JAPANESE Finance Minister Taro Aso said he is closely watching the currency. TOKYO — Japanese Finance Minister Taro Aso said on Tuesday he was monitoring currency moves “with a sense of urgency” after a recent spike in the yen, using a phrase suggesting policy makers’ concern about excessive volatility. While declining to comment on specific foreign exchange levels, Aso underscored the importance of stability in the Japanese currency, which tends to be perceived as a…"Japan closely watching yen moves ‘with urgency’"
Go ahead, vinophiles. Raise a celebratory glass knowing that some of your favorite wines haven’t yet been dragged into President Trump’s ever-expanding trade war. Big Tech though just might sit this one out. The French wine industry on Tuesday was quick to hail a “no-tax” victory—even if it proves shortlived—a day after the G7 Summit wrapped up on its home turf in Biarritz. Things looked uncertain just a few days ago when Trump, in a…"A Tale of Two Industries: Why Winemakers Are Hailing a G7 Victory and Tech Companies Are Crying Foul"
REUTERS SYDNEY — Australia’s central bank would consider unconventional monetary options if the cash rate was cut to 0.5%, Deputy Governor Guy Debelle said on Tuesday, though he hoped such heavy policy adjustments would not be needed. Debelle said the Reserve Bank of Australia (RBA) has looked at the experiences of Canada, the United States and the United Kingdom where rates have in the past been cut to 0-0.5%. Those experiences provided some guidance on…"RBA open to unconventional policy if cash rate cut to 0.5%"
Peter Thiel’s Founder’s Fund, one of Facebook’s earliest backers, has sold off its remaining shares in the social network. The action, revealed in a regulatory filing late Monday, leaves the PayPal founder with just 63,550 independently held shares of Class A Facebook stock. That’s just 0.1% of the 44.7 million shares he held in the company when it went public in 2012. The most recent sale, which occurred last week, brought in $4 million. Thiel…"Peter Thiel Has Largely Sold All of His Facebook Stock"
UNIONBANK of the Philippines, Inc. is looking to issue fresh debt as well as redeem old papers. UNIONBANK of the Philippines, Inc. wants to issue up to P20 billion unsecured subordinated debt as well as to redeem voluntarily P7.2 billion worth of unsecured subordinated debt due 2025. The Aboitiz-led lender said in a disclosure to the local bourse that its board of directors, after its meeting last Aug. 23, approved to issue unsecured subordinated debt…"UnionBank looking to issue P20-billion unsecured debt"
AYALA-LED Bank of the Philippine Islands (BPI) secured on Tuesday a “BBB+” long-term and “A-2” short-term issuer credit ratings (ICR) with a stable outlook from S&P Global Ratings. “This is the first credit rating assigned by S&P to the bank, of which the ‘BBB+’ ICR is at par with the Philippine sovereign rating of ‘BBB+,’” the lender said in a disclosure on Tuesday. “The stable outlook on BPI reflects our view that the bank will…"Bank of the Philippine Islands gets investment-grade rating from S&P"
A once-unthinkable collapse in global bond yields is forcing pension funds to buy bonds that offer negative returns — putting the financial security of future retirees in jeopardy. U.S. institutions managing trillions of dollars in retirement savings — including the California Public Employees’ Retirement System — have been ratcheting down return expectations. Japan’s Government Pension Investment Fund, the world’s largest, has warned that money managers risk losses across asset classes. In Europe, pension funds may be forced…"Financial Security of Future Retirees in Jeopardy After ‘Financial Vandalism’ of Falling Yields"
BW FILE PHOTO THE GOVERNMENT made a full award of the reissued three-year Treasury bonds (T-bond) it offered yesterday on the back of strong demand following the speech of US Federal Reserve Chief Jerome Powell over the weekend and bets of monetary easing by the local central bank as early as next month. The Bureau of the Treasury fully awarded P20 billion worth of the reissued bonds, with total tenders amounting to P56.6 billion or…"Gov’t fully awards three-year T-bonds"
As President Trump and China escalate their trade war, there is a tariff champion in the White House that strongly supports this kind of approach. It’s not Larry Kudlow, who described himself on his Kudlow.com website as an “Influential supply-side economist, and unapologetic supporter or capitalism and the free markets.” (His website was taken down when he joined the administration.) Instead, it is Peter Navarro, the Director of Trade and Manufacturing Policy, whose raison d’être in…"Tariff Man: Behind Trump Economic Advisor Peter Navarro’s Long Quest to Ratchet Up the Trade War With China"
When Wall Street welcomed Uber and Lyft to the public markets earlier this year, it was heralded as a defining moment for an entire generation of tech unicorns that, until recently, had mostly eschewed the rite of passage that is an initial public offering. But in the wake of their IPOs, both ride-sharing giants have found that life as a public company is perhaps not all that it’s cracked up to be. Publicly-traded status, of…"For Tech Companies Going Public, An Unwanted Side Effect: IPO-Related Lawsuits"