- When “commission-free trading” isn’t (really) free
- Michael Milken: financial innovator
- Oh no, the death-techers are coming
- Bitcoin’s “halvening” won’t boost its price
- CEO of JPM, recipient of $bns in state aid, bashes socialism
- Trump just made a joke about negative rates
- The Witcher is not a freelancer
- The ITV M&A fantasy
- Blockchain, all over your face
- Baillie Gifford: pot kettle black
- Is Facebook’s status as the bête noire of political advertising justified?
- The Eurosystem might have a fatal flaw. But it’s not this
- Venture capital for the ‘forgotten’
- The troublesome Trump inside trading claim
- The US economy is not recession-proof
- Hedge fund bro gonna hedge fund bro
- What do women want? Some crypto flavoured mansplaining, apparently.
- The Fed’s wishful thinking on inflation
- Dalio and Diddy: when genius collides
- State-backed crypto is a contradiction
The Hong Kong listed 58-bagger has an *interesting* website.
“The Indian IT industry will be fine. The Indian IT industry will be fine. The Indian IT industry will be fine. The Indian IT industry will be fine,” – anon quote, February 2017
Corporate debt in China is a well-known problem and part of the solution is, apparently, a new round of debt-for-equity swaps. Of course, there will always be sceptics.
Markets: After minutes from the US Federal Reserve suggested a scaling back of its stimulus programme was likely in the “coming months”, most Asian indices fell back, although Japanese stocks rose to a six-month high. (Financial Times)
Obama to halt attack if Syria destroys chemical weapons || Glencore Xstrata lifts cost-cutting target to $2bn || UK chancellor Osborne claims austerity victory || Twitter makes its largest acquisition to date || Deutsche Bank in Tokyo anti-bribery probe || Verizon to sell a combination of fixed and floating-rate debt || Mining group Bumi’s split from Indonesia’s Bakrie family delayed again || Interdealer broker ICAP closes in on settlement over Libor claims || Foreign firms turn to FX swaps to fund Chinese operations || Nine of Europe’s biggest utilities joined forces in warning to EU || Hybrid cars boost Toyota || Koch Industries to buy Molex || Markets
Markets: Asian stocks rose, extending the longest rally in the benchmark equity gauge this year, and the Thai baht and Malaysian ringgit climbed before Chinese factory output and retail sales data expected to show growth in August. Crude oil slipped for a second day and credit risk fell. (Bloomberg) (Financial Times)
China’s June trade data pointed to a deeper slowdown || Saudi Arabia and UAE prop up Egypt regime with offer of $8bn || Brussels sets up clash with Berlin over banks || Bakries offer to sell Bumi stake || J.P. Morgan review finds errors in debt-collection lawsuits || Rupert Murdoch has been summoned to reappear before the culture, media and sport select committee || The BoJ is unlikely to ease further this year || German and French companies to benefit from lower borrowing costs || The US government has officially designated AIG and GE Capital as “systemically important” || Markets wrap || FTAV’s latest
EU secures deal to cap bankers’ bonuses || Iberia charge pushes IAG to €997m loss || RBS seeks more time for branch disposals || Apple shareholders in protest vote on pay || Shell puts Arctic ambitions on ice || JC Penney loses one-third of its sales || Markets: Bulls back in charge
We assume that the Bumi survivalists, led by Sir Julian Horn-Smith, never really expected Nat Rothschild to just retire from the scene after suffering defeat in the boardroom power struggle. And so it has proved. Rothschild is still a subscriber to the Jakata Post and he’s noticed a curious item — the allegedly late disclosure of the sale of a stake in a subsidiary to what is reportedly a Bakrie family entity.
Updated with some context: Bumi, the London-listed Indonesia-focused coal miner set up in 2010 by Nat Rothschild when he convinced Indonesia’s influential Bakrie family to reverse their coal assets into his cash shell Vallar, has been, well, rollicked as the share price plunged because of sliding coal prices, concerns about Bumi’s corporate governance, high debt levels and the out-break of investor warfare. Shocking. And Bumi is under particular stress right now because of allegations of financial irregularities at two of its subsidiaries. The release below concerns the long awaited report into that mire by law-firm Macfarlanes. Well, we don’t actually get the report itself, but we do get some details…
Asian shares higher || Progress made on EU budget deadlock || Argentina responds angrily to NY bond ruling || Anglo American shareholders want asset sales, cost cuts || Rothschild raises $270m for Bumi proposal || Dalman to take on executive duties at ENRC || Banks tout idea of sharing bond data || Olam says it can withstand ‘stress’ || Why milk costs €1.50 a litre in Greece
BoE culture criticised in reports || PPI provision pushes RBS to £1.26bn loss and faces Libor fines || Sandy’s devastation widens || Rothschild to counter Bakrie buyout, say sources || US unemployment expected at 7.9 per cent || Van Rompuy to press on with budget talks || Sharp junked || The Fed should continue QE3 until unemployment falls below 7.25 per cent || Israel to derail $15bn PotashCorp move
Asian shares higher || BoE culture criticised in independent reports || StanChart, BBVA named Gsifis || Rothschild ‘to counter Bakrie buyout’ || Sandy’s devastation || Chesapeake books loss on writedowns || Time for helicopter money? || How financial crises really spread
From the FT: The board of Bumi Plc is weighing up severing ties with one of its Indonesian businesses as part of a restructuring aimed at reviving investor confidence in the controversy-hit London-listed coal miner…