Bloomberg and Misk foundation extend financial journalism training program

Updated 13 June 2018
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Bloomberg and Misk foundation extend financial journalism training program

  • First round attracted 30 Saudi journalists
  • Bloomberg and Misk signed initial agreement in November 2016

Bloomberg has announced the second round of its five-day financial journalism training programs for young Saudis, in conjunction with the Kingdom’s Misk foundation.
The initiative aims to advance financial education and journalism in the country through training conducted by Matthew Winkler, editor-in-chief emeritus of Bloomberg News, and more than 20 of the newswire’s journalists and analysts.
Misk is accepting applications for the initiative from top-performing male and female undergraduate, recently graduated and graduate students from Saudi Arabia. The course will take place in Bloomberg’s newsroom in Dubai from September 9—13.
The first program, held in January, saw a total of 30 aspiring Saudi journalists take part — 22 women and 8 men — with majors ranging from journalism and marketing to finance.
The program follows the signing of an agreement between Bloomberg and the Misk Foundation in November 2016 to explore a number of joint initiatives.
The collaboration sees Bloomberg develop and deliver cross-disciplinary education and training programs focused on business, economics, finance and journalism to enhance the skills and knowledge of young finance and media professionals in the Kingdom of Saudi Arabia.  
Bloomberg and Misk signed a separate agreement in March to create financial training programs and finance labs at 30 Saudi Arabian universities, and equip 250 Saudi Arabian companies with market trainings, tools and resources.


Chinese smartphone maker Xiaomi lowers target as it kicks off IPO

Updated 4 min 38 sec ago
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Chinese smartphone maker Xiaomi lowers target as it kicks off IPO

HONG KONG: Chinese smartphone maker Xiaomi kicked off its initial public offering Thursday but the firm is likely to pull in about $6.1 billion, far less than originally expected, with investors having mixed views about its main business.
Xiaomi had hoped to raise $10 billion with the Hong Kong IPO, making it the biggest since Alibaba’s $25 billion New York debut in 2014 and valuing the company at about $100 billion.
However, the firm is offering 2.18 billion shares at HK$17-HK$22 apiece, according to Bloomberg News, which values it at about $53.9-$69.8 billion.
Xiaomi had hoped to be the first company to list shares in Hong Kong at the same time as launching new Chinese Depository Receipts (CDRs) in Shanghai under new rules announced in April by mainland authorities to open up markets in the world’s number two economy.
But on Tuesday it put off its decision on listing the CDRs until it completes its IPO in Hong Kong. The China Securities Regulatory Commission said it has canceled a listing review originally scheduled for June 19.
This delay, as well as differing market views about Xiaomi’s business model, were also among reasons for the lower valuation.
CEO Lei Jun claimed it was an Internet services company making money via online games and advertisements despite 70 percent of its revenues coming from selling hardware, particularly smartphones.
The firm, which mainly sells cheap but high-quality smartphones in China, is looking to push into Europe — recently opening its first flagship store in Paris — as the home market reaches saturation point.
China Mobile and US wireless-chip giant Qualcomm are among the cornerstone investors and it is expected to list on July 9.
Chinese authorities devised the CDR program, under which homegrown companies listed abroad can simultaneously list at home, after watching technology heavyweights Alibaba and Baidu list on Wall Street.
The objectives of the plan include helping to develop China’s still relatively immature and volatile share markets while allowing domestic investors to invest in the country’s big tech champions.
Alibaba and Hong Kong-listed Tencent have expressed an interest in the plan.
Xiaomi shipped 28 million smartphones worldwide from January to March, an 88-percent surge year-on-year.
That was fourth in the world after Samsung, Apple and China’s Huawei, according to figures from the International Data Corporation.