How inclusion riders could jump from Hollywood to finance

Women remain rare in the upper echelons of financial firms. So the biggest pension funds and university endowments — the financial equivalent of A-list movie actors — should consider imitating Hollywood’s “inclusion riders,” Andrew argues in his latest column. That means only backing investment firms that are working to address the diversity gap:

DealBook Briefing: Wall Street Should Look to Hollywood for Equality Tips

Share
Categories : Wall Street
Comments (0)
  • Package-delivery company will add 12 767s and 12 777s
  •  New aircraft orders are meant to modernize aging cargo fleet

Boeing Co. landed a deal for 24 cargo aircraft from FedEx Corp. worth $6.6 billion as the revival in the air freight market continues to grow.

The package-hauler plans to add 12 of Boeing’s medium-size 767 freighters and 12 of the larger 777 cargo aircraft to its order book, the Chicago-based planemaker said in a statement Tuesday. FedEx is already the largest customer for both aircraft models…

Boeing Lands $6.6 Billion FedEx Deal

Share
Categories : Private Equity
Comments (0)

Asking rents have steadily climbed during the last two years, reaching $26.86 a square foot in the third quarter

Asking rents for New Jersey office space are nearing records as landlords undertake extensive renovations and fill older properties with amenities from beach volleyball courts and yoga studios to outdoor lounges with firepits.

The steady climb in asking rents during the past two years reached $26.86 a square foot in the third quarter, just shy of the record $26.90 from the second quarter of 2001, according to real-estate services firm Transwestern…

New Jersey Office Rents Near Records

Share
Comments (0)
  • ‘Less guessing’ needed as Yang improves communication: trader
  •  Trade tensions cloud prospects for export-dependent economy

Taiwan’s central bank will keep its benchmark interest rate unchanged Thursday as a brewing trade war adds to risks facing the export-oriented economy, according to a Bloomberg survey.

A majority of 33 economists said Taiwan will hold the discount rate for banks at an eight-year low of 1.375 percent, while only three predicted an increase of 12.5 basis points to 1.5 percent, the survey showed…

Taiwan Central Bank Expected to Hold Rates as Trade War Escalates

Share
Categories : Finance
Comments (0)
  • Analysts hedge their bets, but see 60%-70% chance of upgrade
  •  MSCI cut Argentina to frontier market status in 2009

It hasn’t been easy being an Argentine stock investor, but Wall Street analysts aren’t losing hope.

The country’s stocks are headed for the worst year in almost a decade after a currency rout, adding to the anticipation over a decision by index provider MSCI Inc, which tomorrow will announce if it will reclassify stocks to emerging market status. An upgrade will allow funds which track over $1 trillion to invest in the country’s equities, leading to about $3.8 billion of inflows to the local stock market, according to an estimate by JPMorgan Chase & Co…

Share
Categories : Wall Street
Comments (0)

Chinese authorities are listening to offers for the Anbang properties it seized late last week

When Chinese regulators seized control of Anbang Insurance Group Co., they took ownership of more than a dozen luxury U.S. hotels, including New York’s famed Waldorf Astoria.

Now, as the Chinese government weighs selling many of these properties, the buildings likely are worth less than what Anbang paid only a couple of years ago, the latest instance of foreign investors rushing into U.S. property only to find the market softening beneath them.

Want to Buy a Luxury Hotel in the U.S.? Try China’s Insurance Regulator

Share
Comments (0)
  • Existing shareholders to get 20% stake in restructured company
  •  Trader will now move to ‘final stages’ of revamp, Brough says

Embattled commodity trader Noble Group Ltd. reached a deal with dissident shareholder Goldilocks Investment Co. over its planned $3.5 billion debt restructuring, agreeing to boost the holding in the new company that stock investors stand to get. The shares surged.

Existing shareholders will now receive 20 percent of the revised company, up from 15 percent, according to an exchange statement on Wednesday. In addition, the two parties will drop all claims against one another, with Noble Group paying Goldilocks as much as $5 million to cover its legal costs…

Share
Categories : Finance
Comments (0)
  • $1.1 billion plant will make up to 150,000 cars, employ 3,900
  •  S60 sedan could help avoid some tariffs in China trade spat

When Volvo Car Group broke ground on its first U.S. assembly plant in 2015, it was a proud step in the Swedish automaker’s rebound and global expansion, not a chess move in anticipation of a possible trade war.

Now that the plant is about to begin production, it’s poised to serve as a small hedge against tariffs at a time when economic barriers are being erected almost daily…

Volvo Opens U.S. Factory in Timely Hedge Against Trade Tensions

Share
Categories : Hedge Funds
Comments (0)

Not that anyone’s been listening, but Paul Tudor Jones has been warning that winter is coming for some time now. Worse, a decade of easy moneyand the ill-considered, scattershot economic policies—if you can call them them—of the current occupant of the White House and his band of goons are conspiring to make it a nuclear winter. Echoing his favorite author in a little chat with Lloyd Blankfein, of all people, Jones notes that we cannot escape the inexorable tides of history, and that when the end comes, all of the private security guards and boom gates and speed bumps will not suffice to protect the people of Belle Haven and their ilk from the revolutionary masses

Share
Categories : Finance
Comments (0)
  • Pantera offers seven investors chance to gamble in Las Vegas
  •  Winners will get $10,000 to enter and $3,000 for travel costs

If the rush from gambling on Bitcoin isn’t enough, Pantera Capital may have a deal for you.

The crypto hedge fund has seven tickets to the 49th Annual World Series of Poker that it plans to give away to its investors. Winners will get $10,000 for the buy-in fee and $3,000 for lodging and travel expenses, the company said in an emailed letter Tuesday. The main event takes place July 2 through July 14 in Las Vegas…

Share
Categories : Hedge Funds
Comments (0)

Verger Capital asks hedge funds about policies on pay and harassment.

Your average hedge fund or venture capital shop might not care if it’s run like a boys’ club. But what if the funds’ biggest clients were to start paying attention?

Consider Verger Capital Management, which oversees $1.7 billion for nonprofit investors, most notably Wake Forest University’s endowment. It recently surveyed the 89 outside money managers it hires about their investment policies when it comes to environmental, social, and governance issues, or ESG. Think fracking or guns. Although Verger isn’t necessarily screening all such businesses out of its portfolio, it sees them as a potential source of risk. “We don’t want to be the moral police,” says Chief Executive Officer Jim Dunn. “We just want to understand what’s in the portfolio right now.’’

Share
Categories : Finance, Wall Street
Comments (0)
  • Fund fell 26 percent in May versus a 46 percent gain in April
  •  Founder Dan Morehead critiques Warren Buffett’s crypto view

The digital-currency market has had a tumultuous year, and crypto hedge funds are feeling the pain.

Pantera Capital’s Digital Asset Fund, which includes a number of virtual currencies, dropped 26 percent in May, Chief Executive Officer Dan Morehead said in the Menlo Park, California-based company’s monthly investor letter Tuesday. That compares with Bitcoin’s drop of around 15 percent, and the fund’s surge of nearly 50 percent during the prior month. The fund is down 51 percent year-to-date.

Share
Categories : Hedge Funds
Comments (0)
  • Trump orders fresh tariffs on Chinese goods; China hits back
  •  Euro weakens with pound as dollar rallies along with yen

U.S. stocks fell, though major indexes traded well off session lows as a flare up in trade tensions eased to a simmer. Treasuries rose with the dollar.

The Dow Jones Industrial Average notched a sixth straight loss in its longest slump in more than a year, and the S&P 500 equaled its biggest drop in three weeks. The declines came after steep losses in Asia and Europe sparked by renewed concern the U.S. and China are headed for a full-blown trade war. Neither side escalated attacks Tuesday after President Donald Trump threatened fresh tariffs and China promised to retaliate in kind…

Share
Categories : Private Equity
Comments (0)

An eagle-eyed tipster just sent us one of the best literal signs of desperation that we’ve ever been blessed to see:

Deutsche! Please! We know that in moments of desperation and sadness we often reach out in the darkness for the fleeting gratification of human contact and the accompanying gratification that lies therein, but this is just upsetting. And no, you haven’t fallen far enough to just get away with soliciting this kind of…what’s that? We should zoom out?…

Somewhere, Deutsche Bank Is Welcoming BJs

Share
Categories : Finance
Comments (0)

Wall Street’s front-line regulator intends to keep pushing big banks to improve their ethics.

The new president of the Federal Reserve Bank of New York, John C. Williams, on Monday gave his backing to his predecessor’s campaign to clean up bank culture. “I do commit to continue the New York Fed’s leadership on this in future years,” he said at a New York Fed conference on bank governance…

New York Fed Will Remain Focused on Bankers’ Ethics

Share
Categories : Wall Street
Comments (0)

Billionaire Howard Marks said the rise of index funds and computer-driven trading are reducing the role of people in the markets but creating room for a select few money managers to excel.

In a 17-page memo Monday, the co-chairman of investment firm Oaktree Capital Group LLC analyzed the effects of three industry trends: the increased use of passive, quantitative and artificial intelligence strategies in investing. On the first, Marks, 72, sees money continuing to flow into index products including exchange-traded funds. That has benefits such as reduced fees, trading costs and errors for investors, but a few active managers will outperform and remain in demand, he wrote…

Share
Categories : Private Equity
Comments (0)

The Federal Reserve has formidable powers to help steer the United States’ $20 trillion economy. So when it makes even the smallest of tweaks to one of its tools, take note.

On Wednesday, the central bank adjusted how it sets the interest rate on excess reserves. For those unwilling to go down the rabbit hole: Just know that the apparent aim of the change is to make sure that monetary systems function smoothly as the United States economy heats up…

Why the Fed Tweaked an Obscure Interest Rate This Week

Share
Categories : Finance
Comments (0)
  • Brookfield could put up to $700 million of equity in 666 Fifth
  •  Owner needs funds to pay down debt, renovate aging property

When Kushner Cos. bought 666 Fifth Ave. for a record-setting $1.8 billion, it made a down payment of $50 million. When it added a partner years later, that company put down $80 million.

Now Brookfield Asset Management Inc. is offering to buy a stake in the troubled New York City office tower and put up as much as $700 million — in cash…

Kushner’s May Have to Give Up Ownership of Indebted NYC Office Tower

Share
Comments (0)

The Walt Disney Company has agreed to buy most of 21st Century Fox’s assets in a deal worth $52.4 billion, but things got complicated last week when Comcast made a rival offer that valued the business at $65 billion.

At stake are cable channels including FX and National Geographic, the “Avatar” and “X-Men” film franchises, and a pair of international television networks. It may stoke visions of blistering negotiations between high-powered media executives with big egos barking into phones or ruminating in closed-door meetings, but there are rules of engagement around mergers that are designed to civilize the process…

Share
Categories : Finance
Comments (0)
  • Commodity giant to pay Israeli tycoon despite U.S. sanctions
  •  Decision shows Gertler’s influence in the top cobalt producer

Not many billion-dollar companies would be willing to circumvent U.S. sanctions for their business partner, but then few people are as powerful as Dan Gertler in the Democratic Republic of Congo.

Gertler scored a victory when Glencore said on Friday that it would evade U.S. sanctions to keep paying him royalties from copper and cobalt mines. It’s a rare, possibly unprecedented, arrangement for a global corporation and speaks to Gertler’s power over Glencore, which has bet its future on Congo’s mining riches…

Share
Categories : Finance
Comments (0)
  • Stock fund outflows so far this year only exceeded by 2008
  •  Philippine, Thai central banks will meet this week on policy

A falling tide lowers all boats, it seems. Amid an exodus from emerging markets, investors are pulling out of even Asian economies with solid prospects for growth and debt financing.

Overseas funds are pulling out of six major Asian emerging equity markets at a pace unseen since the global financial crisis of 2008 — withdrawing $19 billion from India, Indonesia, the Philippines, South Korea, Taiwan and Thailand so far this year, according to data compiled by Bloomberg…

Share
Categories : Private Equity
Comments (0)

For Google, a half a billion dollars is a drop in the bucket. But that money could have an outsize impact on the American tech giant’s ability to re-enter China.

Google said Monday that it would invest $550 million in JD.com, one of China’s biggest e-commerce companies. The investment was a reminder that China, with all its promise, has been largely closed off to American tech giants, thanks to government censorship and fierce competition from homegrown rivals like Alibaba…

Google’s JD.com Deal Shows Silicon Valley Still Wants In on China

Share
Categories : Private Equity
Comments (0)
  • Global wealth reached $201.9 trillion on equities, soft dollar
  •  Fastest growth in Asia, where fortunes increased 19% last year

The rich are getting a lot richer and doing so a lot faster.

Personal wealth around the globe reached $201.9 trillion last year, a 12 percent gain from 2016 and the strongest annual pace in the past five years, Boston Consulting Group said in a report released Thursday. Booming equity markets swelled fortunes, and investors outside the U.S. got an exchange-rate bonus as most major currencies strengthened against the greenback…

Millionaires Now Own Half of World’s Personal Wealth

Share
Categories : Private Equity
Comments (0)

Frances McDormand, the actress who won an Academy Award this year for her performance in “Three Billboards Outside Ebbing, Missouri,” introduced much of the world to a new idea when she accepted her Oscar.

“I have two words to leave you with tonight: inclusion rider,” she said.

Throughout Hollywood, the concept of an inclusion rider — a special clause in the contract of a lead actor or actress or prominent director that insists on a guarantee of gender and ethnic diversity among the cast and crew — has become increasingly popular since then. The Oscar winners Matt Damon, Ben Affleck and Brie Larson have said they would insist on one, as have the director and producer Ava DuVernay and others…

Share
Categories : Finance
Comments (0)
  • Rising U.S. interest rates weigh on emerging-market assets
  •  iShares EM fund had $2.2 billion in outflows last week

Investors are yanking funds from emerging-market exchange-traded funds as rising interest rates in the U.S. weaken emerging-market assets.

The $35 billion iShares MSCI Emerging Markets ETF, or EEM, had $2.2 billion of outflows last week, the most since January 2014. Meanwhile, the biggest emerging-markets ETF, the $65 billion Vanguard FTSE Emerging Markets ETF, or VWO, lost about $270 million last week for its second-worst performance in over two years…

Investors Are Bailing from Emerging-Market ETFs

Share
Categories : Hedge Funds
Comments (0)
  • USTR asked to identify $200 billion in goods for 10% tariffs
  •  Threat comes days after U.S., China pledged massive duties

President Donald Trump is threatening to slap tariffs on another $200 billion in Chinese imports as trade tensions between the world’s two largest economies reach new heights.

Trump said in a White House statement Monday evening that he had instructed the U.S. Trade Representative’s office to identify $200 billion in imports from the Asian nation for additional tariffs of 10 percent. He said the U.S. would impose tariffs on another $200 billion after that if Beijing retaliates…

Share
Categories : Finance
Comments (0)

‘Brutal’ rally in dollar-priced crude hammers governments, strains consumers from U.K. to Brazil

For Americans, rising oil prices are threatening $3-a-gallon gasoline and pushing up prices for plane tickets. In many other parts of the world, today’s crude rally is more painful—sparking protests, gas lines and emergency subsidies to quell unrest.

That is because many consumers outside the U.S. face a double whammy when—like now—the dollar gets stronger at the same time that oil prices rise. While petroleum is produced all over the globe, when it is sold to refiners and other buyers it is almost always priced in dollars…

Share
Categories : Private Equity
Comments (0)

Sometimes, the things Ray Dalio says and writes seem as though they are the product of an ostensibly deep, substance-aided conversation among co-eds. There is a good reason for this. Asked by a college sophomore with the spectacularly college sophomore handle of “absurdistcamus” during a Reddit AMA how to get the most out of his or her college years, Dalio offered the best advice ever given on campus life

Ray Dalio: College Is For Getting Blackout Drunk With Smart People

Share
Categories : Hedge Funds
Comments (0)
  • Statement clarifies the impact of legal changes from 2017
  •  Bureau’s stakes in Siam Commercial, Siam Cement top $7 billion

Thailand’s Crown Property Bureau said its assets are now held in the name of King Maha Vajiralongkorn, clarifying how a legal change last year affects billions of dollars of holdings.

The law enacted in 2017 means that “‘Crown Property Assets’ are to be transferred and revert to the ownership” of the king and that the bureau’s investments “will now be held in the name of His Majesty,” the bureau said in an undated statement on its website…

Share
Comments (0)

At a conference held by a top investment bank in Manhattan last week, attendees were asked to submit what they thought was the biggest risk to the global economy. When their concerns showed up on the conference screen, these words were the most popular: Trump, trade war and protectionism.

Outside, meanwhile, the stock market was having another up day…

Investors Fret About a Trade War, but They Aren’t Fleeing the Stock Market

Share
Categories : Finance
Comments (0)
  • Construction firms have rebounded from worst quarter on record
  •  Thailand to release detailed plans for rail project on Monday

A revival in optimism about Thai infrastructure projects has helped shares of the nation’s contractors rebound from a record slide.

A measure of construction and engineering companies has surged about 7 percent so far this quarter, making it the biggest gainer among the Stock Exchange of Thailand’s 28 industry sub-gauges. That marks a turnaround from the group’s worst ever slide of 18 percent in the previous quarter. The shares are a rare bright spot in Thai equities, with the benchmark SET Index down 4 percent since March…

Share
Categories : Finance
Comments (0)

The study was based on resident surveys and data on repairs, energy usage and tenant turnover

Private developers dramatically improved conditions and tenant satisfaction at six buildings formerly run by New York City’s public housing authority, according to a new study of a controversial strategy to turn the city’s public housing over to private management.

A study by the Citizens Housing and Planning Council set to be released Monday measured the success of private developers who took over six buildings formerly managed by the New York City Housing Authority in early 2016. The council based its conclusions on resident…

Share
Categories : Real Estate
Comments (0)
  • Unexpected scale of indebtedness leads to fears of downgrade
  •  Fiscal, political risks are reasons to be cautious, Pimco says

The escalating scandal around troubled state-investment-fund 1MDB is turning bond funds against Malaysia.

The disclosure that the nation’s debt is almost 60 percent higher than previous estimates at 1 trillion ringgit ($250 billion), largely because of hidden liabilities tied to the troubled state investment fund, is convincing even fans of the country’s bonds to cut their holdings. Throw in the removal of a goods and services tax last month, and Prime Minister Mahathir Mohamad’s new government faces an increasing fiscal squeeze…

Share
Categories : Finance, Hedge Funds
Comments (0)

The latest: they are bombing a port that accounts for 80 percent of the food and aid trickling into starving Yemen.

For three years, Saudi Arabia and the United Arab Emirates have conducted a murderous campaign to reinstall a pliable regime in the desperately poor country of Yemen. This campaign is based on a lie intended to gain American support: that the two authoritarian monarchies are responding to Iranian aggression. Now the UAE is preparing a military offensive that could split Yemen apart and create mass starvation.

Share
Categories : Hedge Funds
Comments (0)
  • Firms representing foreign funds also want ID rules relaxed
  •  Indian authorities want more trading to come onshore

Brokerages representing offshore investors are asking for more concessions to trade in India’s nascent international financial hub in Gujarat, according to people with knowledge of the matter.

The brokers, who transact on behalf of overseas funds, are seeking the same exemption from local taxes enjoyed by foreign funds in the Gujarat bourse, said the people, who asked not to be identified as the discussions are private. They also want Indian authorities to have easier customer identification rules, the people said. The Futures Industry Association is expected to write to India’s securities regulator to voice the concerns of the brokerages and their clients, they said…

Share
Comments (0)

It used to be that news like this would send us into a Friday evening feeling warm and turgid with big bank schadenfreude…

Wells Fargo & Co. agreed to pay $480 million to settle a class-action lawsuit in which investors accused the bank of securities fraud related to its fake-account scandal.

But in this modern news hellscape of constant darkness, Wells Fargo paying just under half a billion dollars to settle a civil action doesn’t just fail to arouse us, it makes us literally yawn. In fact, Wells Fargo even appears to just be going through the motions of languidly whimpering “Oh, ouch…that hurts” four hundred and eighty million times…

Share
Categories : Finance
Comments (0)
  • Average property value fell 0.9% in June, Rightmove says
  •  BCC business lobby revises down U.K. economic growth forecasts

London house prices fell the most since the beginning of the year in June as the capital’s property market continued to lag behind the rest of the country.

The price of property coming to market in London dropped by 0.9 percent, bringing the average price to 631,737 pounds ($838,000), property-website operator Rightmove said in a report Monday. Values fell 1 percent from a year earlier, marking the 10th negative month in a row. Nationally, prices grew 0.4 percent on the month and 1.7 percent on an annual basis…

Share
Comments (0)

After two months of cutting bets on rising prices, hedge funds are feeling optimistic again as OPEC prepares to meet.

Whether that optimism is warranted remains an open question…

Hedge Funds Get Bullish on Oil Again as OPEC Prepares to Meet

Share
Categories : Hedge Funds
Comments (0)

After apparently getting super-duper-stoned and bingeing 3 seasons ff “Chef’s Table” in one night, Goldman Sachs analyst Heath Terry reportedly raised his price target on Netflix to “All The Money…”

Shares of Netflix Inc. NFLX, +4.35% are up 2.4% in Wednesday trading after Goldman Sachs analyst Heath Terry raised his price target on the stock to $490 from $390. With his price target increase, Terry became the most bullish Netflix analyst among those tracked by FactSet.

In addition to instantly becoming the Adam Jonas of internet analysts, Terry is also the first person in our memory to raise a stock this joltingly hard on such a blue chip stock…

Share
Categories : Finance
Comments (0)

This summer, I took an oath to dive deep into the underbelly of Wall Street to find out what my fellow interns were doing. I wanted to capture the grammar mistakes in the emails, the messed-up coffee orders, the long nights with the analysts, and the short weekends hitting the town. I found one area where interns, and the youth of Wall Street, flock to vacate from hours of excel. Instagram. Not to look at pictures of friends from high school, or the girls they want to date, but can’t because of their convoluted relationship with EBITDA. Instead, they go to Instagram to look at niche Wall Street accounts that spread memes embodying the communal experience of young analysts, interns on Wall Street, and the entire financial services industry. These accounts laden with memes and images referring to excel errors, trips to Nantucket, and Patagonia vests, are growing rapidly. It started out as just a few accounts and has ballooned into dozens of accounts that post pictures much like this one:

Share
Categories : Finance
Comments (0)

Masayoshi Son, the founder of the Japanese technology giant SoftBank, has seen the future — and he wants to buy a slice of it.

Mr. Son believes that, not long from now, our lives will be dominated by robots, artificial intelligence and other advanced technologies. He wants to invest in the companies that will build that future through his company’s nearly $100 billion Vision Fund…

SoftBank Wants to Build the Future. Here Are Some New Bets It Could Make.

Share
Categories : Private Equity
Comments (0)
As Rupert Murdoch considers a response to Comcast Corp.’s $35-a-sharecash proposal for 21st Century Fox Inc.’s entertainment assets, it’s worth noting that Walt Disney Co.’s offer has strengthened with its share price.

Shares in Disney, which agreed on its deal with Fox in December, rose more than 2 percent in New York on Thursday, to about $108.75.

Rising Share Price Strengthens Disney’s Bid for Fox Assets

Share
Categories : Private Equity
Comments (0)

SAN FRANCISCO — More scooters may soon land on America’s sidewalks as the West Coast scooter war propels a rush of fund-raising.

Bird, an electric scooter start-up, is raising $300 million in new funding that would value the company at $2 billion, according to three people with knowledge of the financing, who asked not to be identified because the proceedings were confidential. The round is set to be led by Silicon Valley venture capital firm Sequoia Capital and will include other investors such as Accel Partners, the people said…

Bird, the Electric Scooter Start-Up, Is Said to Draw an Investment Frenzy

Share
Categories : Finance
Comments (0)
  • Son, 60, said he wants to retire in his 60s but stay involved
  •  Without Son in charge, SoftBank may stumble: Asahi Life Asset

Masayoshi Son is fond of talking about his 300-year vision for SoftBank Group Corp. but some Japanese bond investors are already pondering an earlier event — what will the technology giant be like without its founder?

Son, 60, hasn’t named his successor at the company he founded in 1981 as a software distributor. While there’s no indication that Son has any intention of stepping down from his role as chief executive officer soon, his stated intention to retire in his 60s put the matter in focus when the SoftBank sold six-year yen bonds this month…

Share
Categories : Finance
Comments (0)
  • Announcement comes after Argentine peso fell 6% Thursday
  •  Sturzenegger announced details of IMF agreement last week

Argentine Finance Minister Luis Caputo will become the president of the country’s central bank after Federico Sturzenegger resigned, according to a statement Thursday evening from the ministry.

Nicolas Dujovne will lead a united Ministry of Finance and Treasury, the government said. Sturzeneger’s departure was followed by a slew of resignations among the bank’s senior staff…

Luis Caputo Replaces Sturzenegger as Argentina Cenbank President

Share
Categories : Finance
Comments (0)

WASHINGTON — A federal judge on Tuesday approved the blockbuster merger between AT&T and Time Warner, rebuffing the government’s effort to stop the $85.4 billion deal, in a decision that is expected to unleash a wave of corporate takeovers.

The judge, Richard J. Leon of United States District Court in Washington, said the Justice Department had not proved that the telecom company’s acquisition of Time Warner would lead to fewer choices for consumers and higher prices for television and internet services…

AT&T Wins Approval for $85.4 Billion Time Warner Deal in Defeat for Justice Dept.

Share
Categories : Private Equity
Comments (0)

Steinhoff International Holding NV agreed to sell its Austrian furniture retailer Rudolf Leiner GmbH and real estate assets in the country to Rene Benko’s Signa Holding GmbH to prevent a looming insolvency of the unit.

Signa’s offer for the business and the properties was accepted by Steinhoff, Rudolf Leiner Chief Executive Office Gunnar George said in an emailed statement on Thursday. “In the coming days, all contracts will be agreed and fixed,” George said in the statement…

Steinhoff Sells Austrian Unit to Signa, Averting Insolvency

Share
Comments (0)

The U.S. realtor-in-chief sees oceanfront condos and a turnaround play. Others see a money pit.

Would any corporate executive in his or her right mind be willing to put big money into a centrally planned economic underachiever? One that’s best known for food shortages, a backward manufacturing sector, and woefully inadequate infrastructure?…

Investing in North Korea Is Not for the Faint of Heart

Share
Categories : Finance
Comments (0)
  • Argentine peso extends losses as central bank keeps mum
  •  Macri may be challenged to reach IMF’s fiscal targets

Argentina is struggling to stop the peso’s plunge just a week after obtaining the biggest loan in the history of the International Monetary Fund.

Traders are desperate for policy makers to lay out a strategy to curb the volatility, and complain that all they’re getting in response is disjointed and unpredictable policy. The rout deepened Thursday as the currency tumbled more than 6 percent against the dollar to a record low, extending its decline since the end of April to almost 27 percent…

Share
Categories : Private Equity
Comments (0)
  • 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…

Share
Categories : Finance
Comments (0)
  • 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…

Share
Categories : Private Equity
Comments (0)

Get the DealBook newsletter to make sense of major business and policy headlines — and the power-brokers who shape them.
__________

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.

Share
Categories : Finance, Private Equity
Comments (0)
  • 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…

Share
Categories : Private Equity
Comments (0)

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

Share
Categories : Private Equity
Comments (0)
  • 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…

Share
Categories : Uncategorized
Comments (0)

Brevan 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

Share
Categories : Hedge Funds
Comments (0)
  • 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…

Share
Categories : Finance, Private Equity
Comments (0)

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

Share
Categories : Finance
Comments (0)

Paul 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…

Share
Categories : Hedge Funds
Comments (0)
  • 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

Share
Categories : Private Equity
Comments (0)