Diversified Financials Capital Markets

  • Markets are reflecting a profit recovery rather than an economic recovery: Analyst

    David Kuo, co-founder of The Smart Investor, says companies will continue to trim costs in order to add on to profits, leading to sustained unemployment and no discernible economic recovery.

  • A man cleans up on the trading floor, following traders testing positive for Coronavirus disease (COVID-19), at the New York Stock Exchange (NYSE) in New York, U.S., March 19, 2020.

    When VAST Data became a unicorn, valued at over $1 billion, in April, it relied on virtual meetings with investors, as Silicon Valley VCs and the IPO market navigate Covid-19.

  • LONDON, March 16- Hedge funds continued selling petroleum in anticipation of a sharp downturn in oil consumption, even before major governments announced tougher travel restrictions late last week. Hedge funds and other money managers sold another 58 million barrels of petroleum futures and options in the six major contracts in the week to March 10, exchange...

  • March 16- Energy investor EnCap Investments pulled off a rarity in the U.S. shale business earlier this month, the $2.5 billion sale of oil producer Felix Energy to rival WPX Energy Inc, striking a deal at a time when energy mergers have all but dried up. EnCap's big payday, 153 million WPX shares valued at $1.6 billion plus $900 million in cash, proved short-lived as...

  • AMSTERDAM, March 16- The fall in interest rates caused by the global coronavirus outbreak has pushed the Dutch pension fund system back into crisis, with the largest fund, ABP, warning on Monday it would have to cut pensions in 2021 at current solvency levels. ABP, which holds 459 billion euros in assets for civil servants, said its coverage ratio of assets to...

  • MUMBAI/ NEW DELHI, March 13- India's cabinet has approved a rescue plan for Yes Bank, the finance minister said on Friday, in a bid to prevent a broader banking crisis. The state-owned State Bank of India, the country's largest lender, would take a 49% stake in Yes Bank, Finance Minister Nirmala Sitharaman said, while private lenders also committed to invest in the bank.

  • BEIRUT, March 13- An emerging debt fund run by investment manager Ashmore Group loaded with securities from troubled Argentina, Lebanon and Ecuador has been hit by net investor outflows of more than $1 billion since August, according to Morningstar data. The reason is likely heavy exposure to troubled credits-- nearly a quarter of the fund is invested in...

  • March 13- Charles Schwab reported the strongest start to a year with $45.3 billion in fresh assets under management during the first two months of 2020, driven by heightened volatility faced by equity markets amid the coronavirus outbreak. "Our clients have set multiple new single-day records for trading in recent weeks, reaching a high of 2.7 million trades...

  • MUMBAI/ NEW DELHI, March 13- India's cabinet has approved a rescue plan for Yes Bank, the finance minister said on Friday, as authorities look to prevent a broader banking crisis. The state-owned State Bank of India, the country's largest lender, will take a 49% stake in Yes Bank, Finance Minister Nirmala Sitharaman said. ICICI Bank also said it would invest up to 10...

  • MUMBAI/ NEW DELHI, March 13- India's finance minister said on Friday the cabinet had approved a rescue plan for Yes Bank, a step aimed at preventing the issue from sparking a broader banking crisis. Under the plan, state-owned State Bank of India, the country's largest lender, would take a 49% stake in Yes Bank, Finance Minister Nirmala Sitharaman said.

  • NEW YORK/ BOSTON/ LONDON, March 12- Bridgewater Associates LP, the Ray Dalio-led hedge fund giant famous for making money during the 2008 financial crisis, has posted mixed returns amid the coronavirus-led market turmoil, according to an investor with direct knowledge of the performance. Major Markets, another large fund, was also down about 12% for 2020 through...

  • NEW YORK/ BOSTON/ LONDON, March 12- Bridgewater Associates LP, the Ray Dalio-led hedge fund giant famous for making money during the 2008 financial crisis, has posted mixed returns amid the coronavirus-led market turmoil, according to an investor with direct knowledge of the performance. Major Markets, another large fund, was also down about 12% for 2020 through...

  • JOHANNESBURG, March 12- South Africa's state asset manager needs a major overhaul, a judicial inquiry told President Cyril Ramaphosa, after finding that some executives had repeatedly violated legislation and acted dishonestly and that there was ineffective governance. The findings, contained in a report published by Ramaphosa's office on Thursday, deal...

  • JOHANNESBURG, March 12- A judicial inquiry into South Africa's state asset manager found major impropriety, bad governance and victimization of staff, its report to President Cyril Ramaphosa showed on Thursday. The findings are a blow to the reputation of the Public Investment Corporation, one of Africa's largest fund managers which oversees more than 2...

  • JOHANNESBURG, March 12- A judicial inquiry into South Africa's state asset manager found major impropriety, bad governance and victimisation of staff, its report to President Cyril Ramaphosa showed on Thursday. The findings are a blow to the reputation of the Public Investment Corporation, one of Africa's largest fund managers which oversees more than 2...

  • *Market cap falls by $4.8 bln. JOHANNESBURG, March 12- An oil price crash has wiped 79 billion Rand off the market value of South African petrochemicals group Sasol, adding to the government's difficulties in shoring up business confidence as giant state-backed companies flounder. The top shareholder, state asset manager the Public Investment Corporation has,...

  • *Insurers' $20 trln in investments under pressure. LONDON, March 12- Having initially brushed off the potential impact from coronavirus-linked claims, global insurers are waking up to the prospect of a double whammy- a sharp rise in payouts at a time of big investment losses. They manage more than $20 trillion in assets globally but their big government bond...

  • March 12- UBS Wealth Management recommended cashing in some of its bet on developing world equities on Thursday, telling clients the sell-off in mainstream euro zone markets had made stocks there a stronger bet for the immediate future. The decision follows the out-performance of emerging market stocks relative to U.S. and eurozone peers since global equity...

  • BOSTON/ LONDON, March 12- Climate change commitments by banks, pension funds and asset managers face their first major test as markets reel from the twin shocks of coronavirus and a sliding oil price. "When things are more difficult then people are really going to be focused on financial performance," Hester Peirce, a Republican member of the U.S. Securities and...