• China plans a massive deep-water port and industrial zone
  •  Myanmar is concerned the project will overload it with debt

The town of Kyaukpyu, nestled around a small fishing port on the Bay of Bengal, has the air of a place expecting to get rich soon.

In the seaside market, stalls of seafood unloaded from wooden fishing boats floating in the rubbish-strewn harbor have been joined by stacks of Chinese-made toys and smartphones. Nearby, cattle graze between building sites as high-rise offices and hotels replace weather-stained bungalows. Fine-dining rooftop restaurants and a golf course underline the sense of transition…

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SYDNEY (Reuters) – Asian markets started on a firm footing and the dollar eased on Friday as softer-than-forecast U.S. inflation data tempered expectations for faster Federal Reserve interest rate rises this year…

Asian stocks near three week top, dollar eases after U.S. inflation

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SYDNEY (Reuters) – AMP Ltd (AMP.AX) could see A$35 billion in investor outflows due to the hit to its reputation from board-level misconduct, analysts at Macquarie Group Ltd (MQA.AX) said on Friday, sending shares in the Australian wealth manager to a seven-year low…

Australia’s AMP at risk of hemorrhaging wealth clients: Macquarie

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It turns out that Steve Cohen’s brother-in-law wasn’t the only person shown the door at Citadel’s Aptigon stock-picking unit. About a third of his co-workers also fulfilled their destiny in getting canned or otherwise driven away by Ken Griffin, one of Wall Street’s key rites of passage. And following them was one Lucy DeStefano, Aptigon’s former head of trading, last month.

DeStefano, as custom and legal instruments dictate, will now take the better part of year to decompress and deGriffinify. And then, it’s off to Soros Fund Management to help finance the New World Order and duck the flying lamps

Citadel Vet Flees Into the Not-At-All Infuriating Arms Of George Soros

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“U.S. support for the Sunni camp was made clear by the fact that Trump made Riyadh his first foreign stop as president, by his willingness to sell the Saudis $110 billion in military equipment, and by his repeated criticisms of Iran during his speech.  Why the United States would want to tilt toward either side in the Sunni-Shiite divide is mystifying.

These two sects have been at odds for centuries, with no signs of a detente. The Islamic State of Iraq and Syria, the world’s most dangerous terrorist organization, is Sunni. The same goes for al-Qaeda, the group founded by Osama bin Laden that brought down the World Trade Center on 9/11.”…

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HONG KONG — A Shanghai court imprisoned a tycoon who used a mountain of debt to buy the Waldorf Astoria hotel. Small Chinese companies are increasingly saying they cannot repay their bills, as money gets more expensive or harder to find. For other private businesses, the cost to borrow has shot up.

Faced with the looming consequences of a decade-long borrowing binge, the Chinese government is intensifying its efforts stamp out risky lending and speculative froth from the world’s second-largest economy. To do it, Beijing is putting the brakes on shadowy forms of underground lending and making public spectacles of the worst offenders, even as it takes steps to ensure that small investors and the broader economy are not shaken…

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The Canada Pension Plan Investment Board is among the anchor investors in India’s first private infrastructure investment trust.

Sponsored by L&T Infrastructure Development Projects Ltd., the CPPIB and Allianz Capital Partners will take a combined 55 per cent stake in the IndInfravit trust. The trust will focus on developing toll roads and other road infrastructure. It will initially acquire five operational toll roads spread across four Indian states.

The CPPIB is taking a $200-million stake, amounting to 30 per cent of the trust’s units, in addition to taking a board position.

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  • Firm likely to dismiss some pricey recruits from recent years
  •  New CEO Sewing is said to travel to New York to bolster morale

In chandeliered conference rooms and marble-floored hallways, Wall Street A-listers chatted, with no shortage of schadenfreude, about the German bank’s recent capitulation: After two decades trying to build one of the world’s top investment banks, it’s settling for something less — and may eliminate thousands of jobs, especially in the U.S…

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Good Thursday. Here’s what we’re watching:

• A slowdown in lending could pose a threat to the economy.

• Could oil prices return to $100 a barrel next year?

• Walmart’s journey to its biggest deal.

• How Michael Cohen made $2 million as a gatekeeper.

• The latest fallout from Trump’s foreign policy…

One Risk to the Economy — A Slowdown in Lending: DealBook Briefing

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As we all know, the ten-year battle royal between Hedge Funds and the Oracle of Omaha did not end well for the former. It was not close: Warren Buffett’s S&P 500 Index just about doubled between the beginning of 2008 and the end of 2017, Ted Seides’ basket of baskets of hedge funds (a.k.a. funds of hedge funds) gained about a quarter. It was so lopsided that Seides cried uncle months before the bet actually ended, while Buffett somewhat less-than-magnanimously said that he’d sooner entrust his massive wealth to a moldering corpse than to a stinking, thieving hedge fund manager…

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Foreign reserves would need to drop to $110 billion, from the $124.9 billion recorded at the end of April, to signal an “aggressive and persistent depletion,” said Singapore-based strategist Rohit Garg. That’s unlikely to happen based on recent history, he said. On top of that, Bank Indonesia closed its forward books recently, giving it another $7 billion, he said…

 Indonesia Has a $22 Billion Buffer for Defending Its Currency, Bank of America Says

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A few years back, a not-so-little hedge fund called Visium Asset Management made what proved to be a rather large a mistake. It told trader Jason Thorell that it thought he was getting paid exactly what he was worth, his own contrary opinions on the matter notwithstanding. This was not a smart thing to do to a man whose job was soliciting overly generous valuations from overly solicitous prime brokers, and who might just decide that the best way to get paid was to turn over 200 hours of conversations about the above practices with co-workers to the authorities. Because once the authorities start looking into a little mismarking among friends, they tend to think, “While we’re here, let’s take a look around,” and then find that there might have been a little bit of inside dirt circulating, which is music to the ears of the U.S. Attorney in your jurisdiction, which because you’re a hedge fund is Manhattan, whose U.S. Attorney just happens to be on a crusade to save his legacy by proving that insider trading still exists, and thinks your firm might be the perfect object lesson thereof. Next thing you know Visium Asset Management is out of the business of managing hedge funds—but it is not out of business, full stop. Because after the aforementioned nightmare comes to an end, you get to spend two years negotiating with the SEC about how much a defunct hedge fund should have to pay for all of the above. Only then can you finally, mercifully and actually go out of business…

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  • S&P 500 closes up 0.9% as U.S. CPI below estimates; oil steady
  •  10-year Treasury yield back below 3%; pound declines

Asian stocks rallied after their U.S. counterparts gained amid relief the latest reading on American inflation suggested less need for the Federal Reserve to accelerate monetary tightening. The dollar steadied after dropping the most since March.

The MSCI Asia Pacific Index is heading for its best week since February thanks to easing investor concerns that higher U.S. yields and a stronger dollar would spur broad contagion. Equity benchmarks advanced across most of the region, with Japan’s Topix heading for its highest close in 10 weeks. Malaysian assets trading offshore began to stabilize after the shock election win for the opposition. Ten-year Treasury yields held below 3 percent…

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  • U.S. bank seeks 51% stake as CEO Dimon aims for full control
  •  UBS, Nomura submitted similar applications in recent weeks

JPMorgan Brokering (Hong Kong) Ltd. is seeking permission to take a 51 percent stake in a local entity, China Securities Regulatory Commission spokeswoman Gao Li said in a statement late Thursday. The regulator will review the application “efficiently” in accordance with the law and regulations, the statement said…

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Sam Walton, who opened the first Walmart store in Rogers, Ark., in 1962, considered himself a natural merchant. “I could sell,’’ he once wrote.

Now the giant retailer he created must prove that it can also successfully buy.

Walmart on Wednesday announced a $16 billion deal to purchase 77 percent of the Indian e-commerce service Flipkart as part of its strategy to capture a piece of a fast-growing and increasingly tech-savvy market. The Flipkart deal, one of the largest and riskiest in Walmart’s history, follows a pattern of purchases over the past 18 months that includes a men’s clothing brand and a delivery start-up…

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  • Insurer’s shares price at $20, short of $24-$27 range
  •  Offering still tops Pagseguro Digital, iQiyi listings

Axa Equitable Holdings Inc., encompassing the American operations for French insurance giant Axa SA, fell almost $1 billion short of its targeted share sale in what was still the biggest U.S. initial public offering of the year.

Axa Equitable Holdings raised $2.75 billion, selling 137.25 million shares for $20 each. That was short of its targeted range of $24 to $27 apiece. The proceeds from the listing will help its French parent company fund its biggest-ever acquisition: a $15.3 billion takeover of XL Group Ltd.

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Tax bills of $1.5 billion are never fun for the recipient. First off, it’s a real logistical pain-in-the-ass to pay the IRS that much. And second, it’s ONE-POINT-FIVE-BILLION FUCKING DOLLARS.

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The job of New York attorney general over the past two decades has proved to be a launching pad for aspiring politicians who used their legal authority to go after Wall Street hucksters, corrupt politicians and real estate scofflaws.

It was a strategy laid out by former Gov. Eliot Spitzer and by Gov. Andrew M. Cuomo, who had both held the role. And Eric T. Schneiderman showed no reservation in following a similar playbook when he went after the big banks for mortgage abuses and the ride-hailing company Uber for its use of customer data…

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  • Japanese drugmaker secures $31 billion bridge loan from banks
  •  CEO Weber says deal transforms company, giving it global reach

Chief Executive Officer Christophe Weber capped a drawn-out pursuit of the U.K.-listed company with an acquisition he described as transformational that will give Takeda wider reach into the world’s biggest drug market and strengthen its global pipeline for lucrative drugs that treat rare diseases…

Takeda Moves to Join Pharma Giants With $62 Billion Shire Deal

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Defunct Hedge Fund Ends Two-Year Negotiation With Feds, Allowed To Go Out Of Business
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  • Xapo’s Casares is Bitcoin’s ‘Patient Zero’ in Silicon Valley
  •  Fingerprint scanners prevent amputated hands from being used

Behind the guards, the blast doors and down corridors of reinforced concrete, sit the encrypted computer servers — connected to nothing — that hold keys to a vast digital fortune.

Argentine entrepreneur Wences Casares has spent the past several years persuading Silicon Valley millionaires and billionaires that Bitcoin is the global currency of the future, that they need to buy some, and that he’s the man to safeguard it. His startup, Xapo, has built a network of underground vaults on five continents, including one in a decommissioned Swiss military bunker…

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As we all well know, Wall Street has yet to have its #metoo moment. Try as Elizabeth Warren might, she just can’t find any hedge fund managers broadcasting hardcore porn on their trading floors or getting a little on the side from a subordinate after an mandatory strip-training session or including a lack of aversion to the term “sugar tits” in secretarial job listings or hanging out with alleged pervertswhile his own firm is allegedly telling female employees “this is just a really tough place for women, and that’s not going to change,” nor any bailed-out insurance giants staffed by under-desk Peeping Toms, nor banks firing senior VPs for objecting to suggestions that young female subordinates to get down to some horizontal business development with clients, nor even any high-profile supporters and enablers of those brought low by sexual harassment and assault allegations in other industries. Why, all over Wall Street today, people are undoubtedly cheering the fall of New York Attorney General Eric Schneiderman—not because he was a real pain in the ass, of course, but because of those women he allegedly choked…

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  • Falling shares cut $4.3 billion from the Walton family fortune
  •  Walmart’s purchase makes Flipkart’s co-founders billionaires

Walmart Inc., controlled by the Walton family, led a group that bought a 77 percent stake in Flipkart Online Services Pvt. The deal valued the Indian company at about $21 billion…

Walmart’s $16 Billion India Investment Hits Waltons’ Fortune

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Billionaire Albert Frere’s Groupe Bruxelles Lambert SA selected Goldman Sachs’s international unit to sell its 6.6 percent stake in Burberry for about 498 million pounds ($673 million). While the investment bank bought the shares at a discount of more than 4 percent to Tuesday’s closing price, the stock fell on the news and dropped as much as 7.8 percent in London. That left the firm holding shares at a paper loss, said the person, who asked not to be identified because the bank’s position isn’t public…

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The National Pension Hub (NPH) for Pension Knowledge and Research is gearing up:

Through collaboration with leading Canadian pension plans, service providers, academia, and policy makers, the Global Risk Institute has established the National Pension Hub for Pension Knowledge and Research.The purpose of the NPH is to provide a sustainable pipeline of independent and objective pension research that, among other things, will lead to innovative solutions to pension design, governance and investment challenges. It leverages the global leadership of Canadian pension plans and consulting plans and engages the academic community on complex research topics to produce objective pension-focused and industry-relevant research and insights. We strive to offer local pension design insights as well as globally-relevant pension investment and governance research to establish Canada as a source for leading pension research…

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  • Digital Asset Fund is still down 34 percent year-to-date
  •  Winter slump was likely tied to tax-related selling, firm says

Bitcoin had a pretty good April. Pantera Capital had an even better one.

The hedge fund’s Digital Asset Fund, which was launched in November and includes a number of different virtual currencies, surged 46 percent last month, compared with a 31 percent gain registered by the biggest digital coin, Pantera said in an investor letter Wednesday, citing “dynamic trading” for the strong performance…

Crypto Hedge Fund Pantera Says Returns Outpaced Bitcoin in April

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  • Deal removes ‘uncertainty’ over the potential cost, CEO says
  •  Lender must still hash out final terms with U.S. authorities

Royal Bank of Scotland Group Plc said it reached a tentative agreement to pay a $4.9 billion penalty to resolve a long-running U.S. probe into its packaging and sale of mortgage-backed securities before the 2008 financial crisis.

While most of the cost will be covered by money the company already set aside, the deal will cut second-quarter earnings by $1.44 billion, the bank said in an emailed statement. Analysts had estimated the firm would pay more to resolve U.S. scrutiny of its mortgage business. At Deutsche Bank AG they projected $9 billion, and at Bloomberg Intelligence more than $11 billion…

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The fact that more public companies are being acquired by large global private equity firms is neither shocking nor problematic, at least according to the titans of private equity.

It’s hardly surprising that boards of formerly public companies elect to give private equity a chance, said Jonathan Sokoloff, managing partner of Leonard Green & Partners…

Private Equity Going Public?

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Blankenship, who was running in a deep primary of Republican candidates, built his campaign on attacking Senate Majority Leader Mitch McConnell and Elaine Chao. Blankenship particularly went after their Chinese family. (RELATED: Don Blankenship Releases New Ad Attacking Mitch McConnell’s ‘China Family’)

President Trump urged West Virginians to vote for other Republican candidates, insisting that Blankenship cannot win the general election and to “remember Alabama.”

“Don Blankenship, currently running for Senate, can’t win the General Election in your State,” Trump tweeted on Monday…

Don Blankenship Credits Trump With Helping Him Lose WV

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Elon Musk and Warren E. Buffett clashed over the weekend after Mr. Musk, Tesla’s chief executive, derided as lame Mr. Buffett’s concept of companies having “moats” to keep potential competitors at bay. When Mr. Buffett, the Berkshire Hathaway chairman, cited his confectionery maker, See’s Candies, as proof to the contrary, Mr. Musk pledged to launch his own candy maker. It’s an invitation for investors to take sides; many already have.

For the 40,000 shareholders who flooded Omaha for Berkshire Hathaway’s annual meeting on Saturday, Tesla looks like the epitome of a terrible investment. Mr. Buffett prizes companies with healthy management incentives, simple operations and little competition. Mr. Musk’s electric-car maker flunks on all three counts…

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“I’m not a seller of my French business,” Drahi told reporters. “I started my entire business in France and there is no chance I sell.”

Billionaire Drahi Isn’t Willing to Sell Altice’s French Unit

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SAN FRANCISCO — Some of the biggest names on Wall Street are warming up to Bitcoin, a virtual currency that for nearly a decade has been consigned to the unregulated fringes of the financial world.

The parent company of the New York Stock Exchange has been working on an online trading platform that would allow large investors to buy and hold Bitcoin, according to emails and documents viewed by The New York Times and four people briefed on the effort who asked to remain anonymous because the plans were still confidential…

Bitcoin Sees Wall Street Warm to Trading Virtual Currency

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  • Groupe Bruxelles Lambert to sell 6.6 percent Burberry holding
  •  Frere began building investment in trench-coat maker last year

Frere’s Groupe Bruxelles Lambert SA is offering 27.6 million shares in a private placement via Goldman Sachs International, according to a statement Tuesday. The firm said proceeds from the sale of the stake, equal to 6.6 percent of the London-based luxury company, will help it make new investments…

Billionaire Frere to Sell Entire $700 Million Burberry Stake

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Spanish actor Antonio Banderas is listing his Manhattan apartment, which overlooks Central Park, for $7.95 million.

The “Puss in Boots” and “The Mask of Zorro” star purchased the home for $3.995 million in 2005 with then-wife, Melanie Griffith, property records show. Mr. Banderas took title to the property in 2016 following their divorce, records show…

Actor Antonio Banderas Lists Manhattan Apartment for $7.95 Million

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  • At least three co-founders are on brink of 10-figure fortunes
  •  Chairman Lei Jun may end up as China’s fourth-richest person

Eight years later, Lei Jun and the seven other Xiaomi co-founders have created a company that wants to challenge the global industry dominance of Apple Inc. and Samsung Electronics Co. It’s also targeting an initial public offering that’s expected to be the largest since 2014, and which could create five new billionaires…

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Hayden Capital’s Fred Liu found inspiration in the top chef’s seminal cookbook and shared it with his team.

Liu was inspired by the chef’s seminal cookbook “to free [readers] from feeling you must follow a recipe—to help you trust your instincts.” It’s a philosophy he compares to Elon Musk’s idea of viewing learning like a tree, making sure you understand “the fundamental principles, i.e. the trunk and big branches, before you get into the leaves/details.”…

A Hedge Fund Manager Wants His Employees to Learn From Tom Colicchio

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The consumer stampede to streaming media from traditional broadcasters is claiming an unexpected victim: high-yield bond investors.

Telecommunications, cable and satellite companies have borrowed hundreds of billions of dollars in junk debt to build networks that would allow them to dominate their markets for decades to come…

Cord-Cutting Pain Spreads to High-Yield Bond Market

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  • Park Avenue unit is $9 million collateral as taxi loans swoon
  •  Deal with Sterling National suggests financial pressure

The transaction, outlined in public filings this week, indicates the financial pressure on Cohen is hitting close to home as federal prosecutors delve into a broad range of his business activities, including a hush payment to a porn actress…

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The value of investments by public pension funds declined last quarter, widening the gap between what these funds say they will earn and what they actually make.

Pension funds across the U.S. must each year estimate how much they expect to earn on investments, a projection that determines the amount the government that is affiliated with the pension fund must pay into it. Robust returns reduce the need for government support…

 Pension Funds Still Making Promises They Probably Can’t Keep

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  • Ashkenazy, Kingdom Holding are said to exercise option
  •  Investors Shahal Khan and Kamran Hakim previously struck deal

Ashkenazy and Kingdom have less than two weeks to come up with a deposit and proof of funds for the total or their deal will be canceled, said the person, who asked not to be identified because the details of the deal are private. A cancellation would reinstate the earlier agreement, signed by Shahal Khan and Kamran Hakim, the person said…

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He was a personal-injury lawyer who often worked out of taxi offices scattered around New York City.

There was the one above the run-down auto repair garage on West 16th Street in Manhattan, on the edge of the Meatpacking District before it turned trendy. There was the single-story building with the garish yellow awning in the shadow of the Queensboro Bridge. There was the tan brick place on a scruffy Manhattan side street often choked with double-parked taxis…

How Michael Cohen, Trump’s Fixer, Built a Shadowy Business Empire

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  • Lenders have ‘fear psychosis’ about decisions going wrong
  •  India is probing bankers for alleged impropriety over loans

The wait for investors to acquire some of the $210 billion of stressed assets up for grabs in India is likely to get longer. That’s because creditors are afraid to take decisions.

Current and former top bankers from at least four state-run lenders are under investigation for alleged impropriety over their lending decisions, while the Central Bureau of Investigation has started a preliminary inquiry into an alleged nexus between Videocon Chairman Venugopal Dhoot and the spouse of ICICI Bank Ltd. CEO Chanda Kochhar after ICICI extended credit to the conglomerate…

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The private equity executive and the first African-American chairman of Carnegie Hall bought a 10,000-square-foot triplex with a rooftop terrace

Private equity executive Robert F. Smith was the buyer who purchased a $59.058 million penthouse in New York’s Chelsea neighborhood, according to two people familiar with the deal.

The transaction, while short of Dell Technologies founder Michael Dell’s record $100 million-plus penthouse purchase in 2014, is still one of the largest sales ever recorded in the city…

 Robert F. Smith Spends Nearly $60 Million on a New York Penthouse

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  • Danie van der Merwe borrowed 26.4 million rand on Nov. 29
  •  Steinhoff shares plunged a week later amid accounting scandal

Steinhoff International Holdings NV said acting Chief Executive Officer Danie van der Merwe repaid a 26.4 million-rand ($2.1-million) loan backed by company shares that he took out a week before the retailer’s stock collapsed because of an accounting scandal.

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  • Subdued inflation, firmer current accounts provide insulation
  •  Conditions vary but overall defences are in better shape

Emerging market central banks are facing their stiffest test since the 2013 taper tantrum.

Investors are increasingly betting the Federal Reserve will keep raising interest rates into 2019, sending the dollar soaring against most developing-nation currencies in the past month…

 Emerging Market Central Banks Face Toughest Test Since Taper Tantrum

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A Connecticut estate on roughly 187 acres—and home to a menagerie of animals including peacocks, pheasants and parrots—is going on the market for $13.75 million.

Known as Cobble Hill Farm, the property is about 100 miles outside New York City in West Cornwall, a small village that attracts affluent weekenders, according to Carolyn Klemm of Klemm Real Estate, who has the listing with colleague Roger Saucy. The property is one of the most expensive on the market in Litchfield County, she said…

A Connecticut Estate With Animal Menagerie Seeks $13.75 Million

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If the employees of Berkshire Hathaway Inc. and all its subsidiaries were packed into one city, the population would be about the same as Tampa, Florida.

The inhabitants of this fictional town—call it Buffettville, after the company’s longtime leader, Warren Buffett—would be its own economic microcosm. There’d be airplane pilots, train conductors, garment workers, welders, insurance adjusters, chemists and car salesmen, to name just a few professions. Every year, as the conglomerate buys companies in the real world, more factories and offices would pop up in Buffettville, adding to its population…

As Warren Buffett’s Empire Expands, Many Jobs Disappear

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Investments called private placements are among the fastest growing in finance, outpacing the public stock market. They are frequently populated by brokers with red flags in their record

Ray Kay, who works as a financial adviser in Beverly Hills, Calif., advertised on the radio a purportedly low-risk, high-income investment.

There were a few points Mr. Kay omitted. He used to be called Raymond L. Kotrozo. Under that name, he was barred from the securities industry for allegedly running a fraud, according to public records, and later fined $5,000 for breaking that ban…

A Private-Market Deal Gone Bad: Sketchy Brokers, Bilked Seniors and a Cosmetologist

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  • Mandelblatt’s firm will oversee about $6 billion after shift
  •  Gaurav Kapadia, Soroban’s co-founder, leaves to run own money

Eric Mandelblatt, who co-founded Soroban Capital Partners eight years ago, is closing his oldest fund to focus on a more concentrated portfolio of stocks, cutting assets under management by almost half.

Mandelblatt also told investors in a letter Monday that Gaurav Kapadia, Soroban’s co-founder and co-managing partner, is leaving the firm to start his own family office, where he will invest in both public and private companies. Mandelblatt said he would invest with Kapadia if he decides to start his own hedge fund…
Soroban Shuts $4 Billion Hedge Fund to Concentrate Portfolio
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  • Compass Point sees ‘untold repercussions’ from unwinding deal
  •  Withdrawal would test U.S.-Israel relations, Horizon says

President Donald Trump says he will announce his decision on Iran Tuesday at 2 p.m. Geopolitical jitters — along with the start of the summer driving season and positive jobs data — had helped push oil above $70 a barrel for the first time since November 2014. Stocks pared gains and oil futures dipped as investors weighed the forthcoming announcement. The U.K. and Israel are making their final pitches as Trump mulls an exit…

How Wary Wall Street Is Sizing Up Trump’s Plan for Iran Decision

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COPENHAGEN — At first blush, Margrethe Vestager’s decision to investigate Apple’s planned acquisition of the music-identification app Shazam seems fairly minor, at least by her standards. As Europe’s competition commissioner, Ms. Vestager is known for aggressively pursuing big cases against Silicon Valley giants, and the Shazam deal is a smallish one, by most estimates valued at far less than $1 billion.

But what interests Ms. Vestager about the transaction is not the amount of money at stake, but the amount of data. In a rapidly expanding information economy, she believes the control of data is a new regulatory frontier…

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  • About 1,500 lots are expected to fetch more than $500 million
  •  Christie’s auction draws huge interest from Asian collectors

Get ready for the biggest tag sale in history.

More than 1,500 items from the estate of Peggy and David Rockefeller — Impressionist and American paintings, English furniture and silver, 19th century carriages, Persian rugs, Japanese porcelain, Moroccan lamps, a Napoleon’s dinner service, duck decoys, gilded Buddhist deities, African figurines — are coming up for auction, starting May 8 at Christie’s in New York. There is an online sale and six live auctions. Christie’s officially estimated the trove at more than $500 million, while privately whispering that it may be much higher…

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  • Proposal would cancel $7 billion from children’s insurance
  •  Cancellation won’t affect $1.3 trillion fiscal 2018 budget

President Donald Trump’s administration is asking Congress to cancel $15 billion in unspent government funds, including $7 billion from the Children’s Health Insurance Program, a senior administration official said Monday.

The proposal is a Republican effort to claim fiscal responsibility after a deficit-increasing tax cut and a massive fiscal 2018 spending bill

Trump Seeking $15 Billion Cut in Unspent Federal Funds, Official Says

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A funny thing happened on the way to impeaching Donald Trump. After two-years of investigations by a highly politicized FBI and a Special Counsel stacked with Clinton supporters, Robert Mueller’s probe has resulted in the resignation of National Security Advisor Michael Flynn, the arrests of Paul Manafort and Rick Gates, and the indictment of 13 Russian nationals on allegations of hacking the 2016 election – along with the raid of Trump’s personal attorney, Michael Cohen.

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  • Baijiu distillers trade at a discount to global liquor peers
  •  Distillers have higher free cash flow vs Chinese brewers

The grain liquor that is China’s national spirit is known for its potency. To investors, the companies that distill the alcohol known as baijiu also pack quite the punch.

E Fund Management Co.’s Xiao Nan, a top fund manager in China, describes the sector’s business model as “stand still and collect money.” His E Fund Consumption Industry Equity Fund has returned 52 percent over three years through May 4, the best performance among 161 A-share funds with at least three years of history and more than 1 billion yuan ($159 million) of assets, according to data compiled by Bloomberg. About a third of his portfolio are baijiu stocks like Kweichow Moutai Co. and Wuliangye Yibin Co., which have both been on bull runs over the last three years…

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Existing Vinhomes investors plan to sell shares at 114,700 dong apiece in the offering, the people said, asking not to be identified because the information is private. The shares were marketed at 110,500 dong to 114,700 dong each, according to terms obtained earlier by Bloomberg…

Vinhomes Is Said Poised to Price $1.35 Billion Share Sale at Top

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The property is located in Orlando Park, Ill. and features a drive-thru pharmacy and a large parking lot accommodating more than 450 vehicles.

The Boulder Group has arranged a new net-leased retail property deal in the Chicago metro area. The 63,400-square-foot Jewel-Osco store is located at 17930 Wolf Road in Orland Park, Ill., and was sold to a West Coast 1031 investor for $12.7 million. The grocery store’s lease expires in 20 years.

The market for standalone grocery properties remains active as investors are attracted to the superb locations,” said The Boulder Group President Randy Blankstein, in prepared remarks. Blankstein and Jimmy Goodman, a partner with the firm, brokered the deal on behalf of the seller, a private real estate investment company based in the southwest…

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Democracies will increasingly have to choose between raising wages and redistributing income or maintaining free trade and capital flows. Because they are likely to choose the former, the world may face a long-term reversal of globalization.

Investment-driven growth can broadly occur in the form of one of two models, each with a different way of treating wages and household income. One model, which I will call the high-wage model, incorporates and encourages high wages as the engine behind growth and productivity gains. I will call the other model the high-savings model. In this model, growth seems to be driven mainly by growth in savings, which provides the cheap capital that drives investment, which in turn drives productivity gains…

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  • CEO Tsien says loan allowances may rise in later quarters
  •  Investors expected better interest margins, BI analyst says

Southeast Asia’s second-largest bank slid as much as 3.2 percent in Singapore on Monday morning after Chief Executive Officer Samuel Tsien signaled that last quarter’s decline in loan allowances may be as good as it gets this year. Analysts expressed concern that OCBC’s loan margins failed to widen from the previous quarter — unlike those at DBS Group Holdings Ltd. and United Overseas Bank Ltd. — even as benchmark interest rates rose…

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NKF Capital Markets, which handled the transaction, expects the disposition of the Southgate Mall in Missoula to be one of the largest 2018 mall sales in the Pacific Northwest.

The 447,952-square-foot Southgate Mall in Missoula, Mont., which was recently transformed from an enclosed regional mall to a hybrid open-air town center, has been sold by its longtime private owners to retail REIT Washington Prime Group Inc. for $58 million.

NKF Capital Markets Thomas Dobrowski, Katherine French and Ed Leinss handled the transaction. It is expected to be one of the largest 2018 mall sales in the Pacific Northwest, according to NKF…

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