1) ICE Said to Explore Bid for LSE to Thwart Deutsche Boerse
(Bloomberg) -- Intercontinental Exchange Inc. is exploring a counter bid for London Stock Exchange Group Plc, according to people familiar with the matter, attempting to scuttle a planned merger with Deutsche Boerse AG that would create the dominant European exchange operator. ICE, which is based in Atlanta and owns the New York Stock Exchange, is working with advisers including Morgan Stanley to prepare a possible higher offer for LSE, ...
2) China Super-Regulator Plan Said to Target 'Fragmented' Oversight
(Bloomberg) -- China's government is expected to unveil plans for a financial super-regulator as early as this year, according to people familiar with the matter, as concerns grow about the best way to ensure market stability and maintain investor confidence. The most-discussed proposal would see the banking, securities and insurance regulators merged into one entity, while the People's Bank of China would get more power over the economy, said the people, who asked not ...
3) The Milk You've Never Heard of That's Rocking the Dairy World
(Bloomberg) -- For Gillian Fyvie, a splash of milk on her cereal typically led to stomach ache, bloating and a swollen tongue. Not since making the switch. Fyvie's symptoms were avoided not with soy, organic or even lactose-free dairy, she says, but a type of cows' milk from a2 Milk Co. The Sydney-based company is gaining an international following for its products, developed from the premise that the milk most of the industrialized world has consumed for generations is ...
4) Modi Eyes Political Rebirth With Budget Moves to Win Rural India
(Bloomberg) -- For all the disappointment among investors since Prime Minister Narendra Modi swept to power nearly two years ago, India's farmers have been even more frustrated. Back-to-back droughts, meager increases in guaranteed crop prices and neglect of a rural jobs program all led to rising discontent in villages that saw Modi as an economic savior in 2014. He hit a low point in November, when his ruling party got crushed in Bihar, India's ...
5) BHP, Rio Showing Bondholders $8 Billion of Love Warms Up Rally
(Bloomberg) -- Bond investors are rewarding BHP Billiton Ltd. and Rio Tinto Group after the humbled mining giants cut dividends by as much as $8 billion to repair finances. Credit assessors aren't yet convinced. Dollar-denominated notes issued by BHP returned 4.2 percent in February, the most since 2009, while Rio Tinto's rose 2.8 percent, its biggest advance since 2012, according to Bank of America Merrill Lynch's U.S. Metals, Mining & Steel Index. ...
6) Modi Finds Missing Piece in Bond, Rupee Jigsaw: Fiscal Prudence
(Bloomberg) -- Prime Minister's Narendra Modi's budget slotted in the missing pieces for a rally in Indian bonds and the rupee. The benchmark 10-year yield slid 16 basis points, the most in nine months, after Modi's government stuck to its fiscal deficit targets. The yield -- which had risen five basis points in one year through Friday despite interest-rate cuts, plunging oil prices and the opening up of the debt market -- will drop 13 basis points more to 7.50 ...
7) Aquino Era of Upgrades Ends With Flight to Dollar Debt From Peso
(Bloomberg) -- As Benigno Aquino closes out a presidency that delivered the Philippines four Standard & Poor's rating upgrades, investors are turning to the country's dollar debt to shelter from peso losses. The nation's U.S. currency bonds are rising almost twice as fast as local notes, pushing the yield on the securities due 2024 down 52 basis points this year to 2.49 percent. The peso is the only major Southeast Asian currency to weaken in 2016 before a May 9 ...
8) From Boardroom to Jail, China Gas Executive Buffeted by Reforms
(Bloomberg) -- Struck by a sudden inspiration for a business plan while cooped up in a room at a southern China detention center, entrepreneur Liu Minghui turned to the only people nearby for feedback -- his jailer and 11 cell mates. Even during Liu's yearlong detention on what turned out to be false allegations of embezzlement, the founder and executive chairman of China Gas Holdings Ltd. couldn't wait to remake the company after his eventual release. The jail-house ...
9) Templeton's Man in China Predicts 20% Stock Rally as Panic Fades
(Bloomberg) -- The worst is over for Chinese stocks after panicked investors caused the world's deepest selloff, according to Franklin Templeton's money-management unit in Shanghai. The $5.3 trillion market will rebound as much as 20 percent in the "short term" as economic growth picks up and yuan volatility decreases, said Lirong Xu, the chief investment officer at Franklin Templeton Sealand Fund Management Co., which oversees about 30 billion yuan ($4.6 billion). ...
10) Bears Have HKEx in Their Sights as Turnover Sinks With Equities
(Bloomberg) -- Options traders haven't been so bearish on Hong Kong Exchanges & Clearing Ltd. since the European debt crisis. Traders are paying the most since November 2011 to hedge against losses on HKEx versus the cost of bullish bets, according to data compiled by Bloomberg. While the world's third-largest exchange operator is projected to report record annual profit on Wednesday, investors are speculating earnings will decline this year as volumes drop in one of the ...
11) Golden Guernsey Cows Shine Again Amid Healthier Milk Claims
(Bloomberg) -- In dairy circles, Guernsey cows have long been overshadowed by their heftier, black-and-white cousins. The reddish-colored breed originally from Guernsey, in the British Channel Islands, has been decimated in recent decades, purged from farms to make room for higher milk-yielding Holsteins, according to South Australian dairy farmer Lyndon Cleggett. His family began breeding pedigree Guernseys in 1964 and is one of about 100 members of the Guernsey Cattle ...
12) This $80 Billion Fund Is Hiring to Build Bet on Unlisted Assets
(Bloomberg) -- The biggest commercial pension fund in Denmark says it's going to need more specialist portfolio managers as it targets unlisted assets in an effort to avoid erratic market swings. PFA Pension, which has about $80 billion in assets, will be better able to dodge sudden selloffs by relying more on assets that aren't traded on a stock exchange, Chief Executive Officer Allan Polack said in a phone interview on Monday. That means more money managers who ...
13) Hong Kong Closes on Indonesia in Dollar Sukuk as Silk Road Alive
(Bloomberg) -- Hong Kong's possible third Islamic global bond in three years brings it closer to Indonesia and Malaysia in terms of sovereign sukuk presence, a boost to the market that coincides with China's Silk Road revival. The finance center has already raised $2 billion from sales in 2014 and 2015, which attracted $6.7 billion in total orders, while Indonesia plans to tap investors for the sixth year running and Malaysia is returning for its seventh ...
14) Mobius Buys Beaten-Up Emerging Market Stocks on Recovery Bet
(Bloomberg) -- Templeton Emerging Markets Group is buying Chinese stocks "very selectively" and searching for bargains across developing nations on speculation assets will rebound toward the end of the year, said Mark Mobius, its executive chairman. China is likely to continue efforts to stimulate the economy, while the yuan's devaluation will be "pretty steady" versus the dollar and "not very big" against a basket of currencies of major trading partners, ...
15) Norway Seeks to Piggyback on 'Brexit' Deal to Escape EU's Grip
(Bloomberg) -- As the U.K. agonizes over whether to stay or leave, Norway is eyeing its own way of distancing itself from the European Union. The thing is, the Nordic nation isn't part of the club to begin with. The case illustrates how hard it will be for the U.K. to escape the bloc's influence even if decides to head for the exit. While voters have twice rejected joining the EU, Norway has still adopted 75 percent of it laws to access the lucrative single market. ...
16) Hedge Fund Finds Vindication Merging Algos, 16th-Century Theory
(Bloomberg) -- The market turbulence leading investors to flee hedge funds around the world is providing a measure of vindication for one asset manager. First Quadrant LP, which manages $11 billion in foreign- exchange strategies, relies on computer models that crunch data such as interest-rate differentials and equity valuations to identify currencies' fair value and determine entry and exit points. The $1 billion Absolute Return Currency Fund it runs out of Pasadena, ...
17) 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 ...
18) Golub Shutting Credit Fund as It Blames 'Market Illiquidity'
(Bloomberg) -- Golub Capital is shutting down a $150 million credit-hedge fund that invested in distressed debt, following the market's worst rout since the financial crisis. The Chicago-based asset manager is closing the GC Synexus fund after losses exceeded 20 percent in 2015, according to a person with knowledge of the matter, who asked not to be identified because the information isn't public. Daniel Posner, who led the fund after joining from D.E. ...
19) Germany's Nazi Past Collides With Refugee Debate at Top Court
(Bloomberg) -- Germany's heated debate over refugees and its troubled political past are set to collide as the country's top court begins considering whether to outlaw a far-right party accused of espousing Nazi views. The Federal Constitutional Court on Tuesday starts three days of hearings in a bid by Germany's 16 state governments to ban the Nationaldemokratische Partei Deutschland, or NPD. It's the first time in 60 years that the court is trying such a case ...
20) Spring Breakers Stuck in Illinois as Colleges in Cash Flow Hell
(Bloomberg) -- Illinois's failure to pass a budget is failing its colleges. As the impasse between Republican Governor Bruce Rauner and the Democratic legislature nears its ninth month, shutting off hundreds of millions of dollars for higher education, public universities are raiding reserves, deferring projects and planning to lay off employees. Chicago State University canceled spring break to finish the semester before cash runs out and said ...
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