Archive for Finance
Remington Has a $500 Million Question Hanging Over Its Bankruptcy
Posted by: | CommentsLitigation over a gun defect will likely be delayed. How those claims will ultimately be resolved is unclear.
Remington Outdoor Co.’s decision to seek court protection was a long-anticipated move by one of America’s oldest gun-makers. It was in part the result of a maelstrom that’s buffeted the industry since the election of Donald Trump, one also fueled by mass shootings and protests such as this weekend’s nationwide march for gun regulation…
Remington Has a $500 Million Question Hanging Over Its Bankruptcy
Turner, AC Martin Win $520M CA State Project
Posted by: | CommentsTurner Construction Co., in partnership with architectural firm AC Martin, just landed a big fish in the Golden State. The team secured a design-build contract with the State of California Department of General Services for the new 838,000-square-foot Department of Natural Resources headquarters. The downtown Sacramento office development carries a project cost of approximately $597 million, with $520.5 million dedicated to construction, which is expected to commence in early summer.
First Quantum Confirms $7.9 Billion Zambian Tax Assessment
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Shares fell as much as 13% after article noted plan for audit
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Miner refutes assessment, saying it will work with authorities
First Quantum Minerals Ltd. plunged the most in almost two years as the miner was hit with a $7.9 billion tax bill by Zambia, which accounts for 84 percent of its revenue…
Soaring U.S. Libor Rate Trickles Into Funding Markets Worldwide
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Saudi Arabia, Hong Kong policy makers grapple with the impact
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Australian short-term funding costs are surging as well
From Riyadh to Sydney, short-term funding markets worldwide are starting to feel the effects of soaring U.S. dollar Libor rates…
Soaring U.S. Libor Rate Trickles Into Funding Markets Worldwide
Citigroup Says CEO Was Unaware of Loan When He Met With Kushner
Posted by: | CommentsCitigroup Inc. said Chief Executive Officer Michael Corbat was unaware that the bank was in the process of closing a real estate loan to a Kushner Cos. venture when he met with Jared Kushner…
Citigroup Says CEO Was Unaware of Loan When He Met With Kushner
TPG Pace to Buy EnerVest Shale Assets for $2.7 Billion
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TPG Pace Energy, a blank-check company, targets Eagle Ford
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Chazen will lead newly formed company to be called Magnolia
Steve Chazen, who transformed Occidental Petroleum Corp. into a heavyweight of the U.S. shale boom, is looking to replicate that success in south Texas with a $2.66 billion deal…
TPG Pace to Buy EnerVest Shale Assets for $2.7 Billion
Larry Ellison’s Fortune Takes a $4.5 Billion Hit
Posted by: | CommentsJeff Bezos, the world’s richest person, added $3.3 billion to his net worth on Tuesday even as the fortunes of fellow technology tycoons took a tumble. The founders of Facebook Inc., Alphabet Inc. and Oracle Corp. lost a combined $6.7 billion…
Larry Ellison’s Fortune Takes a $4.5 Billion Hit
Dollar Loses Sheen for $2.8 Trillion Fund as Rates, FX Diverge
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State Street is bullish on sterling and the Norwegian krone
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Rising hedging costs also dim dollar’s attractiveness: Binny
State Street Global Advisors has cut its dollar positions to neutral from long, deterred by rising hedging costs and a break in the correlation between the global currency and rates markets.
Singapore Residential Site Sells to Billionaire Quek for S$980 Million
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Largest transaction in the current en-bloc cycle, CBRE says
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Quek teams up with Singapore cousin Kwek on transaction
Billionaire Quek Leng Chan’s GuocoLand Ltd. and its joint venture partners are buying Pacific Mansion near Singapore’s business district for S$980 million ($743 million), the biggest purchase of a residential site for redevelopment in more than a decade…
Singapore Residential Site Sells to Billionaire Quek for S$980 Million
The Superstar China Fund Managers Luring $5 Billion a Day
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Interest in mutual funds picked up as shares rallied
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Popularity of some products has alarmed China’s regulators
Three years after China’s stock market trauma, the speculative spirit is far from snuffed out…
Claire’s Becomes Latest Retailer to Go Bankrupt
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Ear piercing couldn’t immunize it against falling mall traffic
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Group led by Elliott to help fund restructuring plan
Claire’s Stores Inc., known for tween jewelry and ear piercing, has become the latest victim of the retail apocalypse…
Claire’s Becomes Latest Retailer to Go Bankrupt
Supermarket Bankruptcies Are Beginning to Pile Up
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Bankruptcies show how tough competition has gotten for grocers
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Walmart, Kroger are making expensive investments in technology
This is how the grocery industry lives now…
Supermarket Bankruptcies Are Beginning to Pile Up
Quicken Loans Is Sued by Data Startup Claiming Trade Secrets Theft
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Mortgage lender denies allegations and says it will fight suit
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HouseCanary’s real-estate data and technology at issue
Quicken Loans Inc. was sued by real-estate data analytics startup HouseCanary Inc., which accused the mortgage-lending firm of trying to steal its data and technology through a sham licensing agreement so it could develop competing appraisal software…
Quicken Loans Is Sued by Data Startup Claiming Trade Secrets Theft
Multiplex Delivers $225M Learning Space to Australia’s Monash U
Posted by: | CommentsMultiplex has completed the Learning and Teaching Building at Monash University, a new $225 million education property in Clayton, Australia.
“We are delighted to continue our collaboration with Monash University with the delivery of the Learning and Teaching Building, which will provide students with truly progressive and contemporary learning spaces,” Graham Cottam, Multiplex’s regional managing director, said in a prepared release…
John Paulson’s Merger Arbitrage Fund Plunged at the Start of the Year
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Partners Enhanced fund is said to plunge 23% this year
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Pure Spread and European Event Equities funds saw gains
Billionaire John Paulson can trace his loss of assets and senior executives to a familiar refrain: poor performance…
John Paulson’s Merger Arbitrage Fund Plunged at the Start of the Year
Uber Increases Loan Offering as Investors Downplay Bad News
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Loan upsized after Uber annnouces autonomous vehicle fatality
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For yield hungry investors valuation is too good to ignore
Uber Technologies Inc. is borrowing more than it originally planned in the U.S. leveraged loan market, where a decision by the ride-hailing company to halt autonomous vehicle tests following a fatality isn’t deterring investor demand.
Growth of Crypto-Assets May Threaten Financial System, FSB Says
Posted by: | CommentsThe rapid evolution of crypto-assets such as Bitcoin may one day make them a threat to the financial system, Mark Carney, chairman of the Financial Stability Board, said in a letter to Group of 20 finance leaders.
Brexit Bankers May Find Home in Luxembourg’s Red-Light District
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City center is hotspot as commuting times mar suburban life
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London bankers can’t expect to upsize as prices keep rising
Luxembourg’s red-light district could soon be a home for bankers escaping Brexit.
Imagine Wall Street Without Jamie Dimon and Lloyd Blankfein
Posted by: | CommentsIn another universe, they might have starred in an odd-couple comedy about a pair of New Yorkers who rise to fame and fortune: Jamie Dimon, the voluble, sometimes ill-tempered alpha male from Queens; Lloyd Blankfein, shorter and bald, the wisecracking sidekick from Brooklyn.
Saudi Fund Said to Take $400 Million Stake in Emanuel’s Endeavor
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Hollywood talent agency part of kingdom diversification plan
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Deal said to come as crown prince begins visit to U.S.
Saudi Arabia’s sovereign wealth fund is taking a $400 million stake in Endeavor, one of Hollywood’s biggest talent and event managers, as part of Crown Prince Mohamed bin Salman’s grand plan to diversify the kingdom’s oil-based economy, according to people with knowledge of the deal.
Kushners’ Cadre Startup Benefited From Misleading Rent Filings
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uildings were first and only completed sale by Cadre
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Client money from Goldman Sachs, new funding round, followed
Cadre, the real estate investing startup co-founded by White House senior adviser Jared Kushner, was the primary beneficiary of a property-flipping investment that may have been less profitable if it had fully complied with New York City disclosure rules about rent-regulated tenants.
Canada Household Debt-to-Income Ratio Holds Near Record High
Posted by: | CommentsCanada’s closely-watched ratio of consumer debt to income held near a record high in the fourth quarter as incomes and borrowing rose at about the same pace…
Canada Household Debt-to-Income Ratio Holds Near Record High
JPMorgan Moves Closer to Urging a Rotation Away From Equities
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Bank sees 72% chance of recession over the next three years
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Investors should monitor the ‘twilight of the mid cycle’
Markets are in the “twilight of the mid cycle” and investors should be prepared to act if the economy edges toward a recession, according to JPMorgan Chase & Co…
JPMorgan Moves Closer to Urging a Rotation Away From Equities
Higher Rates May Spell Private Debt Trouble, Study Finds
Posted by: | CommentsHong Kong, Sweden, China and Australia could all find themselves in hot water over private-sector debt if borrowing costs rise, according to research by Oxford Economics.
That’s because those countries all have a particularly high share of floating-rate debt in relation to economic output. If interest rates increase, households and companies are likely to feel the pinch, the study of 16 economies found…
Higher Rates May Spell Private Debt Trouble, Study Finds
China Economy’s Strong Start Faces Risks at Home and Abroad
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Macquarie says first two months likely were ‘peak of the year’
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Tillerson’s replacement may signal a harder U.S. line on trade
China’s crackdown on financial risks and trade tensions with the U.S. threaten to undermine a stronger-than-expected start to the year for the world’s second-largest economy…
China Economy’s Strong Start Faces Risks at Home and Abroad
Blackstone Snags Industrial Portfolio for $1.8B
Posted by: | CommentsBlackstone Real Estate Income Trust Inc.’s collection of industrial properties just grew by 22 million square feet. The commercial property REIT recently completed the acquisition of the 146-building Canyon Industrial Portfolio from Cabot Industrial Value Fund IV LP and Cabot Industrial Value Fund IV Manager LP in a $1.8 billion deal.
$112 Billion Asset Managers Don’t Want Robot Money Managers
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Finland’s Varma, Ilmarinen own no funds where AI picks assets
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Funds use quantitative and systematic investment strategies
Some of the biggest investors in one of the world’s most technologically advanced corners don’t want robots to replace people when it comes to managing money…
Pimco Sells Australia Banks, Property Bonds as Risks Climb
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Manager sees opportunities to buy infrastructure, energy bonds
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AMP eyes shorts in highly leveraged real-estate companies
Pacific Investment Management Co. is cutting its investments in Australian bank debt because of lofty valuations as well as trimming holdings of real estate and retailers’ bonds…
Pimco Sells Australia Banks, Property Bonds as Risks Climb
Las Vegas Sands to Sell Philly-Area Casino for $1.3B
Posted by: | CommentsRoughly a decade after opening the Sands Casino Resort Bethlehem, in Bethlehem, Pa., Las Vegas Sands Corp. has entered into an agreement to sell the property to Wind Creek Hospitality, an affiliate of the Poarch Band of Creek Indians of Alabama. The asset changed hands for $1.3 billion.
Winklevoss Twins Have a Plan to Police Cryptocurrency Trading
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The brothers want to form the Virtual Commodity Association
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A CFTC commissioner applauded the plan for self-regulation
The Winklevoss twins have taken on their next project in the cryptocurrency world: regulation.
The brothers, who run the Gemini exchange for trading Bitcoin and Ether, have submitted a proposal to create the Virtual Commodity Association, a self-regulatory organization meant to police digital-currency markets and custodians. The non-profit group would aim to develop industry standards, promote transparency and work with regulators including the U.S. Commodity Futures Trading Commission to prevent fraud…
Winklevoss Twins Have a Plan to Police Cryptocurrency Trading
Encompass Health to Build Houston-Area Rehab Facility
Posted by: | CommentsEncompass Health Corp.—formerly known as HealthSouth Corp.—has announced plans to build a $25 million, 40-bed inpatient rehabilitation hospital in Katy, Texas.
The facility will be located at The Reserve at Grand Parkway, providing comprehensive rehabilitative services and around-the-clock registered nursing care to stroke patients, while also tending to spinal cord injuries, amputations and complex orthopedic conditions…
Qatar Wealth Fund to Sell Entire Veolia Stake Worth $640 Million
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Plan comes after sale of Tiffany and Credit Suisse holdings
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QIA spent $3.5 billion on investments last year: SWFI
Qatar’s sovereign wealth fund is selling a stake worth about $640 million in Veolia Environnement SA, months after it reduced holdings in Tiffany & Co. and Credit Suisse Group AG…
Qatar Wealth Fund to Sell Entire Veolia Stake Worth $640 Million
Tata to Sell $1.25 Billion Stake in Software Arm to Pay Debt
Posted by: | CommentsTata Sons Ltd., the holding company for India’s biggest business group, is selling about $1.25 billion of its stake in software services provider Tata Consultancy Ltd.
Blackstone Fund Buys Stake in Property Firm Rockpoint
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Pool will hold a 20 percent passive stake in real estate firm
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Minority stake sales are increasingly common in private equity
A Blackstone Group LP fund that takes minority stakes in alternative-asset managers is buying part of real estate firm Rockpoint Group…
UBS’s ‘Warrants King’ Has a New Role Managing Hong Kong Wealth
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Yu plans to use contacts among wealthy lawyers, doctors
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Warrants trading jumped in 2017 amid surging Hong Kong stocks
Johnny Yu, who earned the nickname “King of Warrants” during his 13 years selling the financial derivatives at UBS Group AG in Hong Kong, is moving to the bank’s wealth management unit…
UBS’s ‘Warrants King’ Has a New Role Managing Hong Kong Wealth
Nigeria’s Own Fannie Mae Sets Out to Double Mortgage Loans
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Nigeria Mortgage Refinance Co. to tap debt market this year
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Company is busy preparing its first Islamic bonds issuance
After suffering through an economic contraction that restrained demand for housing loans in Africa’s most-populous country, Nigeria’s state-backed mortgage guarantor is anticipating that a return to growth will help double its nascent asset base…
Nigeria’s Own Fannie Mae Sets Out to Double Mortgage Loans
China Creates Super Regulator for $43 Trillion Finance Industry
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Move is aimed at preventing financial risks, reducing overlap
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Combined CBRC, CIRC will oversee $43 trillion of assets
China is giving its central bank greater regulatory powers while merging the watchdogs responsible for banking and insurance, a key move in the nation’s campaign to curb risks in its financial sector…
China Creates Super Regulator for $43 Trillion Finance Industry
Gladstone Acquires Central AL Industrial Asset
Posted by: | CommentsGladstone Commercial Corp. has acquired a 127,444-square-foot industrial property from Graham & Co. in Vance, Ala., for $14.3 million. The initial cap rate for the structure was 6.98 percent, with an average cap rate of 7.62 percent.
Wall Street Expects Goldman’s CEO Succession to Go Smoothly
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Solomon is ‘well versed’ in the firm, may expand new business
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Goldman shares outperform the broader KBW bank index
Goldman Sachs Group Inc.’s choice of Chief Operating Officer David Solomon to eventually succeed Lloyd Blankfein as chief executive is winning accolades on Wall Street.
By naming Solomon sole president, the firm cleared the way for him to take the helm, a scenario that analysts say allayed the concern some investors had about there possibly being co-CEOs when Blankfein retires. They also cited Solomon’s diverse background and investment-banking expertise as benefits, and said Goldman’s transparency in laying out the succession plan will help insiders at the firm focus on doing business instead of wondering who’s going to take over as CEO…
NKF Capital Markets Taps New President of Strategies
Posted by: | CommentsNKF Capital Markets has appointed Anthony Orso as president of Capital Markets Strategies. Orso will be responsible for supporting the integration of Berkeley Point Capital with ARA, two companies recently acquired by NKF Capital Markets.
He will work closely with Berkeley Point Capital CEO Jeff Day and Vice Chairman & Head of U.S. Multifamily Blake Okland. Orso will also work as a liaison with Cantor Fitzgerald’s CMBS business and advise the company on its strategic approach to its third-party debt business, following NKF Capital Markets’ investment in CCRE. Before joining NKF Capital Markets, he was co-founder & CEO of CCRE, which he built into a fully integrated commercial real estate debt platform, while completing more than $250 billion in real estate financing deals…
Omni Opens $300M Hotel in Kentucky
Posted by: | CommentsMore than two years after it broke ground in January 2016, the Omni Louisville Hotel, the city’s tallest hotel, has officially opened. The $300 million, 612-key property was a joint venture of Omni Hotels & Resorts and Metro Louisville.
Omni Louisville features about 70,000 square feet of flexible meeting and event space, and atop the hotel, 225 one- and two-bedroom luxury apartments are available for preleasing…
Arriba Secures $41M for Atlanta Dual-Branded Marriott
Posted by: | CommentsArriba Capital has arranged a $40.7 million ground-up construction loan for the development of a dual-branded MarriottFairfield Inn & Suites and Towneplace Suites in Midtown Atlanta. The non-recourse loan was leveraged to 78 percent of the total project cost, with a two-year term and three, six-month extension options.
Fairfield Inn & Suites acts as the primary brand and TownePlace Suites is Marriott’s extended-stay brand. The 194-key dual-branded lodging project will feature seven stories set atop a 220-space, five-story parking deck. The two hotels will share back-of-the-house elements including laundry, maintenance facilities and mechanical/electrical space. Guests will have access to amenities such as:
Ant Financial Consumer Lending Reaches $95 Billion
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Ant’s outstanding consumer loans outstrip China’s No. 2 bank
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Regulatory tightening is said to slow consumer loan ABS sales
Ant Financial’s consumer lending has reached at least 600 billion yuan ($95 billion) despite the affiliate of Alibaba Group Holding Ltd. facing a tougher environment for securitizing its loans, people familiar with the matter said.
Tata to Sell $1.25 Billion of Tata Consultancy Stake to Pay Debt
Posted by: | CommentsTata Sons Ltd., India’s biggest business group, plans to sell $1.25 billion of its stake in Tata Consultancy Ltd., according to terms of the transaction.
Nine West Plans a Bankruptcy Filing With Asset Sales
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Plans call for pre-arranged Chapter 11 filing by March 15
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Second-lien lenders would get biggest share of equity
Nine West Holdings Inc. and its creditors are closing in on a deal to restructure almost $1.5 billion of debt that would include filing for bankruptcy and selling off parts of the shoe and clothing retailer, according to people with knowledge of the negotiations…
Wall Street Warns of Seismic Pension Shift Into Bonds This Month
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Billions of dollars seen flowing to Treasuries as stocks rally
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Pensions’ bond purchases support yield curve flattening: JPM
The bond bear market, touted by billionaire fund managers Bill Gross and Ray Dalio, is about to run into a multi billion-dollar roadblock…
Wall Street Warns of Seismic Pension Shift Into Bonds This Month
Retail Center Trades for $13M in Buford, GA
Posted by: | CommentsBond Street Advisors Group has purchased a 36,358-square-foot retail center in Buford, Ga. for $13.5 million from Mill Creek/Cooper LLC. A team of Franklin Street brokers represented both parties in the transaction.
Mill Creek Walk comprises two buildings located at 3260 and 3264 Buford Drive. The property sits across the street from the Mall of Georgia and is approximately 35 miles from downtown Atlanta, along a thoroughfare which has an estimated daily vehicle count of 31,000, according to the Georgia Department of Transportation. Access to the metro area is facilitated by nearby interstates 985 and 85…
SVF Snags $23M Miami-Area Flex Campus
Posted by: | CommentsCushman & Wakefield has negotiated the sale of a six-building flex campus in Miami-Dade County, on behalf of the seller. SVF Acquisitions LLC bought the property for $22.8 million.
Rich Uncles Buys AvAir HQ in Arizona for $27M
Posted by: | CommentsLee & Associates has arranged the sale of AvAir headquarters, a 162,714-square-foot creative office and warehouse space in Chandler, Ariz., for $26.5 million, which equates to approximately $163 per square foot. The company worked on behalf of the buyer, Rich Uncles NNN REIT Inc., whereas Tiffany & Bosco PA represented the seller, Reasons Aviation LLC. The sale agreement allows AvAir to lease the facility for 15 years.
AVANA Capital Closes $60M Construction Financing
Posted by: | CommentsMogul Capital has received a $60 million construction loan for the development of a dual-branded Marriott Courtyard and TownePlace Suites hotel in Hawthorne, Calif. AVANA Capital closed the financing transaction, which includes a $50 million conventional loan and a $10 million mezzanine loan with above market leverage.
Located in downtown Hawthorne, the 354-key hotel will feature a restaurant, swimming pool and a meeting room for business purposes. The property is situated near many aerospace-related businesses, such as SpaceX, Northrop Grumman, Tesla’s design headquarters, Boeing, Aerospace Corp., Raytheon, LA Airforce Base and Mattel. Additionally, Los Angeles International Airport is within five miles of the property…
Grayscale Plans Five New Crypto Funds
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Four will track single currencies, one a digital basket
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Original Bitcoin Investment Trust up 1,300% in the past year
Grayscale Investments, which made it easier for mainstream investors to bet on Bitcoin, plans to offer four new single-currency crypto funds and another based on a basket of digital currencies by the start of April.
Wall Street, Not American Solar, Stands to Gain From Trump Tariffs
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Investment firms are creditors in struggling solar makers
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‘We’re not in this looking to make a killing,’ says CEO
The biggest winners of President Donald Trump’s decision to slap tariffs on imported solar equipment may not be American manufacturers but a group of investment houses around the globe…
Wall Street, Not American Solar, Stands to Gain From Trump Tariffs
It’s Optimism by a Nose in Latest RCLCO Survey
Posted by: | CommentsSet aside the Mueller investigation, #MeToo and pretty much whatever else grabbed headlines last year. Despite all the political, media and social turmoil in 2017, part one of the year-end Sentiment Survey from RCLCO indicates that, in the eyes of numerous senior executives, the CRE outlook is a stable and surprisingly positive one.
Wyndham to Buy La Quinta for $2B
Posted by: | CommentsWyndham Worldwide Inc. is about to make a big purchase—a $2 billion purchase. The global hospitality company has entered into a definitive agreement to acquire the hotel franchise and hotel management businesses of La Quinta Holdings Inc. in an all-cash deal.
African Development Bank to Increase Nigeria Loans by $2 Billion
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Lender to boost investments in power, infrastructure, farming
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AfDB to raise total credit to Nigeria to more than $8 billion
The African Development Bank plans to increase its loans to Nigeria by more than $2 billion next year with investments in energy, infrastructure and agriculture, its President Akinwumi Adesina said…
African Development Bank to Increase Nigeria Loans by $2 Billion
Bank Regulators’ Spokeswoman Steps Down to Speak for Wall Street
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FDIC’s Hagenbaugh joining Financial Service Forum, agency says
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Former journalist worked for Federal Reserve after 2008 crisis
Barbara Hagenbaugh, a spokeswoman for two U.S. regulators in the years after the financial crisis, is flipping the script and becoming a voice for the biggest firms on Wall Street…
Bank Regulators’ Spokeswoman Steps Down to Speak for Wall Street
Who Will Save the East Coast’s Oldest Refiner After Bankruptcy?
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Fuelmakers lose hope for a Trump rescue from biofuels mandates
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Philadelphia Energy Solutions bankrupt after 2012 bailout
After nearly 150 years in business, the biggest oil refinery east of the Mississippi River has operated through the Great Depression, two world wars and the 1970s Saudi oil embargo. It’s faced more than one shutdown. Now, its owner says a 13-year-old government biofuels mandate brought the Philadelphia fixture to its knees…
Who Will Save the East Coast’s Oldest Refiner After Bankruptcy?
Home Capital Bond Investors Poised for Buffett-Powered Gain
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Lender caught up in 2017 deposit run expected to repay bonds
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Home Capital has ‘ample liquidity’ to redeem debt, CFO says
Home Capital Group Inc. debt investors who took a bet on the Canadian mortgage lender when its survival was in doubt are poised to reap the rewards of their gamble…
Home Capital Bond Investors Poised for Buffett-Powered Gain
Central Valley Shopping Center Fetches $6M
Posted by: | CommentsDonahue Schriber Realty Group has sold Colony Plaza, a 73,199-square-foot shopping center in Ripon, Calif., for $5.6 million. The buyer, NetCo Investments, financed its acquisition with a $3.1 million mortgage with a variable interest rate held by Five Star Bank, according to public records. An HFF team led by Gleb Lvovich, Bryan Ley and Eric Kathrein represented the seller in the deal.
Morgan Stanley Lifts CEO’s Pay 20% to $27 Million for 2017
Posted by: | CommentsMorgan Stanley boosted Chief Executive Officer James Gorman’s 2017 compensation by 20 percent to $27 million, the most pay he’s received since taking the helm eight years ago…
Morgan Stanley Lifts CEO’s Pay 20% to $27 Million for 2017