Archive for Finance

  • 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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  • 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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  • 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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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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  • 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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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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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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  • 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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The S&P 500 and Nasdaq Composite inch up to record closes

Stocks Get Small Boost From Trade Deal

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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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  • Aims to buy mezzanine, distressed debt in the U.S., Europe
  •  Met with Macquarie to increase foreign infrastructure assets

South Korea’s state postal service is planning to buy riskier debt in North America and Europe as well as seeking foreign infrastructure assets and properties as it looks abroad for better returns.

Korea Post plans to increase investment in mezzanine and distressed debt by selecting high-performing asset managers, president Kang Seong-ju said in an interview in Seoul. The $112 billion fund is also adding infrastructure and real estate assets abroad and putting more money in hedge funds while reducing investment in stocks, according to Kang…

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  • Banks to start marketing $8 billion of Loans for Reuters deal
  •  Blackstone agreed to acquire 55% Reuters stake in January

Investors led by Blackstone Group LP will start marketing $8 billion of risky corporate loans next week to fund their buyout of Thomson Reuters Corp.’s financial-and-risk operations, according to people with knowledge of the matter. It would be the biggest leveraged loan offering of the year.

Underwriters led by Bank of America Corp. are holding investor meetings on Sept. 4 in London and Sept. 5 in New York for a seven-year $5.5 billion term loan and a $2.5 billion loan denominated in euros, according to people familiar with the matter who asked not to be named because the deal is private…

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Banks applaud paper from OCC seeking to update 1977 Community Reinvestment Act; Fed and FDIC not involved

WASHINGTON—A national banking regulator took the first step Tuesday toward rewriting rules for lending in lower-income neighborhoods, an effort that could allow institutions to redirect billions of dollars spent on loans and investments.

In a release seeking feedback from the public, the Office of the Comptroller of the Currency proposed new approaches to evaluating banks on their reinvestment activities. One controversial idea in the proposal would reduce the emphasis on loans and investments made locally, and instead create…

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  • Ex-Goldman banker Ng was Asia managing director of Celsius
  •  Hong Kong billionaire Li Ka-shing a key investor in drink firm

A former Goldman Sachs Group Inc. banker embroiled in the multibillion dollar 1MDB scandal has quietly vanished from the website of his last-known employer, a U.S.-based energy drinks company backed by Hong Kong’s richest man.

Roger Ng has been scrubbed off the website of Celsius Holdings Inc., where he was previously listed as managing director for Asia…

1MDB-Linked Banker Disappears From U.S. Website

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By some measures, U.S. falls short of high bar while other regions beat easier targets

The U.S. continues to grow at its quickest pace in years. Perversely, its very strength keeps raising the bar for investors flocking to the U.S.

By some measures, the U.S. is starting to fall short of heightened expectations, while other regions, with much lower and manageable targets, are beating theirs. The Citigroup Economic Surprise Index, a measure of whether economic reports are meeting projections, has fallen to its lowest level in nearly a year in the U.S. The gauge has dropped into negative territory, indicating economic…

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  • Lenders work to resolve loans under central bank’s new rules
  •  RBI set 180-day timeline to recast stressed loans from March 1

Delinquent loans worth as much as 700 billion rupees ($10 billion) in India’s power sector are in the process of being resolved, according to the nation’s largest bank, helping lenders avoid dragging seven accounts to bankruptcy court under new norms laid out by the regulator.

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China aims to expand its influence from one polar cap to the other. Debt, demographics and a middle income trap stand in the way.

What struck Wang Wen about Antarctica, beyond the brutality of the December cold, was the scale of U.S. operations in such an inhospitable environment and the American flag fluttering by the sign that marks the geographic South Pole. Observing the academic mission of hundreds of U.S. scientists in a region rich in resource potential, he was determined that China must catch up.

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A look at tools at Turkey’s disposal in case the market-shaking panic of earlier this month resurfaces

What Turkey Can Do if Market Troubles Return

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  • Judah Value says plans to build position, publish open letter
  •  Fund likes to work behind the scenes with ‘positive activism’

The world’s best-performing activist fund returned 103 percent in seven months by targeting mainly smaller Asian companies in industries from commodities to engineering and food.

Now, it’s getting ready to take on one of Singapore’s banks, according to Judah Value Activist Fund’s July newsletter obtained by Bloomberg…

World’s Top Activist Fund Sets Eyes on One of Singapore’s Banks

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Bilateral trade deal with Mexico and any subsequent pact with Canada may create some frictions, but it is a relief compared to what might have been

The provisional trade deal that President Trump has struck with Mexico may harm U.S. companies and consumers, but it is vastly better than the alternative.

The U.S. and Mexico on Monday announced that they had come to an agreement on issues that have been holding up retooling the North American Free Trade Agreement, clearing the way for the U.S. and Canada to hash out their differences. Despite Mr. Trump’s rhetorical flourish—“they used to call it Nafta”—and the fact that he has portrayed any agreement with Canada as separate,…

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This is what quiet perseverance can accomplish in a world where brash millionaires are increasingly being minted overnight.

What struck Wang Wen about Antarctica, beyond the brutality of the December cold, was the scale of U.S. operations in such an inhospitable environment and the American flag fluttering by the sign that marks the geographic South Pole. Observing the academic mission of hundreds of U.S. scientists in a region rich in resource potential, he was determined that China must catch up.

The report Wang wrote this summer for the Chongyang Institute for Financial Studies at Renmin University of China in Beijing, where he’s executive dean, reflects China’s growing dilemma as it muscles its way into an international system it didn’t create…

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Many investors remain concerned about corporate leverage, which still matches the highest level hit during the financial crisis

U.S. companies have been scaling back borrowing while posting improved earnings, marking their first sustained stretch of deleveraging since shortly after the financial crisis and stoking cautious optimism they can reduce the threat from their still-elevated debt levels.

The U.S. corporate sector started to cut its aggregate pace of borrowing by some measures after commodity prices plunged a few years ago, dealing a blow to energy companies and the debt investors who had funded them. Now, higher interest rates and changes…

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Jared Kushner’s family real estate business was fined $210,000 by New York City for falsifying construction-permit applications by under-reporting the number of rent-regulated tenants in 17 buildings.

Kushner Cos. filed the false data on 42 occasions since 2013, New York’s Department of Buildings said Monday. The company, based in New York, is owned by family members of Kushner, President Donald Trump’s son-in-law…

Kushner Cos. Fined by NYC Over False Data on Low-Income Tenants

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  • Landing’s board says it can’t reach chairman Yang Zhihui
  •  Yang’s plan for a casino in Philippines recently put on hold

Landing International Development Ltd. shares suffered their biggest weekly plunge ever after the casino operator said Chairman Yang Zhihui was unreachable.

Company officials have been unable to reach Yang since Aug. 23, Landing said in a Hong Kong stock exchange filing Thursday. Caixin reported earlier that Yang is a target of investigators looking into ties with China Huarong Asset Management Co., a state-owned bad-debt manager whose former chairman, Lai Xiaomin, is under investigation for alleged corruption…

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  • Matsumoto, former Calbee CEO, says shareholders must come last
  •  Veteran executive says investor-first focus leads to scandals

When Akira Matsumoto speaks, investors hang on his every word. And here’s what he tells them: you’re less important than everyone else.

The diminutive 71-year-old can get away with it because of his status in the Japanese business world, where he’s known for his two decades of successfully running big-name companies. At the food group Calbee Inc., for example, Matsumoto almost doubled sales and increased operating profit sixfold in his nine years in charge. The shares tanked when investors heard he was leaving…

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  • IRS move to block workarounds would take effect after Aug. 27
  •  Places like Scarsdale have already created charitable funds

Some New Yorkers successfully prepaid a portion of their property taxes at the end of last year in a bid to ease the hit from a new federal cap on state and local tax deductions. Those who want to try to lessen the pain this year may just have a few days left before the window closes.

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  • Longrising cuts exposure, holding 10 billion yuan in cash
  •  Trade war has forced the fund to change investment strategy

China’s struggling stock market isn’t bottoming out just yet, judging by the holdings of a fund that’s made a 618 percent return since it started in 2008.

Beijing Longrising Asset Management Co., an equity-focused fund manager that oversees about 20 billion yuan ($2.9 billion), has 10 billion yuan of that in cash. The fund’s top executives are worried about China’s economic outlook and the trade conflict with the U.S., and expect that the extremely bearish sentiment toward equities may take years to recover…

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  • Top Russian banks move to raise rates on deposits, mortgages
  •  Central bank has to contend with ruble’s weakness, price risks

The cost of money is rising for Russians well ahead of any potential central bank move to lift interest rates for the first time in almost four years amid concern the U.S. may impose fresh sanctions.

State-run Sberbank PJSC, which holds almost half of all Russian savings, is increasing rates for ruble accounts for the first time since 2014. It will also pay consumers more to keep dollars on deposit to stanch an outflow of funds. One of the country’s five largest mortgage lenders, Raiffeisenbank JSC, is charging more for home loans starting this month…

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Londoners are buying more homes outside the capital as prices remain too high, even after the end of a decade-long housing boom.

In the first half, Londoners bought more than 30,000 homes outside the city, a 16 percent rise from a year ago and 61 percent more than in the same period a decade earlier, according to research by Hamptons International. Nearly 40 percent of leavers relocated to the south east of England, followed by 30 percent who moved to the east of the country…

Londoners Driven From Capital as Home Prices Remain Out of Reach

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It’s road legal, but built for the track, and aimed at the speeding heart of the Chiron-owning public. Today in Monterey, Calif., Bugatti unveiled the €5 million ($5.8 million) Divo. Only 40 will be made, considerably fewer than the 500 examples produced of the $3 million Chiron.

The jump in price is due to changes in the car’s aerodynamics program, modifications to the chassis, and suspension upgrades. As a result, the Divo is 77 pounds lighter than the Chiron, with 198 pounds more downforce and better lateral acceleration…

For $5.8 Million, Bugatti’s New Supercar Will Turn Corners Faster Than Ever

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  • Politics make local yields less appealing: TwentyFour Asset
  •  Australian bonds have outperformed Treasuries over past decade

The long-held allure of Australian government bonds may be tarnished as political upheaval grips the nation.

After a chaotic week of politics that saw Scott Morrison named Australia’s latest prime minister, London-based fixed-income house TwentyFour Asset Management LLP reckons revolving-door politics are making the nation’s debt looks less appealing. While Australia’s central bank looks set to keep interest rates at a record low, local bond yields may no longer be sufficient in compensating investors, Gary Kirk, partner and portfolio manager at TwentyFour Asset Management wrote in a note…

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Randal Quarles had emerged as a front-runner to chair the Financial Stability Board, but some European officials cooled on the prospect after president’s postures at G-7, NATO conferences

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  • Young Hong Kongers living illegaly in industrial buildings
  •  Surging house prices have pushed city’s rents to record high

Hong Kong’s stratospheric property prices are pushing some residents beyond the law.

A small, but significant, number of younger people are living in industrial buildings, trading comfort and convenience for cheap rent. Along with irritations such as rust-tainted water and intermittent blackouts, there’s one major drawback: Such living arrangements are illegal…

World’s Priciest Home Market Pushes Millennials Beyond the Law

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High-yielding structured deposits are surging at smaller lenders.

China’s banks have a deposit problem. For those outside the so-called Big Four lenders, there’s just not enough to go around.

It’s not an issue for the biggest. Industrial & Commercial Bank of China Ltd., Bank of China Ltd., China Construction Bank Corp. and Agricultural Bank of China Ltd. all share one thing: sticky, low-cost retail deposits…

China’s Deposit-Hungry Banks Start to Get Fancy

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  • Bank of Thailand is latest to live-stream rate decision
  •  Policy makers seek wider public audience amid market rout

As the economic landscape gets more rocky, Southeast Asia’s central bankers are turning to Facebook and YouTube for help in getting their messages across.

The Bank of Thailand was the latest to adopt a live video-streaming of its policy announcement in August, three months after the Philippine central bank did the same. Bank Indonesia, which has more Twitter followers than the Federal Reserve, recently stepped up broadcasts of its policy decisions to every month…

In Southeast Asia, Monetary Policy Now Comes Via Livestream

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  • Individual residents are less keen to buy foreign exchange
  •  Chinese currency tumbled to 19-month low before rebounding

A group of once-prominent yuan bears has gone missing.

China’s individual or household investors, who in 2016 dumped the yuan to buy dollars amid a plunge in the exchange rate, have held their nerve this year despite declines in the Chinese currency, data compiled by Bloomberg show…

Chinese Households Shrug Off Depreciation Fears to Embrace Yuan

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High volumes, high yields, wide spreads — these are the ingredients for a stormy autumn in Italian markets.

There’s not a lot of amoreamong investors these days for Italy.

For a start, the benchmark 10-year bond shows investors are expecting not much good to come out of the government’s September budget process…

Italy’s Debt Drama Gets Worse, in Four Charts

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Deutsche Bank AG is pointing to a business it wants to grow — outside the traditional confines of banking.

The German lender, which has been shrinking staff and operations internationally, bought a stake in U.S. technology startup ModoPayments so it can move funds outside of banking channels. Deutsche Bank said the deal will help it connect to digital platforms run by Jack Ma’s Alipay, Tencent Holdings Ltd.’s WeChat, PayPal Holdings Inc. and M-Pesa…

Deutsche Bank Buys Stake in Modo to Expand Digital Payments

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Shareholders should embrace companies with a commanding position in their business, limited competition and less need to invest

Is rising corporate power hurting capital spending, wage growth and U.S. productivity? Central bankers meeting in Jackson Hole, Wyo., to discuss the issues will be worrying that the answer is yes. Investors should be thrilled if it is.

Economists are divided about the extent to which the changing structure of the economy is creating new monopolies, hurting consumers and workers and damaging corporate investment for the future. The division is easy enough to explain by looking at big technology disruptors: Alphabet, Amazon,…

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  • Regulator says it will stop transactions through end of Sept.
  •  Central bank sets time frame for suspension for first time

Russia’s central bank said it will suspend sales of rubles to purchase foreign exchange through the end of September in an effort to steady the currency, helping pull it back from the lowest level in two years.

The move was the most dramatic official step yet to stem the currency’s declines, which have picked up in recent days amid growing fears of U.S. sanctions. Alarm over the impact of possible new restrictions being discussed in Washington has spread beyond financial markets, with the government saying Wednesday it will have to trim economic growth forecasts for this year because of the turmoil and surging outflows of capital…

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Aug
23

The $2 Trillion Mistake

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Saudi Aramco’s proposed IPO was the wrong idea at the wrong time.

How About Never? Is Never Good for You?

Saudi Arabia has explanations for why a long-discussed stock sale by its state-owned oil company is now indefinitely on hold — or perhaps just fashionably late, depending on what you believe. Oil prices are too cheap. Saudi Aramco officials are waiting for exactly the right time for what was once billed as an IPO that could value the oil company at $2 trillion — the most valuable public company in history…

The $2 Trillion Mistake

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