Archive for Finance
China’s Asset-Management Industry Set to Swell to $17 Trillion
Posted by: | Comments-
Foreign firms to get just 6% of market, Casey Quirk says
-
China to account for almost half of global net inflows
China’s asset-management industry is set to expand five-fold to $17 trillion by 2030, beating growth in other markets and benefiting local money managers…
China’s Asset-Management Industry Set to Swell to $17 Trillion
Meridian Secures Financing for Tallahassee Hotel
Posted by: | CommentsMeridian Capital Group arranged $5.3 million in debt financing for the repositioning of Wyndham Garden Tallahassee Capitol, a 148-key hotel in Tallahassee, Fla. AD1 Global, a hotel investment, acquisition and development company, purchased the asset in October.
The two-year loan features a LIBOR-based rate, full-term interest-only payments and one 12-month extension option. An entity affiliated with C-III Capital Partners provided the short-term loan…
Apple to Sell Debt to Help Fund $300 Billion Capital Return
Posted by: | Comments-
Unsecured bond sale will fund stock buybacks and dividends
-
The iPhone maker is about three-fourths through its program
Apple Inc., looking to fund stock buybacks and dividends, sold $7 billion of bonds even as proposed new tax laws may leave it awash in cash it previously couldn’t use…
Apple to Sell Debt to Help Fund $300 Billion Capital Return
Here’s What Wall Street Is Saying About Broadcom Buying Qualcomm
Posted by: | Comments-
Analysts optimistic on synergies but caution long road ahead
-
Next question is whether Broadcom keeps all of the assets
Broadcom Ltd. made a $105 billion offer for Qualcomm Inc. Monday, in what will be the largest technology deal ever if it’s successful. That’s a big if…
Here’s What Wall Street Is Saying About Broadcom Buying Qualcomm
Investor Bravo Raises $25 Million for Puerto Rico Relief
Posted by: | Comments-
Donors include KKR, Blackstone’s Baratta, Silver Lake’s Roux
-
Remote parts of the island lack food and water, says Bravo
Orlando Bravo, managing partner of technology-focused private equity firm Thoma Bravo, has raised a total of $25 million to help Puerto Rico recover from the hurricane that devastated the island in September…
Investor Bravo Raises $25 Million for Puerto Rico Relief
Saudi Corruption Purge Snares $33 Billion of Net Worth in Riyadh
Posted by: | Comments-
Three of the kingdom’s richest people are under arrest
-
Authorities say suspects are innocent until proven guilty
Crown Prince Mohammed bin Salman’s crackdown on some of Saudi Arabia’s richest and most powerful men has put $33 billion of personal wealth at risk…
Saudi Corruption Purge Snares $33 Billion of Net Worth in Riyadh
Schaeffler Sheds $60M on Ohio Facility Expansion
Posted by: | CommentsSenate Tax Bill Likely to Keep $1 Million Mortgage Cap
Posted by: | Comments-
House legislation proposed cap of $500,000 for new home sales
-
Cornyn says Senate Finance will begin its markup on Nov. 13
Senate tax writers are planning on keeping the mortgage interest deduction limit at $1 million, unlike the House legislation released last week that set a cap of $500,000 for new home sales, according to a person familiar with the emerging Senate bill…
Senate Tax Bill Likely to Keep $1 Million Mortgage Cap
Delta Weighs Up to $12.7 Billion Order of Single-Aisle Jets
Posted by: | Comments-
Airbus vies with Boeing, which has been clashing with airline
-
Carrier looks to remake short-haul fleet with 100-plane order
Delta Air Lines Inc. is nearing an order for about 100 single-aisle planes, people familiar with the matter said, in a much-anticipated deal valued at as much as $12.7 billion…
China Cracks Down on Developers Financing Home Buys, Xinhua Says
Posted by: | Comments-
Officials also want to stop consumer loans flowing to property
-
Developers tumbled last week on news of down-payment checks
China will “strictly” ban property developers and real estate agencies from financing down-payments for home purchases, the state-run Xinhua News Agency reported, citing the housing ministry…
China Cracks Down on Developers Financing Home Buys, Xinhua Says
Lenders to India’s RCOM Face Uphill Struggle After Debt Swap
Posted by: | Comments-
Loan-equity conversion gives banks 18 months to revive carrier
-
Turnaround prospects poor in market gripped by price war
Lenders to embattled Reliance Communications Ltd. have bought themselves some time in taking provisions on $7 billion of debt, but still face an uphill struggle in turning around the phone company…
Lenders to India’s RCOM Face Uphill Struggle After Debt Swap
Bringing Accountability to the Wells Fargo Boardroom
Posted by: | CommentsIt’s distressingly common for directors of public companies to skate away from liability when corporate misconduct occurs on their watch. That’s why a recent ruling by a federal judge hearing two cases against Wells Fargo’s officers and directors is both unusual and welcome.
The cases were filed against the bank by shareholders seeking to recover losses that were sustained, they say, in the wake of Wells Fargo’s widespread creation of fake or unauthorized accounts — a scandal that has besieged the bank, hurt its shares and caused the ouster of its chief executive last year…
Bringing Accountability to the Wells Fargo Boardroom
Cohn Says New Mortgage Deduction Limit Won’t Hurt Housing Market
Posted by: | CommentsThe House tax bill’s proposal to limit the mortgage interest deduction for new purchases of homes won’t crimp the housing market, said White House Economic Adviser Gary Cohn…
Cohn Says New Mortgage Deduction Limit Won’t Hurt Housing Market
What’s the Cost When Two Big Hurricanes Hit the Power Grid? $2.5 Billion
Posted by: | Comments-
Utility cost estimates started rolling in during earnings
-
NextEra estimated $1.3 billion in damages from Hurricane Irma
How much havoc did back-to-back hurricanes that crashed ashore in the U.S. this year wreak on the nation’s power utilities? Based on this quarter’s earnings season, a much as $2.5 billion worth…
What’s the Cost When Two Big Hurricanes Hit the Power Grid? $2.5 Billion
A Bull Market Should Make Investors Happy. This One Isn’t.
Posted by: | CommentsOne day in September, investors with fading summer tans mingled with their brokers over a three-course lunch at Cipriani in Lower Manhattan. Stocks were soaring and they swapped market tips and touted apps that allowed them to buy Bitcoin on the golf course.
But the full stomachs and fat portfolios couldn’t mask a sense of unease that pervaded the gathering: that the good times could suddenly end, derailed by nuclear war, political upheaval, a sudden rise in inflation or simply from stratospheric stocks crashing down to earth…
A Bull Market Should Make Investors Happy. This One Isn’t.
Goldman Says Emerging-Market Assets Have Biggest Gap in 15 Years
Posted by: | Comments-
Correlation between developing currencies, credit at new low
-
Tighter credit spreads signal sanguine macro outlook
Developing-economy currencies and corporate bonds are moving in opposite directions, bucking a decade-long trend and raising questions about which is the right economic signal to follow…
Goldman Says Emerging-Market Assets Have Biggest Gap in 15 Years
Manafort Claims Worth of $28 Million But Mueller Has His Doubts
Posted by: | Comments-
Ex-Trump campaign chief bidding to end his home confinement
-
Prosecutors question value of Trump Tower unit, insurance
Paul Manafort, the indicted former campaign chairman for President Donald Trump, says he’s worth $28 million. But prosecutors have their doubts and aren’t convinced about the value of his Trump Tower apartment…
Manafort Claims Worth of $28 Million But Mueller Has His Doubts
DBS Profit Sinks as Bank Tries to Put Bad Energy Loans Behind It
Posted by: | Comments-
Bad loan provisions rise more than sixfold to S$1.66 billion
-
Will allow investors to focus on operating performance: CEO
DBS Group Holdings Ltd. reported a surprise drop in third-quarter profit as Southeast Asia’s largest bank boosted bad-loan allowances more than sixfold in an effort to deal with its problem lending to the regional oil and gas services sector…
DBS Profit Sinks as Bank Tries to Put Bad Energy Loans Behind It
Carter Validus Buys Two Data Centers for $34M
Posted by: | CommentsCarter Validus Mission Critical REIT II has acquired two data centers for an aggregate price of $34.4 million, excluding closing costs and related fees. The two properties are situated in King of Prussia, Pa. and Tempe, Ariz. After closing the deal, the REIT procured a $12.5 million loan with Israel Discount Bank of New York. The company is focused on diversifying its portfolio with health care and data center asset acquisitions.
Gramercy Lands $400M Syndicated Term Loan
Posted by: | CommentsGOP Bill Offers Business Tax Breaks, Unexpected Mortgage Hit
Posted by: | Comments-
Year-end sprint for legislative win begins with bill’s release
-
House bill took months to write, may be rewritten over weekend
House Republican leaders began rolling out a tax bill Thursday that contains sweeping changes for business and individual taxes, including a measure to cut the corporate tax rate to 20 percent…
GOP Bill Offers Business Tax Breaks, Unexpected Mortgage Hit
Homebuilders Slide After GOP Tax Plan Caps Mortgage-Interest Break
Posted by: | CommentsThe U.S. real estate industry reeled as the House Republican tax bill proposed capping the mortgage-interest deduction, a long-cherished incentive many Americans have had to buy a house…
Homebuilders Slide After GOP Tax Plan Caps Mortgage-Interest Break
Harrison Development Buys AZ Distribution Center for $14M
Posted by: | Comments‘Fight the Man’ Ski Resort Leads Crowdfunding to Snub Vail
Posted by: | Comments-
Red Mountain breaks record for single-day fundraising
-
Resort benefits from legendary powder, gold-rush lore
A tiny Canadian ski resort forged by Scandinavian miners chasing an 1890s gold rush has become the unlikely recipient of a record equity crowdfunding raise, tapping into powder hounds’ quest to fend off a wave of consolidation led by Vail Resorts Inc...
‘Fight the Man’ Ski Resort Leads Crowdfunding to Snub Vail
Banker Brother Comes to Aid of Accused Cryptocurrency Fraudster
Posted by: | Comments-
Promoter of real estate, diamond-backed ICO’s arrested
-
Zaslavskiy accused of conspiring to defraud investors
A businessman accused of fraud involving two fake cryptocurrency offerings got bailed out of jail by his brother who works at a major investment bank…
Banker Brother Comes to Aid of Accused Cryptocurrency Fraudster
Ex-JPMorgan Wealth Manager Recounts Life-Altering Firing
Posted by: | Comments-
ennifer Sharkey says she blew the whistle on red-flag client
-
Sharkey’s firing ‘like taking your life away,’ she testifies
More than eight years after she was fired from JPMorgan Chase & Co.’s private wealth management group, Jennifer Sharkey told jurors the experience was “like your whole life is taken away from you.”…
Ex-JPMorgan Wealth Manager Recounts Life-Altering Firing
JPMorgan’s $4 Billion Texas Verdict May Be Pared to $71 Million
Posted by: | CommentsJPMorgan Chase & Co. was ordered by a Dallas jury in September to pay more than $4 billion in damages for mishandling a client’s estate. It looks like the bank is going to be paying significantly less than that…
JPMorgan’s $4 Billion Texas Verdict May Be Pared to $71 Million
San Diego Luxury Hotel Lands $85M Bridge Financing
Posted by: | CommentsGeorge Smith Partners: Real Estate Investment Banking secured an $85 million bridge loan for the San Diego Pendry Hotel.
Operating under Montage Hotels & Resorts’ jurisdiction, Pendry San Diego is a 317-key luxury hotel located at 550 J St. The San Diego Convention Center and Petco Park are both nearby…
$58M Sourced to Refi South Florida Retail Portfolio
Posted by: | CommentsHFF has completed the $58 million refinancing of a portfolio of nine retail properties totaling about 276,000 square feet in Miami-Dade County, Fla. The borrower was MMG Equity Partners, of Pinecrest, Fla., on whose behalf HFF was able to place the 10-year, fixed-rate loan with an HFF correspondent life insurance company. In addition, HFF will service the loan.
The World’s Biggest Wealth Fund Can’t Keep Up With the Surging Stock Market
Posted by: | Comments-
Gain in stocks pushed equity holdings toward 70% maximum level
-
Other sovereign funds probably followed suit, JPMorgan says
The stock market is rallying too fast for the world’s biggest wealth fund.
Even though it raised its maximum allocation for stocks to 70 percent this year, Norges Bank ended up paring its equity holdings in the third quarter as the surge in prices sent its stockpile of shares toward the self-imposed limit. The move by the $970 billion fund mirrored those of other pension and sovereign wealth funds that form the backbone of world markets, according to research from JPMorgan Chase & Co…
Sears Depletes $200 Million Loan in Latest Sign of Cash Burn
Posted by: | Comments-
Retailer has posted $11 billion in losses over past six years
-
Sears is spending money as it prepares for holiday season
Sears Holdings Corp. drew down the remaining $60 million on a $200 million loan, signaling that the struggling department-store chain is quickly running through cash.
The retailer set up a revised loan on Oct. 4 and borrowed an initial $100 million, according to a filing on Monday. It tapped an additional $40 million on Oct. 18 and then the final $60 million a week later…
Sears Depletes $200 Million Loan in Latest Sign of Cash Burn
Apollo Bank Promotes Joaquin Medina to SVP
Posted by: | CommentsApollo Bank, a locally owned and operated community bank based in Miami, recently promoted Joaquin Medina to senior vice president of client management. In this new role, Medina will serve as the primary leader for the bank’s deposit relationships and will focus on growth strategies.
How to Buy a $116 Million Mansion on $80,000 a Year
Posted by: | Comments-
Son of Equatorial Guinea’s president convicted in France
-
Gets 3-year suspended jail term and suspended $34.9m fine
The son of Equatorial Guinea’s president was found guilty by the Paris criminal court of using ill-gotten gains to buy assets in France ranging from a mansion worth more than 100 million euros ($116 million) near the Champs-Elysees in Paris to a fleet of super-cars, including a Bugatti Veyron, a Rolls-Royce Phantom and a Maserati.
While Teodoro Nguema Obiang Mangue, who is his country’s vice president, won’t have to serve any jail time, judges decided to confiscate assets seized during the investigation worth tens of millions of euros. He was given a 3-year suspended jail sentence and a suspended fine of 30 million euros…
Everybody Wants to Invest Like Buffett. Here’s What It Takes
Posted by: | CommentsBig private equity firms—and lots of other people with money—are looking for a way to get into Buffett’s buy-and-hold model of investing. It isn’t easy.
A few years ago, private equity managers were growing tired of sitting on the sidelines, watching Warren Buffett’s Berkshire Hathaway make landmark investments in Kraft Heinz and BNSF Railway. They wanted to get in the game.
To play, they would need to give themselves lots of time—decades, in fact—and as near-to-permanent capital as they could muster. Ambitious buyout firms bet that by raising long-duration funds, they would finally have the patient capital to do those eye-watering megadeals they’d been coveting…
Franklin Street Closes Major Credit Facility Expansion
Posted by: | CommentsOver the past week, Franklin Street Properties Corp. has completed a cluster of financial transactions, chief among which was recasting its existing unsecured credit facility into a $1 billion facility.
Newly Developed Retail Center Lands $13M Loan
Posted by: | CommentsMeridian Capital Group negotiated $12.5 million in acquisition financing for the recently developed retail component of Plantation Pointe. The shopping center is part of an office park located at the southeast corner of University Drive and Sunrise Boulevard in Plantation, Fla.
The 11-year loan features a fixed rate of 3.87 percent and was originated by a national life insurance company. According to public records, Transamerica Premier Life Insurance Co., an affiliate of AEGON USA Realty Advisors, provided the mortgage scheduled to mature in September 2028…
Geisha-Loans Bank Outshines Japan’s Behemoth Lenders
Posted by: | Comments-
Community bank shows how to thrive despite Japan’s low rates
-
Lending is based on borrower’s personality rather than metrics
Kikuno Kashima, a Tokyo geisha, couldn’t get a bank loan to open a club for her patrons and select guests until a tiny credit union agreed to lend her the money. Now she’s part of a lending model that’s doling out cash to startup companies and yielding surprisingly high profits in the process…
Weinstein Co. Is Close to Getting a $35 Million Fortress Loan
Posted by: | Comments-
Lifeline comes from company with deep entertainment roots
-
Fortress backed producer of two best picture Oscar winners
Weinstein Co., the beleaguered film studio whose co-founder has been accused of sexual assault, is close to obtaining a crucial loan of about $35 million from Fortress Investment Group LLC, according to a person with knowledge of the matter…
Weinstein Co. Is Close to Getting a $35 Million Fortress Loan
Aloft and Element Hotels Receive $140M Financing
Posted by: | CommentsHFF arranged $140 million in financing for Aloft and Element Hotels in the Seaport District of Boston. The firm worked on behalf of the borrower, a venture of a fund managed by an affiliate of Ares Management and CV Properties LLC, to secure the loan through Starwood Property Trust. HFF has recently refinanced three Boston-area hotels totaling 623 keys.
Broad-Based Employment Fuels Demand in Indianapolis
Posted by: | CommentsA healthy employment climate and a relatively affordable cost of living are drawing residents to Indianapolis, spurring demand for apartments and pushing up rents. However, due to a significant amount of new deliveries, the occupancy rate dropped 30 basis points in 12 months, reaching 94.4 percent in July.
SK Hynix Profit Lags Analyst Estimates on Higher Chip Investment
Posted by: | CommentsSK Hynix Inc. posted third-quarter earnings that fell short of analyst estimates after boosting investment in production to capture a rally in memory chip prices…
SK Hynix Profit Lags Analyst Estimates on Higher Chip Investment
Vantage Adds 9MW to Santa Clara Campus
Posted by: | CommentsVantage Data Centers completed its new facility in Santa Clara, Calif. The recently completed V6 is a two-story building located within the 18-acre campus at 2895 N.W. Parkway. The facilities currently offer 51 megawatts of critical IT load, with nine more to be added by V6. Supply of co-location space in Silicon Valley is constrained, and Vantage is among the few companies to conquer this challenge. Recently, Digital Realty also completed a new facility in Santa Clara.
Germany Tightens the Screws on International Funds to Turkey
Posted by: | Comments-
Squeeze comes as Turkey faces unprecedented break with West
-
EIB says current political developments in Turkey a ‘concern’
The German government is wielding its influence with international development institutions to restrict financing to Turkey over an escalating political dispute, people familiar with the matter said…
Germany Tightens the Screws on International Funds to Turkey
New $70M Facility Breaks Ground in the South Texas Medical Center
Posted by: | CommentsUT Health San Antonio broke ground on a new Sam & Ann Barshop Institute for Longevity & Aging Studies in the South Texas Medical Center. The three-story, 108,000-gross-square-foot building will be built at the corner of Floyd Curl and Charles Katz Drives, adjacent to UT Health’s Medical Arts & Research Center and across the street from UT Health’s Greehey campus.
Uber Fields Bids for Its Subprime Lending Unit’s Assets
Posted by: | Comments-
Potential buyers include startup Fair, rental car companies
-
CEO focuses on Uber’s core business in ‘times of trouble’
Uber Technologies Inc. is fielding bids for some assets of the subprime lending unit that the ride-hailing giant is shutting down, according to people familiar with the matter…
Uber Is Said to Take Bids for Its Subprime Lending Unit’s Assets
Posted by: | Comments-
Potential buyers include startup Fair, rental car companies
-
CEO focuses on Uber’s core business in ‘times of trouble’
Uber Technologies Inc. is fielding bids for some assets of the subprime lending unit that the ride-hailing giant is shutting down, according to people familiar with the matter…
Uber Is Said to Take Bids for Its Subprime Lending Unit’s Assets
Industrial Investment to Stay Strong in 2018: RCM/SIOR Report
Posted by: | CommentsSpurred by e-commerce growth, corporate expansion of distribution spaces and overall momentum in the supply chain, investment levels in leasing, construction and capital market sales in the industrial sector are expected to remain strong for at least 12 to 18 more months, according to a new survey.
OCBC’s Quarterly Net Profit Gains 12% on Lending, Wealth, Insurance
Posted by: | Comments-
First Singapore bank to post third-quarter earnings results
-
CEO warns of geopolitical and oil risks despite income growth
Oversea-Chinese Banking Corp., Southeast Asia’s second-largest lender, reported higher third-quarter profit on increased revenue from its lending, wealth management and life-insurance businesses…
OCBC’s Quarterly Net Profit Gains 12% on Lending, Wealth, Insurance
Singapore’s Second-Largest Lender Plans a Push Into Hong Kong Research
Posted by: | Comments-
Bank to add coverage of 60 stocks, with 14 to 20 by year-end
-
Research arm had previously focused on local mid-cap firms
Singapore’s second-largest lender has decided that the best place to expand its research is the country’s rival market Hong Kong…
Singapore’s Second-Largest Lender Plans a Push Into Hong Kong Research
Skanska Disposes of $29M Swedish Nursing Facility
Posted by: | CommentsSkanska sold a nursing home under construction in Gothenburg, Sweden for about $29 million to Northern Horizon. Ambea will become the tenant of the facility when completed in spring 2019.
The project comprises a retirement home with 72 apartments on five floors located in the center of Angered, Gothenburg. The 57,000-square-foot nursing home has been developed by Skanska in cooperation with Ambea and is the first phase in a major investment in new housing in the district. Skanska will also build apartments in the area managed by BoKlok. The project will aim for LEED Gold certification and is currently under construction…
Job Growth Keeps Market Steady in Miami
Posted by: | CommentsWhat Lies Ahead for Financial Markets and the Global Economy
Posted by: | CommentsEveryone From Goldman Sachs to HSBC Wants a Piece of Saudi Banking
Posted by: | Comments-
Kingdom’s wealth fund is hosting global banking CEOs this week
-
Saudi Arabia plans to sell hundreds of state assets in reform
Saudi Arabia’s ambitious plan to transform its economy away from oil has global banks lining up for a piece of the action…
Everyone From Goldman Sachs to HSBC Wants a Piece of Saudi Banking
Bond Market’s 2.4% Moment of Truth Elicits Warning From Gundlach
Posted by: | Comments-
Ten-year yield closes above key mark for first time since May
-
Breakthrough has traders eyeing 2.5% and 2.6% levels
The bond bears may finally be having their moment…
Bond Market’s 2.4% Moment of Truth Elicits Warning From Gundlach
ULI Report: Asian Investors Flocking to DTLA
Posted by: | CommentsDowntown Los Angeles remains a hot market for investment, particularly attracting Asian capital. Investors from several Asian countries are deploying billions of dollars in some of the city’s tallest, most luxurious projects currently underway, hoping to bring a variety of uses and high-quality amenities to the city. At this year’s ULI Fall Meeting in the City of Angels, attendees had a chance to tour three major mixed-use projects that are shaping the city’s skyline, which came to fruition thanks in large part to Asian investment.
There’s Now a Cryptocurrency Fund-of-Funds
Posted by: | CommentsJust a year ago there were hardly any dedicated cryptocurrency funds, now investment in the sector has mushroomed enough that the first funds-of-funds are emerging…
There’s Now a Cryptocurrency Fund-of-Funds
Goldman Sachs Had Good Earnings, but It Could Learn From Morgan Stanley
Posted by: | CommentsGoldman Sachs edged past Morgan Stanley on style points in the third quarter, but not on substance. Lloyd Blankfein’s firm cranked out $2 billion of earnings in the three months to the end of September, at an annualized return on equity of 10.9 percent. That bested the 9.6 percent showing of Goldman’s main Wall Street rival — the first time this year that it has come out ahead. Morgan Stanley’s boss, James Gorman, though, has crafted a more attractive-looking business for the longer term.
Ben Carson Vows to Pull Back on Mortgage Penalties at HUD
Posted by: | Comments-
Carson says HUD is working with Justice Department on Fines
-
Big banks say lawsuit fears have prompted lending pullback
Ben Carson doesn’t want big banks to worry so much about being penalized from mortgage lending errors…
Ben Carson Vows to Pull Back on Mortgage Penalties at HUD
Irish Bankers Tarnished Again as Mortgage Scandal Mounts
Posted by: | Comments-
Finance minister to demands answers from banks on overcharging
-
Irish PM brands banks’ behavior scandalous, threatens taxes
Helen Grogan says her bank has left her brimming with “rage, frustration and anger” and 40,000 euros ($47,000) worse off…
Wall Street’s Biggest Stock Bull Says Momentum Signals Pullback
Posted by: | Comments-
S&P 500 relative-strength index above 70 for 15 days in a row
-
Earnings growth priced into current market: Morgan Stanley
The biggest bull on Wall Street is expecting a pause in the record-setting rally as equity prices already reflect earnings growth expectations…
Wall Street’s Biggest Stock Bull Says Momentum Signals Pullback