The government is nudging open the door for developers’ funding to counter a slowdown.

The trade dispute with the U.S. hangs like an ax over China’s economy, but for the country’s real estate developers, it’s a boon. Onshore funding is opening up and the government is once again smiling on higher prices.

Property investors should be doubly relieved: Beijing’s measures to rein in financial risk and cut developers’ access to debt have so far failed to tamp down price gains, even as they took a toll on stock prices…

It’s a Lovely Trade War for China’s Property Firms

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  • Plans can help older doctors, lawyers stash more than $300,000
  •  Treasury proposed regulations Aug. 8 blocking some strategies

There’s one area where the traditional pension plan is getting new life — as a tax dodge for wealthy business owners.

Pensions, also known as defined-benefit plans, can be used by doctors, law partners and wealth managers to stash hundreds of thousands of dollars in income a year. By doing so, they’ll get around the income limits Congress created to bar them from a generous new tax break for owners of pass-through entities, who report the firms’ income on their individual tax returns…

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The Supreme Court probably has enough votes already to overturn state laws that were the product of anti-Catholic bias.

The latest concern from liberals about the nomination of Judge Brett Kavanaugh to the U.S. Supreme Court is that he might vote to strike down state constitutional provisions and laws that bar direct funding to religious schools. It’s probably accurate, but the issue is more complicated than you might think. The state provisions can be traced in part to anti-Catholic prejudice going back 150 years or more. Under current Supreme Court doctrine, these provisions are already vulnerable to being overturned as religious discrimination – whether Kavanaugh is confirmed or not.

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  • Gulf state’s emir pledges $15 billion of investments
  •  Lira rallies as regulator curbs ability to bet against it

President Recep Tayyip Erdogan has found a benefactor to help pull Turkey from the brink of a financial crisis as Qatar promised to invest $15 billion in the country.

The lira extended gains to 6 percent after Qatar’s Emir Sheikh Tamim Bin Hamad Bin Al Thani made the pledge after a 3-1/2-hour meeting with Erdogan in Ankara on Wednesday. It follows a string of urgent steps Erdogan has taken to protect its economy from an escalating feud with U.S. counterpart Donald Trump over an American pastor held in Turkey…

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Copper is set to enter bear-market territory

Copper closed in bear-market territory as metals fell across the board Wednesday, punished by the latest worries that a global economic slowdown will weaken demand.

Front-month copper for August delivery had its worst day of the year, slumping 4.4% to $2.5570 a pound on the Comex division of the New York Mercantile Exchange and hitting its lowest level since June 2017. The red metal entered a bear market for the first time since November 2016 and is now down 22% from its four-year highs set in June…

Latest Economic Worries Crush Metals Prices

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  • Company is pursuing its operations in Mississippi, Oklahoma
  •  Midstates made an unsolicited offer for Sandridge in February

Midstates Petroleum Co. may soon walk away with at least some of Sandridge Energy Inc. after setting out to acquire all of it earlier this year.

Midstates is in talks to buy Sandridge’s Mississippi and Oklahoma operations, according to people familiar with the matter who asked not to be identified because it wasn’t public…

Midstates Is in Talks to Buy Some Sandridge Assets

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  • U.S., China to meet later this month; Treasury yields tick up
  •  Dollar slips; China’s offshore and onshore yuan gains

Asian stocks largely reversed losses and U.S. equity futures climbed with Treasury yields, after China said its vice commerce minister will visit America for trade talks in late August. The dollar slipped and the yuan climbed.

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Stocks fall amid investor worries over protectionism, global economic weakness

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  • Intiland, Garuda weigh bank loans as they forgo bond sales
  •  Indonesian dollar loan margins have fallen to record lows

Indonesian borrowers are quickly learning who their real friends are.

Their lenders are continuing to extend loans, as bond investors get cold feet amid concerns about emerging-market volatility…

Indonesia Inc. Finds Haven in Loans Amid Emerging Market Woe

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From President Donald Trump’s trade deficit complaints to Chinese counterpart Xi Jinping’s concerns about U.S. efforts to contain his country’s rise, a lot divides the leaders of the world’s two largest economies.

But if you lay aside the overarching disputes, five specific sticking points come up over and over among the diplomats, executives and trade negotiators seeking to end the trade war between Washington and Beijing. Problem is, resolving any one of them would require China to rethink a development model that has made the country rich and kept the Communist Party in power long past the Cold War…

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At issue is whether income from apartment complexes was falsified to support larger loans–which often became part of mortgage securities.

Owners of an apartment complex near Pittsburgh, who wanted to take out a mortgage on the buildings, allegedly made vacant units look occupied by turning on radios, placing shoes and mats outside doors and in one instance having a woman tell inspectors her boyfriend was asleep inside.

The owners obtained a $45.8 million loan, which was wrapped into mortgage securities and sold to investors…

U.S. Pursues One of the Biggest Mortgage-Fraud Probes Since the Financial Crisis

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  • Analysts on watch for higher borrowing costs in city
  •  Intervention this week was the HKMA’s first since May

Hong Kong’s currency interventions continued overnight, taking this week’s total to HK$16.8 billion ($2.1 billion).

The Hong Kong Monetary Authority bought HK$14.6 billion of local dollars on Wednesday, according to the de facto central bank’s page on Bloomberg, after the currency declined to the weak end of its trading band. The aggregate balance will fall to HK$92.6 billion, the first time since 2008 that the measure of interbank liquidity will dip below HK$100 billion…

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  • Ex-Noble Group employee Vagner talks for first time on record
  •  Confirms he is behind Iceberg reports that helped sink Noble

Arnaud Vagner has been a mystery for more than three years.

Noble Group, once one of the world’s biggest commodity trading houses, characterized him as a disgruntled former junior employee behind a series of reports by Iceberg Research, an anonymous group that began attacking its accounting practices in 2015…

The Man Who Triggered a $10 Billion Commodity Collapse Finally Speaks

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  • Berkshire’s stake in Goldman was $2.9 billion at end of June
  •  Company trims stakes in American Airlines, Wells Fargo

Berkshire Hathaway Inc. added to its stakes in two of Warren Buffett’s most favored industries as the billionaire investor widened bets in banking and the airline industry.

Berkshire boosted investments in Goldman Sachs Group Inc., US Bancorp, Delta Air Lines Inc. and Southwest Airlines Co. in the second quarter, the Omaha, Nebraska-based company said Tuesday in a filing. Buffett’s company now holds 13.2 million shares in Goldman Sachs, valued at $2.9 billion at the end of June…

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Long-term shareholders were cashing out of HCA Healthcare Inc. in the second quarter, as the stock rallied to record highs in late June — levels since eclipsed by bigger gains this quarter.

Hedge funds Glenview Capital Management, Highfields Capital Management, Wellington Management Group, Magellan Asset Management and Harris Associates cut their stakes in the hospital chain, which saw its shares rise 17 percent in the first half and an additional 27 percent so far this quarter. The investment firms sold a combined 17.3 million shares, according to their latest 13F filings…

Investors Cash Out of HCA Healthcare as Stock Soars to Record

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  • Lampert’s hedge fund ESL submits a non-binding proposal
  •  Fund says it will also solicit buyers for real estate assets

Edward Lampert wants to slim Sears down so it can stay standing.

Lampert, the chief executive officer of Sears as well as its largest shareholder, is proposing to use his hedge fund ESL Investments Inc. to buy the store’s Kenmore and Sears Home Improvement businesses at a valuation of around $470 million, according to a regulatory filing Tuesday…

Sears CEO Bids $470 Million for Kenmore, Home-Improvement Units

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Those with at least one collections account removed from their credit reports experienced an 11-point increase, on average

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  • Financials or corporates may do SOFR-tied notes in months: TD
  •  Fannie Mae, World Bank have already done deals based on SOFR

The heir presumptive to dollar Libor is gaining traction with debt issuers and banks may be ready to sell floating-rate notes linked to it within months.

That’s the view of Toronto-Dominion Bank, which was involved with managing the first two bonds ever tied to the new secured overnight financing rate. Those note sales, which both took place within the past month, raised $6 billion for the government sponsored enterprise Fannie Mae and $1 billion for the World Bank

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A much-touted remedy for financial risk may not be up to the task.

Turkey’s economic and political conniptions have driven a significant sell-off in European bank stocks. This meltdown may illuminate a deeper question about regulation: whether more capital makes banks or the financial system resistant to periodic crises.

Additional capital requirements were the primary regulatory response to the financial crisis of 2008. Global systemically important banks now must increase their total loss-absorbing capacity over time to at least 18 percent of risk-weighted assets and 6.75 percent of unweighted exposure…

Turkey Will Put Capital Rules to the Test

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The currency is down 9.5% so far this year

The collapse of the Turkish lira rippled to India Tuesday, where the rupee fell to an all-time low against the dollar, as investors sold emerging-market currencies.

The Indian currency fell to an intraday, record low of 70.08 rupees to the dollar in early trade, retaining its position as one of Asia’s worst-performing currencies this year. Analysts said the rupee could fall as low as 70.60 in the next few sessions. It later recovered some ground to 69.89…

Indian Rupee Drops as Lira Turmoil Sends Investors Rushing for the Exits

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  • Legislation will classify residential land as ‘sensitive’
  •  Adverse housing-market impact could prompt rate cuts: Westpac

New Zealand’s government is poised to ban foreigners from buying residential property, making good on its promise to crack down on offshore speculators who it says are partly to blame for spiraling house prices.

The Overseas Investment Amendment Bill, which will place limitations on foreign purchasers, is due to receive its final reading in parliament later Wednesday in Wellington. Backed by all three parties that make up the government, the bill is expected to pass…

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  • Games gaint has tumbled more than 25 percent since January
  •  Tencent still can’t draw on the potential of marquee games

Investors in Tencent Holdings Ltd., once the hottest stock in Asia, are trying to figure out where the bottom is.

The Chinese internet giant, best known for its popular games and ubiquitous messaging services, has shed more than $150 billion in market value since a January peak, the biggest wipeout of shareholder wealth worldwide. Some $15 billion evaporated on Tuesday after regulators told the Shenzhen-based company to remove Monster Hunter: World from its PC downloads service just days after the action title’s debut…

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PIF is already on the hook to contribute to initiatives including Neom, the $500 billion futuristic megacity

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Looks like there’s a market for high-end homes in paradise.

At least 55 homes sold for $5 million or more from January through the end of July on Hawaii’s four most populous islands, up 31 percent from the same period last year, according to data compiled by Hawaii Life Real Estate Brokers…

Luxury-Home Sales Boom in Hawaii, With $5 Million Estates Up 31%

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Spotify Technology SA, the music-streaming company that’s gained 47 percent since its April debut, attracted a number of prominent hedge funds in the second quarter.

Philippe Laffont’s Coatue Management, George Soros’s Soros Fund Management and Louis Bacon’s Moore Capital Management were among funds that held the stock as of June 30, according to filings released Tuesday. Tiger Global Management, an investor in Spotify before its direct listing, also counted the stock as its biggest investment in the second quarter with a 7.2 percent stake valued at $2.15 billion as of the filing date…

Spotify’s $8 Billion Rally Is Attracting Loads of Hedge Funds

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China Evergrande Group has blown past China Vanke Co. as the nation’s biggest builder by market value after a profit alert sent its shares soaring.

For billionaire Hui Ka Yan, the firm’s controlling shareholder, a 36 percent gain in share price in just four days last week meant his fortune swelled by an average of $2.4 billion a day, according to the Bloomberg Billionaires Index. On Monday, Evergrande was valued at about HK$352 billion ($44.8 billion) versus around HK$288 billion for Vanke…

Tycoon’s Fortune Grows $2.4 Billion a Day as Shares Soar

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  • Morgan Stanley says short South African rand versus yen
  •  Ashmore says there’s plenty of ‘opportunity’ left in EM

As emerging markets take a battering from Turkey’s turmoil, sending stocks and bonds toward their lowest this year, traders are positioning themselves to ride out the pain.

Traders pushed down the value of emerging market assets Monday as Turkish assets sank. The carnage in Turkey added to an already fragile landscape amid tensions between the U.S. and other major economies such as Russia and China. While some investors say bargains are already emerging, others bet the best option is to sell stocks and bonds and put their money into cash…

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JPMorgan Chase & Co. retail clients who don’t live in the U.S. will no longer be able to keep investment accounts as the bank shuts a business that it’s operated for decades.

“After careful review, we’ve decided to no longer service Chase retail investment accounts to non-U.S. residents,” said Elizabeth Seymour, a JPMorgan spokeswoman. “This decision allows us to focus on our domestic business which remains core to our long-term growth.”…

JPMorgan to Shut Investment Accounts for Foreign Retail Clients

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  • Showbox theater has seen acts from Muddy Waters to Soundgarden
  •  City council rushes to save venue as musicians rally residents

Pearl Jam, Soundgarden and Macklemore played there, as did the greats of an earlier era, such as Duke Ellington and Muddy Waters. Now, there’s a plan to tear down Seattle’s iconic Showbox theater to make way for a 44-story apartment tower — and the city is erupting.

For a town that prides itself for its outsize musical history, from Jimi Hendrix to the Grunge scene of the 1990s, the proposal represents the ultimate growing pain: Should a venue that helped make the city so cool be razed to build more homes for tech workers? It’s a question that keeps arising in one of the nation’s hottest property markets…

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The slight acceleration in the cartel’s crude oil output was driven mainly Kuwait, Nigeria, the United Arab Emirates and Iraq

LONDON—OPEC’s oil production ticked up slightly in July, the cartel said Monday, even as production in Saudi Arabia—the de facto leader of the group—declined.

Crude oil output in the Organization of the Petroleum Exporting Countries rose by 41,000 barrels a day last month, to average 32.32 million barrels a day, the cartel said, citing secondary sources. The increase was driven by higher production in Kuwait, Nigeria, the United Arab Emirates and Iraq…

OPEC’s Output Rose in July Despite Decline in Saudi Oil Production

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  • The hit to GDP may never be recovered, the researchers warn
  •  Discounted at 5 percent, loss adds up to $70,000 per capita

America never made up the growth it lost in the 2008 global financial crisis and the recession it triggered. A decade later, U.S. households are still counting the cost.

Gross domestic product remains well below what its 2007 trend would have implied and it’s unlikely the economy will ever make up that lost ground, according to research from the Federal Reserve Bank of San Francisco published Monday. The hit will cost the average American $70,000 in lifetime income, they estimate…

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  • TD Securities closes wagers on euro, kiwi, Swedish krona
  •  Morgan Stanley sees further EM currency downside versus dollar

Politics have foiled the best-laid plans of Wall Street’s currency strategists.

Turmoil in Turkey as well as strife between Italian leaders and the European Union have forced dollar bears to throw in the towel on bets that the rest of the world’s currencies would continue to play catch-up with the greenback in 2018. A continued flight to safety propelled the Bloomberg Dollar Spot Index to a 13-month high on Monday…

Wall Street’s Bet on Global Currencies Is Bloodied With the Dollar Soaring

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Turkey is the most extreme example of the failure of institutions, but similar forces are at work in other emerging markets

The collapse of Turkey’s currency isn’t only a local catastrophe created by kooky economic policies and by picking a fight with the U.S. It is also a warning to investors in other emerging markets. The long-running bull case of improving economic governance is less solid than they think.

Turkey’s long boom led investors to think there had been permanent institutional change, but as boom turns to bust the old bad politics and policies have resumed in a new guise. True, the army isn’t in control this time around, but the increasingly…

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Credit Suisse Group AG is breaking up its international wealth-management unit into seven regions from four in another push by Chief Executive Officer Tidjane Thiam to regionalize the bank, according to people briefed on the matter.

The unit led by Iqbal Khan will give the regions more autonomy to make decisions and each will have its own management, said the people, who asked not to be identified because the change hasn’t been made public. The seven regions are Latin America, Brazil, Western Europe, Southern Europe, the Middle East, Africa, and Central and Eastern Europe…

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  • New BTIG Europe CEO was fired from Goldman over Windhorst deal
  •  U.A.E. broker said to be involved in the troubled transaction

The 223-foot yacht sat off the sunburnt Sardinia coast as top executives of Goldman Sachs climbed aboard.

It was August 2015, and Michael Daffey and John Storey arrived with their wives to cultivate a seemingly unlikely client: Lars Windhorst, a controversial German financier whose checkered history had, at least for a time, left many in financial services wary of doing business with him…

 

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In a blog post, Musk said he believes two-thirds of current shareholders would remain with the company

Elon Musk said Saudi Arabia’s sovereign-wealth fund has approached him several times over nearly two years about providing financial support to take Tesla Inc. private, as the chief executive sought to explain his claim to have funding for a possible deal.

Mr. Musk’s blog post on Tesla’s website Monday provided new information about what led to his surprise tweet last Tuesday announcing the possible transaction. But the new post also left unanswered a host of big questions including how much capital would be required and…

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California’s top court said that consumer loans charging as much as 135 percent a year may be abusive, in a warning to lenders that target people with low credit scores who need cash quickly.

It isn’t easy “to pinpoint the precise threshold separating a merely burdensome interest rate from an unconscionable one,” the California Supreme Court said Monday in its ruling. In the absence of any interest cap in a state law regulating consumer loans of more than $2,500, transactions that are “unreasonably and unexpectedly harsh” shouldn’t be condoned, the seven-judge panel concluded.

“Courts have a responsibility to guard against consumer loan provisions with unduly oppressive terms,” the court said…

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Malaysia has a higher proportion of female investment bank chiefs than any other big country.

In the male-dominated world of investment banking, women are increasingly rising to the top in a place you might not think to look.

Malaysia, a predominantly Muslim country better known for its recent political turbulence than its gender diversity, now has female bosses at three of its 11 homegrown investment banks. Women also hold the top jobs at the Malaysian units of Credit Suisse Group AG, Rothschild and Oversea-Chinese Banking Corp. And a woman will soon take over the global operations of Maybank Kim Eng, the securities arm of Malaysia’s largest lender…

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  • Central bank’s new ‘flexibility’ seen signaling slower buying
  •  The BOJ purchased 5.9 trillion yen of ETF shares last year

The Bank of Japan has scooped up so many shares of the nation’s exchange-traded funds that it effectively owns a controlling stake in the market. Now investors are considering a future in which it buys less.

BOJ watchers expect the central bank to slowly cut its ETF purchases, now targeted at 6 trillion yen ($54 billion) annually, in what could be viewed as an expansion of its stealth tapering. The BOJ’s bond buying has already fallen to nearly half of its targeted pace…

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  • Owner Belmond raises doubt over future of storied power spot
  •  Word from inside: ‘I don’t talk to the press or the police’

It’s here, in the movie, that Gordon Gekko schools Bud Fox: “Buy a decent suit. You can’t come in here looking like this.”

And here, in real life, that presidents, socialites, stars and deal-makers have been rubbing elbows for nearly a century…

At NYC’s Iconic ‘21’ Club, Deal Talks Are as Chilled as the Martinis

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  • Ashley’s Sports Direct rescues U.K. department-store chain
  •  Deal comes after 169-year-old retailer began insolvency talks

U.K. billionaire Mike Ashley swooped in to rescue the House of Fraser Ltd.department-store chain for 90 million pounds ($115 million), staving off collapse for an anchor of the country’s troubled shopping districts.

Ashley’s Sports Direct International Plc agreed to acquire the 169-year-old retailer’s U.K. stores, brand name and inventory. The move came after House of Fraser, which employs 17,000 people directly and through contractors, on Friday went to court to seek protection from creditors…

Billionaire Ashley Buys House of Fraser for $115 Million

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  • Kingdom fund said to be in talks on ways to invest in buyout
  •  As board prepares to meet advisers, investor lawsuits begin

Saudi Arabia’s sovereign wealth fund is working to be part of any investor pool that emerges to take Tesla Inc. private, as Elon Musk enters a week where his plan will draw added scrutiny from the electric-car maker’s board, advisers and investors.

The Saudi Kingdom’s Public Investment Fund, which recently built a stake just shy of 5 percent in Tesla, is exploring how it can be involved in the potential deal, according to people with knowledge of the fund’s plans. But the potential transaction’s staggering $82 billion price tag means Tesla is still likely to need to tap other sources of cash…

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  • Steel tycoon Vladimir Lisin sees biggest drop in wealth
  •  Tax plan would largely affect metal and mining companies

Russia’s super-rich tycoons lost more than $3 billion in one day after a top economic aide to the president proposed raising taxes on the nation’s giant metal and mining companies.

In a letter to Vladimir Putin, adviser Andrey Belousov named 14 companies that could pay more. The resulting investor exodus saw $3.1 billion wiped off the fortunes of their affluent bosses, according to the Bloomberg Billionaires Index…

Russia’s Richest Lose $3.1 Billion as Tax Proposal Hits Shares

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  • San Francisco-based Schwab and Dodge & Cox top the ranking
  •  Distance from old-boy networks may be part of the reason

Women who want to manage money seem to be having better luck doing it someplace other than Wall Street.

U.S. firms with the highest share of female portfolio managers are located thousands of miles from Manhattan, according to new Morningstar Inc. research. Dodge & Cox and Charles Schwab Corp. — both with headquarters in San Francisco — are top ranked at 30 percent and 28 percent, while Franklin Resources Inc., with $724 billion in assets as of June 30, is tied for the third and based in nearby San Mateo, California…

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Firms are lending more where traditional banks won’t–and sometimes competing with them, too

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  • Looser monetary policy not passing from money market to firms
  •  Clogged rates transmission reduces urgency of further RRR cuts

The People’s Bank of China is tackling a problem it rarely had to worry about until recently — persuading banks to lend the money they have.

Thanks to the central bank turning on the liquidity taps, the cost for banks to borrow from one another is now lower than the cost to borrow from the PBOC, but a large chunk of those funds is sitting idle. That money isn’t feeding into the wider economy, especially not to cash-strapped smaller firms, as lenders are unwilling to make loans or buy risky bonds….

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  • Man Group sees rally in U.S. currency continuing for now
  •  Greenback expected to gain especially against euro on trade

Don’t bet on the U.S. dollar rally ending any time soon, says the world’s largest publicly traded hedge fund.

While investment titans such as Morgan Stanley and State Street Corp. wager the greenback’s rally this year is just about finished, Man Group Plc reckons it may have further to go. The escalating trade war between the U.S. and China may only fuel the dollar’s strength, not stymie it, according to Guillermo Osses, head of emerging markets debt strategies at Man Group GLG, a unit of the fund…

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Currency’s drop after U.S. boosts tariffs on steel, aluminum adds to market uncertainty

Emerging-market investors are preparing for an unsteady start to the week after a weekend marked by heightened rhetoric, renewed trade tensions and a deeper slide in the Turkish lira.

The lira sank to a record low on Sunday evening after collapsing last week. The currency is now down more than 40% this year, while bond yields have skyrocketed, pushing Turkey onto the edge of a financial crisis. Turkey’s vulnerabilities include high levels of foreign-currency debt, a current-account deficit and rising borrowing costs…

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  • Values fall for fifth month in a row, worst run since 2009
  •  Separate report shows consumer spending declined in July

U.K. house prices fell for a fifth month in a row in July, the longest stretch of declines since the financial crisis.

Values fell 0.2 percent from June, bringing the average price for a home to 302,251 pounds ($386,000), Acadata said in a report Monday. London remains a “mixed picture,” with the number of sales in the second quarter falling by 7 percent from a year earlier and prices declining in almost two-thirds of the capital’s boroughs…

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  • Government hasn’t offered enough to restore confidence: NAB
  •  Turkey’s problems will ‘continue to mount’: Capital Economics

Turkey’s lira extended its precipitous slide Monday after the nation’s president showed no signs of backing down in a standoff with the U.S.

The lira weakened past 7.23 per dollar in early Asian hours before paring losses after the nation’s Banking Regulation and Supervision Agency stepped in to limit swap transactions on the battered currency. Treasury and Finance Minister Berat Albayrak said the nation will announce steps to calm markets on Monday, Hurriyet newspaper reported

Lira Extends Retreat as Turkey Heads Toward a Financial Crisis

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  • Prices in state are rising at their fastest pace in five years
  •  New law’s cap on deducting state, local taxes spurs purchases

When the owner of a financial-services firm in Connecticut saw the U.S. tax overhaul pass in December, capping state and local deductions, he packed his bags. Now he lives in South Florida, soaking up the sun and some serious annual savings.

Like many of Jay Phillip Parker’s clients these days, the empty-nester is a refugee of the Trump tax act — and he’s closing soon on a $6 million Miami-area condo. Luxury-home prices in Florida have been surging ever since the law went into effect, jumping 16 percent in the second quarter from a year earlier, according to data from brokerage Redfin Corp…

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  • Foreigners shrug off worries about economy, yuan and trade war
  •  Buying remains robust from institutional funds: Uob Kay Hian

Slumping stocks and market volatility aren’t holding back foreign investors from snapping up Chinese shares.

Foreign investors bought net 20 billion yuan ($2.9 billion) mainland shares through Hong Kong links from July 25 through Wednesday, according to data compiled by Bloomberg. In that time the Shanghai Composite Index tumbled to a two and a half-year low before enjoying its best day in two years, whipsawing between gains and losses to send its volatility higher. The daily quota usage on Thursday reached the highest since early June, when A-shares had recently been included in MSCI Inc.’s benchmark gauges…

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  • David Cotton and family sold Meridian for $2.5 billion in cash
  •  Affordable Care Act brought insurers millions of new customers

Catering to Detroit and Chicago’s poor has made the Cottons rich.

David Cotton and his family spent two decades building Meridian Health Plans into the biggest private provider of Medicaid benefits in Michigan and Illinois. It serves about 1.1 million members, with more than $4.3 billion of revenue forecast for 2018…

Obamacare Helped Make This Doctor a Billionaire

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It’s a threat to high-cost money managers but can also be a way to sell other products.

Free mutual funds. It sounds fishy—something that might be advertised on a late-night infomercial. But when Fidelity Investments unveiled two index funds without annual expense charges on Aug. 1, it was the real deal. And if you’ve been watching the money management industry closely, it felt almost inevitable. Several index mutual funds and exchange-traded funds from Fidelity and others were already charging less than a dime for every $100 invested. Why not let the last pennies drop?…

Fidelity Bets on Zero-Fee Index Funds

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Renewed trade tensions have sapped some of investors’ enthusiasm

U.S. Stocks Little Changed Amid Positive Corporate Earnings

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  • CEO endorses further hiring in Asia for wealth management unit
  •  German bank has announced plans to cut at least 7,000 jobs

In Deutsche Bank AG Chief Executive Officer Christian Sewing’s push to get back into growth mode, there’s one specific business in which there are pretty much no hiring limits.

The private bank in Asia is still recruiting, even after bringing on board about 100 relationship managers and support staff in the first half, Lok Yim, who runs the Asia-Pacific wealth business, said in an interview. “I don’t think there’s a limit apart from what we can digest,” he said…

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Foreigners’ holdings of yuan-denominated, domestically traded bonds hit a record in July

SHANGHAI—Foreign investors kept piling into China’s $11.7 trillion bond market last month, despite a tumbling yuan and a narrowing gap between Chinese and U.S. interest rates.

Solid demand from central banks was probably a major driver, analysts said. These buyers hold yuan as part of their foreign-exchange reserves and can look past short-term currency moves. Chinese bonds are also due to join a major international index next year, which has lured money managers…

Foreigners Strengthen Chinese Bond Holdings, Despite a Weakening Yuan

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Categories : Finance
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  • Mutual fund giant is said to be worth at least $5 billion
  •  Life insurer is working with financial advisers on divestiture

Massachusetts Mutual Life Insurance Co. is weighing a sale of asset manager OppenheimerFunds Inc., which could fetch at least $5 billion, according to people familiar with the matter.

The Springfield, Massachusetts-based insurer is working with advisers to evaluate a sale, a process that is at an early, informal stage, said the people, who asked not be identified because the matter isn’t public. No decision has been made and MassMutual could opt to hold onto the firm, they said…

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Categories : Private Equity
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  • ITG failed to disclose dark-pool speed bump, an SEC violation
  •  It’s the third time in three years ITG has run afoul of SEC

Investment Technology Group Inc. maybe should’ve worked with Michael Lewis, too.

The New York-based brokerage said Wednesday that it faces a third Securities and Exchange Commission fine in three years. Part of the latest violation flips the script on bad behavior in the U.S. stock market: ITG got in trouble for not disclosing that, in the aftermath of Lewis’s “Flash Boys,” it introduced a speed bump on its Posit dark pool roughly similar to the one glorified by the author in his 2014 book on high-frequency traders…

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Categories : Finance
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Backed by Jamie Dinan and Dan Loeb, Cerrano Capital was launched less than a year ago

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Categories : Hedge Funds
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