Sunday, 28 February 2016

{LONGTERMINVESTORS} News Summary

 


1) China's Xi Tries to Fix $18 Trillion Worth of Underperformance
    (Bloomberg) -- About three years ago, one of China's richest men couldn't believe he was offered a large plot of floor space in London along the River Thames for 900 pounds ($1,260) a square meter, less than half one would pay in Beijing, as long as he paid the deposit in cash within seven days. He did it in three. Today, in the Nine Elms area where billionaire Wang Jianlin's Dalian Wanda Group Co. is developing a five-star hotel and a residential skyscraper, the ...

2) Here's One Hedge Fund Manager Making Money From Negative Rates
    (Bloomberg) -- Negative rates may be bringing misery to many investors, but not to all. The man running the hedge fund operations of Danske Bank A/S -- the biggest financial conglomerate in the country to have endured the longest stint of negative rates -- says he's found a trade that is unlikely to fail. Exceptionally low yields have driven investors out of Nordic covered bonds. Only the shortest-dated notes still generate some interest. According to Michael ...

3) Fed Dots Don't Connect for Bond Traders Scorning Rate-Hike Path
    (Bloomberg) -- The derivatives market is sending unprecedented signals that the Federal Reserve is mistaken in its policy-rate path. Even as officials argue that higher borrowing costs are warranted, the bond world sees the potential for the shortest cycle of rate increases in almost two decades. At one point last week, traders saw the Fed as more or less done after December's liftoff, a stance that Deutsche Bank AG calls unheard of after ...

4) Foxconn, Sharp Said to Weigh Revising Terms of Approved Deal
    (Bloomberg) -- Taiwan's Foxconn Technology Group and Sharp Corp. worked through the weekend to salvage their proposed $6 billion deal with one potential outcome being a revision to terms the Japanese company's board approved just last week, according to people familiar with the matter.  Bankers and lawyers are going through a list of Sharp liabilities that could exceed 300 billion yen ($2.6 billion), a last-minute stumbling block in Foxconn's effort ...

5) Vietnam's Bikini-Clad Carrier Seeks IPO to Be 'Emirates of Asia'
    (Bloomberg) -- VietJet Aviation Joint Stock Co., the Vietnamese carrier known for its bikini-clad flight attendants, may hold its initial public offering as early as the second quarter as it plans to build global routes and become a top budget airline in Asia.   The IPO's exact timing will depend on market developments domestically and globally, Nguyen Thi Phuong Thao, chief executive officer of Vietnam's only privately-owned airline, said in an interview on ...

6) Israel's Largest Lender Warns Kahlon Plan Will Boost Easy Credit
    (Bloomberg) -- A government plan to authorize new lenders under separate supervision will tempt Israeli consumers to take on more debt, adding unnecessary risk to the financial system, the chairman of the country's largest bank said. "People will take more loans, there will be less oversight," said Yair Seroussi of Bank Hapoalim Ltd. "All of a sudden, we will have all these non-bank lenders taking unprecedented risk." Hapaolim is among the ...

7) Japan's Stocks Rout Provides Gift to Frustrated Shareholders
    (Bloomberg) -- The rout in Japanese stocks is, at least in one sense, lining the pockets of shareholders. The 15 percent drop in the Topix index this year through last week has increased the appeal of share buybacks, with companies projected to spend a record 5.9 trillion yen ($52.3 billion) in the fiscal year ending March 31, according to one estimate. Another reading shows that dividends are also on the rise, with payouts set to hit 9.9 trillion yen this fiscal ...

8) Analyst Darlings Turn Stock-Market Pariahs as Momentum Unravels
    (Bloomberg) -- A successful strategy to avoid the worst of this year's equity retreat: ask your analyst what to buy and sell, then do the opposite. The stocks most beloved by strategists around the world, from U.S. gamemaker Activision Blizzard Inc. to Chinese electrical appliances maker Midea Group Co., have fallen 11 percent in 2016 on average. Companies ranked at the bottom of the heap by analysts are down 3.4 percent, data compiled by Bloomberg show. Popular ...

9) Asset Manager With $40 Billion Can Ignore 'Financial Armageddon'
    (Bloomberg) -- The man in charge of bond investment at Norway's biggest bank says monetary stimulus will save the world, for now. Next month, the European Central Bank may step in to rescue the region's "dysfunctional banking system," according to Svein Aage Aanes, the head of fixed income at DNB Asset Management. "Many are a bit skeptical but I still think the central banks have some dry gun powder left," Aanes, 49, who oversees 315 billion kroner ...

10) Kuroda Negative Rate Bazooka Fizzles on Overnight Lending Freeze
    (Bloomberg) -- Japan's banks have almost stopped lending to one another in the overnight market, threatening to undermine the impact of the central bank's negative-rates stimulus. The outstanding balance of the interbank activity plunged 79 percent to a record low of 4.51 trillion yen ($40 billion) on Feb. 25 since Bank of Japan Governor Haruhiko Kuroda on Jan. 29 announced plans to charge interest on some lenders' reserves at the monetary authority. ...

11) Modi Budget Key to Breaking March Jinx for India Sovereign Bonds
    (Bloomberg) -- March has proved to be the worst month for Indian sovereign bonds over the last decade and this time may be no different if Monday's budget compromises on fiscal prudence. Benchmark 10-year yields have risen an average 18 basis points in the last 10 months of March. They increased on six occasions, fell three times and were unchanged once. Whether the notes will break this spell depends a lot on the plans that Prime Minister Narendra Modi's government ...

12) Man Group Joins Russia Local Bond Bulls After Ruble's Plunge
    (Bloomberg) -- Russia's local-currency bonds are among the worst performers in developing nations this year. A strategist for the world's largest publicly-traded hedge fund manager sees them as some of the best bets in emerging markets. Guillermo Osses, the head of emerging-market debt strategies at a unit of Man Group Plc who previously oversaw about $14.5 billion at HSBC Global Asset Management, joins a growing list of bulls predicting a rebound in the country's local ...

13) New Oriental Turnaround Propels Stock Amid China Education Boom
    (Bloomberg) -- New Oriental Education & Technology Group Inc. is convincing investors and analysts that improvements in its after-school tutoring business and a push into online learning will help boost its pricing power in China's for-profit schooling market. The stock has soared 63 percent in the past 12 months after a series of better-than-estimated earnings reports helped turn around sentiment on the company that just a year ago was losing out to peers such as TAL ...

14) Hangover at Teatime: Why 'Brexit' Breakup Is So Very Hard to Do
    (Bloomberg) -- "Brexit" lovers beware: breaking up with the European Union is hard to do. A vote on June 23 to leave would not free the U.K. from the EU's shackles the next morning. It would trigger a phase of one- against-27 summitry in which Britain in all likelihood ends up stuck with most of the European regulations it is trying to escape. Victory for Britain's secessionists in the referendum would hand leverage to countries at the heart of the European ...

15) 'Brexit' Splits Pimco From Pioneer as Gilts Pulled in Both Ways
    (Bloomberg) -- Some of the world's biggest money managers risk canceling each other out in the U.K.'s government-bond market as the potential fallout from leaving the European Union splits the investment community. Pacific Investment Management Co., with $1.43 trillion in assets, sees the prospect of Britain voting to end EU membership in a June 23 referendum as positive for U.K. sovereign debt as it augurs lower interest rates for longer. Pioneer ...

16) Boehringer, AbbVie Said to Be in Cancer-Partnership Talks
    (Bloomberg) -- Boehringer Ingelheim GmbH, the closely held German drugmaker, is in talks with AbbVie Inc. about a significant partnership that could help the companies expand their cancer treatment businesses, people familiar with the discussions said. The talks are advanced and an agreement may be announced as soon as this week, the people said, asking not to be identified because the deliberations are private. The oncology alliance could be ...

17) Saudis Thwarted in Their Own Backyard by Man They Already Ousted
    (Bloomberg) -- Saudi leaders still insist that regime change in Syria is their goal. In Yemen, a regime they've already changed remains a thorn in the kingdom's side. The Saudis helped broker a deal that ousted Yemen's Ali Abdullah Saleh four years ago. Now, the Saudi military is bogged down in a war in its neighbor, and Saleh is playing a key role in the resistance. Earlier this month, he vowed to "teach the invaders, the new ...

18) Intel Threat Brushed Off as Mellanox CEO Dodges Stock Rout
    (Bloomberg) -- In a battle for market share with the world's largest chipmaker, a little trash talking can go a long way. That's what Eyal Waldman, chief executive officer of Mellanox Technologies Ltd., tried when he brushed off Intel Corp.'s rival hardware on an analyst call last week, accusing the company of scaling back expectations for the speed of its product. Intel is "lowering the estimated performance by more than 30 percent from their previous public ...

19) ECB Window for Stimulus Message Closing as Inflation Stalls
    (Bloomberg) -- For the next three days, European Central Bank officials will walk a communications tightrope. With inflation figures on Monday likely to show the return of price stagnation -- or worse -- the window of opportunity is closing for the ECB to signal any stimulus intentions for its March 10 decision before a self-imposed quiet period starts on Thursday. Executive Board member Benoit Coeure, the architect of euro-area quantitative easing, will speak in both ...

20) Swiss Spared Extra EU Headache as Vote on Foreign Criminals Fail
    (Bloomberg) -- Switzerland managed to dodge another spat with the European Union that could have hurt the economy after voters rejected a contentious initiative to deport foreigners convicted of crimes. The electorate turned down the so-called enforcement initiative on Sunday that would have contravened a treaty with the EU and in turn harmed a relationship already strained by a 2014 referendum to limit the number of newcomers to Switzerland. ...
 

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