Tropical Storms Marco and Laura are projected to make landfall in the U.S. Gulf Coast this week, as coronavirus-hit states prepare for the threatening back-to-back storms. Photo: Orlando Barría/EPA/Shutterstock …read more […]
(Bloomberg) — Plenty of folks on Wall Street can tell tales of the dot-com bubble. Not many of them launched a $150 million tech-focused asset management firm about three months before it burst.Ryan Jacob had a sensational track record when he started the Jacob Internet Fund in December 1999 at the age of 30. He had ridden the boom, then he endured the crash and incredibly kept his firm alive to this day.All of which makes him as qualified as anyone to judge the current tech rally.“The only people who say, ‘Yes, it’s like the 1990s’ are hedge-fund managers who …read more […]
Aug.24 — The Dax in Frankfurt is losing Wirecard AG, weeks after the financial payments firm collapsed into insolvency, following years of allegations of fraud. Wirecard’s fall sparked a blame game in corporate and political circles with much of the anger directed at the German financial regulator. Bloomberg’s Benedikt Kammel reports on “Bloomberg Markets: European Open.” …read more […]
Aug.24 — Europe is seeing a resurgence of the coronavirus. Yesterday, France reported almost 4,900 new cases over a 24-hour period, the largest one-day jump since the previous peak in mid-April. Bloomberg’s Maria Tadeo reports on “Bloomberg Markets: European Open.” …read more […]
(Bloomberg) — Norwegian life insurer Storebrand ASA has beefed up its climate policy, leading it to exit oil giants Exxon Mobil Corp. and Chevron Corp. and accelerate a full divestment from coal.The move by the Oslo-listed company, which has about $91 billion under management, is another illustration of how investors are adjusting to the risks of climate change, putting pressure on fossil-fuel producers.Storebrand has sold its holdings in Exxon and Chevron, chemicals giant BASF SE and miner Rio Tinto Group for their lobbying efforts against the Paris Agreement and climate regulation, it said in a statement. It also quit ConocoPhillips …read more […]
Hong Konger Winnie Tong aims to move to Britain with her family in two years, but is stalling on plans to buy a house there after prices jumped almost 15% since April. The 40-year-old who used to be in two minds about leaving Hong Kong now wants to settle in Birmingham as she is concerned about an increasingly politicised environment for her young children. Property agents said they sold more than double the number of apartments to Hong Kong buyers in the past two months, with the spike in purchases mainly for personal use. …read more […]
(Bloomberg) — China’s fragile economic recovery is ushering in a dangerous new phase for the nation’s $4.1 trillion corporate bond market.With the economy now strong enough for policy makers to dial back financial support but still too weak to save the most distressed borrowers, some fund managers are bracing for defaults on domestic Chinese debt to hit record highs this year. Delinquencies have already started rising after a remarkably quiet second quarter, and pressure on borrowers is set to grow as 3.65 trillion yuan ($529 billion) of notes mature by year-end.While few see a crisis in the offing, debt specialists …read more […]
ByteDance has been in talks to divest TikTok’s North America, Australia and New Zealand operations to potential acquirers, including Microsoft Corp and Oracle Corp. President Donald Trump has ordered the Chinese company to sever ties with the social media app in the United States, citing concerns over the safety of the personal data it handles. Under their restructuring plan, Microsoft or Oracle could receive a minority stake in the assets, the sources added. …read more […]
Aug.24 — Benjamin Diokno, governor of Philippine Central Bank, discusses the bank’s pause on interest rates, monetary policy and his outlook for the peso. He speaks exclusively on “Bloomberg Markets: Asia.” …read more […]
Aug.24 — Elizabeth Gaines, chief executive officer at Fortescue Metals Group Ltd., discusses steel production in China, her outlook for the business and for iron ore. She speaks exclusively on “Bloomberg Markets: Asia.” …read more […]
(Bloomberg) — Several of Alibaba Group Holding Ltd.’s biggest investors have converted billions of dollars in U.S. shares for Hong Kong stock in part to avoid potential U.S. sanctions and de-listings of major Chinese technology companies.Temasek Group Holdings Pte., Baillie Gifford & Co., and Matthews Asia are among the major shareholders that have swapped stakes in the Chinese e-commerce giant to take advantage of new rules easing the switch following Alibaba’s listing in Hong Kong last year. Geopolitics is contributing to the shift, according to people familiar with the moves.“Lots of long-term fund managers, especially the ones whose fund managers …read more […]
U.S. gold futures eased 0.2% to $1,942.90. “Weighing a little bit on immediate sentiment is virus positive news that has helped stocks and other risk assets go higher today,” said Stephen Innes, chief market strategist at financial services firm AxiCorp, adding that gold was in consolidation ahead of Jackson Hole. Asian stocks extended gains after the U.S. Food & Drug Administration authorised the use of blood plasma from patients who have recovered from COVID-19 as a treatment for the disease. …read more […]
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