Archive for Finance
JPMorgan Whistle-Blowers Set to Reap Record $61 Million Bounty
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SEC, in letters, says two whistle-blowers will share award
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Award stems from bank’s $307 million settlement over conflicts
Two whistle-blowers are set to share a record $61 million award from the Securities and Exchange Commission for helping make the case that JPMorgan Chase & Co. failed to disclose to wealthy clients that it was steering them into investments that would be most profitable for the bank.
The SEC issued letters on Wednesday notifying six whistle-blower applicants of the preliminary decision. The letters said that two of them would share almost a quarter of the record asset-management settlement that the SEC reached with the bank in December 2015…
Fannie-Freddie Reform Hinges on Keeping Small Lenders Happy
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Trade groups want to keep big bank dominance from returning
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Groups believe current system is best, but still needs new law
A decade ago, Brian Koss was a senior vice president at Countrywide Financial who saw firsthand how big lenders muscled out small ones during the housing boom by cutting special deals with Fannie Mae and Freddie Mac.
Now, as a senior executive at a mid-size lender, he says a positive outcome from the bust is that government policies have mostly leveled the playing field.
Mission Capital Arranges Acquisition Financing for Houston Hotel
Posted by: | CommentsMission Capital Advisors’ debt and equity finance group has arranged a $15.3 million acquisition loan on behalf of Midas Hospitality for the newly built Staybridge Suites Houston–Medical Center. The 120-key, extended-stay hotel is located at 9000 South Main St. in Houston, Texas.
Goldman Sachs Says Take Profit on Emerging-Market Carry Trade
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Recommendation was long Brazil, Russia, India and South Africa
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Mexican peso and Turkish lira seen as having upside potential
Goldman Sachs told investors to close out of an emerging-market carry-trade recommendation it made eight months ago, saying there was little scope for appreciation.
Following the bank’s advice to buy Brazil’s real, Russia’s ruble, India’s rupee and South Africa’s rand while shorting the Korean won and Singapore dollar would have delivered a 9.7 percent return, strategists Marty Young and Michael Cahill said in a note to clients. While Goldman Sachs is overall positive on emerging-market currencies, the analysts said the real, ruble and rupee were unlikely to strengthen much further in coming months…
Equinix Invests $42M in SY4 Data Center Expansion
Posted by: | CommentsEquinix Inc. plans to invest $42 million to expand its SY4 International Business Exchange data center near Sydney, Australia, to meet the rising demand for additional capacity and interconnection services.
Opened in August 2016, SY4 is strategically located in Alexandria, 2.5 miles from Sydney’s central business district. The development is Equinix’s latest in a series of expansions across Asia-Pacific, namely in Melbourne, Tokyo, Hong Kong and Singapore.
Women Are Better at Crowdfunding Than Men
Posted by: | CommentsWomen are more successful at meeting their funding targets, study shows
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When it comes to raising funds from large groups of anonymous donors over the internet, women come out tops. That could be a boon for job creation and economic growth.
A new report from PricewaterhouseCoopers LLP and The Crowdfunding Center shows that women across the world consistently outperformed men on funding campaigns: Globally, females were 32 percent more successful than males in reaching their funding targets; in Asia, women achieved twice as much success as men…
Wall Street Efforts to Improve Its Image Fail to Sway Americans
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Less than a third of those asked say they trust billionaires
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Republicans are more likely than Democrats to admire the rich
Bad news for financial titans like JPMorgan Chase & Co.’s Jamie Dimon and Goldman Sachs Group Inc.’s Lloyd Blankfein: Most Americans hold unfavorable views of Wall Street banks and corporate executives, and distrust billionaires more than they admire them.
Despite efforts by Wall Street firms to regain trust since the 2008 financial crisis, fewer than a third of Americans view the industry positively — unchanged from 2009, according to the latest Bloomberg National Poll…
Wall Street Profits by Putting Investors in the Slow Lane
Posted by: | CommentsWall Street has developed a new way, clouded in obscurity, to fleece the hundreds of millions of Americans who have money invested in company pension plans, mutual funds and insurance policies.
Institutional brokers are legally obliged to execute trades on the exchange that offers the most favorable terms for their clients, including the best price and likelihood of executing the trade. The 12 exchanges, most of which are owned by New York Stock Exchange, Nasdaq and Better Alternative Trade System (BATS), along with the Chicago Stock Exchange and the Investors Exchange (IEX), are supposed to compete to offer the best opportunities…
Goldman Sachs Struggles to Navigate the Markets
Posted by: | CommentsWho cares about a few bad weeks in fixed-income markets?
Jamie Dimon, JPMorgan Chase’s chief executive, raised that reasonable question last week. The answer is Lloyd C. Blankfein at the rival Wall Street firm Goldman Sachs, which on Tuesday reported a 40 percent year-on-year slump in revenue from trading bonds, currencies and commodities. Goldman’s market compass is a little off, and investors may soon expect Mr. Blankfein to fix it more quickly.
U.S. and Chinese Executives to Meet on Nations’ Economic Relations
Posted by: | CommentsLeaders of major United States companies with deep ties to China will meet on Tuesday with their Chinese counterparts to try to ease the increasingly rocky economic relationship between the countries.
On Tuesday, Wilbur L. Ross, the secretary of commerce, will host a daylong meeting in Washington with more than 20 business leaders from the United States and China. The session will be brokered by Jack Ma, the executive chairman of the Chinese e-commerce giant Alibaba, and Stephen A. Schwarzman, a co-founder of the private-equity firm the Blackstone Group and an adviser to President Trump…
U.S. and Chinese Executives to Meet on Nations’ Economic Relations
Canadians Are Managing Their Mortgages Despite Soaring Debt Load
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Borrowers with mortgage less likely to default, go bankrupt
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New rules will help insulate them from rising interest rates
Canadians may be shouldering near-record household debt but homeowners have been managing it better than those than don’t own property, according to the country’s housing agency.
Mortgage delinquency rates and credit scores improved in the fourth quarter of 2016 from the third quarter and those with a home loan were less likely to default or file for bankruptcy, Canada Mortgage & Housing Corp. said in a report Tuesday.
Metrogroup Secures Acquisition Financing for OC Asset
Posted by: | CommentsMetroGroup Realty Finance secured $3.9 million in permanent acquisition financing for Orangewood Business Plaza, a three-building industrial/office business park in Orange, Calif. The financing represented 46 percent of the 8.5 million purchase price. Lee & Associates represented both the buyer, Betty L. Davies Family Ltd. Partnership, and the seller, Orangewood Business Plaza LLC.
S. Korean Investment Firm Buys NASA HQ in DC
Posted by: | CommentsHana Asset Management Co. Ltd., a South Korean investment firm, has acquired Two Independence Square—NASA headquarters and Piedmont Office Realty Trust’s largest Washington, D.C., asset—for approximately $360 million, or $593 per square foot.
The 606,000-square-foot, nine-story office building is located at 300 E St., S.W., and has been fully leased to the National Aeronautics and Space Administration since it was constructed in 1991. Atlanta-based Piedmont acquired the property in November 2002 from Boston Properties in a $345 million portfolio transaction that included One Independence Square, according to Yardi Matrix data. Yardi Matrix stated the price Piedmont paid for Two Independence Square in 2002 was $216.2 million, or $386 per foot…
Highly Crowdfunded Vehicle Hits Final Close at $151M
Posted by: | CommentsCRE private equity firm Origin Investments, of Chicago, has completed the final closing for its fully subscribed $151 million Fund III, the company announced last week.
The nominal $150 million fund, which hit its $55.5 million first closing in March, is intended to acquire $600 million in value-added commercial properties.
The goal is that when fully invested, Fund III will have more than 15 multifamily and office properties in eight high-growth markets across the U.S.: Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Houston and Raleigh-Durham, N.C. Since July 2016, it has invested about $38 million in eight properties valued at more than $257 million…
Bank of New York Mellon Hires Former Visa Head as C.E.O.
Posted by: | CommentsBank of New York Mellon said on Monday that it had hired Charles W. Scharf, the former top executive of Visa and a veteran banker with experience at Citigroup, Bank One and JPMorgan Chase, as its new chief executive.
Mr. Scharf, who led Visa from October 2012 to December 2016, will join the bank as chief executive immediately and assume the added role of chairman on Jan. 1, Bank of New York Mellon said…
Bank of New York Mellon Hires Former Visa Head as C.E.O.
Cushman & Wakefield Appoints Executive Director
Posted by: | Comments“I’m coming to this position with experience not only on the retailer side, but also from the landlord and investor perspective,” Gorelick told Commercial Property Executive. “In Cushman, I saw an opportunity not only to leverage that skill set but to also make an impact on a platform that I regard as best-in-class. It’ll be an honor and privilege to broaden the reach of the retail platform during this exciting time in the evolution of retail.”
Morgan Stanley Just Doubled Down on Its Bullish Bet on the S&P
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Chief equity strategist reiterates call for 2,700 by year end
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Price-to-earnings ratio to move higher, Michael Wilson says
There’s juice in the equity rally yet.
A second-quarter earnings season that’s set to beat the consensus and reinvigorated faith in the Trump Administration’s policy objectives will spur the S&P 500 Index about 10 percent higher to a record 2,700 by the end of the year, according to Morgan Stanley Chief Equity Strategist Michael Wilson.
“The U.S. equity market can continue to grind higher on the back of improving earnings as it has done for the past several months,” Wilson wrote in a note Monday. He reiterated his April call for the U.S. benchmark…
Ways of Winning in a Bull Market
Posted by: | CommentsIn a bull market (the current one reached its eighth birthday in March), mutual fund managers can find many ways to win. In the second quarter, three of the better-performing stock funds scored with picks as varied as well-known technology companies, micro-cap stocks and Asian innovators.
Fidelity OTC Portfolio
Gavin S. Baker, manager of the Fidelity OTC Portfolio, often makes big bets on big names. His fund, for example, had committed about 8.5 percent of its $15.3 billion in assets to Tesla, an electric-car maker, at the end of May. It likewise owned sizable slugs of Apple, Alphabet and Amazon…
Ways of Winning in a Bull Market
Chinese Finance Meeting’s Meager Results Reflect Nation’s Problems
Posted by: | CommentsSHANGHAI — China’s top leaders have gathered every five years since 1997 for a National Financial Work Conference. At past gatherings, they have created entire regulatory agencies and rearranged the rules for huge markets, almost overnight.
So economists and regulators have been almost breathlessly speculating about this summer’s work conference. Would the regulatory commissions overseeing the banking, securities and insurance industries be merged into the central bank? Would the legal definition of securities be broadened to shed some regulatory daylight on widespread activities like shadow banking, peer-to-peer online investment networks and off-balance-sheet wealth management products?…
Citigroup’s Bankers, Bond Traders Are Narrowing Gap on JPMorgan
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Fixed-income revenue at Citigroup now just shy of top firm’s
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Investment banking results are strongest in years amid hires
Citigroup Inc.’s bond traders and investment bankers are closing in on their rivals at JPMorgan Chase & Co.
A renewed focus on investment banking, including some big hires, is helping Citigroup lure clients, boost revenue and gain on its larger competitor. Its fixed-income traders, meanwhile, are proving adept at weathering an industrywide slump, almost catching JPMorgan, long the dominant bank in that business…
Citigroup’s Bankers, Bond Traders Are Narrowing Gap on JPMorgan
R.B.S. to Pay $5.5 Billion to Settle Toxic Mortgage Claims in U.S.
Posted by: | CommentsLONDON — The Royal Bank of Scotland said on Wednesday that it had agreed to pay $5.5 billion to American authorities to resolve claims related to its underwriting and sale of toxic mortgage securities.
The settlement with the Federal Housing Finance Agency — regulator of the mortgage finance giants Fannie Mae and Freddie Mac — partially removes a longtime cloud from over R.B.S., which has tried to resolve continuing litigation as part of its efforts to engineer a turnaround…
R.B.S. to Pay $5.5 Billion to Settle Toxic Mortgage Claims in U.S.
Brooklyn Reuse Project Receives $150M Bridge Loan
Posted by: | CommentsGlacier Global Partners and Triangle Assets have received $150 million in bridge financing for their redevelopment project at 10 Jay St. on the East River waterfront in Dumbo, Brooklyn. JLL’s capital markets team secured the funding.
Bridge-lending specialists Acore Capital provided the loan, which will be used to repay existing debt, complete construction and fund future leasing costs at the property…
Biggest Pension Fund Craves More After Foray Into ESG Assets
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ESG assets should have an impact on fund performance: Mizuno
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Current ESG allocation of 3% of Japan stocks too low, he says
The world’s largest pension fund aims to boost and broaden its socially responsible assets after buying them for the first time this year.
Hiromichi Mizuno, who helps manage $1.3 trillion in assets for Japan’s Government Pension Investment Fund as chief investment officer, said the fund wants to increase allocation to the point where it impacts results. For that to happen, GPIF President Norihiro Takahashi has said ESG assets should reach around 10 percent of its Japanese equity holdings, Mizuno said. GPIF announced last week that 3 percent of its domestic stock portfolio of 35 trillion yen ($310 billion) is in three environmental, social and governance (ESG) indices…
Vanguard CEO McNabb to Step Down
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Firm more than tripled its managed assets with McNabb at top
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Greg Davis will succeed Buckley as chief investment officer
Vanguard Group Chief Executive Officer F. William McNabb will step down at the end of the year and cede his role to Tim Buckley, a two-decade veteran of the world’s second-largest money manager who serves as investment chief.
McNabb, 60, who became CEO in 2008, will remain chairman, the company said Thursday in a statement. Buckley, 48, will become president immediately and take the CEO role on Jan. 1. Greg Davis, 46, Vanguard’s global head of fixed income, replaces Buckley as chief investment officer…
Upcoming Las Vegas Retail Property Snags $38M Financing
Posted by: | CommentsCalmwater Capital arranged a $36.7 million loan on behalf of Remington Nevada to refinance existing debt and finance remaining construction of the Mountains Edge Marketplace in southwest Las Vegas. The financing encompasses a $16.6 million senior secured term loan and a $20.1 million delayed draw term loan for future construction costs, tenant improvements and leasing costs.
Full Text: Yellen Testimony to House Financial Services Panel
Posted by: | CommentsThe following is a reformatted version of prepared testimony Federal Reserve Chair Janet Yellen is delivering Wednesday to the House Financial Services committee:
Chairman Hensarling, Ranking Member Waters, and other members of the Committee, I am pleased to present the Federal Reserve’s semiannual Monetary Policy Report to the Congress. In my remarks today I will briefly discuss the current economic situation and outlook before turning to monetary policy…
Full Text: Yellen Testimony to House Financial Services Panel
Mt. Taylor Manufacturing to Invest $1M in South Valley Expansion
Posted by: | CommentsMt. Taylor Manufacturing, an industrial company also known as Wood You Recycle!, will invest more than $1 million to expand their operations in the South Valley, according to the New Mexico Economic Development Department. The expansion is expected to create five new manufacturing jobs and preserve 43 existing ones in Milan, N.M.
Mt. Taylor focuses its efforts toward manufacturing lumber, home-heating wood pellets, chips for playgrounds, and mulch for gardens and landscapes. With this expansion, the company will increase its production volume, and will begin producing food smoking pellets as well. Mt. Taylor Manufacturing serves customers in Rio Rancho and Albuquerque, local public schools, warehouse clubs and big box retailers in the southwest…
Investors Don’t Hate Fund Managers, Just U.S. Stock-Pickers
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Active international equity funds and bond funds get cash
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Latest trends boost indexing giants BlackRock, Vanguard
Investors haven’t soured on all active fund managers — only those who pick U.S. stocks.
Actively managed mutual funds and exchange-traded funds that own domestic stocks experienced $98.5 billion in net redemptions in the first six months of 2017, according to the latest figures compiled by Morningstar Inc. Active funds that buy international stocks attracted inflows of $8.7 billion and active funds that buy bonds gathered $106.5 billion…
Investors Don’t Hate Fund Managers, Just U.S. Stock-Pickers
Solar Power Gets $46 Million Boost From U.S. Energy Department
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Technology grants awarded to 48 universities and developers
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Arizona State leads awards with new module testing methods
The U.S. Energy Department awarded $46.2 million in research grants to improve solar energy technologies and reduce costs to 3 cents per kilowatt-hour by 2030.
The money will be partly matched by the 48 projects awarded to laboratories and universities, including Arizona State, which plans to use $1.6 million to develop an X-ray test to evaluate the performance of thin-film modules under harsh conditions, according to a emailed statement Wednesday…
Solar Power Gets $46 Million Boost From U.S. Energy Department
Fifth Avenue Tower Lands $200M in Financing
Posted by: | CommentsCeruzzi Holdings LLC and SMI USA are moving ahead with their plans for a 425,000-square-foot mixed-use tower at 520 Fifth Ave. in Manhattan now that HFF has arranged $200 million in pre-development financing. Groundbreaking of the vertical development is scheduled to begin in 2018, three years after the joint venture acquired the 10,625-square-foot site from Thor Equities for $275 million.
Swedish Security Company Boss Declared ‘Bankrupt’ After Identity Stolen
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CEO’s identity was used for false loan application in March
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District Court declared Alf Goransson bankrupt on July 10
The man running Sweden’s biggest security firm was declared bankrupt this week after his identity was hacked.
Though the sub-optimal branding implications were hard to miss, Securitas AB was able to put the whole awkward incident behind it by the end of the day.
China’s $800 Billion Sovereign Wealth Fund Seeks More U.S. Access
Posted by: | CommentsBEIJING — China’s sovereign wealth fund is looking at big bets in America. But the $800 billion investment behemoth said on Tuesday it faced an obstacle: the United States government.
The fund, the China Investment Corporation, urged American authorities to allow better access to the market, at a time when Chinese deals are facing more scrutiny.
“We hope that the U.S. government will provide us with a more liberal, equal and nondiscriminatory investment environment,” said Liu Fangyu, the fund’s managing director and head of public relations and international cooperation…
China’s $800 Billion Sovereign Wealth Fund Seeks More U.S. Access
Asset Management Revenue Falls in 2016 for First Time Since 2008
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Industry reaches ‘tipping point’ as fee pressure builds
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Hedge funds and private equity among hardest hit, BCG says
Rising markets aren’t a haven for money managers.
For the first year since the 2008 financial crisis, revenue earned by asset management firms globally fell in 2016 along with profits, according to a report Tuesday by Boston Consulting Group. While assets under management increased 7 percent to $69 trillion, most of that growth came from rising markets while net new money from investors was little changed from recent years.
Seattle Approves New Income Tax for Wealthy Residents
Posted by: | CommentsSeattle (AP) — Seattle’s wealthiest would become the only Washington state residents to pay an income tax under legislation approved by the City Council, a measure designed as much to raise revenue as to open a broader discussion about whether the wealthy pay their fair share.
The council voted unanimously Monday to impose a 2.25 percent tax on the city’s highest earners. Personal income in excess of $250,000 for individuals and in excess of $500,000 for married couples filing joint returns would be taxed.
Bored Traders on Tinder Are a Symptom of Wall Street Revenue Dip
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Five biggest firms seen posting 11% drop in trading revenue
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Clients feel it too, with one leaving work to play Nintendo
One bond trader says he’s been slipping out early to watch his kids play sports. A fund manager says his office just staged a golf retreat. A trading supervisor at another bank confides he’s swiping through a lot of profiles on Tinder, the dating app.
Welcome back, Wall Street, to the doldrums.
U.S. Agency Moves to Allow Class-Action Lawsuits Against Financial Firms
Posted by: | CommentsThe nation’s consumer watchdog adopted a rule on Monday that would pry open the courtroom doors for millions of Americans, by prohibiting financial firms from forcing them into arbitration in disputes over their bank and credit card accounts.
The action, by the Consumer Financial Protection Bureau, would deal a serious blow to banks and other financial firms, freeing consumers to band together in class-action lawsuits that could cost the institutions billions of dollars…
U.S. Agency Moves to Allow Class-Action Lawsuits Against Financial Firms
Asian Finance Startup Raises Capital From Alibaba, Goldman Funds
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Investors include IFC, Alibaba, Goldman Sachs Investment
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Startup offers online comparisons for credit cards, loans
CompareAsiaGroup, an online personal finance marketplace backed by Goldman Sachs Investment Partners, has secured $50 million in new funding from investors led by the World Bank’s International Finance Corp.
Other backers in the series B round included Alibaba Entrepreneurs Fund, the Chinese e-commerce giant’s non-profit startup sponsorship outfit, SBI Group and H&Q Utrust, the company said in a statement. Existing investors including the Goldman fund, Nova Founders Capital, ACE & Co. and Route 66 Ventures also took part in the fundraising…
Avison Young Brokers $24M MOB Sale
Posted by: | CommentsAvison Young brokered the sale of Forest Glen, a 62,379-square-foot medical office building in Silver Spring, Md., on behalf of the buyer, Healthcare Realty. A joint-venture between Foulger-Pratt and a global real estate investment management firm sold the Class A asset for $24 million in an off-market transaction, according to Bisnow.
Newport Nabs Chicago Retail Portfolio for $39M
Posted by: | CommentsInvenTrust’s Lincoln Village and Learsi & Co.’s Kedzie Plaza became part of Newport Capital Partners Fund II through a portfolio transaction, which closed at $39.2 million.
“The City of Chicago continues to be a tremendous place to live, work, do business and invest. Both of these shopping centers are convenience-, necessity-based retail properties that have rich histories and are an important part of their respective neighborhoods,” said Ben Andrews, a director with Newport…
Berkshire Hathaway Makes a $9 Billion Bid for Energy Future Holdings
Posted by: | CommentsThe fate of a giant Texas power company that has spent nearly a decade in financial distress lies in a potential battle between two billionaires.
On one side is Warren E. Buffett, who has agreed to pay $9 billion in cash for the utility operator, Energy Future Holdings. On the other is Paul E. Singer, the hedge fund mogul whose firm is the biggest creditor of Energy Future. Mr. Singer is exploring making its own takeover bid for the company, which has spent more than three years in bankruptcy proceedings.
Natixis Facilitates First “Green Bond” CMBS Deal
Posted by: | CommentsNoting it received “very strong interest” from major green investors across the globe, French corporate and investment bank Natixis collaborated with Ivanhoé Cambridge and Callahan Capital Properties to issue the first green tranche in a CMBS to refinance part of the acquisition loan for 85 Broad St. in Downtown Manhattan.
Jernigan Invests $50M in Self-Storage
Posted by: | CommentsJernigan Capital, Inc. has committed to investing $49.7 million in three new climate-controlled, multi-story self-storage developments.
KEY MARKETS
The company will invest $26.5 million in a proposed 40,593-square-foot, 1,424-unit project in New York City. Located at 465 W 150th St., the previous storage facility will be converted into a multi-story building by developer Mequity LLC. Construction is projected to begin in the third quarter of 2017 and be completed by the end of second quarter of 2018.
Sovereign Wealth Fund GIC Warns Investors Aren’t Fearful Enough
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Singapore fund reports decline in its main performance gauge
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20-year return falls to 3.7% from 4%, fund says at briefing
Singaporean sovereign wealth fund GIC Pte warned that investors are being too complacent about looming market risks, while disclosing that its main performance gauge fell for the second straight year.
“We are cautious because valuations are stretched, policy uncertainty is high and there are still unresolved economic imbalances,” Lim Chow Kiat, GIC’s chief executive officer, said in an interview in the city. The “uncertainty level is very high,” in contrast to “very low” actual equity price volatility, he said. “We think this indicates investor complacency, another reason for us to be more cautious.”
Deutsche Bank Is Said to Retreat From London for Frankfurt
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German bank would move assets booked in U.K. to home nation
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Plan is response to both Brexit and investment bank overhaul
Deutsche Bank AG is preparing to move large parts of the trading and investment-banking assets it currently books in London to its hometown of Frankfurt in response to Britain’s exit from the European Union, people familiar with the matter said.
Tenants Sign, Extend Leases at Refurbished MA Office Building
Posted by: | CommentsReal estate development and investment firm U.S.-1 Ventures signed two new leases and extended two others at one of its Danvers, Mass., office buildings. The new tenants are financial service firm Primax, which will relocate from 516 Edgewater Drive in Wakefield, Mass., and Norwin Technologies Corp., which will move its headquarters from 300 Rosewood Drive in Danvers. Norwin will leave its current location at the end of the summer and plans to have the space fitted by summer 2018.
Prologis to Buy Out Brazilian JV Partner for $362M
Posted by: | CommentsPrologis Inc. has entered into an agreement to acquire its partner’s interest in its Brazilian portfolio for R$1.2 billion (US$362 million), the company announced Tuesday. On the transaction’s closing, Prologis will own 100 percent of Prologis CCP and rename the business to Prologis Brazil.
Prologis CCP is a joint venture between Prologis and Cyrela Commercial Properties. It’s a leading provider of industrial real estate in Brazil’s primary markets and owns and operates about 8.8 million square feet.
Fed’s Fischer Says Fiscal-Policy Uncertainty Denting Investment
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Fed vice chair calls decline in govt-funded R&D ‘disturbing’
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Says more clarity on govt policy would be ‘highly desirable’
Uncertainty surrounding U.S. government policy may be holding back economic growth because of its negative impact on business investment, Federal Reserve Vice Chairman Stanley Fischer said.
A “cautious approach to investment” by U.S. companies “may in part reflect the uncertainty about the policy environment,” Fischer said Thursday in remarks prepared for a speech in Vineyard Haven, Massachusetts. “Mitigating the damping effect of uncertainty by providing more clarity on the future direction of government policy is highly desirable.”…
JPMorgan Says You’re Missing Chile’s Rally, But There’s Still Time
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Foreign investors have largely sat out this year’s boom
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Pinera’s expected election may reverse Bachelet reforms
Chilean stocks are expensive, but there’s still plenty of space for growth, according to JPMorgan.
Foreign investors, largely absent from the country’s rally so far this year, will have to look beyond current market valuations if they want to catch the next wave, Diego Celedon, head of equity research and strategy for the Southern Cone and Andes region at JPMorgan Chase & Co., said…
JPMorgan Says You’re Missing Chile’s Rally, But There’s Still Time
Colliers International Secures 102 KSF Indianapolis Asset
Posted by: | CommentsColliers International has secured the sale of Corporate Center North Buildings four and six, a 101,727-square-foot industrial building located in Indianapolis’ Northwest submarket. Head of Investment Sales Alex Cantu secured the sale of the property on behalf of Building 4 LLC and Building 6 LLC. California-based firm, Tower Investments acquired the asset.
Harrison Street Opportunistic Fund Raises $1.1B
Posted by: | CommentsBelgian Bank KBC Seizes Assets From Storied Antwerp Diamond Firm
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Exelco said to have credit lines with Standard Chartered
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Gem polisher was co-founded by scion of Tolkowsky family
Belgian bank KBC Group NV seized assets from one of the diamond industry’s most storied names as it seeks to recover unpaid loans, according to court documents.
KBC is seeking to recover 26 million euros ($29 million) from Exelco NV, and had bailiffs search the firm’s Antwerp offices as well as offices belonging to De Beers and ABN Amro Group NV, where Exelco might also hold assets, court documents seen by Bloomberg News show. Exelco also has credit lines with Standard Chartered Plc, said people familiar with the matter, who asked not to be identified because it’s private…
Pimco Income Fund Grows to $88.9 Billion as Inflows Continue
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Ivascyn’s mutual fund attracted a net $2.6 billion last month
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Pimco Total Return Fund hit by more withdrawals during June
The Pimco Income Fund climbed to $88.9 billion in assets last month, extending its lead as the world’s largest actively managed fixed-income fund, according to data posted on the firm’s website Wednesday.
Investors added a net $2.6 billion in June to the Income Fund, according to Bloomberg estimates. The fund had net inflows of $15.6 billion in the first half of this year after $16.9 billion of new investment in all of 2016…
Out-of-Favor Assets Offer Higher Yields
Posted by: | CommentsYgreneWorks Exceeds $600M in PACE Financing
Posted by: | CommentsYgrene Energy Fund announced that its YgreneWorks™ PACE (Property Assessed Clean Energy) program has financed roughly 29,000 completed contracts, which means that $639 million in financing were allocated for energy efficiency, renewable generation and water conservation improvements. So far, approximately 24.5 million California property owners in more than 250 communities have accessed Ygrene’s PACE financing program.
How to Protect Your Trades In a New Era of Central Bank Hawks
Posted by: | CommentsIt begins.
The hawkish shift of rhetoric in recent weeks is increasing the odds that the next move of four of the world’s five largest central banks will be to tighten monetary policy, setting the stage for an uptick in volatility in the second half of the year…
How to Protect Your Trades In a New Era of Central Bank Hawks
Ventas Exits SNF Business With $700M Sale
Posted by: | Comments“We are delighted to work with Kindred to position both companies for continued success,” Debra Cafaro, Ventas’ chairman & CEO, said in a company release. “With the sale of 36 skilled nursing assets, we are improving our portfolio and enhancing our ability to deliver reliable growth and income for our shareholders. Upon the expected sale, our skilled nursing rent will be only one percent of our total business.”
Deutsche Bank Makes Plans to Bolster Frankfurt Hub in London Retreat
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German bank would move assets booked in U.K. to home nation
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Plan is response to both Brexit and investment bank overhaul
Deutsche Bank AG is preparing to move large parts of the trading and investment-banking assets it currently books in London to its hometown of Frankfurt in response to Britain’s exit from the European Union, people familiar with the matter said.
Germany’s largest lender would move most of the business reported in London to a so-called booking center in Frankfurt under the plan, said the people, who requested anonymity because discussions aren’t public. The strategy, which is still being finalized and would be reviewed if the Brexit scenario changes, will probably be implemented over the next 18 months, the people said…
China’s Big Short Looks More Like a Big Squeeze to Top Investors
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Ping An short interest climbs to a record in Hong Kong
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Bears see regulatory risk; bulls tout growth, low valuation
Traders who think they’ve found China’s next big short could be setting themselves up for a squeeze.
That’s the takeaway from top-ranked fund managers and analysts after short interest in Ping An Insurance Group Co., China’s largest non-state controlled financial firm, swelled to a record HK$54 billion ($6.9 billion) in June. It’s by far the biggest bearish wager on Hong Kong’s stock exchange, where most of China’s top companies have listings…
Qatari Bond Slump Draws Investment-Grade Yield Seekers Amid Row
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Bonds down 3% since start of Gulf standoff, double peers’ loss
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Investors bet $335 billion wealth fund will help weather storm
Some investors are finding value again in Qatar’s international debt following a four-week selloff as a deadline in the standoff between the world’s biggest natural-gas exporter and its Gulf neighbors looms.
The nation’s bonds maturing in two to 29 years have fallen 3 percent on average since June 5, when a Saudi Arabian-led coalition froze political ties and imposed a travel blockade amid allegations Doha bankrolls terrorists. That’s more than double the drop for the Bloomberg U.S. Dollar Emerging-Market Sovereign Bond Index, raising the appeal of the investment-grade securities…
Gehr Hospitality Nabs Four Points by Sheraton, Charlotte
Posted by: | CommentsGehr Hospitality, a division of The Gehr Group, purchased the 132-key Four Points by Sheraton hotel in Charlotte, N.C. BMO Harris Bank provided financing for the acquisition of the property. Real Hospitality Group will manage the hotel. Thuong Luong and Molly Caccamo of Gehr Hospitality led the transaction on behalf of the company.
Located at 315 E. Woodlawn Road, the Four Points by Sheraton, Charlotte is 15 minutes from the Charlotte-Douglas International Airport and across the street from the city’s LYNX Light Rail system, which provides direct access to downtown and the Charlotte Convention Center…