, Domaine Georges & Christophe Roumier Musigny Grand Cru is ranked third among the Reds, only after the same Grand Cru from Leroy and Romanée-Conti Grand Cru of DRC. This lot is in the magnum bottle with a more desirable state of aging and collectability.

This auction also features the top of the list, the 1993 & 2006 Leroy Musigny Grand Cru (Lot 84 & 85), with only 1 bottle each. Be quick!

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1999 Domaine René Engel Clos de Vougeot Grand Cru

Lot 88 | 6 Bottles, Overall: Great
Est. HK$ 110,000 – HK$ 200,000

1999 represented the most iconic and sought-after year of Burgundy in the 1990s. Not to mention this lot is from the Lost Domaine – René Engel. We are proud to double this marvelous opportunity, presenting you with another 12 bottles of the same vintage (Lot 89) in this sale, so don’t miss out!

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2009 Domaine Arnaud Ente Puligny-Montrachet 1er Cru, Les Referts

Lot 319 | 6 Magnums (6 Single OWC), Overall: Perfect | 90 magnums produced | BH 91-94
Est. HK$ 65,000 – HK$ 110,000

It’s a blue-eyed boy at the auction, a rising star in Burgundy which has stole the thunder from Coche-Dury in recent years.

This 1er Cru wine is ranked the 3rd most expensive wines of the domaine, with annual production of less than 1,000 bottles and only 90 magnums available worldwide! Another lot from the same domaine (Lot 318) is also waiting for its star scout.

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1945 Château Mouton Rothschild Pauillac 1er Cru Classé

Lot 212 | 1 Bottle, Overall: Great, Ullage: Top shoulder | RP 100
Est. HK$ 65,000 – HK$ 120,000

If you are an 1855 Grand Classé collector, you may be thrilled to see the scarce Mouton collection containing one bottle each vintage from 1945-2001 (Lot 212-218). These gems include some great vintages of Mouton, such as 1947, 1953, 1955, 1957, 1959, 1961, 1970, 1982, 1983, 1985, 1986, 1995, 1996, and 2000.

Every year, Mouton invites one artist/celebrity to design the label of its grand vin. Pablo Picasso (1973, the vintage when Mouton was upgraded to First Growth), Salvador Dali (1958), of course, the ”Augsburg Ram” in 2000!

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Domaine Des Miroirs Mixed Lot

Lot 312 | 3 Bottles, Overall: Perfect
Est. HK$ 22,000 – HK$ 42,000

2014 Domaine des Miroirs Sonorité du Vent Les Saugettes (1)
2015 Domaine des Miroirs Berceau Chardonnay (2)

Located in the Jura, France, this natural wine producer, has been popular in recent years. The prices of its wines have skyrocketed and are hard to come by. In this auction, we present 4 lots (Lot 312-315) from this winery, with three single vineyards: the Sonorité du Vent Les Saugettes, Berceau, and the Mizuiro Les Saugettes.

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Schrade Cellars Library Pack 4,8,9 Mixed Lot (1)

Lot 345 | 18 Bottles, 3 OWC
Est. HK$ 38,000 – HK$ 65,000

Schrader Cellars Library Pack 4 (1 OWC)
2008 T6 x 2 + 2005 RBS x 2 + 2015 RBS x 2

Schrader Cellars Library Pack 8 (1 OWC)
Schrader Library Pack 8 (07 T6 x 2 + 11 RBS x 2 + 09 GIII x 2)

Schrader Cellars Library Pack 9 (1 OWC)
2011 T6 x 2 + 2009 RBS x 2 + 2007 Beckstoffer x 2

The Schrader Library Pack contains only the best Cuvee of the winery. The winery reserves these wines as library stocks stored in the winery cellar at the most optimal storage condition. The wines are then late-released to the winery’s top collectors when they enter the drinking peak, offering Schrader lovers beautifully aged wines.

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1989 Château Haut-Brion Blanc Pessac-Léognan Grand Cru Classé

Lot 6 | 1 Bottle, Overal: Perfect | RP 100
Est. HK$ 14,000 – HK$ 24,000

A perfect score for Parker, who exclaimed, “this is the most immense and large-scaled Haut-Brion Blanc I have ever tasted… fully replicated the fleshy, chewy texture of a great Grand Cru white Burgundy.” Only 600 cases were produced with perfect aging potential. Singl bottle in perfect condition, what are you hesitating for?

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1988 Hanyu Ichiro’s Malt Cards Series King of Clubs

Lot 420 | 1 Bottle, Overall: Perfect, Bottled: 2010 | Bottle Number: 376, Cask Number: #9108 | Abv: 58%, Vol: 700ml, 417 bottles produced
Est. HK$ 100,000 – HK$ 180,000

Collecting the full Hanyu Ichiro’s Malt Cards Series is like the top “mission impossible” for all Japanese whisky connoisseurs. We are fortunate to have 3 lots (Lot 420-422) , including the extremely rare “King of Clubs” (above right 2nd, 417 bottles were produced). Only one bottle is available for each lot, making it with significant investment and artistic value that Japanese whisky collectors should be crazy for.

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2000 Hanyu Ghost Series 3

Lot 423 | 1 Bottle, Overall: Perfect, Bottled: 2014 | Bottle Number: 28, Cask Number: #1702 | Abv: 59.6%, Vol: 700ml, 120 bottles produced
Est. HK$ 55,000 – HK$ 90,000

With only 120 bottles produced annually, the rarity of this single Cask lot is evident. Place your bid now!

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We continue to accept consignments at 0% seller’s commission for our next  Auction – Please contact us for an estimation on your collection.
Email: consignment@madison-auction.com
Tel: +852 3188 6613

SOURCE Madison Auction Limited

https://www.prnewswire.com/news-releases/catch-a-glimpse-of-the-2022-holiday-auction-wine–spirit-301695379.html

TZP Group Partners with Soccer Post

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News provided by

TZP Group

Nov 21, 2022, 19:31 ET

Alex Morgan joins Soccer Post as an investor and Brand Ambassador

NEW YORK, Nov. 21, 2022 /PRNewswire/ — TZP Group (“TZP”), a multi-strategy private equity firm, announced today its investment in Soccer Post Holdings, LLC (“Soccer Post” or the “Company”), the largest local-market-focused omni-channel soccer specialty retailer in the United States. Soccer Post’s mission is to provide an authentic soccer retail experience to local soccer families in every market it serves. TZP’s partnership will help Soccer Post accelerate expansion into new markets and communities.

Soccer Post has been offering soccer apparel, footwear, and gear to enthusiasts, clubs, athletes, and families across the United States for over three decades. The Company has established itself as the go to destination for soccer families and one of the leading national omni-channel specialty retailers across e-commerce, physical stores, and institutional channels.

“We have experienced significant growth and have unprecedented opportunities to scale the business nationally through multiple channels. We needed to find a partner with expertise in omni-channel retailing and the capital to support our anticipated growth” said Sarah Jett, Chief Brand Officer of Soccer Post. “We selected TZP for their track record with omni-channel retailers, portfolio of authentic brands, and their confidence in our team and our vision for the future of soccer specialty retail.”

“Our goal was to find an investment partner that understood and valued how special our business model is to soccer families and brought expertise to help Soccer Post’s national expansion strategy. TZP has a long track-record as a management-focused partner with insight and resources to support management teams in executing ambitious growth plans for their businesses. Their experience in activewear and lifestyle companies, their operating expertise with disruptive business models, and their commitment to our shared vision made TZP a perfect fit for Soccer Post” said Blake Sonnek-Schmelz, Chief Executive Officer of Soccer Post.

“When we met Blake, we knew that he and his team had built something truly special,” said Rodney Eshelman, TZP Partner. “Soccer Post is a well-known, national brand and its reach across channels is compelling. What is most compelling is the authenticity that the Soccer Post brand brings to the soccer communities it serves. We look forward to adding our resources and support to help Blake and his team scale the business.”

Alongside TZP, Soccer Post announced that Alex Morgan has become an investor and Brand Ambassador. Mr. Sonnek-Schmelz said, “As a leader both on and off the field, Alex Morgan represents everything we look to bring to our Soccer Post community. We are thrilled to have her join the team and continue to elevate our plans for community interaction across the nation.” Alex Morgan, Soccer Post investor and future Soccer Post store owner added “Growing up, I loved visits to local soccer shops. I’m excited to share my passions for the beautiful game and advancing women’s soccer with the leading authentic omni-channel soccer specialty retail company in the United States. Together with Soccer Post, I will support the next generation of soccer families and communities.”

About Soccer Post

Acquired in 2011 by Blake Sonnek-Schmelz (CEO) and headquartered in Eatontown, NJ, Soccer Post is the largest local-market-focused omni-channel soccer specialty retailer with over 30 store locations in the United States. Soccer Post has been offering soccer apparel, footwear and gear to enthusiasts, clubs, athletes, and families across the United States for over three decades. Soccer Post’s mission is to provide an authentic soccer retail experience to local soccer players in every market it serves. The Company has established itself as the go to destination for soccer families and one of the leading national omnichannel specialty retailers across e-commerce, physical stores, and institutional channels. For more information, please visit www.soccerpost.com.

About TZP Group

TZP Group, a multi-strategy private equity firm managing approximately ~$2 billion across its family of funds, is focused on control, growth equity, and structured capital investments in technology, business services, and consumer companies. Founded in 2007, TZP targets companies with solid historical performance and sustainable value propositions and aims to be a “Partner of Choice” for business owners and management teams. TZP seeks to invest primarily in closely held, private companies in which the owners desire to retain a significant stake and partner with an investor with complementary operating and financial skills to accelerate company growth, increase profitability, and maximize the value of their retained stake. TZP leverages its investment professionals’ operating and investment experience to provide strategic and operational guidance and is dedicated to long-term value creation. For more information, please visit www.tzpgroup.com.

For more media inquiries please contact:

Dan Gaspar, Partner, TZP Group | dgaspar@tzpgroup.com

Disclosures:

Certain statements about TZP made by portfolio company executives herein are intended to illustrate TZP’s business relationship with such persons, including with respect to TZP’s facilities as a business partner, rather than TZP’s capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their participation, although they generally receive compensation and investment opportunities in connection with their portfolio company roles, and in certain cases are also owners of portfolio company securities and/or investors in TZP-sponsored vehicles. Such compensation and investments subject participants to potential conflicts of interest in making the statements herein. TZP does not make any representation or warranty as to the accuracy or completements of the information contained herein and it should not be assumed that investments made in the future will be comparable in quality of performance to the investments described herein.

SOURCE TZP Group

https://www.prnewswire.com/news-releases/tzp-group-partners-with-soccer-post-301684487.html

Cleveland Federal Reserve President Loretta Mester higher rates are likely later this year

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Original Source Cleveland Federal Reserve:

According to the words of Cleveland Federal Reserve President, Loretta Mester, on Tuesday, there is a need for the United States Federal Reserve to increase the interest rates in 2019 but raised concerns that it could lead to an end of its concerted efforts to reduce its significant bond portfolio before the end of the year.

For instance, the comments from Ms. Mester exhibit the complication of the United States central bank’s attempts to create new standards for the formulation of monetary policy at a period when the economic perspective looks gloomy.

As an advocate of increased interest rates, Ms. Mester also supported the decision of the Fed in the previous month to eliminate guidance in its policy statement on the next move of the agency if it will lead to a decrease or increase in interest rates. She also confirmed that the elimination of the rate guidance from the Fed’s policy statement is a movement of the Fed to what she termed as a “normal” policy.

However, she is hopeful that the economy will maintain its stable outlook irrespective of the hazards to its development such as a global economic slowdown and the prevalent trade negotiations between China and the United States of America. In an interview with reporters in Newark, Delaware, Ms. Mester said there is a likelihood that the interest rates will be slightly increased in the latter part of this year.

She also maintained that she hopes that the Fed could put an end to its process of pruning its bond holdings by the end of the year 2019.

In the wake of 2007-09 recessions, the balance sheet of the Fed increased to more than $4 trillion, and this led to policymakers to start the process of lowering bond holdings in the concluding months of 2017.

According to some financial market analysts, the reduction of the balance sheet is responsible for the contraction of monetary policy and Ms. Mester confirmed that the procedure is partly the reason for a rising pressure on longer-term interest rates.

Ms. Mester does not believe in the fact that eliminating the balance sheet reduction procedure will improve the fortunes of the economy. In her words, she said that she does not think the balance sheet would have a significant effect on the economy. In this year’s meeting of the Fed committee that set policies, Mester does not have a vote irrespective of the fact that she is a participant in the discussions of the central bank.

Mester held on to her opinion that she would love the Fed to keep Treasury securities only and approve an idea that would support a portfolio subjective towards shorter-term maturity dates.

The Fed is decreasing the balance sheet by not investing the entire proceeds of its maturing securities again. Previously in the day, the comments of Ms. Mester on a panel at the University of Delaware posited that she is in support for the idea of decelerating the balance sheet reduction procedure. In an interactive session with reporters, Mester said she thought the Fed could put an end to its efforts at the reduction of balance sheet reduction in one stage.

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Australia’s key rate held at 1.50 percent as the economy has faster growth and less jobless

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The economy of Australia is performing incredibly well according to statements by Reserve Bank of Australia Philip Lowe, Governor Monetary Policy Decision.  The Gross Domestic Product has been increased by 3.4 per cent while the unemployment rate has reduced to 5 per cent over the past year; this is the lowest point in six years. However, it is important to note that the forecasts for economic growth in 2018 and 2019 have been modified. The central outline is for the growth of GDP to be at an average of 3½ per cent over these two years before it reduces in 2020 as a result of the slower growth in the exports of resources.

The continuous expansion of the global economy coupled with the fact that most advanced economies are increasing at an above-trend rate and having low unemployment rates. The pace of growth in China has diminished a little, as the government is introducing favorable policies and observing the hazards in the financial sector. The inflation is still low across the globe, though its rate has increased because of the higher oil prices and an improvement in the growth of wages. There is an expected rise in inflation rate due to the stiffening labor markets, in the United States, and the considerable fiscal stimulus. One continuous doubt concerning the global outlook is as a result of the international trade policy direction in the United States.

There has been an expansion in the financial conditions in the advanced economies, but this has been stiffened in recent times. The equity prices have reduced while returns on government bonds in some economies have improved, though remain low. The United States dollar has considerably appreciated this year. On the other hand, the money-market interest rates have reduced in recent times in Australia despite recording an increase during the year. The standard variable mortgage rates are somewhat higher than a few months ago, while the rates charged to individuals borrowing for the first time for housing are considerably lower than for those with unpaid loans.

There is an aura of positivity surrounding business conditions, and there is an expectation of increase for the non-mining business investment. The increased levels of public infrastructure investment are also offering support for the economy, as well as the improvement in resource exports. However, a significant source of doubt is the household consumption outlook. The household income has remained low with stunted growth, coupled with higher debt levels and the prices of some assets have reduced drastically. This has resulted in severe conditions in various facets of the farm sector.

The terms of trade of Australia has improved over the last few years, and have remained stronger than anticipated. There is no doubt that it has helped in the advancement of the national income. Though there is an expectation that the terms of trade will decrease as time goes by, there is a probability that the terms of trade in Australia will remain at a high level for some time. The Australian dollar is still within the range it has maintained in the last two years on a trade-weighted basis, though the Australian dollar is presently in the lower region of the scale.

The labour market’s outlook remains optimistic as the economic growth is above the trend; an additional reduction in the unemployment rate is predicted to be around 4¾ per cent in 2020. On the other hand, the vacancy rate remains high, and there are accounts of skills shortages in some places. Despite picking up a little, the growth of the wages remains low. There is an expectation that economic improvement should result in an extra lift in wages growth over time; it is anticipated to be a slow process.

The inflation rate has remained steady and low. CPI inflation was 1.9 per cent and, in basic terms, the inflation rate was 1¾ per cent over the past year. These consequences tally with the expectations of the Bank and were grossly manipulated by declines in some administered prices as a result of the altercations in the government policies. There is anticipation for inflation to pick up over the next few years, and the rise is likely to be slow and steady. The central situation is for the inflation rate to be 2¼ per cent in 2019 and a bit greater in the coming year.

The conditions in the Sydney and Melbourne housing markets have continuously enjoyed peace, and the national measures of rent inflation have remained low. The growth in credit stretched to the owner-occupiers has alleviated but maintained its robust nature, while the demand by investors has reduced significantly as the housing market dynamics have changed. There have been stricter credit conditions in recent times, despite the low status of the mortgage rates, and in the face of intense competition for borrowers of high credit quality.

The low level of interest rates continuously supports the Australian economy. Moreover, there is an expectation of the further progress in unemployment reduction and getting the inflation return to target, though it is considered to be a slow process. Fortified with the available data, the Board concluded that leaving the monetary policy stance stable at this meeting would agree with the viable growth in the economy and aim to achieve the inflation target over time.

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Boston Fed’s Rosengren: Stronger U.S. economy could justify ‘restrictive’ rates

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When the President of Federal Reserve Bank, Eric Rosengren made a case for a strict monetary policymaking a switch from low-interest rates, he said this is the best time to begin the process of moving towards standard rates with the presence of five percent unemployment, inflation, and weak growth.

In the next two years, he collaborated with his contemporaries to form a foundation for the continuous rise in those rates, and to a higher level than anticipated currently, as there are signs that the economy is stronger.

According to Rosengren in his interview with Reuters, he said the rates might not only need to become “restrictive”, but it may also mean that these rates may be going upwards. The interview with Reuters was conducted on Saturday after the conclusion of the economic conference. He also suggested that there is increased pressure on inflation, and at a two percent rate, with the tightening of the labor markets, a situation will come where the inflation will exceed our target. “A case is being made to stabilize policy and possibly be slightly restrictive.”

The Fed maintains a two percent inflation target, and it is presently reaching after ten years under pressure to unswervingly hit and sustain it.

According to him, he said there is no need for the Fed to move faster than the present steady rate, this has transformed into coarsely one rate hike per quarter, with the next anticipated later this month. He opined that the steady pace is a treat achieved by starting the process, avoiding the need to take off swiftly and catch up with a stiffening economy.

However, the terrain has since changed. Rosengren said that factors such as the growth soaring around three percent, unevenly full employment, and global trade tensions could entrench faster price hikes. He also concluded that they have a fair idea of the path outlook if there is no surprise.

This signifies two new increases this year and three more in the year 2019, taking the interest rate of the Fed’s policy to a rate more than three percent by 2019 end.

The information from the June meeting of Fed disclosed that the central bank is unevenly stopping at that level, with the median forecast of policymakers seeing a single extra increase in 2020. At this point, the Fed would be mildly above what it deems as its neutral rate, moving into the restrictive zone that Chicago Fed President, Charles Evans and Rosengren discussed this week would probably be required.

If the present tightening cycle stops there, it is another case on its own. Officials have offered a strict warning against the act of placing massive stock in longer-term policy projections, as economic events swiftly influence them. Starting from Chairman Jerome Powell, they have started warning that their working estimates of factors such as the rate being neutral may be too inaccurate to be used as a short-term policy guide. Other experts have argued that irrespective of the neutral rate, it may increase when the economy gets better.

The Fed’s  cited estimate of neutral is, from an economic representation established by New York Federal Reserve President John Williams and Fed Director of Monetary Affairs Thomas Laubach have displayed some impulses. After it was held at a near zero point, the neutral estimate of the model has moved to a position near one percent based on the premise to how far the economy is thought to be operating beyond potential, based on the information written on the website of the New York Fed.

New projections will be issued by policymakers on a later date this month, and Rosengren confirmed that the data of growth and job appear ever more “inconsistent” with the low neutral rate estimates. In other words, present policy may be slacker than envisaged, with the ability of the economy to endure more tightening. Rosengren said he would not be surprised if the committee estimates increase over time. With the rising of those estimates, there is an expectation that the path will move too. It is another case if the present tightening cycle stops there or not.

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Turkey’s Lira: words not sufficient to Raise Interest Rates

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The Turkish lira may become viable after the central bank gave signs higher interest rates were underway, but some investors are concerned that any effective relief will require an extreme hike that it is sure to deliver.

Further, it is on record that even after 700 basis points of monetary pull back since December; consumer-price growth has increased for five months, reducing the inflation adjusted policy rate to about 1 percent. If this situation is to be the same in June, the central bank would have to raise costs to borrowers by another 400 basis points to stabilize the lira.

Around the world, Central banks have been forced into action by emerging-market instabilities. A significant example is Argentina hiking rates by 1,500 basis points last week; second is Turkey’s 10-year government bonds yield which has fallen for a second day, dropping to 20.91 percent and continuing its decline this week to 85 basis points.

Nomura International Plc has proffered a solution requiring Turkey to raise the one-week repo rate by at least 575 basis points to 23.5 percent; however, the company is unsure policymakers will be prepared to deliver such aggressive tightening.

Just as Guillaume Tresca, a strategist at Credit Agricole SA in Paris fears that increased rates are very imminent as he tips the lira lesser to 8.30 per dollar in December. He says: “Market expectations are now running high for a bold rate hike. In our view, they can only disappoint markets, very well the lira is weakening to 8.30 per dollar by December.” Guillaume lastly noted that the current stance by the central bank to this turmoil shows they are running out of ammunition.

Recently the lira slipped 0.3 percent to 6.6578 per dollar as of 10:29 a.m. in Istanbul on Tuesday. The currency went down as much as 2.6 percent on Monday before reducing the decline to a loss of 1.5 percent. Based on relevant speculations that hikes are looming, the central bank is to hold its next policy meeting on Sept. 13 to decide necessary actions to support price stability.

Further, It can be rightly inferred that with the amount of pressure on Recep Tayyip Erdogan the President to keep the growth moving along, it is not a surprise that investor skepticism over the acceptability of any policy action is running high. By allowing inflation go into the double digits for most of the past two years and relying on controlling liquidity management instead of immediate hikes the central bank has remained firmly in deficit.

Inan Demir, an economist at Nomura, says he is unsure of what to expect however he has subjected fate to Monday’s statement, he say: “I’m not very confident, to say the least, If Monday’s statement is a signal of unconventional policies, the market will be underwhelmed by the policy response.”

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