Archive for Uncategorized
Central Bankers Rejoice: There Are Signs That Inflation Is Actually Arriving
Posted by: | CommentsWelcome signs after years of meager price pressures.
Christmas may have come early for central bankers in some advanced economies.
Deflationary forces have abated amid firming commodity prices and a sustained labor-market improvements, contributing to a recent sell-off in many developed-market sovereign bonds. Calls for expansionary fiscal policy to buoy growth going forward have also helped shift the mood…
Central Bankers Rejoice: There Are Signs That Inflation Is Actually Arriving
Lynn Tilton Loses Bid to Keep Planned Asset Sale on Hold
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Tilton contends sale was structured to benefit insurer
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Collateral sale to go ahead while Patriarch CEO sues trustee
Patriarch Partners Founder Lynn Tilton can’t block a planned sale of assets in one of her former investment funds, a deal she claims was structured to benefit insurer MBIA Inc.
U.S. District Judge Jed Rakoff on Tuesday denied Tilton’s request to bar the sale of collateral in the Zohar I distressed loan fund pending the outcome of her lawsuit against the trustee of the fund, U.S. Bank NA, and MBIA.
Manhattan’s Newest Office Tower to Be Among Priciest for Tenants
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One Vanderbilt Tower
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SL Green expects rents of $150 a square foot on average
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One Vanderbilt skyscraper had groundbreaking ceremony Tuesday
SL Green Realty Corp.’s One Vanderbilt skyscraper, which had a groundbreaking ceremony Tuesday, is expected to have rents that would make it among the priciest office buildings in New York City when it’s completed in 2020.
Running Hot Doesn’t Mean Central Banks Going Cold on Mandates
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Yellen says ‘high-pressure’ economy may heal recession scars
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No broad ‘regime change’ expected for inflation targets
Listen to U.S. Federal Reserve Chair Janet Yellen or Bank of England Governor Mark Carney these days and you might conclude central bankers are rethinking their inflation targets. Not quite.
Take Yellen. Having mused on Friday that a “high-pressure economy” might help heal the harm done by the recession, bond yields rose as investors bet that rising inflation may be less important to the Fed than boosting the labor market…
Running Hot Doesn’t Mean Central Banks Going Cold on Mandates
Nothing Brings Banks Together Like A Good Hack
Posted by: | CommentsFinancial institutions are not inclined to share secrets. That’s changing as savvy tech adversaries threaten to breach digital walls.
Troels Oerting has a problem. As?the group chief security officer for Barclays, he has a squad of elite ex-government agents patrolling the company’s digital perimeter. He also has a hefty budget to acquire state-of-the-art technology to protect Britain’s second-biggest bank from cyber?attacks.
But Oerting, with no small dose of grudging admiration, says his adversaries excel at something that can’t be addressed with deep pockets or killer software: They’re superb networkers. “The organized crime groups in cyber are sharing much better than we are at the moment,” says Oerting, a Dane with a square jaw and the watchful eyes of a cop who’s investigated the underworld for 35?years. “They?are sharing methodologies, knowledge, tools, practices—what works and what doesn’t.”…
Goldman Sachs’s Asia Pacific Chairman to Retire
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Mark Schwartz, the chairman of Goldman Sachs’s Asia Pacific region and a vice chairman of the firm, will retire at the end of the year.CreditIan Waldie/Bloomberg News
SAN FRANCISCO — One of Goldman Sachs’s top bankers in Asia is planning on retiring after nearly three decades at the firm.
Mark Schwartz, who is chairman of Goldman’s Asia Pacific region and a vice chairman of the firm, will retire at the end of the year, the firm said in an internal memorandum on Monday.
Broadcast Tower Project at ESB Uses Innovative “Cocoon”
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Empire State Building antenna
New York—By the age of 85, anyone or anything could probably benefit from having some work done. For the Empire State Building, that’s taking the form of a project to install a new auxiliary master FM radio antenna, it was announced late last week by the iconic building’s owner, Empire State Realty Trust.
Goldman Says U.S. Bondholders Risk a $1.1 Trillion Hit if Rates Spike
Posted by: | CommentsFirst they came for the yield, then they came for the duration.
A Goldman Sachs Group Inc analysis says investors could be mired in a world of pain if yields on long-dated assets snap higher. Just a modest backup in rates could inflict outsized losses on bond portfolios — a sobering prospect in light of the recent jump inlonger-dated bond yields that’s already eating into bondholders’ capital returns.
A 1 percent increase in interest rates could inflict a $1.1 trillion loss to the Bloomberg Barclays U.S. Aggregate Index, analysts at Goldman calculate, representing a larger loss for bondholders than at any other point in history. With the bank predicting the selloff in bonds has further to run, that remains “far from a tail scenario,” its analysts write…
Wall Street Dealmaker Says Professor Took Him for a Ride
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Christine and Andrew J. Hall in 2012.CreditJohn Parra/WireImage, via Getty Images
READING, Vt. — On Wall Street, Andrew J. Hall is known, even feted, as an aggressive trader with nerves of steel, capable of earning a $100 million bonus in a single year. His particular skill: spotting opportunities in high-stakes oil markets.
When he turned to constructing a personal art collection, he did so with similar ambition and shrewdness, amassing an impressive trove of 5,000 works by hundreds of artists he loved, including Leon Golub, an American postwar painter of expressionistic, heroic-scale figures.
Auction Houses Told to Improve Transparency in Reporting Prices
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New York’s Department of Consumer Affairs clarifies the law
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Firms must disclose prices net of fees if guarantor is buyer
Auction houses, whose public sales are often obscured by undisclosed fees, have to report the prices of the artworks they sell in New York with more transparency.
The city’s Department of Consumer Affairs, in a recent clarification to its law on auctioneers, outlined how companies should disclose prices for works that were guaranteed by third parties. The fees paid to the guarantors who end up buying the art must be subtracted from the total price reported to the public…
Bond Investors Question Pilot Program for Mortgage Insurers
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AllianceBernstein, others say risk-share plan may hurt system
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U.S. looking to dial back mortgage exposure at Fannie, Freddie
Bond investors including AllianceBernstein Holding LP are criticizing proposals from Fannie Mae and Freddie Mac designed to transfer more of their risk to insurance companies.
The money managers have raised concerns about pilot programs by the two U.S.-controlled mortgage companies to share more risk with the guarantors, and are pressing trade groups to lobby against components of the plans. They say mortgage insurers have a history of failing during downturns, and that the industry might not be strong enough to withstand future calamities. The programs also could cut into supply for a relatively new type of bond that Fannie Mae and Freddie Mac issue, they say…
Skanska Inks $56M Contract in Atlanta
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Hans Biörck, Skanska
Atlanta—New York-based Skanska has announced the signing of a $56 million (approximately SEK 470 million) contract on behalf of an undisclosed client, to develop a corporate office building in Atlanta.
The new development will include a 199,132-square-foot office building and 209,896 square feet of parking space at a yet undisclosed location. Construction of the property has already begun in September and the project is slated for completion in 2018…
Albourne Takes Aim at Hedge Fund Fees as ‘Elephant in the Room’
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Firm announces new initiative to help clients negotiate fees
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Albourne favors performance fee adjusted for market return
One of the biggest hedge fund advisers is calling for an overhaul of the industry’s exorbitant and opaque fees.
Albourne Partners, which advises investors that collectively hold more than $400 billion in alternative investments such as hedge funds, will announce a plan Tuesday that will help investors determine appropriate fees, said Simon Ruddick, the London-based chairman of the adviser. Albourne Partners will collect fee information and set up a mechanism to help investors negotiate the best rates, he said…
Online Loan Pioneer Stops Lending Money as Industry Losses Mount
Posted by: | CommentsCircleBack Lending Inc., a pioneer in peer-to-peer lending, has stopped making new loans, according to its chief executive officer.
The three-year-old company, which had been selling its loans to Jefferies Group LLC and Pine River Capital Management, saw funding dry up as more of its borrowers failed to repay their debt.
CircleBack CEO and co-founder Michael Solomon said that if the lender can’t raise money, it will transfer existing loans to another company to handle collections and payments. “We are not originating new loans at this time,” he said…
Online Loan Pioneer Stops Lending Money as Industry Losses Mount
Principal Real Estate Sells TOD Office Building in Seattle
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Broadacres Building, Seattle
Seattle—HFF arranged the sale of a 123,108-square-foot, transit-oriented office building in downtown Seattle.Principal Real Estate Investors sold the north central business district asset to LBA Realty. HFF marketed the property alongside KG Investment Properties on behalf of the seller, and also procured the buyer through an investment sales team led by Senior Managing Director Nicholas Kucha.
Hedge Funds Cost N.Y. Pension Plan $3.8 Billion, Report Says
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Comptroller ‘has been frozen in place,’ state department says
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Report is politically motivated, comptroller’s office says
The New York state comptroller’s decision to stick with hedge funds despite their poor returns has cost the Common Retirement Fund $3.8 billion in fees and underperformance, according to a critical report by the Department of Financial Services.
The state comptroller, who invests $181 billion for two systems covering local employees, police and fire personnel, “has over relied on so-called ‘active’ management by outside hedge fund managers,” the department said Monday in the 20-page report. “For years the State Comptroller has been frozen in place, letting outside managers rake in millions of dollars in fees regardless of hedge fund performance.”…
London Home Prices Fall for Fifth Month, Worst Streak Since 2009
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Annual inflation slows to 2.2%, down from 13% in March
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Slowdown led by most expensive properties in the city
London house prices fell for a fifth month in August, the worst streak for the U.K. capital since the depths of the recession seven years ago.
The 0.6 percent drop, taking the average value to 580,930 ($708,000) pounds, followed a 1 percent fall the previous month, LSL Property Services and Acadata said on Saturday. The annual pace of growth has now slowed to just 2.2 percent, the weakest since early 2012…
Salesforce Tower Tops ‘Em All in San Francisco
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Salesforce Tower, San Francisco
San Francisco—Construction of the 1.4 million-square-foot Salesforce Tower in San Francisco’s booming Transbay District is more than a year from completion but already, the future headquarters of cloud computing company Salesforce has earned a major distinction. Project developers Boston Properties Inc.and Hines revealed that the 61-story office high-rise has been officially designated the tallest building in San Francisco.
Wall Street Is Starting to Talk About a Big Democratic Sweep in November
Posted by: | CommentsWill division in D.C. take a breather?
Wall Street Is Starting to Talk About a Big Democratic Sweep in November
Big Central Bank Assets Jump Fastest in 5 Years to $21 Trillion
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Up 10% this year to almost a third the size of world economy
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Trajectory coincides with the rise in global stocks and bonds
The world’s biggest central banks are bulking up their balance sheets this year at the fastest pace since 2011’s European debt crisis to boost lackluster economic recoveries with asset purchases that are supporting stock and bond prices.
The 10 largest lenders now own assets totaling $21.4 trillion, a 10 percent increase from the end of last year, data collected by Bloomberg show. Their combined holdings grew by 3 percent or less in both 2015 and 2014…
Sticking With Stocks, Especially in Market Downturns
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Cam Cottrill
Call it confidence, or an unwillingness to try to time the market, or even complacency. But whatever the reason, some mutual fund managers with the best performances over the last five to 10 years say they are disinclined to sell their stock holdings — even if the overall market turns down.
“I used to try to time the markets,” said Jerome L. Dodson, manager of the Parnassus Endeavor fund, which has returned nearly 12 percent annually over the last decade, according to Morningstar. “I got hit every time.”…
Sticking With Stocks, Especially in Market Downturns
Petrus ’90 Leads Sotheby’s Wine Sale to Beat House High Estimate
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Sale was 42,300 pounds against high estimate of 34,000 pounds
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Liv-ex Fine Wine 50 Index of top Bordeaux climbed this year
Twelve bottles of Petrus 1990 sold for 42,300 pounds ($51,568) at a Sotheby’s wine sale in London this month, beating the auction house’s top estimate, while a similar quantity of the Pomerol grower’s 1989 vintage fetched 35,250 pounds…
Petrus ’90 Leads Sotheby’s Wine Sale to Beat House High Estimate
Wall Street’s Wait for Bond-Trading Boost Starts to Pay Off
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Citigroup, JPMorgan beat estimates as bond-trading surges
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JPMorgan says momentum is continuing into fourth quarter
Wall Street’s biggest banks have spent years waiting for the end of a slump in fixed-income trading. It’s finally paying off.
Citigroup Inc.’s fixed-income revenue surged 35 percent to $3.47 billion in the third quarter, and JPMorgan Chase & Co. posted $4.33 billion from the business, $1 billion more than analysts’ average estimates. Marianne Lake, JPMorgan’s chief financial officer, said Friday that the momentum continued into October…
Wall Street’s Wait for Bond-Trading Boost Starts to Pay Off
Specter of Trump Loosens Tongues, if Not Purse Strings, in Silicon Valley
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Minh Uong/The New York Times
PALO ALTO, Calif. — After years of scorning the political process, Silicon Valley has leapt into the fray. The prospect of a President Donald J. Trump is pushing the tech community to move beyond its traditional role as donors and to embrace a new existence as agitators and activists.
A distinguished venture capital firm emblazoned on its corporate home page an earthy anti-Trump epithet. One prominent tech chieftain says the consequences of Mr. Trump’s election would “range between disastrous and terrible.” Another compares him to a dictator. And nearly 150 tech leaders signed an open letter decrying Mr. Trump and his campaign of “anger” and “bigotry.”…
London Is Becoming the U.K.’s Laggard in the Housing Market
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Annual house-price inflation of 2.5% is second worst in U.K.
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Asking prices in the capital more than twice national average
London property is dropping in the price-growth rankings and is at risk of becoming the U.K.’s worst-performing region.
Property website operator Rightmove said Monday that asking prices in the capital have risen 2.5 percent in the past year, the second-weakest performance out of the nine areas it surveys. Lagging behind national house-price inflation of 4.2 percent, only the northeast has fared worse, down 1.2 percent.
Nordea’s $22 Billion Flagship Fund Is Now Betting on the Pound
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Stable Return fund is betting against commodity currencies
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Fund has increased holdings in emerging market stocks
Nordea Bank’s Stable Return fund, Europe’s fastest growing asset manager, is betting the British pound is now on its way up.
It’s a shift of strategy from earlier this year, when the 20 billion-euro ($22 billion) fund bet against sterling using the yen. It profited from that wager, with the pound losing 28 percent this year against the Japanese currency as Britain voted to leave the European Union…
Nordea’s $22 Billion Flagship Fund Is Now Betting on the Pound
U.S. Banks Slashed Share of British Property Loans Before Brexit
Posted by: | CommentsNorth American banks cut their share of U.K. commercial-property lending by half ahead of the referendum on European Union membership as uncertainty about the vote and a cooling market damped demand for real estate.
U.S. banks and Canadian lenders’ market share dropped to 7 percent from 14 percent in the first six months, according to a survey of 78 lenders by De Montfort University that was published Monday. U.K. banks and member-owned lenders advanced 44 percent of all new loans, a 10 percentage point increase on the previous six months, the report by the Leicester, England-based university estimates…
Iran Kicks Off Oil-Development Tender to Woo Foreign Investors
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State oil producer NIOC seeks to pre-qualify foreign bidders
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NIOC to announce list of elgibile oilfield bidders on Dec. 7
Iran is ramping up efforts to woo foreign investment in an energy industry stunted by years of sanctions, with a request for companies to submit documents to pre-qualify as bidders to develop the country’s oil and natural gas fields.
State-run National Iranian Oil Co. will solicit documents from international companies starting Monday, according to an announcement posted on the website of Shana, the oil ministry’s news service. Interested companies will have until Nov. 19 to submit their qualifications, and the government will publish a list of eligible bidders on Dec. 7, according to Shana…
Phillips Edison Grocery Center REIT Acquires Two Shopping Centers
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The Harbour Village in Jacksonville, Fla.
Jacksonville, Fla. and Niles, Ill.—Phillips Edison Grocery Center REIT I Inc. has recently announced the strategic acquisition of two grocery-anchored shopping centers in Jacksonville, Fla. and Niles, Ill. The company has now expanded its portfolio to 151 shopping centers throughout the United States.
Built in 2006, Harbour Village is a 113,004 square foot shopping center in Jacksonville. Located at 13475 Atlantic Blvd., adjacent to The Woods and Queens Harbour Yacht & Country Club, the center is managed by The Fresh Market, a leading fresh format grocer. Harbour Village features national and regional tenants like Stein Mart, Kumon, Planet Beach Tanning, Smoothie King and Woof Gang Bakery. Currently, the shopping center is 100 percent leased…
Hedge Fund Yen Bulls Retreat Amid Currency’s Three-Week Decline
Posted by: | CommentsThe yen held a three-week decline against the dollar as hedge funds trimmed bullish bets on the Japanese currency by the most since May amid growing confidence the Federal Reserve will raise interest rates this year.
Japan’s currency was little changed after depreciating by about 3 percent in the past three weeks as Bank of Japan Governor Haruhiko Kuroda said this month the central bank has no intention of reducing the bond purchases and an influential economic adviser to Prime Minister Shinzo Abe called for a third supplementary budget and closer coordination between monetary and fiscal policy. Bloomberg’s gauge of the dollar traded near a seven-month high as the probability the Fed will tighten this year climbed to 66 percent, from 59 percent at the end of September…
Flight of the Brexit Bankers
Posted by: | CommentsWhere in Europe will they go? If London loses its luster, Dublin and Frankfurt look like winners, but places like Warsaw—yes, Warsaw—stand to gain, too.
After the British stiff-armed Europe this summer, sterling plummeted, London-traded shares quavered, consumer confidence took a dive, and businesses shelved expansion plans. But within a few weeks, Britons saw that the shops were still open, the Tube was running, and the fish and chips remained as crisp as before the June?23 vote.
New Owner Emerges for San Antonio’s Pyramid Building
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The Pyramid, San AntonioWells Fargo Profit Beats Estimates as Mortgage Revenue Rises
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Provisions for loan losses fall 25% from previous quarter
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CEO Sloans says ‘will work tirelessly’ to win back reputation
Wells Fargo & Co., the lender whose chief executive officer stepped down this week amid a scandal in its branch network, posted third-quarter profit that beat analysts’ estimates as loan-loss provisions improved and revenue from mortgage banking increased.
Net income slid to $5.64 billion, or $1.03 a share, from $5.8 billion, or $1.05, a year earlier, the San Francisco-based company said Friday in a statement. The average estimate of 28 analysts surveyed by Bloomberg was for per-share profit of $1.01. Total revenue increased 1.8 percent to $22.3 billion, exceeding analysts’ expectations…
Inside the Secret Society of Wall Street’s Top In-House Lawyers
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Wall Street general counsels have met for roughly two decades
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Lawyers discussed banding together against plaintiffs’ lawyers
It’s a Wall Street club that’s virtually unknown on Wall Street. It has no name or official membership list, and it meets only once a year, in locations such as Switzerland’s Lake Lucerne, Connecticut’s Litchfield County, and, this year, Versailles.
The attendees are top in-house lawyers for some of the world’s most powerful banks — people who sit at the table for decisions that can shape multibillion-dollar litigation tabs for the likes of Barclays Plc, Citigroup Inc., Goldman Sachs Group Inc., Deutsche Bank AG and JPMorgan Chase & Co…
Snap Is Said to Pick Bankers for an I.P.O.
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Snap Inc., as Snapchat recently renamed itself, is expected to make a splashy market debut.CreditGeorge Etheredge/The New York Times
SAN FRANCISCO — The newest generation of technology darlings has signaled that it is about to come of age: Snapchat, the messaging service beloved by teenagers, is preparing to step out into the public markets.
The company — born only five years ago — may end up ushering in a wave of huge tech initial public offerings at a time when Wall Street has seen few such big deals…
Snap Is Said to Pick Bankers for an I.P.O.
HFF Closes $228M Office Sale in DC Between Invesco and UNIZO
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The Executive Building, Washington
Washington—Japanese company UNIZO Holdings Co.is increasing its office building holdings in Washington, acquiring The Executive Building at 1030 15th St. NW for $228 million from Invesco Real Estate.
HFF marketed the 12-story, 332,022-square-foot building on behalf of Invesco and also obtained UNIZO as the buyer. The HFF investment sales team representing the seller of the Class A asset was led by Stephen Conley, Andrew Weir, Jim Meisel, Dek Potts and Matt Nicholson…
HFF Closes $228M Office Sale in DC Between Invesco and UNIZO
RBA Inner-City Apartment Alert Rises; Banks in Good Shape
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Oversupply in Brisbane, Melbourne is ‘coming to the fore’
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Non-performing mortgage loans picked up though remain low
Australia’s central bank intensified its alert on a potential apartment glut in central Melbourne and Brisbane, even as it reassured that the banking system remains in good shape.
“Risks around the projected large increases in supply in some inner-city apartment markets are coming to the fore,” the Reserve Bank of Australia said in its semi-annual Financial Stability Review Friday. “There are signs that some settlements are taking longer and lending valuations are coming in below their contract price, though settlement failures to date remain low.”…
Verizon Says Yahoo Hack Could Reopen $4.8 Billion Deal Talks
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In a statement on Thursday, Yahoo said, “We are confident in Yahoo’s value and we continue to work towards integration with Verizon.” CreditMarcio Jose Sanchez/Associated Press
SAN FRANCISCO — Verizon Communications may seek to renegotiate its $4.8 billion purchase of Yahoo’s operating business, dealing another blow to the struggling internet company.
Verizon’s top lawyer said on Thursday that his company thought that the hacking of 500 million Yahoo email accounts in 2014 — disclosed last month, well after the deal was announced — had materially diminished the value of Yahoo, potentially allowing Verizon to reopen the sale discussions…
Tryperion Nabs Class A Office Building in Indianapolis
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550 Congressional
Colliers also marketed the property on behalf of the joint venture owners of REI Real Estate Services and Perennial Investments.
Manhattan Apartment Rents Decline After 35% Surge in Listings
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September median of $3,396 is 1.2% less than a year earlier
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Decline was only the second since early 2014, appraiser says
Manhattan apartment rents fell last month as landlords’ pricing power was hurt by a wave of new listings and tenants who shopped around for better deals.
The median monthly rent was $3,396, down 1.2 percent from September 2015, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was only the second year-over-year decline since February 2014. Rents also fell this past March…
Goldman’s Online Lender, Marcus, Opens (to Those With the Code)
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The Goldman Sachs offices in London. CreditCarl Court/Getty Images
After years of behind-the-scenes planning, Goldman Sachs is opening its new online lending platform, Marcus, on Thursday.
Borrowers will be able to visit Marcus.com and apply for unsecured loans of up to $30,000 to refinance their credit card debt or pay for a household project.
The new site takes an unusually casual tone for Goldman as it tries to lure in customers…
Goldman’s Online Lender, Marcus, Opens (to Those With the Code)
DLC Makes Its Biggest Buy Ever with Retail Portfolio
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Home Goods at the Brook Highland Plaza, Birmingham, Ala.
Tarrytown, N.Y.—In the largest acquisition in its 25-year history, DLC Management Corp. has purchased, in a joint venture with DRA Advisors LLC, a portfolio of 16 shopping centers totaling roughly 4.9 million square feet. The purchase boosts DLC’s owned square footage by 26 percent, to about 21.7 million square feet.
The seller was DDR Corp., according to a separate announcement by HFF, which had marketed the portfolio on behalf of the former owner. HFF reported the transaction’s value as $390 million…
SEC Said to Demand That Cooperman Agree to Hedge Fund Suspension
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Agency sought $8 million in penalties in insider-trading case
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Money manager has said he did nothing wrong and won’t settle
Wall Street’s top cop demanded that a resolution of its insider-trading case against Leon Cooperman include the billionaire investor accepting a temporary suspension from the hedge fund industry, according to people familiar with the matter.
Terreno Closes 10-Year Lease Renewal in DC
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3300 V St., NE., Washington
Washington—Terreno Realty Corp. recently announced a 10-year lease renewal in Washington. The leased property is part of Terreno’s six-building, 820,000-square foot warehouse/distribution center portfolio located at 3015-3535 V St., NE.
The San Francisco-based firm bought the V Street portfolio in January 2015 from Stanley Martin Industries, shelling out $115.5 million. The buildings have been constructed between 1955 and 1963.
Paramount Closes $850M Financing of NYC High-Rise
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1301 Avenue of the Americas, Manhattan, New York
New York—Paramount Group Inc. has wrapped up the financing of 1301 Avenue of the Americas, a 1.8 million-square-foot office tower in Manhattan, to the tune of $850 million. It’s all in the name of bolstering the balance sheet.
A 45-story building developed in 1964, 1301 Avenue of the Americas has been part of Paramount’s portfolio since the office REIT acquired it for $1.5 billion in 2008. The premier office destination, which has served as headquarters to many a major company over the years, also features 30,000 square feet of ground-level retail space, as well as a lower-level connection to Rockefeller Center…
Banking Shares Drag U.S. Stocks Lower as Earnings Reports Loom
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Financial ETF sees longest outflows since bull market start
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JPMorgan Chase, Citigroup, Wells Fargo report results Friday
It’s going to take more than solid earnings growth to lure investors into financial shares.
Undeterred by forecasts that project lenders growing third-quarter profits the most among S&P 500 Index industries, retail investors extended withdrawals from an exchange-traded fund tracking the group to the longest stretch of the bull market, while options traders have pushed the cost of protecting against declines in the fund to the highest level since April 2014, according to data compiled by Bloomberg…
David O’Reilly Joins Howard Hughes as CFO
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David O’Reilly
Dallas—The Howard Hughes Corp. (NYSE: HHC) announced that David O’Reilly will replace Andrew Richardson as CFO, reporting directly to CEO David Weinreb, effective October 17.
“David O’Reilly is uniquely qualified to make a meaningful impact on the many opportunities that lay ahead for HHC,” said Weinreb in a prepared statement…
Flailing Chinese Firms Turn to Red-Hot Property to Bolster Books
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At least 12 firms sold assets as many face losses, delisting
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Nanjing Putian, Shanghai Xinmei among those selling property
Struggling Chinese companies, some on the brink of delisting, are turning to the soaring property market to bolster their books.
At least 12 firms listed on mainland exchanges announced plans to sell real estate holdings in September amid a surge in property prices, according to Bloomberg calculations from stock exchange disclosures. Among them, seven suffered losses in the first half, while four have been placed on the exchanges’ watch list for possibly being delisted. Most of them are in businesses unrelated to real estate…
Tiny Bank-Beating Trading Firm Doesn’t Use Any Human Traders
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Self-learning machines help put XTX among top currency traders
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Company is expanding into other markets, geographies
One of the world’s fastest-growing trading shops doesn’t have any traders.
XTX Markets Ltd. has emerged as a foreign-exchange powerhouse, relying on programmers and mathematicians to fuel its rise into the global top five earlier this year. Now, after becoming a formidable player in currencies, XTX has its sights set on growing in stocks, commodities and bond markets…
Tiny Bank-Beating Trading Firm Doesn’t Use Any Human Traders
Wells Fargo Employees Started Blowing the Whistle in 2005
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A Wells Fargo bank in Charlotte, N.C. CreditMike Blake/Reuters
Wells Fargo said its top executives learned in 2013 that some employees were systematically creating illegal accounts to meet sales goals. But former employees who tried to blow the whistle on the fraudulent activity years earlier tell a different story.
2005 Julie Tishkoff, an employee in the Bay Area, makes internal complaints to Wells Fargo about account fraud she observed…
Wells Fargo Employees Started Blowing the Whistle in 2005
Seattle Office Building Commands $180M
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Hill7, Seattle
Seattle—Hudson Pacific Properties and the Canada Pension Plan Investment Board have acquired Hill7, a 285,680-square-foot office building in Seattle’s Denny Triangle neighborhood, from Touchstone and its financial partner Principal Real Estate Investors, for $179.9 million.
“The Seattle market is performing very well and still has significant upside. Local firms are expanding, and many are opting to move from the suburbs into the city,” Alex Vouvalides, Hudson Pacific Properties’ chief investment officer, told Commercial Property Executive. “California companies are increasingly opening a Seattle hub to gain access to the region’s talent. So market fundamentals are strong, and we’re seeing significant pre-leasing for new office supply.”…
Snapchat Said to Pick Morgan Stanley, Goldman to Lead IPO
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Company’s public market listing could happen as soon as March
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JPMorgan, Deutsche Bank, Allen & Co. also involved in offering
Snapchat has chosen bankers for its initial public offering, which could happen as soon as March, according to people familiar with the matter.
Morgan Stanley and Goldman Sachs Group Inc. will lead the offering and were notified of their role early this week, said the people, who asked not to be named because the information isn’t public. JPMorgan Chase & Co., Deutsche Bank AG, Allen & Co., Barclays Plc and Credit Suisse Group AG will also be involved as joint book runners, the people said…
Ousting Chief Isn’t Enough to Right Wrongs at Wells Fargo
Posted by: | CommentsJohn G. Stumpf’s departure from Wells Fargo was inevitable, but it came quickly.
The Wells Fargo chairman and chief executive’s “retirement,” announced Wednesday evening, clears the way for his successor to fix the culture that led to millions of fake accounts being opened. Along with the $228 billion lender’s board, though, his successor, Timothy J. Sloan, has to show he can break with the past…
Ousting Chief Isn’t Enough to Right Wrongs at Wells Fargo
CIBC’s Dodig Says New Housing Rules to Slow Mortgage Lending
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Bank’s CEO sees decelerating but manageable mortgage growth
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Dodig commenting in Ottawa on new federal housing measures
Canadian Imperial Bank of Commerce Chief Executive Officer Victor Dodig said new federal government housing rules will slow growth in mortgage lending, though he expects the decline to be manageable.
“Everything will get mitigated in terms of growth,” Dodig said in an interview. “The growth that you are seeing in lending over the past two, three years you’ll see some abatement in that growth but manageable.”…
CIBC’s Dodig Says New Housing Rules to Slow Mortgage Lending
Out With the Poor, In With the Rich: The Landlord’s Guide to Gentrifying NYC
Posted by: | CommentsSteve Croman has spent decades exploiting rent-control laws to bring in wealthier tenants. The state attorney general wants to make an example of him.
Photo Illustration: James B. Hoffman
DCT Industrial Trust Acquires 301 KSF Asset
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The building acquired by DCT Industrial Trust in Cincinnati
Cincinnati—DCT Industrial Trust, a top industrial real estate company, has announced the acquisition of a 301,000-square-foot building located in the Northwest submarket of Cincinnati. The property offers functional space with ESFR sprinklers and 24 to 28-foot clear height. The excess acreage adjacent to the building could be used for expansion, additional trailer parking or outside storage.
“We are very excited about the addition of this building to our Cincinnati portfolio. It was our team’s ability to act quickly and decisively that allowed us to acquire this exceptional asset in an off-market value creating transaction,” Mike Meyers, DCT Industrial vice president, said in a prepared statement…
London Home Presales Slump 14% as Brexit Compounds Tax Woes
Posted by: | CommentsSales of London homes under construction dropped 14 percent in the third quarter as uncertainty surrounding the terms of Britain’s exit from the European Union subdued demand already dented by higher taxes.
The number of residences sold before completion in the period fell to 4,830 units from 5,636 a year earlier, according to report by researcher Molior London seen by Bloomberg News. A spokesman for Molior declined to comment…
London Home Presales Slump 14% as Brexit Compounds Tax Woes
Former Glaceau COO Lists Her $21 Million Greenwich Estate
Posted by: | CommentsAfter Glaceau was purchased by Coca-Cola in 2007, Carol Dollard, the company’s chief operating officer, stayed on as a consultant, then retired in 2010. Shortly before leaving the company, she purchased a 12-acre property in Greenwich, Conn., and began to build her dream home. The homebuilding process lasted four years; her retirement, five. “I tried it and went crazy after a year or two,” Dollard said, and so launched a beverage company called Agua in 2013…
Former Glaceau COO Lists Her $21 Million Greenwich Estate
Talonvest Secures $58M Loan for Self-Storage Portfolio
Posted by: | CommentsU.K. Housing Market Strengthens in September as Brexit Hit Fades
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Lack of properties for sale supporting prices, RICS says
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London posts further declines as affordability stretched
The U.K. housing market strengthened in September after the shock inflicted by the Brexit vote faded and a shortage of properties for sale persisted.
The Royal Institution of Chartered Surveyors said its house-price gauge rose to 17 from 13 in August as an increasing number of real-estate agents reported appreciating prices. Values continued to decline in central London, home to the priciest real-estate in the country…
U.K. Housing Market Strengthens in September as Brexit Hit Fades