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☆ Dollar gains on yen, bitcoin edges up before expected SEC decision
▼ + stars: | 2024-01-10 | by ( ) www.cnbc.com time to read: +3 min

The SEC was expected to announce later in the day whether it will approve applications from asset managers Ark Investments and 21Shares (ABTC.S) to launch a spot bitcoin ETF. More than a dozen bitcoin ETF applications - including from BlackRock (BLK.N), Fidelity and VanEck - are also pending with the agency. The Consumer Price Index (CPI) due out on Thursday is the next likely driver of dollar direction. It is expected to show that headline inflation rose 0.2% in the month and by 3.2% on an annual basis. Anticipation of a positive SEC decision on ETFs, which is likely to draw billions of dollars in new investments, has boosted bitcoin prices in the past two months.

Persons: Exchange Commission's, Marc Chandler, Chandler, bitcoin, Chris Weston, Ethereum Organizations: Federal Reserve, U.S . Securities, Exchange, SEC, Ark Investments, BlackRock, Fidelity, Institute for Supply Management, Index, Fed, Bank of Japan Locations: U.S, Bannockburn, New York, Japan

☆ Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +9 min

TECHNOLOGY, MEDIA AND TELECOM SECTORMeta Platforms (META.O):The Facebook-parent said it would cut 10,000 jobs, just four months after it let go 11,000 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The company laid off under 1,000 employees across several divisions in October, Axios reported, citing a source. Workday (WDAY.O):The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment. Morgan Stanley (MS.N):The Wall Street powerhouse was planning to cut about 3,000 jobs in the second quarter ended June 30, Reuters reported in May.

Persons: Brendan McDermid, Goldman Sachs, Axios, Pat Gelsinger, Elon Musk, Morgan Stanley, Lazard, Coinbase, cryptocurrencies, Phillips, Johnson, Joseph Wolk, Deborah Sophia, Akash Sriram, Granth Vanaik, Eva Mathews, Yuvraj Malik, Sourasis Bose, Priyamvada, Tiyashi Datta, Manya Saini, Jaspreet Singh, Maju Samuel, Sriraj Kalluvila, Pooja Desai Organizations: REUTERS, TELECOM, Meta, Facebook, IBM Corp, Spotify Technology SA, Spotify, Microsoft Corp, Intel Corp, Reuters, New York Times, Elon, Cisco Systems, HP, Rivian, Match, Dell Technologies, Technologies, U.S . Central Intelligence Agency, Goldman Sachs, Wall, Citigroup, Bloomberg News, BlackRock, Bed, Dow, Johnson, 3M, Thomson Locations: New, Wall, U.S, York, New Jersey, Bengaluru

☆ COP28: Abu Dhabi teams up with HSBC, others on climate finance think-tank
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: 1 min

DUBAI, Dec 4 (Reuters) - Abu Dhabi will host the newly launched Global Climate Finance Centre in partnership with nine founding members including the World Bank, lender HSBC (HSBA.L) and asset managers BlackRock (BLK.N) and Ninety One (N91.L). Described as an independent think-tank and research hub, the centre will look at barriers to investment into low-carbon projects and develop the financial frameworks to overcome them. "It will put Abu Dhabi and the UAE at the forefront of driving global change in sustainable finance, providing a positive legacy for years to come," COP28 President Sultan Al Jaber said in a statement on Monday. Reporting by Maha El-Dahan and Simon Jessop; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

Persons: Abu, Sultan Al Jaber, Maha El, Simon Jessop, William James Our Organizations: Climate Finance, World Bank, HSBC, BlackRock, Thomson Locations: DUBAI, Abu Dhabi, UAE

President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan attends the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 1, 2023. REUTERS/Amr Alfiky Acquire Licensing RightsDUBAI, Dec 1 (Reuters) - United Arab Emirates President Sheikh Mohammed Bin Zayed Al Nahyan, whose country is hosting the COP28 climate summit, announced on Friday the establishment of a $30 billion climate fund that aims to attract $250 billion of investment by the end of the decade. Dubbed ALTÉRRA, the fund will allocate $25 billion towards climate strategies and $5 billion specifically to incentivise investment flows into the Global South, according to a statement by the COP28 Presidency. ALTÉRRA has also committed to invest $2 billion into its second Brookfield Global Transition Fund. ALTÉRRA was established by Lunate, a newly set up Abu Dhabi-based alternative investment manager with over $50 billion in assets.

Persons: United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan, Amr Alfiky, Sheikh Mohammed Bin Zayed Al Nahyan, ALTÉRRA, BlackRock, Abu, Sheikh Tahnoon bin Zayed Al Nahyan, William James, Nadine Awadalla, Al Sayegh, Tommy Reggiori Wilkes, Susan Fenton, Sharon Singleton, Miral Organizations: United, United Nations, Change, United Arab Emirates, REUTERS, Rights, BlackRock, TPG, Brookfield Asset Management, Transition, Lunate, Chimera Investment, Reuters, Thomson Locations: United Arab Emirates, Dubai, United Arab, COP28, Brookfield, Abu Dhabi, UAE

The sources said the UAE would provide the bulk of the money and private equity firm TPG and infrastructure investor Brookfield would also be involved. Two sources said the money would be overseen by UAE-backed investor Lunate Capital. A view of Dubai's Expo City during the United Nations Climate Change Conference (COP28) Climate Summit in Dubai, United Arab Emirates, November 30, 2023. REUTERS/Amr Alfiky Acquire Licensing RightsA second source said BlackRock, TPG and Brookfield would allocate money currently housed in other funds to the UAE fund and that talks over the fund began after the summer and carried on through October. Additional reporting by Andres Gonzales, Anousha Sakoui and Elisa Martinuzzi in London Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Lunate, Amr Alfiky, Andres Gonzales, Anousha Sakoui, Elisa Martinuzzi, Susan Fenton Organizations: Lunate, BlackRock, TPG, Brookfield, United, Reuters, Lunate Capital, Financial Times, Dubai's, United Nations, Change, United Arab Emirates, REUTERS, UAE, COP28, Thomson Locations: UAE, DUBAI, United Arab Emirates, Dubai, United Arab, BlackRock, Brookfield, London

☆ In spot bitcoin ETF race, some pioneers stick to the sidelines
▼ + stars: | 2023-11-28 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +6 min

The SEC has long rejected spot bitcoin ETF applications on the grounds they do meet its investor protection requirements. Industry hopes that position would shift surged in June when BlackRock (BLK.N), which has an almost unbroken record of SEC ETF approvals, filed for a spot bitcoin ETF. The only prospective issuer to disclose proposed investor fees so far is Ark Investment, which last week announced its spot bitcoin ETF would charge a fee of 0.8%. To be sure, issuers hoping to launch spot bitcoin ETFs have a more bullish outlook than those sticking to the sidelines. Magoon hopes the buzz surrounding a spot bitcoin ETF will draw more assets to Amplify's BLOK ETF.

Persons: Marco Bello, it's, Dave Mazza, Gary Gensler, Michael Sapir, ProShares, Sapir, Roxanna Islam, Aisha Hunt, Kelley, Christian Magoon, Roundhill, Mazza, Magoon, Tom Staudt, Staudt, Suzanne McGee, Michelle Price, Deepa Babington Organizations: REUTERS, Roundhill Investments, SEC, Industry, BlackRock, Ark Investment, Amplify's, Ark Investments, Thomson Locations: Miami Beach , Florida, U.S, BlackRock, Invesco, Amplify's BLOK

Scientists have said carbon removal is needed to keep climate goals alive. Otherwise, the enormous price tag for world-scale carbon removal would need to fall to governments if there is any chance of these projects surviving. A major concern is that DAC technology is both expensive and unproven at scale. More mature carbon capture and storage (CCS) technology, which traps emissions at a point source like a smokestack, also requires a rapid scale up to make a difference. Their money will be made instead by marketing carbon removal credits to corporations not involved in fossil fuels that wish to offset unavoidable emissions, or to governments seeking to stay on track with climate targets.

Persons: Climeworks, ”, Vikrum Aiyer, Sultan al, Jaber, Vicki Hollub, Mike Avery, Christoph Gebald, Richard Valdmanis, Marguerita Choy Organizations: Reuters, REUTERS, Occidental Petroleum, BlackRock, U.S ., Occidental, 28th United, OPEC, United Arab, International Energy Agency, IEA, Global CCS Institute, Stratos, DAC, Department of Energy, Thomson Locations: Tracy , California, Texas, In Louisiana, 28th United Nations, Dubai, United Arab Emirates, Louisiana, Iceland, California, U.S, UAE, Occidental

☆ British investment managers get green light for tokenised funds
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kevin Coombs/File Photo Acquire Licensing RightsLONDON, Nov 24 (Reuters) - British investment managers have got the go-ahead to develop tokenised funds, in which assets are split into smaller tokens backed by blockchain technology, the industry's trade body said on Friday. Tokenisation, or fractionalisation, of funds will enable a fund's assets to trade more cheaply and transparently and investors to buy into a wider range of assets, industry proponents say. Funds authorised by Britain's Financial Conduct Authority can take the first steps towards offering tokenised funds, provided the investments are in mainstream assets and valuation and settlement arrangements don't change, the Investment Association said in a statement. Scrimgeour is chair of a working group which is working with the FCA and Britain's finance ministry to open up opportunities for tokenised funds. Investment managers and exchanges in the United States, Europe and Asia have already taken tentative steps in offering tokenised funds.

Persons: Kevin Coombs, tokenisation, Michelle Scrimgeour, Scrimgeour, Carolyn Cohn, Elizabeth Howcroft, Sharon Singleton Organizations: REUTERS, Britain's Financial, Investment Association, Legal, General Investment Management, FCA, BlackRock, Investment, Thomson Locations: Canary Wharf, London, Britain, United States, Europe, Asia

☆ Fidelity raises $700 mln in its first bond mutual fund in China
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI/SINGAPORE, Nov 23 (Reuters) - Fidelity International has garnered 5 billion yuan ($700 million) from investors for its first fixed income mutual fund in China, deepening the asset manager's involvement in the $3.8 trillion mutual fund market. The bond fund - Fidelity's second mutual fund product in China - raised the sum mainly from institutional investors in a three-week, shortened subscription period, the money manager said. China's mutual fund industry is crowded with over 150 players, including foreign ones such as BlackRock (BLK.N), Schroders (SDR.L) and JPMorgan Asset Management. "The fundraising size is rather encouraging," due to tough competition in the local market and Fidelity's limited track record in China, said Huang, who heads Fidelity International's two-year-old China mutual fund unit. Fidelity International was formerly the international investment arm of Boston-based Fidelity Investments before being spun off.

Persons: Helen Huang, Huang, Neuberger Berman, ASIFMA, Li Gu, Samuel Shen, Tom Westbrook, Muralikumar Organizations: Fidelity International, Reuters, Fidelity, JPMorgan Asset Management, Fidelity Investments, Regulators, China Securities Regulatory Commission, Thomson Locations: SHANGHAI, SINGAPORE, China, BlackRock, Boston, Beijing, Shanghai, Singapore

The logo of Lilly is seen on a wall of the Lilly France company unit, part of the Eli Lilly and Co drugmaker group, in Fegersheim near Strasbourg, France, February 1, 2018. REUTERS/Vincent Kessler Acquire Licensing RightsNov 17 (Reuters) - Retail flows into Eli Lilly (LLY.N) spiked to a more than two-year high in November, as small investors rushed to buy the stock after the U.S. pharma major received a highly anticipated approval for its weight-loss drug Zepbound. Lilly and Novo Nordisk (NOVOb.CO) - seen as leaders in a potential $100 billion obesity treatment market - have helped rekindle retail investor interest in the healthcare sector. "During the COVID period, retail investors were piling into healthcare because of the vaccines and after that there was a bit of a hangover of purchases. Reuters GraphicsRetail investors are now "catching up" with institutional investors, said Sel Hardy, vice president of equity research at CFRA.

Persons: Lilly, Eli Lilly, Vincent Kessler, Zepbound, Marco Iachini, Hardy, JPMorgan Chase, Vanda, Ozempic, drugmakers, Iachini, Bhanvi Satija, Sriraj Organizations: REUTERS, U.S . pharma, Vanda Research, Novo Nordisk, Graphics Retail, Sel Hardy, JPMorgan, BlackRock, AMC, Thomson Locations: Lilly France, Fegersheim, Strasbourg, France, U.S, Bengaluru

☆ American CEOs serve China’s Xi a too-rich dessert
▼ + stars: | 2023-11-16 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +4 min

REUTERS/Kevin Lamarque Acquire Licensing RightsNEW YORK, Nov 16 (Reuters Breakingviews) - America’s corporate chieftains were thrilled to see China’s President Xi Jinping at Wednesday’s gala dinner in San Francisco. So thrilled that they gave him a standing ovation, according to Reuters. He has defended China’s stance on Taiwan, equating the self-governing island’s relationship with the People’s Republic to Hawaii’s position vis-à-vis the United States. The standing ovation is just a new, cringeworthy way to follow the money. Xi received a standing ovation as he entered the room and before and after he took the stage, the report said.

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Xi, Tim Cook, Larry Fink, Steve Schwarzman, Ray Dalio, Bridgewater, Tesla, Elon Musk, Apple’s Cook, Ding Xuexiang, Howard Schultz, Biden, “, John Foley, Aditya Sriwatsav Organizations: Economic Cooperation, REUTERS, Reuters, Apple, Blackstone, ”, China, Xi, Thomson Locations: Filoli, Asia, Woodside , California, U.S, San Francisco, BlackRock, China, United States, Taiwan, Republic, Schwarzman, Beijing

☆ Xi tells US firms China ready to be partner and friend
▼ + stars: | 2023-11-16 | by ( Michael Martina | ) www.reuters.com time to read: +5 min

Xi received a standing ovation as he entered the room, and two more before and after he took the stage to speak. "Whatever stage of development it may reach, China will never pursue hegemony or expansion, and will never impose its will on others. China does not seek spheres of influence, and will not fight a cold war or a hot war with anyone," Xi said. China and the U.S. reached an agreement to curb fentanyl production in earlier talks between Xi and Biden. Analysts have said Xi's speech alone is unlikely to dramatically alter U.S. business sentiment about China.

Persons: Xi Jinping, Carlos Barria, Xi, Joe Biden, Biden, Tim Cook, Laurence Fink, Broadcom's, Hock Tan, Ray Dalio, Albert Bourla, Gina Raimondo, Mike Gallagher, Gallagher, Gary Dvorchak, Dvorchak, Michael Martina, Valerie Insinna, Stephen Nellis, Lisa Baertlein, Niket, Ethan Wang, Liz Lee, Stephen Coates Organizations: National Committee, China Relations, China Business Council, Economic Cooperation, REUTERS, Apple, BlackRock, Pfizer, SAN FRANCISCO, U.S, Beijing, Congress, Bridgewater Associates, Commerce, U.S . House, Representatives, Muslim, U.S ., Communist Party, Thomson Locations: Asia, San Francisco , California, U.S, China, United States, San Francisco, Beijing, Washington, China . U.S, Iowa

☆ BlackRock files for spot ethereum ETF to further crypto push
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

BlackRock is proposing to convert the trust to a "spot" ETF, which means it will own ether instead of futures products tied to the crypto token. While futures-based crypto ETFs have previously been approved by the U.S. Securities and Exchange Commission (SEC), the regulator has long contended that the spot crypto market is prone to fraud and manipulation. BlackRock dipped its toes in the crypto space with its filing for a spot bitcoin ETF in June. Coinbase Custody, a unit of crypto exchange Coinbase (COIN.O), will hold the proposed ETF's ether in custody. The company is also the proposed custodian of BlackRock's bitcoin ETF.

Persons: Brendan McDermid, Niket, Shinjini Organizations: BlackRock, New York Stock Exchange, REUTERS, Nasdaq, U.S . Securities, Exchange Commission, SEC, Thomson Locations: New York City, U.S, bitcoin, Bengaluru

☆ COP28’s big challenge: green cash for poor states
▼ + stars: | 2023-11-15 | by ( George Hay | ) www.reuters.com time to read: +7 min

Rather than drawing attention to this paucity of ambition, al-Jaber wants states to commit to trebling global capacity of renewable energy by 2030. Progress in China and the West is largely a function of cash: these regions accounted for 84% of the $1.3 trillion committed to global climate finance in 2022. They calculate that by 2030, developing countries need to invest around $2.4 trillion a year in order to decarbonise their economies. The problem is that the developed world has consistently missed targets to channel climate cash to less developed counterparts. In September al-Jaber announced a $4.5 billion scheme to deploy UAE state cash and private sector resources to help Africa decarbonise.

Persons: al, Jaber, hasn’t, Nicholas Stern, Stern, Ajay Banga, Mark Carney, Shriti Vadera, Larry Fink, Joko Widodo, UAE Crown Prince Mohammed bin Zayed, Nahyan, Breakingviews, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, United, Conference of, Abu Dhabi National Oil Company, United Nations, International Energy Agency, The, IEA, World Bank, concessional, Bank, Bank of England, Prudential, BlackRock, U.S, Indonesian, Africa decarbonise, UAE Crown, Thomson Locations: United Arab Emirates, Abu Dhabi, Paris, China, The U.S, British, Egypt, Indonesia, Japan, South Africa, Vietnam, U.S, Al, UAE, Africa, COP28, Dubai

☆ BlackRock-backed Jolt launches on-street EV chargers in UK
▼ + stars: | 2023-11-14 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

REUTERS/Nacho Doce/File Photo Acquire Licensing RightsLONDON, Nov 14 (Reuters) - Australian charging company Jolt, which has received backing from U.S. fund manager BlackRock (BLK.N), said on Tuesday it is rolling out on-street EV chargers in London as parts of plans to install 5,000 chargers in Britain over the next three to five years. Jolt is rolling out chargers in the London borough of Barnet and CEO Doug McNamee said the company was in talks to do the same in other boroughs. Barnet has received a 2.1 million pound ($2.6 million) government grant for EV charging infrastructure. Its chargers feature advertising, which pays for 7 kilowatt hours of free charging for consumers, or around 30 miles (48.3 km) of EV range. The company currently has around 100 chargers in service, but has a "global pipeline of around 7,500 chargers," McNamee said.

Persons: Nacho, Doug McNamee, McNamee, Jolt, We've, Nick Carey, Bernadette Baum Organizations: REUTERS, BlackRock, Barnet, EV, Canadian, Telus, Thomson Locations: Sao Paulo, Brazil, U.S, London, Britain, Barnet, Australia, New Zealand, Canada, BlackRock

☆ Investors increase holdings of weight-loss drug makers’ shares in Q3 -filings
▼ + stars: | 2023-11-14 | by ( Carolina Mandl | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 14 (Reuters) - Some big investors showed increased appetite for weight-loss drug makers in the third quarter, piling in to shares of Eli Lilly (LLY.N) and Novo Nordisk amid growing demand for their product, securities filings showed on Tuesday. Shares of Eli Lilly rose 14.5% in the third quarter and are up 67% this year. Some investors also bought more American Depositary Receipts of Novo Nordisk, including Fidelity Investments, Lazard Asset Management, T Rowe Price and Soros Fund. Novo Nordisk on Saturday presented data showing that the heart protective benefits of Wegovy are not solely due to weight loss, which could make it easier for healthcare insurance reimbursement in the future. Still, other investors trimmed their exposure to Eli Lilly, such as Wellington Management Group, California Public Employees Retirement System and Bridgewater Associates.

Persons: Eli Lilly, Eli Lilly's Mounjaro, JPMorgan Chase, Eli Lilly's, Rowe Price, Marshall Wace, LSEG, “ Stocks, ”, Vincent Aita, Carolina Mandl, Ira Iosebashvili, Matthew Lewis Organizations: Novo Nordisk, Novo, JPMorgan, Vanguard, Sigma, Tiger Global Management, Coatue Management, U.S . Food, Drug Administration, Novo Nordisk's Wegovy, Bank of America, Fidelity Investments, Lazard Asset Management, Soros Fund, Wellington Management Group, California, Bridgewater Associates, Marshall, Renaissance Technologies, Capital Management, Pfizer, Carolina, Thomson Locations: BlackRock, U.S, New York

New York is the $1.35 trillion fund's only office outside mainland China besides Hong Kong. CIC asked Bai Xiaoqing, who was in charge of some of its private equity investments from Beijing, to move to New York for the North America head role, the sources said, requesting anonymity because the move has not been publicly announced. U.S. authorities have been especially suspicious of investments originating from entities close to China's communist government, like CIC. CIC is also a significant investor in U.S. private equity funds, as so-called alternative assets comprise almost half of its portfolio. One of its most prominent investments has been a $2.5 billion Goldman Sachs Group Inc (GS.N) private equity fund aimed at investing in companies that can benefit from closer U.S.-China ties.

Persons: Bai Xiaoqing, Zhang Hong, Bai, Zhang, Peng Chun, Larry Fink, Milken, Echo Wang, Roxanne Liu, Kane Wu, Greg Roumeliotis, Edwina Gibbs Organizations: China Investment Corp, North America, CIC, Foreign Investment, American Enterprise Institute, Public, Goldman Sachs Group Inc, China -, China - U.S . Industrial Cooperation Fund, Britain, BlackRock Inc, BlackRock, China's Ministry of Finance, Industrial, Commercial Bank of China, U.S . Treasury, Thomson Locations: North, New York, China, Hong Kong, Washington, Beijing, United States, U.S, China - U.S, BlackRock

☆ Hong Kong finance summit tiptoes around China
▼ + stars: | 2023-11-09 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +7 min

HONG KONG, Nov 9 (Reuters Breakingviews) - Hong Kong in November enjoys a pleasant climate that some local managers dub “chairman weather”. Hong Kong is hardly a hot destination for financiers right now. Companies raised just $2.7 billion from initial public offerings in Hong Kong in the quarter, a fraction of previous years. Hong Kong officials including John Lee, the territory’s chief executive, have been sanctioned by the U.S.. Follow @peter_tl on XCONTEXT NEWSThe Global Financial Leaders’ Summit was held in Hong Kong from Nov. 6 to Nov. 8.

Persons: Marc Rowan, Colm Kelleher, Morgan Stanley, Goldman Sachs, David Solomon, Jane Fraser, Ken Griffin, Hong, John Lee, Eddie Yue, Kung, Zhang Qingsong, Bob Prince, Mark Wiedman, Apollo’s Rowan, UBS’s Kelleher, Joseph Yam, Una Galani, Thomas Shum Organizations: Reuters, Apollo Global Management, UBS, Monetary Fund, Companies, Citigroup, Citadel, Hong Kong Monetary Authority, Hong Kong’s HK, Exchange, People’s Bank of China, Bridgewater Associates, BlackRock, Goldman, Bank for International, Global, ’, Thomson Locations: HONG KONG, Hong Kong, Europe, U.S, China . Hong Kong, China, People’s Republic, Hong, British, Singapore, BLK.N, ”

☆ Global asset managers talk up China as long-term bet
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsHONG KONG, Nov 8 (Reuters) - Top executives at global asset managers on Wednesday talked up China at an event in Hong Kong on Wednesday, championing long-term investment opportunities in an economy battling to break free of pandemic disruption. "Long term, (China) has to be part of a global investment portfolio." Citadel Securities CEO Peng Zhao called China a driver of growth and innovation and said it was "baffling" to think otherwise. He also said Citadel doubled its Hong Kong headcount in the face of pandemic-induced challenges, leveraging the talent the city hosts and its connectivity to other markets. Quinn told the Hong Kong event on Tuesday that wealth flow from mainland China to Hong Kong has grown 3 to 4 times this year.

Persons: Dado Ruvic, Mark Wiedman, Wiedman, Mike Gitlin, Lei Zhang, Anne Richards, Invesco, Andrew Schlossberg, Peng Zhao, Zhang Yichen, Noel Quinn, Quinn, Kane Wu, Xie Yu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, West, Global Financial, Investment Summit, European Chamber of Commerce, Capital, Fidelity International, Citadel Securities, Citadel, Trustar, HSBC Group, Thomson Locations: HONG KONG, China, Hong Kong, West, Singapore

☆ Global asset managers bullish on China after policy shift
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsHONG KONG, Nov 8 (Reuters) - Economic policy shift in China and the investment opportunities it is creating are drivers for long-term bets in the country by global asset managers, top executives said on Wednesday. "China is the world's second-largest capital market" after the U.S., the head of BlackRock's (BLK.N) global client business, Mark Wiedman, said at the Global Financial Leaders Investment Summit in Hong Kong. "Long term, (China) has to be part of a global investment portfolio." At the Hong Kong event, hosted by the Hong Kong Monetary Authority, Fidelity International CEO Anne Richards said China was a key part of the global economy and that fact will not change soon. Quinn told the Hong Kong event on Tuesday that wealth flow from mainland China to Hong Kong has grown by 3 to 4 times this year.

Persons: Dado Ruvic, Mark Wiedman, Wiedman, Mike Gitlin, Gitlin, Pan Gongsheng, Anne Richards, Andrew Schlossberg, Noel Quinn, Quinn, Zhang Qingsong, Kane Wu, Xie Yu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, Global Financial, Investment, Capital, People's Bank of China, Securities Times, Hong Kong Monetary Authority, Fidelity International, HSBC Group, Thomson Locations: HONG KONG, China, U.S, Hong Kong, Singapore

☆ Occidental Petroleum beats Q3 estimates on higher production
▼ + stars: | 2023-11-08 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +2 min

The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. The oil and gas company reported a $1.18 a share profit compared to average Wall Street analyst forecasts for an 84 cent a share profit, according to LSEG. Its chemical and midstream unit earnings fell compared to a year ago. Midstream swung to a loss of $130 million from a $104 million profit. Its chemicals business profit fell to $373 million from $580 million a year ago.

Persons: Brendan McDermid, Warren Buffett's, Midstream, Sabrina Valle, Sourasis Bose, Krishna Chandra Eluri, Stephen Coates, Jamie Freed Organizations: Occidental Petroleum, New York Stock Exchange, REUTERS, Rights, Tuesday, Occidental, Berkshire Hathaway's, Anadarko Petroleum, BlackRock, Devon Energy, Thomson Locations: New York, U.S, Berkshire, Occidental, Texas, Devon, Houston, Bengaluru

☆ U.S. investors rebuff big oil climate shareholder resolutions
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

Netherlands-based activist group Follow This was created first to target Shell (SHEL.L) and subsequently expanded to file climate resolutions at other western majors including BP (BP.L), Exxon Mobil (XOM.N), Chevron (CVX.N) and TotalEnergies (TTEF.PA). According to the data published by it and investors, giant U.S. investors BlackRock (BLK.N), Vanguard, State Street (STT.N) and JPMorgan (JPM.N) all voted against the Follow This resolutions this year. "Investors hold the key to tackling the climate crisis with their shareholder voting power at Big Oil. Amundi, Allianz, and UBS use their voting power to mitigate the climate crisis,” said Follow This founder Mark van Baal. This mirrors big shareholder proxy voting firm Glass Lewis and ISS, which changed some of their recommendations for this year to the detriment of Follow This, including withdrawing support for the activist resolution at Chevron.

Persons: Morgan Chase, Mike Segar, France's, ”, Mark van Baal, Glass Lewis, Shadia Nasralla, Jan Harvey Organizations: Co, New York City, REUTERS, Companies Allianz, Big U.S, Shell, BP, Exxon Mobil, Chevron, BlackRock, Vanguard, State, JPMorgan, Paris, Britain's HSBC, HSBA.L, UBS, Germany's Allianz, Big Oil, Amundi, Allianz, Britain's, General, Exxon, ISS, Thomson Locations: New York, Big, Paris, Netherlands, Chevron's

Both changes to the process for designating a non-bank as a "systemically important financial institution," or SIFI, were proposed in April. Friday's vote reversed a Trump administration policy that regulators should police risky activities rather than single out individual firms. Under the revamped process, FSOC will identify potential SIFIs based on existing information and give the company a chance to respond. Similarly, the Managed Funds Association, which represents hedge funds, said non-banks do not pose the same risks as banks. "The guidance imposes a black box designation process that introduces uncertainty for market participants," said MFA President and CEO Bryan Corbett.

Persons: Brendan McDermid, Donald Trump, FSOC, Trump, Janet Yellen, Eric Pan, Bryan Corbett, Barack Obama, Ian Katz, Pete Schroeder, Chris Reese, Michelle Price, Richard Chang Organizations: Wall, REUTERS, WASHINGTON, Treasury Department, U.S . Federal, BlackRock, Bridgewater, Investment Company Institute, Association, MetLife, Inc, General Electric Capital Corporation, American International Group, Prudential Financial, Capital Alpha Partners, Carolina, Thomson Locations: New York, U.S, BlackRock, Bridgewater

☆ Breakingviews: SBF’s guilty verdict will help crypto break free
▼ + stars: | 2023-11-03 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

REUTERS/Jane Rosenberg Acquire Licensing RightsNEW YORK, Nov 2 (Reuters Breakingviews) - Just over a year ago, Sam Bankman-Fried might have been counting his large stash of virtual coins. A Manhattan jury on Thursday convicted the FTX founder of seven counts related to crimes he committed at the helm of the now-bankrupt cryptocurrency exchange. With some $8 billion in customer funds stolen, his misdeeds will go down as one of the biggest financial frauds on record. To be sure, the speculative bubble in crypto would probably have deflated even without Bankman-Fried. The bankrupt exchange is also negotiating with three bidders to help it relaunch trading services, Bloomberg reported last month.

Persons: Lewis Kaplan, Sam Bankman, Fried, Jane Rosenberg, FTX, John J, Ray III, Nicolas Roos, Peter Thal Larsen, Thomas Shum Organizations: REUTERS, Reuters, Galaxy Digital, Three, BlackRock, Bloomberg, Thomson Locations: New York City, U.S, Manhattan

☆ Morgan Stanley’s new CEO inherits rich pickings
▼ + stars: | 2023-11-02 | by ( John Foley | ) www.reuters.com time to read: +7 min

A good place to start is outside Morgan Stanley’s home market. Morgan Stanley’s two last big acquisitions were chunky, at a combined $20 billion, but also filled niches. E*Trade, an online brokerage, brought millions of households and company employees that Morgan Stanley hadn’t previously served. Eaton Vance, a U.S. asset manager, peddles investment products that Morgan Stanley now funnels through sales teams in far-flung markets. CEO Jane Fraser shows no inclination to sell private banking, which for now sits within the group’s $756 billion global wealth management bucket.

Persons: Ted Pick’s, Morgan Stanley, Pick, James Gorman, Morgan, Gorman, Germany’s, Britain’s, Morgan Stanley’s, Morgan Stanley hadn’t, Eaton Vance, Smith Barney, watchdogs, Jane Fraser, It’s, Noel Quinn’s, Ping, Colm Kelleher, Ted Pick, Peter Thal Larsen, Thomas Shum Organizations: Reuters, Credit Suisse, McKinsey ., Morgan, Reuters Graphics Reuters, Infrastructure, Citi, U.S, HSBC, HK, UBS, Thomson Locations: U.S, American, Asia, Pacific, Japan, India, China, French, Europe, Switzerland, HK, Swiss

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