1) After 4,400% Surge, Bitcoin's Fate Hinges on Huge Chinese Miners
(Bloomberg) -- Wu Jihan still remembers the exhilaration he felt after learning about bitcoin in 2011. A self-described computer geek fresh out of China's top university, Wu soaked up everything he could about the digital currency's mysterious founder and its users' ambitions to transform the global financial system. Within a year, he quit his job at a private equity firm to launch a bitcoin startup. Today, his company is one of the world's biggest ...
2) Italy, EU Bank Talks Said Stuck on Sharing Burden With Investors
(Bloomberg) -- Talks between Italy and the European Commission to recapitalize Banca Monte dei Paschi di Siena SpA and other banks are stuck on whether creditors should face losses if taxpayer funds are used, according to people familiar with the discussions. The plan favored by Italy is for a precautionary recapitalization under the European Union's bank resolution rules, which allow governments to fund lenders when capital gaps emerge in stress tests, ...
3) Japan's Strange Bedfellows Struggle to Gain Ground Against Abe
(Bloomberg) -- An uncomfortable alliance between Japan's main opposition Democratic Party and the smaller Communist Party is struggling to gain traction against Prime Minister Shinzo Abe's ruling coalition ahead of Sunday's upper house election. The long-isolated Communists have joined forces with the mainstream DP in an unprecedented move as they seek to overturn Abe's expansion of the role of the armed forces. They are also trying to prevent the ...
4) Asia Investors Are At Risk From Slide in London Property Prices
(Bloomberg) -- From Hong Kong's central bank to China's largest property developer, Asian investors have a lot riding on London's real estate market. Britain's decision to leave the European Union has clouded the outlook for property, prompting asset managers to freeze withdrawals from real estate funds as investors rushed to redeem their money. Commercial property values could fall about 10 percent over the next year, led by declines in oversupplied ...
5) Inside the Board Feud That Riled Loeb, Tested Top Japan Planner
(Bloomberg) -- When Kunio Ito designed the government's blueprint for how Japanese companies should be run, little did he realize he'd be at the center of one of its biggest tests. The professor, who highlighted the role of external directors in a 2014 state-backed review, was an outside board member at Seven & i Holdings Co. when a boardroom feud erupted earlier this year. Not only that, Ito headed the retailer's new nomination committee. So when ...
6) Citigroup Said to Explore Sale of Yield Book
(Bloomberg) -- Citigroup Inc. is exploring the sale of a fixed income analytics business called Yield Book, according to people familiar with the matter. Trading information services providers that could be interested in the unit include S&P Global Ratings Inc., Intercontinental Exchange Inc. and MSCI Inc., said the people, who asked not to be identified because the matter isn't public. Yield Book generates about $100 million in annual revenue, the ...
7) Brexit Trauma Stalks EU as Leaders Brace for More Shocks to Come
(Bloomberg) -- Throughout the Cold War, Bratislava stood on the front line of the ideological divide between east and west. Now the Slovak capital situated a stone's throw from the Austrian border is again at the crux of European history. European Union leaders will gather in the city straddling the Danube River in September, after a summer of "political reflection," to hammer out a way forward for the bloc in the shock of the ...
8) Yuan Tumbling Again Leaves Investors Unperturbed in Win for PBOC
(Bloomberg) -- The last time China's currency was sinking this fast, investors around the world responded by fleeing riskier assets. Now, they're taking the declines in stride. While the yuan has depreciated 1.7 percent over the past two weeks to the lowest level since November 2010, developing- nation and U.S. equities have held steady over the same period and the VIX volatility index has tumbled. Even the added headwind of Britain's vote to leave the European Union ...
9) Brexit Turmoil Triggers Doubts on Sweden's Negative Rate Escape
(Bloomberg) -- The Swedish central bank's escape from negative rates is looking harder to pull off as turmoil spreads following the British vote to leave the European Union. Policy makers in Stockholm on Wednesday took a small step in recognizing the new risks by delaying a planned rate increase -- the first since 2011 -- to the second half of next year and predicting rates will remain below zero until mid-2018. But to avoid an unwanted krona ...
10) Copper's $149 Billion Mine Pipeline Stalls as Deficit Nears
(Bloomberg) -- The $149 billion pipelineto expand the world's copper supply is running into trouble. Producers are counting on expansions and the development of new operations to meet supply shortages they forecast arriving toward the end of the decade. The plans are fraying as reluctant lenders, political wrangling, technical obstacles and a lack of water and electricitypush back project deadlines from Papua New Guinea to Peru. Only six major projects to build ...
11) Russia Said to Mull Oil Tax Revamp to Remove Neighbors' Benefits
(Bloomberg) -- Vladimir Putin's government is considering shifting the burden of oil taxes from the point of export to the point of extraction, a move that would eliminate the benefit of duty-free supplies enjoyed by neighboring Belarus and Kazakhstan, according to two officials familiar with the matter. The nation's Finance Ministry is assessing a plan to reduce to zero Russia's oil-export duty from 2018, while increasing the tax on crude ...
12) HSBC Seeks to Go Digital With Credit Cards in Pearl River Push
(Bloomberg) -- HSBC Holdings Plc is aiming to roll out its own credit cards in China by the end of the year, as the U.K.- based lender tries to tap into rising online and mobile spending in the world's second-largest economy. The bank will initially target customers in the Pearl River Delta, the manufacturing hub located just north of Hong Kong, with the HSBC-branded cards, according to Kevin Martin, the firm's Asia-Pacific head of retail banking and wealth ...
13) NASA Images Show Toxic Air Challenge Choking Indian Subcontinent
(Bloomberg) -- The mega-city of New Delhi has tried everything from banning diesel guzzling SUVs to taking about half the city's cars off the streets in a fight against air pollution. Officials may yet have to do much, much more, based on National Aeronautics and Space Administration satellite research. The research depicts how much sunlight is blocked by airborne particles, providing a proxy for levels of pollution. The data show parts of the Indo-Gangetic plain -- ...
14) Temasek Assets Likely Fell First Time Since 2008 on China Rout
(Bloomberg) -- Temasek Holdings Pte's portfolio probably declined for the first time in seven years as stock markets plunged amid a slowing Chinese economy and uncertainty over U.S. Federal Reserve policy. The value of the Singapore state investment firm's holdings decreased by 13 percent to S$231 billion ($170.6 billion) in its fiscal year ended March 31, according to an estimate by CIMB Private Banking. That would be the first decline since the 12 months ended March ...
15) Yuan Rule Change Set to Spur Dollar Borrowing, Offset Outflows
(Bloomberg) -- China's easing of foreign-currency conversion rules last month is fueling speculation that regulators want to revive flagging dollar bond sales and support a tumbling yuan. Chinese companies will have more flexibility in repatriating funds borrowed overseas, including deciding on timing, the State Administration of Foreign Exchange said on its website in June. The firms have responded to rising costs for servicing foreign debt by cutting dollar bond issuance ...
16) Pound Magic Means U.K. Megacap Profits Don't Look So Bad Anymore
(Bloomberg) -- It took a Brexit vote for equity analysts to pay attention to the pound. While the U.K. currency was under pressure at the start of the year, it's the plunge after the country's vote to leave the European Union that has translated favorably into profit forecasts for the FTSE 100 Index, a gauge crowded with megacaps that generate most of their sales overseas. Estimates for the next 12 months shot up by as much as 4.5 percent in ...
17) Exxon Said to Join Qatar to Look at Giant Africa Gas Deal
(Bloomberg) -- Exxon Mobil Corp. and Qatar Petroleum have teamed up to look at energy assets in Mozambique, home to some of the biggest natural-gas discoveries in a generation, according to four people with knowledge of their plans. The companies are considering buying stakes in gas fields owned by Anadarko Petroleum Corp. and Eni SpA, the people said, asking not to be identified because the matter is confidential. They have a strong relationship and often ...
18) Ferro Said to Draw Final-Round Interest From Apollo, CVC
(Bloomberg) -- U.S. chemicals manufacturer Ferro Corp. is drawing final-round interest from Apollo Global Management LLC, CVC Capital Partners and Rhone Capital, people with knowledge of the matter said. The three private equity firms are expected to hand in final offers for Ferro this month, said the people, who asked not to be identified because the information is private. The shares of the Mayfield Heights, Ohio-based company jumped as much as 8.3 percent in New York. ...
19) Millionaires Fleeing Negative Yield Targeted by Japan-Swiss Fund
(Bloomberg) -- Switzerland and Japanface the world's deepest negative interest rates, and now two of their finance companies are linking up to protect the rich from the phenomenon. Aristagora Advisors Co., a Tokyo-based investment adviser, and Dr. Blumer & Partner, a Swiss asset management company, plan to offer Japanese individuals and companies a global fund of funds that will include structured bonds to reduce volatility in returns, according to ...
20) Kevin Durant Seen as Nike's Golden Ticket in Bay Area Market
(Bloomberg) -- Golden State Warriors fans are excited for superstar Kevin Durant to join the team. For Under Armour Inc., probably not so much. Durant, 27, said on Monday he would take his talents -- and 10-year Nike Inc. endorsement -- to the San Francisco Bay area from Oklahoma City. The move brings the former most valuable player to a higher-profile team for greater exposure, especially if the Warriors win another championship, analysts say. "It's not just about ...
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