DAVOS, Switzerland — As business and political leaders arrive in the Swiss Alps for the annual meeting of the World Economic Forum, a surprisingly alarming letter from an influential investor who studiously eschews attention has already emerged as a talking point.

The letter, written by Seth A. Klarman, a billionaire investor known for his sober and meticulous analysis of the investing world, is a huge red flag about global social tensions, rising debt levels and receding American leadership…

Chilling Davos: A Bleak Warning on Global Division and Debt

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  • Judge called for tree trimming, power shutoffs to stop fires
  •  Utility says it would take 650,000 workers to implement

PG&E Corp. estimates it would cost as much as $150 billion this year alone to comply with a federal judge’s extraordinary fire-safety proposal.

The figure would be about five times as much as PG&E’s forecast liabilities for wildfires that scorched the state in 2017 and 2018. The estimate was included in PG&E’s response Wednesday to a call by U.S. District Judge William Alsup for the utility to trim tree branches and inspect and repair thousands of miles of power lines or cut local electricity supply to prevent wildfires…

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  • Agency alleged Statim’s Joseph Meyer lied about performance
  •  SEC case against him has been stalled by government’s closure

The SEC) headquarters in Washington. Photographer: Zach Gibson/Bloomberg

The day after Christmas, a hedge fund manager who made the remarkable promise that he would never lose investors’ money was accused of stealing from his clients by U.S. regulators.

But then the partial government shutdown hit and the Securities and Exchange Commission’s case went into purgatory, with all court proceedings put on hold…

A Hedge Fund Got Sued by the SEC. The Shutdown Sent the Case Into Purgatory

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  • David Webb quit his job at 33, got rich investing in Hong Kong
  •  His research, reform push could undermine his competitive edge

Most great stock pickers do all they can to preserve their competitive edge. David Webb is trying to make his disappear.

The former Barclays Plc banker isn’t opposed to making money per se. After earning about 20 percent a year from his personal investments in Hong Kong shares since 1995 –- more than double gains in the city’s benchmark index — he seems happy to have amassed a fortune of at least $170 million…

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Running out of gimmicks to goose ‘earnings’ growth

So, did the nauseating last few months of 2018 signal the end of the secular bull market?

Or is the rebound that kicked-off 2019 a sign that the uptrend is still intact? Or it is just a dead-cat bounce?

Lance Roberts, chief investment strategist and chief editor of Real Investment Advice, returns to the podcast with fresh data that suggests the bear market that emerged late last year is still in play.

Of greater concern to him, though, is where things are headed from here:

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  • Company founders can use stock as collateral and not reveal it
  •  Jiayuan’s 89% drop was only the latest case to hit investors

Hong Kong’s share pledge problem is raising its head once again.

Jiayuan International Group Ltd. sank as much as 89 percent on Thursday on what turned out to be a margin call on stock used as collateral by its chairman. The sudden plunge, the biggest decline in the world this year of a company worth more than $1 billion, was the latest example of a Hong Kong-listed business losing almost all its value in a matter of minutes and then revealing that an insider had pledged a substantial amount of their shares for loans…

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  • Heirs of industrialist Harald Quandt run multi-family office
  •  HQ Trust now handles the assets of around 100 wealthy families

Hidden on the edge of a spa town, less than half an hour’s drive from Frankfurt, is a company that lets you invest alongside one of Germany’s richest families.

Visitors to HQ Trust in Bad Homburg are quickly introduced to the most famous family member, Harald Quandt. Not in person —- the German industrialist died in 1967 —- but via a pair of specially-commissioned portraits of him by Andy Warhol that hang in the lobby (there are also two of his wife)…

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Why the campus safety office and the endowment manager may feel differently about Bird.

Colleges are nervous about the boom in shared electric scooters, which riders can rent with an app and then leave at their destination for the next rider. Administrators see students zipping down campus streets and sidewalks as a safety hazard. They worry about unused scooters littering the quad and people tripping over them…

Colleges That Rushed to Fund Electric Scooter Startups Don’t Love Them on Campus

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  • UBS not immune to market swings that’s made clients nervous
  •  Credit Suisse warns of ‘difficult’ quarter despite resilience

Managing money for the wealthy — once touted as a panacea for banks burned by investment banking’s cutthroat rivalry and lenders’ smothering capital requirements — is proving to be anything but.

UBS Group AG, the world’s largest wealth manager, predicted lower revenue from its asset management and wealth divisions in coming weeks after seeing $13 billion yanked during the final months of 2018. Credit Suisse Group AG signaled that its assets under management were resilient during the recent equities meltdown, but warned it’s been a “very difficult quarter.”…

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  • Technology shares lead U.S. stocks lower; yen holds gains
  •  West Texas crude oil extends decline; dollar steadies

Asian stocks reversed early losses Wednesday as traders juggled continuing doubts about the prospects for Sino-American trade progress with signs of China stimulus and moves in Congress to end the U.S. government shutdown. The yen slid.

Shares in Hong Kong, China and Korea led the turnaround, even after all major U.S. benchmarks declined. White House adviser Lawrence Kudlow said that negotiations scheduled for next week will be “very, very important” and “determinative.” Meantime, the Senate scheduled a vote for Thursday on Democratic-backed legislation to reopen the government, the first sign of a possible way out of the shutdown. China’s central bank pumped liquidity into the banking system through a new tool…

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J-Gundz didn’t quit Twitter so much as he quit on “us.”

It seems like only yesterday that Jeff Gundlach warmed the cockles of our cold, dead heart by announcing that he had joined Twitter to share his thoughts on investing and also call bullshit on Business Insider.

Over the last few, precious months, Jeffrey has dropped truth bomb after truth bomb and moved markets with his megamind-like thinking. He also likes to livetweet Buffalo Bills games, play arch political pundit and verbally roll his eyes at Larry Kudlow. As much as we like to hew to icy snark around here, we have to say this: Jeffrey Edward Gundlach is very good at Twitter…

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The plan by PG&E Corp., owner of California’s largest electric utility, to file for bankruptcy protection won’t be felt just by its ratepayers, employees and suppliers. It will have an effect on whether residents of areas devastated by wildfires will receive the compensation they’re expecting, and whether California can live up to its ambitious goals on climate change. But the decision also represents a shock to investors who just two months ago were paying above par for PG&E’s bonds. Most broadly, it points to the danger that global warming could pose for many companies. Those risks aren’t always obvious, and assessments of them are often buried deep within securities disclosure. Is it time for them to move from the fine print to become an active market concern?…

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Son of Jewish immigrants launched business as a college student and advocated strong U.S. support for Israel

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  • Radio broadcaster receives confirmation of Chapter 11 plan
  •  Aims to exit bankruptcy within the first half of the year

iHeartMedia Inc. gained court approval for a plan that would cut about $10 billion of debt and allow it to emerge from bankruptcy within the first half of this year.

The biggest U.S. radio broadcaster got confirmation in the U.S. Bankruptcy Court for the Southern District of Texas for a creditor-supported plan that reduces its debt to $5.75 billion from $16.1 billion and spins out Clear Channel Outdoor Holdings Inc. into a separate company, according to a statement. That could position both companies as takeover targets…

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  • Amulet Capital made double-digit returns trading JGB futures
  •  Japan bond market remains distorted despite volatility return

A small Japanese hedge fund has managed to clamber its way to double-digit annual returns despite focusing solely on the country’s zero-yielding government bond market.

Amulet Capital Management Co. enjoyed an average annual return of 22 percent over the past three years, according to chief executive officer Toshiharu Matsuda, a former derivatives trader with Nomura Holdings Inc. The fund employs a trend-following JGB futures trading strategy and has found itself on the right side of market reaction to policy changes from the Bank of Japan…

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  • Emirate’s bond investment won’t be a game changer for Lebanon
  •  Qatari ruler was one of few leaders to attend summit in Beirut

Qatar said on Monday it plans to buy $500 million of Lebanese government bonds to help support one of the world’s most indebted countries. Eurobonds rallied by the most since September.

Lebanon’s struggling economy needs a cash infusion to reassure bond holders still reeling from mixed remarks by officials about the possibility of debt restructuring this month…

Qatar Plans to Support Lebanon With $500 Million Bond Buy

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The services sectors that account for the biggest chunk of China’s expansion slowed more sharply than the overall economy last quarter.

Growth in the retail and wholesale sectors slowed to 5.5 percent in the fourth quarter of 2018 from a year earlier, down from 7.2 percent at the end of 2017. Real-estate growth slid to 2 percent in the quarter, compared with the 5.9 percent pace a year earlier. Together, they make up almost a third of the services sector…

China Retail, Real Estate Slow More Sharply Than Overall Economy

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  • French data watchdog levies its first fine under boosted power
  •  Panel’s decision follows complaint by Austrian group in May

Alphabet Inc.’s Google was at the receiving end of a hefty fine of 50 million euros ($56.8 million) by France’s privacy regulator, which used its new powers to levy much higher penalties for the first time under European Union data protection rules.

France’s data authority CNIL said the amount of the fine was “justified by the severity of the infringements observed regarding the essential principles” of the EU’s General Data Protection Rules, or GDPR. They are “transparency, information and consent,” it said Monday in a statement…

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Price cuts.  Cookies at open houses.  Listings lasting longer than a few weeks on the MLS.  The housing slow down is now officially here.  Delusions usually end up on a direct path with reality.  Housing is always a lagging indicator of underlying economic activity.  People will fight to the bitter end to save their homes.  Unlike the stock market, prices do not adjust overnight.  However, in places like California the weak performance in the stock market last year is going to hit the bottom line for state tax revenues.  It is also giving pause to VC money that was chasing absurd companies with nonsensical P/E ratios in search for the next billion-dollar unicorn.  But little by little inventory is starting to pile up.  People are opting to rent versus buy or in California, or as over 2 million adult “children” have opted to do, move in with their baby boomer parents.  So what does the rise in inventory signal for 2019?…

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  • Credit ratings of five group firms revised lower in two months
  •  154-year-old group is in process of divesting more assets

Pallonji Mistry in 2006. Photographer: India Picture/UIG via Getty Images

Reclusive billionaire Pallonji Mistry is trying to offload more assets and pay down debt after some of his companies had their debt ratings cut late last year.

Ratings on debt instruments of at least five companies in the 154-year-old Shapoorji Pallonji Group were cut in the last two months. The conglomerate’s businesses range from construction to real estate and financial services…

Tycoon Mistry’s Asset Sales in Focus After Downgrades

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  • Apportionment on heavy oil line falls to 39% from 42%
  •  Rationing eases as heavy oil price surges $7 discount to WTI

A month into Alberta’s mandatory oil curtailment and rationing on the country’s biggest heavy-crude export pipeline system has eased, but very little.

Apportionment, the percentage by which each shipper’s nominated volume is reduced in order to meet a pipeline’s capacity, will be 39 percent on the heavy oil line 4/67 of Enbridge Inc.’s mainline system out of Kerrobert, Saskatchewan, in February versus 42 percent in January, the company said on Monday. Apportionment on light oil line 2/3, by contrast, increased in February to 46 percent from 43 percent in January…

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  • IMF cuts world growth forecast; trade outlook as murky as ever
  •  Markets lack conviction as U.S. exchanges shutter for holiday

U.S. equity futures and European stocks slipped on Monday while Asian markets posted modest gains as investors weighed the latest batch of competing headlines on global growth and trade. The dollar was steady and bonds in Europe were mixed.

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  • Cboe to trade European stocks from Netherlands, not the U.K.
  •  CME moves its foreign exchange derivatives market to Amsterdam

Two key markets are moving out of the U.K. as Brexit forces finance firms to put more of the region’s trading infrastructure on the continent.

CME Group Inc. will move its foreign-exchange forwards and swaps venue, which has trading volumes of about $15 billion a day, from London to Amsterdam, while Cboe Global Markets Inc. will shift most European equities trading to its market in the Dutch capital after Brexit…

Brexit Forces Equity, Foreign-Exchange Markets to Leave London

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  • Earnings consensus still too high, but investors seem aware
  •  Rally started 10 months before positive EPS revisions in 2016

The coming earnings season is likely to be ugly, but that may not be taken badly by an equity market that’s already anticipating negative news, according to JPMorgan Chase & Co.

Particularly weak activity indicators in Europe suggest the coming season is likely to be challenging and below consensus estimates, according to strategist Mislav Matejka, who has cut his expectations for the region’s earnings-per-share growth by 3 percent for the year…

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  • Most executives plan to maintain or raise capex this year
  •  Companies say a skills shortage will be a hindrance to growth

After years of gloom, the oil industry’s out of its slump.

Three-quarters of senior oil and gas professionals surveyed by energy and maritime services company DNV GL AS say they are optimistic about the sector’s growth in 2019, their sunniest outlook since before the crude-price collapse in 2014. Confidence across the energy industry is now where it was in 2010, when Brent soared to $95 a barrel, about 50 percent above today’s level…

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  • Jiayuan previously said it had no information to disclose
  •  Developer led a tumble by shares in the city last week

The chairman of a Hong Kong-listed property developer and his wife cut their stake just as the stock plunged 89 percent.

Shum Tin Ching and his wife Wang Xinmei sold 93.6 million shares of Jiayuan International Group Ltd. on Jan. 17 at an average of HK$2.7611 apiece — about a 79 percent discount from the previous day’s close — according to a Hong Kong exchange filing. That reduced their shareholding to 53.92 percent from 57.65 percent. Their trades made up about a quarter of the entire volume in the stock for that day, according to data compiled by Bloomberg…

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  • Billionaire says 650,000-barrel-day plant to finish next year
  •  Wood Mackenize says refinery won’t be completed until 2022

Workers climb scaffolding surrounding a storage tank at the under-construction Dangote Industries Ltd. oil refinery and fertilizer plant site in the Ibeju Lekki district, outside of Lagos.

Photographer: Tom Saater/Bloomberg

Nigerian billionaire Aliko Dangote said he’s on schedule to finish by next year his $15 billion oil refinery, which will be one of the world’s biggest, despite analysts saying the timeline is ambitious.

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  • The house is located about half a mile from Buckingham Palace
  •  Charles McDowell sees ‘real buying opportunities in London’

3 Carlton Gardens, London. Source: Google Maps

There are still buyers out there for top-end homes in London.

Citadel LLC founder Ken Griffin bought 3 Carlton Gardens, a 200-year-old home that overlooks London’s St. James’s Park about half a mile from Buckingham Palace. The billionaire hedge-fund manager paid about 95 million pounds ($122 million) for the property, a Citadel spokesman said…

Hedge Fund Billionaire Griffin Buys $122 Million London Home

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  • Deutsche Bank Wealth says China shares will lead Asia advance
  •  Investors cite earnings growth, government stimulus as reasons

At the end of October, when Chinese shares were in freefall, the chief investment officers at Deutsche Bank Wealth Management made a bold call: the worst was over for the world’s second-largest equity market.

Since the start of November, the MSCI China Index of the nation’s shares has rebounded more than 7 percent…

Fund Managers Who Called China Stock Bottom See More Gains Ahead

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U.S. territory’s oversight board favors sales-tax bonds in deal

Puerto Rico’s federal supervisors are making a final push to write down $18 billion in sales-tax bonds under a settlement that would mark their largest renegotiation yet of the U.S. territory’s crushing debts.

The restructuring proposal covers the revenue bonds known as Cofinas, which make up roughly 40% of Puerto Rico’s core government debt. First issued in 2007, the Cofina bonds are backed by sales taxes that provided investors a secure source of repayment and lowered Puerto Rico’s borrowing costs…

Puerto Rico’s $18 Billion Bond Restructuring Nears Completion

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Last week, bank stocks posted their strongest five-day gains in more than two years

Wall Street trading desks had a horror-show fourth quarter that dragged on bank results. But investors in big-bank stocks focused instead on gains in lending businesses and improving sentiment around the U.S. economy.

The result: last week, bank stocks posted their strongest five-day gains in more than two years. The KBW Nasdaq Bank index rallied 7.7%, the best one-week rise since the 2016 presidential election. That has erased a big chunk of steep losses suffered amid fourth-quarter market tumult…

Bank Investors Look Beyond Trading Revenue to Deliver Strong Gains

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  • South Korea, Malaysia poised to keep interest rates on hold
  •  China growth data key as trade-war concerns continue to loom

South Korea and Malaysia may provide further evidence this week that emerging-market central banks have successfully vanquished the currency crises of 2018, with policy makers in both countries forecast to hold interest rates steady.

Turkey, Indonesia and South Africa all kept rates on hold last week, underscoring how tighter monetary policy in many developing economies is keeping the lid on inflation, part of a mix that’s helping to fuel stocks, bonds and currencies…

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Lim Guan Eng seeks full reimbursement and reparations for the money the 1MDB fund raised with the investment bank’s help

PUTRAJAYA, Malaysia—Malaysia’s finance minister waved off an apology from Goldman Sachs Chief Executive David Solomon for the role of one its then-bankers in the scandal surrounding state investment fund 1Malaysia Development Bhd., saying it wasn’t enough.

Lim Guan Eng said Friday that the only apology that would matter is one that comes with full reimbursement and reparations for the $6.5 billion the 1MDB fund raised with the investment bank’s help. Prosecutors say much of the money was later siphoned off, with several hundred…

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America’s naughtiest lender will stay under Fed punishment for the whole year.

How is your 2019 going so far, Tim Sloan?

Wells Fargo will continue to operate under a Federal Reserve restriction on its growth through the end of this year, its CEO said on Tuesday, longer than previously estimated.
Shares of the San Francisco bank fell nearly 3 percent on Tuesday.

We’ll take that as a “so-so”?…

Wells Fargo Admits That It Will Remain In A Bad Bank Time Out For 2019

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  • Rightmove says owners holding off listing properties for sale
  •  Prices rise nationally, led by gains in northern England

London home asking prices fell to their weakest level in 3 1/2-years in January as sellers spooked by Brexit held off putting their properties up for sale.

Asking prices in the capital slipped 1.5 percent from December to 593,972 pounds ($765,000), the lowest level since August 2015, according to Rightmove. New listings in the first two weeks of the year were 10 percent lower than in 2018 as owners were deterred by the cost of moving and concern about the political backdrop, the property website said…

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For Vanguard’s founder, much of life was a near-death experience

History will remember Jack Bogle, the founder of Vanguard Group, as the great democratizer of capitalism, the person who made it possible for just about everyone to afford to buy a stake in stocks and bonds.

I will remember him as the most extraordinary combination of stubbornness and flexibility I have ever encountered. Mr. Bogle died on Jan. 16 at the age of 89…

What Drove Jack Bogle to Upend Investing

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Sears’ unsecured creditors file a “no ghouls” motion.

We’ve expressed a bit of skepticism about the wisdom of Eddie Lampert’s plan to buy Sears again. He finally had a chance to walk away from his biggest mistake ever, and instead he wants to repeat it. Why?

Sears’ unsecured creditors think they know why

Some People Don’t Think Eddie Lampert Is Motivated Entirely By Love

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Facing EU budget scrutiny again. PHOTOGRAPHER: DOMINIKA ZARZYCKA/NURPHOTO VIA GETTY IMAGES

The European Union requires all 28 member nations to maintain sound public finances, no matter their size or national challenges. But infractions generally don’t result in real punishment, and smaller countries sometimes complain that the biggest economies have gotten the most leniency. That’s set up a perpetual push and pull between the EU and national governments who test the limits, the way Italy did last year. While Brussels dares do little to enforce the rules, the stigma of being a fiscal pariah is often enough to rattle financial markets and push reprobate countries into discipline…

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ECB outlook reflects a global shift in central banking

FRANKFURT—The eurozone’s economic slowdown has taken European Central Bank officials by surprise, potentially disrupting their plans to lift short-term interest rates this year.

The shift underlines the difficulties central banks face getting back to growth rates and policy settings that were considered normal before the global financial crisis…

Central Banks Struggle With Policy Settings

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A year after his annual letter to chief executives urged them to run their companies with the social good in mind, the BlackRock chief Larry Fink said they must step into a leadership vacuum.

BlackRock’s chief executive, Larry Fink, released his annual letter to fellow executives on Wednesday, several hours after it had been spoofed. Mike Cohen for The New York Times 

By Andrew Ross Sorkin

Larry Fink, the investment manager who oversees nearly $6 trillion at BlackRock, set off a yearlong conversation among business leaders and policymakers last January when he wrote a letter to chief executives declaring that companies needed to do more than make profits.

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  • Compulsory sales in city climbed to a six-year high in 2018
  •  Renovating blocks gives developers a foothold in prime areas

In a city with stratospheric land prices, rundown buildings can be hot property.

Hong Kong developers are increasingly acquiring and revamping old buildings as land gets more expensive. The number of applications for compulsory sales — allowing developers to gain full control of an apartment block after securing 80 percent ownership — climbed to a six-year high in 2018, government figures show…

Run-Down Buildings Are Hot Property in Land-Scarce Hong Kong

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  • Delegates predicted complacency among investors on Fed rates
  •  Consensus right on bonds and Bitcoin, but not on commodities

They may not be happy about it, but the masters of the universe proved accurate in predicting the stock market selloff of 2018.

Long ridiculed as a reverse indicator, especially for failing to predict the financial crisis, the consensus of delegates at the World Economic Forum’s annual meeting last January looks pretty smart one year on…

Davos Predicted the Stock Market Selloff of 2018

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The country with the European Union’s lowest interest rates also has one of the bloc’s lowest rates of inflation.

Harmonized data published on Thursday by Eurostat placed Danish annual inflation at 0.7 percent in December, a whisker above Portugal and Greece’s rate of 0.6 percent and less than half the euro area’s average of 1.6 percent…

Inflation Is Flagging in European Capital of Negative Rates

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  • U.S. Senate falls short in effort to keep sanctions in place
  •  Russian tycoon’s net worth had dropped $5.8 billion last year

Oleg Deripaska’s wealth is rising as his problems with the U.S. subside.

His fortune swelled $679 million this year to $3.5 billion as shares of the Russian’s key asset, En+ Group Plc, surged 19 percent. That followed a drop of $5.8 billion last year, the biggest among Russia’s ultra-wealthy, according to the Bloomberg Billionaires Index, after he and his key assets were sanctioned by the U.S. Treasury Department…

Deripaska’s Fortune Swelled $679 Million in January

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  • Massachusetts Democrat says bank has no place on campuses
  •  Wells Fargo says it’s taking steps to help students succeed

Elizabeth Warren is demanding that Wells Fargo & Co. be kicked off college campuses, a market the bank has said is among its fastest-growing.

The Democratic senator from Massachusetts and likely presidential candidate said Thursday that she requested more information from Wells Fargo Chief Executive Officer Tim Sloan and from 31 colleges where the bank does business. The inquiry follows a Consumer Financial Protection Bureau report said that Wells Fargo charged students the highest fees of 573 banks examined…

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He realizes this means he still owns Sears, right?

For a while, we thought that there might be an actual method to Eddie Lampert’s Sears madness, a reason for persisting in a hopeless case beyond sheer love for the august retailer he’d spent most of this century starving and/or poisoning and/or bleeding to death. He’d already hived off all sorts of valuable bits of Sears, like its real estate, and had plans to take some more. And, of course, as long as he kept Sears afloat and technically solvent, he was earning a fat 8%-11% coupon on the loans he made to it to keep it afloat.

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  • Buyers seeking bargains send median to three-year low
  •  Price cuts grew bigger in fourth quarter, deepening to 6.2%

Manhattan home prices fell in the fourth quarter, with the median slipping to less than $1 million for the first time in three years, as ample inventory continued to allow buyers to demand sweeter deals.

Condo and co-op prices declined to $999,000 in the three months through December, a drop of 5.8 percent from a year earlier, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday. Many apartments were sold for less than sellers originally sought, with an average discount of 6.2 percent from the last list price. That’s up from price cuts of 5.4 percent a year earlier…

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  • Delaware Supreme Court reverses order for sale of company
  •  Two investors sought forced sale of petroleum-coke producer

William Koch, founder and chief executive officer of Oxbow Carbon & Minerals LLC  Billionaire Bill Koch doesn’t have to sell his Oxbow Carbon LLC so two private equity firms can recoup an investment of more than $250 million in the energy company, an appeals court ruled, reversing a lower-court order.

The Delaware Supreme Court said Thursday that a trial judge misconstrued an investment agreement when he ruled that Crestview Partners LLC and Load Line Capital LLC could force the sale of Oxbow…

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  • Bank is expanding operations for family offices in the city
  •  Asia wealth management head Vincent Chui speaks in interview

Vincent Chui Photographer: Ore Huiying/Bloomberg 

Morgan Stanley, the world’s second-largest wealth manager, is beefing up its services for rich clients in Singapore with a focus on Chinese entrepreneurs looking to set up family offices in the city state.

“The city is a key business hub for China entrepreneurs, as well as a family office nexus,” Vincent Chui, who heads the bank’s Asia wealth operations, said in an interview. The U.S. bank hired Wee Yee Yeong to head its Singapore wealth business this year, and plans to add relationship managers there and in Hong Kong, he said…

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Banco Santander said on Tuesday that it would no longer hire Andrea Orcel as its chief executive after it refused to pay him more than $50 million in deferred compensation he was owed by his previous employer, UBS.CreditCreditSimon Dawson/Bloomberg

Andrea Orcel is Europe’s most famous investment banker, a suave, brash and fabulously wealthy dealmaker who counts many of the Continent’s chief executives as his longtime clients.

Last fall, he agreed to become one of those C.E.O.s. He accepted a job running the day-to-day operations of Banco Santander, a sprawling European and American lender whose ruling Botín family is one of Mr. Orcel’s oldest patrons…

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  • StreetSquash celebrates 20th anniversary, raises $1.4 million
  •  ‘It’s playing chess while running,’ Samsung’s David Eun says

20th anniversary cake. Photographer: Amanda Gordon/Bloomberg

Not only were the squash courts busy Wednesday night at the Harvard Club in Manhattan, but about 600 guests filled the main halls with squash enthusiasm.

What does that look like? A lot of tall and lean people darting around, filling up on carbs and talking about the game as they raised $1.4 million for the nonprofit StreetSquash…

Wall Street Rallies for Squash in Harlem at Harvard Club Benefit

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In spite of the unwashed masses and its leader’s errors, Bridgewater Associates did pretty well last year. And that means Ray Dalio, who delights in making mistakes like no other, did pretty well, too.

The 2018 return not only marked the strategy’s best performance since 2011: It also resulted in a mega-payday for Dalio, who personally netted a cool $2 billion, according to preliminary estimates from Institutional Investor…

The estimated $2 billion Dalio appears to have earned last year works out to about $5.5 million per day — or $228,310 per hour if he worked 24/7 without sleep…

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Leslie Moonves, the former chief executive of CBS, plans to fight a decision by the company’s board that denied him a $120 million severance payment after he was fired for cause following numerous allegations of sexual misconduct.

Mr. Moonves, 69, told CBS that he was demanding an arbitration hearing, according to a securities filing on Wednesday. His termination agreement gives him that right, and he had up to 30 days after his Dec. 17 firing to challenge the board’s decision to not pay him the severance…

Leslie Moonves to Take CBS to Arbitration Over $120 Million Severance

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Categories : Private Equity
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  • Now a 40% chance it extends into February, Evercore ISI says
  •  The longer it lasts, the higher chance it leaks into markets

A growing group of analysts and investors is warning that the U.S. government shutdown could soon hurt stocks.

Already confronting an increase in volatility, an uncertain outlook for interest rates and a trade war that threatens to damp global growth, traders now have to factor in the economic effects of the partial closure, in its record 27th day…

Wall Street Grows Antsy as Shutdown Threat to Stocks Intensifies

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Categories : Wall Street
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  • PG&E said it’s heading toward bankruptcy on wildfire costs
  •  Utility’s shares have plummeted since early November

If you liked PG&E Corp. at $47 a share in early November, you’ll love it at six bucks now.

That, in a nutshell, is what the troubled utility’s last remaining bullish analyst is telling investors after reiterating his “buy” rating on the shares.

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Categories : Private Equity
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Given its history of controversy, the camera and medical-device maker’s embrace of ValueAct is encouraging.

Can you teach an old dog new tricks? Olympus Corp. investors appear willing to bet so.

Shares of the camera and medical-device maker, which was mired in a $1.7 billion accounting scandal in 2011, have surged to their highest in almost three years after the Japanese company announced a leadership and board shakeup in response to pressure from U.S. hedge fund ValueAct Capital Management LP.

Hedge Fund Can Give Olympus a Clearer Focus

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Categories : Hedge Funds
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A worker pulls a cart under the Liede Bridge over the Pearl River in Guangzhou, China.

Photographer: Qilai Shen/Bloomberg

  • Cities tweak property rules as market continues to slow
  •  Nomura sees ‘major’ nationwide easing amid cooling economy

“Stealth easing” is Nomura Holdings Inc.’s description of measures rolled out in some Chinese cities in recent months to counter a faltering property market.

In one of the latest cases, Beijing’s city government offered two residential land plots for sale without specifying maximum prices for the apartments to be built on them, the South China Morning Post reported on Wednesday…

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Orlando Montagu, a partner at Crispin Odey’s hedge-fund firm, is leaving to focus on his family’s famous invention, the sandwich.

Montagu is a direct descendant of the 4th Earl of Sandwich, who was credited with inventing the snack in the 18th century. He will leave Odey Asset Management at the end of March after more than 16 years at the firm. He’ll work at his family’s mostly U.S.-based business, also known as Earl of Sandwich, which has plans to open in London…

Odey Hedge-Fund Partner Orlando Montagu Is Leaving to Run Sandwich Business

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Categories : Hedge Funds
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The Wall Street firm’s profit rises, stock responds by rising 9.5%, its best day in nearly a decade

Goldman Sachs Group Inc.’s merger bankers bailed out its bond traders, who fared badly in late 2018’s choppy markets and saw their bonuses shrink as a result.

Goldman’s fourth-quarter profit of $2.54 billion, or $6.04 a share, rose from a year ago and easily beat the $1.64 billion, or $4.27 a share, predicted by Wall Street analysts. Quarterly revenue of $8.1 billion was flat, while full-year revenue was the highest since 2010…

Goldman’s M&A Bankers Shine, Traders Stumble as Malaysian Scandal Looms

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Categories : Finance
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