Archive for Uncategorized
Najib Growth Push Stymied by Malaysian Banks Cautious on Loans
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Economists forecast third-quarter GDP growth unchanged at 4%
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Government spending curtailed by the slump in commodity prices
Malaysian banks turning cautious on lending are adding to Prime Minister Najib Razak’s woes as economic growth falters.
A sell-off in the ringgit and added volatility in global stocks after Donald Trump’s victory in the U.S. presidential elections give Malaysian banks no incentive to step up appetite for risk. Loan growth will likely weaken to at least a 12-year low in 2016, according to projections by AmInvestment Bank Bhd. and RHB Research Institute Sdn. and data compiled by Bloomberg…
Narendra Modi Bans India’s Largest Currency Bills in Bid to Cut Corruption
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India’s prime minister, Narendra Modi, who campaigned on an anticorruption platform, announced a ban on the country’s largest currency bills. CreditAmit Dave/Reuters
NEW DELHI — Prime Minister Narendra Modi fired a direct shot at India’s endemic corruption with a surprise move on Tuesday to ban the country’s largest currency bills, starting the next morning.
The ban is intended both to curb the flow of counterfeit money and to take aim at terrorist organizations that rely on unaccounted-for cash. It is also expected to help the government clean up a system that has relied on cash to pay bribes and to avoid taxes…
C&W Facilitates Philly-Area Industrial Sale
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121 Wheeler Court, Langhorne, Pa.
Langhorne, Pa.—Cushman & Wakefield’s Capital Markets Group has recently arranged the sale of a 172,647-square-foot industrial asset located in Langhorne, Pa., in the Delaware Valley, roughly 27 miles from Philadelphia.
STAG Industrial Holdings LLC acquired the property located at 121 Wheeler Court, within the Bucks County Business Park, from a Boston-based pension fund advisor with a national real estate portfolio. The facility is currently leased to Silgan Plastics Corp., a supplier, manufacturer and distributor of plastic containers, and offers easy access to multiple regional roadways, including I-95, U.S. Route 1 and the Pennsylvania Turnpike…
Quant Hedge Funds Boom in Asia
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New computer-driven funds set to open in Singapore, Hong Kong
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Quants have outperformed China equity hedge funds this year
More Asian hedge funds are starting computer-driven strategies, as investors disappointed by the poor performance of some traditional funds search for better returns.
In Singapore, $2 billion multi-family office Thirdrock Group has launched a quant fund, and Lucerne Investment Partners is considering starting one next year. Charles Wang, a former portfolio manager at Bosera Asset Management, is about to launch a vehicle on OP Investment Management’s platform in Hong Kong, where Hantak Investment Advisors plans to next year open a version of the quantitative fund it runs out of Beijing…
Goldman Sachs Selects 84 New Partners
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The headquarters of Goldman Sachs in Manhattan. Nineteen of the company’s 84 new partners are women.CreditMario Tama/Getty Images
Every two years, Goldman Sachs promotes a fresh class of partners in a closely watched tradition that heralds back to the time when the company was still a private firm. This year’s list of the chosen is the longest since 2010 and includes the largest percentage of women.
Dallas’ Cityplace Tower Lands $120M Refi
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Cityplace Tower, Dallas
Dallas—HFF has secured $120 million in refinancing for Cityplace Tower, a 42-story, 1.35 million-square-foot, Class A office tower in Dallas, Texas, on behalf of Parmenter and Angelo, Gordon & Co.
HFF placed the loan with Starwood Property Trust. The loan is interest-only for the full term and was used to refinance the existing debt and provide capital for future tenant improvements, leasing commissions and capital expenditures.
Britain Holds Talks With China to Seek Investment After Brexit
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May and Hammond to meet with Chinese vice premier in London
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Talks following Visit to India dominated by migration dispute
Prime Minister Theresa May and Chancellor of the Exchequer Philip Hammond are holding talks with Chinese Vice Premier Ma Kai as Britain pushes for investment following the Brexit vote.
The so-called U.K.-China Economic and Financial Dialogue Thursday will cover trade, financial services, infrastructure and energy, with the government detailing a portfolio of potential investments in northern England for Chinese businesses, the Treasury said in a statement…
Britain Holds Talks With China to Seek Investment After Brexit
Leave it to the Bay Area and Silicon Valley to outshine us in Southern California when it comes to commutes. San Francisco has already shown us how certifiably insane real estate prices can go. Now we find out that Silicon Valley and the Bay Area have a higher percentage of commuters stuck in what we call mega commutes compared to the Satan inspired roadways of SoCal. A mega commute is cutely described as one that takes you 90 minutes or more each way to complete. First of all, we already have an army of people that take mega commutes from the Inland Empire into LA and OC all for the sake of owning a piece of real estate in what essentially is a hot desert. Even if this means sitting for unhealthy lengths of time clutching a steering wheel or starring at the tail pipe of cars for hours on end. Humans are not meant for this. We didn’t evolve to sit in nice leather seats in a BMW moving along at an average rate of 5 MPH. Hence the number of road rage incidents are now up along with YouTube views. Frankly, driving up in the Bay Area and Silicon Valley I see little difference in traffic congestion. This is one award that you probably don’t aspire to have…
Global Holdings Grabs Manhattan Trophy Tower for $565M
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1250 Broadway
New York—Global Holdings Management Group, run by Israeli billionaire Eyal Ofer, has closed on its $565 million purchase of 1250 Broadway, a 39-story, LEED Gold–certified office tower in Manhattan.
Global Holdings acquired the 645,977-square-foot building from Jamestown and Murray Hill Properties, with the aid of a $410 million loan from HSBC Bank. Jamestown and Murray Hill Properties had purchased the office tower from SL Green Realty in 2008 for $310 million. SL Green had owned the tower since 1999, when it paid $93 million for it. In 2011, the owners completed a renovation of the tower to attract more technology tenants…
Goldman Sachs Names 84 New Partners, Most Since 2010 Class
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Twenty-three percent of those named are women, the most ever
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Traders make up largest group, followed by investment bankers
Goldman Sachs Group Inc. said 84 employees — including the largest percentage of women ever — have been named partner, a title that remains among the most prestigious on Wall Street more than 17 years after the firm went public.
Boutique Hotel Planned for West Palm Beach
Posted by: | CommentsConcord Hospitality is teaming up with Navarro Lowrey on the 200-key Marriott Autograph Hotel, scheduled to open in 2017.
Marriott Autograph Hotel, West Palm Beach, courtesy of Concord Hospitality
West Palm Beach, Fla.—A new boutique hotel flag will soon overlook the Intracoastal Waterway in Florida now that Concord Hospitality Enterprises Co. and partner Navarro Lowrey Inc. have revealed plans for a new Marriott Autograph Collection property in West Palm Beach. Concord and Navarro Lowrey will erect the 200-key hotel at the site of a $135 million mixed-use destination being developed by Navarro.
Barratt Said Nearing Deal for Bulk Sale of 300 London Apartments
Posted by: | CommentsBarratt Developments Plc is close to completing the sale of about 300 London apartments to U.S. investor Greystar Real Estate Partners LLC, according to a person with knowledge of the plan.
The apartments are spread across four developments being undertaken by the U.K.’s third-largest housebuilder and some have yet to be built, said the person, asking not to be identified because the plan is not public. The homes will be valued at about 250 million pounds ($310 million) when completed and will be offered for rent by Greystar, the person said…
Barratt Said Nearing Deal for Bulk Sale of 300 London Apartments
Environmentalists Target Bankers Behind Pipeline
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Jennell Downs, of the Kickapoo Tribe of Oklahoma, putting up a flag at the state capitol in Oklahoma City during a protest of the Dakota Access pipeline last month. CreditSteve Gooch/The Oklahoman, via Associated Press
In early August, just as protesters from across the country descended on North Dakota to rally against an oil pipeline near the Standing Rock Sioux Reservation, some of the world’s biggest banks signed off on a $2.5 billion loan to help complete the sprawling project.
The Woodmont Co. Opens California Office
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Stephen Coslik, The Woodmont Co.
Newport Beach, Calif.—The Woodmont Co., a Texas-based brokerage, development and management firm focused on retail real estate, announced the opening of its newest office in Newport Beach, Calif. Joseph Williams, the company’s senior vice president, will be in charge of the new division, which will focus on retail tenant representation with an emphasis on providing value-add services for entertainment, health and fitness, and fast-casual restaurant concepts.
Banks Offering Dollars Lure Egyptians From the Dark Side
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Pedestrians walk past an advertisement displaying a large dollar sign and U.S. dollar banknotes outside a bank in Cairo.
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Some businesses are finally able to get dollars from banks
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Regaining confidence in the economy won’t be without pain
It was only half the amount he requested, but for Ahmed, a textile manufacturer in Egypt, the $168,000 he received from the bank to import yarn was almost a year in the making.
Can Cities Sue Banks Over Predatory Loans? Supreme Court Will Decide
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The Supreme Court on Tuesday considered whether cities can sue banks under the Fair Housing Act.CreditJoe Raedle/Getty Images
WASHINGTON — The Supreme Court on Tuesday weighed whether cities can sue banks under the Fair Housing Act for predatory lending, even if foreclosures that stem from such loans affect a city only indirectly.
The case before the justices was brought by Miami after the 2008 financial crisis. The city said that discriminatory mortgage lending practices by Bank of America and Wells Fargo had led to a disproportionate number of defaults by minority home buyers and, in turn, to financial harm to the city…
Tesco Bank Pays $3.1 Million to Replace Cash Taken From Accounts
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Customers use RBS branded automated teller machines (ATMs), at a Tesco Bank cash point, in Liverpool, north west England, on November 7, 2016.
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About 9,000 clients fell victim to fraud on weekend, firm says
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Lender resumes online transactions, says no personal data lost
Tesco Bank, the lending arm of the U.K.’s biggest grocer, said it’s spending 2.5 million pounds ($3.1 million) to reimburse customers who lost money during a wave of fraudulent account transactions over the weekend.
TPG, Ivanhoé Cambridge Sell European Logistics Park Owner
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P3 Logistics industrial facility in Bratislava, Slovakia
Prague—GIC, Singapore’s sovereign wealth fund, has agreed to purchase P3 Logistic Parks, a major European owner, developer and manager of logistics properties, from TPG Real Estate and its partner, Ivanhoé Cambridge, the parties announced jointly on Monday.
The transaction values P3 at €2.4 billion ($2.7 billion) and reportedly is the largest European real estate transaction this year. Pending regulatory approval, the transaction is expected to close by the end of this year.
Hedge Fund Uses CDO Magic to Transform Fannie Mae Junk Debt
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Bayview borrows against Fannie Mae, Freddie Mac CRT notes
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Asset-backed deal could be duplicated by other managers
A Florida hedge fund transformed risky Fannie Mae and Freddie Mac debt into investment-grade securities, and it could end up helping the mortgage giants’ efforts to offload more of their risk.
Bayview Financial packaged junk-rated securities issued by the two government-backed companies into $118 million of new bonds last month that Fitch Ratings stamped with grades as high as A-. The sale allows the hedge fund to borrow against its investments in the mortgage debt, giving it fresh funds to buy more assets to boost its returns. If other investors can do the same, it may increase demand for Fannie and Freddie’s riskier mortgage bonds, said Burt Weiss, a money manager at Semper Capital Management…
Wall Street Bond Gurus Brace for Trump Shock, Expect Clinton Dud
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Dealers say Treasury yields would tumble Nov. 9 on Trump win
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‘The election event risk is asymmetric,’ BMO’s Lyngen says
Dealers in the $13.8 trillion Treasuries market are preparing for sharply divergent next-day reactions to the U.S. election outcome, girding against Brexit-like volatility while still expecting relative calm.
The day after Americans choose their next president, U.S. 10-year yields will either plunge by the most since the U.K.’s June vote to leave the European Union or hold near current levels. That’s according to the average forecasts of 11 respondents in a Bloomberg survey of the 23 primary dealers that trade with the Federal Reserve. Most strategists said yields will fall Wednesday if Republican Donald Trump wins the White House and will remain steady or rise if Democrat Hillary Clinton prevails…
Lotus Bakeries Invests $48M in First US Plant
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Lotus Bakeries headquarters in Lembeke, Belgium
Mebane, N.C.—Belgium-based Lotus Bakeries plans to invest $48 million in its first U.S. production site. The manufacturing plant will be located in N.C. Industrial Center in Mebane. Lotus Bakeries expects to create 60 jobs in Alamance County by 2020. The project was made possible in part by a performance-based grant of up to $180,000 from the One NC Fund.
Unsold New London Luxury-Home Glut to Reach Record on Oversupply
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Completed unsold homes more than double since start of 2015
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Inner London home starts are still too high, Molior says
The number of unsold central-London homes under construction will reach a record high this year, increasing the risk that developers’ bets on rising demand for luxury properties will go sour.
Homes being built without a buyer secured will reach 10,829, a 24 percent rise from the end of last year, according to a report by Molior London seen by Bloomberg News. That’s the highest figure since the researcher started collating the data in 2009. The number of completed unsold homes will jump to 779 from 285, the data shows. A spokesman for Molior declined to comment…
What Happens When Wall Street Pulls Back From Bond Markets
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Number of fixed-income trading platforms exceeds 100
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Investors to discuss market at conference in Barcelona
The bond market is becoming more fragmented as dealers pull back, forcing fixed-income investors to step up efforts to find other sources of liquidity.
Smaller lenders, brokers and electronic platforms are replacing banks making markets, leading both to more competition and challenges for investors seeking securities. The number of electronic fixed-income trading platforms hoping to link buyers and sellers has swelled to a record of more than 100, and new firms such as Millennium Europe Ltd. are filling the role vacated by banks…
CBRE Nabs Italian Shopping Center for $68M
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Mongolfiera Shopping Center, Lecce, Italy
Lecce, Italy—CBRE Global Investors, has announced the purchase of Mongolfiera, a shopping center in Lecce, Italy, on behalf of a pan European retail strategy. The property traded for $68.3 million (EUR 61.8 million) and was sold by London-based asset manager Schroders.
The property opened in 1994, and includes a hypermarket and gallery. The shopping center was extended in 2006, and upgrades have been made to include a food court area and more retail space. CBRE purchased 122,331 square feet, which include the hypermarket. The single-floor building is anchored by Ipercoop, which was not included in this transaction, MediaWorld, H&M and Piazza Italia. At the time of the deal, the center was 100 percent occupied by 48 tenants…
M&S to Axe Stores at Home and Abroad as Rowe Beats Retreat
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New CEO plans to close 30 U.K. outlets and exit 10 countries
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Cuts won’t address slide toward ‘fashion irrelevance’: analyst
Marks & Spencer Group Plc plans to close all its stores in 10 foreign countries and shutter 30 outlets at home in one of the biggest retreats in the British retailer’s 132-year history.
About a tenth of the U.K. store space dedicated to clothing and home wares will disappear over the next five years, Chief Executive Officer Steve Rowe said Tuesday. M&S will shut 53 stores outside Britain and begin consultations with 2,100 workers in countries like China, France and the Netherlands, he said…
Toronto Million-Dollar Homes Pushing Demand to Nearby Cities
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Permits in Hamilton rose to record C$204 million in September
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St. Catharines also seeing demand as Toronto prices soar
Toronto’s hot housing market is driving residents to seek more affordable options outside Canada’s largest city, pushing demand for new properties to new highs in these outlying towns.
Residential permits in Hamilton, a city of about 500,000 people an hour’s drive from Toronto, more than doubled to a record C$204 million ($153 million) in September, according to Statistics Canada. That’s the largest jump in more than six years for the area reliant on manufacturing and steel production. The value of permits in St. Catharines, in the wine-growing Niagara region, jumped to the second highest on record to C$66 million in the month…
Wall Street Bonus Prospects Brighten After Trading Bounce
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Incentive pay seen falling as much as 10% for fixed income
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Decline compares with May estimate for a drop of up to 20%
For Wall Street’s bond traders and investment bankers, prospects for year-end bonuses are improving.
Incentive pay for fixed-income sales and trading personnel may fall as much as 10 percent and may even hold steady compared with last year, compensation consultant Johnson Associates Inc. said in a report Monday. That’s better than the 10 percent to 15 percent decline projected in August and a drop of as much as 20 percent expected in May…
A 20-Stock Fund Smashes Peers With Risky Dose of Self-Belief
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Bennelong fund’s 26% gain in a year ranks it top in Australia
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The high-conviction fund finds hidden value in pizza, wine
Over in Sydney, one fund is leaving the rest of the market behind by having the courage to bet the house on just a handful of stock picks.
The Bennelong Concentrated Australian Equities fund is beating its competitors and almost doubling its benchmark by holding as few as 20 shares at any one time, just one quarter of what is held on average by its peers. The strategy has helped the fund return more than 26 percent in the 12 months through September, the best performance among more than 500 Australian large-cap equity funds…
Volkswagen Emissions Scandal Inquiry Widens to Top Levels
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Hans Dieter Pötsch, the chairman of Volkswagen’s supervisory board, at the carmaker’s annual shareholders’ meeting in June. CreditAlexander Koerner/Getty Images
FRANKFURT — The investigation into emissions fraud at Volkswagenreached the very top of the company on Sunday after the carmaker said that the chairman of the supervisory board, Hans Dieter Pötsch, is suspected by German prosecutors of violating securities laws.
Mr. Pötsch, the former chief financial officer at Volkswagen, is accused of failing to notify shareholders quickly enough of the financial risks of the diesel emissions cheating scandal, which has already led to a $15 billion settlement in the United States and caused the stock price to plunge…
Parsons Opens First San Antonio Location
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Parsons opened a new San Antonio office. State-of-the-art facilities offer expanded capabilities to customers.
San Antonio—Parsons’ Vice President Ken Branch, President & CEO of the San Antonio Chamber of Commerce Richard Perez and Sharon O’Malley Burg, CEO of O’Malley Burg Consulting, attended the opening of Parsons’ new office in San Antonio.
U.K. House Prices Rise for a Second Month on Supply, Low Rates
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A couple look at houses for sale in the window of an estate agents in Chelmsford.
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Average values rose 1.4 percent in October, Halifax says
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Low mortgage rates, lack of properties support prices
U.K. home prices rose for a second month in October, helped in part by an ongoing lack of supply of properties for sale.
Mortgage lender Halifax said values rose 1.4 percent compared with a month earlier as the stock of homes available remained around a record low. From a year earlier, values in the three months to October were 5.2 percent higher. That’s far below a peak of 10 percent annual growth in March this year, but still “robust,” it said in a statement in London on Monday
Environmentalists Target Bankers Behind Dakota Pipeline
Posted by: | CommentsJennell Downs, of the Kickapoo Tribe of Oklahoma, putting up a flag at the state capitol in Oklahoma City during a protest of the Dakota Access pipeline last month. CreditSteve Gooch/The Oklahoman, via Associated Press
In early August, just as protesters from across the country descended on North Dakota to rally against an oil pipeline near the Standing Rock Sioux Reservation, some of the world’s biggest banks signed off on a $2.5 billion loan to help complete the sprawling project.
JELD-WEN Plans Multimillion-Dollar Training Center in NC
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JELD-WEN’s current office in Charlotte, N.C.
Charlotte, N.C.—JELD-WEN, a global manufacturer of windows, doors and related products, has recently announced its plans to build a new multimillion-dollar corporate campus and training center in Charlotte, N.C. The company will move or hire 200 associates at its Queen City headquarters. Details about the investment were not yet disclosed.
China Inc.’s Investment Bank Dives Into Troubled Retail Market
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A China International Capital Corp. (CICC) securities brokerage branch in Beijing, China.
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CICC’s acquisition will make government majority shareholder
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China’s equity market has been tarnished by 2015 collapse
China International Capital Corp., the investment bank ex-Premier Zhu Rongji set up two decades ago to help restructure the Chinese economy, is again taking on a role that fits with the government’s agenda.
CICC’s $2.5 billion acquisition of China Investment Securities Corp. will plunge the firm into the retail investor market, a segment it had long shunned because of thin margins and a traditional focus on institutional clients. The deal is part of Chief Executive Officer Bi Mingjian’s push to lessen dependence on volatile investment banking fees…
BKM Expands Seattle-Area Footprint with Industrial Buy
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Andover Executive Park
Tukwila, Wash.—BKM Capital Partners has purchased Andover Executive Park, an 11-building, multi-tenant industrial business park encompassing 181,163 square feet in the Kent submarket of Tukwila. The property was acquired in an off-market transaction for $19.8 million.
“Our hyper focus on multi-tenant light industrial product allows us to identify, source, and acquire properties that will ultimately deliver the best yields to our institutional investment partners (…), Based on this niche focus and our deep knowledge of the market, we were able to acquire the Andover Executive Park well below peak prices and replacement cost, providing a significant opportunity for generating a strong ROI.” Brian Malliet, CEO & co-founder of BKM Capital Partners, said in a prepared statement…
Tishman Speyer Signs OCC at The Franklin
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The Franklin, Chicago
Chicago—OCC, the world’s largest equity derivatives clearing organization, has signed a 105,000-square-foot lease with Tishman Speyer at The Franklin in Chicago’s West Loop. The deal follows OCC’s recent lease for 46,500 square feet of office space within the Cypress Waters development in suburban Dallas.
The Franklin incorporates two connected buildings at 222 W. Adams St. and 227 W. Monroe St., totaling nearly 2.5 million square feet of office space. The 34-story, Class A tower was designed by Skidmore, Owings & Merrill and is owned and managed by Tishman Speyer…
SoftBank’s Profit Tops Estimates as Sprint Gets Back on Track
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Wireless and internet businesses offer foundation for big bets
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Gains from Supercell, Alibaba stake sale support investments
SoftBank Group Corp. reported better-than-projected second-quarter profit, with the wireless and internet businesses in Japan bringing in cash while Sprint Corp. shows signs of improvement.
Net income was 512.1 billion yen ($4.9 billion) in the period ended Sept. 30, the Tokyo-based company reported on Monday. That’s more than the 446.9 billion yen average of analysts’ projections compiled by Bloomberg. Operating income for the quarter was 334.7 billion yen, compared with their prediction for 313.9 billion yen…
Metro St. Louis Preps for Largest Shopping Center in Years
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The Shoppes at Mid Rivers, courtesy of GBT Realty Corp.
St. Louis—There’s something big coming to suburban St. Louis, and GBT Realty Corp. is behind it. The commercial development company just completed the acquisition of a 28-acre site in St. Peters, Mo., paving the way for construction of the 270,000-square-foot The Shoppes at Mid Rivers, the largest retail development to sprout up in the St. Louis MSA since 2008.
Lincoln Property to Oversee Atlanta Industrial Building Sale
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Jeff Henson
Atlanta—Dallas-based Lincoln Property Co. Southeast (Lincoln), one of the top national commercial real estate companies, has been selected to arrange the sale of a 27,000-square-foot multi-tenant industrial building in Stockbridge, Ga. Located at 10 Andrew Drive, the property is listed at $975,000.
Situated within the Hudson 75 Business Park, the building features nine 3,000-square-foot bays with one dock per bay having 20-foot clear ceiling height. In addition, the property offers convenient access to I-75 being located right off Eagles Landing Parkway, close to a large amenity base and strong demographics…
Investors Aren’t Ready to Dump Their Trump-Upset Hedges
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FBI-Clinton absolution no ‘game changer’: Millennium’s Benson
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Old Mutual Global Investors clings to investment protection
Some of the biggest investors are holding tight to their hedges against market swings should Donald Trump be elected U.S. president, even after the Federal Bureau of Investigation absolved Hillary Clinton a second time of committing a crime.
Millennium Global Investments Ltd. is sticking to its view that the Republican candidate still has a 35 percent chance of winning the vote Tuesday. Old Mutual Global Investors says it’s keeping its protection as prospects of a surprise victory by the political novice can’t be ruled out. Janus Capital International echoes that view. Together they manage more than $500 billion…
A Stranded $2 Trillion Overseas Stash Gets Closer to Coming Home
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Minh Uong
The next president may have a rare opportunity to close tax loopholes that have let American corporations stash more than $2 trillion in untaxed profits outside the United States.
This enormous hoard of stranded cash has barely been an issue in the contentious election campaign of 2016, and precise predictions of deals that could be made in Washington are foolhardy until the nation goes to the polls…
A Stranded $2 Trillion Overseas Stash Gets Closer to Coming Home
Kay Jewelers and American Commodore Tuxedo Reopen in Ohio Shopping Center
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The Shoppes at Parma, OhioGreek Bank Wars Leave $187 Billion Under Uncertain Management
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National Bank of Greece board at loggerheads with recap fund
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Piraeus Bank led by interim managers amid shareholder discord
As Greek banks struggle to clean up their balance sheets of bad loans, investors have been left pondering another uncertainty: Who will lead the country’s biggest lenders?
The General Council of Greece’s bank recapitalization fund, HFSF, may convene Monday to discuss whether to call an extraordinary meeting of National Bank of Greece shareholders aimed at forcing the lender’s chief executive officer, Leonidas Fragkiadakis, and other board members to resign, two people familiar with the matter said on condition of anonymity. Last week, the board of directors of NBG rejected an HFSF request to appoint Dimitris Tsitsiragos as its non-executive chairman, electing instead octogenarian Panayiotis Thomopoulos against the wishes of its biggest shareholder…
The Money Management Gospel of Yale’s Endowment Guru
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A portrait of David Swensen at Yale. Mr. Swensen and former protégés oversee nearly $100 billion in endowment money at many top universities. CreditDriely Schwartz Vieira for The New York Times
As he has done for decades, once a week David F. Swensen convenes his staff — including his cadre of apprentices — for a morning-long meeting among the Gothic revival flourishes and crenelations of the Yale University campus to debate investment ideas.
Mr. Swensen, 62, runs the school’s $25.4 billion endowment, one of the largest in the country. Usually he is joined by his intellectual sparring partner, Dean Takahashi, his senior director. It amounts to an internship in the world of managing a university’s billions — and the young analysts have a front-row seat…
Brickell City Centre Mall: Come In, We’re Open!
Posted by: | CommentsThe retail portion of Miami’s $1 billion Brickell City Centre is finally open for business.
Brickell City Centre – Miami, Fla.
Miami—After four long years of planning and construction, the retail portion of Miami’s $1 billion Brickell City Centre project opened its doors for the public on Thursday, Nov. 3.
Spanning three city blocks in the fast growing 305’s Financial District, the 500,000-square-foot retail center was developed by Hong Kong-based Swire Properties in partnership with retail developers Whitman Family Development and Simon Property Group…
Brickell City Centre Mall: Come In, We’re Open!
Europe’s Housing Market Is Simmering, Not Bubbling
Posted by: | CommentsECB data show pace of property-price growth exceeds long-term average
House prices in the euro area seem to only know one way: Up.
The inflation-adjusted annual expansion in property values has move above longer-term averages, the European Central Bank said in its Economic Bulletin. But with the recovery in real estate prices at a “fairly early stage,” there are currently no signs of a bubble, it argued.
Disgraced Hedge Fund Manager Focuses on Aiding Veterans
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Steven A. Cohen is helping veterans who have post-traumatic stress or traumatic brain injuries and doing research into diagnostic tools and treatments for those conditions. CreditSasha Arutyunova for The New York Times
Sitting at the circular table in his office, near an elliptical machine, treadmill and massage table, Steven A. Cohen struggled to find words to describe what motivates his new philanthropic effort.
“You know what I think it is, I was looking for something unique, special, something that I could own,” said Mr. Cohen, the billionaire investor, in an interview at his family office, Point72 Asset Management. It is in the same building as his former hedge fund, SAC Capital Advisors, which in 2013 paid $1.8 billion in fines to federal prosecutors and securities regulators…
AIG Mortgage Lending on Apartments Climbs by 20% to $5.2 Billion
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California, Massachusetts among states with increases
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CEO Hancock says AIG takes greater control in direct lending
American International Group Inc., the largest commercial insurer in the U.S. and Canada, has been increasing lending for apartments as the company seeks to counter low yields on publicly traded bonds and volatility from hedge fund holdings.
The loan exposure for multifamily properties climbed to $5.2 billion as of Sept. 30, up 20 percent from $4.35 billion on June 30, according to a regulatory filing late Thursday. The company said it is well positioned for mortgages because it can hold funds for years or decades to back insurance policies and doesn’t need to worry about having to exit positions in a hurry…
No Rain in Plains Turns Hedge Funds Bullish on Winter Wheat
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Winter wheat on Millershaski’s farm. Source: Gary Millershaski
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Crop conditions worsen as winds compound soil-moisture losses
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Bullish fund holdings signal ‘change in sentiment’ for prices
It’s been so hot and dry in parts of the U.S. Great Plains that young wheat plants are having a hard time staying green. In fact, the crops that Michael Peters farms on 3,100 acres in Oklahoma turned a bluish hue, a sign of stress that agronomists say can be a precursor to a sub-par harvest.
Kroger to Bring Another Center to Hampton Roads
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First Kroger Marketplace in Chesapeake, Va., opened in August 2016The new owner, which was represented in the sale by S.L. Nusbaum’s Vice President Tommy Drew, plans to construct a 124,000-square-foot Kroger Marketplace…
Hong Kong Home Prices Set to Plunge on Policy Change
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Stamp duty increased to 15% for all residential transactions
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New measures expected have an immediate impact, analysts say
Hong Kong leaders’ surprise move to cool the world’s least affordable home market is set to spur an immediate plunge in prices and transactions as buyers and sellers hit the pause button.
Louis Chan, chief executive of the residential unit of Centaline Property Agency Ltd., sees transaction volumes plunging by 60 percent to 70 percent in the next three months, and now expects a 5 percent to 8 percent drop in prices, after previously projecting an increase in that range. Ricacorp Properties Ltd.’s Willy Liu said transactions will drop 30 percent to 40 percent in the next two months and prices will fall 5 percent…
Hedge Funds Are Hiding Out in Gold
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Speculators boost net-long position to one-month high
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Holdings in bullion ETFs climb, gold-coin sales increase
To understand how fearful investors are of all the wild cards in Tuesday’s U.S. presidential election, just take a look at the gold market.
Hedge funds are piling into the perceived safety of bullion, increasing their wagers that the metal will rally for a second straight week, U.S. government data showed Friday. That marked the first consecutive gain since July as money managers pushed their holdings to a one-month high…
Hedge Funds Are Hiding Out in Gold
Berkeley Point Capital Appoints New Senior Managing Director
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Ron SteffeninoChina’s Moves to Cool Property Prices May Be Working
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Property curbs may cut 0.6 point from GDP, Morgan Stanley says
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Rinko Zhang is stood up as buyer no-shows for Beijing signing
The push by China’s policy makers to rein in property bubbles looks to be getting traction, according to early indicators from the nation’s biggest cities.
Beijing home sales volume plunged 41 percent year-on-year last month while Shanghai’s slumped 18 percent, China Real Estate Information Corp. data show, after new purchase restrictions and tightened mortgage lending. Transactions fell 50 percent in smaller cities…
China’s Moves to Cool Property Prices May Be Working
China May Let Wall Street Banks Run Own Mainland Units, WSJ Says
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U.S. firms have long had to partner with Chinese companies
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Paper says talks are ongoing, deal would need Senate approval
China may give Wall Street firms long-sought permission to run their own investment-banking arms on the mainland, the Wall Street Journal reported, citing unidentified people briefed on the talks.
Officials in Beijing are considering the move amid discussions for a new trade and investment framework with the U.S., the newspaper said. Under existing rules, U.S. firms offer services to companies on the mainland by taking minority stakes in joint ventures with China’s domestic brokerages…
Why Washington Needs Wall Street
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“Personnel is policy,” Robert Reich, a former secretary of labor in President Bill Clinton’s administration, told The New York Times last week. CreditWin McNamee/Getty Images
The latest round of drumbeating has begun to prevent anyone with a Wall Street background from filling the top economic positions in the next administration. Not only is that not right, it hurts the American people by preventing those who have the best understanding of how financial markets work from taking a much-needed role in policing and fixing them. It is a form of discrimination. The time has come for it to stop.
LendingTree Expands NC Campus
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LendingTree’s headquarters in Charlotte, N.C.Takata Falls After Bankruptcy Reports; KKR Dropped From Bidding
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Bidder Daicel plunges; said to propose bankruptcy in Japan
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Takata is seeking buyers after record safety recalls
Takata Corp. shares fell to an almost six-month low after reports that KKR & Co. dropped out of bidding for the company and that the air-bag maker may be preparing for a U.S. bankruptcy filling.
The shares fell as much as 5.8 percent to 323 yen as of 10:24 a.m. in Tokyo trading, headed for the lowest close since May 11. There have been no new developments since Oct. 11, when Takata last issued a statement in response to reports it was considering bankruptcy, the company said Friday in a statement to the Tokyo Stock Exchange. The parts maker said it will disclose information when it’s available and is working to resolve its recall issues…
Wells Fargo Faces Scrutiny for Black Marks on Ex-Employee Files
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Timothy J. Sloan, Wells Fargo’s chief executive.CreditRichard Drew/Associated Press
Three senators fired at Wells Fargo’s new chief executive with fresh ammunition on Thursday: the hundreds of termination notices the bank filed with an industry overseer over the last five years as employees left the company in connection with its sales scandal.
When brokers and certain other registered representatives leave a bank — voluntarily or otherwise — the company is required to file a notice with the Financial Industry Regulatory Authority, known as Finra. Called a “U5,” the form includes a field where the bank must disclose any allegations that played a role in the employee’s departure…
Perseus-ELV Associates JV Snags Arlington Office Building
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Ballston Metro Center
Arlington, Va.—Ballston Metro Center, a Class A office building that’s part of a mixed-use project near Virginia Square in Arlington, was recently sold to a joint venture between PERSEUS Realty and Boston-based ELV Associates. Gerry Trainor and Mark Glagola of Transwestern’s Mid-Atlantic Capital Markets Group negotiated the $69.5 million transaction on behalf of the seller, Dweck Properties of Washington, D.C. The 13-story building was nearly 35 percent occupied at the time of sale.