More News, Rumors and Opinions Wednesday Afternoon 12-7-2022
TNT:
Tishwash: Vietnam's EV maker Vinfast files for U.S. IPO to fuel global expansion
HANOI, Dec 7 (Reuters) - Vietnam's electric-vehicle maker VinFast said on Tuesday it had filed for an initial public offering (IPO) in the United States to list on the Nasdaq under ticker symbol "VFS" to fund its expansion with a planned plant in North Carolina.
VinFast, which began operations in 2019, is gearing up to expand in the U.S. market, where it hopes to compete with legacy automakers and startups with its two all-electric SUVs, the VF8 and VF9, including battery leasing to reduce the purchase price.
For the IPO, the company said it would convert to a Singapore public limited company and would be known as VinFast Auto Ltd, while the number of shares to be offered and the price range for the proposed offering had not yet been determined.
Citigroup, Morgan Stanley, Credit Suisse and JP Morgan are leading a nine-bank syndicate behind the deal, according to the company filing. If successful, VinFast will be Vietnam's first company to list in the United States.
Tuesday's filing follows VinFast's confidential submission to the U.S. Securities and Exchange Commission (SEC) in April, a month after it said it would build a production plant in North Carolina with an initial projected capacity of 150,000 EVs a year.
A unit of Vietnam's biggest conglomerate Vingroup (VIC.HM), VinFast first flagged its U.S. IPO in April last year, aiming to raise $2 billion with valuation of about $60 billion.
The market valuation for EV startups has drastically cooled over the past year after some companies with sky-high valuations faced scrutiny, together with the gloomy global economy.
"Valuation or the size of our IPO will be subject, in part, to market conditions," VinFast Chief Executive Le Thi Thu Thuy said in a statement released on Wednesday.
"VinFast will continue to monitor opportunities for future fundraises, as the market becomes more familiar with the VinFast brand and story," she said.
The S&P U.S. & China Electric Vehicle Index, which measures the performance of companies involved in the EV business, has lost 33.51% since the beginning of the year and was at 1,933.47 at Tuesday's close.
The company had said the IPO was just one option to raise funds. In July, it arranged with banks to raise at least $4 billion to fuel its aggressive expansion.
No time frame was specified for the offering on Tuesday although the company had said it aimed for an IPO in the fourth quarter of this year.
But in May, its parent company, Vingroup, warned that the IPO may be delayed to 2023 due to market uncertainty.
"VinFast intends to conduct an IPO after the SEC declares the registration statement effective, market conditions permitting," Thuy said, noting the company's primary objective was to successfully list VinFast on a U.S. stock exchange.
The EV maker in late November shipped its first batch of 999 vehicles to the United States, capping a five-year bid to develop an auto production hub in Vietnam for markets in North America and Europe.
VinFast has said it has almost 65,000 orders globally and expects to sell 750,000 EVs annually by 2026.
Shares in VinFast's listed parent company, Vingroup, which also has property and resort development businesses, were up 5.11% early on Wednesday following the IPO announcement. link
Courtesy of Dinar Guru
Frank26 The Paris Club agreement...paid off 80% of Iraq's debt to the world, then Iraq agreed to re-institute at a 1 to 1 rate at least...they're simply waiting, the Paris Club, for this announcement. The CBI says they want the rest of the money the Paris Club is holding. Iraq IMO tried to pull a fast one but the Paris Club said, nope! No recovered fund returned to you until you change your exchange rate in order to cover the rest of your debts.
Guru Mnt Goat One could almost say the news is once again just all about the currency. The pressure builds for the CBI to act now. Over 100 of the parliamentary members claim they will not even attend parliament sessions to vote on the new budget unless this issue is addressed in the budget. ...These are exciting times and personally I can’t see the CBI holding back this reinstatement much longer…
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KTFA:
Clare: The Governor of the Central Bank of Iraq receives the mission of the International Monetary Fund
December 07, 2022
His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Makhaif, received today, Wednesday, His Excellency the Minister of Finance, Taif Sami, and the delegation of the International Monetary Fund, which is currently visiting the capital, Baghdad.
During the meeting, the main policy challenges and aspects of bilateral cooperation were discussed and developed in a way that serves the banking and economic sector in Iraq, as well as enhancing financial stability.
It is noteworthy that the Central Bank of Iraq will host on Wednesday and Thursday meetings of the International Monetary Fund mission in the capital, Baghdad, with the participation of the Ministry of Finance and representatives of the Ministries of Planning, Electricity, Labor, Water Resources and the Environment.
The Central Bank of Iraq,
the Media Office,
December 7, 2022
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The budget law is absent from the Iraqi parliament for 30 days LINK
Popeye7: Imo, for all of those in "not again" mode with what seems to be a delay on the surface ask yourself this.. Do you really think they are going to reveal their intentions, or when the rate will be released.. They are going to make sure that no one knows when, distract in any way possible, and will not allow for their parliament to have access to what the change will be... They are being careful not to let go of this vital info until it happens.. Imo..
It's Happening! U.S is About to GO BANKRUPT and $31.4 Trillion in Debt Can No Longer Be Paid.
Deepin Moments: 12-7-2022
Two days ago, the U.S. Treasury Department released data revealing a shocking news, the U.S. debt balance has exceeded the legal limit, meaning that the U.S. national debt default.
Official U.S. data, the U.S. debt has exceeded the legal limit of $31.4 trillion, reaching $31.41 trillion, and the outstanding debt balance exceeded the maximum ceiling set by Congress, implying a debt default on the U.S. national debt.
Earlier news showed that the debt balance was $3.136 billion as of Dec. 1, or one trading day later, when the debt increased by $50 billion again, finally breaking the legal limit.