Archive for Finance
Fund Manager With Over 300,000 Followers Turns Bullish on China
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Shennong focused on health-care, consumer, technology stocks
- U.S. trade war and deleveraging already long priced in: Chen
A Chinese fund manager with hundreds of thousands of social media followers has turned bullish on the country’s stocks, particularly the health-care sector.
Chen Yu, general manager of Beijing Shennong Capital Asset Management Co., said concerns over the U.S. trade dispute and China’s deleveraging campaign have long been priced in, and that market weakness isn’t down to fundamentals — it has stemmed from mood swings. He is getting ready to go all-in on equities, converting cash that’s accounting for 40 percent of his 2 billion yuan ($293 million) of assets under management…
New Puerto Rico Bond Group Starts Negotiations
Posted by: | CommentsFunds holding about $1.9 billion in general obligation bonds split from a rival group in a bid to further broader restructuring efforts
Investment funds owning about $1.9 billion of Puerto Rico’s general obligation bonds have formed a committee to negotiate a consensual restructuring with the commonwealth and the federal oversight board that manages its finances, people familiar with the matter said.
Members of the committee are seeking to differentiate themselves from a pre-existing group of general obligation bondholders that includes Aurelius Capital Management LP, which is fighting the board and the island’s government in ongoing litigation, the people…
Federer Match Brings Out Bankers to Support NYC Tennis Lessons
Posted by: | CommentsMaurice R. Greenberg, the 93-year-old insurance legend, braved the stifling heat to attend the U.S. Open for Roger Federer and a lesser-known player he’s helped bring along: Casey Brandes, who’s been taking free tennis lessons with support from Greenberg’s Starr Foundation.
Before Federer breezed past Yoshihito Nishioka Tuesday night in straight sets, Greenberg and Brandes, 17, appeared at a benefit for the City Parks Foundation, which runs free tennis instruction to more than 6,000 youth in more than 36 New York City parks…
Federer Match Brings Out Bankers to Support NYC Tennis Lessons
Biotech Boom Built Wall Street’s $3 Million Analyst
Posted by: | CommentsInvestment banks offer lucrative deals to attract and retain top-name biotechnology analysts
A biotech boom is fueling renewed interest in a group that has been out of favor: Wall Street analysts.
Investment banks Leerink Partners LLC, Cantor Fitzgerald & Co. and Jefferies Group LLC have lured top-name biotech analysts from large banks with guaranteed pay packages worth $3 million or more and contracts extending as long as three or four years, say people familiar with the matter…
Biotech Boom Built Wall Street’s $3 Million Analyst
Private Banks Are Starting to Breach the Wall Around China’s Wealthy
Posted by: | CommentsGlobal wealth managers have been seeking to tap into the second-biggest pool of ultrarich people for years, but regulations and tough domestic competition stood in their way.
It’s hard to put numbers on the vast private banking opportunity in China, but here are some: $29 trillion in household wealth and $15 trillion in the asset management industry. Perhaps the most crucial number right now is the more than $1 trillion packaged by local Chinese money managers into principal-guaranteed investment products, which are the focus of a government crackdown.
Drowning in Dirty Water, Permian Seeks $22 Billion Lifeline
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Wall Street largely unaware of growing challenge for producers
- Disposal costs could hike basin breakevens $6 a barrel by 2025
In the dry, dusty plains of West Texas, home to America’s most prolific oil play, the problem isn’t too little water, it’s too much of it.
Just ask Will Hickey, the 31-year-old chief executive officer of Colgate Energy…
Drowning in Dirty Water, Permian Seeks $22 Billion Lifeline
Credit Suisse Is Seeking Withdrawal From Debt Deal With Owner of National Enquirer
Posted by: | CommentsCredit Suisse is having second thoughts about doing business with the owner of the National Enquirer, which is at the center of a scandal involving hush-money payments in 2016 to women who had affairs with Donald Trump.
The Swiss bank was planning to lead a deal to help American Media Inc.refinance about $425 million of debt, according to people with knowledge of the matter. But amid a flurry of negative headlines tied to the publisher, Credit Suisse is seeking to back out of arranging the debt for the company, the people said, asking not to be identified as the information isn’t public…
Short Bets on World’s Biggest Tech Stocks Surge to $37 Billion
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FAANG short bets have jumped 40 percent in the past year
- Alibaba, China’s Ping An Insurance, Tesla, Amazon top list
Short positions against the so-called FAANG group of the largest U.S. technology stocks have surged by more than 40 percent in the past year as investors bet against some of the biggest drivers of the global bull market.
Bearish investors have shorted about $37 billion worth of stocks in the group, which comprises Facebook Inc., Apple Inc., Amazon.com Inc., Netflix Inc. and Google parent Alphabet Inc., up 42 percent from a year ago. Amazon leads the way with almost $10 billion in short interest, according to data compiled by Bloomberg as of Aug. 28 from financial analytics firm S3 Partners LLC…
How a Banker’s Message to a Client Spelled Trouble for UBS
Posted by: | CommentsBreach of client confidentiality in Hong Kong sparked internal probe and a senior employee’s suspension
A UBS Group AG banker working on a large Hong Kong initial public offering last year disclosed the identity of an investor that sold shares shortly after the listing, a breach of client confidentiality that triggered an internal investigation and the suspension of a senior employee, according to people familiar with the matter.
An individual at the bank sent a message to ZhongAn Online P & C Insurance Co., a company whose backers include the founders of Chinese internet giants Alibaba Group Holding Ltd. and Tencent Holdings…
Uganda Social Fund Awards China Railway $110 Million Tower Deal
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NSSF plans $600 million housing and office-building projects
- Fund wants laws amended to allow investment outside region
Uganda’s state-controlled provident fund offered China Railway Group Ltd. a $110 million deal to construct a 32-story office tower in the capital, Kampala.
Construction will begin next month and will be finished in two to three years, the National Social Security Fund Chairman Patrick Byabakama Kaberenge said Tuesday in an interview. The project, which has been stalled for a decade, is part of NSSF’s plans to invest as much as $600 million in housing estates and office blocks, he said…
Stocks Get Small Boost From Trade Deal
Posted by: | CommentsThe S&P 500 and Nasdaq Composite inch up to record closes
Stocks Get Small Boost From Trade Deal
End Entrepreneur Tax Break to Fund Health Service, U.K. Urged
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Resolution Foundation calls the tax break the U.K.’s worst
- Says 2.7 billion-pound cost could part-fund boost for NHS
Prime Minister Theresa May could help meet her 20 billion-pound ($26 billion) funding pledge for the National Health Service by scrapping what’s being branded as the worst tax break in Britain.
Entrepreneurs’ Relief, which cost an estimated 2.7 billion pounds in foregone revenue in the last fiscal year, is “expensive, ineffective and regressive,” the Resolution Foundation think tank said in an analysis published Wednesday…
End Entrepreneur Tax Break to Fund Health Service, U.K. Urged
Korea Post’s $112 Billion Fund Looks Overseas to Riskier Debt
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Aims to buy mezzanine, distressed debt in the U.S., Europe
- Met with Macquarie to increase foreign infrastructure assets
South Korea’s state postal service is planning to buy riskier debt in North America and Europe as well as seeking foreign infrastructure assets and properties as it looks abroad for better returns.
Korea Post plans to increase investment in mezzanine and distressed debt by selecting high-performing asset managers, president Kang Seong-ju said in an interview in Seoul. The $112 billion fund is also adding infrastructure and real estate assets abroad and putting more money in hedge funds while reducing investment in stocks, according to Kang…
Biggest Leveraged Loan of 2018 Hits Market for Reuters Buyout
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Banks to start marketing $8 billion of Loans for Reuters deal
- Blackstone agreed to acquire 55% Reuters stake in January
Investors led by Blackstone Group LP will start marketing $8 billion of risky corporate loans next week to fund their buyout of Thomson Reuters Corp.’s financial-and-risk operations, according to people with knowledge of the matter. It would be the biggest leveraged loan offering of the year.
Underwriters led by Bank of America Corp. are holding investor meetings on Sept. 4 in London and Sept. 5 in New York for a seven-year $5.5 billion term loan and a $2.5 billion loan denominated in euros, according to people familiar with the matter who asked not to be named because the deal is private…
U.S. Bank Regulator Moves to Modify Lending Rules for Poorer Communities
Posted by: | CommentsBanks applaud paper from OCC seeking to update 1977 Community Reinvestment Act; Fed and FDIC not involved
WASHINGTON—A national banking regulator took the first step Tuesday toward rewriting rules for lending in lower-income neighborhoods, an effort that could allow institutions to redirect billions of dollars spent on loans and investments.
In a release seeking feedback from the public, the Office of the Comptroller of the Currency proposed new approaches to evaluating banks on their reinvestment activities. One controversial idea in the proposal would reduce the emphasis on loans and investments made locally, and instead create…
1MDB-Linked Banker Disappears From U.S. Website
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Ex-Goldman banker Ng was Asia managing director of Celsius
- Hong Kong billionaire Li Ka-shing a key investor in drink firm
A former Goldman Sachs Group Inc. banker embroiled in the multibillion dollar 1MDB scandal has quietly vanished from the website of his last-known employer, a U.S.-based energy drinks company backed by Hong Kong’s richest man.
Roger Ng has been scrubbed off the website of Celsius Holdings Inc., where he was previously listed as managing director for Asia…
High Expectations Skew Global Investors’ View of U.S. Growth
Posted by: | CommentsBy some measures, U.S. falls short of high bar while other regions beat easier targets
The U.S. continues to grow at its quickest pace in years. Perversely, its very strength keeps raising the bar for investors flocking to the U.S.
By some measures, the U.S. is starting to fall short of heightened expectations, while other regions, with much lower and manageable targets, are beating theirs. The Citigroup Economic Surprise Index, a measure of whether economic reports are meeting projections, has fallen to its lowest level in nearly a year in the U.S. The gauge has dropped into negative territory, indicating economic…
$10 Billion of India Power Debt Near Resolution, State Bank Says
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Lenders work to resolve loans under central bank’s new rules
- RBI set 180-day timeline to recast stressed loans from March 1
Delinquent loans worth as much as 700 billion rupees ($10 billion) in India’s power sector are in the process of being resolved, according to the nation’s largest bank, helping lenders avoid dragging seven accounts to bankruptcy court under new norms laid out by the regulator.
What Does a Chinese Superpower Look Like? Nothing Like the U.S.
Posted by: | CommentsChina aims to expand its influence from one polar cap to the other. Debt, demographics and a middle income trap stand in the way.
What struck Wang Wen about Antarctica, beyond the brutality of the December cold, was the scale of U.S. operations in such an inhospitable environment and the American flag fluttering by the sign that marks the geographic South Pole. Observing the academic mission of hundreds of U.S. scientists in a region rich in resource potential, he was determined that China must catch up.
What Turkey Can Do if Market Troubles Return
Posted by: | CommentsA look at tools at Turkey’s disposal in case the market-shaking panic of earlier this month resurfaces
What Turkey Can Do if Market Troubles Return
World’s Top Activist Fund Sets Eyes on One of Singapore’s Banks
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Judah Value says plans to build position, publish open letter
- Fund likes to work behind the scenes with ‘positive activism’
The world’s best-performing activist fund returned 103 percent in seven months by targeting mainly smaller Asian companies in industries from commodities to engineering and food.
Now, it’s getting ready to take on one of Singapore’s banks, according to Judah Value Activist Fund’s July newsletter obtained by Bloomberg…
World’s Top Activist Fund Sets Eyes on One of Singapore’s Banks
Why Markets Rallied on Trump’s Trade Deal
Posted by: | CommentsBilateral trade deal with Mexico and any subsequent pact with Canada may create some frictions, but it is a relief compared to what might have been
The provisional trade deal that President Trump has struck with Mexico may harm U.S. companies and consumers, but it is vastly better than the alternative.
The U.S. and Mexico on Monday announced that they had come to an agreement on issues that have been holding up retooling the North American Free Trade Agreement, clearing the way for the U.S. and Canada to hash out their differences. Despite Mr. Trump’s rhetorical flourish—“they used to call it Nafta”—and the fact that he has portrayed any agreement with Canada as separate,…
How a Family Turned a Barren Hillside Into a $4.4 Billion Property Empire
Posted by: | CommentsThis is what quiet perseverance can accomplish in a world where brash millionaires are increasingly being minted overnight.
What struck Wang Wen about Antarctica, beyond the brutality of the December cold, was the scale of U.S. operations in such an inhospitable environment and the American flag fluttering by the sign that marks the geographic South Pole. Observing the academic mission of hundreds of U.S. scientists in a region rich in resource potential, he was determined that China must catch up.
The report Wang wrote this summer for the Chongyang Institute for Financial Studies at Renmin University of China in Beijing, where he’s executive dean, reflects China’s growing dilemma as it muscles its way into an international system it didn’t create…
U.S. Companies Begin to Chip Away at Mountain of Debt
Posted by: | CommentsMany investors remain concerned about corporate leverage, which still matches the highest level hit during the financial crisis
U.S. companies have been scaling back borrowing while posting improved earnings, marking their first sustained stretch of deleveraging since shortly after the financial crisis and stoking cautious optimism they can reduce the threat from their still-elevated debt levels.
The U.S. corporate sector started to cut its aggregate pace of borrowing by some measures after commodity prices plunged a few years ago, dealing a blow to energy companies and the debt investors who had funded them. Now, higher interest rates and changes…
Kushner Cos. Fined by NYC Over False Data on Low-Income Tenants
Posted by: | CommentsJared Kushner’s family real estate business was fined $210,000 by New York City for falsifying construction-permit applications by under-reporting the number of rent-regulated tenants in 17 buildings.
Kushner Cos. filed the false data on 42 occasions since 2013, New York’s Department of Buildings said Monday. The company, based in New York, is owned by family members of Kushner, President Donald Trump’s son-in-law…
Kushner Cos. Fined by NYC Over False Data on Low-Income Tenants
China Ex-Billionaire Goes Missing, Sparking Rout in Casino Stock
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Landing’s board says it can’t reach chairman Yang Zhihui
- Yang’s plan for a casino in Philippines recently put on hold
Landing International Development Ltd. shares suffered their biggest weekly plunge ever after the casino operator said Chairman Yang Zhihui was unreachable.
Company officials have been unable to reach Yang since Aug. 23, Landing said in a Hong Kong stock exchange filing Thursday. Caixin reported earlier that Yang is a target of investigators looking into ties with China Huarong Asset Management Co., a state-owned bad-debt manager whose former chairman, Lai Xiaomin, is under investigation for alleged corruption…
The Star Businessman Who Ignores His Investors to Make Them Rich
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Matsumoto, former Calbee CEO, says shareholders must come last
- Veteran executive says investor-first focus leads to scandals
When Akira Matsumoto speaks, investors hang on his every word. And here’s what he tells them: you’re less important than everyone else.
The diminutive 71-year-old can get away with it because of his status in the Japanese business world, where he’s known for his two decades of successfully running big-name companies. At the food group Calbee Inc., for example, Matsumoto almost doubled sales and increased operating profit sixfold in his nine years in charge. The shares tanked when investors heard he was leaving…
New York Taxpayers Have Four-Day Window to Try to Beat SALT Cap
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IRS move to block workarounds would take effect after Aug. 27
- Places like Scarsdale have already created charitable funds
Some New Yorkers successfully prepaid a portion of their property taxes at the end of last year in a bid to ease the hit from a new federal cap on state and local tax deductions. Those who want to try to lessen the pain this year may just have a few days left before the window closes.
China Stock Fund That’s Up 618% Since 2008 Says Stay in Cash
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Longrising cuts exposure, holding 10 billion yuan in cash
- Trade war has forced the fund to change investment strategy
China’s struggling stock market isn’t bottoming out just yet, judging by the holdings of a fund that’s made a 618 percent return since it started in 2008.
Beijing Longrising Asset Management Co., an equity-focused fund manager that oversees about 20 billion yuan ($2.9 billion), has 10 billion yuan of that in cash. The fund’s top executives are worried about China’s economic outlook and the trade conflict with the U.S., and expect that the extremely bearish sentiment toward equities may take years to recover…
Russia Inc. Isn’t Waiting for Central Bank to Brave a Rate Hike
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Top Russian banks move to raise rates on deposits, mortgages
- Central bank has to contend with ruble’s weakness, price risks
The cost of money is rising for Russians well ahead of any potential central bank move to lift interest rates for the first time in almost four years amid concern the U.S. may impose fresh sanctions.
State-run Sberbank PJSC, which holds almost half of all Russian savings, is increasing rates for ruble accounts for the first time since 2014. It will also pay consumers more to keep dollars on deposit to stanch an outflow of funds. One of the country’s five largest mortgage lenders, Raiffeisenbank JSC, is charging more for home loans starting this month…
Londoners Driven From Capital as Home Prices Remain Out of Reach
Posted by: | CommentsLondoners are buying more homes outside the capital as prices remain too high, even after the end of a decade-long housing boom.
In the first half, Londoners bought more than 30,000 homes outside the city, a 16 percent rise from a year ago and 61 percent more than in the same period a decade earlier, according to research by Hamptons International. Nearly 40 percent of leavers relocated to the south east of England, followed by 30 percent who moved to the east of the country…
Londoners Driven From Capital as Home Prices Remain Out of Reach
For $5.8 Million, Bugatti’s New Supercar Will Turn Corners Faster Than Ever
Posted by: | CommentsIt’s road legal, but built for the track, and aimed at the speeding heart of the Chiron-owning public. Today in Monterey, Calif., Bugatti unveiled the €5 million ($5.8 million) Divo. Only 40 will be made, considerably fewer than the 500 examples produced of the $3 million Chiron.
The jump in price is due to changes in the car’s aerodynamics program, modifications to the chassis, and suspension upgrades. As a result, the Divo is 77 pounds lighter than the Chiron, with 198 pounds more downforce and better lateral acceleration…
For $5.8 Million, Bugatti’s New Supercar Will Turn Corners Faster Than Ever
Bond House Calls Time on Australian Debt Amid Political Fracas
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Politics make local yields less appealing: TwentyFour Asset
- Australian bonds have outperformed Treasuries over past decade
The long-held allure of Australian government bonds may be tarnished as political upheaval grips the nation.
After a chaotic week of politics that saw Scott Morrison named Australia’s latest prime minister, London-based fixed-income house TwentyFour Asset Management LLP reckons revolving-door politics are making the nation’s debt looks less appealing. While Australia’s central bank looks set to keep interest rates at a record low, local bond yields may no longer be sufficient in compensating investors, Gary Kirk, partner and portfolio manager at TwentyFour Asset Management wrote in a note…
Trump’s Stances Weaken Support for U.S. Official to Lead Global Banking Body
Posted by: | CommentsRandal Quarles had emerged as a front-runner to chair the Financial Stability Board, but some European officials cooled on the prospect after president’s postures at G-7, NATO conferences
World’s Priciest Home Market Pushes Millennials Beyond the Law
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Young Hong Kongers living illegaly in industrial buildings
- Surging house prices have pushed city’s rents to record high
Hong Kong’s stratospheric property prices are pushing some residents beyond the law.
A small, but significant, number of younger people are living in industrial buildings, trading comfort and convenience for cheap rent. Along with irritations such as rust-tainted water and intermittent blackouts, there’s one major drawback: Such living arrangements are illegal…
World’s Priciest Home Market Pushes Millennials Beyond the Law
China’s Deposit-Hungry Banks Start to Get Fancy
Posted by: | CommentsHigh-yielding structured deposits are surging at smaller lenders.
China’s banks have a deposit problem. For those outside the so-called Big Four lenders, there’s just not enough to go around.
It’s not an issue for the biggest. Industrial & Commercial Bank of China Ltd., Bank of China Ltd., China Construction Bank Corp. and Agricultural Bank of China Ltd. all share one thing: sticky, low-cost retail deposits…
In Southeast Asia, Monetary Policy Now Comes Via Livestream
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Bank of Thailand is latest to live-stream rate decision
- Policy makers seek wider public audience amid market rout
As the economic landscape gets more rocky, Southeast Asia’s central bankers are turning to Facebook and YouTube for help in getting their messages across.
The Bank of Thailand was the latest to adopt a live video-streaming of its policy announcement in August, three months after the Philippine central bank did the same. Bank Indonesia, which has more Twitter followers than the Federal Reserve, recently stepped up broadcasts of its policy decisions to every month…
Chinese Households Shrug Off Depreciation Fears to Embrace Yuan
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Individual residents are less keen to buy foreign exchange
- Chinese currency tumbled to 19-month low before rebounding
A group of once-prominent yuan bears has gone missing.
China’s individual or household investors, who in 2016 dumped the yuan to buy dollars amid a plunge in the exchange rate, have held their nerve this year despite declines in the Chinese currency, data compiled by Bloomberg show…
Chinese Households Shrug Off Depreciation Fears to Embrace Yuan
Italy’s Debt Drama Gets Worse, in Four Charts
Posted by: | CommentsHigh volumes, high yields, wide spreads — these are the ingredients for a stormy autumn in Italian markets.
There’s not a lot of amoreamong investors these days for Italy.
For a start, the benchmark 10-year bond shows investors are expecting not much good to come out of the government’s September budget process…
Italy’s Debt Drama Gets Worse, in Four Charts
Deutsche Bank Buys Stake in Modo to Expand Digital Payments
Posted by: | CommentsDeutsche Bank AG is pointing to a business it wants to grow — outside the traditional confines of banking.
The German lender, which has been shrinking staff and operations internationally, bought a stake in U.S. technology startup ModoPayments so it can move funds outside of banking channels. Deutsche Bank said the deal will help it connect to digital platforms run by Jack Ma’s Alipay, Tencent Holdings Ltd.’s WeChat, PayPal Holdings Inc. and M-Pesa…
The Fed Worries About Corporate Monopolies. Investors Should Just Buy Them.
Posted by: | CommentsShareholders should embrace companies with a commanding position in their business, limited competition and less need to invest
Is rising corporate power hurting capital spending, wage growth and U.S. productivity? Central bankers meeting in Jackson Hole, Wyo., to discuss the issues will be worrying that the answer is yes. Investors should be thrilled if it is.
Economists are divided about the extent to which the changing structure of the economy is creating new monopolies, hurting consumers and workers and damaging corporate investment for the future. The division is easy enough to explain by looking at big technology disruptors: Alphabet, Amazon,…
Bank of Russia Halts Ruble Slide by Stopping FX Purchases
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Regulator says it will stop transactions through end of Sept.
- Central bank sets time frame for suspension for first time
Russia’s central bank said it will suspend sales of rubles to purchase foreign exchange through the end of September in an effort to steady the currency, helping pull it back from the lowest level in two years.
The move was the most dramatic official step yet to stem the currency’s declines, which have picked up in recent days amid growing fears of U.S. sanctions. Alarm over the impact of possible new restrictions being discussed in Washington has spread beyond financial markets, with the government saying Wednesday it will have to trim economic growth forecasts for this year because of the turmoil and surging outflows of capital…
The $2 Trillion Mistake
Posted by: | CommentsSaudi Aramco’s proposed IPO was the wrong idea at the wrong time.
How About Never? Is Never Good for You?
Saudi Arabia has explanations for why a long-discussed stock sale by its state-owned oil company is now indefinitely on hold — or perhaps just fashionably late, depending on what you believe. Oil prices are too cheap. Saudi Aramco officials are waiting for exactly the right time for what was once billed as an IPO that could value the oil company at $2 trillion — the most valuable public company in history…
Strong Consumption Is Breathing New Life Into Retail Stocks
Posted by: | CommentsU.S. retailers haven’t neutralized Amazon, but consumer spending is reinvigorating their stock prices all the same
U.S. consumer sentiment is so strong that it is even boosting shares of once-maligned retailers.
Target Corp.’s stock jumped 3.2% on Wednesday and gained another 0.9% on Thursday after the company reported its best quarterly results in more than a decade. The gains marked the first two record highs for the stock since 2015. The retailer’s shares are up 33% this year, far surpassing the S&P 500’s 6.9% rise…
Tim Cook Is Poised to Reap $120 Million of Stock After Rally
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CEO could get his fifth consecutive payout at top end of range
- The iPhone-maker reached $1 trillion market value this month
Apple Inc.’s Tim Cook is set to collect stock worth about $120 million this week thanks to a run-up in shares of the iPhone maker.
On Friday, Cook stands to receive 280,000 shares tied to his continued service as chief executive officer. He’ll get as many as 280,000 additional shares if Apple’s stock-market return over the preceding three years exceeds at least two-thirds of the firms in the S&P 500…
Brexit-Bound London Beats Global Rivals to Lure Real Estate Cash
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City No. 1 again for overseas commercial property investment
- Weak pound has made the capital a bargain compared with rivals
Not even Brexit can dent the appeal of owning commercial property in London, which has regained its status as the top destination for international investors.
Foreign buyers led by Hong Kong billionaires and Korean securities firms spent more on the U.K. capital’s offices in the first half than in central Paris, Manhattan, Munich and Frankfurt combined. The weak pound is making London a bargain compared with cities in Europe, many of which have undergone their own property booms…
China Spending Push Buoys Debt Sales, Calls for More Easing
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Local bond supply forecast to reach all-time high in China
- Analysts expect liquidity injection to ease supply pressure
China’s return to large infrastructure spending is triggering a flood of new local government bonds, something analysts say will force the central bank’s hand to inject more liquidity to meet the higher debt supply.
The government in China is encouraging local authorities to ramp up funding to boost building projects, a change from the push in the recent years to rein in debt-fueled growth. The increase is already showing up in the data and analysts reckon the supply of local debt in August and September will mark a fresh high for issuance…
Fed Signals Rate Increase Next Month
Posted by: | CommentsThe central bankers also express more fear about prolonged trade disputes
Fed Signals Rate Increase Next Month
Why Tensions Between Uber and Cities Peaked in NYC
Posted by: | CommentsNew York City dealt Uber Technologies Inc. a blow recently by halting new licenses in its largest U.S. market. It marked a turning point in the city’s relationship with digital ride-hailing services, which have flooded streets, compounded traffic and pushed taxi owners to a financial cliff. New York’s actions are the latest example of how city and national governments worldwide are trying to corral Uber after years of rules-be-damned growth under former managers. They also show how new Chief Executive Dara Khosrowshahi has tried to balance innovation with political diplomacy…
Why Tensions Between Uber and Cities Peaked in NYC
Calling Bull on the Longest Bull Market
Posted by: | CommentsWho cares how long this bull market has been going, so long as you’re making money?
What truly matters for investors is that the market has gone up a lot—really, a lot—over a long period. But given how much attention bull markets and new records…
Steve Cohen, Whitney Lend Artworks for $400 Million Dream Show
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‘Intimate Infinite’ show debuts Sept. 6 at Levy Gorvy Gallery
- Billionaire Cohen loans Jasper Johns’ ‘White Target’ for event
Brett Gorvy has been dreaming about this show for years.
During two decades at Christie’s, where he rose to become chairman of the firm’s postwar and contemporary art department, Gorvy was often frustrated by the razor-thin margins on some of the biggest trophies…
Steve Cohen, Whitney Lend Artworks for $400 Million Dream Show
Wells Fargo Says It Isn’t Anti-Weed, It’s Pro-Following the Law
Posted by: | CommentsWells Fargo & Co. isn’t making a political statement, it’s following the rules.
So goes the bank’s response to backlash over terminating a pro-medical marijuana politician’s banking relationship because of her advocacy and contributions from industry lobbyists…
Wells Fargo Says It Isn’t Anti-Weed, It’s Pro-Following the Law
‘America First’ Risks Making U.S. Assets a Costly Last Resort
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Trump policies have sparked haven flow into dollar, Treasuries
- U.S. markets ‘priced to perfection’: JPMorgan Asset’s Kelly
America First seems to have become an investment theme by default, as money managers turn to the U.S. in a fraught global environment. The danger is that these flows may be concealing risks in the world’s safe haven.
U.S. Stocks Hit Record; Yen, Bonds Pare Losses: Markets Wrap
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S&P 500 touches all-time intraday high; Russell at record
- Cohen, Manafort legal woes spark some demand for haven assets
U.S. stocks climbed, sending the S&P 500 Index to an intraday record, as investors speculated the Trump administration would ease trade tensions with China. The yen and Treasuries pared losses after President Donald Trump’s longtime lawyer pleaded guilty to federal charges.
Michael D. Cohen’s plea deal, confirmed after the markets closed in New York, included his saying he was directed to violate campaign law at the direction of a candidate for federal office. Also following the regular session, Trump’s former campaign chairman was found guilty of tax fraud, among other charges. The news sparked mild demand for haven assets…
Urban Outfitters Posted a Fourth Straight Period of Sales Growth
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Namesake chain, Anthropologie and Free People topped estimates
- The retailer’s shares have already gained 36 percent this year
Wall Street is liking what it sees at Urban Outfitters Inc.
The owner of Anthropologie, Free People and its namesake chain posted a fourth straight quarter of same-store sales gains, and topped analysts’ estimates. The shares climbed in late trading…
Urban Outfitters Posted a Fourth Straight Period of Sales Growth
Credit Suisse Picks New Asia Private-Bank Heads as Ferrari Exits
Posted by: | CommentsCredit Suisse Group AG picked two new leaders for its key private-banking business in the Asia-Pacific region, succeeding Francesco de Ferrari, who left to run Australian asset manager AMP Ltd.
The bank tapped Francois Monnet and Benjamin Cavalli to help lead the wealth management business in North Asia and South Asia, respectively. De Ferrari, who previously had the sole mandate for the entire Asia-Pacific region, is leaving the Swiss bank to become chief executive officer of Sydney-based AMP…
Credit Suisse Picks New Asia Private-Bank Heads as Ferrari Exits
Ex-Spy Christopher Steele Beats Russian Bankers’ Libel Suit
Posted by: | CommentsFormer British spy Christopher Steele defeated a defamation lawsuit brought by the billionaire owners of Moscow-based Alfa-Bank over the dossier Steele compiled that examined then-presidential candidate Donald Trump’s ties to Russia and Vladimir Putin.
A District of Columbia Superior Court judge on Monday dismissed the lawsuit brought by German Khan, Mikhal Fridman and Petr Aven, agreeing with Steele that his report serves the public interest because it relates to possible Russian influence with the 2016 presidential election and Russian oligarchs’ involvement with the Russian government. In addition, plaintiffs didn’t provide evidence that Steele acted with malice, the judge said…
U.S. Stocks Poised to Enter Longest-Ever Bull Market
Posted by: | CommentsU.S. stocks are on the verge of surpassing their longest-running rally, ratifying a market rebound that began in the ashes of the financial crisis and defying those who have questioned its staying power.
Wednesday will mark 3,453 days since the S&P 500 hit its low of 666 on March 9, 2009. Since then, the broadest U.S. blue-chip index has more than quadrupled in price terms, creeping within striking distance of its January all-time record and outpacing most rival major global indexes…
Tycoon Battles Tata to Unlock $17 Billion of His Wealth in India
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Majority of Pallonji Mistry’s fortune tied to Tata Sons equity
- Change in legal status makes it harder to sell Tata Sons stake
Billionaire Pallonji Mistry has about 85 percent of his estimated $19.9 billion fortune locked up in a legal battle with India’s largest conglomerate.
The conflict between Mistry and the Tata Group began with a boardroom coup in 2016, when the former’s son was ousted as chairman of the latter. The 89-year-old Mistry is one of the largest shareholders in Tata Sons Ltd., which controls the $100 billion conglomerate, and his family has since filed numerous lawsuits against the holding company’s board, alleging suppression of minority interests and governance lapses…
Demand for Junk-Bond ETF Signals Strong Investor Appetite for Risk
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Investor dumps almost 900,000 shares of floating-rate bond ETF
- Similar size block of junk-bond ETF traded shortly after
The risk-on mood gripping U.S. markets Tuesday showed up in junk-bond ETF volume.
At least one investor moved 1 million shares worth about $28 million in the SPDR Bloomberg Barclays Short Term High Yield Bond ETF, or SJNK. By 2:20 p.m. in New York, turnover had reached almost $86 million, nearly double the daily average for the past year…
Demand for Junk-Bond ETF Signals Strong Investor Appetite for Risk