1) President of Malaysia's Embattled 1MDB Says My Job Is Done Here
(Bloomberg) -- Former investment banker Arul Kanda took a job in Malaysia last year and walked into the crossfire of the country's biggest political crisis since Prime Minister Najib Razak came to power in 2009. Now, even as the finances of 1Malaysia Development Bhd. are being investigated in at least three countries, Kanda, president of the government-linked fund, says his job sorting out the organization is done. "I only signed up for one-third of ...
2) Park Says South Korea Must Rid World of Nukes, Not Develop Them
(Bloomberg) -- South Korean President Park Geun Hye said her nation must take the lead in ridding the world of nuclear weapons -- not develop its own arsenal as Donald Trump has advocated in recent days. "I have a strong conviction that the vision for a nuclear- free world must begin with the Korean peninsula," Park said in a written interview with Bloomberg News before a two-day summit on nuclear security in Washington, starting Thursday. "The Korean government maintains an ...
3) Caspersen Lawyer Sheds Light on Tax Case Before Father's Suicide
(Bloomberg) -- The arrest of banker Andrew Caspersen on charges of trying to defraud investors of $95 million has prompted his family to try to shed light on the circumstances surrounding his father's suicide six years ago amid a U.S. tax investigation. Caspersen's father was Finn M.W. Caspersen, a financier and philanthropist who ran Beneficial Corp. as his own father had before. Finn Caspersen sold the company in 1998 for almost $9 billion. He ...
4) The Giant of Southeast Asian Markets Is Getting Trounced in IPOs
(Bloomberg) -- Singapore's reign as the premier destination for initial public offerings in Southeast Asia has come to an end. The city-state's exchange had the smallest haul of new share sales among the region's four largest stock markets in 2015. Listings this year on Southeast Asia's biggest bourse have totaled $34 million, lagging Thailand and Malaysia. Singapore's slide down the IPO rankings reflects not so much its own failings, but the ...
5) China's 'Asset Famine' Forces Ping An to Swap Bonds for Bridges
(Bloomberg) -- China's money managers are seeking out alternate investments as record-low interest rates and the world's worst stock market performance cause a shortage of high- yielding assets. Ping An Asset Management Co., the nation's third-largest investment firm, is planning to put more money into bridges and highways, which Chairman Jack Wan says can generate stable cash flows. Asset managers need to be innovative because clients are demanding higher profits even ...
6) BlackRock Is Said to Plan About 400 Job Cuts in Coming Weeks
(Bloomberg) -- BlackRock Inc. plans to cut about 400 jobs in what may be the biggest round of layoffs to date at the world's largest money manager, according to people with knowledge of the matter. The reductions, equal to about 3 percent of the firm's 13,000 employees, will be announced in the coming weeks, said the people, who asked not to be identified because they weren't authorized to speak. Despite the cuts, the firm will continue to invest and ...
7) 'Berserk' Aluminum Boom Signals Ore Bonanza for China's Quarry
(Bloomberg) -- Key aluminum ingredient bauxite is shaping up as China's newest obsession in its mission to secure raw materials and once again minerals-rich Australia is a major target. China's investment in Australia's mining industry plunged along with the global commodities rout, dropping in 2015 to the lowest since 2008 as surging supplies created gluts of materials including oil and iron ore. It's a different story unfolding for bauxite, with a ...
8) China a Tough Sell at Home for the Man Touting Australia Abroad
(Bloomberg) -- The man who's just been tasked with selling Australia to China has brushed off claims that his own government is making that job harder. Australian Trade Minister Steve Ciobo says the greater challenge is fending off misinformation and bad perceptions about the levels of Chinese investment in his home nation. That's despite the government toughening rules for Chinese investors since coming to power in 2013 and cracking down on home sales to foreigners amid ...
9) Unloved Japan Inflation-Linked Bonds Another Blow for Abenomics
(Bloomberg) -- As fund managers snap up Japanese government bonds from a rapidly shrinking pool, there's one security going unloved -- inflation-linked debt. The Ministry of Finance announced this week it will cut linker issuance for the first time since restarting sales in October 2013 after investors joined primary dealers in lobbying for the reduction. The debt has lost 1.5 percent this year, as nominal bonds have returned 4.6 percent in their best ...
10) A $2 Billion Fund Says Good Riddance as 'Dumb Money' Flees Japan
(Bloomberg) -- Brian Heywood, who oversees about $2 billion mostly in Japanese equities, is putting on a brave face as the market tumbles and many foreigners head for the exit. The chief executive officer of Taiyo Pacific Partners LP says he welcomes the selling by overseas investors as it gives him a better chance to beat his benchmark. His logic is that many money managers invest indiscriminately in Tokyo, pushing up the entire Topix index and making ...
11) China's Little Emperors Prop Up Aussie Housing With Parents' Aid
(Bloomberg) -- Han Fantong, an accountant, beat almost 60 other bidders to buy a three-bedroom home in Melbourne in November for A$930,000 ($709,000). He had an advantage -- full funding from his parents back in China. Han, 32, an Australian permanent resident, bought the house on 688 square meters (7,400 square feet) of land in Ringwood East, about 30 kilometers (19 miles) east of Melbourne's business district, after a five-month search. His parents sold a ...
12) Modi's 'Picnic Spot' Plan Resisted by Indian Power Generators
(Bloomberg) -- India's effort to clean up the world's worst air is facing resistance from power producers who say the government is asking them to spend too much and revamp old plants too quickly. The nation's first steps to limit toxic emissions from coal-fired power plants may cost 2.5 trillion rupees ($37 billion) and will take longer than the two-year deadline set by the government, according to the New Delhi-based Association of Power ...
13) Gross's Janus Fund Capping Its Best Quarter Since He Took Charge
(Bloomberg) -- Bill Gross is wrapping up his best quarter since taking over the Janus Global Unconstrained Bond Fund. The fund has returned almost 2 percent this year and ranks in the top 11 percent of his Morningstar Inc. peers. While three months is a brief record for mutual fund managers, Gross said his performance bodes well in the trading arena he dominated for decades at Pacific Investment Management Co., prior to his September 2014 ouster. "I know if you can ...
14) MetLife Gains Capital Flexibility as CEO Earns 'Victory Lap'
(Bloomberg) -- After regulators slapped the too-big-to-fail label on MetLife Inc., Chief Executive Officer Steve Kandarian had several responses. One was to challenge government watchdogs in court -- a move shunned by other insurers that got the TBTF tag. The CEO also scaled back share buybacks to guard capital, and he announced a plan to make the company smaller. Now that a federal judge has struck down the designation, Kandarian may have more flexibility ...
15) Earnings Optimism Draws Short Seller Wrath in U.S. Equities
(Bloomberg) -- In the Standard & Poor's 500 Index, it's companies where expectations are running highest for the coming earnings season that short sellers are most interested in. Take the collection of automakers, publishers and retailers that fall under the consumer discretionary rubric, whose earnings are forecast by analysts to jump nearly 10 percent in the first quarter. Short interest in an exchange-traded fund tracking the group is at the highest level in 20 months, ...
16) Jefferies Said to Hire Goldman's Femenia for Distressed Debt
(Bloomberg) -- Jefferies Group, the investment bank owned by Leucadia National Corp., hired Goldman Sachs Group Inc.'s Joe Femeniato run distressed-debt trading, people familiar with the move said. Femenia, 39, a graduate of the U.S. Naval Academy and former Navy SEAL, will take on many of the duties of former distressed-debt head Drew Doscher, who left Jefferies in December, according to the people, who asked not to be identified ...
17) How the Price of Butter in an Eastern German City Moves the Euro
(Bloomberg) -- From the cost of fresh butter in Dresden to a shirt in Leipzig or perfume in Chemnitz, each month the 60 data collectors in the German state of Saxony start gathering prices -- and end up moving the euro. Figures that originate in what was part of communist East Germany and its price controls until 1990 have become a major focus for traders and market analysts trying to divine the overall inflation rate for the country and then the euro ...
18) Hidden Millions Fund the Debate Over Britain's European Future
(Bloomberg) -- In the battle to win over U.K. voters ahead of June's referendum on the European Union, the rival "in" and "out" campaigns have been tapping up businesses and wealthy individuals for cash. Just how much, may never be known. Rival groups have been in a race to strengthen their positions before April, when the Electoral Commission selects who will be the official "lead campaign" for each camp. The designation comes with 600,000 pounds ($865,000) in public ...
19) Look, No Fees! Banks Do Bonds for Free to Win Emerging Customers
(Bloomberg) -- When Indian state-owned power company NTPC Ltd. sold $500 million of Eurobonds in February, a deal that could have incurred banking fees of more than $1 million cost a couple of cents. NTPC executives even sent the bill for meeting investors in London and Singapore to Citigroup Inc. and the four other underwriting banks, according to a person with knowledge of the transaction. The episode is a testament to an increasingly desperate ...
20) European Stocks Lose Lead Over U.S. in Worst Quarter Since 2003
(Bloomberg) -- The tables have turned on Europe's stocks. After beatingU.S. equities last year by the most in a decade, now they're trailing by the most since 2003. While the Standard & Poor's 500 Index has managed to erase its annual drop in a little more than a month, the rebound in the Stoxx Europe 600 Index has done far less. The gauge is on track for a quarterly loss of 6.7 percent, with all but three of its industry groups in the red. The European ...
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