Elliott Said to Build ‘Large’ Stake in Buffett-Favored Sumitomo
Elliott Management Corp. has built a “large” stake in Sumitomo Corp., one of Warren Buffett’s favorite Japanese trading houses, according to a person familiar with the matter.
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Elliott Management Corp. has built a “large” stake in Sumitomo Corp., one of Warren Buffett’s favorite Japanese trading houses, according to a person familiar with the matter.
Banco Bilbao Vizcaya Argentaria SA raised its profit guidance for 2024 after beating analysts’ estimates in the first quarter.
Kyle Rodda was on the 34th floor of the Capital.com office in Melbourne when the yen suddenly plunged to around 160 per dollar early in the Asia day. The trading floor exploded.
Stocks rallied as earnings optimism offset concern about higher-for-longer interest rates. The yen rebounded after dropping to its lowest in 34 years.
As the working week drew to a close in Frankfurt, Deutsche Bank AG’s Christian Sewing was on a roll. Upbeat first-quarter earnings had sent the lender’s shares to the highest level since 2017, bolstering a perception that the firm had finally shaken off its scandal-prone past.
Scotland First Minister Humza Yousaf is preparing to step down on Monday, The Sunday Times and BBC reported, after concluding he wouldn’t survive a confidence vote triggered when he pulled the plug on a power-sharing agreement with the Scottish Greens last week.
Spanish inflation acclereated for a second month as the government continued to remove support that had helped keep a lid on soaring energy costs.
Spanish beauty and fragrance group Puig Brands SA and its founding family said the price for the company’s initial public offering will be at the top end of the range, in Europe’s biggest listing so far this year.
Royal Philips NV shares soared in Amsterdam after the company set aside €982 million ($1.1 billion) to help settle US claims linked to a recall of sleep apnea medical devices, much lower than what analysts had expected.
A recovery is in the offing in India’s telecommunications sector, with likely increase in prices and a shift to high-speed networks set to bolster revenue, according to a top-performing fund manager.
Prime Minister Narendra Modi reaffirmed his pledge to replace India’s religion-based marriage and inheritance laws with a uniform civil code if he returns to office for a third term, a move that some minority groups have opposed.
Atos SE raised the amount of cash it is seeking to avoid insolvency to €1.7 billion ($1.8 billion) from €1.2 billion previously, as the French government stepped in with a bid for the embattled IT services firm’s most strategically important businesses.
Japan’s top currency official declined to comment on whether Tokyo had intervened in the currency market Monday following a sharp move in the market that sliced 2% off the dollar-yen exchange rate.
Blackstone Inc. made a fresh offer for Hipgnosis Songs Fund Ltd., surpassing a previous bid from music investment firm Concord and intensifying a bidding war for the owner of song catalogs from Blondie, the Kaiser Chiefs and the Red Hot Chili Peppers.
Sweden’s economy posted a fourth consecutive quarter of contraction as interest-rate cuts that could spur activity in the largest Nordic nation are yet to materialize.
High-end supermarket chain Spinneys’ Dubai initial public offering is expected to price at the top of the range and raise 1.38 billion dirhams ($375 million), showing strong demand for a rare private sector listing in the United Arab Emirates.
The sudden rebound in the yen sparked speculation Japanese officials had intervened after the currency earlier slid past the closely-watched 160-per-dollar level.
Spanish Prime Minister Pedro Sanchez plans to say on Monday whether he’ll quit, raising the threat of worsening uncertainty and political gridlock in Madrid.
Oil slipped as the US pushed to broker a peace deal between Israel and Hamas that would reduce geopolitical tensions in the Middle East.
Elon Musk’s quick visit to China paid immediate dividends, with Tesla Inc. clearing two key hurdles to introduce its driver-assistance system to the world’s biggest auto market.
China’s central bank has advised some regional lenders to curtail their ultra-long bond investments to mitigate risks, people familiar with the matter said.
Brookfield Asset Management bought a controlling stake in a Dubai-based firm’s real estate unit, securing a slice of prime warehousing space in one of the world’s hottest commercial property markets.
Deutsche Bank AG’s next share buyback will likely be delayed as a result of new provisions, Morgan Stanley analysts said Monday.
Microsoft Corp. Chief Executive Officer Satya Nadella is scheduled to meet Indonesian President Joko Widodo on Tuesday, becoming the latest US corporate chieftain to tour Southeast Asia as the region embarks on a tech investment spree.
Shares of BSE Ltd. plunged as much as 19% on Monday, their biggest intraday decline on record, after India’s markets regulator requested it pay back-pay fees charged on derivatives contracts.
Novo Nordisk A/S’s reign as Europe’s most valuable company “leaves no room to disappoint” with its first-quarter report, said Bloomberg Intelligence’s Michael Shah.
Billionaire Mukesh Ambani’s new financial services firm plans to tap Standard Chartered Plc’s India country manager as its chief executive officer of one of its units, according to people familiar with the matter, as it seeks to entrench itself in a nation where demand for credit is growing rapidly.
The yen swung in holiday-thinned market conditions, punching through 160 per dollar to its weakest in 34 years before rebounding strongly and raising speculation authorities may have intervened.
AIA Group Ltd. posted a 27% jump in new business value in the first quarter, while pledging to boost share buybacks and acknowledging it used a broker that relied on unlicensed agents to sell insurance policies.
Message to bond underwriters: Some big customers are sizing up your ESG credentials.
Greater China’s property market crisis and the challenges it poses for lenders will be on full display on Monday, when embattled developer China Vanke Co. and the region’s biggest banks report earnings.
Africa’s technology and startup firms are becoming too attractive for international investors to ignore, according to a partner at a fund focused on investments in the continent.
Bitcoin and the wider crypto market retreated on Monday, with some speculators on edge ahead of a Federal Reserve meeting this week that may point to higher-for-longer interest rates.
South Korean President Yoon Suk Yeol will meet with opposition leader Lee Jae-myung for talks on Monday, a test of how much the two may be willing to cooperate after the ruling party suffered a major election setback.
Hong Kong’s benchmark equity index headed for a technical bull market as a surge in Chinese property shares gave more impetus to this month’s stellar rebound.
China’s intelligence chief vows to organize a “powerful offensive” to fight espionage as it faces a flurry of spying accusations from Europe and the US.
Britain’s homebuilding approval process is failing to cope with a surge in local protectionism that’s driving more costs to the taxpayer
The government in Budapest has made no secret of its drive to put assets in Hungarian hands, and more foreign companies are under pressure.
In December 2022, Germans were shocked to learn that 25 members of a right-wing extremist group had been arrested in a series of nationwide raids. They were accused of plotting to overthrow the government and replace democracy with a political regime inspired by the country’s imperial past.
Some of Europe’s most indebted governments are heading for a painful reckoning this year as their ambitions to cut down on borrowing collide with political reality.
Shares in Macau casino operators rallied on Monday after Chinese authorities introduced new travel permits in an effort to boost the city’s tourism.
Pakistan’s central bank is seen delaying the start of its easing cycle and keeping interest rates at a record as concerns linger over inflation accelerating again despite a drop in consumer prices, according to market analysts.
Tesla Inc.’s locally made cars have cleared a key data security and privacy requirement in China in a boost for Elon Musk, who made a surprise weekend visit to Beijing to try to win approval to introduce driver-assistance software that could help arrest the automaker’s sales decline.
Pharmacy chain London Drugs Ltd. shut dozens of stores in western Canada on Sunday following a cyber incident.
Chinese property shares surged, leading gains in the broader market, as sentiment got a boost after a major developer reached a solution with bondholders for its liquidity issues.
China’s vow to encourage the nation’s leading companies to list in Hong Kong is helping spur a rare surge in the $5 trillion stock market, but dealmakers aren’t ready to turn optimistic.
Copper’s surge to $10,000 a ton just days after the bombshell news that BHP Group is trying to buy Anglo American Plc is highlighting a core disconnect at the heart of the industry: miners just aren’t building enough mines.
Gold fell after a weekly drop, ahead of a Federal Reserve meeting midweek where policymakers are expected to reaffirm their stance for higher-for-longer interest rates.
Agricultural commodities trader Louis Dreyfus Co. has sweetened its offer for Namoi Cotton Ltd. with a takeover bid that, excluding an announced dividend, values the Australian processor at A$123 million ($81 million), topping a rival proposal from a unit of Olam Group last month.
McKinsey & Co. sought to rally its partners with upbeat declarations and blasts of rock and rap music in Copenhagen earlier this month, attempting to boost morale during a tumultuous period for the giant consulting firm.
L’Occitane International SA’s billionaire owner Reinold Geiger is close to making an offer to take the skin-care company private, according to people familiar with the matter, in a deal that could value the firm at about $7 billion including debt.
Perpetual Ltd. confirmed it’s in exclusive talks with KKR & Co. in relation to the potential acquisition of its corporate trust and wealth management businesses, leaving the US private equity giant in pole position for a deal.
The yen has tumbled well past levels touted as red lines for Japan and at a pace that has traders asking when authorities might start buying the currency to support it — and why they haven’t done so already.
There is quiet yet mounting speculation in financial markets that China will need to take an extreme and highly controversial measure to support its moribund economy — devalue the yuan in a big-bang move.
The Indian central bank’s tight grip on the rupee is boosting the allure of the currency for carry trades, according to Fidelity International.
Hajj pilgrims heading to Saudi Arabia in June will get a health boost under a Bill & Melinda Gates Foundation-supported disease control drive that’s part of a broader effort to eradicate polio.
The Redstone family and independent film producer David Ellison have both offered concessions to make a possible change in control at Paramount Global more appealing to the company’s other investors, according to a person familiar with the talks.
China’s sovereign bonds have once again dodged a rout in the global debt market, showcasing one of their frequently cited attractions for investors — a low correlation with their worldwide peers.
After getting a jump on competitors in the latest round of China’s electric-vehicle price war, BYD Co. now faces a key test of proving that it can withstand the impact on profits.
New Zealanders who own properties in areas prone to flooding or earthquakes may find they can’t afford insurance or may not be offered cover for specific risks, according to the Reserve Bank.
Japan’s oldest venture capital firm is closing in on a target to triple the value of its investment, a sign of resurgence in the country’s startup ecosystem.
Japan’s ruling party lost a special election Prime Minister Fumio Kishida had described in part as a judgment on himself, months ahead of a party leadership vote.
PremjiInvest, the largest Indian family office that manages over $10 billion for software tycoon Azim Premji, will invest more money into artificial intelligence companies while fine-tuning its proprietary AI investment tools, a senior executive at the firm said.
Ships seeking to avoid ongoing attacks by Houthi rebels in the Red Sea area are emitting millions of additional tons of carbon, making it tougher for companies using ocean freight to reduce pollution across their supply chains.
Treasury options traders are protecting against everything from multiple interest-rate cuts this year to a hike ahead of the US Federal Reserve meeting this week.
Australia is set for a wave of Bitcoin exchange-traded fund launches, following in the footsteps of the US and Hong Kong, as issuers like Van Eck Associates Corp. and BetaShares Holdings Pty line up for listings.
Australian Prime Minister Anthony Albanese faces a bumpy road to reelection with sticky inflation pushing back the timetable for interest-rate relief, raising the prospect of further financial stress for households about a year from the next ballot.
The worst may be over for the South Korean won on growing signs of central bank support and an upturn in exports, according to strategists.
Cleveland-Cliffs Inc., a major customer of Norfolk Southern Corp., has backed activist investor Ancora Holdings Group in its effort to overhaul the board of the railway company.
Donald Trump and Florida Governor Ron DeSantis met on Sunday to discuss the possibility of tapping DeSantis’ donor network, according to a person familiar with the matter.
When South Korea decided to host a US anti-ballistic missile system, the lucrative flow of tourists from neighboring China suddenly dried up. When Australia accused Beijing of meddling in its domestic politics and demanded answers over the origins of Covid-19, China stopped buying exports like coal, wine and beef.
US Secretary of State Antony Blinken will step up efforts to secure a truce in Gaza during meetings in the Middle East starting Monday, in what could be a final chance to persuade Israel to call off an attack on Rafah.
Rishi Sunak has spent 18 months as prime minister fending off internal Conservative Party criticism and rumors of plots to oust him. So far it’s come to nothing — though his team is taking nothing for granted this week.
Ukraine’s government said two servicemen on leave in Germany were fatally stabbed and a Russian suspect was arrested on murder charges.
Fed Chair Jerome Powell’s dovish December pivot saved the US from recession. Now, getting inflation back under control requires a hawkish reversal.
Once renowned as avid overseas tourists, the Japanese are staying closer to home these days.
Gold ambitions are top of mind as the world’s biggest precious-metals producers wrap up the latest earnings season. North America’s newest oil pipeline project is slated to start commercial production, redrawing the flow of crude around the world. And cocoa’s price swings have been the most extreme since 1977.
The US Treasury is set to keep its sales of long-term debt steady in a new plan this week, with the government expected to get relief soon from the Federal Reserve’s rapid run-down in its securities holdings.
Economic advisers in Donald Trump’s orbit are clashing over their favored policy ideas, a fight that is spilling into public view as they jockey for influence over the presumptive Republican presidential nominee’s second-term plans.
US senators dismissed House Speaker Mike Johnson’s suggestion to send the National Guard to college campuses to quell growing protests against the war in Gaza and US support for Israel.
Tesla Inc.’s Elon Musk made an unannounced trip to China on Sunday, seeking approval for driver-assistance software that could help arrest the carmaker’s revenue decline.
Pakistani Prime Minister Shehbaz Sharif pledged to stay the course on structural reforms suggested by the International Monetary Fund ahead of an IMF vote on a $1.1 billion loan tranche for his country.
France’s government has sent an offer letter to Atos SE proposing to take over parts of the company that the state considers to be strategic, Finance Minister Bruno Le Maire said on Sunday.
Monthly inflation in Argentina could fall below 10% in April, a sign that the government’s policies are working, President Javier Milei said Sunday in a phone interview with LN+.
French President Emmanuel Macron raised the stakes in his call for a credible European defense by adding nuclear weapons to the discussion.
Fighting has become more heated along the front line in eastern Ukraine, with Russia exploiting its advantage over Kyiv’s forces along several axes, Ukraine’s top soldier said.
Blackstone Inc. is finalizing a revised offer to buy Hipgnosis Songs Fund Ltd. as the private equity firm looks to intensify a bidding contest for the London-listed music rights investor, Sky News reported.
Robust global economic growth may offer equities enough support to resume a record-breaking rally, even if bets on Federal Reserve interest rate cuts this year are completely abandoned.
New Yorkers looking to head to the beach towns of the Hamptons in luxury this summer will have a new bus to hop on.
The International Monetary Fund sees Egypt as likely to garner $639 million from the sale of two more state assets in the second quarter of 2024, as it laid out the goals of an expanded new loan deal aimed at boosting the North African nation’s economy.
The Manor Lords video game released this weekend by a small independent studio in Poland has sold more than a million copies, giving a timely boost to the country’s computer entertainment industry.
Jerome Powell’s remarks in the coming week will be closely parsed by investors for any clues on just how long the Federal Reserve is willing to wait before cutting interest rates.
Germany is considering scaling back plans to tighten government screening of Chinese investments, the Wall Street Journal reported.
For decades, carry traders have borrowed US dollars at low interest rates and invested in higher-yielding emerging-market currencies. But that flow is now getting turned on its head.
Joe Biden’s allies are racing to blunt the presidential campaign of Robert F. Kennedy Jr., casting his third-party effort as a stalking-horse bid designed to boost Donald Trump’s chances — even as his wide-ranging policy positions make him a threat to both.
The debate for the Federal Reserve is beginning to shift from how many times to cut interest rates this year to whether to cut them at all in 2024.
(Bloomberg) -- Italian prime minister Giorgia Meloni has put her name forward for the European election, leading her party lists — a common move for Italian politicians who seek to bolster party results in mid-mandate elections.
French President Emmanuel Macron said he’s open to discussing nuclear weapons as part of the creation of a credible European defense.
Poland is planning to cut the maximum electricity tariff that utilities can levy by 19% in order to reduce the costs of state subsidies and help shield households from the full impact of price increases.
Prime Minister Srettha Thavisin named capital markets veteran Pichai Chunhavajira as Thailand’s new finance minister in an appointment that may ease tensions between the premier and the central bank over monetary policy.