1) Brexit Means Brexit: Johnson's Fall Reduces Room for EU-Turn
(Bloomberg) -- Boris Johnson's dramatic withdrawal from the Conservative leadership race he was favored to win may make it likelier the U.K. will leave the European Union. While Johnson led the "Leave" campaign, his relatively late conversion to the cause sowed doubts among some analysts and politicians about his commitment to carrying out a process that's bound to be long and painful. "If there is one British politician who could pull off a U- ...
2) Hedge Funds Set for Worst First Half Since '11 on Turmoil
(Bloomberg) -- The first six months of the year is turning out to be a period hedge fund managers want to forget. With China's currency causing global market turmoil in January and the U.K. vote to quit the European Union doing the same in June, the $2.9 trillion industry is headed for its worst first-half performance since 2011. "There have been a lot of intrinsic shocks this year, especially after managers got relatively comfortable with betting on rising markets ...
3) China Bond Investors Are Betting on More Stimulus After Brexit
(Bloomberg) -- Brexit may be bad news for China, but it's improving a poor year for the country's bond investors. The 10-year government bond yield fell 14 basis points in June, the biggest decline this year, after Britain's vote to leave the European Union spurred demand for haven assets. Before the shock decision added fuel to a rally in bond markets worldwide, Chinese yields had seen the only increase among similar-maturity sovereign debt in the world's 15 biggest ...
4) Let's Talk It Over, Says BOJ, as Banks Lead Japanese Bond Revolt
(Bloomberg) -- Struggling to feel positive about negative yen bond yields? Record-low trading getting you down? The Bank of Japan wants to hear from you. The BOJ has added its own surveys of investors and primary dealers since last year, on top of separate Ministry of Finance panel discussions with traders and economists. Never before have Japanese authorities opened so many avenues of discourse with market participants. More ...
5) Even Brexit Can't Save Currency Funds on Worst Streak Since 2013
(Bloomberg) -- It was another rough month for currency- focused hedge funds. A gauge of returns in the $5.3-trillion-a-day foreign- exchange market extended its longest losing streak in almost three years as traders fail to capitalize on volatility that's surged to the highest since 2011. Even Britain's shock decision to exit the European Union -- which fueled the the biggest one- day gain for speculators in 10 months -- couldn't salvage a June ...
6) Rail Boom in Bangladesh Brings Trains to Asia's Longest Beach
(Bloomberg) -- In Bangladesh, it's the age of rail. After decades of neglect and decline, the nation's railway network, much of it dating back to British colonial times, is being updated under a $30 billion plan to renovate stations and workshops, buy new trains and lay thousands of kilometers of new track. The renewed enthusiasm for rail in one of Asia's poorest nations is largely thanks to China, and its ambitious agenda to extend trade tentacles ...
7) EU's Bank Resolution Plan Questioned as Denmark Joins Doubters
(Bloomberg) -- As Italy argueswith Germany over a plan to provide support to its struggling banks, the first country in the European Union to rule out government bailouts says its experience suggests balance sheets should be repaired before aid is pulled. "If one could do it differently, it would have been smarter to have implemented the bail-in rules after you had cleaned up the non-performing loans," said Jesper Berg, director general of Denmark's Financial ...
8) Fate of Megadeal for Hershey Rests With Scandal-Plagued Trust
(Bloomberg) -- Holding the key to the sale of America's second-biggest candy company is a scandal-scarred, $12 billion charity that all but owns Hershey, Pennsylvania. Hershey Trust Co. controls about 80 percent of Hershey Co., guides the 107-year-old Milton Hershey School, and oversees an amusement park and resort in the town of about 14,000. Its 10 trustees have been averse to deals, scuttling efforts to separate them from their candy-coated source of cash. The ...
9) Treasury's Weiss Makes Mark Championing Puerto Rico Solution
(Bloomberg) -- Antonio Weiss has survived protesters at his New York apartment, an advertising campaign targeting him and an anti-Wall Street tirade by a top Democrat to become a key architect of the Obama administration's strategy to rescue Puerto Rico from its deepening fiscal crisis. After months of bipartisan negotiations that often created odd political bedfellows, the Senate passed a bill late Wednesday that will restructure Puerto Rico's $70 billion debt and create ...
10) Chevron Deadline Nears for $40 Billion Bet on Next Decade's Oil
(Bloomberg) -- Chevron Corp. may shortly give a green light to the most expensive oil project in the world this year as the industry digs out from the worst slump in a generation. The company said this week in a presentation on its website that the decision on expanding the Tengiz development in Kazakhstan will be made in mid-2016. Installing 4,500 camp beds for construction crews is done and port dredging 25 percent complete, it said. The project may cost as much as $40 ...
11) Canada's PointClickCare Said to Target Second Half for IPO
(Bloomberg) -- PointClickCare Corp., the Canadian health- care software provider that filed to go public, aims to launch its initial public offering in the second half of this year, according to people familiar with the matter. The company plans to raise about $100 million sometime after Labor Day, said the people, who asked not to be identified because the matter is private. The timing will depend on market conditions and may change, the people said. ...
12) Skagen's $4 Billion Global Fund Bets on Citi, AIG Amid Turmoil
(Bloomberg) -- Now is no time to shy away from financial services, according to Skagen AS. The Stavanger, Norway-based fund manager is riding out the turmoil with American International Group Inc. and Citigroup Inc. as its biggest holdings and is snapping up stocks after a "heavy overreaction" following the U.K. vote to leave the European Union, according to Knut Gezelius, who manages 32 billion kroner ($4 billion) of global stocks. "Citi is well capitalized ...
13) Avant Said to Slash Target for Online Lending, Reduce Staff
(Bloomberg) -- Avant Inc., the online lending marketplace valued at almost $2 billion last year, is slashing a target for new loans and shrinking its workforce as the industry's rapid growth falters, according to people with knowledge of the situation. The Chicago-based firm expects originations will fall about 50 percent from a $200 million monthly rate, and plans to reduce the number of workers in line with that, one person with knowledge of the strategy ...
14) Disney Said to Buy Stake in MLB Web Unit Valued at $3.5 Billion
(Bloomberg) -- Walt Disney Co. agreed to acquire a one- third stake in the video-streaming unit of MLB Advanced Media, in a deal that values the business at about $3.5 billion, according to a person familiar with the matter. Disney, the owner of ESPN and ABC, will also obtain a four- year option to buy an additional 33 percent stake in the digital arm of Major League Baseball, said the person, who asked not to be identified because the information ...
15) Java Junkies in U.S. Driving Global Coffee Consumption to Record
(Bloomberg) -- American consumers can't get enough coffee, and that's sending world demand for the beans to an all-time high. U.S. per capita consumption of hot coffee will be 3.1 kilograms (6.8 pounds) in 2016, up from 3 kilograms in 2015 and matching a record achieved in 2013, according to researcher Euromonitor International. Total domestic consumption will be up 1.5 percent in the 12 months that start Oct. 1 to the highest ever, the U.S. Department of Agriculture ...
16) Raytheon's GPS III Ground Network Triggers Review on Costs
(Bloomberg) -- The U.S. Air Force said development costs for Raytheon Co.'s network of ground stations for the newest Global Positioning System satellites are expected to increase more than 25 percent over current estimates, triggering a legal requirement to review whether the program should be canceled. The rare declaration Thursday by Air Force Secretary Deborah James, citing burgeoning costs for the Next Generation Operational Control System, or OCX, is a major setback ...
17) Gold Miners' Debt Hangover Eases as Bullion Gets Brexit Boost
(Bloomberg) -- A surge in the price of bullion is proving the perfect antidote to gold miners' record debt chalked up over the past decade. The metal has climbed 24 percent in 2016, the best start to a year in four decades, giving producers more cash to repay loans or retire debt. The windfall is even bigger for mines in South Africa and Australia, where revenue in dollars is going a lot further because of weaker currencies used to pay workers and run operations. ...
18) Billionaire Wang's Bid for Global Theater Behemoth Falters
(Bloomberg) -- AMC Entertainment Holdings Inc.'s $1.1 billion deal to acquire Carmike Cinemas Inc. is on the verge of collapse, a setback for Chinese billionaire Wang Jianlin's plans to build the world's largest movie theater chain. AMC, controlled by Wang, China's second-richest man, said it's prepared to walk away from its proposed $30-a-share acquisition after facing opposition from Carmike's largest stockholders, who say the price is too ...
19) Brexit Emboldens Calais to Demand Brits Take Their Border Home
(Bloomberg) -- Brexit is a major mealtime subject at the Khyber Darbar Restaurant in the "Jungle" camp in Calais, France. The several thousand migrants camped out around the northern French port, seeking to cross over to Britain where they have family or think they can get work, are trying to make sense of the U.K. vote to leave the European Union. "Some are happy because they think that if Britain is out of Europe the border will move to Dover," according to ...
20) Carney Propels FTSE 100 Toward Best Week Since 2011 After Brexit
(Bloomberg) -- Somehow, Brexit has been a blessing for U.K. megacaps. Supported by the plunging pound, the FTSE 100 Index -- loaded up with multinational commodity producers, drugmakers and banks -- has recovered after its post-Brexit tumble. More than that, Mark Carney's reassurance that the Bank of England will loosen policy sent the gauge to its highest level since August. HSBC Holdings Plc and Citigroup Inc. have raised their ratings on ...
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