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☆ Breakingviews: Sam Bankman-Fried lacks cover of systemic risk
▼ + stars: | 2022-12-13 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

MELBOURNE, Dec 13 (Reuters Breakingviews) - Sam Bankman-Fried couldn’t be blamed for mulling over past financial scandals with a degree of envy. The former boss of bankrupt crypto exchange-cum-hedge-fund FTX was arrested on Monday in the Bahamas at the request of U.S. prosecutors. No senior executives ended up facing criminal charges, or were hauled off in handcuffs even, though several Libor traders went to jail. loadingCONTEXT NEWSSam Bankman-Fried, the former chief executive of now-bankrupt crypto firm FTX, was arrested in the Bahamas on Dec. 12. The attorney general’s office for the Caribbean state said it took Bankman-Fried into custody after receiving formal confirmation of criminal charges from U.S. prosecutors.

LONDON, Dec 8 (Reuters) - Barclays (BARC.L) has promoted 85 people to managing director in its investment bank, it said on Thursday, with by far the majority of the coveted titles this year being taken by men. Nor did it give a breakdown of which part of the investment bank those promoted worked in, as it had in previous years. Meanwhile, Barclays Bank PLC, which houses the lender's investment bank, had a mean average pay gap of 43% in favour of men in 2021, the bank's pay gap report states. Barclays' investment bank has been a source of contention in recent years, after previous CEO Jes Staley fended off an activist investor who wanted the unit shrunk. Recent performances have tended to vindicate the investment bank, as in the third quarter this year, when a fixed income trading boom helped it beat market estimates.

☆ Link’s M&A chain breaks into pieces Down Under
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Dec 8 (Reuters Breakingviews) - It’s hard to feel bad for well-compensated bankers but Link Administration’s (LNK.AX) M&A advisers at Macquarie (MQG.AX) and UBS (UBSG.S) need some Christmas cheer. On Thursday their client pulled the plug on negotiations for a partial takeover by Canada’s Dye & Durham (DND.TO), effectively accusing its suitor of dithering. Macquarie and UBS did manage Link’s sale of a slug of its 43% stake in mortgage-settlement company PEXA (PXA.AX) and may help distribute the remainder to shareholders. If Link offloads its troubled London unit, the slimmed-down company, worth perhaps A$800 million, could yet attract new interest. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Barclays appoints Currie as chief operating officer
▼ + stars: | 2022-12-07 | by ( Lawrence White | ) www.reuters.com time to read: +1 min

LONDON, Dec 7 (Reuters) - Barclays (BARC.L) said it has appointed Alistair Currie as its chief operating officer on Wednesday, as CEO C.S. Currie replaces Mark Ashton-Rigby, who will step down and advise the bank on a part-time basis. Currie had headed the lender's consumer banking and payments business, and will be replaced in that role by Vim Maru, who joins from Lloyds Banking Group. The changes come at a time when Barclays' executive committee of senior managers has taken on increased prominence in the running of the bank, while Venkatakrishnan is treated for cancer. New chief operating officer Currie will in addition to that role take on the running of BX, the bank's name for its firm-wide company providing technology and other support services to all parts of the business.

☆ Barclays announces new Chief Operating Officer
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: 1 min

LONDON, Dec 7 (Reuters) - Barclays (BARC.L) announced a reshuffle of its executive committee on Wednesday, with Chief Operating Officer Mark Ashton-Rigby stepping down from the role. He will be replaced by Alistair Currie, who currently heads the lender's consumer banking and payments business, the British bank said. Currie in turn will be replaced in that role by Vim Maru, who joins from Lloyds Banking Group. Reporting by Lawrence White, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Its dependency on parent Vingroup (VIC.HM) may be a turnoff, too. Success has yet to translate to returns for parent Vingroup, owned by Vietnam’s richest man, Pham Nhat Vuong. VinFast’s net loss nearly doubled to 34.5 trillion dong ($1.45 billion) for the first nine months of 2022 compared with the same period last year, while the top line shrank 6% to 10.5 trillion dong. VinFast reported a net loss of 34.5 trillion dong ($1.45 billion) for the nine months to the end of September, according to the prospectus, widening from 18 trillion dong a year earlier. Revenue fell to 10.5 trillion dong, down from 11.2 trillion dong in the same period last year.

☆ Energy sector is well positioned heading into 2023, says Goldman Sachs' Jeff Currie
▼ + stars: | 2022-12-05 | 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 EmailEnergy sector is well positioned heading into 2023, says Goldman Sachs' Jeff CurrieJeff Currie, Goldman Sachs global head of commodities, joins CNBC's 'Squawk Box' to discuss energy markets following OPEC's latest output decision and potentially easing Covid restrictions in China.

☆ Goldman Sachs' Currie says oil stocks are trading 'far below' their long-term trend
▼ + stars: | 2022-11-30 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Shares of energy companies could surprise markets and continue to rise, according to Goldman Sachs' head of commodities research, despite a recent fall in crude prices. Jeff Currie told CNBC that historically, stocks in the sector have traded at a higher premium to crude oil prices compared to current price levels . "There is a catch-up game going on between oil prices and ... equities," Currie said Tuesday. Spot oil prices and energy stocks tend to move in tandem. OPEC+ has recently hinted it could impose deeper output cuts to spur a recovery in crude prices .

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☆ Singapore Airlines extends its India runway
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

On Tuesday Singapore Airlines (SIAL.SI) and Indian conglomerate Tata agreed to merge their nine-year-old jointly owned carrier Vistara with Air India, whose enterprise was valued at $2.4 billion when Tata bought it just over a year ago. Air India, meanwhile, will get a deep-pocketed partner willing to inject as much as $615 million more in capital over the next couple of years, if needed. Singapore Airlines’ ability to finance the deal with cash speaks volumes about its strong financial position. In any event, its ability to upgrade its seat in India will serve Singapore Airlines well. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

HONG KONG, Nov 30 (Reuters Breakingviews) - President Xi Jinping is wrapping up his massive property stress test, but it looks like few have passed. It was precisely what the now near-collapsed China Evergrande (3333.HK) had asked for back in 2020, before regulators dashed its hopes of listing in the Chinese mainland. Among them is Country Garden (2007.HK), whose U.S. dollar bond that matures in January has rebounded 43% to 96 cents on the dollar this month. In comparison, an Evergrande bond due in January still trades at 5.5 cents. These property bailouts are set to leave most in the sector out in the cold.

☆ Transitory inflation talk is back. But economists say higher prices are here to stay
▼ + stars: | 2022-11-30 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

Andrew Kelly | ReutersGlobal markets have taken heart in recent weeks from data indicating that inflation may have peaked, but economists warn against the return of the "transitory" inflation narrative. Chief Investment Officer Christian Nolting told CNBC last week that the market's pricing for central bank cuts in the second half of 2023 were premature. "So from our perspective, we think inflation is going to be lower next year, but also higher than compared to previous years, so we will stay at higher levels, and from that perspective, I think central banks will stay put and not cut very fast," Nolting added. Although goods inflation will likely slow, BNP Paribas sees services inflation as stickier in part due to underlying wage pressures. "Admittedly, we think inflation volatility is still likely to fall from its current extremely high levels.

☆ Oil prices are headed to $110 a barrel in 2023, and the outlook for crude is 'very positive' despite China demand concerns and global recession fears, Goldman Sachs says
▼ + stars: | 2022-11-29 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Goldman Sachs expects crude oil to hit $110 per barrel next year, representing upside of more than 30%. The investment bank's commodities chief said the outlook for oil in 2023 is "very positive." But in an interview with CNBC, he also acknowledged that there's "a lot of uncertainty" ahead. Jeff Currie, global head of commodities at the investment bank, said Tuesday that the oil outlook in 2023 remains "very positive." Still, there's "a lot of uncertainty" ahead, Currie noted, including the potential for lower demand in China, recession fears, and the European Union's embargo next week on seaborne imports of Russian oil.

HONG KONG, Nov 24 (Reuters Breakingviews) - Pershing Square boss Bill Ackman is taking another tilt at the Hong Kong dollar , betting the government will be forced to break its link to the greenback. His logic is stronger today than when he took the plunge in 2011 but it’s up to Beijing, not Hong Kong. Back then Ackman famously predicted that the Hong Kong Monetary Authority would allow the local currency to strengthen against the U.S. dollar. A secular decline in Hong Kong might ultimately sabotage the peg at some point. On the other hand, Hong Kong is a city, not a country.

China’s technology sector has taken a pounding since watchdogs cancelled Ant’s $37 billion stock market debut at the last minute in 2020. The Hang Seng Tech index (.HSTECH), which includes social media giant Tencent (0700.HK) and JD, has fallen another 38% this year. China's powerful market regulator proposed amendments on Tuesday to a law on unfair competition. The e-commerce giant intends, in addition, to allocate at least 10 billion yuan to offer employees interest-free loans to buy a house. The benefits include plans to allocate 10 billion yuan ($1.40 billion) to a fund to assist employees of JD and recently acquired courier firm Deppon Logistics with buying homes.

☆ Messy money manager merger goes from bad to worse
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Nov 21 (Reuters Breakingviews) - Rob Adams must be wishing he could turn the clock back eight months. That’s when the boss of Australian fund management icon Perpetual (PPT.AX) was readying his first tilt for rival Pendal (PDL.AX). Whatever lies behind Paul Skamvougeras’ decision to quit as Perpetual’s Head of Equities, losing a key executive right on the eve of a merger is awkward. And shareholders remain unconvinced the Pendal deal is a certainty as its stock trades 11% below the offer price. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Watch CNBC's full interview with Goldman Sachs' Jeff Currie
▼ + stars: | 2022-11-21 | 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 EmailWatch CNBC's full interview with Goldman Sachs' Jeff CurrieJeff Currie, Goldman Sachs' global head of commodities, joins 'Squawk on the Street' to discuss Goldman's cut to oil forecasts, concerns around a forced reopening of China, and the longer-term supply and demand slows in oil.

☆ Goldman cuts oil forecast by $10 to $100 a barrel
▼ + stars: | 2022-11-21 | 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 EmailGoldman cuts oil forecast by $10 to $100 a barrelJeff Currie, Goldman Sachs' global head of commodities, joins 'Squawk on the Street' to discuss Goldman's cut to oil forecasts, concerns around a forced reopening of China, and the longer-term supply and demand slows in oil.

☆ Goldman cuts oil forecast on 'lack of clarity' over G-7 Russia oil price cap, China Covid outbreaks
▼ + stars: | 2022-11-21 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, in 2018. Goldman Sachs lowered its oil price forecast by $10 to $100 per barrel for the fourth quarter of 2022, citing rising Covid concerns in China and lack of clarity over the Group of Seven nations' plan to cap Russian oil prices. China recorded recorded three Covid deaths over the weekend, the country's first deaths from the virus since May this year. China's capital Beijing tightened Covid measures in the last three days as the local case count climbed to several hundred per day. The economists added that the possibility of more lockdowns in the world's top importer of oil will dent demand from it even further.

☆ BHP’s shinier $6 bln OZ bid stays within reality
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Nov 18 (Reuters Breakingviews) - BHP (BHP.AX) boss Mike Henry’s apparent nonchalance about buying OZ Minerals (OZL.AX) always smacked of play-acting. No sooner had the metals miner rejected its larger rival’s A$8.3 billion ($5.8 billion) all-cash overture in August than Henry was fobbing it off as a “nice-to-have, not a must-have” business. Yet on Friday, the target disclosed BHP recently upped its offer 13%, and says it will agree in principle to the revised bid. Henry is now dangling a 49% premium to OZ’s undisturbed share price. Cutting around a third of OZ’s annual expenses would, taxed and capitalised, cover the A$3.1 billion premium.

☆ China reopening hope puts wind in Alibaba sails
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +2 min

Just ask China's $220 billion e-commerce giant Alibaba (9988.HK), whose New York stock has rallied by a third this month despite tepid performance from its annual Singles Day shopping festival and so-so quarterly results. Revenue from the domestic commerce unit, accounting for nearly two-thirds of Alibaba's top line, fell 1% year-on-year, to $19 billion. Boss Daniel Zhang's cost cuts are paying off, though: the overall adjusted EBITDA margin improved three percentage points to 21%. Zhang's messaging on China's gradual reopening probably resonated with investors more. Shares of Alibaba, rivals JD.com (9618.HK) and Pinduoduo (PDD.O) and other Chinese stocks jumped, too.

☆ Europe still faces a structural energy problem, says Goldman Sachs' Jeff Currie
▼ + stars: | 2022-11-14 | 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 EmailEurope still faces a structural energy problem, says Goldman Sachs' Jeff CurrieJeff Currie, Goldman Sachs global head of commodities, joins CNBC's 'Squawk Box' to break down his forecast for oil prices.

The initial public offering of the ride-hailing-to-online-shopping giant at a $28 billion market capitalisation in April was a landmark deal on the back of relaxed listing rules. Now GoTo will have to manage a big contortion in the $570 billion stock market. At a stretch, GoTo’s involvement might prevent a further price slump on the company’s current $15 billion market value. The company sold nearly $1 billion of stock at a multiple of 17 times forecast revenue for 2023. The meddling in the secondary market looks like a necessary evil.

In the aftermath of the 2020 election, local election officials became frequent targets of supporters of former President Donald Trump who supported his false claims of election fraud. Election officials also said that the courts could inject chaos into the process if results are contested for weeks following the vote. Droves of election workers throughout Georgia quit their positions following the 2020 election. And in Pennsylvania, nearly 50 top election officials have left their post within the past two years. “Election workers and election officials leave or stop coming in, more errors can occur as a result, which in turn can fuel disinformation,” he said.

☆ Wealth darling DBS channels Singapore’s success
▼ + stars: | 2022-11-03 | by ( Una Galani | ) www.reuters.com time to read: +3 min

MUMBAI, Nov 3 (Reuters Breakingviews) - Singapore’s status as a financial centre is thriving, and DBS Group (DBSM.SI), the city-state’s $63 billion wealth darling led by Piyush Gupta, is reaping the benefits of its home market’s success. It makes the Lion City’s pragmatism a key pillar of support: Singapore generated 62% of DBS' total income in 2021. DBS’ wealth management business is attracting money at a rapid clip: net new asset inflows amounted to S$15 billion during the first nine months, doubling from a year ago, Gupta noted. The bank’s annualised return on equity hit a record high of 16.3% too. The bank’s return on equity also hit a new record high of 16.3%, up from 13.4% in the prior three-month period.

☆ Is it now time to buy Uber shares? Two market players give their take
▼ + stars: | 2022-11-03 | by ( Zavier Ong | ) www.cnbc.com time to read: +5 min

With such a mixed picture, should investors buy the dip on Uber, or should they continue to stay on the sidelines? But for those who are looking for growth and future profit assets — which is a very tough thing to do in this market — there's Uber. While Uber's growth potential is undeniable, investors have long been skeptical about its ability to do so profitably. The company will generate about $4 billion in free cash flow in 2024 and $5 billion in 2025, he estimates. It's popping on free cash flow.

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