1) Hong Kong Luxury Migrating to Macau Along With Chinese Tourists
(Bloomberg) -- Luxury-watch retailer Halewinner will almost double its store count in the Chinese gambling hub of Macau, where casinos want time to be irrelevant, dealing another blow to Hong Kong's staggering retail market. Halewinner Watches Group will open at least nine more shops in Macau while closing two in Hong Kong, Chairman Karson Choi said in an interview. Most of the new stores will be in the Cotai Strip, where Sands China Ltd. will open its Parisian ...
2) Rovi Said Nearing a Deal to Acquire DVR Pioneer TiVo Inc.
(Bloomberg) -- Rovi Corp., which provides on-screen guides for pay-TV listings, is nearing a deal to acquire digital-video recording pioneer TiVo Inc., people with knowledge of the matter said. Talks have progressed and Rovi may announce a transaction as soon as Friday, said the people, who asked not to be identified discussing private negotiations. Rovi will likely pay a premium of about 10 percent for TiVo, said the people, implying a value of about $1 ...
3) China's Stocks, Bonds, Yuan Are a Triple Losing Bet This Month
(Bloomberg) -- For the first time in two years, China's stocks, bonds and currency are all a losing proposition. The Shanghai Composite Index has dropped 2.2 percent in April to a one-month low, the yuan is down 0.4 percent versus the dollar, while government and corporate bonds have tumbled, with the five-year sovereign yield rising 27 basis points. Even a sudden revival in the nation's commodities markets is looking fragile after frenzied speculation prompted ...
4) Fallout Hits China Dollar Debt as $21 Billion Yuan Sales Pulled
(Bloomberg) -- China's offshore bonds are suffering fallout after a selloff in yuan notes prompted the scrapping of almost $21 billion in domestic issuance. As defaults on local notes by state-owned companies caused offerings to freeze in the world's second-largest economy, average yields on Chinese dollar-denominated junk bonds have jumped 28 basis points to 8.19 percent from a six-month low on April 15, according to a Bank of America Merrill Lynch Index. At least 114 ...
5) Get Ready for a Big Wave of U.S. Corporate Bond Sales in May
(Bloomberg) -- Wall Street's biggest underwriters are gearing up for a deluge of U.S. corporate bond sales in May, after a relatively dry April. Investors have money to put to work in the U.S., as negative yields cut into returns on new European and Japanese bonds. Corporate investment-grade funds saw inflows of $1.36 billion last week, the seventh straight week of deposits, according to Lipper US Fund Flows data. And there's a growing number of companies from Apple ...
6) Gloomy Picture Emerges From Under the Hood of Korea Output Data
(Bloomberg) -- Under the hood of South Korea's industrial output data released Friday are details that indicate a gloomy outlook for factory production. Amid weak exports and waning demand at home, output fell fell 1.5 percent in March from a year earlier. It decreased 2.2 percent from February. Facilities investment, the inventory-to-shipment ratio and factory utilization rate all suggest there will be more bad headline numbers in coming months. ...
7) Rural Malays Targeted as Islamic Insurance Forecasts 10% Growth
(Bloomberg) -- Malaysia's Islamic insurance industry is set to double its growth rate this year as companies focus on selling cheaper policies in rural areas, according to the nation's takaful body. The number of policies will rise 10 percent to 5.05 million in 2016, compared with 4.3 percent growth in 2015 and a 1 percent estimated expansion of non-Islamic business, Ahmad Rizlan Azman, chairman of the Malaysian Takaful Association, said in an interview in Kuala Lumpur. ...
8) Ex-Merrill's Wittlin to Shut WCG Hedge Fund After Nine Years
(Bloomberg) -- Barry Wittlin, a former top proprietary trader at Merrill Lynch & Co. who manages money for billionaire Alan Howard's hedge fund, is closing his firm after almost a decade. Wittlin said he will liquidate assets in his hedge fund and return money to clients of his WCG Management by the end of June, according to a letter sent to investors Wednesday and obtained by Bloomberg. Wittlin, who gave no reason for the decision in the letter, didn't return several ...
9) Fortress Exits Convex Asia Hedge Fund as Shakeout Intensifies
(Bloomberg) -- Fortress Investment Group LLC is exiting its Convex Asia strategy, the latest to shutter a loss-making business amid the hedge-fund industry's biggest shakeout since the 2009 financial crisis. City Financial Investment Company Ltd., based in London, has agreed to take over the Fortress Convex Asia Fund and its management team in Singapore in the second quarter, according to a Fortress letter to investors obtained by Bloomberg News that didn't disclose the ...
10) BlackRock's Paul Ebner to Leave $1.6 Billion Long/Short Fund
(Bloomberg) -- Paul Ebner, a senior portfolio manager who helped run BlackRock Inc.'s $1.6 billion mutual fund that bets on and against stocks, is leaving the firm. The BlackRock Global Long/Short Equity Fund, which Ebner helped run since its inception in December 2012, no longer lists him as one of its managers, according to an April 22 regulatory filing. He will exit this month, confirmed BlackRock spokesman Ed Sweeney. Ebner, who referred a call for comment to ...
11) No More 'Big Daddy Xi' as China's Spin Doctors Revise Playbook
(Bloomberg) -- A push to rein in a popular nickname for Chinese President Xi Jinping signals his image-makers are refining their effort to portray him as a populist hero of the masses. In recent weeks, news outlets including the official Xinhua News Agency and the 21st Century Business Herald have been cautioned against using "Xi Dada" in reports and on social media, according to people with knowledge of the matter. Xinhua employees were told last Friday not to ...
12) Oil's Surge Delaying Venezuela Default Reckoning in Bond Market
(Bloomberg) -- The rebound in oil prices is making investors increasingly confident that cash-strapped Venezuela will be able to make a $1 billion bond payment due in October. But what happens after that is anybody's guess. State-owned oil producer Petroleos de Venezuela SA has seen its 5.125 percent notes due that month soar to a 20-month high of 87 cents on the dollar from 53 cents in January, when commodity prices were cratering globally. Crude, which accounts for ...
13) Mexico Plant Blast Fueling Bond Rout May Mean It's Time to Buy
(Bloomberg) -- Bondholders have been fleeing petrochemical maker Mexichem SAB since an explosion at one of its plants last week triggered Mexico's deadliest industrial accident in a decade. To Actinver SAB, now is the time to buy. The 2.2 percent tumble in Mexichem's $1.9 billion of notes since the April 20 blast is likely to prove short-lived as the company benefits from a rebound in oil prices and its leverage drops, said David Galarza, who helps manage $7.5 billion of ...
14) High-Speed Trading Backlash Ramps Up Pressure on India Regulator
(Bloomberg) -- India's markets regulator is coming under increased pressure to improve its oversight of high-speed trading after allegations of unfair access at the nation's biggest equity bourse. The country's top brokerage associations are among a growing chorus of voices calling for the Securities and Exchange Board of India to take action after an investigation by one of its own advisory panels claimed that there may have been collusion ...
15) Draghi Gains New Bond Addicts From Emerging World Fleeing Yellen
(Bloomberg) -- It's hard to compete with a decade of easy money in a bond market engineered by Janet Yellen, but Mario Draghi is trying. Extraordinary stimulus by the European Central Bank chief is drawing borrowers in the developing world from Hong Kong billionaire Li Ka-shing to the Mexican bottler of Coca-Cola. They've pushed up emerging-market bond sales in the common currency to a record 28 billion euros ($32 billion) so far this year, according to data ...
16) Spanish Banks Circle Capital-Hungry Portuguese Lenders
(Bloomberg) -- Spanish banks are gobbling up a growing slice of Portugal's financial industry, taking advantage of the country's halting recovery from Europe's debt crisis. CaixaBank SA, a Barcelona-based giant, is the latest pursuer, offering about 900 million euros ($1 billion) last week for the portion of Oporto-based Banco BPI SA that it doesn't own. The deal would mark the third Spanish banking purchase in Portugal in less than six months, and ...
17) Forget Justin Trudeau, It's Oil That's Driving This Loonie Rally
(Bloomberg) -- It's giddy times in Canada, with newly installed Prime Minister Justin Trudeau winning rave reviews at home and abroad, the nation's economy generating some of the best positive surprises in the world and the domestic stock market soaring again. And yet all foreign-exchange traders seem to want to know is what's the latest price for crude oil. While Canada has made progress to lessen its dependence on the commodity, the local dollar's correlation to oil ...
18) Hunt for Brexit-Beating Trade Spotlights Inflation-Linked Debt
(Bloomberg) -- Investors looking for a storm cellar if Britain votes to leave the European Union may find it in inflation-linked bonds. U.K. government securities that pay more interest when retail prices rise are well-placed for a boost should Britain leave the world's largest common market. Analysts say that breaking from its 27 commercial partners would send the pound tumbling, increasing the cost of imported goods. A bond-market gauge for the inflation outlook last ...
19) As European Junk Bonds Surge, Irish 'Cooler' Returns to Market
(Bloomberg) -- One of Ireland's richest men is returning to the junk bond market as risky debt comes back into vogue for investors. Ardagh Group SA Chairman Paul Coulson, known locally as "The Cooler," is seeking to raise $2.9 billion in euros and dollars to help turn the glass and metal packaging company into the world's third-largest producer of drinks cans. The deal may price on Friday, according to a person familiar with the matter. It would ...
20) Guerrillas And Rebels Do for Oil Market What Producers Couldn't
(Bloomberg) -- Leftist guerrillas in Colombia, rebels in Libya and militants in Nigeria are succeeding where the world's biggest oil producers failed, helping keep a 1.5 million-barrel crude surplus from expanding. While Saudi Arabia, Russia and other major producers couldn't agree on a production freeze earlier this month, disruptions ranging from pipeline attacks to field shutdowns have taken 800,000 barrels a day of crude supply offline this year, according to ...
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