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☆ Morning Bid: Inflation 'blip' or brave new world?
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +5 min

U.S. Federal Reserve officials wrestled on Thursday with whether recent data showing inflation, jobs and spending all hotter than expected was a flash in the pan. "It could be that progress has stalled, or it is possible that the numbers released last month were a blip," said Fed Governor Christopher Waller. Atlanta Fed President Raphael Bostic urged a "slow and steady" course of policy response. The resilience of stock markets more generally to the week's bond market quake is notable and slightly puzzling - with implied volatility in bonds (.MOVE) climbing sharply while stock market equivalents (.VIX) subside. Two-year U.S. inflation expectations in the Treasury market climbed to 3% from 2% since early last month.

☆ Monte dei Paschi investor CariFirenze doesn't plan to sell stake
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

FLORENCE, Italy, March 3 (Reuters) - A local banking foundation that invested in Monte dei Paschi's (BMPS.MI) new share issue last year said on Friday it had no plans to sell the stake it built under efforts to make the lender part of a larger banking group. Speaking to Reuters on the sidelines of an event, the chairman of banking foundation CariFirenze, Luigi Salvadori, said the Monte dei Paschi (MPS) stake was not a purely financial investment but a strategic one "because we believe there is a need for another large banking group." CariFirenze was one of several banking foundations - traditionally investors in Italian lenders - that responded to an appeal by the Italian Treasury to back the make or break share sale. "We also liked CEO Luigi Lovaglio's plan," Salvadori said. Reporting by Silvia Ognibene, Wriring by Valentina Za; editing by Gianluca Semeraro and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Australian pension fund client queries GQG about Adani investment
▼ + stars: | 2023-03-03 | by ( Lewis Jackson | ) www.reuters.com time to read: +2 min

SYDNEY, March 3 (Reuters) - An Australian pension fund client of GQG Partners has asked the U.S. boutique investment firm for more information about its nearly $1.9 billion investment in the 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. Cbus Super, with A$71 billion under management, has a A$243 million emerging markets mandate with GQG Partners. The $258 billion fund had no investments in Adani Group companies as of June 2022, according to a review of the most recent holdings disclosures. Shares of Australia-listed GQG Partners closed down 3% on Friday after news of the investment was made public.

☆ ESG is about preventing risk, not bringing returns, says NYC comptroller
▼ + stars: | 2023-03-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailESG is about preventing risk, not bringing returns, says NYC comptrollerBrad Lander, New York City Comptroller, joins 'Squawk Box' to discuss the pushback against anti-ESG pushback, if Sen. Mike Braun means to be prevent New York City pension funds from shareholder engagement and more.

☆ U.S. outbound investment measure should not be overly broad, Biden official says
▼ + stars: | 2023-03-02 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, March 2 (Reuters) - The Biden administration is considering a pilot program to address risks about outbound investment in China, Commerce Secretary Gina Raimondo said Thursday. Anything that's overly broad hurts American workers and the economy." Raimondo told Reuters after the forum that it was not clear when the administration will finalize any outbound investment restrictions. Efforts to incorporate an outbound investment screening plan in legislation failed in Congress last year. Departments of Treasury and Commerce $10 million each to identify what it would take to implement a program to address national security threats from "outbound investment" in certain sectors.

☆ U.S. Congress votes to block ESG investing, Biden veto expected
▼ + stars: | 2023-03-02 | by ( David Morgan | ) www.reuters.com time to read: +3 min

Republicans said their resolution would prevent fund managers from basing investment decisions on ESG factors primarily. But they acknowledged that it would not stop funds from considering ESG issues altogether. The Labor Department said the Trump-era rule failed to account for the positive impact that ESG investing can have on long-term returns. In 2022, ESG funds were hit by fallout from the Ukraine war, tumbling financial markets and U.S. political backlash against the industry. Republicans used a tool called the Congressional Review Act that allows them to bypass the customary 60-vote Senate threshold to challenge the Labor Department rule.

☆ Analysis: Australia's DIY pension funds lose millions on crypto bets, investors not sweating it
▼ + stars: | 2023-03-02 | by ( Lewis Jackson | ) www.reuters.com time to read: +6 min

Summary Thousands of Australians use DIY pension funds to buy cryptoLosses likely in the hundreds of millions -Reuters calculationAustralia has few rules governing what DIY funds can buySYDNEY, March 2 (Reuters) - Thousands of Australians who used do-it-yourself (DIY) pension funds to bet on cryptocurrencies face hundreds of millions of dollars in losses, jeopardising their savings in a scheme originally set up to ensure adequate retirement income. DIY pension funds account for a fourth of Australia's A$3.4 trillion ($2.29 trillion) pension pool. Australia's DIY pension sector combines size and freedom in a way that sets it apart from other countries. The United States also has a freewheeling DIY pension sector but take-up is negligible. "Our general position is if it's legal to invest in speculative assets, then no further restrictions should apply to SMSF investments."

☆ Republican drive against Biden ESG investment rule gains momentum
▼ + stars: | 2023-03-01 | by ( David Morgan | ) www.reuters.com time to read: +4 min

Approval could open the door to other Republican efforts to overturn Biden administration regulations. "We 100% have the votes," a Senate Republican aide said after Tester released a statement. The Democratic-led Senate was due to vote on the Republican resolution at 4 p.m. EST (2100 GMT). The Labor Department said the Trump-era rule failed to account for the positive impact that ESG investing can have on long-term returns. Industry has been split on the Biden rule, with fossil-fuel companies opposed and other businesses voicing support.

☆ Man Group shares surge on bumper performance fees
▼ + stars: | 2023-02-28 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

A September rout in British gilt markets drove many UK pension funds to scour for cash, after investments into liability-driven investment (LDI) funds resulted in billions of pounds worth of collateral calls. Many pension funds reached for profitable investments they had elsewhere, like hedge funds as well as investments into collateralised loan obligations. Some of the strategies from which investors withdrew money were posting double digit returns at the time, he added. He declined to say how much money he'd seen back from pension schemes this quarter. Separately, Man said its chairman John Cryan had decided to retire from the board towards the end of 2023.

☆ Man Group beats AUM expectations, posts higher performance fees
▼ + stars: | 2023-02-28 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

The company posted full year core pretax profit of $779 million, up 18% on the previous year. It recorded a core net management fee growth of 6% collecting $779 million of core performance fees. "An increase in volatility and higher dispersion meant higher alpha generation. The firm recorded net inflows of $3.1 billion for 2022, down 77% against a year earlier, although this was 5.3% higher than the average posted by the UK hedge fund industry. Many pension funds reached for profitable investments they had elsewhere, like hedge funds as well as investments into collateralised loan obligations.

☆ Banks pile into euro zone bond sales as rates shoot up
▼ + stars: | 2023-02-28 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +4 min

Heavy central bank buying had kept borrowing costs and volatility low for years, so the key question now is who steps in as the ECB steps out. They were the top buyers in the European Union's debt sale this month, buying almost 50% of a seven-year bond and 35% of a 20-year bond. Banks also took 39% of an Italian 20-year debt sale in January, while fund managers took 25%. In a 16-year debt sale last year, banks bought 29%. Bank treasuries took 30% of a 30-year Belgian debt sale in February, versus 10% a year ago.

☆ DeSantis calls for 'crippling the ESG movement' in new book
▼ + stars: | 2023-02-28 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +5 min

Ron DeSantis in a new book calls for politicians to suppress the influence of "woke capital" and activist corporations, in part by "crippling" the socially conscious investing movement known as ESG. DeSantis' book tears into ESG in multiple chapters, while invoking the politically loaded and nebulous term "woke" nearly four dozen times. ESG is one way in which "woke capital exerts a pernicious influence on society," DeSantis argued in the book. DeSantis' book also details his fights with entertainment giant Disney, whose Disney World park in Orlando has long provided an important revenue stream for the state. Whether DeSantis makes ESG a campaign priority or not, the issue will continue to draw controversy on Capitol Hill.

☆ Movie theatre operator AMC's stock surged 23% after a potential legal delay to a plan that could dilute its shares
▼ + stars: | 2023-02-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

AMC stock surged 23% on Monday after a judge scheduled a hearing for shareholders suing the company. The stock became popular in 2021 as a meme stock on Reddit. Investors of the movie theatre chain are scheduled to vote on a conversion of the preferred shares to common shares on March 14 — which will increase the pool of common stock and thus dilute the voting power of common shareholders. This boosted market sentiment and sent AMC common shares soaring. Insider's Phil Rosen reported on Thursday that the rally is like the meme stock boom of 2021.

[1/7] Farmer Wang Zhanling sits next to his wife in their house in Quansheng village, Heilongjiang Province, China, February 8, 2023. The state-run Chinese Academy of Sciences sees the pension system running out of money by 2035. "If the pension system does not change, this is unsustainable," said Xiujian Peng, senior research fellow in the Centre of Policy Studies at Victoria University in Australia. The province has the lowest birth rate in China, with just over 100,000 births in 2021 and 460,000 deaths. Many experts, including Macquarie's chief China economist Larry Hu, suggest implementing a unified national pension system, backstopped by the more resourceful central government rather than cash-strapped local administrations.

[1/3] Starbucks workers attend a rally as they go on a one-day strike outside a store in Buffalo, New York, U.S., November 17, 2022. Employees at more than 280 out of its roughly 9,000 company operated U.S. locations have voted to join a labor union since 2021. The National Labor Relations Board (NLRB) has accused Starbucks of unlawful anti-union tactics at stores across the country, including allegedly firing pro-union workers. ISS concluded that "there seem to be credible reasons that may lend support to various accusations" raised by Workers United, the NLRB and Starbucks. Starbucks also said it "commenced efforts to conduct a human rights impact assessment" including labor rights, and that it expects to make the results available to shareholders.

[1/3] A man wearing a protective mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a new coronavirus outbreak, at the Pudong financial district in Shanghai, China, February 28, 2020. REUTERS/Aly Song/File PhotoNEW YORK/SINGAPORE, Feb 24 (Reuters) - Many large money managers are steering clear of Chinese assets, missing out on the nation's post-COVID stock market rally in the latest example of strategic concerns trumping juicy returns. "For our investors who might have that concern, there are plenty of other opportunities away from China." The concern flagged by some is whether this is part of a structural downgrade for Chinese assets, said Will Malcolm, a Singapore-based portfolio manager at Aviva Investors. That could attract cash in a hurry, but the behaviour of large investors so far suggests that a large sentiment shift will be needed.

☆ IAG takeoff weighed down by debt dilemma
▼ + stars: | 2023-02-24 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

Its $11 billion net debt pile, a legacy of an epic collapse in revenue during the pandemic, is tangibly more than its $9.4 billion market capitalisation. While Friday’s 2022 results showed operating profit of only 1.22 billion euros, well below the 3.3 billion euros it delivered in 2019, the last few years have seen big operating losses. Operating profit could be as high as 2.3 billion euros in 2023, according to company forecasts. More holidaymakers mean revenue last year was over 23 billion euros, compared to less than 8.5 billon euros in 2021. IAG announced an operating profit of 1.22 billion euros for 2022 and forecast 2023 operating profit in the range of 1.8 billion euros to 2.3 billion euros.

☆ Private-Equity Firms Snap Up Data Centers as Cloud Demand Soars
▼ + stars: | 2023-02-23 | by ( Angus Loten | ) www.wsj.com time to read: +5 min

Private-equity firms bought data centers in near-record numbers last year, defying a broad deal-making slowdown in a bid to capture ever-growing demand for data storage and cloud computing. Data centers are warehouse-sized facilities that lease space in networks of computer servers to customers ranging from individual businesses to giant cloud-computing providers. As the underlying infrastructure for cloud-based digital tools, data centers support everything from video streaming and online gaming to workplace and remote work enterprise software, 5G networks and Internet-of-Things systems. In December, DigitalBridge Group Inc., a Boca Raton, Fla., private-equity firm, and investment services firm IFM Investors closed an $11 billion acquisition of Dallas-based data-center operator Switch Inc. “Large private-equity investors are clearly attracted to the continued robust take-up of data-center space by large hyperscale and social-media companies,” Mr. Lynch said.

☆ Australia plans to limit early access to retirement funds, cut tax breaks
▼ + stars: | 2023-02-23 | by ( Renju Jose | ) www.reuters.com time to read: +2 min

SYDNEY, Feb 23 (Reuters) - Australia's centre-left government said on Thursday it would push ahead with plans to change superannuation rules, including restricting early access to funds until retirement and limiting tax breaks for high-earners. Jones said restricting early access to funds is "fundamental" as it supported retirement incomes. Federal Treasurer Jim Chalmers estimates tax breaks on superannuation will cost the budget more than pension by 2050. Shadow Treasurer Angus Taylor told Sky News the savings of Australians were "not a piggy bank for the government to tax and spend." The chief of Australia's biggest pension fund, AustralianSuper, in November warned against government efforts to tap into retirement savings worldwide.

☆ Abu Dhabi's ADNOC looks to raise up to $2 bln from IPO of gas unit
▼ + stars: | 2023-02-23 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

[1/3] An Emirati man is seen near the logo of ADNOC in Ruwais, United Arab Emirates May 14, 2018. REUTERS/Christopher PikeDUBAI, Feb 23 (Reuters) - State oil giant Abu Dhabi National Oil Co (ADNOC) said on Thursday it has set a price range for an initial public offering (IPO) of its gas unit that could raise up to $2 billion and give ADNOC Gas an equity valuation of $47 billion to $50.8 billion. ADNOC is selling roughly 3 billion shares in its gas business, equivalent to about 4% of its issued share capital. At the top of the range, ADNOC would raise roughly $2 billion from the sale, according to Reuters calculations. Over the past two years, ADNOC has listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD), and ADNOC Drilling (ADNOCDRILL.AD).

☆ Inside Citadel's internship program for aspiring traders that paves the way for a six-figure salary at the elite hedge fund after college
▼ + stars: | 2023-02-22 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +15 min

Citadel, one of the largest hedge funds, accepts just 1% of applicants to its associate program. Few college students know what a hedge fund is, let alone that they want to work for one. Its associate program lets aspiring fund managers skip the traditional two-year investment banking program that is usually a prerequisite for a hedge fund job. The associate program is different from Citadel's broader internship program. But the accelerated nature of the CAP program appealed to him over other opportunities, he said.

NEW YORK, Feb 21 (Reuters) - Major U.S. pension fund CalPERS is seeking a meeting with rail operator Norfolk Southern (NSC.N) at which it plans to ask about the derailment of a train loaded with toxic chemicals earlier this month, a spokeswoman for the fund said on Tuesday. CalPERS, which stands for the California Public Employees' Retirement System, held $200.6 million worth of Norfolk Southern debt and equity as of the end of 2022, a CalPERS spokeswoman said. "We are in the process of requesting a meeting with Norfolk Southern," she said. Talks between the fund and companies are usually confidential, but CalPERS will update its membership "if anything pertinent comes from this discussion," the spokeswoman added. Norfolk Southern did not immediately respond to a request for comment.

☆ Rolling EU debt would boost investment and markets
▼ + stars: | 2023-02-21 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

From 2009 to 2019, the EU sold just 78 billion euros’ worth of debt into global capital markets. As of January 2023, outstanding issuance stood at 344 billion euros, including more than 275 billion euros sold since 2020. EU debt is in the hands of more than 1,000 investors from more than 70 different countries, according to the bloc’s investor relations team. Contrary to what proponents of Teutonic austerity claim, more EU debt would be safer EU debt. EU debt is rated AAA by Moody’s, Fitch, Scope and DBRS.

☆ UK's Hunt says U.S. green subsidy act a 'very real competitive threat'
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 21 (Reuters) - British finance minister Jeremy Hunt said on Tuesday the United States' Inflation Reduction Act, that promises hundreds of billions of dollars of subsidies to green industries, was a "very real competitive threat". "This is not a time when it's going to be easy for us to access the GDP equivalent of $369 billion," Hunt said, speaking at a green energy conference in London. "We have to remember in that equation that the U.S. is somewhat coming from behind, because the previous president was not remotely interested in net zero," Hunt said in response to a question on the Inflation Reduction Act. "So there is some catch-up element in what the U.S. is doing, but it is a very real competitive threat." Asked when the British government policy response could be announced, Hunt told reporters: "In the next few months, we are not hanging around on this.

☆ Minority directors reach milestone 20% of Russell 3000 board seats
▼ + stars: | 2023-02-21 | by ( Ross Kerber | ) www.reuters.com time to read: +3 min

Still, most minority groups hold a smaller share of board seats than their share of the total U.S. population. Often the investors have found receptive audiences, but slow turnover on corporate boards has limited the pace of change, recruiters say. The biggest gain over the four-year period was for Black or African-American directors, who nearly doubled their share of board seats to 8.3% from 4.4% in 2019. They were most represented in the utility sector, with 12% of board seats, and least represented among information technology, energy and healthcare companies, each at 6%. Compared to Hispanics' total share of the U.S. population, their 3.6% share of board seats "isn't anywhere near where it's supposed to be," she said.

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