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☆ JPMorgan and Morgan Stanley review prime broking ties with Odey Asset Management -sources
▼ + stars: | 2023-06-08 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

LONDON, June 8 (Reuters) - JPMorgan (JPM.N) and Morgan Stanley (MS.N) are reviewing their prime broking relationships with Odey Asset Management after allegations of sexual misconduct and bullying by Crispin Odey reported by the Financial Times and Tortoise Media on Thursday, sources familiar with the matter said. A source familiar with the matter told Reuters JPMorgan was also reviewing its relationship with Odey Asset Management. A source at one of the banks said the allegations of misconduct at Odey Asset Management conflicted with their standards. Morgan Stanley and JPMorgan declined to comment. Odey Asset Management did not respond immediately to a phone call and email requesting comment.

Persons: Morgan Stanley, Crispin Odey, Odey, Morgan Stanley's, Nell Mackenzie, Elisa Martinuzzi, Dhara Ranasinghe, Catherine Evans Organizations: JPMorgan, Odey, Management, Financial Times, Tortoise Media, FT, Reuters, Odey Asset Management, Thomson Locations: Brexit

☆ The 4 biggest mistakes young people make with money, according to a financial expert
▼ + stars: | 2023-06-05 | by ( Leo Ginsburg | Business Insider Deutschland | ) www.businessinsider.com time to read: +4 min

German financial expert Gerd Kommer breaks down the biggest mistakes young people make with money. One, he said, is the belief that interest-bearing bank deposits will earn them a lot of money. Wealth accumulation through interest-bearing bank depositsBelieving that wealth can be built through interest-bearing bank deposits is wrong, Kommer said. Believing that capital-building life insurance policies are sensible wealth-building productsA capital-building life insurance policy is a form of life insurance where the policyholder pays regular premiums and, in return, receives a guaranteed sum at the end of the term. There is also the risk that the insurance company may encounter financial difficulties, endangering the guaranteed payout, Kommer added.

Persons: Gerd Kommer, —, Kommer Organizations: Service, Gerd Kommer Invest GmbH Locations: Germany, South Africa, United Kingdom, London

☆ China's Wuhan finance regulator urges hundreds of firms to repay debt, local media report
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +2 min

BEIJING, May 27 (Reuters) - The financial regulator of China's Wuhan city publicly exposed 259 firms with debt to the government and urged them to immediately pay up, local media reported on Saturday. The rare action from Wuhan's finance bureau on Friday comes as local governments in China become increasingly pressed by higher debt and expenses. The debtors, their corresponding guarantors and successors were requested to repay their debts to the asset management firm immediately after May 26, Yicai reported. State-owned Wuhan Yangtze River Asset Management Co is a professional platform responsible for the disposal of various non-performing assets in the central city, according to its official website. Wuhan's local budget revenue slid 8.5% year-on-year in the first quarter of 2023, according to data released by local the finance bureau.

☆ 'Credit crunch has arrived' amid slate of fresh bankruptcies, says Marathon's Bruce Richards
▼ + stars: | 2023-05-16 | 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 Email'Credit crunch has arrived' amid slate of fresh bankruptcies, says Marathon's Bruce RichardsBruce Richards, Marathon Asset Management co-founder and CEO, joins 'Squawk on the Street' to discuss the 'generational' returns in the fixed income and credit markets, where there's opportunity after the economy's credit crunch and more.

☆ Watch CNBC's full interview with Marathon Asset's Bruce Richards on finding value amid volatility
▼ + stars: | 2023-05-16 | 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 Marathon Asset's Bruce Richards on finding value amid volatilityBruce Richards, Marathon Asset Management co-founder and CEO, joins 'Squawk on the Street' to discuss the 'generational' returns in the fixed income and credit markets, where there's opportunity after the economy's credit crunch and more.

☆ Indian shares set to open higher as strong earnings lift mood
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, April 24 (Reuters) - Indian shares were set to open higher on Monday as improved quarterly results from heavyweights Reliance Industries Ltd (RELI.NS) and ICICI Bank Ltd(ICBK.NS) eased some concerns over a lacklustre start to the earnings season. India's most valuable company, Reliance Industries reported 19% growth in fourth-quarter profit, aided by the strong performance in oil-to-chemicals (O2C) segment, post market hours on Friday. Private lender ICICI Bank posted a 30% jump in net profit in the March quarter, helped by improved net interest income and loan growth. The strong earnings of the two companies, which account for nearly 20% of the total weightage in Nifty 50, could improve the sentiment soured by the weak earnings and outlook of top information technology companies, analysts added. Stocks to Watch:** Yes Bank Ltd (YESB.NS): Lender's net profit slumps 45% in the March quarter on higher provisions.

☆ Indian regulator plans to allow mutual funds with performance-based fees
▼ + stars: | 2023-04-21 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

According to the plan, the base fees currently charged for mutual funds would be reduced and additional charges would be based on performance. If introduced, India would be one of a handful of major markets to introduce performance-linked fees for mutual funds. "An option for additional charges could act as an incentive for funds to give better returns," the source said. There is a need for transparency on charges levied by mutual funds, SEBI chairperson Madhabi Puri Buch said on March 28. To curb this, SEBI will only allow funds to charge additional fees if an investor is buying any mutual fund for the first time, the document showed.

☆ HSBC top shareholder renews call for breaking up of bank
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, April 18 (Reuters) - Top shareholder of HSBC (HSBA.L) renewed its call for breaking up of the Asia-focused bank on Tuesday, saying the lender has failed to address key business model challenges which has resulted in deterioration in its operating performance. Ping An Asset Management Company (Ping An AMC) said in a statement HSBC has "drained" its Asia unit of dividends and growth capital to support its relatively low-return non-Asia businesses. Over the past two years, Ping An AMC said it had shared numerous structural suggestions with HSBC management ranging from listing the HSBC Asia business in Hong Kong to consolidating Asia businesses. Reporting by Selena Li; Editing by Sumeet Chatterjee and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Biden's EV push: EPA set to propose strict new auto pollution limits
▼ + stars: | 2023-04-11 | 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 EmailBiden's EV push: EPA set to propose strict new auto pollution limitsHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC. Brad Lander, New York City comptroller, and Vivek Ramaswamy, Strive Asset Management co-founder, join the show to discuss the White House's electric vehicle push.

☆ BofA reports inflows into global stocks are on a record-setting pace — and ETFs may be a way to play the hot trade
▼ + stars: | 2023-04-01 | by ( Sean Conlon | ) www.cnbc.com time to read: +1 min

There's a corner of the market gaining traction among ETF investors, according to The ETF Store's Nate Geraci. BofA Global Research's latest market data out late this week appears to support Geraci's thesis. Tierney of Schwab Asset Management contends retail investors don't own enough global stocks. "Rebalancing [to international stocks] to get some more exposure could make sense for a lot of investors," said the senior investment portfolio strategist. His firm's Schwab International Equity ETF , which tracks large- and mid-cap companies in over 20 developed global markets, is up 8.1% so far this year.

☆ Wall Street lines up against SEC chair Gary Gensler on one of his most controversial proposals
▼ + stars: | 2023-03-31 | by ( Bob Pisani | ) www.cnbc.com time to read: +15 min

However, Gensler has claimed that pension funds and other institutional investors are not able to interact with that retail order flow. Auctions: the industry lines up against it The auction proposal has generated a large volume of comment letters to the SEC. He has said investors today need a better understanding of how well their trading orders are being executed. Theoretically, the SEC could vote on any or all of the four proposals in a shorter time period. This is just the start This is just the start of many proposals in front of the SEC.

☆ India likely to propose removing long-term tax benefits for debt mutual funds - source
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

As such, the tax rate applicable would be based on the income tax slab in which the investor falls. Currently, investors in debt funds pay income tax on capital gains according to the income tax slab for a holding period of three years. "Debt mutual funds had a favourable tax regime as compared to banks' fixed deposits and small savings," Amit Maheshwari, a tax partner at AKM Global said, adding now debt mutual funds will be taxed at par with other investments. "This could impact debt mutual funds investments in corporate bonds." Mutual funds provided liquidity to debt investors, and the move is counter-productive to efforts for deepening bond markets in India, said Edelweiss' Gupta.

☆ Indian market watchdog speeds up action against social media stock tips - sources
▼ + stars: | 2023-03-23 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

The Securities and Exchange Board of India's rules say that only advisers registered with it can offer investment advice. Companies potentially facing enforcement action are digital investment platforms which offer financial products and investment advice without appropriate regulatory licences, the sources said. "This is a part of series of enforcement actions that the regulator is taking to tackle unsolicited investment advice being peddled on social media," said the second source cited above. The regulator will consult the market participants on ways to regulate social media financial influencers more broadly. These influencers could be required to make disclosures and disclaimers on their social media platforms before they offer any public advice.

☆ China fines Deloitte $31 mln for auditing negligence
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +2 min

BEIJING, March 17 (Reuters) - China has fined auditing firm Deloitte 211.9 million yuan ($30.8 million) for failing to perform its duty in assessing the asset quality of China Huarong Asset Management Co Ltd (2799.HK), the finance ministry said on its website on Friday. Deloitte's Beijing operations also will be suspended for three months, the ministry said in a statement. Deloitte said it respects and accepts the ministry's decision, according to a statement published on its website. "We regret that, in this matter, the MOF considers certain aspects of our work fell below the required auditing standards," it said. In a separate statement, Huarong said the company and its seven subsidiaries had received a 100,000 yuan fine each.

☆ China Suspends Deloitte’s Beijing Unit and Fines It
▼ + stars: | 2023-03-17 | by ( Rebecca Feng | ) www.wsj.com time to read: 1 min

Deloitte Hua Yong says it employs more than 20,000 professionals across 30 cities in China. China’s Finance Ministry has suspended the operations of Deloitte’s Beijing office for three months, citing “serious audit deficiencies” in the firm’s work with a big state-owned asset manager. The move followed an investigation into its audits of China Huarong Asset Management Co., a firm which was bailed out in late 2021. The Finance Ministry said that Deloitte Hua Yong, the Chinese name of the auditor’s local affiliate, didn’t assess the true value of China Huarong’s assets or provide proper audit opinions on unusual transactions even after identifying them.

☆ On the precipice: How Credit Suisse's day of drama unfolded
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +5 min

Fifteen years later, Credit Suisse Group AG found itself on a similar precipice. By the time traders in New York were switching on screens on Wednesday, Credit Suisse had lost more than a fifth of its value. Credit Suisse did not comment for this story but noted recent interviews given by its CEO saying the bank was strong. STILL SMOLDERINGMarkets seemed to calm, but the fresh drama around Credit Suisse jogged memories that the financial system was not out of the woods yet. "We welcome the statement of support," Credit Suisse said.

☆ Hong Kong: National security warning now a part of land sales
▼ + stars: | 2023-02-15 | by ( Kathleen Magramo | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Hong Kong real estate is the most expensive in the world, but it wasn’t eye watering prices that took investors by surprise this week. Hong Kong authorities have repeatedly claimed the law has restored order and stability after the city’s 2019 anti-government, pro-democracy protests. Lee said the legal provision is “an obvious thing” for Hong Kong to add to safeguard national security. “Safeguarding national security is the shared responsibility of the entire Hong Kong society,” it said. Developers and investors bidding on land sales are not normally involved in activities that violate the national security law, she said.

☆ Warburg Pincus moves closer to buying a stake in Chinese fund Zhong Ou
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

Italian banking group Intesa Sanpaolo (ISP.MI) disclosed in its 2021 annual report that its board had approved the sale of a 23.3% stake in Zhong Ou to Warbug Pincus. The planned 23.3% stake sale to Warburg Pincus was confirmed on Monday by a source familiar with the transaction. The CSRC did not say how big a stake Warburg Pincus will buy in Zhong Ou, which has more than 350 billion yuan ($51.3 billion) of assets under management (AUM). In the regulatory feedback, the CSRC asked Warburg Pincus to explain how it would support Zhong Ou's development. The regulator also requested further proof from Warburg Pincus that it's a leading global player with good international reputation and performance.

☆ WeWork cofounder Adam Neumann suggests tenants in his apartments will plunge their own clogged toilets because they'll feel like owners
▼ + stars: | 2023-02-08 | by ( Kate Duffy | ) www.businessinsider.com time to read: +2 min

Adam Neumann said renters in Flow apartments will plunge their own toilets. Neumann spoke at a conference about how Flow wants to create a sense of ownership for renters. During the conference, Neumann said the goal of Flow was to make the resident feel valued. "If you're in an apartment building and you're a renter and your toilet gets clogged, you call the super," Neumann said. Neumann said during the conference he wanted Flow apartments to provide an "elevated experience" and a "community" to tenants.

☆ China expands IPO reform to help companies raise capital
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, Feb 1 (Reuters) - China published draft rules on Wednesday to broaden the registration-based initial public offering (IPO) system, marking a big step towards reforming the world's second-biggest stock market. Expanding the U.S.-style IPO mechanism to all corners of China's stock market will speed up listings and corporate fundraising, as Beijing seeks to revive a COVID-ravaged economy. The fresh reform will also benefit investment banks and private equity funds, though some fear a flood of listings could drain market liquidity. The registration-based IPO system, first adopted by the tech-focused STAR Market, was later rolled out to start-up board ChiNext and the Beijing Stock Exchange. The CSRC will consolidate IPO rules for Shanghai, Shenzhen and Beijing bourses.

☆ Here are Tuesday's biggest analyst calls: Apple, Disney, Target, AMD, Tesla, Coinbase, Amazon & more
▼ + stars: | 2023-01-24 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Tuesday's biggest calls on Wall Street: Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's standing by it's overweight rating on Apple shares heading into earnings on Feb. 2. Bernstein reiterates Apple as market perform Bernstein said it's "ambivalent" about Apple shares heading into earnings next month. Bernstein downgrades Advanced Micro to market perform from outperform Bernstein said it's concerned about a deteriorating PC market. Morgan Stanley upgrades Marathon Oil to overweight from neutral Morgan Stanley said Marathon Oil has "peer-leading FCF and shareholder returns." Morgan Stanley reiterates Ford as overweight Morgan Stanley said it sees opportunity for Ford to "to exercise its self-help muscle."

SHANGHAI/HONG KONG, Jan 19 (Reuters) - Chinese brokerages are in a race to raise billions of dollars in capital to meet regulatory requirements, jumping on a market upturn to bolster operations as they brace for tougher competition from Wall Street banks on their home turf. The brokerages need fresh capital to meet Chinese risk management rules, and finance capital-intensive businesses such as margin financing and market-making, having weathered volatile markets in the last couple of years. Chinese brokerages raised just 77 billion yuan via follow-up share sales last year, Refinitiv data showed. "Securities firms need capital to transform their business model by reducing reliance on traditional businesses." Chinese brokerages face stiffer competition after Beijing allowed Western banks, including Morgan Stanley (MS.N), Goldman Sachs (GS.N) and Credit Suisse (CSGN.S), to take full control of their China brokerage units.

☆ Exclusive: India regulator probes investments between Nippon Mutual Fund, Yes Bank, sources say
▼ + stars: | 2023-01-19 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +4 min

MUMBAI, Jan 19 (Reuters) - An Indian regulator is investigating investments between Nippon India Mutual Fund, the largest foreign-owned fund in the country, and Yes Bank between 2016 and 2019 for suspected misuse of investors' money, sources said. SEBI's regulations say that the parent of a mutual fund cannot access investors' money either directly or indirectly. The current owner of the fund, Nippon India, as well as the previous owner could be liable, the sources said. As of December 2022, Nippon India was the fourth-largest mutual fund in India with assets under management of 2.9 trillion rupees ($35.46 billion) as well as the biggest foreign-owned mutual fund. On Friday, SEBI proposed further tightening of mutual fund regulations asking mutual fund owners to reduce their stake gradually as a measure to check their influence on investment decisions.

☆ How to Cure Your Jet Lag: 5 Tools to Outsmart Your Body and Take Back Your Vacation
▼ + stars: | 2022-12-29 | by ( Perri Ormont Blumberg | Illustrations Son Of Alan | ) www.wsj.com time to read: +1 min

RICK HOUGH, 53, has suffered from jet lag since his first trip to Paris in 1988. Now, even multi-leg trips don’t phase him—last summer, he went through Copenhagen, Greenland, San Diego, New York and Alaska in three weeks. Despite success stories like Mr. Hough’s, some seasoned globe-trotters maintain there is not much you can do to solve your jet lag. On one trip to London, Mr. Robotti recalled, he fell asleep three different times in a one-on-one meeting that lasted all of an hour. “You know it’s going to be hard,” he said of dealing with sleep issues while traveling internationally.

☆ Here are Thursday's biggest analyst calls: Tesla, Amazon, Nike, Nio, Verizon, Disney, Snap & more
▼ + stars: | 2022-12-15 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Guggenheim names Nike a top 2023 pick Guggenheim said Nike's brand remains "healthy and strong." Bank of America names Amazon a top 2023 pick Bank of America said Amazon is a "share gainer" that will continue in 2023. " Morgan Stanley upgrades Verizon to overweight from equal weight Morgan Stanley said Verizon shares are "historically" attractive. Morgan Stanley downgrades AT & T to equal weight from overweight Morgan Stanley said it sees a more balanced risk/reward. Morgan Stanley downgrades Lockheed Martin to equal weight from overweight Morgan Stanley said it sees more "limited upside" for shares of the defense company. "

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