1) Japan Top Fund Fell 25% After Brexit Vote as Volatility Rose
(Bloomberg) -- Investors who put their money in Stratton Street Capital LLP's warrant fund have been on a roller coaster ride of late. The fund, Japan's best-performing fund for 2015, plunged 25 percent on June 24 when the U.K. voted to leave the European Union, bringing its drop this year to 50 percent. The fund, whose moves amplify the Topix index's performance, tends to fall about three times more than the benchmark when it declines and gain five to ...
2) Chinese Billionaire's Plan to Beat Tesla Has a Vegas Problem
(Bloomberg) -- Jia Yueting has all the trappings of a successful Chinese tech entrepreneur with global ambitions. A self-made billionaire who got his start as the IT guy at his local tax bureau, Jia's flagship internet-video company now sports a $15 billion market capitalization and a buy rating from Goldman Sachs Group Inc. Donning hoodies and t-shirts, he boasts of plans to take on Apple Inc. in smartphones and surpass Tesla Motors Inc. in electric cars. Jia's Faraday ...
3) As 2-and-20 Fees Under Fire, Asia Hedge Funds Seek to Cut Costs
(Bloomberg) -- When Ruhong Huang's Hong Kong-based hedge fund crossed a key milestone after gathering $100 million in assets, he made an unusual choice. Rather than continuing to go it alone, he decided to join a "platform" to help his firm with everything from hiring administrative staff to handling compliance. While Huang's move is uncommon, he isn't alone. Hedge fund platforms in Asia, which traditionally have helped fledgling firms with a few ...
4) Brexit Accelerates the British Pound's 100 Years of Debasement
(Bloomberg) -- In 1967, U.K. Prime Minister Harold Wilson declared devaluation wouldn't diminish the "pound in your pocket." Chancellor of the Exchequer Norman Lamont admitted he was heard "singing in the bath" after sterling's link to the deutsche mark was severed in 1992, sending the currency tumbling. If history is any guide, Brexit leader Boris Johnson's assurance that the negative consequences of withdrawal from the European Union are ...
5) Asian Giants Gnaw at Aussie Loans as Basel Rules Weigh on Locals
(Bloomberg) -- Foreign banks are boosting their presence in a shrinking Australian syndicated loan market as more onerous capital requirements prompt domestic lenders to pare risk. Australia & New Zealand Banking Group Ltd., Commonwealth Bank of Australia, National Australia Bank Ltd. and Westpac Banking Corp. arranged a combined 47 percent of total loans for Australian borrowers in the first half of 2016, compared with 53 percent in the same period last year, according to ...
6) Black Swans and Game Theory: A Post-Brexit Guide to Bond Trading
(Bloomberg) -- Bond investors are used to factoring things like economic growth and inflation into their models. They have less experience with politics, and these days political risk is crucial. The immediate fallout of the U.K.'s stunning vote to leave the European Union has started to ease. But in conversations with investors, strategists and traders, one thing is clear: figuring out how to correctly price in what happens in the political ...
7) Hutchison, VimpelCom Said in Exclusive Wireless Talks With Iliad
(Bloomberg) -- Iliad SA emerged as the favored buyer of wireless assets in Italy that would be used to create a fourth carrier in the country as CK Hutchison Holdings Ltd. and VimpelCom Ltd., seeking approval to merge their own units, sell towers and frequencies they don't need. Hutchison and VimpelCom entered exclusive negotiations with the French carrier, founded by billionaire Xavier Niel, said people familiar with the ...
8) Here's What Putin Really Wants From Central Bank Before Election
(Bloomberg) -- Helping your president win elections doesn't have to compromise a central bank's independence, at least not in Russia. Monetary policy is aligning with politics before Vladimir Putin's biggest test at the ballot box since he returned to the presidency in 2012. By claiming the upper hand in the fight against inflation, which is feared by more Russians than crime, health problems and religious conflict, Putin and his allies can rally ...
9) Bond Sales Just Keep Coming in Israeli Market Starved of Options
(Bloomberg) -- Israel's flood of corporate debt sales shows little sign of abating, and neither does investor demand. Companies and financial institutions sold at least $908 million of shekel-denominated debt in June, according to central bank data released Monday. That's a rebound from May and takes sales this year to about $7.9 billion, near the busiest first half since at least 2003. With 215 billion shekels ($56 billion) still parked in Israeli mutual funds, ...
10) Biggest Salmon Producer Wants to Farm Fish Inside Cargo Ship
(Bloomberg) -- The world's biggest Atlantic salmon producer wants to start farming fish inside a ship rather than the sea. Building traditional fish farms on the open water in Norway has become almost impossible because of state rules intended to curb outbreaks of sea lice, a parasite that can kill young fish. So raising salmon inside an unwanted cargo ship is one of a few options proposed by Marine Harvest ASA, which is trying to boost production at a time when prices ...
11) Millions of Chinese Stream Reality Shows Starring Themselves
(Bloomberg) -- Pole dancing, bungee jumping, a woman eating maggots: at any given hour, millions of Chinese are live- streaming all of this and much more on their smartphones. Crazes come and go at neck-snapping speed in the world's largest online marketplace, but China's live-streaming phenomenon shows staying power and is already a significant business. Tiny startups and internet giants alike are making money selling virtual gifts—flowers, cars, toys—to people ...
12) Beer Drinkers in Thailand Power Singapore's Best Stock in 2016
(Bloomberg) -- The biggest gainer among Singapore's stocks this year is a foreigner. Thai Beverage Pcl has jumped 37 percent to a record in 2016, benefiting from rising consumption in Thailand, where stimulus and low interest rates have driven the benchmark index to the highest level in almost a year. Singapore's equities market, by contrast, is a laggard in Southeast Asia, suffering from lackluster growth at banks, developers and oil-rig builders. Thai Beverage's ...
13) Debt Boom That Put JPMorgan on Top After 10 Years Gathers Pace
(Bloomberg) -- Propelled to the top of emerging-market bond league tables for the first time in a decade by a Middle Eastern borrowing binge, JPMorgan Chase & Co. now sees Europe's deepening political crisis stoking record issuance into next year. Governments in developing countries will probably raise more than $120 billion on global debt markets in 2017 following a similar volume this year, Stefan Weiler, JPMorgan's head of debt capital markets for ...
14) Tech Becomes Low Rate Escape for Danish Funds With $200 Billion
(Bloomberg) -- Technology investments are seen as part of the recipe to escape record low interest rates as Denmark's two largest pension funds deepen their cooperation. Henrik Noehr Poulsen, chief investment officer for PFA Asset Management, said in an interview that the privately run fund will join with government-backed ATP in investing directly in Nordic companies. PFA oversees about $83 billion in assets, while ATP manages about $120 billion for the Danish ...
15) Brexit Hobbles Japan Inc. as Rising Yen Damps Profit Outlook
(Bloomberg) -- Japan Inc. is already counting the cost of Brexit. The yen's extended surge after U.K.'s decision to exit the EU has turned the outlook for a gain in annual profit to the first decline in four years. Take Toyota Motor Corp. Since the June 23 Brexit vote, the mean forecast for net income at the world's biggest automaker has slid to $16.5 billion, with four analysts cutting their predictions by an average $2.3 billion for the fiscal year that started April ...
16) Norway's Junk Bond Market Faces Second Wave of Restructuring
(Bloomberg) -- Norway's battered junk bond market, which is showing signs life, could be facing another smack-down. The 4 billion-krone ($480 million) bond and bank debt restructuring proposed last week by REM Offshore raised eyebrows even among the hardened crowd of the Norwegian junk bond market. The supply boat company revealed an unusually pessimistic outlook: presenting a scenario where its entire fleet could be idle until 2020. "The Rem Offshore restructuring ...
17) Ukraine PM Sees $12 Billion Aid Lift as Pension Revamp Looms
(Bloomberg) -- Ukraine's prime minister sees the country receiving $12 billion of international aid this year and said his cabinet is gearing up to tackle the controversial issue of pension reform. The figure includes more than $4 billion in transfers from the International Monetary Fund, as well as bilateral assistance from allies such as the U.S., Volodymyr Hroisman said Friday in an interview. Talks with the Washington-based fund, which is set to sign off this ...
18) OPEC Crude Production Rises in June Led by Gains in Nigeria
(Bloomberg) -- OPEC's crude production increased in June as Nigeria raised output following repairs to some infrastructure that had been damaged by militant attacks. Nigeria pumped an average 1.53 million barrels a day last month, a gain of 90,000 a day from May, according to a Bloomberg survey. The West African country was able to repair some pipelines after agreeing a cease-fire with rebels in the Niger River Delta, Emmanuel Kachikwu, Nigeria's state ...
19) Saint-Gobain Turns to North America Amid European Uncertainty
(Bloomberg) -- Cie. de Saint-Gobain SA is seeking to bolster sales contribution from North America, possibly through acquisitions, as Europe's biggest supplier of building materials targets increased construction activity across the Atlantic. The Courbevoie, France-based company wants the portion of revenue generated in North America to rise to 20 percent, compared with 13 percent last year, Chief Executive Officer Pierre-Andre de Chalendar said in an ...
20) Ukrainian Political Crisis Over for Premier Ruling Out Snap Vote
(Bloomberg) -- The political crisis that split Ukraine's government and delayed billions of dollars in aid has ended, eliminating the risk of snap elections, according to the nation's prime minister. Volodymyr Hroisman, confirmed by parliament in April in a bid to stem the tensions, said Friday in an interview that any remnants of the trouble exist only inside the heads of opponents seeking to destabilize the country. His government is backed by a slim majority in ...
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