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    (Bloomberg) -- ARA Asset Management Ltd., a real estate investment firm backed by Warburg Pincus LLC, is weighing a dual listing plan that could raise at least $1 billion as soon as this year, according to people with knowledge of the matter.The firm, which also counts Hong Kong billionaire Li Ka-shing as an investor, is working with advisers on a plan to list in Hong Kong and Singapore, said the people, who asked not to be identified as the information is private. The asset manager is leaning toward a Hong Kong offering before a share sale in Singapore, they said.Warburg Pincus currently owns 48.7% of ARA after buying AVIC Trust’s stake last year. The New York-based buyout firm in 2016 led a group, including ARA founder John Lim and AVIC Trust, to take the then-Singapore listed investment company private. Li’s CK Asset Holdings Ltd. and affiliates of Straits Trading Co. were part of the consortium. Lim said at the time that his company was “undervalued” on the Singapore exchange.Following the privatization, ARA has been bulking up its business via acquisitions. The investment firm in 2018 agreed to purchase a 19.5% stake in Cromwell Property Group and subsequently launched a hostile campaign to replace several of the Australian property manager’s board members last year. It also bought Robinson Centre, a 20-story office building located along Robinson Road within Singapore’s central business district in 2019.ARA had S$119 billion ($90 billion) in gross assets under management as of the end of 2020. It manages listed and unlisted real estate investment trusts, private real estate equity and credit funds and infrastructure funds in 28 countries, according to its website.Deliberations for the share sale are ongoing and details such as the fundraising size and the timing may change, the people said. ARA could decide to list in only one of the venues, they said. Representatives for ARA and Warburg Pincus declined to comment. A representative for CK Asset Holdings didn’t immediately respond to requests for comment.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.

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  • Wirecard Regulator Pursued Critics After a Probe Found Nothing

    (Bloomberg) -- Germany’s financial regulator pursued criminal complaints over alleged manipulation of Wirecard AG shares even after a review of more than half of the overall trading volume found no clear evidence of wrongdoing.BaFin issued the complaints against short sellers and Financial Times journalists in April 2019, almost two months after the probe by a surveillance unit at the payment company’s main exchange in Frankfurt. It’s not clear why the regulator chose to pursue the complaints, although it does have access to more trading information.The report examined trading of stocks, options and certificates on Deutsche Boerse AG’s Xetra Classic, Xetra Frankfurt and Eurex, according to a copy seen by Bloomberg. Together, the three platforms accounted for about 59% of Wirecard share trading in 2019, data compiled by Bloomberg shows.The regulator sees more trading data than what was included in the report, according to a spokeswoman for BaFin. It has a lower threshold for notifications on short positions and access to reports of suspicious trading activities on exchanges outside Germany, she said, declining to specify the information that led to the complaints.Wirecard collapsed in June last year after saying that 1.9 billion euros ($2.3 billion) in cash probably never existed, sparking a parliamentary inquiry into how BaFin and other authorities handled one of the country’s biggest-ever corporate scandals. At issue is why the regulator took actions that benefited the member of Germany’s benchmark DAX Index, but failed to detect the fraud after multiple warnings.Officials from BaFin are scheduled to testify to the German parliament’s investigating committee on Friday.The legal fallout is still unfolding. Former Chief Executive Officer Markus Braun has been in a jail since last year awaiting trial. The probe into short sellers by prosecutors in Munich remains open, while the case against FT journalists has since been dropped.It emerged on Wednesday that Frankfurt prosecutors visited BaFin’s offices in Bonn to follow up on criminal complaints into staff responsible for overseeing the Wirecard scandal.Joined by federal police in an unusual show of force, they submitted a letter requesting information as they look into whether to open a probe over the regulator’s handling of Wirecard and allegations it didn’t do enough to prevent insider trading among its staff.The surveillance unit at the Frankfurt exchange began its review shortly after the FT published stories critical of the company in early 2019, which whipsawed the stock.The pursuit of Wirecard critics wasn’t the only example of BaFin actions that were at odds with other authorities. The regulator, whose president announced his resignation last month, banned short selling of Wirecard shares in February 2019, even though the Bundesbank had said it wasn’t needed for financial stability. BaFin said it was aimed at preserving “market integrity.”Internal documents of the German parliament’s investigation committee also show that BaFin inquired about a possible trading ban for Wirecard shares in February 2019, but was advised against such a move by the Frankfurt stock exchange’s surveillance unit.“BaFin wanted the ban on short sales no matter what,” said Danyal Bayaz, a member of the parliamentary committee from the Green party. “We think the short-sale ban was illegal. As the legal supervisor, the finance ministry bears responsibility here and should have reviewed the action and intervened.”Finance Minister Olaf Scholz, the Social Democratic party’s candidate for chancellor in September’s elections, is set to face the committee’s questions in the coming months. He’s said he will strengthen BaFin by hiring more people and create a task force for forensic probes and investigations into accounting fraud.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.

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  • So, Are The New Stimulus Checks Coming Yet?

    According to a Twitter account called @WaitingOnBiden, today is the 38th day that President Biden has not sent $2,000 stimulus payments to Americans, something he promised he would usher out immediately after he assumed office. The last relief bill passed in December, while Trump was still president. The relief bill before that was passed in late March 2020, and now we’re just a few days away from March 2021. The good news is that the House is finally voting on the Biden administration’s $1.9 trillion COVID relief plan today, which includes a $1,400 stimulus payment to those who fall within the income limits. It will pass in the Democrat-controlled House, and it is likely to pass in the Senate through a process called budget reconciliation, which essentially allows lawmakers to pass fiscal bills more quickly because it only requires a simple majority to pass, instead of 60 votes. Beyond the stimulus payments, the relief bill also contains a $400 per week federal unemployment boost. The current set of federal unemployment provisions are set to expire by March 14, essentially giving Congress a hard deadline by which to pass the relief bill. While $1.9 trillion might sound like a lot, economists generally agree that the government should spend as much as it needs to help its citizens — that is its mandate, after all — without handwringing over what-ifs such as inflation or “overheating” the economy. The bad news, though, is that a key part of the relief bill — a $15 federal minimum wage hike — will likely not be included. Senate Parliamentarian Elizabeth MacDonough ruled yesterday that the inclusion of a minimum wage raise broke the rules of what can and can’t be included in a reconciliation bill. But what is a Parliamentarian, you ask? Turns out, it is not someone who only smokes Parliaments. The Parliamentarian is a non-partisan advisor who interprets rules and precedents within the Senate. It is an appointment and not an elected position. The Senate also doesn’t have to listen to the Parliamentarian’s rulings; the “presiding officer” of the Senate — in other words, the Vice President — can ignore the Parliamentarian. There’s precedent for that. According to Washington Post reporter Jeff Stein, however, Vice President Harris will not be overruling MacDonough. That means that the minimum wage provision will be removed from the bill in the Senate and return to the House for another vote. It also means that any attempt to raise the federal minimum wage — which has not been raised since 2009 and remains at $7.25 — will need to be introduced in a standalone bill that won’t be able to pass via budget reconciliation, needing to clear the bar of 60 votes. Top Democrats have already announced an alternate plan that would impose a 5% tax on big corporations if they don’t raise their wages and even tax credits for small businesses that do raise wages. But some economists are concerned that a tax disincentive, or tax credits, would not do enough to actually raise wages for a broad swath of workers. While many conservatives have bristled at the idea of a $15 federal minimum wage, American wages have generally remained at a standstill for decades. If the minimum wage had kept pace with workers’ productivity and inflation, it would be around $20 per hour right now. We also need to acknowledge the huge impact a minimum wage hike would have on the people who have been most harmed by the pandemic. The Economic Policy Institute (EPI) recently released an analysis of wages in the past year and found that average, inflation-adjusted wages in the U.S. had actually gone up in 2020. Great news, right? Wrong. The EPI found that average wages had increased because the makeup of the American workforce had changed so drastically — a huge proportion of those who lost their jobs during the pandemic were those making low wages, or around $14 per hour or less. In contrast, people making $25 per hour and above actually saw job gains overall in 2020. With so many low-wage jobs having disappeared, we get the illusion that there’s been progress instead of a downslide. A $15 minimum wage would be life-changing to so many Americans, and its exclusion from the next stimulus bill is an enormous disappointment. Like what you see? How about some more R29 goodness, right here?New Stimulus Checks Will Go Out To Fewer PeopleWhat To Know About Biden's COVID-19 Relief PlanBiden Is Making Sweeping Changes To Minimum Wage