1) Halliburton, Baker Hughes Call Off $28 Billion Merger Plans
(Bloomberg) -- Halliburton Co. and Baker Hughes Inc. called off their $28 billion merger, which has met stiff antitrust resistance from regulators in the U.S. and Europe. The companies, the second- and third-largest oil-service firms, announced in a statementMay 1 that the combination had been terminated. The companies had set a deadline for the end of April to complete the deal or walk away. Halliburton will pay Baker Hughes a $3.5 billion termination fee by ...
2) Negative Yields No Bar to Best Bond Market Conditions Since 2009
(Bloomberg) -- In a world awash with debt, it's hard to imagine that there may not be enough to go around. Yet that's exactly what JPMorgan Chase & Co. says is happening. The world's biggest bond underwriter predicts record- low global yields ahead, based on forecasts of $1.86 trillion of net worldwide issuance this year versus $1.74 trillion of estimated net purchases. While those figures signal that supply will outstrip demand for the ...
3) Amazon Pledges to Bring Same-Day Delivery to Bronx After Outcry
(Bloomberg) -- Amazon.com Inc. will bring free same-day delivery to the Bronx -- the only New York City borough now excluded -- following criticism from elected representatives that the company's data-driven service boundaries unfairly left out minority communities. The Bronx is at least the second area the online retailer pledged to serve following an analysis of Amazon same-day delivery areas by Bloomberg Businessweek that highlighted racial disparities in where the ...
4) World's Longest Negative Rate Experiment Shows Perversions Ahead
(Bloomberg) -- When interest rates are high, people borrow less and save more. When they're low, savings go down and borrowing goes up. But what happens when rates stay negative? In Denmark, where rates have been below zero longer than anywhere else on the planet, the private sector is saving more than it did when rates were positive (before 2012). Private investment is down and the economy is in a "low-growth crisis," to quote Handelsbanken. ...
5) Yen Gains Strength as BOJ Inaction Leaves Disinflation as Driver
(Bloomberg) -- The yen's world-beating rally against the dollar looks to be gathering momentum, as central bank inaction on both sides of the Pacific Ocean leaves inflation expectations to drive the exchange rate. Japan's currency extended its climb to an 18-month high Monday after Bank of Japan Governor Haruhiko Kuroda refrained from adding to stimulus on Thursday. That took its gain this year to 13 percent, the most among developed-market peers. The ...
6) Gold Keeps Shining as Funds Miss Out on Best Rally in Two Months
(Bloomberg) -- Nothing seems to be slowing down the gold market, even when speculators take a step back. Bullion has been on a tear, with futures last week posting the biggest advance in two months. Hedge funds missed the party, reducing their wagers on a rally by the most since they turned bullish in January. The money managers were more fortunate when it came to silver, taking their holdings to the highest on record just before the metal had its best monthly advance since ...
7) Frontier Fund Wins With Vietnamese Dairy, Pakistani Cement Bets
(Bloomberg) -- While investors dumped trillions of dollars in emerging-market assets in the past three years, a Dubai-based frontier fund went looking for stocks to buy in even more exotic destinations: Pakistan, Vietnam, Saudi Arabia and Egypt. The strategy has worked well for Duet Mena Ltd., a manager of private-equity and hedge funds. The firm's Duet EM Frontier Fund has reported annualized returns of 8.9 percent since its inception in January 2013 through the end of ...
8) Beaches of Dead Fish Test New Vietnam Government's Response
(Bloomberg) -- Millions of dead fish stretched out over 200 kilometers of central Vietnamese beaches are posing the biggest test so far for the new government. The Communist administration led by Prime Minister Nguyen Xuan Phuc has been criticized on social media for a lack of transparency and slow response, with thousands protesting Sunday in major cities and provincial areas. The government says it doesn't know why the wild and farmed fish were ...
9) Oil Bulls Bet the Waning U.S. Shale Boom Will Curb Global Glut
(Bloomberg) -- Hedge funds are rooting for a quick collapse of the U.S. shale boom. Money managers turned the most bullish since May as West Texas Intermediate crude climbed to a five-month high on optimism that falling U.S. production and rising fuel demand will trim the global glut. Investors shrugged off an inventory gain that left supplies at the highest since 1929. "The market's focused not on current oversupply but on predictions of a balance in the second half of ...
10) Polish Zloty's Haven Status Just a Memory as It Lags Every Peer
(Bloomberg) -- Once a refuge for foreign-exchange traders to wait out emerging-market turmoil, Poland's zloty is a haven no more. And its worst start to a year since 2009 may not be the end of the currency's losses, according to its most-accurate forecaster. While 21 of 24 developing-nation currencies tracked by Bloomberg advanced or were virtually unchanged against the dollar in April, the zloty tumbled 2.2 percent, the biggest slide in the group. Against the euro, it ...
11) For Kansas Wheat Farmers, It's All About That Yield, Not Acres
(Bloomberg) -- When farmers in Kansas planted a lot less wheat this year, it was easy to think that production would slump. But Mother Nature had a different future in store for the harvest. More than triple the average amount of rain fell on Gary Millershaski's 3,000 acres in Lakin in the southwestern part of the state. Thanks to the deluge, crops that were once "flirting with another year of drought losses" are now looking healthy. He expects yields this season to rise ...
12) Mobius Adds Cash to Brazil Saying Rousseff Removal Not Priced In
(Bloomberg) -- Franklin Templeton is increasing its investments in Brazil, betting the expected ouster of President Dilma Rousseff this month will boost the country's assets. The impact of Rousseff's potential removal isn't yet fully priced into Brazilian stocks, Mark Mobius, executive chairman of the fund manager's Emerging Markets Group, said in a television interview with Bloomberg Markets Middle East. The real, which has rallied 15 percent this ...
13) Philips Said Disappointed With Lighting Bids, Leaning Toward IPO
(Bloomberg) -- Royal Philips NV is disappointed with bids for its lighting business and is leaning toward an initial public offering, according to people familiar with the matter. The Dutch manufacturer could seek a valuation of about 5.5 billion euros ($6.3 billion) in a potential listing, said the people, asking not to be identified as the information is private. The company is likely to make a final decision on the IPO plan soon, the people said. ...
14) Incoming Delta Chief Plans to Hold Off on Oil Hedging for Now
(Bloomberg) -- Delta Air Lines Inc.'s Ed Bastian, the incoming chief executive officer, said he has seen too many bad bets on the price of fuel for the carrier to start hedging again soon. "The reason we haven't hedged for the last year and a half is there's just too much volatility, and we've been burned," Bastian said in an interview with Bloomberg TV. "We've lost over the last eight years about $4 billion, cumulatively, on oil hedges." ...
15) Merkel's $1.4 Billion German E-Car Push Boosts Infineon, STMicro
(Bloomberg) -- Chancellor Angela Merkel's 1.2 billion euro ($1.4 billion) electric-car push is a boon to another industry seeking to benefit from the shift beyond gasoline: chipmakers such as Germany's Infineon Technologies AG. The subsidy program, which kicks off in May with rebates for vehicle buyers and plans for 15,000 battery-charging stations, translates into about $300 million of chips by 2019, said Guenther Hollfelder, an analyst at Baader Bank AG. ...
16) Rajan Emboldens India Bond Bulls by Switching on the Money Pumps
(Bloomberg) -- Bond investors in India are turning more bullish as central bank Governor Raghuram Rajan shows them the money. Ten-year notes capped a third monthly gain on Friday, with the yield dropping 34 basis points since Jan. 31 to 7.44 percent. It's seen declining to 7.30 percent by Dec. 31 in the latest Bloomberg survey, down from 7.50 percent predicted in a March poll. The optimism is stemming from the Reserve Bank of India's commitment to ...
17) DP World Sees Growth in China, Says Europe Almost Bottomed Out
(Bloomberg) -- DP World, the port operator with terminals from China to the Netherlands, expects a return to growth in some European markets after a period of stagnation and said it's avoided a hard landing in China. "Europe almost bottomed and there's only going up," Chairman and Chief Executive Officer Sultan bin Sulayem said in a TV interview with Bloomberg Markets Middle East. "I'm not that optimistic we're going to see big growth, but ...
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