1) Tokyo Hedge Fund Takes Investing Lesson From Tsukiji Fish Market
(Bloomberg) -- Simplex Asset Management Co. is taking some lessons from Tokyo's iconic wholesale fish market as it starts a fund to invest in companies looking to move their listings to the Topix index. The new fund is betting that companies moving their listings to the Topix index will benefit from a broader base of investors and higher valuations, just like fishermen who bring their catch to the Tsukiji market can expect to command higher prices, Hiromasa ...
2) Stay Away From Indian Indexes, Biggest Wealth Fund Manager Says
(Bloomberg) -- Quantum Advisors, which picks Indian stocks for Norway's $860 billion wealth fund, says investors should stay away from index investing in Asia's fourth-biggest market. Investing in indexes is a poor place to put money because you don't necessarily go into the companies with the most potential, said Ajit Dayal, the director of the Mumbai-based fund, which manages $2 billion in Indian equities. "It's a big mistake because you're buying ...
3) Japan Bank Hiring in New York as Negative-Yield Funding on Offer
(Bloomberg) -- Top-rated Japanese issuers can get paid to borrow funds in the U.S. after currency swaps are used, adding to the business Sumitomo Mitsui Financial Group Inc. is chasing by hiring in New York. SMBC Nikko Securities Inc., the investment banking arm of Japan's second-largest lender, may hire 10 more bond bankers in New York, Shunshi Kira, the head of the capital markets division at the Tokyo-based company, said in an interview Monday, ...
4) Indonesia Coal Bond Buyback at 18 Cents on Dollar Risks Acrimony
(Bloomberg) -- An Indonesian coal miner's attempt to buy back bonds at no more than 18 cents on the dollar, the lowest price for such a revamp in Southeast Asia in four years, isn't going down well with some investors. PT Berau Coal Energy said it is setting aside $57.3 million to repurchase its dollar-denominated bonds as part of its restructuring proposal, following a buyback at 30.3 cents in December. Berau cited weak coal prices for its cash crunch and the need to ...
5) SAIC, Alibaba to Mark Chinese Foray Into Connected Cars With SUV
(Bloomberg) -- SAIC Motor Corp. is putting finishing touches to a sport utility vehicle that features software developed with Alibaba Group Holding Ltd., marking the first foray into the connected-car business by two of China's biggest companies. The model will be available from September and be the first of a new category of vehicles for the automaker that's fully integrated to the internet, according to Gu Feng, SAIC's financial controller. Among its functions, the ...
6) Golden Glory Plans Singapore IPO to Fund Myanmar Property Drive
(Bloomberg) -- Golden Glory Group Pte., a developer of Myanmar real estate, is planning an initial public offering in Singapore this year as the opening of the frontier market spurs property demand in Southeast Asia's fastest-growing economy. The Singapore-based company is targeting an $80 million-to- $100 million initial share sale, raising capital to help fund land bank acquisitions in Myanmar, Chief Executive Officer Christopher Wu said in an interview in Yangon. ...
7) Asia Military Spending Rises in China's Shadow, Spurring Deals
(Bloomberg) -- Global defense contractors are circling for business in Asia, with countries from Australia to Vietnam upgrading and adding everything from submarines to fighter jets as China expands its military reach. Defense budgets will keep rising, according to IHS Jane's, which forecasts spending in the Asia-Pacific region will climb 23 percent to $533 billion annually by 2020. That will put it on par with North America, which is expected to account for a third of global ...
8) Korea Stocks Face Selloff Should China Get MSCI Boost This Month
(Bloomberg) -- If history is any guide, a win for China in getting its yuan shares into MSCI Inc. indexes this month would be bad news for South Korea. Foreign funds pulled $470 million from Korean stocks on Nov. 30, the day MSCI added half of the free float-adjusted market capitalization of U.S. listed Chinese shares but not those in Shanghai or Shenzhen. NH Investment & Securities projects around $3 billion could exit the smaller nation's market in June should global funds ...
9) Pimco Says India Growth to Lure Investors as Rajan Fate in Limbo
(Bloomberg) -- Pacific Investment Management Co. says the growth trajectory and financial health of India's economy will support rupee bonds regardless of who helms the central bank. While Reserve Bank of India Governor Raghuram Rajan has had a "notable" influence in stabilizing the rupee, there's also been a broader improvement in the nation's finances, according to Luke Spajic, head of portfolio management for emerging Asia at Pimco, which oversees about $1.5 ...
10) Crisis Management Drives Japan Inc. Dealmaking as Firms Divest
(Bloomberg) -- Japanese companies are targeting mergers and acquisitions abroad as the third-largest economy stagnates, yet it's crisis management that's driving deal volume in the country this year -- not international expansion. Announced acquisitions involving Japanese firms as the target or asset seller in the first five months of 2016 rose 62 percent to $55.4 billion, compared to the same period last year, according to data compiled by Bloomberg. The volume is its ...
11) Rich World Debt Record Has Danes Seeking Refuge in Safest Loans
(Bloomberg) -- The world-record holders in negative interest rates and debt are increasingly locking into the safest mortgages. As of April, Danish households and businesses had shifted 8.4 percent more of their combined mortgage debt into fixed-rate loans, from a year earlier, bringing the total to 853 billion kroner ($128 billion), central bank data show. The development means that 33.6 percent of Denmark's mortgage debt is now in fixed-rate loans, according to ...
12) Ex-BlueBay Money Managers Said to Raise $2 Billion in Hedge Fund
(Bloomberg) -- Glen Point Capital, an investment firm started by former BlueBay Asset Management money managers Neil Phillips and Jonathan Fayman, raised almost $2 billion in one of the largest hedge-fund startups in Europe this year, according to two people with knowledge of the matter. The London-based firm started trading last year and will stop taking money from June 1, the people said, asking not to be identified because the information is ...
13) Lost Decade for Value Stocks Tests Faithful Who Say End is Nigh
(Bloomberg) -- Hopes are high again for buying low. Exchange-traded funds that track value stocks, the ones trading cheapest to earnings and book value, have received $5.5 billion of fresh cash in 2016, data compiled by Bloomberg show. The inflows stand out in a market where money is being withdrawn from practically everything else. Growth stocks, enjoying the longest winning streak over value in history, have seen withdrawals of $6.2 billion. While trying to beat the market ...
14) Erdoganomics Pushes Turkey Credit Risk Above Junk-Rated Russia
(Bloomberg) -- Unpredictable politics and a clouding economic outlook have persuaded investors that Turkey's debt is now a riskier bet than junk-rated Russia. The cost of insuring Turkish bonds against non payment jumped in May by the most in eight months, with five-year credit default swaps widening 33 basis points to 273, surpassing Russia for the first time since mid 2014. The two first crossed on May 4 as Turkish bonds retreated in the midst of a political row ...
15) Zuma Maintains Grip as South African Rebellion Fizzles Out
(Bloomberg) -- South African President Jacob Zuma seemed in danger of being ousted two months ago after the nation's highest court ruled he failed to uphold the constitution. Now he appears as powerful as ever, tightening his grip on the ruling African National Congress as a campaign to oust him fails to gain traction. "After the court ruling, Zuma was standing on shaky ground," said Sakhile Hadebe, a politics lecturer at University of KwaZulu-Natal, said by phone from ...
16) Trump Gets Chance for Tax Cut Moving Trademarks to Delaware
(Bloomberg) -- As Donald Trump prepared for the Republican primaries, he transferred dozens of his most prized assets, the "Trump" trademarks that adorn everything from hotels to ties to his U.S. golf courses, into a new Delaware-based company -- a move that offers him a chance to cut his income-tax bills. By shifting more than 110 registered or pending trademarks to Delaware, Trump consolidated them in a state that doesn't tax income from royalties on intellectual ...
17) Draghi Stimulus May as Well Not Exist to Europe's Stock Traders
(Bloomberg) -- For equity investors, the European Central Bank's first foray into corporate-bond purchases is shaping up as a non-event. Their lack of interest can be seen in the sluggish returns for stocks that JPMorgan Chase & Co. says stand to benefit most from the next round of stimulus. Those shares have risen 3.3 percent since the ECB first announced the measure in March, compared with a 2.5 percent climb in the Stoxx Europe 600 Index. It's another ...
18) Wall Street Turns to ETFs to Sidestep Illiquidity in Bond Market
(Bloomberg) -- Investors are putting record amounts of money into exchange-traded fundsas bonds become increasingly difficult to buy and sell. Global fixed-income ETFs, which track bond indexes and trade like stocks, attracted $60 billion of inflows this year through May 25, according to data compiled by BlackRock Inc. That's the most for the period since the funds were created 14 years ago and on pace to top last year's record total of $93.5 billion. ...
19) It's Brexit Politics, Not Economics, Threatening European Bonds
(Bloomberg) -- Who potentially loses if the pollsters and bookmakers are wrong on Brexit? Add bondholders from Finland to Italy to the list. Brexit could fuel the rise of "extreme political movements" and tap into simmering resentment toward the European project, according to Jan Von Gerich, chief strategist at Nordea Bank AB in Helsinki. In Italy, the extra yield on 10-year government bonds compared with German equivalents was 120 basis points on Tuesday. It would rise ...
20) First Hudson Yards Tower Opens in NYC West Side Milestone
(Bloomberg) -- The first skyscraper at Related Cos.'s $25 billion Hudson Yards project opened Tuesday after three and a half years of construction, bringing office workers to a once- desolate area of Manhattan's far west side that's now transforming into a new business enclave. About 300 employees of Coach Inc. moved into new headquarters at 10 Hudson Yards, where the luxury-handbag maker will soon be joined by tenants including L'Oreal USA, SAP AG, VaynerMedia and ...
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