1) China's Analysts Haven't Been This Wrong on Equities Since 2009
(Bloomberg) -- China's gap between profit forecasts and reality is turning into a chasm. Firms in the Shanghai Composite Index reported earnings per share for the past year that were 33 percent below what analysts had predicted 12 months ago, according to data compiled by Bloomberg. The gap, which this month widened to the most since 2009, far outstrips the difference between projections and actual earnings in the U.S., and is more than double that of Chinese companies in ...
2) Benign China Takeover of U.S. Ham King Debunks Trump Sinophobia
(Bloomberg) -- When Chinese suitors took over the pork producer in Smithfield, Virginia, it sent tremors through the tiny town that calls itself the Ham Capital of the World. Three years on, residents and union leaders who represent workers at Smithfield Foods Inc. say the initial fears about the buyer from a Communist-ruled nation proved unfounded. The happy marriage so far belies the rhetoric on the U.S. presidential campaign trail that depicts China as an ...
3) Mobius Sees China Benefiting as Brexit May Herald 'Dark Ages'
(Bloomberg) -- China's bid for greater influence in global financial markets will benefit from the U.K.'s decision to leave the European Union, according to Mark Mobius, who sees Asia as the "place to be" in the developing world. While Britain's vote to exit the EU was a "shock for a lot of people in the know" and sparked a sell-off in global markets, Asia will be seen as relatively more desirable because it's largely isolated from Europe's turmoil, Mobius, ...
4) China Investors Turn to Sovereign Debt Amid Company Defaults
(Bloomberg) -- There's about to be a flight to quality in China's bond market. Fourteen of 22 respondents in a Bloomberg survey of investors and analysts said they are most interested in buying securities issued by the governmentand policy banks in the next quarter, compared with just four of 19 in a similar poll three months ago. A run of defaults is the biggest risk facing China's bond market in the next three months, and yield premiums are poised to widen, ...
5) Disease-Predicting Avatars Fuel Billion-Dollar Chinese Startup
(Bloomberg) -- Wang Jun spent 16 years expanding the world's understanding of what living things are made of -- sequencing genomes including those of the giant panda and potatoes. Now he's attempting to build on that: using DNA as one component to create online avatars that could act as health-care test dummies for people. Asia's biggest internet company believes he's onto something. Wang's iCarbonX wants to construct a "digital you" containing biological ...
6) Carney Strikes Preemptively With BOE Crisis Communication Blitz
(Bloomberg) -- One week since the U.K. voted to leave the European Union, Bank of England Governor Mark Carney is stepping up to face the crisis in a way his predecessor never did. Carney will speak to members of the press and finance industry at 4 p.m. Thursday in London in a message of reassurance that caps days of market turmoil and political carnage. With the ruling Conservative Party seeking a new leader to replace Prime Minister David Cameron and the ...
7) Chasing Drug Dealers Trumps Economy for New Philippine President
(Bloomberg) -- With dozens of suspected drug dealers killed by police before he even takes office, incoming Philippine president Rodrigo Duterte is making good on his pledge to curtail crime, even as he leaves the economic running to others. Duterte, 71, has also promised to spread wealth and power outside the capital to curb poverty. As he focuses on combating crime and graft, his cabinet members have been tasked with beefing up public spending and ...
8) Hedge Fund Oasis Takes Aim at Toshiba Unit for How It Uses Cash
(Bloomberg) -- Oasis Management Co., the hedge fund run by Seth Fischer, has set its sights on scandal-hit Toshiba Corp. in another attempt to prise cash from Japan Inc. Oasis has taken a 4 percent stake in Toshiba Plant Systems & Services Corp., making it the largest stock owner after Toshiba, which owns 60 percent. The Hong Kong-based fund is urging Toshiba Plant to invest its almost $900 million cash hoard or pay it back to investors, rather than letting most of ...
9) Lions Gate Said to Be in Advanced Talks to Acquire Starz
(Bloomberg) -- Lions Gate Entertainment Corp., the studio that produced "The Hunger Games" and "Mad Men," is in advanced talks to acquire premium cable channel Starz, according to people with knowledge of the matter. A deal, which would value Starz at more than $30 per share, could be announced in the next few days, said the people, who asked not to be identified because the information is private. An agreement hasn't been reached and talks could ...
10) Italy's Longshot Bid for Bank Bailout Last Chance to Stop Crisis
(Bloomberg) -- For the last eight months, an urgent question has been echoing through the halls of power in Rome, Brussels and Frankfurt: What's to be done about Italy's banks? Saddled with some 360 billion euros ($400 billion) in soured loans and a sputtering economy, Italy's lenders have been sliding toward the type of crisis that other European countries dealt with years ago. The government's latest effort -- getting the ...
11) World's Riskiest AAA Currency Exposed as Brexit Divides Markets
(Bloomberg) -- Norway. A currency that became a safe haven in 2012 is now being traded almost as an emerging market. That's despite boasting three AAA ratings, the world's biggest sovereign wealth fund and a sizable current account surplus. When the U.K. shocked the world by voting to exit the European Union, investors piled into markets they deemed safe, like the yen, the franc and Denmark's krone, and promptly dumped assets they thought were risky, like the ...
12) Brexit Turns Positive for Most Vulnerable Country's Funding Plan
(Bloomberg) -- Britain's vote to leave the European Union has unexpectedly created favorable conditions for the country most vulnerable to Brexit to push ahead with fundraising. While the referendum result on June 24 prompted Poland to cancel a debt auction for the first time in a year as bond yields soared, the nation's borrowing costs have since fallen and are approaching the lowest level in a month. Investors are rushing into bonds amid signs central banks stand ready ...
13) Brevan, Discovery Dodged Brexit Shock Using Technology Edge
(Bloomberg) -- Before U.K. voters went to the polls to decide whether to remain in the European Union, at least three prominent hedge funds sought ways to predict the outcome. Brevan Howard Asset Management, run by billionaire Alan Howard, used artificial intelligence technology to gauge sentiment on social media and conducted a poll prior to the June 23 referendum, a person with knowledge of the firm said. Robert Citrone's Discovery Capital Management ...
14) Cheap Gold Mines Disappear as Buyers Splurge for Surging Bullion
(Bloomberg) -- So much for the run on cheap gold mines. Producers who were forced by slumping prices to unload assets last year are regaining leverage. With bullion off to its biggest rally to start a year in four decades -- aided by the U.K.'s vote to quit the EU -- mine buyers are paying higher premiums and the pace of deals is accelerating, data compiled by Bloomberg show. The value of reserves held by major producers has almost doubled since the third quarter of last ...
15) Short Sellers' Futile Year Gets Worse in Europe on Brexit Tumult
(Bloomberg) -- The U.K.'s decision to leave the European Union spurred the biggest selloff in the region's stocks since 2008 -- a goldmine for shorts, right? Not exactly. Among companies with a lot of bearish bets in the Stoxx Europe 600 Index, the ones in the top 10 percent fell 5.6 percent from June 23 through Tuesday, compared with an 8.6 percent decline for the benchmark gauge, according to data compiled by Markit Ltd. Poorly chosen targets have been a problem all ...
16) Finance Felon to Folk Hero: Kerviel's Journey Now on Big Screen
(Bloomberg) -- Jerome Kerviel has spent years insisting he wasn't solely to blame for the record trading loss that almost sank Societe Generale SA. The French legal system that sentenced him to three years in jail is starting to agree. In the space of two weeks, an employment tribunal awarded Kerviel about half a million dollars for unfair dismissal, while in another courtroom a prosecutor criticized Societe Generale for "multiple, ...
17) Clinton's Private E-Mail Use Said to Frustrate Top Aide Huma Abedin
(Bloomberg) -- A top aide to Hillary Clinton said the former secretary of state's use of a private e-mail server to conduct government business on at least one occasion got in the way of Clinton's work and left the aide frustrated, according to a transcript of the aide's deposition released Wednesday. Huma Abedin, Clinton's deputy chief of staff and now the vice chair of her presidential campaign, was being deposed about the context of a November 2010 e-mail she sent ...
18) Audi Finds Key to Innovation in Old Factories Full of Art
(Bloomberg) -- "This is the most creative place I've ever worked," says Saad Metz, Audi AG's head of research and development in Beijing, looking out of his ceiling-to-floor window at a landscape of metal pipes and old factories. "Here we get inspired by artists every day." The German automaker set up its China design center in Beijing's 798 art district, a sprawl of old military electronics facilities taken over in the early 2000s by the capital's booming ...
19) Brexit Jolts Europe Stocks as Investors Trade Like Never Before
(Bloomberg) -- June was a month for the record books in European stocks. The U.K.'s decision to leave the European Union sent the number of Stoxx Europe 600 Index shares changing hands to a daily average of 4.1 million, the most since May 2010. Last Friday, equity volume reached its highest ever as investors caught off guard after a five-day rally in the run-up to the vote rushed to safe assets. It was a harrowing month for European equity investors who swung between ...
20) Perfect Pedigree Means Little for Ex-Banker in Election Fight
(Bloomberg) -- Juggling two jobs while studying law in the early 1970s, Malcolm Turnbull was so squeezed for time he paid a friend at the University of Sydney for copies of his lecture notes. "My notes were obviously both legible and of good quality because Malcolm got a Rhodes Scholarship -- he did better from my notes than I did," jokes John O'Sullivan, now chairman of Credit Suisse Group AG's investment banking division in Australia. In subsequent decades ...
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