1) Fortunes Reverse for Asia Hedge Funds That Won in Past Selloffs
(Bloomberg) -- Asia-based hedge funds that gracefully navigated market turbulence in the past are struggling with the ferocity of this year's carnage. Hao Advisors Management's $328 million Greater China Focus Fund, which surged 149 percent last year amid a stock rout in Asia's biggest economy, lost 6.1 percent in the first two months of the year, according to a document obtained by Bloomberg News. Trivest Advisors's $622 million TAL China Focus Fund which hasn't posted a ...
2) Plying Fowl With Last-Resort Drug Hastens End of `Miracle Cures'
(Bloomberg) -- Wearing only silver toe rings on her bare feet, Manisha Bal Reddy pads through her flock of 4,800 cackling chickens in a coop in south India to retrieve a blue and white bottle on the husk-covered floor. It contains a mix of three antibiotics, including the last one currently available to treat the most perilous bloodstream infections in people. The drug cocktail is to be added to the birds' drinking water, according to notes ...
3) Baby's Death Shows Global Threat From Wonder Drug's Demise
(Bloomberg) -- The antibiotic colistin was the last resort for saving babies at the King Edward Memorial Hospital in Pune, India. That defense was breached last year. In early 2015, a pediatrician at the hospital for the first time encountered two cases in which newborns had bloodstream infections caused by bacteria resistant to the critically important medicine. One of the babies died; the other survived. "That is a warning to us that maybe ...
4) Indonesians Ride Resurgent Rupiah Straight to Singaporean Malls
(Bloomberg) -- Drawn by the lure of some of Asia's best shopping and buoyed by a resurgent rupiah, 20-something Indonesian Dewi Lestari was ready to spend when she set foot in Singapore for the first time this month. "The exchange rate is pretty good and Singapore's a shopping paradise," said Lestari, an administrative assistant at a car workshop, as she arrived at the ferry terminal after flying to Batam from her home in Jakarta. "That's the only reason why I'm ...
5) Missile Maker Adapts Guidance Systems for Self-Driving Cars
(Bloomberg) -- Mitsubishi Electric Corp., a supplier of air-to-air missiles to Japan's armed forces, is looking to adapt the technologies it originally developed for military use to help autonomous driving cars detect obstacles and avoid collisions. Components such as millimeter-wave radars, sonars, sensors and cameras -- some of which were developed to guide missiles -- are being adapted for use in self-driving vehicles that will hit the roads by 2020, Katsumi ...
6) Mandiri's New CEO to Tackle Bad Loans Before Expanding Overseas
(Bloomberg) -- PT Bank Mandiri, Indonesia's largest bank by assets, will tackle rising bad loans as its top priority this year while setting a longer-term target to expand business abroad, said new Chief Executive Officer Kartika Wirjoatmodjo. Non-performing loans will peak at around 3.5 percent of total credit this year, up from last year's 2.5 percent, Wirjoatmodjo said in an interview at the bank's headquarters in Jakarta ...
7) Asia's Worst-Performing Currency May Be Best Bet This Year
(Bloomberg) -- Investing in Asia's worst-performing currency is all about the interest rate. While the rupee fell 0.6 percent versus the dollar this year, flows from stock and bond investors both turned positive in March amid slower inflation, an improved current account and budgetary discipline. Including interest, investing in rupees will earn 2.9 percent from now until Dec. 31, according to strategists' forecasts compiled by Bloomberg, the most in emerging Asia. ...
8) Fidelity Starts Testing Robo-Adviser Service on Existing Clients
(Bloomberg) -- Fidelity Investments, the second-largest U.S. mutual fund company, will test an automated-investment service starting Wednesday on a small group of existing customers. The offering, called Fidelity Go, will move the Boston- based company into the increasingly competitive industry of low- cost financial advice driven by computers. Vanguard Group, the biggest U.S. mutual fund company, and brokerage Charles Schwab Corp. started similar programs last year, after ...
9) Puerto Rico Creditors Are Said to Unite for Counterproposal
(Bloomberg) -- Some of Puerto Rico'slargest creditors, unsatisfied with a commonwealth debt-reorganization proposal and the direction of Congressional legislation, are working together to draft their own restructuring plan, according to four people with direct knowledge of the talks. Representatives of bondholder groups and bond insurance companies met Monday at the New York office of PJT Partners Inc., which is advising MBIA's National Public Finance Guarantee Corp., to ...
10) Missionary Turned Hedge Fund Boss Bets Big on Saving Fukushima
(Bloomberg) -- The Japanese region hit by the worst nuclear accident since Chernobyl has a new backer. "I'm now the biggest institutional investor in Fukushima," says Curtis Freeze, New Yorker, hedge fund head and former missionary. The 53-year-old, who oversees $352 million as chief investment officer of Prospect Asset Management Inc., has taken big stakes in two of the prefecture's three banks, diverting much of his fund's assets into the bets. ...
11) Europe's Bond Shortage Means Draghi Is About to Shock the Market
(Bloomberg) -- As European Central Bank Governor Mario Draghi prepares to increase and broaden his bond-buying program, the shrunken market might be in for a shock. While policy makers will expand their asset-purchase plan by 20 billion euros ($22.4 billion) a month at the start of April, corporate debt won't be included until later in the quarter. That's leaving investors to face even higher demand for government bonds with supply unable to keep up and some of Europe's ...
12) World's Longest Bull Market Endures Turmoil as Foreigners Return
(Bloomberg) -- Malaysia's energy exports are tumbling, its prime minister is battling corruption allegations and corporate profits are weakening. With all that, the Southeast Asian nation is also home to the world's most resilient bull market for stocks. Overseas funds are piling in at the fastest pace in Southeast Asia. Kuala Lumpur's benchmark equity gauge has more than doubled from its 2008 lows without succumbing to a 20 percent drop. Tan Ming Han says he knows its ...
13) Sanofi Finds Money Almost Free in Draghi-Fueled Euro Bond Market
(Bloomberg) -- European companies are inching ever closer to borrowing for free as the central bank expands stimulus. France's biggest drugmaker sold bonds in euros with the lowest yield on record for a non-financial company on Tuesday, according to data compiled by Bloomberg. In the secondary market, about 14 billion euros ($16 billion) of highly rated corporate bonds are trading with yields below zero, the data show. European Central Bank President Mario Draghi's ...
14) Aubrey McClendon Partner Tom Ward Regrets Leaving Chesapeake
(Bloomberg) -- Natural gas explorer Tom L. Ward still has regrets over leaving Chesapeake Energy Corp. after launching it more than 20 years ago with his friend Aubrey McClendon. "We were both better together than we were separate," Ward, whose birthday fell three days before McClendon's, said Tuesday in an interview for Bloomberg Television. "I've never met anyone in my career that could raise capital like Aubrey could." The two energy ...
15) After Refugees, Greece Now Awaits the Tourists Turkey Is Losing
(Bloomberg) -- When it comes to luring foreign visitors to sun, sea and a bit of history, Greece might be about to gain from Turkey's losses. The Greek Tourism Confederation expects the number of visitors to rise to a record 25 million this year and bring 800 million euros ($897 million) of extra income, Andreas Andreadis, president of the industry lobby group, said in an interview in Athens on Tuesday. Separately on the same day, Turkey's Culture and Tourism ...
16) Europe Investors Aren't Waiting Around to See If Rebound Holds
(Bloomberg) -- European stocks, which plunged 17 percent to start the year then recouped almost precisely half the losses, are suddenly treading water. The onset of calm is failing to stem a crush of withdrawals among fund investors. After surging 14 percent in a five-week rebound through March 14, the Stoxx Europe 600 Index has hit a wall. It's failed to post back-to-back gains and is trading in a range of about 14 points. The benchmark measure is heading for a 0.9 percent ...
17) Why Green Ogres Keep Bringing Jeffrey Katzenberg Back to Paris
(Bloomberg) -- When Jeffrey Katzenberg needs green ogres, talking penguins or kung-fu-fighting pandas, he heads to an old brick building in Paris. For 25 years, the head of DreamWorks Animation SKG Inc. has made his way to the elite photography school Les Gobelins in Paris's 13th arrondissement in search of animation skills with a distinctly French touch. Building on the country's age-old tradition of fine art and graphic novels, Les Gobelins has spawned Oscar-winning ...
18) Peabody Lifeline Vanishing as Bowie Loan Deal Said to Be Dropped
(Bloomberg) -- Bowie Resource Partners is scrapping a loan sale that would've funded its purchase of mines from Peabody Energy Corp., jeopardizing a deal that would help stave off a Peabody bankruptcy filing, according to a person with knowledge of the matter. The company dropped the $650 million financing after getting a cool reception from investors, said the person, asking not to be identified because the matter is private. Bowie had put ...
19) American Apparel Names Former Liz Claiborne CEO as New Chairman
(Bloomberg) -- American Apparel Inc., which emerged from bankruptcy last month, named the former head of Liz Claiborne Inc. as chairman of its revamped board. Paul Charron, who ran Claiborne until 2006, will be one of three new directors at American Apparel, the company said in a letter to its wholesale customers that was obtained by Bloomberg News. Susan Davidson, a Claiborne veteran who currently runs the fashion boutique Scoop and the Zac Posen design house, and Bruce ...
20) Rocket Man With Perfect Record Pressured by Musk's Low Costs
(Bloomberg) -- After a United Launch Alliance rocket blasted off in a fiery arc from Florida last week, Tory Bruno shook hands with everybody in the control room. Then he headed home. It's his low-key routine for celebrating each spaceflight by the largest U.S. rocket company after 106 uneventful missions. "I have a nice glass of single-malt whiskey and then we move on to the next launch," Bruno, chief executive officer of the Boeing Co.-Lockheed Martin Corp. venture, ...
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