Tag: HNA

February 2, 2018


statista – The U.S. Cities With The Most Homeless People – Niall McCarthy 1/26

Worthy Insights / Opinion Pieces / Advice

FT – Short sellers eye better days after Steinhoff and Carillion wins – Miles Johnson and Robert Smith 1/31

  • “A rising tide, as the saying goes, lifts all boats. This effect, which has been played out across financial markets for several years, has inflicted pain and frustration on specialist short sellers of stocks and bonds who try and profit by betting against companies they believe harbor accounting irregularities.”
  • “But after years of frustration, some of the funds who have been doggedly shorting certain companies have been rewarded. Hedge funds that made bearish bets against the South African retailer Steinhoff International and the UK construction group Carillion saw these trades dramatically pay off as both companies collapsed under the weight of their debts.”
  • “’In the past few months there have been a number of accounting-related shorts, such as Steinhoff International and Carillion, that have been big money makers,’ says Alper Ince, an investor in hedge funds at Paamco. ‘I think there is an expectation among short sellers that we may see more of these after years of companies making big acquisitions and taking on more leverage’.”
  • “’There had been chatter about Steinhoff’s accounting for years, but being short investment grade companies has been an absolute death trade,’ says a London based credit trader. ‘It’s a bit like the old mantra ‘don’t fight the Fed’ — you can’t short investment grade bonds when you know the ECB is buying them on the other side’.”
  • “The ECB was one of the largest holders of Steinhoff’s outstanding €800m bond, owning around €100m of the debt before it sold its position entirely at a deep loss earlier this month.”

NYT – Worries Grow That the Price of Bitcoin Is Being Propped Up – Nathaniel Popper 1/31

  • “A growing number of virtual currency investors are worried that the prices of Bitcoin and other digital tokens have been artificially propped up by a widely used exchange called Bitfinex, which has a checkered history of hacks and opaque business practices.”

Markets / Economy

WSJ – Daily Shot: German 5yr Bond Yield 1/31


WSJ – Daily Shot: US Crude Oil Production 1/26

FT – Shale powers US oil output to heights of 1970 – Ed Crooks 1/31


Bloomberg Quint – India to Curb Cryptocurrency Use While Embracing Blockchain – Anto Antony 2/1

  • “India’s government said it doesn’t consider cryptocurrencies as legal tender and will take all measures to eliminate payments using them.”

How much.net – Visualizing The Meteoric Rise of Cryptocurrency in the Past 5 Years – Raul 1/30

Reuters – South Korea says no plans to ban cryptocurrency exchanges, uncovers $600 million (in) illegal trades – Dahee Kim, Cynthia Kim 1/30

Social Media

NYT – Twitter Followers Vanish Amid Inquiries Into Fake Accounts – Nicholas Confessore, Gabriel Dance, and Rich Harris 1/31


FT – Distressed debt investors line up to offer HNA financing – Henny Sender and Don Weinland 1/31

  • “Chinese conglomerate seeks up to $2bn secured against Hong Kong land holdings.”

Other Interesting Links

NYT – San Francisco Will Clear Thousands of Marijuana Convictions – Timothy Williams and Thomas Fuller 1/31

  • “Thousands of people with misdemeanor convictions for marijuana possession dating back 40 years will have their criminal records cleared, the San Francisco district attorney’s office said Wednesday. San Diego is also forgiving old convictions.”

January 30, 2018


statista – Super Bowl LII – Felix Richter 1/26

Worthy Insights / Opinion Pieces / Advice

FT – The dangers of digital democracy – Rana Foroohar 1/28

FT – What Venezuela’s chaos means for the oil market – Nick Butler 1/28

  • “Anyone looking for an explanation of the recent uptick in the oil price towards $70 a barrel need look no further than the unhappy state of Venezuela. Oil production in the country fell 13% in 2017 (against the 2016 average), with the drop accelerating towards the end of the year. In the last three months alone output has fallen by more than 500,000 barrels a day to a 28-year low of just over 1.6m a day.”
  • “On any normal measure, Venezuela should be one of the world’s richest countries. With proven oil reserves of over 300bn barrels and a wealth of other natural resources, the 30m citizens of the Bolivarian Republic should be the beneficiaries of a secure regional market for oil supplies and of the skills accumulated in the industry over the last 80 years.”
  • “Instead, the country is on the verge of bankruptcy. The government is toying with inventing a currency — the petro — securitized against the contents of an oilfield in the Orinoco basin. But the first requirement of cryptocurrencies is trust and there is little or none of that for the government of President Nicolás Maduro. Inflation rate is running at 1,178%, according to unofficial estimates — the government has stopped publishing inflation data.”
  • “The collapse of Venezuela as a viable state has accelerated over the past six months and its effects have begun to hit the country’s core business — the production of oil. The state company PDVSA is deeply in debt. Including bonds, notes and other loans, it owes around $56bn. Schlumberger the international oil services company, took a write down of $938m last month because of bills the country has failed to pay.”
  • “Cuba, once the closest ally of Venezuela’s hard-left leadership, has taken control of PDVSA’s stake in a local refinery to offset unpaid debts. Russia and China have at times propped up the Maduro government but now the limit of generosity seems to be some relief on repayment terms rather than new loans.”
  • “In the absence of regime change there will be no rescue funds from the International Monetary Fund or anyone else. Meanwhile, the opposition, although vocal, lacks any effective power. In these circumstances, the country’s oil production is likely to stay down, and could well fall further during 2018.”
  • “For Venezuela the situation is a deepening tragedy. For the oil market, and Opec in particular, the loss of production from one of the most important producers outside the Middle East is a source of salvation.”

NYT – The Follower Factory – Nicholas Confessore, Gabriel Dance, Richard Harris, and Mark Hansen 1/27

  • “Everyone wants to be popular online. Some even pay for it. Inside social media’s black market.”


WEF – We’re getting closer to completing the energy transition – Faith Birol 1/18

Environment / Science

FT – The problem with plastic – Clive Cookson 1/23

  • “Every year an estimated 8 million tons of plastic end up in ocean.”

Health / Medicine

NYT – In Kenya, and Across Africa, an Unexpected Epidemic: Obesity – Jeffrey Gettleman 1/27


FT – China faces refinancing crunch with $2.7tn of bonds bearing down – Emma Dunkley and Gabriel Wildau 1/28

  • “China’s $4tn bond market faces a refinancing challenge over the next five years as more than half of the outstanding debt matures, heightening concerns over default risk by some borrowers.”

FT – China’s HNA tries to navigate turbulent times – Lucy Hornby 1/28

  • “In the space of just 12 months, Chinese airline-to-finance conglomerate HNA has morphed from a symbol of the ambition and wealth of China Inc into a cautionary tale of corporate indebtedness.”
  • “About $20bn in US dollar-denominated bonds issued by HNA and its subsidiaries are due to mature in 2018 or 2019. The yields on three of those dollar bonds issued by HNA’s main Hong Kong subsidiary have spiked, doubling this month to more than 18%.”
  • “There are also signs of a cash crunch rippling through the group’s complex structure, which includes 16 listed entities and many layers of shell companies and crossholdings. Several have raised debt from Chinese banks and HNA has also turned to high-interest peer-to-peer loans, making its renminbi-denominated debt harder to quantify.”


Project Syndicate – The Bank of Japan’s Moment of Truth – Takatoshi Ito 1/25

  • “After years of deflation, Japan’s labor market is the tightest it has been in decades and the Bank of Japan is still providing significant stimulus to the economy. But with inflation still well below target, central bankers are finding themselves between a rock and hard place.”

December 21, 2017


Visual Capitalist – Sellbrite: Breaking Down How Amazon Makes Money – Jeff Desjardins 12/19

NYT – How the Winklevoss Twins Found Vindication in a Bitcoin Fortune – Nathaniel Popper 12/19

WSJ – Daily Shot: BMO & statista – US States with Highest rates of debt collection 12/19

Worthy Insights / Opinion Pieces / Advice

FT – The long and short of H&M’s travails – Richard Milne 12/19

  • “Concerns rise that family-controlled Swedish retailer needs radical change.”

ZeroHedge – China Systemic Risk: Liquidity Problem Surfaces at HNA Group Less Than Two Weeks After Company’s Denial 12/18

Markets / Economy

Bloomberg Businessweek – Fees Rise for Underfunded Pensions – Katherine Chiglinsky and Brandon Kochkodin 12/14

  • “The largest pension plans held by S&P 500 companies face a $348 billion funding gap. As a result, they’re paying higher annual fees to the U.S. Pension Benefit Guaranty Corp., the government agency that backstops plans. ‘There’s increased awareness that an underfunded plan imposes risk on employees, it imposes risk on shareholders, and it’s getting more expensive,’ says Olivia Mitchell, a professor at the University of Pennsylvania’s Wharton School and executive director of the Pension Research Council.”
  • “Only about two dozen companies in the S&P 500 have overfunded pensions. Nine of them are banks.”
  • “Offloading risk isn’t on the table for every company. Insurers don’t take on obligations from underfunded plans…”

CNN Money – SEC suspends trading of red-hot bitcoin stock – Paul R. La Monica 12/19

WSJ – Cryptocurrency Exchange Collapses, Files for Bankruptcy After Second Hack – Eun-Young Jeong and Steven Russolillo 12/19

  • “Yaipan, which operates South Korea’s Youbit, said latest security breach caused it to lose 17% of its total assets.”

Bloomberg – South Korean Crypto Exchange Files for Bankruptcy After Hack – Todd White and Kyungjin Yoo 12/19

  • “Korea has emerged as a sort of ground zero for the global crypto-mania. So many Koreans have embraced bitcoin that the prime minister recently warned that cryptocurrencies might corrupt the nation’s youth. The craze has spread so far that, in Korea, bitcoin is trading at a premium over prevailing international rates.”

Real Estate

Yahoo Finance – The hottest housing market of 2017 – Amanda Fung 12/20

  • Spoiler alert: it’s Seattle.


ARS Technica – Currency-mining Android malware is so aggressive it can physically harm phones – Dan Goodin 12/19


FT – Help! My house has been hijacked – Lucy Warwick-Ching 12/19

  • “Fake tenants adopt a property owner’s identity and sell the property.”


WSJ – EU Triggers ‘Nuclear Option’ in Fight With Poland – Valentina Pop 12/20

Other Interesting Links

NYT – ‘Porch Pirates’ Steal Holiday Packages as They Pile Up at Homes – Nick Wingfield 12/19

December 20, 2017


Visual Capitalist – Visualizing the Money Made Per Second by Top Companies – Jeff Desjardins 12/18

NYT – A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo) – Nathaniel Popper 12/19

  • “There are hedge funds with blockbuster returns. Then there is the Pantera Bitcoin Fund.”
  • “The fund — one of the first in the world to dedicate itself to virtual currencies — released its returns in a letter sent to investors on Tuesday. The figure for the life of the fund, which was set up in 2013, is eye popping: 25,004%.”
  • “A significant portion of the gains have come this year, thanks to the skyrocketing price of an individual Bitcoin, which hit $19,000 on Monday. (The fund’s 25,004% figure was actually counted back when Bitcoin was at $15,500, a week ago.)”
  • “Currently, the average price of one Bitcoin is about $18,007, according to Blockchain.info, a news and data site.”
  • “For comparison, the top performing hedge fund in the world last year returned 148%, according to Preqin, a hedge fund tracker. Since 2013, the Pantera Bitcoin Fund’s compound annual returns have been around 250%.”
  • “The Pantera Bitcoin Fund did not have to do much to get those returns. It just bought Bitcoins and held them as the price went up. Its performance is a reminder of the unprecedented gains that Bitcoin has experienced, with some analysts arguing that Bitcoin’s moves have been even greater than the movements of Dutch tulip bulb prices back in the 1600s.”

Worthy Insights / Opinion Pieces / Advice

WSJ – The Flawed Bull Case for Bitcoin – Aaron Back 12/19

  • “The bitcoin network can only handle a limited number of transactions per second, and is being overwhelmed by traffic.”

Real Estate

China’s HNA Group Seeking Sale of $6 Billion in Overseas Property – Wayne Ma and Julie Steinberg 12/18

  • “HNA, an airlines-to-hotels conglomerate that until a few months ago was aggressively scooping up assets around the world, is now trying to raise cash to pay off debt that helped fund over $40 billion worth of acquisitions since 2015. In recent weeks, the company’s liquidity has come under pressure and some of its borrowing costs have climbed.”
  • “HNA has earmarked roughly $6 billion worth of properties for sale, including prime office towers in Midtown Manhattan, London’s Canary Wharf and San Francisco’s Mission District, as well as resorts in French Polynesia and buildings in Australia, according to a person close to the matter.”
  • “The company owns about $14 billion worth of commercial real estate globally, according to Real Capital Analytics, and the assets being considered for sale make up a large portion of its overseas portfolio. HNA paid hefty sums for several of the properties as recently as 2016, such as the City Center, which also houses retail stores Marshalls and Brooks Brothers, as well as plots of land that Hong Kong’s old airport used to sit on.”
  • “HNA, which has assets of more than $140 billion and is based in the Chinese tropical island of Hainan, over the past two years has announced more than 80 deals, scooping up large stakes in Deutsche Bank AG, the Hilton hotel chain, and scores of other businesses. The group previously estimated it has over $100 billion in debt, about a quarter of which is coming due within a year.”
  • “HNA is looking to sell around 20 commercial properties, according to a person familiar with the matter. Some, such as an office building on Mission Street in San Francisco and 850 Third Avenue in New York City were bought as recently as 2016, according to Dealogic. Others, including a building at 1180 Avenue of the Americas in Manhattan that HNA earlier this year said it wanted to sell, have been in its portfolio for years.”
  • “Some market participants believe HNA overpaid for some of the assets, which could make it difficult to find buyers for the prices it wants. For example, HNA last year agreed to pay $3.5 billion for the plots of land at what used to be Hong Kong’s airport. One of the parcels was purchased at an 88% premium over a previous valuation.”
  • “The sale plans come as HNA’s borrowing costs have risen sharply and investors have grown concerned about the company’s ability to pay off tens of billions in debt coming due next year. While HNA Group is privately owned, the company has around a dozen listed subsidiaries and other units that have issued bonds. Shares and bonds of several HNA units have plunged in recent months, hampering their ability to sell new securities to raise funds.”
  • “Last week, the yield on a short-term HNA-related bond briefly surged above 20%, a worrying sign for the company and its investors.”


FT – ‘Retail apocalypse’ trade prompts contrarian bets – Miles Johnson 12/18


WSJ – The Worlds’ Top Banana Is Doomed and Nobody Can Find a Replacement – Lucy Craymer 12/18

  • The headline is a little over the top; however, the Cavendish banana is under threat from a fungus and finding a replacement or beefing up the Cavendish is no easy task.

Other Interesting Links

WP – This angry inventor has a special gift for package thieves: Revenge – Cleve R. Wootson Jr. 12/19

December 14, 2017


Visual Capitalist – Animation: Visualizing the ICO Explosion – Jeff Desjardins 12/12

WSJ – Thousands of Fake Comments on Net Neutrality: A WSJ Investigation – Paul Overberg and James V. Grimaldi 12/12

Worthy Insights / Opinion Pieces / Advice

FT – The twin trap for Tesla investors predicting the future – Vitality Katsenelson 12/12

  • “Fear of diluted stock remains, even if the electric carmaker becomes profitable.”

NYT – Quakes and Fires? It’s the Cost of Living That Californians Can’t Stomach – Conor Dougherty 12/12

The Real Deal – The Long View: HNA, Anbang and the myth of low leverage – Konrad Putzier 12/12

  • “New York’s real estate market now grappling with the Chinese debt binge.”

Markets / Economy

CNN – South Korea is going bitcoin crazy – Jake Kwon 12/12

  • “On any given day, South Korea accounts for as much as 20% of all bitcoin trades around the world.”

Real Estate

FT Due Diligence – M&A is the weapon of choice against Amazon for mall operators – 12/12


NYT – Artist Flees Beijing After Filming Devastation of Mass Evictions – Austin Ramzy 12/12

December 11, 2017

If you were only to read one thing…

A Wealth of Common Sense: How Does Something Like Bitcoin Happen? – Ben Carlson 12/7

  • The best synopsis of the cryptocurrency I’ve read to date.
  • A taste: “Anyone who tells you they know where this thing is heading, how to value it, where it ends, etc. is nuts. No one has a clue. This is everything you’ve ever read about the markets all wrapped into one — FOMO, supply & demand, human nature, behavioral biases, volatility, booms, busts, uncertainty about the future, etc.”


WEF – California is the world’s sixth largest economy. Now is the perfect time for it to step up – Rodrigo Tavares 12/7

WP – Americans are drowning in debt. Here’s where they have it the worst. – Christopher Ingraham 12/8

Worthy Insights / Opinion Pieces / Advice

Be Inspired: The Power of Morning Routine – Jim Kwik 11/26 (YouTube Video)

Bloomberg – HNA Warning Signs Keep Sprouting Up Over Mounting Debt Costs – Judy Chen and Dong Lyu 12/6

Farnam Street – Maker vs. Manager: How Your Schedule Can Make or Break You – Shane Parrish 12/9

Fortune – Inside Elliott Management: How Paul Singer’s Hedge Fund Always Wins – Jen Wieczner 12/7

FT – Self-driving finance could turn into a runaway train – Gillian Tett 12/7

  • “…at a recent financial technology conference at Michigan Law School, regulators and academics estimated that computers are now generating around 50-70% of trading in equity markets, 60% of futures and more than 50% of treasuries. Increasingly, machine learning and artificial intelligence are being added to the mix, to analyze data, trade securities and offer investment advice.”
  • “What we are seeing, in other words, is the rise of self-driving investment vehicles, matching the auto world. But while the sight of driverless cars on the roads has sparked public debate and scrutiny, that has not occurred with self-driving finance.”

FT – $400m for a Leonardo da Vinci. Has the art world gone mad? – Jan Dalley 12/7

Investment News – Stripped of fat commissions, nontraded REIT sales tank – Bruce Kelly 12/7

  • “The Department of Labor’s fiduciary standard, and new securities industry account statement rules for greater clarity in the prices of products, have forced nontraded real estate investment trusts to slice their commissions. Since then, sales of the product have collapsed.”
  • “No fat commissions on REITs means poor sales by brokers.”
  • “REIT managers and broker-dealer executives are likely reluctant to make the connection, at least publicly. But there is no denying that brokers’ appetite for the product disappeared almost overnight once upfront commissions were cut from 7% on an A share to 3% for a T share.”
  • “When REIT sales were booming a few years ago, the product’s pitch was simple: real estate kicks off an income stream of 6% to 7% annually, real estate is an asset class that is not correlated to the stock market, and with interest rates at record lows, investors needed the yield.”
  • “Those conditions haven’t changed dramatically, but nontraded REIT sales have tanked regardless.”
  • InvestmentNewsreported last month that Robert A. Stanger & Co. expects nontraded REIT sales this year to reach just $4.4 billion, about $100 million less than last year and the lowest levels since 2002.”
  • “If the ‘income, diversify and interest rate’ pitch was accurate back in 2012 and 2013, when REIT sales were booming, why isn’t it working today? There is little change in the narrative.”
  • “Interest rates have risen only marginally, and with the stock market roaring, wouldn’t it make sense for a broker to peel off some clients’ gains and invest in commercial real estate, a hard asset not correlated to stocks?”
  • “With brokers no longer getting juicy commissions for REIT sales, they simply don’t appear interested in selling the product.”
  • “Most brokers who still sell nontraded REITs no longer earn the eye-popping 7% commission, the standard rate paid to brokers who sold the product back in 2013, when REIT sales hit their all-time high and brokers sold $19.6 billion of the product.”
  • “The Financial Industry Regulatory Authority Inc. recently put into place a new rule, known as 15-02, that makes pricing of illiquid securities like nontraded REITs more transparent to investors. In the past, client account statements showed illiquid securities like REITs at the value they were bought by the client and did not subtract commissions, which were high.”
  • “‘Now that REITs are getting priced on statements, with Finra 15-02, advisers are having to consider these positions from a total return standpoint, not just income,’ Mr. Rooney said. ‘They are re-evaluating the client’s perception of the product.'”

Markets / Economy

WSJ – Daily Shot: FRED – US Treasury Securities Held by the Federal Reserve 12/8

  • “And so it begins… Quantitative tightening is finally here.”

Real Estate

Business Insider – Here’s where the future of retail is headed in 2018 – Stephanie Pandolph 12/5

  • Industry to top $5.5tn by 2020.

FT – Norway’s oil fund makes first Asian property investment – Richard Milne 12/7

  • “Sovereign wealth fun takes stake in 5 buildings in Tokyo and plans more deals.”


WSJ – Daily Shot: WP – Bitcoin Rising 12/7

  • “Bitcoin blasts past $15k, $16k, $17k in less than 24 hours.”

WSJ – Bitcoin’s Wildest Rise Yet: 40% in 40 Hours – Paul Vigna and Steven Russolillo 12/7

  • “Bitcoin mania reached new highs Thursday as the price of the digital currency jumped about 40% in 40 hours, smashing through five separate $1,000-barriers and surging past $16,000.”

NYT – Bitcoin’s Price Has Soared. What Comes Next? – Nathaniel Popper 12/8


WSJ – Jailed for a Text: China’s Censors Are Spying on Mobile Chat Groups – Eva Dou 12/8

  • If only George Orwell could see the tools at Big Brother’s disposal now.

FT – International investors chase the red dragon – Chris Flood 12/9

November 29, 2017

Worthy Insights / Opinion Pieces / Advice

A Teachable Moment – Rage Against The Fee Machine – Anthony Isola 11/27

CNBC – Chance of US stock market correction now at 70 percent: Vanguard Group – Eric Rosenbaum 11/27

  • “Don’t panic, but there is now a 70% chance of a U.S. stock market correction, according to research conducted by fund giant Vanguard Group. There is always the risk of a correction in stocks, but the Vanguard research shows that the current probability is 30% higher than what has been typical over the past six decades.”
  • “‘It’s about having reasonable expectations,’ Davis (Joe Davis, Vanguard chief economist)  said of the research, which attempts to provide investors with a view of what can occur in the markets in the next five years. ‘Having a 10% negative return in the U.S. market in a calendar year [within a five-year forward period] has happened 40% of the time since 1960. That goes with the territory of being a stock investor.’ He added, ‘It’s unreasonable to expect rates of returns, which exceeded our own bullish forecast from 2010, to continue.'”
  • “In its annual economic and investing outlook published last week, Vanguard told investors to expect no better than 4% to 6% returns from stocks in the next five years, its least bullish outlook since the post-financial crisis recovery began.”
  • “For Vanguard the research is a chance to remind investors that overreaching is no better a solution for a lower-return environment than getting out of the market entirely. Davis worries some investors will hear ‘lower returns’ and view it as a catalyst to become more aggressive as a way to generate the returns they have been used to in recent years.”
  • “As long as an investor is in a financial situation in which they can cope with a single down year, ‘you need to stay invested, because of lower expected returns,’ Davis said. But he added, ‘Don’t become overly aggressive. The next five years will be challenging, and investors need to have their eyes wide open.'”

Economist – A more perfect union – Leaders 11/23

  • “Marriage is more rewarding – but also more upmarket. That is a problem.”

Economist – Teenagers are growing more anxious and depressed 11/23

  • “Could they hold the culprit in their hands?”

FT – Made in China – the world energy market of the future – Nick Butler 11/26

FT – Let the 5G battles begin – Rana Foroohar 11/26

FT – HNA planned 2012 bond deal shows tolerance for expensive debt – Robert Smith 11/26

FT – Venezuela stakes claim as Schrodinger’s cat of the debt world – Jonathan Wheatley 11/27

Pragmatic Capitalism – How to Manage an Asset Price Mania (Like Bitcoin) – Cullen Roche 11/27

  • “One of the main reasons why millions of people jump on investment manias and get crushed by them is because of a simple Fear Of Missing Out. Your co-worker made $10,000 investing in Fidget Spinners and now you feel like you weren’t enough of a dumbass with your dumbass money so you invest your dumbass money in something that is truly for dumbasses and you lose your (dumb) ass.”

The Registry – Murder on the Retail Express? – John McNellis 11/28

Markets / Economy

Fast Company – Cord-cutting is speeding up: Here’s how many people ditched cable TV this quarter 11/15

  • I’m sure this number would be higher if people had heard of YouTube TV…


Bloomberg Quint – SoftBank Is Said to Seek Uber Stock at $48 Billion Valuation – Eric Newcomer 11/28

Middle East

FT – Saudi crown prince pledges to rid world of Islamist terror – Simeon Kerr 11/26

  • “Saudi Arabia’s crown prince has pledged to rid the world of Islamist terrorism as he launched a military alliance that critics fear will deepen rifts between the kingdom and its arch-rival Iran.”
  • “Prince Mohammed has vowed to restore moderate Islam in the kingdom, where puritanical strains of the faith that encouraged violence have been promoted for decades. The launch of the alliance follows Friday’s jihadist attack on a mosque in Egypt that left more than 300 people dead. ‘The greatest danger of extremist terrorism is in distorting the reputation of our tolerant religion,’ the prince said.”