1) SABMiller Shareholders Said to Support New AB InBev Offer
(Bloomberg) -- Major SABMiller Plc shareholders have signaled they favor Anheuser-Busch InBev NV's revised $102 billion takeover offer as the board prepares to meet in the coming days to vote on whether it supports the deal, according to people familiar with the process. Investors including Allan Gray Ltd., Davidson Kempner Capital Management and Elliott Management Corp. are among those prepared to back the offer, said the people, who ...
2) Greenspan 'Nervous' Bond Prices Too High as Treasuries Sell Off
(Bloomberg) -- Alan Greenspan is worried bond prices have risen too high. "We get very nervous when the stock price index goes to high p/e, we ought to be somewhat nervous when the bond rate does the same," the former Federal Reserve chairman said in an interview Thursday with Bloomberg Television. To listen to Greenspan's remarks on rates, click here. Some bond-market metrics shows prices are getting frothy, after yields on 10-year Treasuries ...
3) Speed Traders Invade Sleepy Corner of England and Locals Bristle
(Bloomberg) -- The farms, Roman ruins and narrow lanes of southeast England hardly look like fertile ground for high-tech finance. Yet it's the tiny Kent village of Richborough -- 80 miles (129 kilometers) east of the wheeling and dealing of London's stock, bond and currency markets -- that a group of computerized-trading firms have identified as key to their future. They want to build radio masts as tall as the Eiffel Tower to create the fastest ...
4) Wall Street Said to Face Renewed Pressure on Risky Lending
(Bloomberg) -- Wall Street banks are facing renewed pressure from federal regulators on their lending standards for risky corporate loans just as credit markets roar back, according to people with knowledge of the matter. Bankers who generally retreated from the riskiest corner of the leveraged lending market since new guidelines were issued three years ago are now being queried on their plans for loans that just sneak in as acceptable under the ...
5) Europe Stocks' Best Month Since October Marred by Fund Outflows
(Bloomberg) -- European stocks are set to post their best monthly rally since October. But underneath the apparent bullishness, lies a fair amount skepticism, with investors pulling out of the region's funds. It's been a broad-based reboundfor most Stoxx Europe 600 Index members, with the big exception being energy producers, which suffered from a tumble in oil prices. The gauge rallied 2.9 percent this month through Thursday as companies recovered from a June plunge ...
6) OPEC's New Chief Faces Fragile Unity as Prices Sting Have-Nots
(Bloomberg) -- When OPEC's new chief starts next week, he'll take over an organization that's largely reconciled internal differences after a two-year fight over strategy. But as oil prices sink again, that unity could be at risk. Nigerian Mohammed Barkindo will be the first new top official at the Organization of Petroleum Exporting Countries in almost a decade. He comes to the role after a dispute over output policy split OPEC's richest and poorest ...
7) Apple Taps BlackBerry Talent as Car Project Takes Software Turn
(Bloomberg) -- Apple Inc. has hired the former head of BlackBerry Ltd.'s automotive software division as new leadership at the iPhone-maker's car team places increased emphasis on developing self-driving technology, according to people familiar with the project. Dan Dodge, the founder and former chief executive officer of QNX, the operating system developer that BlackBerry acquired in 2010, joined Apple earlier this year, the people said. He is part of a ...
8) Oil Glut Proves Harder to Kill Than Saudis to Goldman Predicted
(Bloomberg) -- The bullish spirit that gripped oil traders as industry giants from Saudi Arabia to Goldman Sachs Group Inc. declared the supply glut over is rapidly disintegrating. Oil has fallen more than 19 percent since early June, getting close to the 20 percent drop that defines a bear market. While excess crude production is abating, inventories around the world are brimming, especially for gasoline, and a revival in U.S. drilling threatens to swell supplies further. As ...
9) Chinese Bankers With Global Ambitions Eye Middle East Mega Bonds
(Bloomberg) -- Bank of China Ltd. is heading down the old Silk Road marketing new goods: Debut bonds from Saudi Arabia to Kazakhstan. In its biggest-ever foray outside Asia, the state- controlled lender is said to have landed three mandates to co- manage emerging-market Eurobonds, including the Saudi government's international sale. China's fourth-largest lender is one of nine underwriters hired by the kingdom, which people familiar with the plan said is seeking at least ...
10) Europe's Top Wheat Grower May Import After Worst Crop in Decade
(Bloomberg) -- The smallest French wheat crop in more than a decade is spurring speculation the European Union's largest producer will have to boost imports to meet its domestic and export demand. At least one French company is negotiating to bring grain from Romania as heavy rainfall in May and June damaged this year's crop, according to a trader familiar with the matter, who asked not to be identified because the deal is not yet finalized. French farmers ...
11) Gross Goes Solo Again as Janus Moves Co-Manager to New ETF
(Bloomberg) -- Bill Gross is running his $1.5 billion Janus Global Unconstrained Bond Fund by himself -- again. The legendary money manager is losing his No. 2, Kumar Palghat, who joined Gross as co-manager last July. Palghat will become co-manager of a new exchange-traded fund, Janus Short Duration Income ETF, while continuing to oversee other mutual funds, according to a statement Thursday. Gross, 72, is returning as the sole chief, a role he held ...
12) Putin Potency Grows Effortlessly as NATO Does His Work for Him
(Bloomberg) -- If Vladimir Putin were scripting ways to weaken NATO, he couldn't do much better than what's happening right now. In the U.S., Republican candidate Donald Trump is questioning the alliance's basic principle and hinting at recognizing Putin's annexation of Crimea. In Turkey, officials led by President Recep Tayyip Erdogan's chief adviser are blaming the U.S. for a failed coup by rogue officers in NATO's second-largest military, fueling a surge of ...
13) The Bearish Bear Who Beat Brexit Has a New Warning for the Peso
(Bloomberg) -- On June 23, as Mexico's peso was in the middle of its longest rally in two years while U.K. voters looked poised to reject a so-called Brexit, currency strategist Juan Francisco Caudillo took his peers by surprise. He told his clients to sell the peso. The world knows how that story ended. Investors awoke the following morning to discover U.K. voters had chosen to leave the European Union after all. And colleagues who a day before had called Caudillo crazy ...
14) Central Bank Gets the Last Word After Putin Cameo in Ruble Drama
(Bloomberg) -- President Vladimir Putin just gave his central bank another reason to stand pat. The Bank of Russia will keep its benchmark interest rate at 10.5 percent on Friday, according to 29 of 39 economists in a Bloomberg survey, with the rest predicting a 50 basis-point cut. The president's expression of unease about ruble strength at a time of oil volatility won't affect its move, according to 15 of 18 analysts in another poll. The decision will be ...
15) Gold Poised for Record as Yields Sag, Most Profitable Miner Says
(Bloomberg) -- The most profitable producer of one of this year's best-performing commodities says things are about to get a whole lot better. For investors who missed gold's climb to a two-year high in early July, it's not too late to jump in, according to Agnico Eagle Mines Ltd. Chief Executive Officer Sean Boyd. The Toronto- based company's gross margin of 52 percent last quarter is the biggest among major producers, according to data ...
16) BB&T Cuts Jobs in Securities Unit, Curtails Equity Trading
(Bloomberg) -- BB&T Corp., North Carolina's second-largest lender, is cutting jobs in its securities unit while scaling back institutional equity sales and trading activity. The bank also is ending equity research coverage, BB&T said Thursday in an e-mailed statement. BB&T, based in Winston-Salem, will dismiss 61 employees in Richmond, Virginia, as well as "a handful" in other offices, Brian Davis, a spokesman for the firm, said by e-mail. BB&T is narrowing its ...
17) U.S. Shale Gas Shaking Up Global Markets as LNG Supply Surges
(Bloomberg) -- Shale drillers from Pennsylvania to Texas flooded the U.S. with so much natural gas over the past decade that prices slid to a 17-year low. Now they're going global, with the potential to upset markets from London to Tokyo. The U.S. began shale gas exports by sea this year and is projected by the International Energy Agency to become the world's third-largest liquefied natural gas supplier in five years. Gas will challenge coal at European power plants ...
18) Housing Boom Spurs Canada Lumber Surge as U.S. Mulls Import Duty
(Bloomberg) -- With Americans buying more new homes than at any time since the recession, the cost of the wood used to build them is getting a lot more expensive. Lumber prices are off to their biggest rally in more than a decade, touching a 19-month high last week as demand increased from builders. But almost a third of all wood used in U.S. homes comes from the world's top exporter, Canada, where surging shipments have compounded a trade dispute and increased the chances ...
19) Bond Traders Lured to Obscure Argentina Debt Reap Yields of 32%
(Bloomberg) -- A growing number of foreign investors are turning to a little-known corner of Argentina's bond market as the central bank chops interest rates that were once as high as 38 percent. The notes were sold by the province of Buenos Aires in February and yield six percentage points more than the country's inter-bank deposit rate of 25.6 percent, according to Torino Capital. Brokerage Balanz Capital estimates the province issued as much as ...
20) Less-Risky Argentina a Renewables Hotbed With $2 Billion Auction
(Bloomberg) -- Argentina's burgeoning clean-power market is attracting some of the world's biggest energy companies. The nation that's been locked out of capital markets since defaulting on $95 billion in 2001 and spooked investors two years ago by halting payments on foreign-law bonds, is now seen as a key destination for companies including Enel SpA, ABO Wind AG, General Electric Co. and Engie SA. The shift is driven by a new law designed to ...
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