1) Hidden Earpieces in VIP Rooms Show Macau Money Laundering Risks
(Bloomberg) -- Hidden inside the private room of a Macau casino's exclusive gaming area, a single player sits at a baccarat table. As the cards are turned, the man, a hired hand, gives a play-by-play account via an earpiece wirelessly connected to his mobile phone. On the other end of the call, hundreds if not thousands of miles away, is the real gambler -- a player beyond the border in China. That was the scenario described by five people who work at Macau's junket ...
2) Japan's Debt Burden Is Quietly Falling by the Most in the World
(Bloomberg) -- Japan for years has been renowned for having the world's largest government debt load. No longer. That's if you consider how the effective public borrowing burden is plunging -- by one estimate as much as the equivalent of 15 percentage points of gross domestic product a year, putting it on track toward a more manageable level. Accounting for the Bank of Japan's unprecedented government bond buying from private investors, which some ...
3) Saudi Arabia Considers Surprise Deal to Repair OPEC's Divisions
(Bloomberg) -- Saudi Arabia is ready to consider a surprise deal with fellow OPEC members, attempting to mend divisions that had grown so wide many dubbed the group as good as dead. As ministers prepared to meet in Vienna on Thursday, the organization's largest oil exporter was discussing ideas including restoring a production target scrapped in December, according to delegates familiar with the situation, asking not to be named because the ...
4) China Stocks in Focus as Investors Prepare for MSCI Index Revamp
(Bloomberg) -- Peru may be out. Pakistan may be in. And China could have more clout than it's ever had. Adding mainland-traded Chinese stocks to its global indexes is the most consequential move MSCI would make as part of its annual review, the results of which will be unveiled on June 14. Other potential changes include adding Pakistan stocks to the gauge, while excluding Peruvian equities. "Index changes have material effect on flows as well as what the investable ...
5) Goldman Sachs Said to Cut Dozens of Investment Banking Jobs
(Bloomberg) -- Goldman Sachs Group Inc. cut investment banking jobs in the last few weeks, joining securities firms that are adjusting to a slowdown in deal activity, according to people familiar with the matter. The bank eliminated dozens of managing directors, executive directors and vice presidents across the mergers and debt and equity capital markets teams, the people said, asking not to be named as the details aren't public. The cuts affected bankers ...
6) Lawson Keen to Buy U.S. Convenience Chains in Overseas Push
(Bloomberg) -- Japan's second-biggest convenience stores operator Lawson Inc. is looking to buy other chains in the U.S. as it speeds up overseas expansion, with the aim of boosting its number of overseas outlets by about a quarter within a year. "In the U.S. where the market is mature, mergers and acquisitions are a simple and straightforward way for us to expand, which would also allow us to buy time to boost the number of shops," Sadanobu Takemasu, who ...
7) China Says Pass The Salt as German Producer Eyes Solar Expansion
(Bloomberg) -- China's chemical producers are poised to boost demand for one of the world's most unheralded commodity exports -- salt, and that's luring the biggest producer to Australia. Germany's K+S AG is planning a potential A$350 million ($235 million) investment to build a solar salt facility near Onslow, in Western Australia's Pilbara region, after purchasing mining licenses. It's forecasting that nearby markets in Asia will account for half of global ...
8) Oil Traders May Be the Only People Who Want Yahoo to Thrive
(Bloomberg) -- The world's biggest oil traders take price slumps, trade sanctions and natural disasters in stride. The decline of a vintage Internet company has them quaking. Yahoo! Inc.'s Messenger has for almost 18 years been the default communication tool for the men and women who each day move billions of dollars' worth of crude oil and petroleum products around the planet. From Singapore to Rotterdam, daily deals are pitched, contracts negotiated and global price ...
9) Cathay Interested in Bigger Airbus A350 for Miami Non-Stop
(Bloomberg) -- Cathay Pacific Airways Ltd.said it's talking with Airbus Group SE about the planemaker's proposal for a bigger version of the newest A350 wide-body, a model which needs to attract a strong set of initial customers to get the go ahead. Cathay, which already has 48 A350s on order, is keen on a so-called stretched variant that would allow it serve destinations such as Miami nonstop from its base in Hong Kong, Chief Executive Officer Ivan Chu said in an ...
10) Loose Fiscal Policy Awaits Philippines as Duterte Plans Tax Cuts
(Bloomberg) -- The incoming administration of Philippine President-elect Rodrigo Duterte signaled its willingness for looser fiscal policy and higher borrowing as it seeks to ramp up spending on infrastructure and cut income taxes. Ben Diokno, who will be Duterte's budget secretary when the new government takes office on June 30, said a fiscal shortfall of 3 percent of gross domestic product is a "comfortable deficit target." That ...
11) Five Years, $113 Million, and Still No Privatization in Ghana
(Bloomberg) -- It was supposed to be sub-Saharan Africa's biggest share sale by a state company in almost 10 years. Instead, it's a lesson in how not to conduct a privatization. More than two months after Ghana's Agricultural Development Bank Ltd. received bids totaling $113 million in an initial public offering, and a decade after ending state ownership was first discussed, the company is reopening the sale, essentially invalidating the first auction. The ...
12) BOJ's Eventual Stimulus Exit Could Eat Up Reserve in Five Months
(Bloomberg) -- The profits the Bank of Japan has made with its bond-buying stimulus wouldn't cover five months of losses should it exit the policy, based on the estimate of one board member. The BOJ has approximately 2.7 trillion yen ($25 billion) in provisions for potential bond losses after setting aside 450 billion yen in the 12 months ended March, its financial statementshowed Friday. Policy maker Takahide Kiuchi in December estimated ...
13) Soldier-Senator Who Praised Putin Set to Survive Australian Vote
(Bloomberg) -- After taking her seat in the Australian Senate nearly two years ago, independent lawmaker Jacqui Lambie used her first months to warn of a Chinese communist invasion and praise President Vladimir Putin for his "no-nonsense attitude." The former soldier's comments lit a media blowtorch. But Lambie's winsome candor has proved such a hit with voters in her home state of Tasmania that she appears likely to overcome Prime Minister Malcolm Turnbull's attempt ...
14) Abe Sales Tax Delay Fails to Muzzle Skeptics on Japan Stocks
(Bloomberg) -- Japan has removed one uncertainty looming over the stock market with the postponement of a sales tax, but analysts diverge on whether the decision signals a turnaround for the nation's shares. After Prime Minister Shinzo Abe confirmed the delay, analysts at Mizuho Securities Co. and Okasan Securities Co. were among those saying that more progress is needed from the government's stimulus efforts to boost equities. Others ...
15) German Farmer Left Cold by Beer With Obama Shows TTIP in Trouble
(Bloomberg) -- Wearing an Alpine felt hat and vest on a tour of his dairy pastures, Alois Kramer is hardly the stereotype of an anti-globalization protester. He's still hailed as one in the Bavarian village he calls home after challenging President Barack Obamaover the benefits of trading with the U.S. Kramer, an organic-milk farmer who met the president over beers during last year's Group of Seven summit in Germany, says he wasn't swayed then and is even more ...
16) U.K. Banking Expansion Hits Brexit Hurdle for Handelsbanken
(Bloomberg) -- The Nordic bank with the biggest ambitions in the U.K. may need to adjust its business there as Britain votes on its future in the European Union. Moody's Investors Service says Svenska Handelsbanken, Sweden's third-largest bank, could see the value of its U.K. assets take a hit in a way that would disrupt its expansion there. "If Brexit leads to a stark, prolonged, depreciation of the pound versus major currencies, including the Swedish ...
17) Monday Mayhem in Kenya Raises Specter of Renewed Ethnic Strife
(Bloomberg) -- Nairobi residents have a new reason to dread the start of the working week: street demonstrations. In recent weeks, the center of Kenya's traffic-choked capital has become a battleground each Monday as opposition supporters demanding the resignation of the nation's electoral commission clash with riot police armed with wooden clubs, teargas and water cannons. The unrest has spread to several other cities, and Nation Media Group and other local ...
18) Draghi Wants ECB Easing Solo to Swell to European Reform Chorus
(Bloomberg) -- If Mario Draghi criticizes euro-area governments on Thursday, he knows the world's economic policy advisers support him even though the intended audience might not be listening. The European Central Bank president will probably have little fresh monetary stimulus to offer when he briefs reporters in Vienna after the Governing Council sets policy, giving him room to address rising concern that politicians aren't pulling their weight. Updated economic ...
19) European Banks Feel the Pinch From Draghi's Negative Rates
(Bloomberg) -- The largest banks in the euro region earned less from lending in the first quarter as the European Central Bank's experiment with negative interest rates compounded the pain of a trading slump and rising regulatory costs. A drop in net interest income, the first in two years, may worsen after the ECB lowered its deposit rate to minus 0.4 percent in March, meaning it's charging lenders more to hold their excess cash. The central bank's next rate ...
20) Family Business: Saving the Remains of Britain's Steel Industry
(Bloomberg) -- From its sparse, four-sentence website to a discreet London office with no sign or name on the doorbell, Greybull Capital LLP has embodied the "private" in private equity. That changed at a stroke with the purchase of the Scunthorpe steelworks in England as part of a 400 million-pound ($582 million) rescue plan that casts the low-key family firm as a potential savior of Britain's steel industry. The deal made front-page news across the U.K. and ...
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