Archive for Finance
Investment Predictions for 2018: TH Report
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Japan Dumping U.S. Treasuries Puts Spotlight on Euro-Area Debt
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Rising supply, hedging costs dim U.S. allure for Asian buyers
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Booming economy, outperforming debt enhance Europe’s appeal
Sovereign issuers that are selling bonds in euros at a record pace could well be finding some of the world’s most prolific buyers ready to pounce…
Japan Dumping U.S. Treasuries Puts Spotlight on Euro-Area Debt
Luxury Ski Resort in Utah Scores $60M Refi
Posted by: | CommentsSonnenblick-Eichner Co. has arranged $60 million in financing for St. Regis Deer Valley, a AAA Five Diamond year-round destination resort in the Deer Valley ski area in Park City, Utah.
The non-recourse financing was funded by a domestic life insurance company in what S-E described as “a highly structured transaction.” Proceeds were used to refinance existing debt with a new long-term, fixed-rate loan and to provide for the development of the resort’s next phase, which will include additional condo and hotel units, a destination restaurant, and other resort amenities. Construction on that next phase is expected to begin later this year or in early 2019…
JPMorgan Boosts Dimon’s Pay 5.4% to $29.5 Million for 2017
Posted by: | CommentsJPMorgan Chase & Co. Chief Executive Officer Jamie Dimon received $29.5 million in total compensation for his work in 2017, an increase of 5.4 percent from a year earlier.
Terra Sells $72M Miami-Area Retail Center
Posted by: | CommentsTwo years after completing development of Doral Commons in Doral, Fla., Terra Group has traded the 140,000-square-foot retail center for approximately $72 million, or roughly $514 per square foot. With the assistance of commercial real estate services firm Cushman & Wakefield, the integrated real estate development and investment firm sold the grocery-anchored property to Jamestown LP.
Fannie-Freddie Regulator Urges Utility Mortgage Guarantors
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FHFA Director Mel Watt says MBS guarantees should be explicit
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Watt sends letter to senators in response to request for views
Fannie Mae and Freddie Mac’s regulator is throwing its voice into the debate about what to do with the two companies at the center of the U.S. mortgage system…
Barclays Is Cutting Up to 100 Senior Investment Bank Staff
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Advisory bankers to be told this week, traders notified later
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Investment bank CEO Throsby revamping business after poor run
Barclays Plc is eliminating as many as 100 senior staff at its investment bank as the unit’s chief, Tim Throsby, overhauls the underperforming division, according to people familiar with the decision…
Crypto Lending Site’s Shutdown Renews Ponzi Scheme Claims
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BitConnect says exchange will resume ‘work as usual’ Thursday
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Value of startup’s digital tokens drops as much as 95%
BitConnect isn’t letting this week’s closure of its cryptocurrency exchange and lending operations deter it from attempting to raise funds though another digital token offering…
Wall Street Has a $1.7 Billion Bet on the Rising Risk of Grid Attacks
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Fundraising by cybsecurity firms more than doubled in 2017
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Financing is a testament to growing demand for grid security
The world’s power plants and transmission lines are more networked to each other and controlled via the Internet than ever before. And in that, Wall Street sees a business opportunity…
Wall Street Has a $1.7 Billion Bet on the Rising Risk of Grid Attacks
Goldman Sachs and Ken Griffin Funds Give Big to Obama Foundation
Posted by: | CommentsDonald Trump’s tax cuts may be helping Wall Street, but some of its biggest names haven’t forgotten Barack Obama…
Goldman Sachs and Ken Griffin Funds Give Big to Obama Foundation
Goldman Is Worth Less Than Morgan Stanley for the First Time in a Decade
Posted by: | CommentsIt was a nice run…
Goldman Is Worth Less Than Morgan Stanley for the First Time in a Decade
Wheeler Buys Norfolk, VA Shopping Center for $86M
Posted by: | CommentsWheeler Real Estate Investment Trust has entered a purchase and sale agreement for JANAF Shopping Yard in Norfolk, Va. Through its wholly-owned subsidiary, WHLR-JANAF LLC, the company will acquire the retail center for an expected price of $85.6 million from four different entities.
Located at 5900 E. Virginia Beach Blvd., JANAF Shopping Yard features 887,917 rentable square feet. The asset is anchored by many national retailers, such as BJ’s Wholesale Club and Fuel Center (151,345 square feet), Big Lots (42,500 square feet), T.J. Maxx (37,383 square feet) and service providers, including the U.S. Postal Service and SunTrust Bank. The property features a 37,234-square-foot office in a different building. At the time of the transaction, JANAF Shopping Yard was 94 percent occupied…
Skanska To Build New MOB in Karlskrona, Sweden
Posted by: | CommentsSkanska is one of the leading development and construction companies in Scandinavia, with operations in building construction and civil engineering in Sweden, Norway and Finland. The firm, which specializes in residential and commercial property projects in select home markets, has signed a contract with Blekinge County Council to construct a new building at Blekinge Hospital in Karlskrona, Sweden.
Heathrow Plans Sloping Third Runway to Cut Costs by $3.4 Billion
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U.K. hub also pitches shorter strip, staged terminal expansion
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Airlines have complained existing design would be too pricey
London’s Heathrow airport put forward proposals for a sloping runway and said the landing strip could be built to three different lengths as it seeks to cut 2.5 billion pounds ($3.4 billion) from the cost of expansion plans…
Heathrow Plans Sloping Third Runway to Cut Costs by $3.4 Billion
GE’s Latest Blast of Bad News Has Wall Street Bracing for More
Posted by: | CommentsGeneral Electric Co.’s disclosure of a larger-than-expected $6.2 billion charge related to an old portfolio of long-term care insurance triggered the biggest drop in its shares in more than two months. And analysts say it could be just the beginning of a new wave of bad news from the manufacturer, whose shares plunged 45 percent last year as it undergoes a massive overhaul.
Household Debt and Fed Rates Are Front and Center for Poloz
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Bank of Canada governor expected to increase rates this week
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Highest G-7 debt loads make consumers more vulnerable to hikes
The Bank of Canada is already well into the process of raising interest rates to more normal levels and another increase is expected on Wednesday, after the economy’s stellar performance last year.
China Escalates Crackdown on Cryptocurrency Trading
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Focus on exchange-like platforms follows uptick in activity
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Regulators around the world are scrutinizing cryptocurrencies
China is escalating its clampdown on cryptocurrency trading, targeting online platforms and mobile apps that offer exchange-like services, according to people familiar with the matter…
China Escalates Crackdown on Cryptocurrency Trading
Canadian Home Sales Hit Record Ahead of Tougher Mortgage Rules
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Transcations for all of 2017 were the second highest ever
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Home sales have rebounded after slump earlier this year
Canadian home sales rose to a record in December just before tougher mortgage rules took effect, helping make 2017 the second strongest market ever…
Canadian Home Sales Hit Record Ahead of Tougher Mortgage Rules
Multiplex Lands $1B Australia Hospital Contract
Posted by: | CommentsSTORE Capital Buys AZ, CA Assets for $21M
Posted by: | CommentsMarcus & Millichap has arranged the sale and leaseback of a two-property industrial portfolio, with the assets located in Roseville, Calif. and Chandler, Ariz. STORE Capital Corp. acquired the properties from Erickson Construction for $21 million.
The properties are a 56,000-square-foot lumber yard and industrial building at 8350 Industrial Ave. in Roseville and a 79,000-square-foot manufacturing facility, which served as Erickson’s corporate headquarters, at 250 N. Beck Ave. in Chandler…
Saudi Wealth Fund Is Said to Weigh Bank Loans for Investments
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Sovereign fund may raise about $5 billion from banks this year
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Public Investment Fund is seeking to boost investment returns
Saudi Arabia’s sovereign wealth fund, which aims to become a $2 trillion investment giant, is considering borrowing from banks for the first time as it seeks investments in the kingdom and abroad, according to people familiar with the matter…
Saudi Wealth Fund Is Said to Weigh Bank Loans for Investments
Wells Fargo Isn’t Ready to Cede Mortgage Crown to Quicken
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‘We want to be No. 1 regardless,’ of competition, CFO says
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Profit margins on new mortgages to fall during first quarter
Wells Fargo & Co. isn’t giving up its mortgage-lending crown without a fight.
Vista Grows Silicon Valley Footprint With $113M Purchase
Posted by: | CommentsVista Investment Group, a Santa Monica, Calif.-based privately held real estate investment firm, expanded its Silicon Valley holdings with the acquisition of Vasona Technology Park, a 314,256-square-foot complex in Campbell, Calif., for $113 million. An unidentified institutional money management firm teamed with Vista in a joint venture on the transaction.
SoftBank’s Vision Fund Invests $560 Million in Auto1 Car Portal
Posted by: | CommentsSoftBank Group Corp.’s Vision Fund will invest 460 million euros ($560 million) in Auto1 Group GmbH, valuing the used-car sales portal at about 2.9 billion euros.
About half the investment will be made by issuing new shares, Auto1 said in a statement on Sunday. The Financial Times had earlier reported the size of the investment, saying the deal would give SoftBank control of about one-fifth of the company.
Alabama Reels in $1.6B Toyota-Mazda Plant
Posted by: | CommentsThe nationwide competition for Toyota Motor Corp. and Mazda Motor Corp.’s new joint-venture manufacturing plant is over, and Alabama has emerged victorious. The companies joined Alabama Gov. Kay Ivey on Wednesday, January 10, to announce that the $1.6 billion facility—and the roughly 4,000 jobs it will create—will go to Huntsville.
A bevy of states from across the country vied for the Toyota-Mazda project in a process spearheaded by commercial real estate services firm JLL on the manufacturers’ behalf. “After a thorough national evaluation process, Huntsville was selected as the ideal location for the new plant,” Meredith O’Connor, international director with JLL, said in a prepared statement…
Bono’s Fund Makes Its First Fintech Investment, Backing Acorns
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Rise Fund, co-founded by the U2 singer, is investing in Acorns
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Startup’s other celebrity backers include Kutcher and Durant
Financial technology startups are grabbing a greater share of capital from investors. Now Bono is getting in on the action.
Chase Bank Opens New Williamsburg Location
Posted by: | CommentsThor Equities has signed an 8,000-square-foot, 10-year retail lease with Chase Bank at one of its recently completed buildings in Williamsburg. The tenant will occupy space on the ground and lower floors, and is expected to move in during the third quarter of 2018.
The 14,500-square-foot retail building is located at 180 Bedford Ave., and includes 120 feet of frontage. Each ground-, second- and lower-level floor comprises 4,000 square feet, while the property offers 18-foot ceiling heights and a 2,500-square-foot rooftop terrace. The remaining space is suitable for all types of retail or restaurant…
Ventus Group to Develop $300M Mixed-Use Project
Posted by: | CommentsCryptocurrencies Retreat Amid Concern of South Korean Clampdown
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Korea is one of the world’s most active cryptocurrency markets
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Ministry proposal to ban exchanges spurs social-media backlash
Bitcoin slumped to its lowest level since Christmas day as South Korea’s justice minister reiterated his proposal to ban local cryptocurrency exchanges, fueling concern a state crackdown will erode demand for digital coins in one of the world’s biggest markets.
Goldman Sachs, Morgan Stanley Step Up Pre-Brexit Frankfurt Hires
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Wall Street scouts for local staff after ‘point of no return’
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Banks said to block-book school places for London expats’ kids
Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley are on a hiring drive in Frankfurt as global investment banks race to establish new headquarters inside the European Union in time for Brexit.
The biggest Wall Street firms have recently started advertising for scores of staff ranging from risk managers to compliance officers and information-technology specialists, according to internet listings. They need their offices to be up and running by April 2019, headhunters and people familiar with their firm’s hiring plans said…
Junk-Bond Funds See Largest Cash Inflows Since December 2016
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Investors ride rally in high-yield debt that beats forecasts
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Enthusiasm ignores predictions of more defaults ahead
More than $2.6 billion flowed into high-yield bond funds during the week ended Jan. 10, according to Lipper Fund Flows data released Thursday, as investors looked to get a piece of a junk-debt rally already blowing through year-end forecasts…
Junk-Bond Funds See Largest Cash Inflows Since December 2016
Blackstone to Buy Canada’s Pure Industrial REIT for $3B
Posted by: | CommentsCanadian-based Pure Industrial Real Estate Investment Trust has caught the eye of private equity giant Blackstone Group LP, which intends to add the REIT to its growing industrial holdings in a deal valued at C$3.8 billion.
“We are excited to be acquiring PIRET, one of the premier Canadian industrial REITs, as a continuation of our global strategy to acquire high-quality logistics assets in key urban markets. The management team has done an excellent job building the portfolio and we look forward to working together going forward,” Tyler Henritze, Head of North America Acquisitions for Blackstone Real Estate, said in a prepared statement…
Peter Thiel Bids on Gawker Assets Amid Bankruptcy
Posted by: | CommentsPeter Thiel made an offer to purchase some assets of Gawker Media LLC, the news and gossip site he helped bankrupt in 2016 by secretly funding a lawsuit, said a person familiar with the offer.
San Diego-Area Industrial Asset Trades for $3M
Posted by: | CommentsGieger Court LLC has sold a 19,504-square-foot industrial building in Vista, Calif., for $3.5 million. Kidder Mathews brokered the off-market transaction on behalf of the buyer, a local private investor.
Located at 1221 Liberty Way, the industrial property is situated an hour’s drive from downtown San Diego, while Los Angeles is a two-hour drive away. The property is part of the area’s well-developed business park on the southern outskirt of Vista, with the McClellan-Palomar Airport only 3.5 miles from the site…
Risks and Rewards: An Investors’ Guide to Asia Markets in 2018
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Asia seen outperforming the rest of EM in stocks, currencies
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Thailand, Indonesia to hold elections; N. Korea threat lingers
Asia was the place to be for emerging-market investors in 2017, but a slew of issues and events risk standing in the way of the region repeating that world-beating performance…
Risks and Rewards: An Investors’ Guide to Asia Markets in 2018
California’s Brown Raises Prospect of Pension Cuts in Downturn
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Supreme Court is set to consider if benefit cuts permissible
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Ruling could provide relief to cash-strapped localities
California Governor Jerry Brown said legal rulings may clear the way for making cuts to public pension benefits, which would go against long-standing assumptions and potentially provide financial relief to the state and its local governments…
California’s Brown Raises Prospect of Pension Cuts in Downturn
Miami-Area Retail Asset Lands $25M Acquisition Loan
Posted by: | CommentsNissan-Renault Plans $1 Billion Fund for Auto Tech Startups
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Franco-Japanese tie-up to invest $200 million in first year
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Electrification, AI, autonomy, connectivity to be fund’s focus
The world’s largest automotive alliance will invest as much as $1 billion to fund mobility startups over the next five years as it looks to make inroads with new technology at a time of rapid upheaval for the transportation sector…
Nissan-Renault Plans $1 Billion Fund for Auto Tech Startups
Evocative Enters VA Data Center Market
Posted by: | CommentsEvocative has purchased data center operations in Reston, Va. from Lincoln Rackhouse, a division of Lincoln Property Co. It also signed a long-term lease with the option to purchase the facility. Located in one of the largest data center markets, the Michael Faraday building will be connected to the company’s facilities on the West Coast.
PCCP, Capital Partners Acquire Minnesota Industrial Portfolio
Posted by: | CommentsA joint venture between PCCP LLC and Capital Partners LLP has acquired a seven-property industrial portfolio in and around the metro area of Minneapolis, Minn., from Artis. At the time of the sale, the 1.2 million-square-foot portfolio was 82 percent leased.
KeyBank Arranges $41M for GA Community
Posted by: | CommentsKeyBank Real Estate Capital has arranged a $40.7 million Fannie Mae, first mortgage loan for a 320-unit luxury community located in Savannah, Ga. Passco Cos. used the financing to acquire Mariner Grove from Brand Properties, in a multifamily transaction brokered by Cushman & Wakefield. Chris Black and Caleb Marten of KeyBank’s Commercial Mortgage Group arranged the 10-year, non-recourse loan featuring a 30-year amortization schedule and a five-year interest only period.
NorthMarq Appoints New SVP in Richmond
Posted by: | CommentsNortMarq Capital has hired a new Vice President for its Richmond operations. Reina Abboud, who will join the team led by Keith Wells, has been in the real estate business for almost six years.
Abboud will be responsible for the origination, underwriting, marketing and closing of commercial real estate loans. She will provide equity and debt solutions to clients, sourced through multiple lenders such as life insurance companies, conduit and agency lenders, commercial banks and credit unions…
H&M Gets Support From a $12 Billion Manager of Stocks in Sweden
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Nordea Swedish Stars fund was best large cap fund in Sweden
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Fund’s largest holding is Volvo, sees 30-35% upside in company
Last year didn’t end well for Hennes & Mauritz AB. And this year has started with a controversy over a “monkey hoodie.”….
H&M Gets Support From a $12 Billion Manager of Stocks in Sweden
MiFID Seen Driving 20% Cut in EU Funds’ External Research Budget
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Greenwich Associates survey finds global impact of regulations
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Report shows fund managers reducing number of providers used
European fund managers have cut their 2018 investment research budgets by 20 percent as they scale back the number of providers they use in response to MiFID II.
That’s according to a survey of fund managers conducted by U.S. consulting firm Greenwich Associates, which assessed the shakeup to the multi billion-dollar market for research under the European Union law that started Jan. 3. The law requires asset managers to separate payments for investment research from those for brokerage services to execute trades…
Jack Ma Debt Giant Grinds to Halt as China Curbs Micro-Loans
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Ant Financial has not sold any ABS in China in the past month
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Regulators stopped approving certain consumer-loan ABS: people
After selling billions of dollars of debt backed by consumer loans last year, Chinese billionaire Jack Ma’s Ant Financial is pausing such fundraising as the government steps up curbs on micro lending.
The company hasn’t sold any asset-backed securities since early December, according to data compiled by Bloomberg and China Securitization Analytics. That marks an abrupt shift after it issued a record 238 billion yuan ($37 billion) in 2017 of such securities backed by consumer loans…
Venture Capital Investing Hits Highest Since Dot-Com Boom
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Funding to billion-dollar companies hits all-time record
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Number of venture-capital-backed exits hits lowest since 2011
Venture capital funding in the U.S. has hit its highest level since the dot-com era.
U.S. venture firms deployed $84 billion in more than 8,000 companies last year, according to research firm PitchBook. The last time this much money sloshed around Silicon Valley and other tech hubs, many venture firms lost their investments in the dot-com bust of the early aughts. That’s far less likely to happen today…
Aston Martin Seeks $6.8 Billion Value in Potential IPO
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Maker of Bond sports cars discussing London IPO by year-end
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Expansion into SUVs expected to boost deliveries in 2019
Aston Martin is targeting a valuation of as much as 5 billion pounds ($6.8 billion) in a potential initial public offering of the British sports car maker, according to people familiar with the matter…
Wall Street’s Rising Euphoria May Spell Trouble for Stock Market
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Pace of revisions to U.S. profit estimates highest in 10 years
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Bullish analyst sentiment can be a contrarian indicator
Euphoria on Wall Street that stocks can just keep on building on record highs is getting so stratospheric that it’s reaching levels that previously signaled a slump…
Wall Street’s Rising Euphoria May Spell Trouble for Stock Market
Samling Is Said to Prepare $250 Million IPO for Bentley Dealer
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Timber giant exploring dual listing for automotive operations
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Distribution businesses span greater China to Southeast Asia
Samling Group, the Malaysian timber giant, is planning an initial public offering of its automotive operations that could raise more than 1 billion ringgit ($250 million), people with knowledge of the matter said…
Samling Is Said to Prepare $250 Million IPO for Bentley Dealer
Hooters Franchisee Surges 41% on Cryptocurrency Rewards Program
Posted by: | CommentsAdd Chanticleer Holdings Inc. to the list of companies racking up big stock-market gains by jumping on the cryptocurrency bandwagon…
Hooters Franchisee Surges 41% on Cryptocurrency Rewards Program
Pam Codispoti dreamed up the travel-and-experiences rewards card, which rocked rival American Express. Now, she plans to overhaul the way millennials use banks.
Pam Codispoti had a dilemma. She’d been brought on by JPMorgan Chase & Co. to develop a credit card for affluent millennials in 2014—a time when no one thought the group wanted credit cards…
The Mastermind Behind Chase’s Industry-Changing Sapphire Reserve Card Sets Her Sights on Banking
How Fund Managers Dashed the Hopes of Equity Analysts
Posted by: | CommentsMiFID won’t lead to a bonanza for independent research firms.
Investment research boutiques were among the few financial firms with reason to look forward to MiFID II…
How Fund Managers Dashed the Hopes of Equity Analysts
Stock Fund That Beats 95% of Peers Ignores CEO Talk, Research
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Maj Invest holds MTU Aero, Taiwan Semiconductron and GM
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Fund invests in ‘hated’ stocks that are ‘covered by dust’
Reading brokerage research and meeting chief executive officers are a waste of time for this fund manager.
Both are unlikely to provide any useful information to beat the market, according to Kurt Kara, head of value equities at Copenhagen-based Maj Invest…
Stock Fund That Beats 95% of Peers Ignores CEO Talk, Research
Thiel’s Founders Fund Has Been Quietly Buying Bitcoin Since 2012
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The firm’s purchases are said to total less than $20 million
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Investment in digital currency is a point of debate among VCs
Bitcoin has gained global fame in the past year, but it’s been popular at Peter Thiel’s venture firm since at least 2012…
Thiel’s Founders Fund Has Been Quietly Buying Bitcoin Since 2012
Dalfen America Acquires Columbus Asset
Posted by: | CommentsDalfen America Corp. has acquired Alum Creek Business Center, a 303,000-square-foot industrial property located close to Rickenbacker International Airport in Columbus, Ohio. With the addition of this asset, the company’s Columbus industrial portfolio adds up to approximately 1.1 million square feet.
“The rapid growth of e-commerce has led to an increasing demand for quality warehouse space and Columbus continues to be one of the nation’s top locations for distribution,” said Sean Dalfen, DAC’s president, in a prepared statement…
Nordea Bank Continues to Lose Market Share in Swedish Mortgages
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Swedish mortgage book shrank for second month in November
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Nordea in September decided to move headquarters to Finland
Nordea Bank AB’s Swedish mortgage loan book continued to shrink in November after the biggest Nordic lender saw the first decline in at least 15 years the previous month…
Nordea Bank Continues to Lose Market Share in Swedish Mortgages
Cuomo Seeks to Salvage Agreement on Financing Hudson Rail Tunnel
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NY budget director questions Trump administration’s commitment
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Says 50-50 cost-sharing was discussed in August at White House
New York Governor Andrew Cuomo’s administration is fighting back at President Donald Trump’s U.S. Department of Transportation casting doubt over its commitment to finance the $12.7 billion Gateway commuter rail tunnel under the Hudson River…
Cuomo Seeks to Salvage Agreement on Financing Hudson Rail Tunnel
Two-State Industrial Portfolio Commands $40M
Posted by: | CommentsArtis REIT has acquired a nine-building industrial portfolio in Colorado and Arizona, from BPP Pacific, for $40 million.
The 379,487-square-foot portfolio is spread out across three industrial parks— Rocky Mountain Business Center, located in Aurora, Colo.; and Roosevelt Commons and Superstition Springs in Tempe and Mesa, Ariz., respectively.
JLL’s capital markets team represented the seller in the transaction…
Peebles-Led JV to Build $1.2B Angels Landing High-Rises
Posted by: | CommentsThe City Council of Los Angeles has selected Angels Landing Partners LLC to manage development of the Angels Landing site in Downtown. Peebles Corp., MacFarlane Partners and Claridge Properties teamed up for the complex project with an estimated total budget of $1.2 billion. Handel Architects designed the two towers—one will rise 88 stories and the other 24 stories. The high-rises are expected to be among the tallest in all of the western U.S.
Year’s Best Commodities Fund Is Betting on Mining M&A in 2018
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Commodity Capital returned 94% in 2017, beating larger funds
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Sees opportunities in Nevada given Trump’s permitting plans
This year’s best-performing commodity fund is betting on more mining companies turning to deal-making for growth in 2018…
Year’s Best Commodities Fund Is Betting on Mining M&A in 2018