ASB Securities Morning Brief for Thursday, 21 July 2016
Thursday, 21 July 2016

New Zealand Headlines

New Zealand Market Report: New Zealand shares rose to a new record with Xero, Metlifecare and Steel & Tube Holdings gaining while Air New Zealand dropped on its June operating statistics. The S&P/NZX 50 Index gained 17.84 points, or 0.3 percent, to 7,172.67. Within the index, 30 stocks rose, 14 fell and seven were unchanged. Turnover was $130.4 million... Read more

The New Zealand dollar edged up from its lowest levels in a month ahead of an economic update from the Reserve Bank tomorrow morning, which many traders are speculating will signal an interest rate cut in August. The kiwi traded at 70.56 US cents as at 5pm in Wellington, up from 70.27 cents late yesterday when it tumbled following the Reserve Bank's announcement of further measures to cool the housing market. The trade-weighted index slipped to 75.68 from 75.74 yesterday... Read more

Capital Markets: Aussies prefer NZ investment. After a stellar 2015, the acquisitions and mergers market here remains confident even though the deal flow has been slow so far this year... Read more

Manufacturers and exporters welcome the Reserve bank of New Zealand’s (RBNZ) proposed expansion of existing Loan to Value Ratios (LVR) today – this should give them more freedom to address continued low inflation and an exchange rate that remains overvalued and challenging for exporters, say the New Zealand Manufacturers and Exporters Association (NZMEA)... Read more

Westpac has acted early and stopped taking any applications for investor loans with less than 40% equity.... Read more

Three banks, and Sovereign, have introduced tougher new LVR rules for property investors, but ANZ, which wants even stricter rules, hasn't moved yet. Although the Reserve Bank is only consulting on introducing tougher lending rules of property investors, four lenders have already implemented the proposed changes. Westpac was first out of the blocks and it has been followed by ASB, Sovereign and SBS in introducing a maximum LVR of 60% for all new property investment loans.... Read more

ANZ boss warns on property market, calls for further investor restrictions... Read more

A top banker's dire warning about New Zealand's overheated house prices shows the market is in crisis and an immigration rethink is needed, Labour says. In a strongly worded opinion piece, ANZ chief executive David Hisco has warned Auckland property prices are over-cooked and the end would likely be messy... Read more

Non-bank lenders poised to pounce on leftovers as new Reserve Bank restrictions loom... Read more

Rising prices make for rising rents. Asking rents are catching up with rising asking prices in regional markets around New Zealand, the latest rental data from Trade Me Property shows. Asking rents are catching up with rising asking prices in regional markets around New Zealand, the latest rental data from Trade Me Property shows... Read more

'Unintended consequences' of landlord crackdown. New Reserve Bank rules to limit lending to property investors will stop young people becoming landlords, but won’t do anything to stop those who have been in the market a while, it has been claimed.... Read more

SBS Bank plans to develop technology and streamline banking systems to continue its "significant growth" in the banking sector. At the bank's annual general meeting, held in Invercargill on Wednesday, chairman John Ward said during the past "trying year" there had been a focus on a brand refresh and enhancing digital channels. This included ongoing and sustained investment in IT and digital systems... Read more

Adviser products shine. Insurers say competition and pressure from advisers is forcing them to come up with better policies than those offered by banks. Life insurance has been in the news this week after it was revealed that a number of the major banks were reviewing their policy wordings, particularly related to the definition of a heart attack... Read more

Wool sales take a dive as 'perfect storm' hits. Don't panic - that's the message from wool brokers after last week's Napier sale which saw an unprecedented 46 per cent passed in when prices failed to reach expectations. Peter Tate of Fred Tate Wools described the sale as "particularly disastrous". Normally about 6-7 per cent of wool would be passed in at auction... Read more

Zespri International, the kiwifruit marketer, says its total bill for a Serious Fraud Office investigation has now risen to $6.8 million, with a further $500,000 set aside to cover costs in its 2015/16 accounts.... Read more

Dairy product prices were mixed at the Global Dairy Trade auction overnight as a gain in whole milk powder offset a decline for most other products. The GDT price index slipped to $US2336, down from $US2345 at the previous auction two weeks ago. The index was unchanged in percentage terms. Some 31,348 tonnes of product was sold, down from 32,500 tonnes at the previous auction two weeks ago. Whole milk powder rose 1.9% to $US2079 a tonne.... Read more

Fonterra's Chinese business partner Beingmate has been financially damaged by a case of alleged milk powder tampering, causing it to forecast a loss of up to $48 million for the first quarter of the financial year. Previously Beingmate had predicted a $21m profit, but in its latest forecast it said that due to "fake infant formulas" it had revised this to a loss of between $44.5m-$48m. In March last year Fonterra signed off on a deal to invest $700m for an 18.8 per cent stake in the company.... Read more

Vital Healthcare Property Trust (‘Vital’) advises that the 2-for-9 pro rata renounceable rights offer, announced on 21 June 2016, was successfully closed yesterday at 5pm. In accordance with the terms of the Offer Document for the Rights Offer, 76,890,712 New Units are to be issued. Of this 67,252,561 New Units were taken up by unitholders, representing approximately 87% of the New Units available under the Rights Offer and gross proceeds of approximately $139.9m... Read more

Wellington Airport profit rises 29pc on passenger growth... Read more

Xero will start offering new services as it seeks to transform the platform founded on accounting software into the online portal of choice for small businesses. Chief executive Rod Drury told shareholders at the annual meeting in Sydney the software-as-a-service firm is in the process of migrating its core platform to Amazon Web Services, reducing costs and paving the way for the company to expand its product range into front office services... Read more

KFC won't rule out becoming the next fast food chain to offer home deliveries. It comes after McDonald's New Zealand today announced Auckland customers could have meals delivered to their door from its New Lynn and Glenfield stores... Read more

Rotorua is well placed to maximise opportunities presented by a growing Indian visitor market and tourism operators in India are already committing to longer stays in the district. A two-week-long, industry-led Rotorua tourism mission has just ended in Delhi and Mumbai where a group of key operators increased awareness of Rotorua’s tourism proposition in one of New Zealand’s fastest growing international visitor markets... Read more

Alibaba ramping up business in Australia & NZ. Chinese internet giant Alibaba is growing its business in Australia and New Zealand, with plans to open an office in Melbourne at the end of this year. Countdown, Healtheries and Comvita are among the New Zealand businesses using Alibaba to open the door to the enormous Chinese consumer market.... Read more

The Horowhenua District Council and the government are asking for interest from community housing providers to take over the running of 364 properties under the government's social housing reform programme. The council and government are "jointly undertaking a market sounding seeking feedback from community housing providers interested in delivering social and affordable housing in the Horowhenua district and Otaki," they said in a statement... Read more

The government is investing $35 million over four years into a new initiative, Entrepreneurial Universities, to attract world-leading entrepreneurial researchers and their teams to New Zealand to further strength the country’s universities and innovation eco-system. The programme, initiated by the University of Auckland, is open to all eight of New Zealand’s universities who can enter into a 50:50 partnership to attract and support named researchers and their teams to work in the university for an initial period of three to five years... Read more

Business growth and start-up incubator The Icehouse has added more diversity to its governance with a number of appointments to its board and charitable-based owner... Read more

TeamTalk has hired former Alcatel-Lucent NZ boss Andrew Miller as chief executive of the telecommunications network firm. Mr Miller will take up the role at the Wellington-based company in September, leaving Callaghan Innovation where he's been a commercial business general manager since April, TeamTalk said in a statement... Read more

Stewart Group has signed Alastair Marsden, from the University of Auckland, as an independent investment committee member. Marsden is Associate Professor in Accounting and Finance with the University of Auckland business school. He teaches risk corporate finance and finance for start-up entities... Read more

Real estate agent wants to send former boss Mike Pero to real estate school... Read more

Mobil Oil New Zealand has succeeded in a Supreme Court challenge to a $10 million bill imposed for the clean-up of a contaminated former oil storage site in Auckland's Wynyard Quarter. Chief Justice Sian Elias and Justices Terence Arnold, William Young, Susan Glazebrook and Mark O'Regan in the Supreme Court reversed a Court of Appeal judgment in favour of Development Auckland that imposed the $10 million charge on Mobil, which was the agreed cost of remediation work... Read more

National Urban Māori representative John Tamihere says the group wants to work with Te Ohu Kaimoana, the Māori Fisheries Commission, after a ruling by Wellington's High Court that the commission's appointment of iwi-affiliated directors to the board of a trust set up for urban Māori was incorrect. The judgment, delivered on Friday, meant the National Urban Māori Authority (NUMA) and Te Waipareira Trust succeeded in their claim over the $20 million Te Putea Whakatupu Trust, and all directors of the trust must represent Māori who are not affiliated with an iwi... Read more

The Supreme Court has agreed to hear an appeal by the architect of the Trinity forestry scheme, Garry Muir, in the long-running tax dispute, which has already visited the country's top court several times. Muir's latest arguments were tossed out in the Court of Appeal in a December ruling... Read more

Opinion - David Hargreaves: Your move John Key. The Reserve Bank's decision to bring forward implementation of the new round of LVR restrictions gives it the edge over the Government in the game of chess that the two parties are playing... Read more

Opinion - Pattrick Smellie: When cutting rates doesn’t work... Read more

Australian Headlines

Australian Market Report: The Australian sharemarket has rallied into the close, extending on its strong recent run despite a sell-off in the resources space. At the closing bell, the benchmark S&P/ASX 200 index added 37.4 points, or 0.69 per cent, to 5,488.7, while the broader All Ordinaries index rose 32 points, or 0.58 per cent, to 5,565.9.... Read more

The Australian dollar traded in a narrow band on Wednesday, with little to inspire traders ahead of critical second quarter inflation data due next week. At 5.35pm (AEST), the Australian dollar was trading at US75.85 cents, compared with US75.04c late on Tuesday.... Read more

Brexit worries are unlikely to dent the Australian economy, which could finally return to trend growth in the second half of this year as commodity prices bounce. The Westpac-Melbourne Institute Leading Index has picked up significantly since the start of the year.... Read more

Treasurer Scott Morrison expects Australia's economic growth rate will still be the envy of the world when he meets his G20 counterparts in China this weekend. The International Monetary Fund downgraded its world economic growth forecast on Tuesday in response to the fallout from Britain's decision to leave the European Union... Read more

Australia's first environmentally-friendly government bonds have sold out a little over a day after the Victorian government issued them.... Read more

The chances of owning a home are slipping away for many Australians, as soon fewer than half of adults will own their own home, says one of the nation's largest household surveys. 17,000 have been answering questions for 15 years More than two-thirds have relied on welfare at some stage over the last decade 77 per cent of children under the age of four never been to the dentist The survey also said couples over 65 were Australia's wealthiest... Read more

Non-bank lenders Resimac and ASX-listed Homeloans are planning to join forces by forming a $13 billion mortgage lender hoping to grow more aggressively in the home loan market. The two lenders on Wednesday announced plans to merge, a sign of consolidation among smaller lenders looking to steal greater share from the big four banks... Read more

The solution to chronically low long-term interest rates lies in the hands of governments, Standard Life Investments chief economist Jeremy Lawson says. Government bonds used to guarantee safety, but now they also guarantee low returns. Very low returns... Read more

West Perth office vacancy rates have spiked to 20.4 per cent — the highest vacancy for the past 25 years — and have the potential to go higher, according to independent property research firm Y Research. Y Research cited weaker commodity prices, unprecedented competition for tenants from the CBD and other suburban locations as reasons for the 46 per cent rise in vacant West Perth space since mid-2013... Read more

The Financial Services Council has suggested extending federal government terms to four or five years to reduce short-term political pressures holding up crucial industry reform.... Read more

Liberal National MP George Christensen threatens to cross floor on superannuation proposals... Read more

BHP Billiton hopes to lift iron ore production in Western Australia this financial year after narrowly missing its target for 2015/16, following the Samarco mine disaster in Brazil and the impact of bad weather. The resources giant is also targeting higher copper and coal output and will accelerate conventional oil exploration, as it looks to boost performance on the back of a rebound in iron ore and crude prices, plus continuing efforts to reduce costs... Read more

BHP has angered traditional land owners in the Pilbara by selling a pastoral lease to the owner and operator of the Dampier-to-Bunbury natural gas pipeline. The Buurabalayji Thalanyji Aboriginal Corporation said it had wanted to purchase Urala Station on the coast near Onslow to produce cattle and create employment and training opportunities for more than 30 people... Read more

Inpex Australia is considering moving into Brookfield Place, in a deal that would ultimately relieve BHP Billiton of the burden of a rental bill of up to $10 million a year for unused space. The Japanese oil and gas major, which leases about 7000sqm at 100 St Georges Terrace in ISPT’s Enex100 tower, is said to be poised to take up to 16,000sqm in BHP’s Brookfield Place, consolidating its CBD presence... Read more

Nickelore Ltd has been granted a trading halt by the ASX, pending an update on the Helio acquisition... Read more

S2 Resources Ltd is preparing to reveal exploration results, with the ASX granting the company a trading halt to prepare... Read more

Monadelphous says it has won contracts worth $140 million. The contracts include a five-year extension to its existing contract to support BHP Billiton’s Olympic Dam copper-uranium operation at Roxby Downs in South Australia. Shares in the company were off 11 cents, or 1.25 per cent, to $8.66 at 10.05am.... Read more

St George Mining Ltd has been granted a trading halt by the ASX, pending significant results from exploration drilling at the Mt Alexander Project in Western Australia... Read more

Construction and engineering business CIMIC - formerly known as Leighton Holdings - has seen its share price crash 20 per cent after unveiling its first-half results.... Read more

Blackham Resources says it has begun open pit mining and underground development work at the Company’s Matilda gold project. Blackham’s open pit contractor MACA has mobilised its fleet and begun mining operations at the Matilda M10 open pit. Shares in Blackham were up two cents, or 2.37 per cent, to 86.5 cents at 11am.... Read more

Shares in Oventus have soared more than 35 per cent a day after listing on the ASX, as prominent investor Alex Waislitz's TIGA Trading boosted its stake in the sleep apnoea device maker. Oventus shares gained 25 cents, or 35.7 per cent, to 95 cents, after adding 20 cents in its first session on the market on Tuesday. On Wednesday, investment firm TIGA Trading boosted its stake to 6.78 per cent.... Read more

South Pacific Resources Ltd is preparing to outline capital raising details in the form of a placement, and the ASX has granted the company a trading halt to prepare.... Read more

NSL Consolidated Ltd is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare. NSL is the only Australian or foreign company to own and operate in India’s massive iron ore market... Read more

The west coast deep-sea crab fishery has clawed its way to the gold standard for sustainability after an 18-month assessment of the industry’s impact on stocks and the environment. Southern Trading managing director Glen Bosman, whose company catches crabs off Denham and Carnarvon, said Marine Stewardship Council certification set up the niche fishery for a bright future... Read more

Chef Neil Perry to transform David Jones food halls into a 'world-class' experience... Read more

Telstra’s costs in meeting its universal service obligations (USO) should be “less than one-tenth” of the $290 million it receives a year, according to Optus. The numbers form part of a fresh assessment by Optus of the USO scheme – used to guarantee telephone services for all Australians - for which Optus has long sought reform... Read more

An Austal-built warship has sailed through its final shock trial with flying colours, according to the US Navy. Littoral combat ship the USS Jackson underwent its third underwater explosion last Saturday in waters off Florida to test survivability in conflict. Its shares were up 1.5¢ to $1.095 at 1.31pm.... Read more

Race Oncology Ltd will seek to repurpose the chemotherapy drug Bisantrene for acute myeloid leukaemia (AML). The drug was the subject of more than 40 phase II clinical studies during the 1980s and 1990s and now Race Oncology owns recent patent filings on Bisantrene and has secured Orphan Drug Designation in the U.S... Read more

CogState Ltd has reported an impressive 70% increase in underlying revenue to $27.3 million (unaudited) for the year ended 30 June 2016, compared to $16.1 million in FY15. The company derives most of its revenue from services and technology to measure cognition in clinical research conducted by pharmaceutical clients... Read more

Australian government agencies, telcos, and some of the world's biggest tech companies have banded together to form an industry group aimed at furthering development of the internet of things. Around 25 organisations have been named to the executive council for the new not-for-profit Internet of Things Alliance Australia (IoTAA). The alliance says it has more than 200 experts and 100 organisations on board... Read more

The South Perth Peninsula Action Group is chalking up the latest knockback of a proposed 44-storey version of the Lumiere tower at 74 Mill Point Road as a vindication of its anti-high rise stance. The residents action group, which also opposed a 29-storey version of the tower, said “mega-residential towers” did not belong in “an eight-storey area”... Read more

The Australian Taxation Office has warned those intending to file tax returns via its online myTax platform to wait until August, when it can offer most of the third-party data it needs to pre-fill the forms. From this year, the two-year-old myTax is the only way taxpayers can lodge their returns online, after the ATO puts its 17-year-old e-tax tool out to pasture in June... Read more

Telecommunications software company Syntonic has listed on the ASX after raising $2.2 million through a public offering, with shares in the company rising 20 percent above list price midway through trading... Read more

A record 20.27 million passengers passed through Australia's biggest airport, Sydney Airport, in the first six months of 2016. Traveller numbers were up 6.7 per cent from 18.99 million in the first half of 2015, with visitors from Korea, China and the US leading the charge through the arrival gates in 2016... Read more

XTEK Ltd appoints Philippe Odouard a non-executive director... Read more

The Financial Services Council has appointed Perpetual chief executive Geoff Lloyd as chairman of the industry body.... Read more

Santos chief financial officer Andrew Seaton will leave the oil and gas producer by the end of the year.... Read more

Administrators are poring over the affairs of hipster health food chain Pressed Juices after a related company entered into administration last month owing almost $8 million to the tax office, employees and a company run by the founding director's relative. The director of Pressed Juices Pty Ltd, Leo Pegoli placed the company into administration in June after being squeezed by multi-million dollar debts... Read more

The boss of Australia's largest independent supermarket operator has defended Metcash chairman Rob Murray in the face of calls for him to resign over his former role at Dick Smith. Ritchies IGA chief executive Fred Harrison has told AAP Mr Murray, the former chairman of the failed Dick Smith chain, is one of the "most ethical and straight shooting" businesspeople he knows... Read more

Eagle Boys founder Tom Potter sad but 'not surprised' pizza chain is in trouble. It was one of Australia's most recognisable pizza chains, but this week Eagle Boys went into voluntary administration. So what went wrong? Brisbane founder Tom Potter, who sold his stake in the business a decade ago, said seeing the company fold had been sad, but added: "It has come as no surprise to me.... Read more

Aluminium giant Alcoa has settled a case with an employee who lost part of his pay for failing to attend a shift because he was fighting a fire south of Perth. Volunteer firefighter Adrian Houldsworth was called out to fight a blaze at Lake Clifton on the morning of February 12... Read more

Opinion/Analysis - Kimberly Gillan: How should you really spend your house deposit? Talk to any Australian in their early 30s about their financial plan and home ownership is likely to come up in conversation. If you haven’t already got one, you’re likely madly saving to purchase your own “Australian Dream”... Read more

International Headlines

U.S. Market Report: Microsoft powers Dow, S&P to fresh records. At 12:42 p.m. ET (1642 GMT) the Dow Jones industrial average .DJI was up 40.23 points, or 0.22 percent, at 18,599.24, easing from a record intraday high of 18,622.01. The S&P 500 .SPX was up 9.27 points, or 0.43 percent, at 2,173.05. It had hit an all-time intraday high of 2,175.63. The Nasdaq Composite .IXIC was up 52.61 points, or 1.04 percent, at 5,088.98., set for its best day in nearly two weeks... Read more

North/South Americas Market Report: North and South American markets are higher today with shares in Mexico leading the region. The IPC is up 0.62% while U.S.'s S&P 500 is up 0.51% and Brazil's Bovespa is up 0.15%... Read more

European Market Report: European markets finished broadly higher today with shares in Germany leading the region. The DAX is up 1.61% while France's CAC 40 is up 1.15% and London's FTSE 100 is up 0.47%... Read more

Asian Market Report: Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.97%, while the Shanghai Composite led the Nikkei 225 lower. They fell 0.29% and 0.25% respectively... Read more

Libya: OPEC member plots big oil comeback.... Read more

Despite the recent downtrend, analysts at Investec Bank are still bullish on the prospects of the yellow metal. “The strong rally in gold in the year to date is symptomatic of a world beset by uncertainty,” said analyst Hunter Hillcoat... Read more

Morgan Stanley, which has struggled for years to improve its bond-trading business, may finally be turning the corner. The Wall Street bank reported a lower second-quarter profit on Wednesday, but beat expectations by delivering relatively strong bond-trading revenue and cutting expenses... Read more

Microsoft Corp. rose the most in nine months Wednesday after reporting quarterly sales and profit that topped analysts’ estimates, rekindling optimism about Chief Executive Officer Satya Nadella’s cloud strategy as more customers shifted to the company’s internet-based software and services. Shares jumped as much as 5.9 percent... Read more

The rich get richer? One Wall Street analyst thinks that the biggest beneficiary of Pokemon Go mania won't be Nintendo. It will be Apple, which is already the most valuable company in America. Laura Martin of Needham & Co. wrote in a report Wednesday that Apple could generate $3 billion in revenue over the next 18 to 24 months from the game.... Read more

Spotify is tailoring its service for local tastes, from topical playlists to tiered pricing, as it prepares to expand its music streaming in Asia. That strategy includes beefing up content such as Korean pop music popular in Southeast Asia and offering different payment methods in markets where credit cards are rare, said Sunita Kaur, managing director of Spotify Asia... Read more

U.S. Justice Department files lawsuits in connection with 1MDB probe... Read more

U.S. Seeks $1 Billion in 1MDB-Tied Assets, 'Wolf of Wall Street' Royalties... Read more

A top currency trader at HSBC was arrested at New York's Kennedy Airport Tuesday night as he prepared to leave the country. Since the financial crisis seven years ago, the world's largest banks have paid billions in fines to settle charges of various misdeeds. But very few individual bankers have been held responsible for their roles in those illegal schemes... Read more

SAP SE reported results that topped analysts’ estimates as the company put a weak start to the year behind it and closed more software deals despite political turmoil in Europe. Operating profit for the second quarter was 1.52 billion euros ($1.67 billion), topping the 1.45 billion-euro average of analysts’ estimates collected by Bloomberg. Sales were 5.24 billion euros, compared with the average 5.22 billion-euro estimate... Read more

Daimler AG's Mercedes-Benz and Daimler Vans units and Ferrari NV are among a small group of automakers selling some new vehicles with faulty Takata airbags that will be subject to recalls by the end of 2018, a Senate report released said Wednesday. The vehicles are legal to be sold since the U.S. National Highway Traffic Safety Administration (NHTSA) has said they will not become potentially unsafe until exposed to high humidity for an extended period... Read more

Analyst Upgrades Papa John's Because Growing Civil Unrest Means More Pizza Deliveries. Top-line growth with two-topping pizzas... Read more

Unilever has bought US start-up Dollar Shave Club for a reported $1bn (£764m) in cash to compete in the male grooming market. The four-year-old e-commerce company sells disposable razors and other male grooming products directly to consumers for as little as $1 a month. Dollar Shave Club has 3.2 million members - but has yet to make a profit... Read more

European Banks May Need $517 Billion of Loss-Absorbing Funds... Read more

The pound climbed from a one-week low as a report showed the U.K. unemployment rate fell below 5 percent for the first time since 2005. Sterling was further boosted by a Bank of England survey which showed that despite an increase in business uncertainty after the June 23 referendum where the U.K. voted to leave the European Union, firms sought to maintain “business as usual.”... Read more

Volkswagen hit by 2.2bn euros diesel emissions charge... Read more

President Francois Hollande’s labor law reform passed its final parliamentary hurdle after the government used special constitutional powers to push the bill through the legislature in the face of sustained opposition from his own Socialist lawmakers and labor unions. Prime Minister Manuel Valls used article 49-3 of the constitution to avoid a vote -- the third time he’ll have used the special power during the bill’s passage through parliament... Read more

UK unemployment rate falls to fresh 11-year low... Read more

German Chancellor Angela Merkel ruled out preliminary talks with the U.K. government on exiting the European Union while offering Prime Minister Theresa May space to decide when her government is ready to invoke the notification necessary. Merkel, who hosted May in Berlin on Wednesday during her first overseas trip as prime minister, said that EU rules stipulate a country must invoke Article 50 to start the legal process of leaving the 28-nation bloc... Read more

The fall in the pound after the UK referendum on EU membership has forced Eurotunnel to lower its 2016 profit forecast by 4.5% to €535m ($700m). It also cut its profit forecast for 2017 by 4.3%. Eurotunnel assumes the pound will be 7% lower versus the euro, reducing its profits when converted back into euros... Read more

China Financier Sonny Wu Said to Lead $825 Million AC Milan Deal... Read more

The party isn’t quite over for China’s technology startups, but the dance floor’s thinning out. Judging by the cash that investors are preparing to deploy, the euphoria that catapulted the country’s startup financing to a record 2015 may be starting to wane. Chinese-based venture capital firms raised just $400 million in the second quarter, the lowest figure in almost three years, according to London consultancy Preqin Ltd. The number of deals done involving Chinese companies fell 12 percent... Read more

International Monetary Fund Trims India’s Growth Forecast. Marginal cut to India’s economic expansion outlook comes as Brexit vote causes instability... Read more

Indian Business Is Confident But Won’t Invest. India Inc. is optimistic but still stingy because it has more capacity than it needs, survey shows... Read more

Why Goldman thinks investors should seek sanctuary in the U.S.... Read more

Bloomberg Editorial: How Britain Should Brexit... Read more

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