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  • No sign of an end yet; Morgan Stanley says short EM currencies
  •  South Africa enters into a recession, Argentina deteriorates

Asian investors braced for another challenging day Wednesday as turmoil in emerging markets deepened, with Indonesia’s rupiah in focus after it tumbled to the weakest against the dollar since the Asian financial crisis.

The rupiah, one of Asia’s more vulnerable currencies thanks to Indonesia’s reliance on overseas financing, is approaching 15,000 per dollar, while India’s rupee — another exchange rate beset by current-account deficit worries — is fixed for a record-low open. A negative tone was set by news Tuesday that South Africa’s economy had slumped into recession, coming a day after Turkey reported a surge in inflation…

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  • The mad rush of earnings season kicks in four times a year
  •  Now the system is being re-examined after surprise Trump tweet

For more than a quarter century, Wall Street analyst Mike Mayo has danced to the steady beat of corporate America.

His work habits, his family events, his social life, even his workouts and vacations — all have been dictated by the seemingly immutable cycle of quarterly earnings reports…

Wall Street’s 30 Days of Hell: No Sleep, No Meals, No Family

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The Turkish lira may have found its footing after the central bank signaled higher interest rates were around the corner, but some investors worry that any lasting relief will require a bold hike that it is loath to deliver.

Even after 700 basis points of monetary tightening since December, consumer-price growth has accelerated for five months, narrowing the inflation-adjusted policy rate to around 1 percent. Just to drive that back toward levels that afforded the lira some relative stability in June, the central bank would have to raise borrowing costs by another 400 basis points…

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  • Biggest U.K. online lender targets 2-billion-pound valuation
  •  Holch Povlsen’s Heartland potentially takes 10% stake in firm

Funding Circle Ltd., Britain’s biggest online loan provider, plans to proceed with an initial public offering, the latest test for Europe’s maturing fintech sector.

The eight-year-old company plans to raise about 300 million pounds ($388 million) selling new shares on the London Stock Exchange, while existing shareholders will also sell stock in the IPO, according to a statement Monday. Anders Holch Povlsen, a Danish retail billionaire, agreed to buy 10 percent of the equity under certain conditions…

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  • Ping An is the most popular among foreign traders this year
  •  Mainland investor holdings of firm’s H shares near year low

Few Chinese companies divide the stock market like Ping An Insurance Group Co.

The largest Chinese insurer by market value is 2018’s most popular mainland stock among foreign investors, who have net bought 16.1 billion yuan ($2.4 billion) of its Shanghai-traded shares, according to Bloomberg calculations. That’s more than for any other company via trading links between Hong Kong and the mainland…

Foreigners Love This Stock That China Investors Seem to Hate

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Stronger profits and pressure from negative interest rates are prompting European CFOs to splurge on buybacks, dividends and capital investments

Finance chiefs at European, Middle Eastern and African companies have a luxury problem: figuring out how to spend $1.1 trillion in cash.

The top cash hoarders in the region are Total SA TOT -1.38% with €29.2 billion ($33.9 billion), Electricite de France SA EDF -1.38% with €28.3 billion and Volkswagen AGVOW3 -2.06% with €27.3 billion, according to a report by Moody’s Investors Service. The data covers 757 nonfinancial companies based in Europe, the Middle East and Africa and showed cash levels reached a seven-year high at the end of 2017…

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  • Abe push for cheaper services causes shares to yo-yo again
  •  Government still wants households to spend less on wireless

NTT Docomo Inc. shares gained seven of the past eight trading days, rebounding after a two-day plunge triggered by a government official’s comment suggesting Japan’s mobile carriers have room to slash customer bills.

Investors have seen this movie before: A Japanese government official says mobile phone bills are too high, and the three big carriers’ shares tumble, only to recover within days or weeks…

A $14 Billion Mobile Stock Sell-Off in Japan Makes a U-Turn

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  • Pledges to extempt some poorer nations from loans coming due
  •  Chinese president also offers $6 billion in new financing

Chinese President Xi Jinping pledged debt relief to some poorer African nations, attempting to push back against a major criticism of his signature Belt and Road Initiative.

Speaking to the Forum on China-Africa Cooperation on Monday in Beijing, Xi defended the global program to develop roads, railways, ports, pipelines and other trade links. China planned to exempt some African countries from interest-free loans due by the end of the year, Xi said, adding that the relief would be granted to unspecified poor and heavily indebted countries…

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Tencent-backed company, which offers services similar to those of Yelp, Grubhub and Groupon, hasn’t yet delivered an annual profit

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How the forces Obama and Geithner failed to contain reshaped the world we live in.

It was late January 2010, and Treasury Secretary Timothy Geithner sat slumped in a leather chair as the afternoon sun cast shadows across his ornate corner office. He’d just gotten off the phone with Federal Reserve Chairman Ben Bernanke. The economy was, if not exactly healthy, light-years ahead of where it had been when he took the job a year earlier—a moment when the world teetered on the brink of another Great Depression. The financial contagion had been halted. Growth had returned. The stock market was 10 months into a bull run that continues to this day…

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  • Argentina leads emerging markets lower; oil trades around $70
  •  U.S. markets were closed Monday for the Labor Day holiday

Asian stocks were mixed Tuesday amid continuing concerns about stability in emerging markets and prospects for escalating U.S.-China trade tensions. The dollar and Treasury yields were steady.

Equity benchmarks swung between gains and losses with little direction after American exchanges were closed Monday for a holiday. The yen fluctuated after the Bank of Japan increased purchases of shorter-term bonds in its regular operations Tuesday, compensating for a reduction in the number of days on which it plans to buy them. Emerging markets fell Monday, with Argentina slumping the most even as it took further steps to restore investor confidence…

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Trump’s latest comments on trade weigh on markets

Global Stocks Saddled as Nafta Rewrite Drags On
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  • ‘Unloved’ European stocks looking ‘increasingly attractive’
  •  Underperformance, undervaluation of banks becoming ‘extreme’

No other region has suffered Europe’s massive outflows this year, and that’s exactly why Morgan Stanley says it’s time for investors to take a fresh look at these stocks.

“From a relative perspective, Europe (and European exposure) looks increasingly attractive,” Morgan Stanley strategists, led by Graham Secker, wrote in a report. “Having seen the largest outflows of any region over the last six months, Europe appears unloved and undervalued just as the growth newsflow starts to pick up.”…

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With great wealth comes great remuneration.

Competition to manage the money of Asia’s burgeoning army of millionaires has pushed pay hikes for wealth managers to the highest in more than a decade. Those willing to jump to a rival are getting increases of 30 percent or more in Hong Kong and Singapore, according to private bankers and recruiters…

Wealth Managers Are Getting 30% Pay Hikes to Defect in Asia

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Buzzy phrases are used to put a halo over some mutual funds, but the devil’s in the definition

In life, ethics are in the eye of the beholder. In investing, ethics are up to the whims of your fund manager.

With little regulation governing what a fund manager can call a “socially responsible” or “ethical” investment, a myriad of bespoke standards have popped up. Increasingly, these fund strategies are designed to beat the market rather…

Why It’s So Hard to Be an ‘Ethical’ Investor

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  • National dwelling values drop 0.3%, led by Sydney, Melbourne
  •  Westpac rate rise, household debt set challenges for spring

Australian housing prices fell for an 11th straight month in August, and further declines are likely as the peak selling season starts.

National dwelling values dropped 0.3 percent last month, led by declines in Sydney and Melbourne, according to CoreLogic Inc. data released Monday. Prices in Sydney, the epicenter of the recent property boom, have now fallen 5.6 percent from a year earlier…

Australia House Prices Fall for 11th Month as Downturn Deepens

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  • Total debt fell for first time after company sold off assets
  •  More HNA disposals on the way, such as buildings in Manhattan

China’s embattled HNA Group Co., which has managed to reduce one of the country’s biggest debt piles by selling off dozens of assets, will probably need to slim down even further before regaining the trust of investors.

The conglomerate’s total debt fell 9.5 percent to 541.6 billion yuan ($79 billion) at the end of June, down about $8.3 billion from a record set at the end of last year, according to figures derived from a half-year report dated Friday. It’s the first time the number has fallen, based on public data compiled by Bloomberg stretching back to 2005…

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  • Majority in JPM survey predict gains won’t exceed 15 percent
  •  Chinese investors less optimistic on returns in rest of world

China’s institutional investors aren’t counting on recouping this year’s equity losses any time soon, according to a JPMorgan Asset Management survey last month.

While the majority of the 200 respondents said onshore stocks will rise in the next 12 months, some 80 percent predict gains won’t exceed 15 percent. That’s not much of a rebound when you consider the CSI 300 Index is down 18 percent this year in what’s set to be its worst annual performance since 2011. Almost a third called for further declines, according to the poll of fund distributors in Beijing and Shanghai…
Smart Money Sees China Bear Market Lasting: JPMorgan Survey
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U.S. hedge funds look to buy in China, showing more interest in market than Chinese investors

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  • African wireless carrier seeking to complete IPO this year
  •  Nigerian central bank says MTN illegally repatriated funds

MTN Group Ltd.’s plan to sell shares in its Nigerian unit this year is in jeopardy following allegations by the central bank that the South African company illegally moved almost $8.1 billion out of the country, according to people familiar with the matter.

While the listing process is far advanced there needs to be regulatory certainty for it to go ahead, said the people, who asked not to be identified as the information is private. That evaporated when Africa’s largest wireless carrier’s four banks were ordered late Wednesday to return the funds, causing MTN’s share price to plunge to nine-year lows…

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  • Trade war adds to worsening economic mood amid soaring rents
  •  Economists see smaller cities as brighter; broad trend intact

Determining the true mood of the Chinese consumer has rarely been so important.

Life for many in megacities like Beijing is getting harder this year, with soaring rents gnawing at disposable incomes. As Donald Trump’s trade war with China begins to threaten the economy in earnest, with tariffs on another $200 billion of goods potentially arriving this week, the resilience of the economy will depend to a large extent on the confidence, or otherwise, of shoppers…

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Women at bank convene, allege gender bias in wealth division

About a dozen female executives in Wells Fargo & Co.’s wealth-management division gathered in Scottsdale, Ariz., in June after an internal conference. They’d had enough.

Women should be at home taking care of their children, some of the executives said they had been told over the years by Jay Welker, president of Wells Fargo’s private bank and head of the wealth-management division since 2003. Qualified women had recently been turned down for several top roles that went to male applicants. When the women raised concerns,…

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  • Texas pension fund said startup’s value plunged 15% last year
  •  Former CEO Travis Kalanick was also named as defendant

Uber Technologies Inc. and its former Chief Executive Officer Travis Kalanick defeated a lawsuit claiming the company swept illicit business practices under the rug that cost investors billions of dollars.

U.S. District Judge Haywood S. Gilliam Jr. in Oakland, California, on Friday agreed with Uber’s and Kalanick’s bid to toss the class-action claims by a Texas city’s firefighter pension fund while allowing the fund to revise and refile the complaint…

Uber Defeats Suit by Investors Who Blamed Scandals for Losses

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  • ‘Weak external payments position’ spurs rupiah weakness: ING
  •  Bank Indonesia has raised rates four times since mid May

Indonesia’s rupiah slid to a two-decade low, spurring intervention from the central bank as the meltdown in Argentina and Turkey raises scrutiny on emerging markets with current account deficits.

The rupiah fell to 14,750 per dollar, the weakest level since the 1998 Asian financial crisis, while the benchmark bond yields advanced 10 basis points to the highest level since 2016. The Jakarta Composite Index slipped as much as 1.3 percent…

Rupiah Declines to Asian Crisis Low as EM Rout Worsens

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  • Revenue surged 52% last year at Jeff Green’s advertising firm
  •  He sold his previous company to Microsoft for undisclosed sum

Making the ad world work more like financial markets has made Jeff Green a billionaire.

Green, 41, co-founded Trade Desk Inc. in 2009, seeing it as the Goldman Sachs of online advertising. The platform offers a marketplace that lets buyers place specific ads in front of a precisely targeted audience…

Ad Man Inspired by Goldman Becomes a Billionaire

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Meituan Dianping, a Chinese food delivery giant, plans to raise as much as $4.5 billion in an initial public offering in Hong Kong, according to people with knowledge of the matter.

The company plans to sell shares between HK$60 ($7.64) and HK$72 apiece, the people said, asking not to be identified because the information is private. The offering has attracted five cornerstone investors, including Tencent Holdings Ltd., to invest a combined $1.5 billion, according to the people…

Meituan Said to Set Terms for Up To $4.5 Billion Hong Kong IPO

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  • Total debt falls for first time after group sells assets
  •  More HNA disposals on the way, such as buildings in Manhattan

Though HNA Group Co. managed to reduce one of China’s biggest debt piles by selling off dozens of assets, the embattled Chinese conglomerate will probably need to get much slimmer before regaining the trust of investors.

Total debt fell 9.5 percent to 541.6 billion yuan ($79 billion) at the end of June, down about $8.3 billion from a record set at the end of last year, according to figures derived from a half-year report dated Friday. It’s the first time the number has fallen, based on public data compiled by Bloomberg stretching back to 2005…

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  • Listing texts emphasize sellers’ willingness to make a deal
  •  Urgency increasing as property sales slow and inventory mounts

When a three-bedroom condo in Tribeca got its fourth price cut in a year, the sales broker, Steve Snider, didn’t leave it at that. He also spiced up the listing to make sure potential buyers didn’t miss the news.

“New price. Motivated seller. Bring offers!” reads the pitch for the 2,287-square-foot (212-square-meter) apartment at 71 Laight St., revised last month. The current asking price, $5.795 million, is less than what the seller paid three years ago…

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  • New Fed staff research builds on Powell’s Jackson Hole speech
  •  Price gauge back at 2% puts greater focus on unemployment

Low inflation has long confounded the Federal Reserve’s models, leading central bankers to keep interest rates lower than they otherwise would. Now, with a key measure of inflation at their 2 percent target, some of the Fed’s top economists are urging policy makers to put more focus on the risk that it could accelerate.

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  • Under financial strain, lawyer is said to collect $7 million
  •  Cohen pleaded guilty last week to campaign finance violations

Michael Cohen, President Donald Trump’s former personal attorney who recently pleaded guilty to campaign-finance and tax crimes, has sold his interest in two Manhattan apartment buildings, public records show.

Cohen sold his stakes in 330 East 63rd St. and 133 Ave. D earlier this month, according to documents filed with New York City. The records show a combined sale price of almost $13 million, but that also accounts for Cohen’s share of the debt, a person familiar with the sales said. Cohen cleared about $7 million, according to the person. Cohen purchased his stakes in the properties in 2015…

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More than a dozen employees have left Wells Fargo during expenses investigation

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  • Liquidity needs could hit around $143 billion at quarter-end
  •  Officials seen preferring open-market route to funding supply

September is set to be a hard month for China’s money markets, handing the nation’s central bank the tricky task of adding just enough liquidity without prompting renewed weakness in the yuan.

Funding costs usually spike at this point, as banks hoard cash for quarter-end regulatory checks. Adding to the pressure now is a requirement to buy a flood of local government bond issuance, mandated to shore up infrastructure spending as the economy slows. A large amount of the People’s Bank of China’s existing funding is also maturing, and all told, liquidity needs could hit around 980 billion yuan ($143 billion) according to Bloomberg calculations…

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JPMorgan Asset Management is liquidating a $1 billion credit hedge fund led by Fahad Roumani after abandoning a plan to spin it off, according to a letter to investors seen by Bloomberg News.

The Palm Lane Credit Opportunities Fund, which started with initial capital from JPMorgan Chase & Co., earlier this year reversed a decision to transfer the management contract to a separate company, according to the letter dated June 13. JPMorgan didn’t give a reason for the decision and a spokeswoman for the fund declined to comment…

JPMorgan Is Liquidating $1 Billion Credit Hedge Fund Led by Fahad Roumani

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Aug
30

U.S. Stocks Fall on Tariff Plans

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Report suggesting President Trump wants to move ahead soon with tariffs on $200 billion in Chinese imports pulled down the stock market

U.S. Stocks Fall on Tariff Plans

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  • Transurban to raise A$4.8 billion to help fund acquisition
  •  New motorway connects fast-growing Sydney suburbs to CBD

Transurban Group-led consortium agreed to buy 51 percent of Sydney’s WestConnex toll road for A$9.26 billion ($6.7 billion), doubling its network in Australia’s largest city.

Transurban will raise A$4.2 billion in a rights issue to help fund the acquisition, and a further A$600 million from other members of the bidding group, the Melbourne-based company said in a statement. The shares will be sold at A$10.80 each, a 10 percent discount to the latest closing price…

Transurban Group Buys Sydney Tollroad Stake for $6.7 Billion

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  • Currency extends losses to 12% after central bank increase
  •  Move comes a day after Macri asked IMF for faster payouts

Argentina’s currency crisis deepened on Thursday as an emergency interest-rate increase to 60 percent failed to stop jittery investors from pulling their money out of the country.

The peso extended losses after the bank raised its benchmark measure by 15 percentage points to a global high. The hike, the second this month, was the latest attempt by policy makers to defend a currency that’s lost more than half its value this year. A day earlier, President Mauricio Macri shocked the nation with an appeal for quicker payouts from the International Monetary Fund, which said it’s considering the request…

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Jay Clayton outlines overhaul plans in interview, says changes could happen ‘pretty quickly’

NASHVILLE, Tenn.—The Securities and Exchange Commission wants to make it easier for individuals to invest in private companies, including some of the world’s hottest startups, the agency’s chairman said in an interview.

SEC Chairman Jay Clayton, a Trump appointee wrestling with how to boost flagging interest in public markets, said the commission also wants to take steps to give more individual investors a shot at companies that have been out of their reach because they haven’t gone public…

SEC Chairman Wants to Let More Main Street Investors In on Private Deals

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  • Brexit-driven pound weakness gives buyers more for their money
  •  12 percent of London homes are now owned by foreign landlords

The U.K.’s struggle to secure a favorable Brexit deal may be giving Prime Minister Theresa May a headache, but it’s making London’s battered buy-to-let market attractive overseas again.

Foreign-based landlords owned 12 percent of the homes rented out in the capital at the end of the first half, up from 7 percent last year, according to Hamptons International, which measured a subset of the London’s housing market. A falling pound has made it cheaper for overseas investors to buy homes using their local currencies, and many have been lured by a red-hot rental market that’s still at record levels because of tenant demand…

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  • China to respond with duties on $60 billion of U.S. imports
  •  Asia stocks follow U.S. lower, while dollar and yen hold gains

President Donald Trump wants to move ahead with a plan to impose tariffs on $200 billion in Chinese imports as soon as a public-comment period concludes next week, according to six people familiar with the matter.

Asked to confirm the plan in an interview with Bloomberg News in the Oval Office on Thursday, Trump smiled and said it was “not totally wrong.” He also criticized management of the yuan, saying China has devalued its currency in response to a recent slowdown in economic growth…

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  • Shennong focused on health-care, consumer, technology stocks
  •  U.S. trade war and deleveraging already long priced in: Chen

A Chinese fund manager with hundreds of thousands of social media followers has turned bullish on the country’s stocks, particularly the health-care sector.

Chen Yu, general manager of Beijing Shennong Capital Asset Management Co., said concerns over the U.S. trade dispute and China’s deleveraging campaign have long been priced in, and that market weakness isn’t down to fundamentals — it has stemmed from mood swings. He is getting ready to go all-in on equities, converting cash that’s accounting for 40 percent of his 2 billion yuan ($293 million) of assets under management…

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  • Co-working firm may take about 200,000 square feet of offices
  •  Deal would make WeWork the biggest office tenant in Manhattan

WeWork Cos. is in talks to lease space at 1 World Trade Center, according to a person with knowledge of the discussions, putting the co-working giant on a path to become Manhattan’s largest office tenant.

The company is negotiating to take about 200,000 square feet (18,600 square meters) in the lower Manhattan skyscraper, according to the person, who asked not to be identified because the matter is private…

WeWork Would Top JPMorgan in NYC Office Space With 1 World Trade Center Lease

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Funds holding about $1.9 billion in general obligation bonds split from a rival group in a bid to further broader restructuring efforts

Investment funds owning about $1.9 billion of Puerto Rico’s general obligation bonds have formed a committee to negotiate a consensual restructuring with the commonwealth and the federal oversight board that manages its finances, people familiar with the matter said.

Members of the committee are seeking to differentiate themselves from a pre-existing group of general obligation bondholders that includes Aurelius Capital Management LP, which is fighting the board and the island’s government in ongoing litigation, the people…

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Maurice R. Greenberg, the 93-year-old insurance legend, braved the stifling heat to attend the U.S. Open for Roger Federer and a lesser-known player he’s helped bring along: Casey Brandes, who’s been taking free tennis lessons with support from Greenberg’s Starr Foundation.

Before Federer breezed past Yoshihito Nishioka Tuesday night in straight sets, Greenberg and Brandes, 17, appeared at a benefit for the City Parks Foundation, which runs free tennis instruction to more than 6,000 youth in more than 36 New York City parks…

Federer Match Brings Out Bankers to Support NYC Tennis Lessons

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Investment banks offer lucrative deals to attract and retain top-name biotechnology analysts

A biotech boom is fueling renewed interest in a group that has been out of favor: Wall Street analysts.

Investment banks Leerink Partners LLC, Cantor Fitzgerald & Co. and Jefferies Group LLC have lured top-name biotech analysts from large banks with guaranteed pay packages worth $3 million or more and contracts extending as long as three or four years, say people familiar with the matter…

Biotech Boom Built Wall Street’s $3 Million Analyst

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Global wealth managers have been seeking to tap into the second-biggest pool of ultrarich people for years, but regulations and tough domestic competition stood in their way.

It’s hard to put numbers on the vast private banking opportunity in China, but here are some: $29 trillion in household wealth and $15 trillion in the asset management industry. Perhaps the most crucial number right now is the more than $1 trillion packaged by local Chinese money managers into principal-guaranteed investment products, which are the focus of a government crackdown.

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  • Malaysia won’t grant visas to project buyers to live there
  •  China’s capital control curbed sales at project near Singapore

Malaysian Prime Minister Mahathir Mohamad said foreigners won’t be allowed to buy property at Country Garden Holdings Co.’s $100 billion project, or be granted visas to live there.

The Forest City project near Singapore had targeted buyers from China for its mixed-residential development, as well as investors from Indonesia, Thailand and Dubai. Malaysia’s My Second Home program allows wealthy foreigners to live in the Southeast Asian nation on a long-stay visa, with Chinese nationals being the largest group of participants…

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  • Koo’s company dominates market even as rice consumption falls
  •  Cuckoo exports appliance to 25 countries, including China

Rice is a staple for Koreans, but as New York restaurateur Bobby Yoon explains it, the connection is deeper, almost spiritual.

“We need the perfect bowl of rice for each meal,” said Yoon, whose recently opened barbecue joint in Manhattan is an offshoot of Haeundae Somunnan Amso Galbijip, his grandfather’s venerable Busan institution. “It doesn’t have a flavor, but there is also a certain umami to it when cooked well.”…

How a Quest for the Perfect Bowl of Rice Cooked Up a Billionaire

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Bankers, ex-pharma officials buy rights to sell drugs in China as the government loosens regulations.

growing herd of former Wall Street bankers and drug industry veterans from the West are rushing to cash in on China’s embrace of biotechnology.

For years, China has been seen as a backwater in the pharmaceutical business. Despite its vast potential market, cumbersome regulations kept brand-name treatments from reaching patients for years after they became available elsewhere. Facing a bureaucratic gauntlet, many drugmakers either waited or didn’t bother to seek approval for blockbuster therapies in China at all…

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  • Wall Street largely unaware of growing challenge for producers
  •  Disposal costs could hike basin breakevens $6 a barrel by 2025

In the dry, dusty plains of West Texas, home to America’s most prolific oil play, the problem isn’t too little water, it’s too much of it.

Just ask Will Hickey, the 31-year-old chief executive officer of Colgate Energy…

Drowning in Dirty Water, Permian Seeks $22 Billion Lifeline

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  • Auto parts maker has talked to advisers about selling Trico
  •  Crowne bought Trico from private equity firm Kohlberg in 2014

Auto parts manufacturer Crowne Group LLC is considering an $800 million sale of windshield-wiper blade maker Trico Group, people with knowledge of the matter said.

The closely held conglomerate has held talks with investment banks about a sale of its Trico unit, said the people, who asked not to be identified because they weren’t authorized to speak publicly. A final decision hasn’t been made and Crowne could elect to keep the business…

Crowne Is Considering $800 Million Windshield Wiper Unit Sale

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Credit Suisse is having second thoughts about doing business with the owner of the National Enquirer, which is at the center of a scandal involving hush-money payments in 2016 to women who had affairs with Donald Trump.

The Swiss bank was planning to lead a deal to help American Media Inc.refinance about $425 million of debt, according to people with knowledge of the matter. But amid a flurry of negative headlines tied to the publisher, Credit Suisse is seeking to back out of arranging the debt for the company, the people said, asking not to be identified as the information isn’t public…

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  • FAANG short bets have jumped 40 percent in the past year
  •  Alibaba, China’s Ping An Insurance, Tesla, Amazon top list

Short positions against the so-called FAANG group of the largest U.S. technology stocks have surged by more than 40 percent in the past year as investors bet against some of the biggest drivers of the global bull market.

Bearish investors have shorted about $37 billion worth of stocks in the group, which comprises Facebook Inc., Apple Inc., Amazon.com Inc., Netflix Inc. and Google parent Alphabet Inc., up 42 percent from a year ago. Amazon leads the way with almost $10 billion in short interest, according to data compiled by Bloomberg as of Aug. 28 from financial analytics firm S3 Partners LLC…

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After deciding not to try to remove its shares from the market, the electric carmaker must focus on some stubborn challenges while facing new ones.

So Tesla is no longer seeking to go private. Now what?

On Monday, the electric carmaker began to take stock of the residual damage from its August whirlwind — including the prospect of harsher scrutiny of its bottom line and of its chief executive, Elon Musk…

Elon Musk and Tesla Resolved One Issue. Now for the Rest.

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When my grandfather retired, he and my grandmother bought a mobile home. They took one trip to Las Vegas in it, realized the folly of their ways, and upon returning to their trailer park in upstate New York promptly removed the wheels and built a deck off the side of it, to ensure something like it could never happen again. That story, and the years spent visiting them in their no-longer-mobile-home, has cured me of the desire to hit the open road in a rolling one-bedroom apartment, even without doing the math and realizing just how little you save doing it when there are perfectly good three-star hotels strewn along every interstate in the country. Still, I recognize that I live in New York City and am therefore completely detached from the Real America, and in the Real America people eschew the Holiday Inn Express for an eight-foot-wide aluminum can on top of a septic tank containing their own waste…

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In 2013, much to Carl Icahn’s delightand then resigned chagrin, Dell the publicly-traded company engineered its sale to Michael Dell the person(and a private-equity fund). In retrospect, this taking the battered computer-maker private seems like an excellent idea to Paul Singer and Elliott Management, or at least an absolutely smashing and fantastic idea compared to Dell’s new plan to go publiconce more…

Paul Singer Thinks Michael Dell Was Right Five Years Ago

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Categories : Hedge Funds
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Breach of client confidentiality in Hong Kong sparked internal probe and a senior employee’s suspension

A UBS Group AG banker working on a large Hong Kong initial public offering last year disclosed the identity of an investor that sold shares shortly after the listing, a breach of client confidentiality that triggered an internal investigation and the suspension of a senior employee, according to people familiar with the matter.

An individual at the bank sent a message to ZhongAn Online P & C Insurance Co., a company whose backers include the founders of Chinese internet giants Alibaba Group Holding Ltd. and Tencent Holdings…

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Categories : Finance
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  • NSSF plans $600 million housing and office-building projects
  •  Fund wants laws amended to allow investment outside region

Uganda’s state-controlled provident fund offered China Railway Group Ltd. a $110 million deal to construct a 32-story office tower in the capital, Kampala.

Construction will begin next month and will be finished in two to three years, the National Social Security Fund Chairman Patrick Byabakama Kaberenge said Tuesday in an interview. The project, which has been stalled for a decade, is part of NSSF’s plans to invest as much as $600 million in housing estates and office blocks, he said…

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Categories : Finance
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The S&P 500 and Nasdaq Composite inch up to record closes

Stocks Get Small Boost From Trade Deal

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Categories : Finance
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  • Resolution Foundation calls the tax break the U.K.’s worst
  •  Says 2.7 billion-pound cost could part-fund boost for NHS

Prime Minister Theresa May could help meet her 20 billion-pound ($26 billion) funding pledge for the National Health Service by scrapping what’s being branded as the worst tax break in Britain.

Entrepreneurs’ Relief, which cost an estimated 2.7 billion pounds in foregone revenue in the last fiscal year, is “expensive, ineffective and regressive,” the Resolution Foundation think tank said in an analysis published Wednesday…

End Entrepreneur Tax Break to Fund Health Service, U.K. Urged

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Categories : Finance
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Shipments are set to decline by a third as shippers pull back from the Islamic Republic months ahead of a Nov. 4 U.S. deadline

Iran oil shipments are declining at a faster-than-expected pace ahead of U.S. sanctions set to begin in November.

Iran expects crude exports to fall by a third in September, according to people familiar with purchasing plans, potentially posing an unforeseen supply risk to markets. Officials at the state-run National Iranian Oil Co. provisionally expect crude shipments to drop to about 1.5 million barrels a day next month, down from about 2.3 million barrels a day in June, say people familiar with the country’s ports loading…

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Categories : Private Equity
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