1) Top China Fund Manager Puts Half of His Cash Pile Back in Stocks
(Bloomberg) -- At the end of 2015, a top China fund manager was so worried about the outlook for stocks that he held as much cash as he possibly could. Now, he's loading up on equities. Qiu Dongrong is buying shares in pharmaceutical, chemical and construction material firms, he said in an interview last week. The fund manager at HSBC Jintrust Fund Management Co. has whittled down cash to about 7 percent of assets from 15 percent on Dec. 31, and says his main strategy is ...
2) The Magical Transformation of Hong Kong's Listed Companies
(Bloomberg) -- Chinese investors buying listed companies in Hong Kong reached record levels, prompting officials to look at ways to curb the practice amid concerns of market manipulation and volatility. Hong Kong's Securities and Futures Commission is investigating the link between wild share price moves and such so-called backdoor listings after a survey found that between 2013 and 2015, 56 companies saw their market value jump more ...
3) Capstone Volatility Fund Gained in June as Brexit Roiled Markets
(Bloomberg) -- Capstone Investment Advisors, the $3 billion hedge fund, made money in June by betting on price swings leading up to the Brexit vote and providing liquidity in the options market amid the ensuing turmoil. The New York-based firm, founded by Paul Britton, returned about 1.7 percent in its flagship Capstone Vol fund last month, bringing this year's return to about 5 percent, according to a person with knowledge of the matter. The fund -- one of the largest ...
4) Singapore Dollar Near Record High Puts Heat on MAS to Ease Again
(Bloomberg) -- Haven buying of the Singapore dollar amid global market turmoil has pushed a gauge of its strength to unprecedented levels, putting pressure on the city's central bank to do more to support the economy. The Monetary Authority of Singapore's trade-weighted measure of the currency reached a record high after Britain voted to exit the European Union. It has reversed losses incurred after the MAS surprised markets by moving to a neutral policy of zero ...
5) Angst-Ridden Japanese Investors Seen Seeking Haven in Swiss Gold
(Bloomberg) -- Japanese investors are buying gold to store in Switzerland because of negative interest rates and fears the yen will depreciate as the government grapples with the heaviest public debt burden in the developed world, according to BullionVault Ltd., an online trading and storage company. The number of buyers jumped 62 percent in the first six months from the second half of 2015, Atsuko Sato Whitehouse, head of Japanese markets at the London-based ...
6) Dare to Dream: The Bank Mergers That Could Help Fix the Industry
(Bloomberg) -- Eight years after the financial crisis, bank bailouts are being discussed once again in Europe. Low and even negative interest rates, the weight of soured assets, high legal bills and new digital competitors are all depressing shares and executives. Britain's decision to leave the European Union has further undermined confidence in the banking sector. With another potential crisis looming and political uncertainty throughout Europe, ...
7) College Financial Chiefs Are White Men Who Want to Retire
(Bloomberg) -- Business officers at U.S. universities are predominantly white men earning $150,000 to $300,000 who plan to retire in three years or less -- and many of the institutions don't have a succession plan in place, according to a new survey. Women lagged behind men in both title and pay in the survey of 713 business leaders at colleges, according to the study published Thursday by the National Association of College and University Business Officers. In 2016, 32.4 ...
8) JLL Partners-Backed Patheon Said to Aim for IPO This Month
(Bloomberg) -- Patheon NV, the Dutch maker of drug ingredients that filed for a U.S. initial public offering more than a year ago, may move ahead with the listing this month, a person with knowledge of the matter said. The company, which is backed by private equity firm JLL Partners, may set terms and begin its roadshow as soon as next week, said the person, who asked not to be identified because the information is private. It plans to raise more than $500 ...
9) Brazil Telecom Bill Seen Returning $9 Billion to Oi, Rivals
(Bloomberg) -- A new Brazilian bill that revises telecommunications laws may grant as much as 30 billion reais ($9 billion) in assets to Oi SA, Telefonica Brasil SA and other landline phone companies. The government has honed in on the bill as its opportunity to make long-awaited changes in telecom rules, switching companies from licenses known as concessions to a less-regulated category called authorizations. The change would let the companies shift ...
10) Brexit Means Even Mickey Mouse's Yen Bonds Have Negative Yields
(Bloomberg) -- Japanese investors fleeing markets rocked by Brexit have fueled a 10-fold jump in the number of negative- yielding yen corporate bonds. Bonds of Oriental Land Co., the operator of the Tokyo Disney Resort, and Coca-Cola East Japan Co. are among about 770 issues with yields below zero, up from 70 before Britain's vote to leave the European Union was announced on June 24, data compiled by Bloomberg show. Pressure is building on the Bank of Japan to ...
11) Alibaba Health Expands Into New Consumer Business After Setbacks
(Bloomberg) -- Alibaba Health Information Technology Ltd. has seen losses mount for the past two years, grappled with regulatory changes and seen its share price slump from record highs. Now the subsidiary of China's biggest e-commerce operator is attempting to revive its fortunes by tapping new areas of growth -- like consumer safety. China in February scrapped plans to implement a compulsory drug coding system intended to identify counterfeit medicines that would have ...
12) Bank Strains Emerge as Brexit Collides With Money-Fund Overhaul
(Bloomberg) -- For U.S. banks, Brexit couldn't have come at a worse time, raising funding costs just as changes to the $2.7 trillion money-fund industry threaten to sap demand for the lenders' short-term debt. In the derivatives market, measures of banks' funding stress are climbing on speculation the fallout from last month's U.K. referendum will weaken global economic growth and spur monetary stimulus that may depress yields and undermine earnings in the ...
13) The Europe Stock Valuation Metric JPMorgan Says Is Flashing Buy
(Bloomberg) -- Getting hung up on Brexit will cause you to miss out on a European stock market that has gotten too cheap to resist. That's the message from JPMorgan Asset Management, which says valuations on the MSCI Europe ex-UK Index and the FTSE All- Share Index look attractive when their price-earnings ratios are adjusted for inflation over the past 10 years. Viewed like that, equities are a buy, with multiples below their long-term averages, said Stephen ...
14) Commodities Rally Is Fizzling Out as Merchant Fund Sees Oil Drop
(Bloomberg) -- The best is probably over for commodities this year as the Brexit vote adds risks to global growth and oil is set to retreat, according to the Merchant Commodity Fund, which returned 9 percent in the first half. The fund, run by ex-Cargill Inc. employees Doug King and Michael Coleman, has changed its commodities outlook to neutral from bullish earlier this year. The U.K. vote to exit the European Union has led to uncertainty and growth remains lackluster in top ...
15) Danone Said to Pick JPMorgan, BNP in Top Post-Brexit Funding
(Bloomberg) -- Danoneis working with JPMorgan Chase & Co. and BNP Paribas SA to arrange funding for its $10 billion purchase of WhiteWave Foods Co., the largest deal financing since the U.K.'s vote to leave the European Union roiled credit markets. The Paris-based yogurt maker is likely to mandate additional banks it has a relationship with as early as next week to fund the deal, the people said, asking not to be identified as the information ...
16) China Provinces Meddle in Bank Loan Choices to Keep Firms Alive
(Bloomberg) -- China's regional governments are meddling in decisions of state-owned lenders to prop up local steel makers and miners, in a setback to efforts to let the market decide who gets financing. Last week, the Shandong government took steps to protect companies that have outstanding loans of 500 million yuan ($74.7 million) or more by asking banks to form committees to block any lender that tries to cut funding lines to the firms. The Shanxi government urged ...
17) Hedge Funds' Tech Metamorphosis Seen in Citadel's Microsoft Hire
(Bloomberg) -- Silicon Valley watch out. The finance industry is coming after your top managers. Hedge funds are poaching top executives from tech giants to manage their transformation into computer-driven firms full of engineers and mathematicians. Citadel's hiring of Microsoft Corp.'s Kevin Turner follows big moves in the past year by Two Sigma Investments, which brought on Google Inc.'s Alfred Spector, and Bridgewater Associates, which tapped Apple ...
18) Brazil's China Obsession Creates Painful Food Shortage at Home
(Bloomberg) -- Brazilian farmers just couldn't resist Chinese pigs. More than half the world's porcine population, they eat millions of tons of soybean meal every year. To feed them, Brazilians have been planting the crop on every available acre, from the savannas of the Center-West to the southern pampas. Something had to make way, and often it was the bean that Brazilians themselves love to eat, the carioca. And now the local favorite is in short supply: its price ...
19) Tough to Keep the World From Warming When Carbon Is This Cheap
(Bloomberg) -- Carbon markets, the free-enterprise solution to saving the world from global warming, are now in danger themselves. The idea was simple enough: Set a cap on carbon emissions, issue enough permits to allow power plants, refineries and the like to stay within those limits and then shrink the cap over time to achieve reductions. The companies whose emissions fall fastest can sell their permits for a profit to slower responders -- call it a reward for ...
20) Vale Facing More Spill Costs as Brazil Lawmakers Seek Dam Ban
(Bloomberg) -- As miners globally look to squeeze more savings amid low prices, the biggest iron-ore miner Vale SA will face a sharp increase in costs if a group of legislators in Brazil's mining heartland get their way. Spurred by Brazil's worst-ever environmental disaster, the proposal would toughen supervision and maintenance at existing waste storage facilities in Minas Gerais state and ban construction of the cheapest type of tailings dams. The draft bill cleared one ...
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