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☆ Vietnam plans tighter limits on stakes in banks in blow to foreign investors
▼ + stars: | 2023-03-17 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Currently, the combined stake of foreign investors in a bank cannot exceed 30%, while the cap for stakes in companies in many other sectors is set at 49%. The central bank said its proposed changes would reduce risks of market manipulation. A Bangkok-based fund manager who declined to be named as he was not authorised to talk to media, said the lower cap would impact foreign investors more as their holdings were more often closer to the current maximum. Analysts said tighter caps on banks' stake holders and borrowing could exacerbate liquidity challenges in Vietnam, at a time when the country's property developers are under pressure. The central bank also cut interest rates this week to spur growth and reduce pressure on debtors.

☆ Australia's biggest pension funds not doing enough on climate, activist investor says
▼ + stars: | 2023-03-15 | by ( Industry Insight | Reuters Professional | Food Brands Struggling To Weather The 'Polycrisis' Unleashed War | ) www.reuters.com time to read: +1 min

SYDNEY, March 15 (Reuters) - Australia's five largest pension funds were not doing enough to push fossil fuel companies toward decarbonisation, activist investor group Market Forces said on Wednesday, arguing their environmental commitments could amount to greenwashing. The term 'greenwashing' describes exaggerated and misleading claims that suggest an entity are stewards of the environment without real action. Market Forces said in a new report AustralianSuper, Commonwealth Super Corp, Australian Retirement Trust, Aware Super and AMP, which cumulatively manage more than A$1 trillion ($668 billion) in savings, had failed to "demonstrate effective engagement strategies". Commonwealth Super Corp, Australian Retirement Trust, Aware Super and AMP did not immediately respond to a Reuters request seeking comment. Australia's corporate regulator has ramped up action against greenwashing, last month accusing pension fund Mercer Superannuation of misleading members about the sustainability of some of its investment options.

☆ UK Budget: Hunt sets out his plan for growth
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +5 min

LONDON, March 15 (Reuters) - British finance minister Jeremy Hunt set out his budget on Wednesday, seeking to snap the world's sixth-biggest economy out of its run of stagnant growth. HUNT ON GROWTH"The OBR forecast we will not enter a recession at all this year with a contraction of just 0.2%. HUNT ON TECHNICAL RECESSION"Today the Office for Budget Responsibility forecast that because of changing international factors and the measures I take, the UK will not now enter a technical recession this year. HUNT ON BOOSTING UK INVESTMENT AFTER SVB COLLAPSE"I will return in the Autumn Statement with a plan to deliver that. HUNT ON PENSION TAX"Today I will increase the pensions annual tax-free allowance by 50% from 40,000 pounds to 60,000 pounds.

☆ Britain to bolster the City after Silicon Valley Bank collapse
▼ + stars: | 2023-03-15 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

[1/2] A person walks over Millennium Bridge amidst early morning fog, as the sun rises beyond the City of London financial district in the background, in London, Britain, February 8, 2023. Following the collapse of its parent company in the United States, Silicon Valley Bank's UK arm was sold to HSBC over the weekend to avoid disrupting its customers in Britain. Hunt said he would make a statement in the autumn on how the UK financial system would be strengthened. City Minister Andrew Griffith has said that an accounting rule for pension funds has become a "performance penalty" which holds back investment in Britain. The financial sector has called for faster implementation of the proposals after Amsterdam overtook London as Europe's biggest share trading centre.

Companies Amgen Inc FollowMarch 14 (Reuters) - Amgen Inc (AMGN.O) has been sued in a proposed class action accusing the drugmaker of waiting too long to tell investors it might owe the Internal Revenue Service $10.7 billion in taxes and penalties. In a complaint filed on Monday night in Manhattan federal court, a Detroit-based pension fund said Amgen artificially inflated its stock price by concealing the dispute over its international tax strategy between July 2020 and April 2022. Though Puerto Rico is a U.S. territory, it is considered a foreign country for corporate tax purposes. 149 Pension Fund, said Amgen's share price fell 6.5% on Aug. 4, 2021, and 4.3% on April 28, 2022, because the company waited until those dates to disclose its potential liabilities. 149 Pension Fund v. Amgen Inc, U.S. District Court, Southern District of New York, No.

☆ Premarket stocks: What comes next in the banking crisis? The early 1990s hold clues
▼ + stars: | 2023-03-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

This isn’t 2008: There are some key differences between today’s banking saga and what happened in 2008. This time around the US federal government stepped in early to guarantee all customer deposits and restore confidence in the US banking system. Here comes CPIFormer banking regulators, economists and Wall Street analysts are increasingly calling for the Federal Reserve to pause its inflation-fighting interest rate hikes because of the current banking sector chaos. Last Wednesday, investors were putting 70% odds of a half-point interest rate hike at the Federal Reserve policy meeting next week, according to the CME FedWatch tool. Analysts expect the inflation rate to come in at 6% year-over-year (down from 6.4% in January) and at 0.4% month-over-month (down from 0.5% in January).

☆ BP recommends vote against climate activist resolution at April 27 AGM
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 13 (Reuters) - BP's (BP.L) board recommended on Monday that shareholders vote against a climate activist resolution asking for more emissions cuts by 2030 at its April 27 shareholder meeting. BP called the Follow This resolution "unclear", "simplistic" and "disruptive" and said it encroached on the board's responsibility to set the firm's strategy. As a result, BP reduced its ambitions to cut emissions from fuels sold to customers to 20%-30% by 2030, from 35%-40%. Last year, shareholder support for Follow This' resolution fell to around 15% of BP shareholders from around 21% the previous year. BP said its board did not consider the activist resolution to be in the company's or its shareholders' best interests.

☆ Live updates: Silicon Valley Bank collapses
▼ + stars: | 2023-03-13 | by ( Mark Thompson | Aditi Sangal | ) edition.cnn.com time to read: +2 min

US banks were sitting on $620 billion in unrealized losses (assets that have decreased in price but haven’t been sold yet) at the end of 2022, according to the FDIC. What’s happening: Back when interest rates were near zero, US banks scooped up lots of Treasuries and bonds. When interest rates rise, newly issued bonds start paying higher rates to investors, which makes the older bonds with lower rates less attractive and less valuable. The result is that most banks have some amount of unrealized losses on their books. Shares of larger banks stabilized Friday after plunging to their worst day in nearly three years on Thursday.

☆ Stocks making the biggest moves midday: First Republic Bank, Moderna, Newmont, Illumina and more
▼ + stars: | 2023-03-13 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

REUTERS/Mike SegarCheck out the companies making the biggest moves midday:Regional banks —Shares of regional banks plummeted following the collapse of Silicon Valley Bank and Signature Bank. Citi , Bank of America , Goldman Sachs — Shares of major banks also saw losses after the closure of the Silicon Valley Bank and Signature Bank. Moderna — The biotechnology company's shares gained nearly 6% after TD Cowen upgraded the stock to outperform from market perform. Spot gold passed the key level of $1,900 as investors bet the Federal Reserve may tone down rate hikes on the heels of Silicon Valley Bank's collapse. Over the weekend, NBC News reported that the e-commerce company warned sellers that the collapse of Silicon Valley Bank is causing delays in processing payments.

Big investors including Kyle Bass and Bill Ackman argue the government must take quick action to avoid Silicon Valley Bank's collapse sparking more widespread withdrawals in the banking system. That could be determined by how hard the world's central banks continue to push interest rates higher. The market is signaling contagion could factor into the Fed's calculus, possibly prompting it to slow down the pace of interest rate hikes. Silicon Valley Financial Group was deeply woven into the fabric of the technology industry. Bass and Ackman separately warned that the government would have to move quickly in resolving Silicon Valley Bank to assure depositors.

☆ UK pension funds threaten to vote against BP and Shell directors over climate targets - FT
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +1 min

March 12 (Reuters) - Two of the UK's largest pension schemes will vote against the election of top directors at BP Plc (BP.L) and Shell Plc (SHEL.L) at their annual meetings unless both companies improve their commitments to tackling carbon emissions, the Financial Times reported on Sunday. Shell declined to comment, while BP, USS and Borders to Coast did not respond immediately to requests for comment. BP said previously it aimed to cut emissions from fuels sold to customers to 20% to 30% by 2030, less than an earlier target of a 35% to 40% reduction, and it planned to reduce its total emissions to net zero by 2050. Shell has pledged to be a net zero carbon company by 2050 and has said its overall carbon emissions peaked in 2018 at around 1.7 billion tonnes. ($1 = 0.8314 pounds)Reporting by Mrinmay Dey in Bengaluru; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks week ahead: US banks sitting on unrealized losses of $620 billion
▼ + stars: | 2023-03-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

US banks were sitting on $620 billion in unrealized losses (assets that have decreased in price but haven’t been sold yet) at the end of 2022, according to the FDIC. What’s happening: Back when interest rates were near zero, US banks scooped up lots of Treasuries and bonds. The result is that most banks have some amount of unrealized losses on their books. “Unrealized losses weaken a bank’s future ability to meet unexpected liquidity needs,” he added. Before the Bell: Do we need unemployment to rise in order to ease inflation rates?

London CNN —The failure of Silicon Valley Bank is rattling markets and raising uncomfortable questions: Will it undermine the broader banking system and start a new meltdown? A crucial lender to US technology startups, the bank came under pressure as Silicon Valley funding dried up, the result of an economic slowdown and rapidly rising interest rates. Bank stocks rattledFounded in 1983, SVB provided financing for almost half of US venture-backed technology and health care companies. SVB put the bonds up for sale as customers, facing leaner times, pulled their money from the bank. Silicon Valley Bank had about $209 billion in total assets and $175 billion in total deposits as of the end of last year, according to the FDIC.

The move comes as global infrastructure funds are pouring huge sums of money to acquire capital-intensive telecom infrastructure assets in Southeast Asia, seeing strong growth opportunities. The sources said discussions are taking place for a minority stake to be sold in the decade-old Edotco, which is 63% owned by Axiata. However, three of the sources said there was a possibility that Axiata could even consider giving majority control in order to secure a deal. The sources said the bulk of the proceeds from the share sales will likely fund Edotco's business expansion. While broader dealmaking activity has fallen sharply over the past year due to weak equity markets and rising interest rates, telecom tower assets have been a bright spot.

☆ 'Our phones are ringing off the hook': Amid a global downturn, the finance world is chasing Middle Eastern money
▼ + stars: | 2023-03-09 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

The region's 10 largest sovereign wealth funds combined manage nearly $4 trillion, according to the Sovereign Wealth Fund Institute. The regional investors, especially the sovereign funds but also the families, are now much more sophisticated than before. Follow the capitalAs oil prices made a roaring comeback in the last two years, the Gulf's public wealth funds went on a spending spree. It added that GCC sovereign wealth funds "played an important role in 2020 during the Covid-19 pandemic and now again in 2022 during times of financial distress." Our phones are ringing off the hook," one manager from a UAE investment fund said, declining to be named due to professional restrictions.

☆ Premarket stocks: The return of the Reddit investor
▼ + stars: | 2023-03-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

What’s happening: Retail investors are pouring a record $1.5 billion per day into the stock market, according to data from Vanda Research. Brunswick has conducted its annual survey on the digital habits of institutional investors for over a decade. This year, it polled 257 institutional investors across North America, the United Kingdom, and the European Union. Retail investors amass funds, and power: Retail investors now account for half of all wealth globally, according to a recent report by Bain & Company. Fed officials have expressed concern that a tight labor market could keep upward pressure on wages and, in turn, inflation.

☆ GQG Partners likely to increase Adani investment, says founder
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, March 8 (Reuters) - GQG Partners would likely expand its investment in the Adani group, the fund firm's founder Rajiv Jain said on Wednesday, a week after its $1.9 billion infusion into the embattled Indian conglomerate. GQG Partners, co-founded by Jain in 2016, bought shares worth $1.87 billion in four Adani group companies, marking the first major investment in the Indian conglomerate since a short-seller's critical report in January sparked a stock rout. Last week, pension fund investor Cbus Super, with A$71 billion ($46.82 billion) under management, told Reuters they had queried GQG about the Adani purchase. A GQG spokesperson said Jain's trip had been planned for some time and the discussions included topics other than Adani. Jain said he has not had a conversation with the Adani group since the transaction.

☆ A CIO shares the strategy behind 'The Big Short' garage hedge fund that flipped $110,000 to over $80 million — and explains how to use the same approach in today's stock market to make extremely cheap
▼ + stars: | 2023-03-08 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

Universa Investments, a "black swan" hedge fund specializing in market shocks, sensationalized this approach after it made headlines in the first quarter of 2020 for a 4,144% return when the stock market plunged. So what we do for investors is our fund serves as protection against that sort of exogenous event, that sort of crash," Sidial said. In short, it's a bet against the odds in exchange for lofty returns, or what's known as convex payouts. However, if there's a market crash, the volatility on the VIX generally outperforms more than any other underlying securities in the US equities market, he noted. For example,Cambria Tail Risk ETF (TAIL) was up 27% from mid-feb to mid-march 2020 during the stock market crash brought about by the pandemic.

SYDNEY, March 7 (Reuters) - GQG Partners Inc founder Rajiv Jain will meet clients and investors in Australia this week, the company said in a statement on Tuesday, and will explain its investment into embattled Indian Adani group. GQG Partners bought shares worth $1.87 billion in four Adani group companies, marking the first major investment in the Indian conglomerate since a short-seller's critical report sparked a stock rout. "Rajiv Jain is visiting Australia this week to meet with investors. "It's also an opportunity to respond to any questions they have about the business including the Adani investment." It purchased the stock from the Adani family trust, according to the Indian firm's filings.

☆ Australia's sovereign wealth fund screening for Chinese firms at risk of US bans
▼ + stars: | 2023-03-07 | by ( Lewis Jackson | ) www.reuters.com time to read: +1 min

SYDNEY, March 7 (Reuters) - Australia's sovereign wealth fund, the Future Fund, is screening its portfolio for Chinese companies at risk of U.S. investment restrictions, its chairman said on Tuesday. The Biden administration plans to ban investments in some Chinese technology firms and increase scrutiny of others, sources have said, as part of its plan to crack down on the billions that American firms have poured into sensitive Chinese sectors. I think it’s foreseeable,” Costello said during a panel discussion at the Australian Financial Review summit in Sydney on Tuesday. The A$243 billion ($164 billion) fund was established in 2006 to cover escalating pension liabilities for public servants and rivals Australia's largest pension funds in size. "I just think it’s a prudent measure in this bifurcated world we’re going into," said Costello.

☆ 'Let's bring France to a halt': Oil refineries blocked and trains halted by pension reform protests
▼ + stars: | 2023-03-07 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Christophe Archambault | Afp | Getty ImagesStrike action over plans to raise the pension age in France caused widespread disruption on Tuesday, as trains came to a near-standstill, many schools were shut and fuel deliveries were blocked from refineries. Lou Benoist | Afp | Getty ImagesEric Sellini, a representative from the CGT union at TotalEnergies, told Reuters that a strike blocking the Gonfreville refinery in Normandy would run until Thursday. Another at the Donges refinery in western France is set to run until Friday, he added. Sameer Al-doumy | Afp | Getty ImagesThe strikes come as French workers grapple with red-hot inflation, which accelerated unexpectedly in February to hit 6.2% year-on-year. Around two thirds of the public support protests against the pension reforms, according to an Elabe survey.

☆ Oxy CEO Vicki Hollub doesn't seem worried about White House pressure on buybacks, oil prices
▼ + stars: | 2023-03-07 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +6 min

That new fiscal approach from the energy patch has not made the White House happy, especially when oil prices and oil company profits were at a peak last year. Gas prices are right where they should be right now, she says, and are likely to stay this way. If there is risk to gas prices this year, it's to the upside. Amid high gas prices last year, the Biden administration released the most oil from the Strategic Petroleum Reserve on record, 180 million barrels. Among the reasons oil prices will remain higher?

[1/2] Kim Tae-hyun, Chairman & CEO of South Korea's National Pension Service, speaks during an interview with Reuters in Seoul, South Korea, March 3, 2023. National Pension Service/Handout via REUTERSSEOUL, March 6 (Reuters) - South Korea's National Pension Service (NPS), manager of the world's third-largest public pension fund, will collaborate with foreign exchange authorities when needed to help stabilise the market, its chairman told Reuters. "Based on last year's experience, we have prepared measures aimed at easing dollar demand and volatility in the foreign exchange market," Kim said. "A predictable and stable foreign exchange rate is also advantageous to us," he said, adding that cooperation with foreign exchange authorities would be based on achieving good investment returns. With the fund expected to be depleted by 2055, his top priority is to provide support for the government's plan to reform the national pension system, he said.

☆ Exclusive: Bridgewater raises new fund strategy less dependent on equities
▼ + stars: | 2023-03-05 | by ( Carolina Mandl | ) www.reuters.com time to read: +3 min

Connecticut-based Bridgewater, which manages $145 billion, launched the "Defensive Alpha" strategy in July last year, regulatory filings showed. The new strategy is an addition to other offerings from the 48-year-old hedge fund, best known for its All Weather and Pure Alpha funds. In that market last year, Bridgewater's flagship fund, Pure Alpha gained roughly 9.5% and outperformed global equities indexes. Pure Alpha actively bets on the direction of various types of securities — including stocks, bonds, commodities and currencies — by predicting macroeconomic trends. On Wednesday, Chief Executive Nir Bar Dea announced a major overhaul at the hedge fund, including restricting investments in Pure Alpha and plans to launch new products.

SYDNEY/BENGALURU, March 3 (Reuters) - Adani shares surged on Friday after a $1.87 billion investment in the group by GQG Partners Inc eased concerns about the group's ability to attract funding, while the conglomerate lined up more road shows to shore up investor confidence. Adani Group will hold road shows this month in London, Dubai and several cities in the United States, according to a document seen by Reuters. Overall, Adani group firms' net debt totalled $24.1 billion as of September 2022. Adani Green Energy and Adani Transmission jumped 5% each. Dollar bonds issued by Adani entities also rallied, with Adani Green Energy's 2024 bond adding 2.3 cents on the dollar to trade at 85.5 cents, while most bonds issued by Adani Ports and Special Economic Zone, Adani Transmission and Adani Electricity Mumbai rose by more than 1 cent.

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