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Factbox: Major finance milestones as Hong Kong marks 25 years since handover

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Factbox: Major finance milestones as Hong Kong marks 25 years since handover

A common view of Two Worldwide Finance Centre (IFC), HSBC headquarters and Financial institution of China in Hong Kong, China July 13, 2021. REUTERS/Tyrone Siu/File Photograph

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HONG KONG, June 28 (Reuters) – Hong Kong returned to China in 1997 after 156 years of British colonial rule. Listed here are some main milestones for town’s monetary markets:

HONG KONG DOLLAR TRADING BAND

The Hong Kong greenback was pegged to the U.S. greenback on October 17, 1983, with a buying and selling band of between 7.75 and seven.85 per US greenback imposed since 2005. The Hong Kong Financial Authority (HKMA), town’s de-facto central financial institution, often enters the market to purchase or promote the foreign money to maintain it throughout the band.

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DUAL HONG KONG AND MAINLAND LISTINGS

Industrial and Business Financial institution of China (601398.SS) grew to become the primary firm to execute an IPO concurrently in Shanghai and Hong Kong in 2006 when it issued A-shares and H-shares to boost US$21.9 billion, the biggest deal on the planet on the time.

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STOCK, BOND AND WEALTH CONNECT

Shanghai-Hong Kong Inventory Join was created in 2014 to offer mutual entry between the fairness markets of Hong Kong and mainland China. Two years later, the programme was expanded to Hong Kong and Shenzhen Inventory Join, which allowed mainland buyers entry to smaller corporations in Hong Kong and worldwide buyers entry to new financial system corporations listed in Shenzhen. The join programmes now cowl about 2000 shares, in response to Hong Kong’s Securities and Futures Fee (SFC). In Might, China’s securities regulator agreed to incorporate exchange-traded funds (ETFs) in inventory join programmes with Hong Kong.

In 2017, Bond Join was launched to duplicate the fairness schemes and permit overseas buyers to speculate by way of Hong Kong in China’s multi-trillion bond market. The Northbound Bond Join has change into a significant channel for overseas buyers in search of entry to China’s bond market. In September final 12 months, China mentioned it will allow its buyers to commerce offshore debt with the opening of the “Southbound” leg of its Bond Join channel.

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Wealth Administration Join launched in September 2021, linking China’s southern province of Guangdong with Hong Kong and Macau, to permit cross-border funds administration. The programme allows residents of Hong Kong and Macau to purchase mainland funding merchandise bought by banks within the Better Bay Space, whereas permitting residents of 9 Guangdong cities to purchase these bought by banks within the two offshore centres. learn extra

WEIGHTED VOTING RIGHTS

Hong Kong Inventory Change introduced in 2018 it will enable corporations with dual-class shares – or weighted voting rights – if they’re thought of to be “revolutionary”, in a transfer designed to facilitate listings from rising enterprise sectors. The choice was described by the legislation agency Skadden as probably the most vital change to Hong Kong’s itemizing guidelines in 20 years.

WAVE OF SECONDARY LISTINGS

The weighted voting rights adjustments in 2018 prompted a wave of secondary – or homecoming listings – which kicked off with Alibaba Group in November 2019. The Jack Ma-founded e-commerce large raised $12.9 billion within the deal that was the biggest share sale in Hong Kong on the time for 9 years. Since then, 18 corporations have raised $42.3 billion, in response to Refintiv information. The tempo of homecoming listings has remained robust as Chinese language corporations buying and selling in New York put together contingency plans as U.S authorities press forward with delisting corporations that do not meet regulators’ auditing necessities. learn extra

FUTURES

HKEX launched its MSCI A-share index futures product in 2021, an try to fulfill demand from buyers in Chinese language shares for hedging instruments at a time of surging volatility.

SPECIAL PURPOSE ACQUISITION CORPORATIONS (SPACs)

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Hong Kong Inventory Change allowed Particular Objective Acquisition Firms (SPACs), recognized additionally as clean cheque corporations, to start out buying and selling from January 1, 2022, in keeping with most different main markets on the planet.

Nevertheless, tight restrictions on the kind of buyers which may purchase into the SPACs and banning retail participation dented demand for the merchandise together with the present bout of market volatility.

Solely two SPACs have listed for the reason that begin of the 12 months. learn extra

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Reporting by Scott Murdoch; Modifying by Anne Marie Roantree and Gerry Doyle

Our Requirements: The Thomson Reuters Belief Ideas.

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Rana Abbasova, Adams aide whose home was raided, is cooperating with feds’ campaign finance probe

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Rana Abbasova, Adams aide whose home was raided, is cooperating with feds’ campaign finance probe

An aide to Mayor Adams whose home was raided amid an FBI probe into his 2021 campaign is cooperating with federal authorities, a source with knowledge of the matter said Monday.

The aide, Rana Abbasova, is one of several people whose residence was raided as the feds probe allegations that the Turkish government funneled illegal cash into Adams’ campaign through straw donors.

The mayor has not been accused of any wrongdoing and strongly denies any suggestion of impropriety in connection with the investigation.

It’s unclear what Abbasova may have discussed with the feds, though her cooperation pertains to the general allegation of illegal Turkish government-financed contributions to the mayor’s campaign, according to The New York Times, which first reported her cooperation. Her lawyer Rachel Maimin declined to comment.

Brendan McGuire, the mayor’s former chief counsel at City Hall who now represents him and his 2021 campaign in the FBI investigation, confirmed Abbasova’s cooperation, but said it’s “not a new or meaningful development.”

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Abbasova, the director of protocol in Adams’ International Affairs Office and the mayor’s unofficial liaison to the local Turkish community, was put on unpaid leave days after her home was raided in November, according to two sources with knowledge of the matter. She remains on unpaid leave, and her position at City Hall has not been filled, they added.

The sources spoke on condition of anonymity due to the sensitive nature of the Adams campaign probe, which burst into the headlines when the home of the mayor’s chief campaign fundraiser, Brianna Suggs, was raided in November. Days later, Adams had his own electronic devices seized by the feds.

Abbasova received three tickets in New Jersey in January for offenses linked to driving a for-hire vehicle, the Daily News previously reported.

While she’s been on unpaid leave, another Adams aide targeted by the feds in a separate matter went on paid sick leave after her Bronx homes were raided in February. That aide, Winnie Greco, has since returned to work at City Hall, receiving a raise earlier this month.

McGuire noted the mayor’s administration reported to investigators late last year that Abbasova had engaged in “improper conduct.” Sources confirmed at the time that the conduct in question was Abbasova instructing other Adams staffers to delete text messages they’d exchanged with her.

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“It is our understanding that Ms. Abbasova has been talking to investigators since her improper conduct was reported by the administration in November,” McGuire said in a Monday night statement. 

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Trends in residential solar finance, equipment and maintenance

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Trends in residential solar finance, equipment and maintenance

Solar informational site SolarReviews released its annual survey, sharing results gathered from a group mostly represented by residential solar installers, as well as commercial installers, equipment providers, and utility-scale installers. SolarReviews operates a Solar Calculator that enables prospective customers to have a snapshot of the benefits of adding solar to their roof based on customized data for their area.

Finance 

With higher financing costs industry-wide, 54% of U.S. installers said customers were less likely to take a solar loan over the past year, while cash deals are up. About 49% of sales reported were cash deals, while 41% were loans. HELOC, PACE loans, power purchase agreements, and leases combined for 10% of reported solar sales. 

The top financing providers used were Credithuman (15%), Mosaic (14%), Sunlight Financial (9%),Dividend (8%), and Clean Energy Credit Union (8%). 

Typical loans for loaned systems varied widely depending on whether dealer fees were assigned. Average terms are seen below. 

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Image: SolarReviews

Heightened cost of finance has pressed the residential solar industry. About half (49%) of installers said demand went down in 2023 versus 2022.

In California, where rates paid for exporting solar production to the grid were slashed by about 80%, about 69% of installers reported lower sales in California in 2023 versus 2022. However, 68% of installers reported including battery energy storage with their solar installation, about double the national average. Installers report a median payback period of eight years for solar systems with a battery, while standalone solar systems have a longer median payback period of about 10 years.

California was not the only state to cut rates for solar exports, a process known as net metering. Georgia, Arizona, Kansas, Arkansas, and Wisconsin all noted an increase in installed systems not tied to a net metering agreement.

Top products

As for the top equipment brands in residential solar, SolarReviews surveyed installers based on five criteria of performance and quality, brand name reputation, product warranty, pricing, and product availability from distributors. Based on the five criteria, SolarReviews listed Qcells as the top performing panel brand.

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Installers said the top five most-used panels were Qcells (53%), REC (41%), Canadian Solar (35%), Mission Solar (29%), and JinkoSolar (20%). About 19% of solar installers offer one panel brand, while the majority provide alternative options to meet the needs of their customers.

For inverters, the top five most-used were Enphase (62%), SolarEdge (43%), SMA (23%), Sol-Ark (21%), and Tesla (21%). Tesla made a notable leap up into the top five, gaining a larger market share than Fronius and Generac.

Enphase was also listed as the most commonly used battery energy storage provider, offered by 46% of installers. This was followed by Tesla (42%), SolarEdge (35%), FranklinWH (29%), and Fortress Power (18%). A sizeable market share was also held by SunPower, Generac, LG Energy Solution, and HomeGrid.

Image: SolarReviews

Maintenance

Given that solar is often a 25-year investment, post-installation services are a critical feature in a solar agreement. About 96% of installers have access to system monitoring, while 63% said they proactively check their customers’ installations at least once per quarter to ensure they are working.

The most common reasons for service, in order, were inverter hardware failures and replacement, inverter software and setup issues, battery software updates, communications and monitoring fixes, roof leaks, battery hardware failure or replacement, wiring issues, and broken or underperforming panels.

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“Fortunately, when issues do occur, they are often covered by some type of warranty, leaving only 15% of cases where the customer is responsible for repair costs,” said SolarReviews.

Image: SolarReviews

Outlook

The residential solar industry looks to recover from a rocky 2023, where growth was slowed by high finance costs and unfavorable policy changes like the reduction of net metering rates.

“Some solar businesses are still reeling from the events of 2023. 22% of solar businesses say they have concerns that make them unsure whether they can stay in business in the coming six months,” said SolarReviews.

Despite this uncertainty, residential solar installers appear to have a good outlook for 2024. About 54% of surveyed installers said they expect to sell more solar in 2024, and an additional 23% said they think they will be able to maintain the same level of business next year.

Notably, surveyed installers listed pv magazine as the top trusted media platform for solar news and analysis, with 52% responding we are the preferred source. The marks the second year in a row as the most-trusted media source. We thank you for your continued readership.

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Crow Wing County is nationally recognized for financial reporting

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Crow Wing County is nationally recognized for financial reporting

BRAINERD — For the 10th consecutive year, Crow Wing County was awarded the Certificate of Achievement for Excellence in Financial Reporting and the Award for Outstanding Achievement in Popular Financial Reporting.

The Certificate of Achievement is the highest form of recognition in the area of governmental and financial reporting. The honor is given out by the Government Finance Officers Association of the United States and Canada.

The Certificate for Excellence in Financial Reporting was awarded to Crow Wing County for its 2022 Comprehensive Annual Financial Report compiled in 2023.

The award represents a significant accomplishment by a government and its management, the county noted in a news release.

“This is a testament to the type of work that is being done in our Finance Department,” said Finance Director Nancy Malecha. “This award recognizes our commitment in ensuring that our financial data and information is reported accurately, timely and provides transparency that the taxpayers of Crow Wing County deserve.”

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Crow Wing County is one of only 16 counties in Minnesota to have earned this award.

The Award for Outstanding Achievement in Popular Financial Reporting was awarded to Crow Wing County for its 2022 Popular Annual Financial Report.

The annual report extracts information from the Comprehensive Annual Financial Report and summarizes the financial position of the county in a simple, easy to read format. Crow Wing County is one of five counties in Minnesota that have received the national award.

Financial reports are available on the Crow Wing County website at

www.crowwing.gov/771/Financial-Statements

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