1) Hong Kong Property Seen Enduring Deep Slump Before Curbs Eased
(Bloomberg) -- Memo to Hong Kong developers calling for the government to ease property curbs amid a slump in home prices: Don't hold your breath. Declines in the residential property market have to get a lot worse before Hong Kong's lawmakers would consider rolling back measures they introduced more than five years ago to rein in prices, according to eight analysts and economists polled by Bloomberg News. On average, they estimate that home prices, which have fallen ...
2) The Big Short Is Back in Chinese Stocks as Yuan Losses Escalate
(Bloomberg) -- Chinese equities are once again in the cross hairs of short sellers. Short interest in one of the largest Hong Kong exchange- traded funds tracking domestic Chinese stocks has surged fivefold this month to its highest level in a year, according to data compiled by Markit and Bloomberg. The last time bearish bets were so elevated, such pessimism proved well-founded as China's bull market turned into a $5 trillion rout. While trading in ...
3) Manga Worker Stuffs Cash in Futon to Flee Japan's Negative Rates
(Bloomberg) -- When the Bank of Japan unexpectedly announced negative interest-rate policies in January, the first thing Tomomi Sato did was withdraw a 10th of the money in her bank account and stash it at home. "It made me think of bank runs and shutdowns like I've heard there were in the past," said the 30-something assistant to manga comic artists, who commutes for two hours from a small apartment in Tokyo's suburbs. "Eventually, ...
4) Miner Ends Quest for Gold to Unearth Strongest Material in World
(Bloomberg) -- Mark Thompson dumped his plans for a gold mine to pursue a fortune in graphite, the same stuff used in pencils for centuries. But he isn't so interested in old-school writing instruments. Thompson's Talga Resources Ltd. plans to convert high-grade graphite from Sweden into a material called graphene, which is stronger than steel, conducts electricity better than copper and is so light and flexible that companies like Samsung Electronics Co. are using it ...
5) 1MDB Scandal Strains World's Longest Bull Run as Selloff Deepens
(Bloomberg) -- One of the worst global financial scandals is taking its toll on the world's longest bull market run. Deepening concerns over 1Malaysia Development Bhd., the embattled state investment fund at the center of probes from Switzerland to Singapore, has spurred the biggest outflow of foreign funds in eight months. Malaysia's benchmark stock index has erased most of its gains after climbing to this year's high in April. The prolonged impact ...
6) Cows on Track Said to Cost India's Bullet Train Extra $1 Billion
(Bloomberg) -- India may spend as much as $16 billion -- over $1 billion more than initially estimated -- on the nation's first bullet train to elevate the entire railroad, a person with direct knowledge of the matter said. Land acquisition hurdles, as well as people and animals potentially wandering in front of carriages speeding at 350 kilometers (217 miles) an hour, make the option of an elevated link attractive, the person said, asking not to be ...
7) Disney Poised to Spur Amusement-Park Fun in Land of Dwarf Empire
(Bloomberg) -- Beijing has Shijingshan, known as "Fake Disney," Shenzhen has a park with replica landmarks and Yunnan province has Dwarf Empire, an attraction based on little people. With already 300 theme parks in China, including some ranked among the world's worst, competition to amuse the nation's growing middle class is set to intensify. Dalian Wanda Group Co.opened a $3.2 billion project in southeastern Jiangxi province on Saturday, two weeks before the ...
8) Brazil Builder Moves Past Bribery Saga, Stoking 23% Bond Surge
(Bloomberg) -- Andrade Gutierrez SA, one of several Brazilian construction companies implicated in the nation's biggest corruption probe, is back in favor with bond investors. The builder has seen its $500 million of notes due in 2018 return 23.3 percent since May 5, when it reached a leniency agreement with prosecutors. As part of the deal, Andrade Gutierrez issued a statement in Brazil's biggest newspapers apologizing for taking part in a scheme to bribe executives at ...
9) Taliban Leader's Killing Exposes Deepening U.S.-Pakistan Strains
(Bloomberg) -- The U.S. drone strike that killed the Taliban's top leader as he traveled through Pakistan reflects just how much the U.S. is willing to disregard an ally it increasingly sees as an obstacle to securing peace in Afghanistan. The May 21 killing of Mullah Akhtar Mansour was an embarrassment to Prime Minister Nawaz Sharif's government because it highlighted how -- five years after commandos killed Osama Bin Laden near an elite military ...
10) Scientist Turned Hedge Fund Founder Cuts Profitable Aussie Short
(Bloomberg) -- AE Capital, a hedge fund run by a former atmospheric scientist, trimmed bets against the Australian dollar as it gauges shifts in the world's two biggest economies. The Australian, Canadian and New Zealand dollars will likely be the most sensitive to changes in the outlook for U.S. interest rates and for the economy in China, the biggest consumer of raw materials, said its Melbourne-based Chief Investment Officer Lyle Pakula. The three are among the four worst ...
11) Pelargos Joins Hedge Funds' Bet on Turnaround at Honda
(Bloomberg) -- Pelargos Capital BV, a Dutch hedge fund manager that's prospered by snapping up battered stocks, is adding to its stake in Honda Motor Co. and is predicting that shares may double, joining other investors placing faith in a recovery for the besieged automaker. "The market clearly hates Honda," said Michael Kretschmer, chief investment officer of Pelargos, a manager of $237 million that was spun off from insurer Aegon NV. "If you assume in ...
12) China Index-Trackers to Double Down on Alibaba as Stocks Slide
(Bloomberg) -- Global investors are about to get a double dose of Chinese equities that have provided a haven, of sorts, from the nation's stock slump. Alibaba Group Holding Ltd. and 12 other American Depository Receipts will have their full value included in MSCI Inc.'s indexes from the close on Tuesday, six months after half their free float-adjusted market capitalization was added to the gauges. The shares are down 5.6 percent on average from then through last week, beating ...
13) Chaos Awaits Besieged Cameron No Matter What the Brexit Result
(Bloomberg) -- Think everything in British politics will calm down once the European Union referendum is over? Think again. The campaign for the June 23 vote has split the governing Conservative Party down the middle, with implications for Britain's government whatever the result. The fates of Prime Minister David Cameron and Chancellor of the Exchequer George Osborne are now tied to the outcome. Increasingly caustic exchanges between the opposing sides over the ...
14) Boys' Club Image Overturned by Rise of Women Currency Traders
(Bloomberg) -- Peg Reed knew she was called "Miss Bitch" on the desk when she was trading currencies on 1980s Wall Street. While running foreign-exchange desks in New York at the same time, Charlotte DeBenedictis was paid less than the men working for her. Today, these pioneers say that even as their successors climb to the highest echelons in the male-dominated world of currency trading, toughness is still at a premium. "You had to have a thick ...
15) The Untold Story Behind Saudi Arabia's 41-Year U.S. Debt Secret
(Bloomberg) -- Failure was not an option. It was July 1974. A steady predawn drizzle had given way to overcast skies when William Simon, newly appointed U.S. Treasury secretary, and his deputy, Gerry Parsky, stepped onto an 8 a.m. flight from Andrews Air Force Base. On board, the mood was tense. That year, the oil crisis had hit home. An embargo by OPEC's Arab nations—payback for U.S. military aid to the Israelis during the Yom Kippur War—quadrupled oil prices. Inflation ...
16) Vietnamese Banks Swimming in Cash Spur Best Bond Rally in a Year
(Bloomberg) -- Vietnam's banks are awash in the cheapest cash on record. And they're parking it in sovereign bonds. Demand from state lenders has driven yields on the Southeast Asian nation's two- and three-year notes to the lowest in more than a year. The overnight interbank lending rate slumped as foreign direct investment surged, the trade balance swung to a surplus and bank deposits increased faster than credit. "For all these short-term bonds, it's all ...
17) Takata Said to Avoid Bankruptcy in Seeking Funds From Buyer
(Bloomberg) -- Takata Corp. has ruled out using bankruptcy as a way of mitigating liabilities from its record air-bag recalls and is instead seeking buyers that could take a controlling stake and carry the company through its crisis, according to a person with knowledge of the restructuring process. Lazard Ltd., Takata's financial adviser, will meet manufacturers as well as financial firms with the aim to find buyers by the fall, said the person, ...
18) Lost Year in Nigeria Under Buhari Leaves Economy on Its Knees
(Bloomberg) -- Muhammadu Buhari took office as Nigeria's president a year ago on a wave of optimism that the ex-military ruler could revive a nation battered by falling oil prices and decades of corruption. Now Africa's biggest economy is on its knees. Nigeria will soon enter a recession, according to the central bank, and an upsurge of militant attacks since February has sent crude production, which usually accounts for 70 percent of government revenue, plummeting to an ...
19) OPEC's Cheap Oil Strategy Lures Drivers Back Into Gas Guzzlers
(Bloomberg) -- As OPEC ministers gather in Vienna, they may notice more sport utility vehicles on the streets of the Austrian capital than on previous visits. Last year, SUVs outsold any other type of passenger vehicle in Europe for the first time, according to auto industry consultants JATO Dynamics. The trend has continued in 2016, with demand for SUVs such as the Hyundai Tucson and the Renault Kadjar accounting for a quarter of sales in the biggest European countries. ...
20) Power-Sharing No Quick-Fix for African States Riven by Conflict
(Bloomberg) -- For Africa's insurgents, the spoils of war can include top roles in national government. A power-sharing deal in the continent's youngest country may push this formula to breaking point. From the Central African Republic to the Democratic Republic of Congo, former rebels have found themselves in uneasy coalitions with those they bitterly opposed. In most cases, bloodshed has continued; in some instances it's worsened as other armed groups see how ...
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