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Harder to borrow onshore as authorities slow approvals: BOCI
- Strength of yuan this year has helped attract investors
Dim Sum bonds could be returning to fashion, as tougher financing conditions in China and strength in the country’s currency push companies to issue debt offshore.
Sales of the bonds, which are yuan-denominated notes issued offshore, total 54 billion yuan ($8.5 billion) this year, already 17 percent more than all of 2017, data compiled by Bloomberg show. That puts Dim Sum issuance on track to reverse a three-year downtrend from its peak of 298 billion yuan in 2014, before a currency devaluation jolted confidence in the Chinese currency…
Yankees Consider Buying Back YES If Fox Sells Assets
By · Comments-
Clause gives baseball team a buyback option in event of sale
- Comcast bid $65 billion for Fox’s assets, including YES
The New York Yankees are considering buying back the YES Network, according to a person familiar with the matter.
The Yankees ceded control of the regional sports network four years ago to Rupert Murdoch’s 21st Century Fox Inc., which increased its stake to 80 percent from 49 percent. That agreement included a clause that gives the baseball team the right to buy back the network in the event Fox puts it up for sale, said the person, who asked to be anonymous because the deal terms are private…
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Tesla, the electric car company defined by the moonshot mentality of its chief executive, Elon Musk, has started to act with apparent caution.
Out of a desire to show some profits, Tesla said on Tuesday it was laying off around 9 percent of its work force. The announcement came a month after Tesla said it was reducing its forecasts for capital expenditures, a move that would conserve some cash…
Tesla Is Coming to Its Financial Senses. That Has Its Own Risks.
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Rating company expects central bank to tighten in near term
- Economic growth accelerated to 7.4% in first quarter
Vietnam mustn’t sacrifice stability for high-speed growth if it’s to become an investment-grade economy, warned Fitch Ratings.
The rating company wants evidence that macroeconomic stability is more entrenched before considering further upgrades for Vietnam, said Stephen Schwartz, head of sovereign ratings in Asia Pacific for Fitch, which last month lifted the nation’s credit score to BB. Fitch is also monitoring efforts to address the economy’s structural weaknesses, including the reform of state-owned enterprises and management of non-performing loans…
Think the run-up in Tesla Inc. shares is about done? Elon Musk doesn’t seem to think so.
The CEO shelled out $24.9 million to buy 72,500 more shares on Tuesday, according to a regulatory filing. The purchase followed a roughly 13 percent jump for the stock since its chief executive bought $9.85 million worth of shares on May 7…
Musk Bets Tesla Rally Has Legs With $24.9 Million Stock Purchase
U.K. Housing Market Is Stuck in the Doldrums
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RICS measure of house prices stood at minus 3 in May
- Brexit, taxes and stretched valuations are hurting activity
The U.K. housing market stayed stuck in a rut in May as activity and prices remained broadly flat, according to the Royal Institution of Chartered Surveyors.
RICS’s gauge of prices came in at minus 3 last month, up from minus 7 in April but still consistent with no change in prices, the organization said in a report Thursday. While there were some cause for optimism, with a measure of new instructions turning positive for the first time in 27 months, forward-looking indexes suggested the market is unlikely to gain near-term impetus, RICS said…
Chronically Ill Hedge Fund Shows Sign Of Life
By · CommentsBrevan Howard Asset Management is the sick man of Europe’s hedge fund industry. Once a $40 billion behemoth helmed by Britain’s wealthiest hedge fund manager, the firm has wasted away to a sickly $8 billion. Amputating the “Brevan”hasn’t helped either. It’s been managing that shrinking pile of cash for nothing for the better part of two years, and last year firm founder Alan Howard brought the emaciated hedge fund home, where at least it would be allowed to die with dignity.
Still, Howard and the hedge fund’s doctors in London weren’t ready to give up. Another round of extraordinary measures were tried, including the painful removal of its Tel Aviv office and shedding a further couple dozen employees. It was a desperate decision, a Hail Mary, but by God if it hasn’t worked…
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Firm’s return on sale of AniCura stake was more than 10-fold
- Fidelio has no time limit, no short-term return requirements
Swedish investment firm Fidelio Capital just scored a more than 10-fold return when it sold its stake in AniCura after seven years of careful nurturing of the animal hospitals and clinics provider.
Backed by funding from Katarina Martinson, the daughter of Swedish billionaire investor and Industrivarden AB Chairman Fredrik Lundberg, Fidelio makes investments with a longer-term outlook than traditional private equity firms, according to Founder and Chief Executive Officer Gabriel Fitzgerald. While private-equity firms typically have an investment horizon of 5-10 years, Fidelio has no time constraints…
China’s central bank held off from immediately raising borrowing costs following the U.S. Federal Reserve, a decision that came just as economic data for May showed that the economy is losing steam…
China Shows Signs of Losing Steam as PBOC Pauses After Fed Hike
Paul Tudor Jones Has Been Reading Marx Again
By · CommentsPaul Tudor Jones has made quite clear that, when the revolution comes, he’d rather avoid a one-way trip to the wall. This may be difficult if the new People’s Commissars read some of what he’s said about the fairer sex and Harvey Weinstein, or see him driving his Maybach, or get their hands on a copy of Trader—although he’s doing everything he can to make sure the latter does not happen. But more than some of his peers, PTJ is at least making an effort to seem like a Woke potential billionaire fellow-traveler. He does yoga. He liked Hamilton. He voted for Hillary. He’s super-philanthropic and, unlike his Greenwich neighbors, all of whom are ticketed for the Gulag, he not only doesn’t mind the unwashed masses invading his waterfront gated community: He invites them in! And three years ago, he acknowledged that capitalism might have a flaw or two. The election of a caricature of a modern-day robber baron as president has not changed his mind on that front…
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From jobs to dots, Powell offered new details on key ideas
- The Fed chair made clear that some big questions are mysteries
Jerome Powell gave Federal Reserve-watchers some meaningful answers on Wednesday. He also left them scratching their heads over ever-bigger questions.
The Federal Open Market Committee closed out its June meeting by raising interest rates and suggesting it’ll hike twice more this year, and the Fed chairman announced that he’ll soon start giving press conferences every — rather than every other — policy meeting…
Powell Solves Some Fed Policy Mysteries, Plot Thickens on Others
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Unemployment falling, inflation rising faster than projected
- Powell announces press conferences after every FOMC meeting
Federal Reserve officials raised interest rates for the second time this year and upgraded their forecast to four total increases in 2018, as unemployment falls and inflation overshoots their target faster than previously projected.
The so-called “dot plot” released Wednesday showed eight Fed policy makers expected four or more quarter-point rate increases for the full year, compared with seven officials during the previous forecast round in March. The number viewing three or fewer hikes as appropriate fell to seven from eight. The median estimate implied three increases in 2019 to put the rate above the level where officials see policy neither stimulating nor restraining the economy…
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Jerome H. Powell, the chairman of the Federal Reserve, made comments on Wednesday that are likely to go down well with supporters of President Trump’s increasingly belligerent trade policies…
As a Trade War With China Looms, the Fed’s Powell Did Not Sound Worried
The Downfall of Dubai’s Star Investor
By · CommentsWith the potential collapse of Arif Naqvi’s Abraaj Group comes trouble for the United Arab Emirates’ nascent financial industry.
Pakistani financier Arif Naqvi shared a stage with Bill Gates at the World Economic Forum in Davos, Switzerland, in January for a panel on global health. Even alongside the billionaire philanthropist and two medical professionals, Naqvi stood out for his enthusiasm: “Like Bill, I’m an optimist,” he said. “So I believe the glass is half full, very firmly. I don’t believe it’s half empty.”
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Cable giant took step after AT&T got clearance for Time Warner
- Disney under pressure to improve its $52.4 billion offer
Your move, Disney.
After Comcast Corp. made a $65 billion bid on Wednesday for 21st Century Fox Inc.’s entertainment assets — the same holdings that Walt Disney Co. had agreed to buy for about $52.4 billion — the Mouse House is under pressure to respond…
Disney Under Gun to Respond After Comcast’s $65 Billion Fox Bid
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China plans a massive deep-water port and industrial zone
- Myanmar is concerned the project will overload it with debt
The town of Kyaukpyu, nestled around a small fishing port on the Bay of Bengal, has the air of a place expecting to get rich soon.
In the seaside market, stalls of seafood unloaded from wooden fishing boats floating in the rubbish-strewn harbor have been joined by stacks of Chinese-made toys and smartphones. Nearby, cattle graze between building sites as high-rise offices and hotels replace weather-stained bungalows. Fine-dining rooftop restaurants and a golf course underline the sense of transition…
SYDNEY (Reuters) – Asian markets started on a firm footing and the dollar eased on Friday as softer-than-forecast U.S. inflation data tempered expectations for faster Federal Reserve interest rate rises this year…
Asian stocks near three week top, dollar eases after U.S. inflation
SYDNEY (Reuters) – AMP Ltd (AMP.AX) could see A$35 billion in investor outflows due to the hit to its reputation from board-level misconduct, analysts at Macquarie Group Ltd (MQA.AX) said on Friday, sending shares in the Australian wealth manager to a seven-year low…
Australia’s AMP at risk of hemorrhaging wealth clients: Macquarie
It turns out that Steve Cohen’s brother-in-law wasn’t the only person shown the door at Citadel’s Aptigon stock-picking unit. About a third of his co-workers also fulfilled their destiny in getting canned or otherwise driven away by Ken Griffin, one of Wall Street’s key rites of passage. And following them was one Lucy DeStefano, Aptigon’s former head of trading, last month.
DeStefano, as custom and legal instruments dictate, will now take the better part of year to decompress and deGriffinify. And then, it’s off to Soros Fund Management to help finance the New World Order and duck the flying lamps…
Citadel Vet Flees Into the Not-At-All Infuriating Arms Of George Soros
“U.S. support for the Sunni camp was made clear by the fact that Trump made Riyadh his first foreign stop as president, by his willingness to sell the Saudis $110 billion in military equipment, and by his repeated criticisms of Iran during his speech. Why the United States would want to tilt toward either side in the Sunni-Shiite divide is mystifying.
These two sects have been at odds for centuries, with no signs of a detente. The Islamic State of Iraq and Syria, the world’s most dangerous terrorist organization, is Sunni. The same goes for al-Qaeda, the group founded by Osama bin Laden that brought down the World Trade Center on 9/11.”…
HONG KONG — A Shanghai court imprisoned a tycoon who used a mountain of debt to buy the Waldorf Astoria hotel. Small Chinese companies are increasingly saying they cannot repay their bills, as money gets more expensive or harder to find. For other private businesses, the cost to borrow has shot up.
Faced with the looming consequences of a decade-long borrowing binge, the Chinese government is intensifying its efforts stamp out risky lending and speculative froth from the world’s second-largest economy. To do it, Beijing is putting the brakes on shadowy forms of underground lending and making public spectacles of the worst offenders, even as it takes steps to ensure that small investors and the broader economy are not shaken…
CPPIB Goes on a Buying Spree?
By · CommentsThe Canada Pension Plan Investment Board is among the anchor investors in India’s first private infrastructure investment trust.
Sponsored by L&T Infrastructure Development Projects Ltd., the CPPIB and Allianz Capital Partners will take a combined 55 per cent stake in the IndInfravit trust. The trust will focus on developing toll roads and other road infrastructure. It will initially acquire five operational toll roads spread across four Indian states.
The CPPIB is taking a $200-million stake, amounting to 30 per cent of the trust’s units, in addition to taking a board position.
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Firm likely to dismiss some pricey recruits from recent years
- New CEO Sewing is said to travel to New York to bolster morale
In chandeliered conference rooms and marble-floored hallways, Wall Street A-listers chatted, with no shortage of schadenfreude, about the German bank’s recent capitulation: After two decades trying to build one of the world’s top investment banks, it’s settling for something less — and may eliminate thousands of jobs, especially in the U.S…
Good Thursday. Here’s what we’re watching:
• A slowdown in lending could pose a threat to the economy.
• Could oil prices return to $100 a barrel next year?
• Walmart’s journey to its biggest deal.
• How Michael Cohen made $2 million as a gatekeeper.
• The latest fallout from Trump’s foreign policy…
One Risk to the Economy — A Slowdown in Lending: DealBook Briefing
As we all know, the ten-year battle royal between Hedge Funds and the Oracle of Omaha did not end well for the former. It was not close: Warren Buffett’s S&P 500 Index just about doubled between the beginning of 2008 and the end of 2017, Ted Seides’ basket of baskets of hedge funds (a.k.a. funds of hedge funds) gained about a quarter. It was so lopsided that Seides cried uncle months before the bet actually ended, while Buffett somewhat less-than-magnanimously said that he’d sooner entrust his massive wealth to a moldering corpse than to a stinking, thieving hedge fund manager…
Foreign reserves would need to drop to $110 billion, from the $124.9 billion recorded at the end of April, to signal an “aggressive and persistent depletion,” said Singapore-based strategist Rohit Garg. That’s unlikely to happen based on recent history, he said. On top of that, Bank Indonesia closed its forward books recently, giving it another $7 billion, he said…
Indonesia Has a $22 Billion Buffer for Defending Its Currency, Bank of America Says
A few years back, a not-so-little hedge fund called Visium Asset Management made what proved to be a rather large a mistake. It told trader Jason Thorell that it thought he was getting paid exactly what he was worth, his own contrary opinions on the matter notwithstanding. This was not a smart thing to do to a man whose job was soliciting overly generous valuations from overly solicitous prime brokers, and who might just decide that the best way to get paid was to turn over 200 hours of conversations about the above practices with co-workers to the authorities. Because once the authorities start looking into a little mismarking among friends, they tend to think, “While we’re here, let’s take a look around,” and then find that there might have been a little bit of inside dirt circulating, which is music to the ears of the U.S. Attorney in your jurisdiction, which because you’re a hedge fund is Manhattan, whose U.S. Attorney just happens to be on a crusade to save his legacy by proving that insider trading still exists, and thinks your firm might be the perfect object lesson thereof. Next thing you know Visium Asset Management is out of the business of managing hedge funds—but it is not out of business, full stop. Because after the aforementioned nightmare comes to an end, you get to spend two years negotiating with the SEC about how much a defunct hedge fund should have to pay for all of the above. Only then can you finally, mercifully and actually go out of business…
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S&P 500 closes up 0.9% as U.S. CPI below estimates; oil steady
- 10-year Treasury yield back below 3%; pound declines
Asian stocks rallied after their U.S. counterparts gained amid relief the latest reading on American inflation suggested less need for the Federal Reserve to accelerate monetary tightening. The dollar steadied after dropping the most since March.
The MSCI Asia Pacific Index is heading for its best week since February thanks to easing investor concerns that higher U.S. yields and a stronger dollar would spur broad contagion. Equity benchmarks advanced across most of the region, with Japan’s Topix heading for its highest close in 10 weeks. Malaysian assets trading offshore began to stabilize after the shock election win for the opposition. Ten-year Treasury yields held below 3 percent…
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U.S. bank seeks 51% stake as CEO Dimon aims for full control
- UBS, Nomura submitted similar applications in recent weeks
JPMorgan Brokering (Hong Kong) Ltd. is seeking permission to take a 51 percent stake in a local entity, China Securities Regulatory Commission spokeswoman Gao Li said in a statement late Thursday. The regulator will review the application “efficiently” in accordance with the law and regulations, the statement said…
Sam Walton, who opened the first Walmart store in Rogers, Ark., in 1962, considered himself a natural merchant. “I could sell,’’ he once wrote.
Now the giant retailer he created must prove that it can also successfully buy.
Walmart on Wednesday announced a $16 billion deal to purchase 77 percent of the Indian e-commerce service Flipkart as part of its strategy to capture a piece of a fast-growing and increasingly tech-savvy market. The Flipkart deal, one of the largest and riskiest in Walmart’s history, follows a pattern of purchases over the past 18 months that includes a men’s clothing brand and a delivery start-up…
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Insurer’s shares price at $20, short of $24-$27 range
- Offering still tops Pagseguro Digital, iQiyi listings
Axa Equitable Holdings Inc., encompassing the American operations for French insurance giant Axa SA, fell almost $1 billion short of its targeted share sale in what was still the biggest U.S. initial public offering of the year.
Axa Equitable Holdings raised $2.75 billion, selling 137.25 million shares for $20 each. That was short of its targeted range of $24 to $27 apiece. The proceeds from the listing will help its French parent company fund its biggest-ever acquisition: a $15.3 billion takeover of XL Group Ltd.
Tax bills of $1.5 billion are never fun for the recipient. First off, it’s a real logistical pain-in-the-ass to pay the IRS that much. And second, it’s ONE-POINT-FIVE-BILLION FUCKING DOLLARS.
The job of New York attorney general over the past two decades has proved to be a launching pad for aspiring politicians who used their legal authority to go after Wall Street hucksters, corrupt politicians and real estate scofflaws.
It was a strategy laid out by former Gov. Eliot Spitzer and by Gov. Andrew M. Cuomo, who had both held the role. And Eric T. Schneiderman showed no reservation in following a similar playbook when he went after the big banks for mortgage abuses and the ride-hailing company Uber for its use of customer data…
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Japanese drugmaker secures $31 billion bridge loan from banks
- CEO Weber says deal transforms company, giving it global reach
Chief Executive Officer Christophe Weber capped a drawn-out pursuit of the U.K.-listed company with an acquisition he described as transformational that will give Takeda wider reach into the world’s biggest drug market and strengthen its global pipeline for lucrative drugs that treat rare diseases…
Takeda Moves to Join Pharma Giants With $62 Billion Shire Deal
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Xapo’s Casares is Bitcoin’s ‘Patient Zero’ in Silicon Valley
- Fingerprint scanners prevent amputated hands from being used
Behind the guards, the blast doors and down corridors of reinforced concrete, sit the encrypted computer servers — connected to nothing — that hold keys to a vast digital fortune.
Argentine entrepreneur Wences Casares has spent the past several years persuading Silicon Valley millionaires and billionaires that Bitcoin is the global currency of the future, that they need to buy some, and that he’s the man to safeguard it. His startup, Xapo, has built a network of underground vaults on five continents, including one in a decommissioned Swiss military bunker…
As we all well know, Wall Street has yet to have its #metoo moment. Try as Elizabeth Warren might, she just can’t find any hedge fund managers broadcasting hardcore porn on their trading floors or getting a little on the side from a subordinate after an mandatory strip-training session or including a lack of aversion to the term “sugar tits” in secretarial job listings or hanging out with alleged pervertswhile his own firm is allegedly telling female employees “this is just a really tough place for women, and that’s not going to change,” nor any bailed-out insurance giants staffed by under-desk Peeping Toms, nor banks firing senior VPs for objecting to suggestions that young female subordinates to get down to some horizontal business development with clients, nor even any high-profile supporters and enablers of those brought low by sexual harassment and assault allegations in other industries. Why, all over Wall Street today, people are undoubtedly cheering the fall of New York Attorney General Eric Schneiderman—not because he was a real pain in the ass, of course, but because of those women he allegedly choked…
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Falling shares cut $4.3 billion from the Walton family fortune
- Walmart’s purchase makes Flipkart’s co-founders billionaires
Walmart Inc., controlled by the Walton family, led a group that bought a 77 percent stake in Flipkart Online Services Pvt. The deal valued the Indian company at about $21 billion…
Walmart’s $16 Billion India Investment Hits Waltons’ Fortune
Billionaire Albert Frere’s Groupe Bruxelles Lambert SA selected Goldman Sachs’s international unit to sell its 6.6 percent stake in Burberry for about 498 million pounds ($673 million). While the investment bank bought the shares at a discount of more than 4 percent to Tuesday’s closing price, the stock fell on the news and dropped as much as 7.8 percent in London. That left the firm holding shares at a paper loss, said the person, who asked not to be identified because the bank’s position isn’t public…
The National Pension Hub Gears Up?
By · CommentsThe National Pension Hub (NPH) for Pension Knowledge and Research is gearing up:
Through collaboration with leading Canadian pension plans, service providers, academia, and policy makers, the Global Risk Institute has established the National Pension Hub for Pension Knowledge and Research.The purpose of the NPH is to provide a sustainable pipeline of independent and objective pension research that, among other things, will lead to innovative solutions to pension design, governance and investment challenges. It leverages the global leadership of Canadian pension plans and consulting plans and engages the academic community on complex research topics to produce objective pension-focused and industry-relevant research and insights. We strive to offer local pension design insights as well as globally-relevant pension investment and governance research to establish Canada as a source for leading pension research…
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Digital Asset Fund is still down 34 percent year-to-date
- Winter slump was likely tied to tax-related selling, firm says
Bitcoin had a pretty good April. Pantera Capital had an even better one.
The hedge fund’s Digital Asset Fund, which was launched in November and includes a number of different virtual currencies, surged 46 percent last month, compared with a 31 percent gain registered by the biggest digital coin, Pantera said in an investor letter Wednesday, citing “dynamic trading” for the strong performance…
Crypto Hedge Fund Pantera Says Returns Outpaced Bitcoin in April
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Deal removes ‘uncertainty’ over the potential cost, CEO says
- Lender must still hash out final terms with U.S. authorities
Royal Bank of Scotland Group Plc said it reached a tentative agreement to pay a $4.9 billion penalty to resolve a long-running U.S. probe into its packaging and sale of mortgage-backed securities before the 2008 financial crisis.
While most of the cost will be covered by money the company already set aside, the deal will cut second-quarter earnings by $1.44 billion, the bank said in an emailed statement. Analysts had estimated the firm would pay more to resolve U.S. scrutiny of its mortgage business. At Deutsche Bank AG they projected $9 billion, and at Bloomberg Intelligence more than $11 billion…
Private Equity Going Public?
By · CommentsThe fact that more public companies are being acquired by large global private equity firms is neither shocking nor problematic, at least according to the titans of private equity.
It’s hardly surprising that boards of formerly public companies elect to give private equity a chance, said Jonathan Sokoloff, managing partner of Leonard Green & Partners…
Don Blankenship Credits Trump With Helping Him Lose WV
By · CommentsBlankenship, who was running in a deep primary of Republican candidates, built his campaign on attacking Senate Majority Leader Mitch McConnell and Elaine Chao. Blankenship particularly went after their Chinese family. (RELATED: Don Blankenship Releases New Ad Attacking Mitch McConnell’s ‘China Family’)
President Trump urged West Virginians to vote for other Republican candidates, insisting that Blankenship cannot win the general election and to “remember Alabama.”
“Don Blankenship, currently running for Senate, can’t win the General Election in your State,” Trump tweeted on Monday…
Don Blankenship Credits Trump With Helping Him Lose WV
Elon Musk and Warren E. Buffett clashed over the weekend after Mr. Musk, Tesla’s chief executive, derided as lame Mr. Buffett’s concept of companies having “moats” to keep potential competitors at bay. When Mr. Buffett, the Berkshire Hathaway chairman, cited his confectionery maker, See’s Candies, as proof to the contrary, Mr. Musk pledged to launch his own candy maker. It’s an invitation for investors to take sides; many already have.
For the 40,000 shareholders who flooded Omaha for Berkshire Hathaway’s annual meeting on Saturday, Tesla looks like the epitome of a terrible investment. Mr. Buffett prizes companies with healthy management incentives, simple operations and little competition. Mr. Musk’s electric-car maker flunks on all three counts…
“I’m not a seller of my French business,” Drahi told reporters. “I started my entire business in France and there is no chance I sell.”
Billionaire Drahi Isn’t Willing to Sell Altice’s French Unit
SAN FRANCISCO — Some of the biggest names on Wall Street are warming up to Bitcoin, a virtual currency that for nearly a decade has been consigned to the unregulated fringes of the financial world.
The parent company of the New York Stock Exchange has been working on an online trading platform that would allow large investors to buy and hold Bitcoin, according to emails and documents viewed by The New York Times and four people briefed on the effort who asked to remain anonymous because the plans were still confidential…
Bitcoin Sees Wall Street Warm to Trading Virtual Currency
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Groupe Bruxelles Lambert to sell 6.6 percent Burberry holding
- Frere began building investment in trench-coat maker last year
Frere’s Groupe Bruxelles Lambert SA is offering 27.6 million shares in a private placement via Goldman Sachs International, according to a statement Tuesday. The firm said proceeds from the sale of the stake, equal to 6.6 percent of the London-based luxury company, will help it make new investments…
Billionaire Frere to Sell Entire $700 Million Burberry Stake
Spanish actor Antonio Banderas is listing his Manhattan apartment, which overlooks Central Park, for $7.95 million.
The “Puss in Boots” and “The Mask of Zorro” star purchased the home for $3.995 million in 2005 with then-wife, Melanie Griffith, property records show. Mr. Banderas took title to the property in 2016 following their divorce, records show…
Actor Antonio Banderas Lists Manhattan Apartment for $7.95 Million
Xiaomi Poised to Become a Billionaire Factory With IPO
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At least three co-founders are on brink of 10-figure fortunes
- Chairman Lei Jun may end up as China’s fourth-richest person
Eight years later, Lei Jun and the seven other Xiaomi co-founders have created a company that wants to challenge the global industry dominance of Apple Inc. and Samsung Electronics Co. It’s also targeting an initial public offering that’s expected to be the largest since 2014, and which could create five new billionaires…
Hayden Capital’s Fred Liu found inspiration in the top chef’s seminal cookbook and shared it with his team.
Liu was inspired by the chef’s seminal cookbook “to free [readers] from feeling you must follow a recipe—to help you trust your instincts.” It’s a philosophy he compares to Elon Musk’s idea of viewing learning like a tree, making sure you understand “the fundamental principles, i.e. the trunk and big branches, before you get into the leaves/details.”…
A Hedge Fund Manager Wants His Employees to Learn From Tom Colicchio
Cord-Cutting Pain Spreads to High-Yield Bond Market
By · CommentsThe consumer stampede to streaming media from traditional broadcasters is claiming an unexpected victim: high-yield bond investors.
Telecommunications, cable and satellite companies have borrowed hundreds of billions of dollars in junk debt to build networks that would allow them to dominate their markets for decades to come…
Cord-Cutting Pain Spreads to High-Yield Bond Market
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Park Avenue unit is $9 million collateral as taxi loans swoon
- Deal with Sterling National suggests financial pressure
The transaction, outlined in public filings this week, indicates the financial pressure on Cohen is hitting close to home as federal prosecutors delve into a broad range of his business activities, including a hush payment to a porn actress…
The value of investments by public pension funds declined last quarter, widening the gap between what these funds say they will earn and what they actually make.
Pension funds across the U.S. must each year estimate how much they expect to earn on investments, a projection that determines the amount the government that is affiliated with the pension fund must pay into it. Robust returns reduce the need for government support…
Pension Funds Still Making Promises They Probably Can’t Keep
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Ashkenazy, Kingdom Holding are said to exercise option
- Investors Shahal Khan and Kamran Hakim previously struck deal
Ashkenazy and Kingdom have less than two weeks to come up with a deposit and proof of funds for the total or their deal will be canceled, said the person, who asked not to be identified because the details of the deal are private. A cancellation would reinstate the earlier agreement, signed by Shahal Khan and Kamran Hakim, the person said…
He was a personal-injury lawyer who often worked out of taxi offices scattered around New York City.
There was the one above the run-down auto repair garage on West 16th Street in Manhattan, on the edge of the Meatpacking District before it turned trendy. There was the single-story building with the garish yellow awning in the shadow of the Queensboro Bridge. There was the tan brick place on a scruffy Manhattan side street often choked with double-parked taxis…
How Michael Cohen, Trump’s Fixer, Built a Shadowy Business Empire
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Lenders have ‘fear psychosis’ about decisions going wrong
- India is probing bankers for alleged impropriety over loans
The wait for investors to acquire some of the $210 billion of stressed assets up for grabs in India is likely to get longer. That’s because creditors are afraid to take decisions.
Current and former top bankers from at least four state-run lenders are under investigation for alleged impropriety over their lending decisions, while the Central Bureau of Investigation has started a preliminary inquiry into an alleged nexus between Videocon Chairman Venugopal Dhoot and the spouse of ICICI Bank Ltd. CEO Chanda Kochhar after ICICI extended credit to the conglomerate…
The private equity executive and the first African-American chairman of Carnegie Hall bought a 10,000-square-foot triplex with a rooftop terrace
Private equity executive Robert F. Smith was the buyer who purchased a $59.058 million penthouse in New York’s Chelsea neighborhood, according to two people familiar with the deal.
The transaction, while short of Dell Technologies founder Michael Dell’s record $100 million-plus penthouse purchase in 2014, is still one of the largest sales ever recorded in the city…
Robert F. Smith Spends Nearly $60 Million on a New York Penthouse
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Danie van der Merwe borrowed 26.4 million rand on Nov. 29
- Steinhoff shares plunged a week later amid accounting scandal
Steinhoff International Holdings NV said acting Chief Executive Officer Danie van der Merwe repaid a 26.4 million-rand ($2.1-million) loan backed by company shares that he took out a week before the retailer’s stock collapsed because of an accounting scandal.
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Subdued inflation, firmer current accounts provide insulation
- Conditions vary but overall defences are in better shape
Emerging market central banks are facing their stiffest test since the 2013 taper tantrum.
Investors are increasingly betting the Federal Reserve will keep raising interest rates into 2019, sending the dollar soaring against most developing-nation currencies in the past month…
Emerging Market Central Banks Face Toughest Test Since Taper Tantrum