1) Ex-Lehman Quant Wins Big on Bad Chinese Loans That Scare Soros
(Bloomberg) -- When hedge fund titans from George Soros to Kyle Bass look at China's mountain of bad loans, they see a financial crisis waiting to happen. Denis Zhang spots an opportunity to load up on bargains. The former Lehman Brothers Holdings Inc. trader is among a new breed of Chinese distressed debt investors making big money as banks sell their non-performing loans at fractions of face value. Zhang's Oriental Asset Management, which purchases NPLs on behalf of ...
2) Brexit Vote Sends Tourists Flocking to London to 'Buy, Buy, Buy'
(Bloomberg) -- By voting to leave the European Union, Britons have delivered a potential windfall to tourists eager to snatch up Burberry trenchcoats, Harrods Stilton and Liberty scarves on the cheap. The outcome of Thursday's referendum sent the British currency plunging, making the country's goods and services cheaper for foreign buyers. Consumers reacted immediately: Searches by Chinese for U.K. holidays "skyrocketed" on Ctrip.com ...
3) Hong Kong's 'Superman' Li: My Empire Will Be Fine Without Me
(Bloomberg) -- As Li Ka-shing prepares to turn 88 in July, he takes a moment to reflect on the $80 billion empire he's built and how it will survive without him. "I could retire today if I wanted to, in the next five minutes or whenever," Li said in a rare interview with Bloomberg Television, emphasizing that his son, Victor, 51, has been working alongside him for 30 years and taking care of his businesses full-time for the past few, even without a firm ...
4) China's Cross-Border Investment Programs Show Exodus of Funds
(Bloomberg) -- China's investors want out, and foreigners aren't showing much appetite to jump in. A program allowing some domestic and Hong Kong mutual funds to be sold on either side of the border has seen about 37 times more money leave China than enter so far this year. In addition, a link between the Shanghai and Hong Kong stock exchanges has to date enabled southbound outflows that are 39 percent more than the amount that's moved north. In the first quarter, ...
5) Koch Brothers Fill Wall Street's Void in Private Equity Lending
(Bloomberg) -- Some big corporate buyouts are quietly finding two unusual backers: Charles and David Koch. When credit markets froze at the end of last year, private equity firm Vista Equity Partners turned to a unit of the Koch empire to help finance its $6.5 billion buyout of software provider Solera Holdings Inc. Koch Equity Development kicked in $800 million in March. Two months later, Koch Equity provided $750 million to enable Apollo Global ...
6) Get Ready for a U.K. Recession, Lower Interest Rates and More QE
(Bloomberg) -- Mark Carney warned U.K. voters it could happen. Now economists say it's time to get ready. Almost three quarters of respondents to a Bloomberg survey conducted after Britain voted to leave the European Union say the economy will slip into a recession for the first time since 2009. A majority also predict that the Bank of England governor and fellow policy makers will add more stimulus, including cutting interest rates in the third quarter. ...
7) Forget December. Forget Next Year. Fed Done Hiking Until 2018
(Bloomberg) -- Circle Jan. 31, 2018, on the calendar. That's the soonest the Federal Reserve hikes next. At least if money market derivatives are to be believed. Traders, who have consistently been better at projecting the path of interest rates than the Fed itself, are now pricing in a greater probability that policy makers will cut rates in upcoming meetings than raise them. They don't assign more than a 50 percent chance of an increase ...
8) Japan Feedback Loop Seen Turning All Sovereign Yields Negative
(Bloomberg) -- Japanese government bonds are caught in a self-propagating spiral that could soon see yields on every maturity below zero. Bank of Japan debt buying and more recently Britain's shock vote to exit the European Union have turned yields negative on tenors as long as 15 years, forcing domestic investors to crowd into the longest bonds or flee into other foreign debt including U.S. Treasuries. The resulting rush into dollars is fueling demand ...
9) Two Abe Ministers Seen at Risk in Japan Upper House Election
(Bloomberg) -- The containers of radioactive soil have been sitting outside Ryuta Sawamura's apartment building in northern Japan for years. Every time he walks past them he's reminded that the clean-up from the Fukushima nuclear disaster of 2011 is far from over. Sawamura runs a small construction company in Koriyama -- the largest city in Fukushima prefecture -- and is one of many people there concerned about lingering contamination. Cabinet ...
10) Life or Death: Why Chinese Patients Mix Drug Cocktails at Home
(Bloomberg) -- With his health fast-deteriorating from a hepatitis C infection last year, Steven Wang decided to take his life into his own hands. The prescription medicine he needs isn't available in China, given the nation's stringent approval requirements for foreign drugs. So, he formulated a make-shift drug cocktail. From a Chinese manufacturer of pesticides and fertilizers, the Shanghai-based customer-service worker bought a few grams of daclatasvir, the main ...
11) Ferraris to Jaguars Purr on U.S. Roads With Fuel Boost From Asia
(Bloomberg) -- From Beverly Hills to The Hamptons, luxury cars on American roads are relying on help from Asia to keep them purring with high-octane gasoline. While the shale boom has driven more domestic crude into U.S. refineries, the resulting gasoline typically isn't ideal for the engine of a Corvette Stingray, Rolls-Royce Phantom or even a Nissan Infiniti. That's prompting a surge of shipments from Asia carrying additives including alkylates, which are ...
12) Singapore's Millionaires Humbled in Local Bond Restructurings
(Bloomberg) -- Singapore's wealthy investors are discovering they lack clout in negotiations when high-yield bond investments blow up. PT Trikomsel Oke became the first company to default on Singapore dollar debt since 2009 when it failed to repay a bond coupon in November last year, followed shortly afterwards by Pacific Andes Resources Development Ltd. The market faces more tests with Swiber Holdings Ltd.'s July 6 maturity among S$2 billion ($1.5 billion) of ...
13) Doves Ascendant in India on Brexit After Hounding Rajan on Rates
(Bloomberg) -- The debate over India's room to cut interest rates, which saw the central bank governor pilloried by populist politicians, is swinging in favor of the doves after Britain's vote to exit the European Union. Nomura Holdings Inc., which wasn't expecting any easing from the Reserve Bank of India, now forecasts a 25-basis point reduction by end-2016. Credit Agricole CIB is reviewing its call for just one cut in the second quarter of 2017. The cost to lock in ...
14) Trouble in Renewable Energy Spotted in China's Idled Wind Farms
(Bloomberg) -- Trouble may be brewing in China's renewable energy industry if idled wind farms are anything to go by. The nation's clean-energy investment binge has made it the world leader in wind, accounting for about one in every three turbines currently installed, according to the Global Wind Energy Council. In turn, Xinjiang Goldwind Science & Technology Co., which makes the machines, has pushed past its western rivals such as Vestas Wind Systems A/S and General ...
15) Brexit Just the Start as Bewildered Scotland Weighs Own Divorce
(Bloomberg) -- Scots, famously, tend to root for any sports team that plays against England. The roar of jubilation at Edinburgh's Three Sisters bar Monday night as tiny Iceland knocked Scotland's ancient rival out of the European soccer championships had an extra edge. Despite voting to stay in the European Union in last week's Brexit referendum, Scots now face being forced to leave after being outvoted by a predominantly English majority. That realization has brutally ...
16) RBNZ Has Room to Cut If Brexit Unrest Worsens, English Says
(Bloomberg) -- New Zealand is better placed than most countries to weather any worsening in post-Brexit global turmoil due to its positive growth outlook and ability to cut interest rates, Finance Minister Bill English said. "If there's a significantly negative result, we're in a very small group of countries -- the others being Iceland, South Korea and Australia -- that have got a combination of reasonable government finances, a reasonable growth ...
17) Rally of the Century Drives Aussie Bond Returns as RBA Cuts Loom
(Bloomberg) -- Australian government bonds haven't started a year this strongly in more than two decades and global turmoil means the prospect of more fuel from interest-rate cuts. Holders of federal debt have earned 5.8 percent since Dec. 31, the best beginning to a year since 1995, a Bloomberg AusBond index showed as of Tuesday. The instability stemming from the U.K.'s European Union referendum has seen investors flock to sovereign debt and ...
18) Denmark Dumped $750 Million in Kroner in Hours Following Brexit
(Bloomberg) -- Scandinavia's biggest bank estimates Denmark sold almost $750 million in kroner to weaken the currency after it became clear early on Friday that Britons had voted to leave the European Union. The flight into safe-haven markets triggered by Brexit drove the krone to its strongest level against the euro in more than a decade, forcing the central bank to intervene to defend its currency peg. The bank probably sold about 5 billion kroner ($744 million) ...
19) BOJ Bond Valuation Losses Are Said to Be $8 Billion in 2015
(Bloomberg) -- The Bank of Japan wrote down the value of its holdings of government debt by 874 billion yen ($8.5 billion) in the last fiscal year, undercutting the income from its still profitable asset-purchase program. With yields below zero, the central bank is buying debt at prices higher than the face value. As the bank purchases and holds debt until maturity, it doesn't value the bonds at market price but takes the markdown gradually so that at ...
20) Best Australia Fund Voting for Cash With Election Rally in Doubt
(Bloomberg) -- Australia's best stock fund is betting against history and national elections. Despite Australian equities typically climbing after elections, Smallco Broadcap Fund is putting a quarter of its assets in cash. Managers at the fund, which has beaten more than 450 stock funds with an annual 22 percent return over the past five years, say valuations are too high and either political party will struggle to boost economic and earnings growth, especially after the ...
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