“We view $CAN as the latest US-listed Chinese company to have deceived investors about its business”

One of the world's largest manufacturers of the ASIC devices that are used to "mine" cryptocurrency looks like a total Scam. 

"investigation of this bitcoin mining machine maker reveals undisclosed related party transactions, irregularities involving many customers and distributors, as well as a business model that we view as broken. Regardless of your outlook on the future of Bitcoin, we believe that CAN's business is simply far worse than promoted. "

"In the three months or so since listing, [$CAN]  has seen its share price collapse by almost half, from $9 to around $4.70 at pixel time (despite a rather unusual 80 per cent one-day surge in the middle of last month). And that's in a period during which bitcoin has climbed about 15 per cent."

See the story on FT Alphaville here: Canaan you believe this crypto stock got listed on the Nasdaq?

Norwegian Air shares plunge to 15-year low Analysts warn airline will have to raise fresh capital, prompting 27% fall in stock

Norwegian Air shares plunge to 15-year low as coronavirus adds to pressure. 

They raised NKr5.6bn -- $605MM-- in equity in 3 capital raisings in past 2 years + NKr1.5bn in convertible bond and extended debt maturities on NKr3.4bn of debt...But its market capitalisation on Monday was just NKr2bn. 

Needs to raise +/- NKr3bn to meet a challenging market and not find itself in the same situation next year when it faces repayment of a €250m bond. 

https://www.ft.com/content/310688ae-5f91-11ea-b0ab-339c2307bcd4  @FT

______________________________

MasterFeeds

@MasterFeed

#Venezuela's Suffering Shows Where Illiberalism Leads

An excellent piece on Venezuela by Anne Applebaum in The Atlantic, showing that what we are witnessing there is but a microcosm of so many of the ailments we see in so many countries' political systems / situations throughout the world today.

Long read, but worth it. 

Venezuela Is the Eerie Endgame of Modern Politics

Citizens of a once-prosperous nation live amid the havoc created by socialism, illiberal nationalism, and political polarization.

Anne Applebaum is a staff writer at The Atlantic. She is a senior fellow of the Agora Institute at Johns Hopkins University. Her latest book is Red Famine: Stalin's War on Ukraine.

February 27, 2020

Emin Ozmen/Magnum Photos

Last month, Juan Guaidó appeared in Washington in the role of political totem. Venezuela's main opposition leader—the man who is recognized by that country's National Assembly, millions of his fellow citizens, and several dozen foreign countries as the rightful president of Venezuela—was one of the special guests at the State of the Union address. President Donald Trump welcomed Guaidó as living evidence that his own administration was "standing up for freedom in our hemisphere" and had "reversed the failed policies of the previous administration"; he called Venezuela's current leader, Nicolás Maduro, an illegitimate ruler whose "grip on tyranny will be smashed and broken." He gave no details of how that would happen. Trump, who has never been to Venezuela or shown any prior interest in it—or, for that matter, shown any interest in freedom anywhere else —presumably knows that the country matters to some voters in South Florida. To their credit, members of Congress gave a bipartisan standing ovation to Guaidó nevertheless.

Trump is not the only world leader to cite Venezuela for self-serving ends.

Regardless of what actually happens there, Venezuela—especially when it was run by Maduro's predecessor, the late Hugo Chávez—has long been a symbolic cause for the Marxist left as well. More than a decade ago, Hans Modrow, one of the last East German Communist Party leaders and now an elder statesman of the far-left Die Linke party, told me that Chávez's "Bolivarian socialism" represented his greatest hope: that Marxist ideas—which had driven East Germany into bankruptcy—might succeed, finally, in Latin America. 

Jeremy Corbyn, the far-left leader of the British Labour Party, was photographed with Chávez and has described his regime in Venezuela as an "inspiration to all of us fighting back against austerity and neoliberal economics." 

Chávez's rhetoric also helped inspire the Spanish Marxist Pablo Iglesias to create Podemos, Spain's far-left party. Iglesias has long been suspected of taking Venezuelan money, though he denies it.