Why Markets Rallied on Trump’s Trade Deal
By · CommentsBilateral trade deal with Mexico and any subsequent pact with Canada may create some frictions, but it is a relief compared to what might have been
The provisional trade deal that President Trump has struck with Mexico may harm U.S. companies and consumers, but it is vastly better than the alternative.
The U.S. and Mexico on Monday announced that they had come to an agreement on issues that have been holding up retooling the North American Free Trade Agreement, clearing the way for the U.S. and Canada to hash out their differences. Despite Mr. Trump’s rhetorical flourish—“they used to call it Nafta”—and the fact that he has portrayed any agreement with Canada as separate,…
Toyota Motor Corp. is expanding an alliance with Uber Technologies Inc.through a new investment and a plan to get self-driving cars on the road.
The Japanese automaker is investing $500 million in Uber, the companies said on Monday. The deal values the ride-hailing giant at $72 billion, said a person familiar with the matter…
Toyota Invests $500 Million in Uber to Get Self-Driving Cars on the Road
This is what quiet perseverance can accomplish in a world where brash millionaires are increasingly being minted overnight.
What struck Wang Wen about Antarctica, beyond the brutality of the December cold, was the scale of U.S. operations in such an inhospitable environment and the American flag fluttering by the sign that marks the geographic South Pole. Observing the academic mission of hundreds of U.S. scientists in a region rich in resource potential, he was determined that China must catch up.
The report Wang wrote this summer for the Chongyang Institute for Financial Studies at Renmin University of China in Beijing, where he’s executive dean, reflects China’s growing dilemma as it muscles its way into an international system it didn’t create…
U.S. Companies Begin to Chip Away at Mountain of Debt
By · CommentsMany investors remain concerned about corporate leverage, which still matches the highest level hit during the financial crisis
U.S. companies have been scaling back borrowing while posting improved earnings, marking their first sustained stretch of deleveraging since shortly after the financial crisis and stoking cautious optimism they can reduce the threat from their still-elevated debt levels.
The U.S. corporate sector started to cut its aggregate pace of borrowing by some measures after commodity prices plunged a few years ago, dealing a blow to energy companies and the debt investors who had funded them. Now, higher interest rates and changes…
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Shanghai Composite Index remains near post-crash low of 2016
- Northbound buying strong in August but domestic volume is low
It’ll take more than dirt-cheap valuations and a spell of supportive policies to cajole Chinese investors to go all in on equities.
The bounce in mainland stocks over the past week hasn’t assuaged concerns. Shanghai’s benchmark index is still in a bear market, trading at a paltry 10 times forward earnings. It’s only a bad day or two away from a post-crash low hit in 2016, and turnover is near the lowest in four years. Onshore traders were more hesitant Tuesday, with stocks opening little changed despite a bullish start across Asia, including Hong Kong…
Jared Kushner’s family real estate business was fined $210,000 by New York City for falsifying construction-permit applications by under-reporting the number of rent-regulated tenants in 17 buildings.
Kushner Cos. filed the false data on 42 occasions since 2013, New York’s Department of Buildings said Monday. The company, based in New York, is owned by family members of Kushner, President Donald Trump’s son-in-law…
Kushner Cos. Fined by NYC Over False Data on Low-Income Tenants
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Landing’s board says it can’t reach chairman Yang Zhihui
- Yang’s plan for a casino in Philippines recently put on hold
Landing International Development Ltd. shares suffered their biggest weekly plunge ever after the casino operator said Chairman Yang Zhihui was unreachable.
Company officials have been unable to reach Yang since Aug. 23, Landing said in a Hong Kong stock exchange filing Thursday. Caixin reported earlier that Yang is a target of investigators looking into ties with China Huarong Asset Management Co., a state-owned bad-debt manager whose former chairman, Lai Xiaomin, is under investigation for alleged corruption…
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Matsumoto, former Calbee CEO, says shareholders must come last
- Veteran executive says investor-first focus leads to scandals
When Akira Matsumoto speaks, investors hang on his every word. And here’s what he tells them: you’re less important than everyone else.
The diminutive 71-year-old can get away with it because of his status in the Japanese business world, where he’s known for his two decades of successfully running big-name companies. At the food group Calbee Inc., for example, Matsumoto almost doubled sales and increased operating profit sixfold in his nine years in charge. The shares tanked when investors heard he was leaving…
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IRS move to block workarounds would take effect after Aug. 27
- Places like Scarsdale have already created charitable funds
Some New Yorkers successfully prepaid a portion of their property taxes at the end of last year in a bid to ease the hit from a new federal cap on state and local tax deductions. Those who want to try to lessen the pain this year may just have a few days left before the window closes.
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Longrising cuts exposure, holding 10 billion yuan in cash
- Trade war has forced the fund to change investment strategy
China’s struggling stock market isn’t bottoming out just yet, judging by the holdings of a fund that’s made a 618 percent return since it started in 2008.
Beijing Longrising Asset Management Co., an equity-focused fund manager that oversees about 20 billion yuan ($2.9 billion), has 10 billion yuan of that in cash. The fund’s top executives are worried about China’s economic outlook and the trade conflict with the U.S., and expect that the extremely bearish sentiment toward equities may take years to recover…
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Top Russian banks move to raise rates on deposits, mortgages
- Central bank has to contend with ruble’s weakness, price risks
The cost of money is rising for Russians well ahead of any potential central bank move to lift interest rates for the first time in almost four years amid concern the U.S. may impose fresh sanctions.
State-run Sberbank PJSC, which holds almost half of all Russian savings, is increasing rates for ruble accounts for the first time since 2014. It will also pay consumers more to keep dollars on deposit to stanch an outflow of funds. One of the country’s five largest mortgage lenders, Raiffeisenbank JSC, is charging more for home loans starting this month…
Londoners are buying more homes outside the capital as prices remain too high, even after the end of a decade-long housing boom.
In the first half, Londoners bought more than 30,000 homes outside the city, a 16 percent rise from a year ago and 61 percent more than in the same period a decade earlier, according to research by Hamptons International. Nearly 40 percent of leavers relocated to the south east of England, followed by 30 percent who moved to the east of the country…
Londoners Driven From Capital as Home Prices Remain Out of Reach
The Big Hedge-Fund Strategy That Isn’t Working
By · CommentsDespite terrible returns, so-called trend-following funds have attracted $300 billion in assets
It’s road legal, but built for the track, and aimed at the speeding heart of the Chiron-owning public. Today in Monterey, Calif., Bugatti unveiled the €5 million ($5.8 million) Divo. Only 40 will be made, considerably fewer than the 500 examples produced of the $3 million Chiron.
The jump in price is due to changes in the car’s aerodynamics program, modifications to the chassis, and suspension upgrades. As a result, the Divo is 77 pounds lighter than the Chiron, with 198 pounds more downforce and better lateral acceleration…
For $5.8 Million, Bugatti’s New Supercar Will Turn Corners Faster Than Ever
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Politics make local yields less appealing: TwentyFour Asset
- Australian bonds have outperformed Treasuries over past decade
The long-held allure of Australian government bonds may be tarnished as political upheaval grips the nation.
After a chaotic week of politics that saw Scott Morrison named Australia’s latest prime minister, London-based fixed-income house TwentyFour Asset Management LLP reckons revolving-door politics are making the nation’s debt looks less appealing. While Australia’s central bank looks set to keep interest rates at a record low, local bond yields may no longer be sufficient in compensating investors, Gary Kirk, partner and portfolio manager at TwentyFour Asset Management wrote in a note…
Randal Quarles had emerged as a front-runner to chair the Financial Stability Board, but some European officials cooled on the prospect after president’s postures at G-7, NATO conferences
The Small Firm Working on Dell’s $21.7 Billion Deal
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Discern Analytics hired to review certain Dell financials
- Work often given to big firms key to valuing take-private bid
It’s a $21.7 billion proposal to return the world’s largest privately held technology company to public markets. The deal features a who’s who of big names — Michael Dell, Goldman Sachs Group Inc., Silver Lake — alongside one that’s not so well known: Discern Analytics Inc.
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Young Hong Kongers living illegaly in industrial buildings
- Surging house prices have pushed city’s rents to record high
Hong Kong’s stratospheric property prices are pushing some residents beyond the law.
A small, but significant, number of younger people are living in industrial buildings, trading comfort and convenience for cheap rent. Along with irritations such as rust-tainted water and intermittent blackouts, there’s one major drawback: Such living arrangements are illegal…
World’s Priciest Home Market Pushes Millennials Beyond the Law
China’s Deposit-Hungry Banks Start to Get Fancy
By · CommentsHigh-yielding structured deposits are surging at smaller lenders.
China’s banks have a deposit problem. For those outside the so-called Big Four lenders, there’s just not enough to go around.
It’s not an issue for the biggest. Industrial & Commercial Bank of China Ltd., Bank of China Ltd., China Construction Bank Corp. and Agricultural Bank of China Ltd. all share one thing: sticky, low-cost retail deposits…
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Bank of Thailand is latest to live-stream rate decision
- Policy makers seek wider public audience amid market rout
As the economic landscape gets more rocky, Southeast Asia’s central bankers are turning to Facebook and YouTube for help in getting their messages across.
The Bank of Thailand was the latest to adopt a live video-streaming of its policy announcement in August, three months after the Philippine central bank did the same. Bank Indonesia, which has more Twitter followers than the Federal Reserve, recently stepped up broadcasts of its policy decisions to every month…
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Individual residents are less keen to buy foreign exchange
- Chinese currency tumbled to 19-month low before rebounding
A group of once-prominent yuan bears has gone missing.
China’s individual or household investors, who in 2016 dumped the yuan to buy dollars amid a plunge in the exchange rate, have held their nerve this year despite declines in the Chinese currency, data compiled by Bloomberg show…
Chinese Households Shrug Off Depreciation Fears to Embrace Yuan
Italy’s Debt Drama Gets Worse, in Four Charts
By · CommentsHigh volumes, high yields, wide spreads — these are the ingredients for a stormy autumn in Italian markets.
There’s not a lot of amoreamong investors these days for Italy.
For a start, the benchmark 10-year bond shows investors are expecting not much good to come out of the government’s September budget process…
Italy’s Debt Drama Gets Worse, in Four Charts
Deutsche Bank AG is pointing to a business it wants to grow — outside the traditional confines of banking.
The German lender, which has been shrinking staff and operations internationally, bought a stake in U.S. technology startup ModoPayments so it can move funds outside of banking channels. Deutsche Bank said the deal will help it connect to digital platforms run by Jack Ma’s Alipay, Tencent Holdings Ltd.’s WeChat, PayPal Holdings Inc. and M-Pesa…
Shareholders should embrace companies with a commanding position in their business, limited competition and less need to invest
Is rising corporate power hurting capital spending, wage growth and U.S. productivity? Central bankers meeting in Jackson Hole, Wyo., to discuss the issues will be worrying that the answer is yes. Investors should be thrilled if it is.
Economists are divided about the extent to which the changing structure of the economy is creating new monopolies, hurting consumers and workers and damaging corporate investment for the future. The division is easy enough to explain by looking at big technology disruptors: Alphabet, Amazon,…
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Regulator says it will stop transactions through end of Sept.
- Central bank sets time frame for suspension for first time
Russia’s central bank said it will suspend sales of rubles to purchase foreign exchange through the end of September in an effort to steady the currency, helping pull it back from the lowest level in two years.
The move was the most dramatic official step yet to stem the currency’s declines, which have picked up in recent days amid growing fears of U.S. sanctions. Alarm over the impact of possible new restrictions being discussed in Washington has spread beyond financial markets, with the government saying Wednesday it will have to trim economic growth forecasts for this year because of the turmoil and surging outflows of capital…
The $2 Trillion Mistake
By · CommentsSaudi Aramco’s proposed IPO was the wrong idea at the wrong time.
How About Never? Is Never Good for You?
Saudi Arabia has explanations for why a long-discussed stock sale by its state-owned oil company is now indefinitely on hold — or perhaps just fashionably late, depending on what you believe. Oil prices are too cheap. Saudi Aramco officials are waiting for exactly the right time for what was once billed as an IPO that could value the oil company at $2 trillion — the most valuable public company in history…
U.S. retailers haven’t neutralized Amazon, but consumer spending is reinvigorating their stock prices all the same
U.S. consumer sentiment is so strong that it is even boosting shares of once-maligned retailers.
Target Corp.’s stock jumped 3.2% on Wednesday and gained another 0.9% on Thursday after the company reported its best quarterly results in more than a decade. The gains marked the first two record highs for the stock since 2015. The retailer’s shares are up 33% this year, far surpassing the S&P 500’s 6.9% rise…
At Hedge Funds, Where Are the Women?
By · CommentsWomen run only two of the top 50 funds; instead they cluster in positions away from the money
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NEA, Carlyle pour money into workplace primary-care clinics
- Cheapest doctors can have big impact on health-care spending
A group of investors is putting up $165 million to fuel an expansion of Paladina Health, bringing a recent surge of private funds flowing into companies that run primary-care clinics to more than a half-billion dollars.
The venture capital firm New Enterprise Associates is leading the investment after acquiring Paladina for a reported $100 million earlier this year from dialysis provider DaVita Inc. Paladina, which runs medical clinics for employers, plans to use the money to build new clinics and acquire other firms…
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With Goldman, too, the CEO has locked up the top banks for M&A
- Entrepreneur hasn’t formally proposed transaction to board yet
Elon Musk has hired Morgan Stanley to assist him in his potential bid to take Tesla Inc. private, according to a person familiar with the matter.
Morgan Stanley is advising Musk, not the company, its board or a special board committee formed to to evaluate a potential take-private proposal, said the person, who asked not to be identified because the matter is private. The bank suspended coverage of the stock on Tuesday without explanation…
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CEO could get his fifth consecutive payout at top end of range
- The iPhone-maker reached $1 trillion market value this month
Apple Inc.’s Tim Cook is set to collect stock worth about $120 million this week thanks to a run-up in shares of the iPhone maker.
On Friday, Cook stands to receive 280,000 shares tied to his continued service as chief executive officer. He’ll get as many as 280,000 additional shares if Apple’s stock-market return over the preceding three years exceeds at least two-thirds of the firms in the S&P 500…
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City No. 1 again for overseas commercial property investment
- Weak pound has made the capital a bargain compared with rivals
Not even Brexit can dent the appeal of owning commercial property in London, which has regained its status as the top destination for international investors.
Foreign buyers led by Hong Kong billionaires and Korean securities firms spent more on the U.K. capital’s offices in the first half than in central Paris, Manhattan, Munich and Frankfurt combined. The weak pound is making London a bargain compared with cities in Europe, many of which have undergone their own property booms…
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Local bond supply forecast to reach all-time high in China
- Analysts expect liquidity injection to ease supply pressure
China’s return to large infrastructure spending is triggering a flood of new local government bonds, something analysts say will force the central bank’s hand to inject more liquidity to meet the higher debt supply.
The government in China is encouraging local authorities to ramp up funding to boost building projects, a change from the push in the recent years to rein in debt-fueled growth. The increase is already showing up in the data and analysts reckon the supply of local debt in August and September will mark a fresh high for issuance…
The slide in Meitu Inc.’s shares makes for grim viewing.
The company behind a photo-retouching app used by hundreds of millions tumbled 13 percent Wednesday, the most in five months. That came after Meitu posted a first-half loss of 127.4 million yuan ($19 million) and said it would “de-emphasize net profit generation” until it transformed into a social media platform. The shares fell 19 percent at one point following the results, the most on record…
China Selfie App Giant Disenchants Investors as Losses Continue
Fed Signals Rate Increase Next Month
By · CommentsThe central bankers also express more fear about prolonged trade disputes
Fed Signals Rate Increase Next Month
Why Tensions Between Uber and Cities Peaked in NYC
By · CommentsNew York City dealt Uber Technologies Inc. a blow recently by halting new licenses in its largest U.S. market. It marked a turning point in the city’s relationship with digital ride-hailing services, which have flooded streets, compounded traffic and pushed taxi owners to a financial cliff. New York’s actions are the latest example of how city and national governments worldwide are trying to corral Uber after years of rules-be-damned growth under former managers. They also show how new Chief Executive Dara Khosrowshahi has tried to balance innovation with political diplomacy…
Why Tensions Between Uber and Cities Peaked in NYC
Get watch collectors riled up, and you’ll be flooded with a litany of reasons why elaborate complications, movement finishing, and the other mechanical intricacies of haute horology matter. But most watchmakers have something else they like to brag about: rare, sumptuous dials handcrafted by elite studios of artisans.
These métiers d’art workshops produce one-of-a-kind, highly ornamental faces, using centuries-old techniques to celebrate a company’s history. Elaborate enamel work—which first gained prominence in the 16th century, the early days of the pocket watch—is employed most frequently. Enamel is essentially glass melted together with a pigment, but its application can be quite complex. In the champlevé method, pools and channels are carved in the dial plate to hold the mixture; in cloisonné, visible wires “fence in” the enamel for a stained-glass-window effect; in pailloné, craftsmen insert foil sheets between the glass layers to add sparkle…
Calling Bull on the Longest Bull Market
By · CommentsWho cares how long this bull market has been going, so long as you’re making money?
What truly matters for investors is that the market has gone up a lot—really, a lot—over a long period. But given how much attention bull markets and new records…
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‘Intimate Infinite’ show debuts Sept. 6 at Levy Gorvy Gallery
- Billionaire Cohen loans Jasper Johns’ ‘White Target’ for event
Brett Gorvy has been dreaming about this show for years.
During two decades at Christie’s, where he rose to become chairman of the firm’s postwar and contemporary art department, Gorvy was often frustrated by the razor-thin margins on some of the biggest trophies…
Steve Cohen, Whitney Lend Artworks for $400 Million Dream Show
Short Squeeze Roils Wall Street’s Favorite Bond Trade
By · CommentsThis month’s decline in 10-year yields stems from a host of factors, investors and portfolio managers say
Short Squeeze Roils Wall Street’s Favorite Bond Trade
Wells Fargo & Co. isn’t making a political statement, it’s following the rules.
So goes the bank’s response to backlash over terminating a pro-medical marijuana politician’s banking relationship because of her advocacy and contributions from industry lobbyists…
Wells Fargo Says It Isn’t Anti-Weed, It’s Pro-Following the Law
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Trump policies have sparked haven flow into dollar, Treasuries
- U.S. markets ‘priced to perfection’: JPMorgan Asset’s Kelly
America First seems to have become an investment theme by default, as money managers turn to the U.S. in a fraught global environment. The danger is that these flows may be concealing risks in the world’s safe haven.
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S&P 500 touches all-time intraday high; Russell at record
- Cohen, Manafort legal woes spark some demand for haven assets
U.S. stocks climbed, sending the S&P 500 Index to an intraday record, as investors speculated the Trump administration would ease trade tensions with China. The yen and Treasuries pared losses after President Donald Trump’s longtime lawyer pleaded guilty to federal charges.
Michael D. Cohen’s plea deal, confirmed after the markets closed in New York, included his saying he was directed to violate campaign law at the direction of a candidate for federal office. Also following the regular session, Trump’s former campaign chairman was found guilty of tax fraud, among other charges. The news sparked mild demand for haven assets…
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Namesake chain, Anthropologie and Free People topped estimates
- The retailer’s shares have already gained 36 percent this year
Wall Street is liking what it sees at Urban Outfitters Inc.
The owner of Anthropologie, Free People and its namesake chain posted a fourth straight quarter of same-store sales gains, and topped analysts’ estimates. The shares climbed in late trading…
Urban Outfitters Posted a Fourth Straight Period of Sales Growth
Credit Suisse Group AG picked two new leaders for its key private-banking business in the Asia-Pacific region, succeeding Francesco de Ferrari, who left to run Australian asset manager AMP Ltd.
The bank tapped Francois Monnet and Benjamin Cavalli to help lead the wealth management business in North Asia and South Asia, respectively. De Ferrari, who previously had the sole mandate for the entire Asia-Pacific region, is leaving the Swiss bank to become chief executive officer of Sydney-based AMP…
Credit Suisse Picks New Asia Private-Bank Heads as Ferrari Exits
Former British spy Christopher Steele defeated a defamation lawsuit brought by the billionaire owners of Moscow-based Alfa-Bank over the dossier Steele compiled that examined then-presidential candidate Donald Trump’s ties to Russia and Vladimir Putin.
A District of Columbia Superior Court judge on Monday dismissed the lawsuit brought by German Khan, Mikhal Fridman and Petr Aven, agreeing with Steele that his report serves the public interest because it relates to possible Russian influence with the 2016 presidential election and Russian oligarchs’ involvement with the Russian government. In addition, plaintiffs didn’t provide evidence that Steele acted with malice, the judge said…
U.S. Stocks Poised to Enter Longest-Ever Bull Market
By · CommentsU.S. stocks are on the verge of surpassing their longest-running rally, ratifying a market rebound that began in the ashes of the financial crisis and defying those who have questioned its staying power.
Wednesday will mark 3,453 days since the S&P 500 hit its low of 666 on March 9, 2009. Since then, the broadest U.S. blue-chip index has more than quadrupled in price terms, creeping within striking distance of its January all-time record and outpacing most rival major global indexes…
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Majority of Pallonji Mistry’s fortune tied to Tata Sons equity
- Change in legal status makes it harder to sell Tata Sons stake
Billionaire Pallonji Mistry has about 85 percent of his estimated $19.9 billion fortune locked up in a legal battle with India’s largest conglomerate.
The conflict between Mistry and the Tata Group began with a boardroom coup in 2016, when the former’s son was ousted as chairman of the latter. The 89-year-old Mistry is one of the largest shareholders in Tata Sons Ltd., which controls the $100 billion conglomerate, and his family has since filed numerous lawsuits against the holding company’s board, alleging suppression of minority interests and governance lapses…
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Investor dumps almost 900,000 shares of floating-rate bond ETF
- Similar size block of junk-bond ETF traded shortly after
The risk-on mood gripping U.S. markets Tuesday showed up in junk-bond ETF volume.
At least one investor moved 1 million shares worth about $28 million in the SPDR Bloomberg Barclays Short Term High Yield Bond ETF, or SJNK. By 2:20 p.m. in New York, turnover had reached almost $86 million, nearly double the daily average for the past year…
Demand for Junk-Bond ETF Signals Strong Investor Appetite for Risk
Chinese Banks Turn to New Tool to Win Customers
By · CommentsStructured deposits offer higher returns for savers, but some analysts cite growing risks to banks
SHANGHAI—Chinese banks are taking on new risks as they scramble to lure savers, turning a previously obscure line of business into a $1 trillion industry.
The explosion marks the latest effort by lenders to circumvent Beijing’s campaign against financial risk, and to head off rising competition from the lightly regulated shadow-banking sector and upstart high-tech rivals such as Ant Financial. It also reflects an old struggle in a country where banks can’t freely set their own interest rates…
Chinese Banks Turn to New Tool to Win Customers
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GPIF is now a top 10 shareholder in 265 firms outside Japan
- Most foreign holdings are in U.S., where FAANGs helped returns
The world’s biggest pension fund, always a giant within its home country of Japan, has been expanding its reach in other stock markets — and becoming increasingly dependent on a U.S. bull run that’s poised to be the longest in history.
The $1.4 trillion Government Pension Investment Fund has doubled its foreign shares since a strategy overhaul in 2014, and is now a top 10 holder in more than 260 companies outside Japan, according to a Bloomberg analysis of GPIF’s individual equity positions after they were released last month…
JPMorgan Offers Free Trades, Accelerating a Pricing War
By · CommentsThe bank says a new investing service will allow at least 100 free stock trades over one year
It’s a start: After a decade as a deadbeat who failed to repay victims of his boiler room fraud, Jordan Belfort agreed to fork over almost $19,500 in royalties from a sequel to his “Wolf of Wall Street” memoir, which was turned into a movie.
But, it’s a long way from the $97 million prosecutors say he still owes…
The Wolf of Wall Street Agrees to Fork Over Some of His Book Royalties
Elon Musk’s bewildering bid to take Tesla Inc. private has taken another turn that’s spurred trading tumult, with Morgan Stanley becoming the second firm to suspend coverage of the electric-car maker’s stock.
Whereas Goldman Sachs Group Inc. paired its announcement last week that it was removing its Tesla rating and price target with the disclosure of a reason why — that it would be advising Musk — Morgan Stanley hasn’t elaborated on what prompted its move. Mary Claire Delaney, a spokeswoman for the bank, and Tesla representatives declined to comment…
Tesla Stays on Rocky Run After Morgan Stanley Drops Coverage
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Seeking at least $10 billion of assets in each Asia market
- Credit Suisse APAC wealth head de Ferrari speaks in interview
After years of racing to accumulate assets in the key offshore centers of Singapore and Hong Kong, the challenge for wealth managers in Asia is shifting to cities such as Manila, Jakarta and Shanghai.
Private banks that want to tap into Asia’s growing onshore wealth need to think less about regional asset totals and more about accumulating a critical mass of wealth in the individual Asian countries, according to Francesco de Ferrari, head of Asia-Pacific private banking at Credit Suisse Group AG. For the Zurich-based bank, the target is at least $10 billion in each of its 11 key markets across Asia, de Ferrari said in an interview earlier this month…
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‘We have to pay attention and react,’ Bostic tells businesses
- Fed presidents are increasingly worried over flatter curve
Federal Reserve Bank of Atlanta President Raphael Bostic said prospects for an inversion in the Treasury yield curve, which is widely viewed as a signal of a possible recession, would prompt him to dissent against further interest-rate hikes.
“I pledge to you I will not vote for anything that will knowingly invert the curve and I am hopeful that as we move forward I won’t be faced with that,’’ Bostic said Monday in Kingsport, Tennessee, in response to an audience question. “The market is going to do what the market does, and we have to pay attention and react.’’…
Fallout from the Genoa bridge disaster has erased about $2 billion of net worth from one of Italy’s richest families.
The billionaire Benettons control 30.25 percent of Atlantia SpA, the construction company and toll-road owner that operated the Morandi Bridge that collapsed last Tuesday, killing at least 43 people. The Atlantia stake is their single-largest asset, comprising more than a third of their $13.3 billion fortune, according to the Bloomberg Billionaires Index…
Benetton Wealth Falls $2 Billion After Italy Bridge Collapse
Can the City of London survive Brexit? Banks are preparing for the worst and are pretty sure they will lose much of the freedom they now enjoy to trade with the European Union. But just how bad Brexit gets for banks hinges on the details that will be worked out in political negotiations, as well as in private talks between firms and supervisors. There are five battlegrounds that could spell the difference between a modest and a major hit…
London’s Fight to Remain a Financial Hub After Brexit, Explained
SEC says brokerage mishandled 1,500 accounts through relationship with third party
Merrill Lynch will pay $8.9 million to settle charges it failed to disclose a conflict of interest, the Securities and Exchange Commission said Monday.
The SEC said that Merrill, the brokerage arm of Bank of America Corp., mishandled 1,500 investor accounts through its relationship with a third-party product provider. Investors had about $575 million in the products, managed by a subsidiary of an unnamed foreign multinational bank, the SEC said…
Merrill Lynch to Pay $8.9 Million to Settle Conflict-of-Interest Charge
SodaStream International Ltd. Chief Executive Officer Daniel Birnbaum could collect as much as $61 million if PepsiCo Inc. completes its acquisition.
PepsiCo said Monday it agreed to pay $144 a share in cash for the Israeli maker of fizzy-drinks dispensers, which is 11 percent above SodaStream’s closing price on Friday. Birnbaum owns 137,277 shares, which would result in a $19.8 million haul, according to data compiled by Bloomberg…
SodaStream’s CEO Is Poised to Reap Up to $61 Million on PepsiCo Deal