Subways May Be the Latest Casualty of China’s Crackdown on Debt

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Source: Bloomberg MarketsChina’s frenzied construction of subway systems in cities all over the country may be easing, amid reports funding has been pulled for some projects as Beijing pushes to rein in debt levels.The National Development and Reform Commission, China’s top economic planning body, is revising a 2003 policy on subway development, Caixin reported on Saturday.The N … [Read more...]

Russian Billionaire’s Bank Bets on Egypt as Mideast Risk Rises

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Source: Bloomberg MarketsRenaissance Capital, the investment bank owned by Russian billionaire Mikhail Prokhorov, is taking a long-term bet on Egypt even as tensions in the region are on the rise.“A lot of the global investment banks are de-risking their portfolios, they’re scaling back in Africa and none of them are entering Egypt,” James Friel, the global head of investment ba … [Read more...]

Saudi Crackdown Sent Shivers Through the Largest Middle East IPO

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Source: Bloomberg MarketsA Dubai property developer managed to pull off the Middle East’s largest initial share offering this year, but only after it was almost derailed by the sweeping arrests in neighboring Saudi Arabia, where authorities say they’re rooting out corruption.Advisers to Emaar Properties PJSC scrambled to complete a $1.3 billion share offering in its United Arab … [Read more...]

Goldman Sachs Sees Four 2018 Fed Rate Hikes as U.S. Growth Gains

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Source: Bloomberg MarketsThe U.S. economy is heading into 2018 with strong momentum that’s likely to boost wages and inflation more broadly, requiring the Federal Reserve to raise interest rates four times next year, Goldman Sachs Group Inc. economists said in a research note.The New York-based investment banking and securities firm raised its growth outlook for 2018 to 2.5 p … [Read more...]

Honda Recalls 800,000 Odyssey Minivans Linked to Injuries

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Source: Bloomberg MarketsHonda Motor Co. is recalling about 800,000 of its Odyssey minivans in the U.S. after receiving 46 reports of injuries over faulty passenger seats.The company will repair the seats free of charge for owners of 2011-2017 models, it said in a statement Saturday.“If a second row seat is not properly latched after adjusting it side-to-side or reinstalling a r … [Read more...]

Dalio Says National Initiative Needed to Probe Economic Divide

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Source: Bloomberg MarketsBillionaire Ray Dalio is calling for the creation of a commission to tackle the growing disparity between the wealthiest Americans and those dwelling in the bottom 40 percent of the economy, whom he says face “rising death rates” and stagnant incomes.“There should be a commission or an initiative” to address the issue, Dalio said in an interview on CNN’s … [Read more...]

Coal Back as Flashpoint in Climate-Change Fight

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Source: Bloomberg MarketsCoal emerged as the surprise winner from two weeks of international climate talks in Germany, with leaders of the host country and neighboring Poland joining Donald Trump in support of the dirtiest fossil fuel.While more than 20 nations, led by Britain and Canada, pledged to stop burning coal, German Chancellor Angela Merkel defended her country’s use of … [Read more...]

Macron’s Party Elects Government Spokesman to Leadership Post

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Source: Bloomberg MarketsThe French government’s spokesman, Christophe Castaner, took the helm of Emmanuel Macron’s party Saturday, after an election in Lyon.The election of Castaner, a junior minister in charge of relations with parliament, could trigger a cabinet reshuffle. His new party role is seen as mostly honorary, as Macron -- who created La Republique en Marche in Apri … [Read more...]

Carige Investors Agree to Back Share Sale

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Source: Bloomberg MarketsBanca Carige SpA reached agreement with a group of banks to underwrite a share sale of about 500 million euros ($590 million) after key investors pledged their support, allowing the lender to proceed with its restructuring plan.Malacalza Investimenti, Carige’s main investor, agreed to buy 17.6 percent of the stock, while the second-biggest shareholder Ga … [Read more...]

What Investment Flows Can Teach You About Brexit

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Source: Bloomberg MarketsFlows can provide powerful insights into economic and market trends. Both long-term foreign direct investment and ­shorter-term portfolio flows can be viewed as the business and investing communities’ judgment on policymakers’ economic and regulatory decisions. Buying a stake in a company or shares of an ­exchange-traded fund, for instance, could imply a … [Read more...]