Archive for Finance
Billionaire-Backed Fidelio Is Looking for More After 900% Return
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Firm’s return on sale of AniCura stake was more than 10-fold
- Fidelio has no time limit, no short-term return requirements
Swedish investment firm Fidelio Capital just scored a more than 10-fold return when it sold its stake in AniCura after seven years of careful nurturing of the animal hospitals and clinics provider.
Backed by funding from Katarina Martinson, the daughter of Swedish billionaire investor and Industrivarden AB Chairman Fredrik Lundberg, Fidelio makes investments with a longer-term outlook than traditional private equity firms, according to Founder and Chief Executive Officer Gabriel Fitzgerald. While private-equity firms typically have an investment horizon of 5-10 years, Fidelio has no time constraints…
China Shows Signs of Losing Steam as PBOC Pauses After Fed Hike
Posted by: | CommentsChina’s central bank held off from immediately raising borrowing costs following the U.S. Federal Reserve, a decision that came just as economic data for May showed that the economy is losing steam…
China Shows Signs of Losing Steam as PBOC Pauses After Fed Hike
As a Trade War With China Looms, the Fed’s Powell Did Not Sound Worried
Posted by: | CommentsGet the DealBook newsletter to make sense of major business and policy headlines — and the power-brokers who shape them.
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Jerome H. Powell, the chairman of the Federal Reserve, made comments on Wednesday that are likely to go down well with supporters of President Trump’s increasingly belligerent trade policies…
As a Trade War With China Looms, the Fed’s Powell Did Not Sound Worried
Disney Under Gun to Respond After Comcast’s $65 Billion Fox Bid
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Cable giant took step after AT&T got clearance for Time Warner
- Disney under pressure to improve its $52.4 billion offer
Your move, Disney.
After Comcast Corp. made a $65 billion bid on Wednesday for 21st Century Fox Inc.’s entertainment assets — the same holdings that Walt Disney Co. had agreed to buy for about $52.4 billion — the Mouse House is under pressure to respond…
Disney Under Gun to Respond After Comcast’s $65 Billion Fox Bid
The Fishing Port That May Become a $10 Billion Chinese Debt Bomb
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China plans a massive deep-water port and industrial zone
- Myanmar is concerned the project will overload it with debt
The town of Kyaukpyu, nestled around a small fishing port on the Bay of Bengal, has the air of a place expecting to get rich soon.
In the seaside market, stalls of seafood unloaded from wooden fishing boats floating in the rubbish-strewn harbor have been joined by stacks of Chinese-made toys and smartphones. Nearby, cattle graze between building sites as high-rise offices and hotels replace weather-stained bungalows. Fine-dining rooftop restaurants and a golf course underline the sense of transition…
Asian stocks near three-week top, dollar eases after U.S. inflation
Posted by: | CommentsSYDNEY (Reuters) – Asian markets started on a firm footing and the dollar eased on Friday as softer-than-forecast U.S. inflation data tempered expectations for faster Federal Reserve interest rate rises this year…
Asian stocks near three week top, dollar eases after U.S. inflation
Australia’s AMP at risk of hemorrhaging wealth clients: Macquarie
Posted by: | CommentsSYDNEY (Reuters) – AMP Ltd (AMP.AX) could see A$35 billion in investor outflows due to the hit to its reputation from board-level misconduct, analysts at Macquarie Group Ltd (MQA.AX) said on Friday, sending shares in the Australian wealth manager to a seven-year low…
Australia’s AMP at risk of hemorrhaging wealth clients: Macquarie
With Jail Sentences and Corporate Flameouts, China Is Tackling its Debt
Posted by: | CommentsHONG KONG — A Shanghai court imprisoned a tycoon who used a mountain of debt to buy the Waldorf Astoria hotel. Small Chinese companies are increasingly saying they cannot repay their bills, as money gets more expensive or harder to find. For other private businesses, the cost to borrow has shot up.
Faced with the looming consequences of a decade-long borrowing binge, the Chinese government is intensifying its efforts stamp out risky lending and speculative froth from the world’s second-largest economy. To do it, Beijing is putting the brakes on shadowy forms of underground lending and making public spectacles of the worst offenders, even as it takes steps to ensure that small investors and the broader economy are not shaken…
At Deutsche Bank’s U.S. Unit, Anxiety Grows as Ax Starts to Fall
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Firm likely to dismiss some pricey recruits from recent years
- New CEO Sewing is said to travel to New York to bolster morale
In chandeliered conference rooms and marble-floored hallways, Wall Street A-listers chatted, with no shortage of schadenfreude, about the German bank’s recent capitulation: After two decades trying to build one of the world’s top investment banks, it’s settling for something less — and may eliminate thousands of jobs, especially in the U.S…
One Risk to the Economy — A Slowdown in Lending: DealBook Briefing
Posted by: | CommentsGood Thursday. Here’s what we’re watching:
• A slowdown in lending could pose a threat to the economy.
• Could oil prices return to $100 a barrel next year?
• Walmart’s journey to its biggest deal.
• How Michael Cohen made $2 million as a gatekeeper.
• The latest fallout from Trump’s foreign policy…
One Risk to the Economy — A Slowdown in Lending: DealBook Briefing
The Wealthy Are Hoarding $10 Billion of Bitcoin in Bunkers
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Xapo’s Casares is Bitcoin’s ‘Patient Zero’ in Silicon Valley
- Fingerprint scanners prevent amputated hands from being used
Behind the guards, the blast doors and down corridors of reinforced concrete, sit the encrypted computer servers — connected to nothing — that hold keys to a vast digital fortune.
Argentine entrepreneur Wences Casares has spent the past several years persuading Silicon Valley millionaires and billionaires that Bitcoin is the global currency of the future, that they need to buy some, and that he’s the man to safeguard it. His startup, Xapo, has built a network of underground vaults on five continents, including one in a decommissioned Swiss military bunker…
Walmart’s $16 Billion India Investment Hits Waltons’ Fortune
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Falling shares cut $4.3 billion from the Walton family fortune
- Walmart’s purchase makes Flipkart’s co-founders billionaires
Walmart Inc., controlled by the Walton family, led a group that bought a 77 percent stake in Flipkart Online Services Pvt. The deal valued the Indian company at about $21 billion…
Walmart’s $16 Billion India Investment Hits Waltons’ Fortune
Don Blankenship Credits Trump With Helping Him Lose WV
Posted by: | CommentsBlankenship, who was running in a deep primary of Republican candidates, built his campaign on attacking Senate Majority Leader Mitch McConnell and Elaine Chao. Blankenship particularly went after their Chinese family. (RELATED: Don Blankenship Releases New Ad Attacking Mitch McConnell’s ‘China Family’)
President Trump urged West Virginians to vote for other Republican candidates, insisting that Blankenship cannot win the general election and to “remember Alabama.”
“Don Blankenship, currently running for Senate, can’t win the General Election in your State,” Trump tweeted on Monday…
Don Blankenship Credits Trump With Helping Him Lose WV
Musk vs. Buffett: An Invitation for Investors to Take Sides
Posted by: | CommentsElon Musk and Warren E. Buffett clashed over the weekend after Mr. Musk, Tesla’s chief executive, derided as lame Mr. Buffett’s concept of companies having “moats” to keep potential competitors at bay. When Mr. Buffett, the Berkshire Hathaway chairman, cited his confectionery maker, See’s Candies, as proof to the contrary, Mr. Musk pledged to launch his own candy maker. It’s an invitation for investors to take sides; many already have.
For the 40,000 shareholders who flooded Omaha for Berkshire Hathaway’s annual meeting on Saturday, Tesla looks like the epitome of a terrible investment. Mr. Buffett prizes companies with healthy management incentives, simple operations and little competition. Mr. Musk’s electric-car maker flunks on all three counts…
Billionaire Drahi Isn’t Willing to Sell Altice’s French Unit
Posted by: | Comments“I’m not a seller of my French business,” Drahi told reporters. “I started my entire business in France and there is no chance I sell.”
Billionaire Drahi Isn’t Willing to Sell Altice’s French Unit
Billionaire Frere to Sell Entire $700 Million Burberry Stake
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Groupe Bruxelles Lambert to sell 6.6 percent Burberry holding
- Frere began building investment in trench-coat maker last year
Frere’s Groupe Bruxelles Lambert SA is offering 27.6 million shares in a private placement via Goldman Sachs International, according to a statement Tuesday. The firm said proceeds from the sale of the stake, equal to 6.6 percent of the London-based luxury company, will help it make new investments…
Billionaire Frere to Sell Entire $700 Million Burberry Stake
Actor Antonio Banderas Lists Manhattan Apartment for $7.95 Million
Posted by: | CommentsSpanish actor Antonio Banderas is listing his Manhattan apartment, which overlooks Central Park, for $7.95 million.
The “Puss in Boots” and “The Mask of Zorro” star purchased the home for $3.995 million in 2005 with then-wife, Melanie Griffith, property records show. Mr. Banderas took title to the property in 2016 following their divorce, records show…
Actor Antonio Banderas Lists Manhattan Apartment for $7.95 Million
Cord-Cutting Pain Spreads to High-Yield Bond Market
Posted by: | CommentsThe consumer stampede to streaming media from traditional broadcasters is claiming an unexpected victim: high-yield bond investors.
Telecommunications, cable and satellite companies have borrowed hundreds of billions of dollars in junk debt to build networks that would allow them to dominate their markets for decades to come…
Cord-Cutting Pain Spreads to High-Yield Bond Market
Plaza Hotel’s $600 Million Deal May Go Forward With New Buyers
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Ashkenazy, Kingdom Holding are said to exercise option
- Investors Shahal Khan and Kamran Hakim previously struck deal
Ashkenazy and Kingdom have less than two weeks to come up with a deposit and proof of funds for the total or their deal will be canceled, said the person, who asked not to be identified because the details of the deal are private. A cancellation would reinstate the earlier agreement, signed by Shahal Khan and Kamran Hakim, the person said…
How Michael Cohen, Trump’s Fixer, Built a Shadowy Business Empire
Posted by: | CommentsHe was a personal-injury lawyer who often worked out of taxi offices scattered around New York City.
There was the one above the run-down auto repair garage on West 16th Street in Manhattan, on the edge of the Meatpacking District before it turned trendy. There was the single-story building with the garish yellow awning in the shadow of the Queensboro Bridge. There was the tan brick place on a scruffy Manhattan side street often choked with double-parked taxis…
How Michael Cohen, Trump’s Fixer, Built a Shadowy Business Empire
Fear Is Biggest Obstacle for Investors in Bankrupt Indian Firms
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Lenders have ‘fear psychosis’ about decisions going wrong
- India is probing bankers for alleged impropriety over loans
The wait for investors to acquire some of the $210 billion of stressed assets up for grabs in India is likely to get longer. That’s because creditors are afraid to take decisions.
Current and former top bankers from at least four state-run lenders are under investigation for alleged impropriety over their lending decisions, while the Central Bureau of Investigation has started a preliminary inquiry into an alleged nexus between Videocon Chairman Venugopal Dhoot and the spouse of ICICI Bank Ltd. CEO Chanda Kochhar after ICICI extended credit to the conglomerate…
Robert F. Smith Spends Nearly $60 Million on a New York Penthouse
Posted by: | CommentsThe private equity executive and the first African-American chairman of Carnegie Hall bought a 10,000-square-foot triplex with a rooftop terrace
Private equity executive Robert F. Smith was the buyer who purchased a $59.058 million penthouse in New York’s Chelsea neighborhood, according to two people familiar with the deal.
The transaction, while short of Dell Technologies founder Michael Dell’s record $100 million-plus penthouse purchase in 2014, is still one of the largest sales ever recorded in the city…
Robert F. Smith Spends Nearly $60 Million on a New York Penthouse
Steinhoff CEO Pays Share-Backed Loan Taken Days Before Fall
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Danie van der Merwe borrowed 26.4 million rand on Nov. 29
- Steinhoff shares plunged a week later amid accounting scandal
Steinhoff International Holdings NV said acting Chief Executive Officer Danie van der Merwe repaid a 26.4 million-rand ($2.1-million) loan backed by company shares that he took out a week before the retailer’s stock collapsed because of an accounting scandal.
Emerging Market Central Banks Face Toughest Test Since Taper Tantrum
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Subdued inflation, firmer current accounts provide insulation
- Conditions vary but overall defences are in better shape
Emerging market central banks are facing their stiffest test since the 2013 taper tantrum.
Investors are increasingly betting the Federal Reserve will keep raising interest rates into 2019, sending the dollar soaring against most developing-nation currencies in the past month…
Emerging Market Central Banks Face Toughest Test Since Taper Tantrum
Rockefeller Trove Ignites a Frenzy With $26,000 Money Clip
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About 1,500 lots are expected to fetch more than $500 million
- Christie’s auction draws huge interest from Asian collectors
Get ready for the biggest tag sale in history.
More than 1,500 items from the estate of Peggy and David Rockefeller — Impressionist and American paintings, English furniture and silver, 19th century carriages, Persian rugs, Japanese porcelain, Moroccan lamps, a Napoleon’s dinner service, duck decoys, gilded Buddhist deities, African figurines — are coming up for auction, starting May 8 at Christie’s in New York. There is an online sale and six live auctions. Christie’s officially estimated the trove at more than $500 million, while privately whispering that it may be much higher…
Trump Seeking $15 Billion Cut in Unspent Federal Funds, Official Says
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Proposal would cancel $7 billion from children’s insurance
- Cancellation won’t affect $1.3 trillion fiscal 2018 budget
President Donald Trump’s administration is asking Congress to cancel $15 billion in unspent government funds, including $7 billion from the Children’s Health Insurance Program, a senior administration official said Monday.
The proposal is a Republican effort to claim fiscal responsibility after a deficit-increasing tax cut and a massive fiscal 2018 spending bill…
Trump Seeking $15 Billion Cut in Unspent Federal Funds, Official Says
Top China Stock Fund Manager Sees Fiery Spirit as Toast of Town
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Baijiu distillers trade at a discount to global liquor peers
- Distillers have higher free cash flow vs Chinese brewers
The grain liquor that is China’s national spirit is known for its potency. To investors, the companies that distill the alcohol known as baijiu also pack quite the punch.
E Fund Management Co.’s Xiao Nan, a top fund manager in China, describes the sector’s business model as “stand still and collect money.” His E Fund Consumption Industry Equity Fund has returned 52 percent over three years through May 4, the best performance among 161 A-share funds with at least three years of history and more than 1 billion yuan ($159 million) of assets, according to data compiled by Bloomberg. About a third of his portfolio are baijiu stocks like Kweichow Moutai Co. and Wuliangye Yibin Co., which have both been on bull runs over the last three years…
Vinhomes Is Said Poised to Price $1.35 Billion Share Sale at Top
Posted by: | CommentsExisting Vinhomes investors plan to sell shares at 114,700 dong apiece in the offering, the people said, asking not to be identified because the information is private. The shares were marketed at 110,500 dong to 114,700 dong each, according to terms obtained earlier by Bloomberg…
Vinhomes Is Said Poised to Price $1.35 Billion Share Sale at Top
Boulder Group Brokers $13M Jewel-Osco Deal
Posted by: | CommentsThe Boulder Group has arranged a new net-leased retail property deal in the Chicago metro area. The 63,400-square-foot Jewel-Osco store is located at 17930 Wolf Road in Orland Park, Ill., and was sold to a West Coast 1031 investor for $12.7 million. The grocery store’s lease expires in 20 years.
“The market for standalone grocery properties remains active as investors are attracted to the superb locations,” said The Boulder Group President Randy Blankstein, in prepared remarks. Blankstein and Jimmy Goodman, a partner with the firm, brokered the deal on behalf of the seller, a private real estate investment company based in the southwest…
OCBC Drops on Concern Profit Growth Relied on Loan Provisions
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CEO Tsien says loan allowances may rise in later quarters
- Investors expected better interest margins, BI analyst says
Southeast Asia’s second-largest bank slid as much as 3.2 percent in Singapore on Monday morning after Chief Executive Officer Samuel Tsien signaled that last quarter’s decline in loan allowances may be as good as it gets this year. Analysts expressed concern that OCBC’s loan margins failed to widen from the previous quarter — unlike those at DBS Group Holdings Ltd. and United Overseas Bank Ltd. — even as benchmark interest rates rose…
Goldman’s $1 Billion Bankers Are Benchmark in Asia’s Wealth Race
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Relationship managers at private banks running larger pools
- Goldman Sachs topped Asian private banks in assets per manager
Relationship managers who cater to wealthy clients in the region are running larger pools of money, with average assets run by each surging to an all-time high of $341 million last year in Asia, according to Asian Private Banker. Goldman Sachs Group Inc. topped the charts, with each private banker handling almost three times that amount…
Analyst Who Called Indonesia Slump Returns With New Quant Fund
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Fund’s quant analysis avoids over 8% rout in Jakarta index
- Rachmat sticks to cash during rout in bonds, equities
The former head of research at PT Mandiri Sekuritas, the brokerage arm of Indonesia’s second-largest lender by assets, teamed up with PT Pinnacle Persada Investama, the first quant-based asset manager in Indonesia, to start an “all-weather” mutual fund that will use quantitative strategies. The Pinnacle Granditas Dynamic Balanced Fund, which started April 11, has already escaped a more than 8 percent rout in the nation’s equities and a spike in bond yields after its models decided to stick to cash, Rachmat says…
What Rudy Giuliani, the former mayor of New York City and Donald Trump’s latest legal fixer did last night was to effectively tell Trump’s mortal enemy, the Washington Post, that Trump paid his personal lawyer, Michael Cohen, a $420,000 slush fund last year to clean up dirt on the President. Cohen is the target of a criminal investigation by the U.S. Attorney’s office for the Southern District of New York. Cohen’s home, office, hotel room and safety deposit box were raided by the FBI on April 9…
Stocks and Precious Metals Charts – Non-Farm Payrolls Tomorrow – Shopping
Posted by: | CommentsStocks took a big dip lower today, but managed to recover quite a bit of that this afternoon.
There may have been some relief from the lack of screaming headlines from the first day of the US-China trade talks.
Gold and silver gained a bit as the US Dollar gave up some of that short term overbought condition as Noted yesterday.
Tomorrow will be the Non-Farm Payrolls report. The economic calendar with the specific forecasts is included below.
Wall Street’s Big Gender Lawsuit Is 13 Years in the Making
Posted by: | CommentsCristina Chen-Oster’s fight with Goldman Sachs began in 2005. It just got huge.
Cristina Chen-Oster was settling into her seat for a late-March Broadway matinee of Mean Girls when she remembered to check her voicemail. The day before, she’d ignored a call from an unrecognized number. Now she hit play and heard the voice of her lawyer, Kelly Dermody: “Huge congratulations!” it said. “Really, really, really, really happy for you.”
Eminence Capital Boosts Formula One Position
Posted by: | CommentsRicky Sandler‘s hedge fund firm Eminence Capital has filed a 13G with the SEC regarding shares of Formula One (FWONK). Per the filing, Eminence now owns 5.4% of the company with over 10.86 million shares.
This is up from the 8.58 million shares they owned at the end of 2017. The filing was made due to activity on March 19th…
Eminence Capital Boosts Formula One Position
Vikram Pandit Just Wanted To Say Goodbye
Posted by: | CommentsSince his unceremonious departure from Citigroup five-and-a-half years ago, Vikram Pandit has had a lot of free time on his hands. And he has filled it! “I can choose how I spend my time, but I still tend to spend it all,” Uncle Vik assures in a “where-are-they-now”-style profile in Financial News. He’s toyed around with a return to the hedge-fund world and getting into private equity, taken a flier on financial services in his native land, advised on how not to hire people like himself and how not to drive a company’s reputation into the ditchfrom experience, invented an acronymthat’s gone nowhere, and regretted ever taking that awful job at Citi in the first place. But all of that—well, except for the weird social-media-related acronym—is the past, and the future is plastics. No, wait, it’s fintech. Sorry…
The Financial System is Moving into an Inflationary Setup… Is Your Portfolio?
Posted by: | CommentsThe BAD stage of inflation has officially hit.
As I have noted previous, inflation enters the financial system in stages. The first stage involves a jump in prices paid by producers. This means that those firms responsible for manufacturing goods and services, suddenly see a sharp spike in the cost of basic materials they use to build/ manufacture.
That process began in early 2016 and accelerated throughout 201 into this year…
The Financial System is Moving into an Inflationary Setup… Is Your Portfolio?
Wall Street Slaps Down NYC Again With AllianceBernstein’s Move to Nashville
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The asset manager is shifting about 1,050 jobs to Nashville
- It’s part of a trend as financial firms look to reduce costs
New York is losing more than a thousand financial-industry jobs — and Manhattan’s loss is Music City’s gain.
Legendary Investment Banker Richard Jenrette Left These 24 Rules for Success
Posted by: | CommentsRichard Jenrette, who co-founded the investment bank Donaldson, Lufkin & Jenrette in 1959, spent four decades on Wall Street. When he died last week from complications of cancer at the age of 89, he left behind on his desk 24 rules to succeed — in finance, and in life. The list, titled “What I Learned,” was shared Sunday at an intimate memorial service for family and local friends in Charleston, South Carolina. Here’s what it said:
Legendary Investment Banker Richard Jenrette Left These 24 Rules for Success
Weinstein Company Declares a Winner in Its Bankruptcy Sale
Posted by: | CommentsLOS ANGELES — The Weinstein Company on Tuesday named a Dallas private equity firm as the winning bidder in its bankruptcy sale, spurning an offer by the Broadway producer Howard Kagan.
The victor — for now, at least, as a bankruptcy judge still has to sign off and the decision could be challenged by creditors — is Lantern Capital Partners. It entered the sale as the studio’s prearranged bidder, or “stalking horse,” which set a price floor. Lantern offered $310 million plus the assumption of about $115 million in debt…
Weinstein Company Declares a Winner in Its Bankruptcy Sale
Hong Kong Regulator Concerned on Nine-Fold Rise in Margin Loans
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Borrowing against pledged stock hit $26.3 billion at end-2017
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Firms involved are illiquid, so risk to brokers ‘is not small’
Hong Kong’s Securities and Futures Commission is consulting brokers about risks stemming from a rapid run up in margin lending.
Outstanding margin loans — borrowing against pledged stock — hit HK$206 billion ($26.3 billion) at the end of 2017, a nine-fold increase since 2006, Deputy Chief Executive Officer Julia Leung told reporters on Monday. The regulator is worried such lending poses a risk given that many of the firms involved are illiquid and it may take a while for brokers to recover their money in case of a liquidation, Leung said…
Morgan Stanley Plans to Boost Junior Banker Pay as Much as 25%
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Analysts to gain promotions more quickly, firm memo shows
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Banks have been increasing perks to retain young employees
Morgan Stanley plans to raise some salaries and offer quicker promotions as part of its years-long push to improve conditions for junior bankers, according to people familiar with the matter.
Brian Moynihan Learns How Not To Lose Money On Single Stock-Backed Loans
Posted by: | CommentsBank of America lost the nearly $300 million it lent to the then-chairman of South African mattress company Steinhoff International Holdings. This happened because said then-chairman put up his shares in Steinhoff as collateral, and then used the loan to buy more Steinhoff shares, all of which are now almost worthless on account of the accounting scandal at said mattress company…
Brian Moynihan Learns How Not To Lose Money On Single Stock-Backed Loans
Fund Fees Drop at Record Pace With Investors Opting for Cheap Choices
Posted by: | CommentsThe price of investing is falling at a record rate.
The average asset-weighted fee paid on U.S. mutual funds and exchange-traded funds declined by about 8 percent to 52 cents per $100 invested last year, according to a report from Morningstar Inc. The drop was the biggest in the research firm’s data going back to 2000.
Silicon Valley Wants to Cash In on Fasting
Posted by: | CommentsSeveral startups are working to commercialize the tech world’s latest health craze.
Like most of the health fads that catch on in Silicon Valley, this one broke through thanks to word-of-mouth—and a Medium post. Entrepreneur Sumaya Kazi extolled its virtues to 650,000 readers, while venture capitalist Phil Libin and others preached about it to anyone who would listen. Their miraculous idea was in fact a very old one: eating nothing at all for long stretches of time. Monthly Google searches for “intermittent fasting,” which has become a catchall term for various forms of the practice, have risen tenfold over the past three years, to as many as 1 million. That’s about as many as “weight loss” gets, and more than “diet.” Now comes the next step, as businesses try to turn various forms of the craze into profit…
Visa Jumps on Debit Spending by Credit-Averse Millennials
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Debit spending continued to grow at faster clip than credit
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Visa CFO: Consumers look ‘pretty strong’ as they spend more
You can thank the millennials.
BofA’s Big Plans for China Don’t Include Investment Banking
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China will soon allow foreign firms to own majority of JVs
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BofA is said to focus on expanding debt services in China
Amid all the excitement about China’s plan to open up its securities market, one U.S. banking giant is playing it cool.
JV Arranges $109M Refi of Multi-State Facilities
Posted by: | CommentsCushman & Wakefield has come through for Industrial Properties America III LLC, a joint venture of investors advised by JP Morgan Asset Management and IDI Logistics. The commercial real estate services firm recently arranged $108.6 million in refinancing for the borrower’s 2.2 million-square-foot national industrial portfolio. The financing, secured by Cushman & Wakefield Senior Director Richard Henry, Executive Director Brian Linnihan and Executive Managing Director Mike Ryan, came in the form of a floating rate loan.
China Consumer Loan Giant Ant Financial Threatened by Debt Slump
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Ant relies on asset-backed securities but issuance is sliding
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Golden days of easy money from debt market over, analyst says
Billionaire Jack Ma’s Ant Financial, the world’s biggest fintech firm, may have a problem…
China Consumer Loan Giant Ant Financial Threatened by Debt Slump
Financial Services Firm Inks New DC-Area HQ Lease
Posted by: | CommentsFinancial services company H. Beck Inc. has signed a 23,000-square-foot lease to move its headquarters into Research West I in Rockville, Md. The tenant plans to occupy its new space in the 122,500-square-foot Washington, D.C.-area office building in August 2018. Realty Capital Partners owns the property, according to Yardi Matrix.
Billionaire’s Mega-Mine Misses Coal Deadline on Funding Headache
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First coal supply from Carmichael mine now planned by 2021
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Indian firm plans to supply coal to China, Vietnam and Taiwan
Indian conglomerate Adani Enterprises Ltd. will miss its original deadline to start shipping thermal coal from one of the world’s biggest planned mines due to funding difficulties, even as it eyes export deals with Asian companies…
Billionaire’s Mega-Mine Misses Coal Deadline on Funding Headache
Montreal’s Tallest Residential Tower to Rise Near National Bank
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Developer Broccolini to spend up to $233 million on project
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Site will be ‘ultimate mixed-use’ with condos, office, retail
Broccolini Construction Inc. plans to invest as much as C$300 million ($233 million) to build the tallest residential tower in Montreal…
Montreal’s Tallest Residential Tower to Rise Near National Bank
Somerset Properties Sells Office Portfolio in NJ
Posted by: | CommentsSomerset Properties has sold a four-building office portfolio located in Mount Laurel and Marlton, N.J. Mobius acquired the properties for a combined $31.4 million and received a 10-year fixed-rate acquisition loan from Wells Fargo Bank, in the amount of $24.3 million. The portfolio totals 304,732 square feet and is 94 percent occupied.
An HFF team represented Somerset in the transaction and arranged the funding on behalf of Mobius…
Deutsche Bank CEO Cryan ‘Absolutely Committed’ to Serving Lender
Posted by: | CommentsDeutsche Bank AG Chief Executive Officer John Cryan said he’s committed to remaining in his job after people familiar with the matter said that the lender has held talks with potential replacements…
Deutsche Bank CEO Cryan ‘Absolutely Committed’ to Serving Lender
Moonwater Capital Expands in Vegas With $41M Office Buy
Posted by: | CommentsMoonwater Capital has acquired its third property, Montecito Tower, a Class A office building in Las Vegas’ Bruce Woodbury Beltway, for $41 million. The capital package was arranged by Dekel Capital. Part of the funds were secured through a $28.5 million first mortgage loan with Prime Capital, while the balance of the capitalization was funded through a joint venture equity investment between Moonwater and a private equity fund.
Aussie Banks Face Squeeze as Conduct Probe Crimps Pricing Power
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Reputation risk hurts ability to pass on rising funding costs
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Big-four lenders ‘are really stuck,’ governance expert says
A recent spike in funding costs is happening at the worst time for Australia’s big banks, as intense public scrutiny crimps their ability to pass on increases to customers…
Aussie Banks Face Squeeze as Conduct Probe Crimps Pricing Power
Wall Street Bankers’ Average Bonus Jumps to Highest Since 2006
Posted by: | CommentsWall Street’s average bonus jumped 17 percent in 2017 to $184,220, the highest since 2006, according to estimates by New York State Comptroller Thomas DiNapoli…
Wall Street Bankers’ Average Bonus Jumps to Highest Since 2006
Upstart Seeks $100 Million, Testing VCs’ Appetite for Online Lending
Posted by: | CommentsAs many investors retreat from the online lending industry, Upstart Network Inc. is hoping to find investors still willing to bet on the business. Upstart, which was founded by Google veterans, is testing venture capitalists’ appetite for an investment round of about $100 million, said two people briefed on the matter…
Upstart Seeks $100 Million, Testing VCs’ Appetite for Online Lending
Companies Must Pay Down Debt Now, $800 Billion Fund Manager Warns
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Trade tension blow-out, inflation surprise are also tail risks
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Debt load will make it hard for companies in case of recession
The continuing economic expansion and pending benefit from U.S. tax cuts offer a crucial window for companies to reduce leverage and get ready for the next downturn, according to $808 billion asset manager Aberdeen Standard Investments…
Companies Must Pay Down Debt Now, $800 Billion Fund Manager Warns