1) The Fraud-Hunting Short Seller Taunting Bill Ackman on Valeant
(Bloomberg) -- On Fridays, John Hempton decamps to the solitude of his Sydney beach house, where the locals know nothing of his quirky stock research and focus on sniffing out fraud. The tax official turned hedge fund head, who built an online following by scouring numbers that don't add up, has also posed as part of a gay couple trying to buy a home beyond their means to build a case for short-selling Australian banks. You'll find him in Bangkok, ...
2) Goldman in Contrarian Call for Malaysia Rate Cut as Bonds Rally
(Bloomberg) -- Goldman Sachs Group Inc. stood out from the crowd when it correctly forecast South Korea's interest-rate cut in June. It could repeat that performance when Malaysian policy makers meet this week. Goldman stands alone among 12 economists surveyed by Bloomberg in predicting a rate reduction on July 13. If policy makers wait, the next scheduled meeting is Sept. 7, when Macquarie Bank Ltd. and Standard Chartered Plc say they are more likely to act to avoid stoking ...
3) Brexit Knocks Yuan Forecasts to 7 a Dollar at UBS, Goldman, RBS
(Bloomberg) -- In Asia's post-Brexit currency markets, one of the few things falling faster than the yuan is analysts' yuan forecasts. Bank of America Corp., UBS Group AG, Goldman Sachs Group Inc. and Royal Bank of Scotland Plc last week cut their outlooks for China's currency to 7 per dollar and beyond, joining early bears such as Rabobank Groep. The yuan has slid 1.6 percent since Britain's June 23 vote to quit the European Union, a loss rivaled only by the ...
4) Abenomics Skeptics Sell Yen to Buy Unprintable Currency -- Gold
(Bloomberg) -- Tetsushi Kudo, a 50-year-old office worker, bought a one-ounce gold coin this month for the first time. With stocks slumping and zero percent interest on savings, he says it won't be the last. "I want to buy gold every year as a birthday present for my daughter," Kudo said at a store in Tokyo's posh Ginza district where he made the 162,000 yen ($1,600) purchase. "She will thank me for the gift when she grows up because gold will have value ...
5) Ground Zero of China's Slowdown Leaves Locals Looking for Exit
(Bloomberg) -- Tea-shop manager Zhang Yue is so desperate about her home city of Tieling's future that she's borrowed about five times her annual income to buy a work visa to leave for Japan -- an economy that's flat-lined for a generation. "Two years ago, everything was fine and I bought whatever I wanted," said Zhang, 29, whose husband's wages have since halved and her own have stalled. "Then, suddenly, the slump started. The economy went straight down. It's in ...
6) Top Forecaster Sees 'Overvalued' Aussie Lagging on Rate-Cut Room
(Bloomberg) -- The Australian dollar's top forecaster says the relatively high interest rates normally seen as a strengthof the currency could turn out to be its weakness in coming months. The yield premium that Australian debt offers over developed market peers has helped to fuel investor appetite for the local dollar, but that might change with the Reserve Bank of Australia having more room than its counterparts to lower its benchmark, according to Unicredit SpA. ...
7) Ex-Soros, Blue Pool Executives Said to Start Fund of Hedge Funds
(Bloomberg) -- Kieran Cavanna, who ran external investments for billionaire George Soros's family office until last year, started a fund of hedge funds that will focus on equities and macroeconomic trends, according to a person with knowledge of the matter. Cavanna, who is chief investment officer, and two co- founders started Old Farm Partners on June 1 with about $65 million under management, the person said. Nishi Shah, a former analyst at Soros Fund Management for ...
8) U.S. Treasury Chief Lew Set for Apple Tax Showdown With EU
(Bloomberg) -- U.S. Treasury Secretary Jacob J. Lew is set to meet with European Union antitrust chief Margrethe Vestager as she prepares to deliver a final verdict on a probe into Apple Inc.'s tax affairs in Ireland. The showdown comes days after Vestager's team delivered two possible scenarios on how much tax Apple owes in Ireland, according to two people familiar with the case, who asked not to be identified because the matter is private. Lew has ...
9) Tightening Workforce Could Compel Healthy Japanese to Toil to 80
(Bloomberg) -- Hiroshi Suzuki had a fulfilling career in which he traveled the world as an engineer. Then, at age 65, he retired. That didn't last long. For the past seven years Suzuki, 72, has been a nursing aide in the Tokyo area, and says he's years away from true retirement. Economists say if Japan wants to alleviate its worsening labor shortage, it needs a whole lot more people like Suzuki, who is atypical by working into his 70s. ...
10) Nation That Suffered Worst Drought in Decades Is Water Exporter
(Bloomberg) -- Jaiveer Arya wipes sweat from his brow as he squats in the shade and watches workers weigh his wheat crop at a grain market in India's northern Haryana state. He's hoping for a good price from exporters. Unseen in Arya's 850 kilograms of wheat is about 128 kilograms of water that's embedded within the food. Arya and millions of farmers like him in India account for about 2.5 percent of global agriculture exports, meaning that a ...
11) Distressed-Debt Investors Burnt by Oil Become Coupon Clippers
(Bloomberg) -- It's come to this: Some sophisticated distressed-debt investors, battered by two years of falling prices for bonds of troubled companies, are giving renewed respect to mundane coupon-clipping. Asset managers ranging from Franklin Resources Inc. to Trilogy Capital Management LLC are shying from the riskiest issuers in favor of healthier high-yield companies. An epic drop in oil prices, a slowdown in China and the U.K.'s schism with the European Union pushed ...
12) LNG 'Milk Run' to Help Engie Expand Power Generation in Asia
(Bloomberg) -- The world's biggest independent power producer is taking its cue from the neighborhood milk man as it expands in Asia. French energy giant Engie SA is developing a project for Indonesia using small gas-fired power plants on different islands throughout the archipelago country, Jan Flachet, the company's Asia-Pacific President, said in an interview in Singapore. Small liquefied natural tankers would feed the plants from a central supply hub, similar to how ...
13) Boeing, Airbus Duel for $12 Billion Deal With India SpiceJet
(Bloomberg) -- Two years ago, SpiceJet Ltd. was fighting for survival as creditors retreated and oil companies refused to refuel its airliners. Today, the world's biggest planemakers are wooing the recovering Indian budget carrier for a potential blockbuster order worth about $12 billion. Boeing Co. and Airbus Group SE are locked in a battle to supply SpiceJet with as many as 100 planes, and both are offering aggressive discounts in ...
14) BlackBerry Won't Rule Out New Phone Running on its BB10 System
(Bloomberg) -- BlackBerry Ltd. won't rule out another handset running its own operating system even as it pushes ahead with new Android-based smartphones and hardware sales keep slipping. Last week, BlackBerry said it was discontinuing its keyboard-equipped Classic model, a move which set off a flurry of articles in the technology blogosphere suggesting that the company was abandoning the keyboard and its proprietary operating system, known as BB10. Chief Operating ...
15) Top China Commodity Exchange Pledges 'Zero Tolerance' for Abuse
(Bloomberg) -- The Shanghai Futures Exchange has vowed it won't tolerate any abuse of trading rules after the unprecedented boom-bust episode earlier this year, adding that its products aren't for mom and pop investors. "Futures isn't a mass market but a professional one," the exchange said in comments to Bloomberg News. There'll be "zero tolerance" of any activity that violates regulations, according to the statement, which said more than 900 cases of what ...
16) U.K. Stocks Pass Volatility Test as Risk-Adjusted Gain Tops Rest
(Bloomberg) -- British stocks have famously drubbed the rest of Europe since Brexit, but anyone capitalizing on the rebound must have endured swings that made holding on impossible, right? Wrong. In addition to beating other European markets on absolute terms, the 5.4 percent gain in the benchmark FTSE 100 Index since Britons voted on June 23 to leave the European Union is also the best when price swings are taken into account, data compiled by Bloomberg show. A gauge of ...
17) Xerox Said in Talks to Acquire, Then Split R.R. Donnelley
(Bloomberg) -- Xerox Corp., which plans to separate into two companies by the end of the year, is in talks to acquire R.R. Donnelley & Sons Co., people with knowledge of the matter said. Xerox would acquire R.R. Donnelley, founded in 1864 and based in Chicago, and merge some of it with its copier, printer and related-services business and the rest with its smaller business process outsourcing services, said the people, who asked not to be identified because the ...
18) Game Makers Everywhere Are Hungrily Eyeing Pokemon Go Phenomenon
(Bloomberg) -- Game developers around the world watched in astonishment as Pokemon Go, a mobile version of the beloved 1990s game from Nintendo Co., became an instant hit -- rocketing to the most downloaded app on both Apple and Android phones. It's too soon to say if its success will reshape the $25 billion mobile gaming industry, but this much is certain: The surprise hit will inspire copycats. "You're going to see other developers potentially ...
19) Citadel Securities Hires Goldman Sachs's Laing for ETF Sales
(Bloomberg) -- Citadel Securities hired Cory Laing from Goldman Sachs Group Inc. to run sales for exchange-traded funds, the latest high-profile addition at the trading firm. Laing spent about 16 years at Goldman Sachs, according to his LinkedIn profile, most recently running the bank's ETF sales. His sales team at Citadel Securities aims to persuade brokers to send more of their clients' ETF trades to Citadel Securities. "We've been making a really big investment ...
20) Europe's Troubled Steelmakers Finally Head for Long-Craved Deals
(Bloomberg) -- Europe's wounded steel industry might be about to get the deals it has been crying out for. The latest hope for the sector emerged on Friday as the continent's second-biggest producer Tata Steel Ltd. saidit's in talks with third-ranked Thyssenkrupp AG about a possible joint venture. That closely follows largest producer ArcelorMittal's move to take control of Ilva, Europe's top steel plant. Such deals may help resolve the industry's most ...
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