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Abu Dhabi’s Mubadala Investment Co. plans to invest as much as $15 billion in SoftBank Group Corp.’s Vision Fund and start two new venture capital funds to build its technology holdings. The SoftBank fund will be “wrapped up” in two to three weeks with about $95 billion of commitments, according to Ibrahim Ajami, head of venture capital at Mubadala Capital, the sovereign wealth fund’s investment arm. Mubadala plans to […]

The cyber attacks that swept the globe on Friday likely aren’t over just yet: current data show more than 1.3m computer systems are still vulnerable to infection to the debilitating WannaCry infection. So far, 200,000 computers across 150 countries are known to have been infected in the first wave of the WannaCry cyber attack, Europol said on Sunday. “The recent attack is at an unprecedented level and […]

Readers are familiar with the various microwave and laser arrays located at the real New York Stock Exchange in Mahwah, New Jersey, both of which we have written about in the past. Microwave tower located next to the NYSE in Mahwah, NJ. This article, however, is not about the familiar antennas off Route 17 in New Jersey. Instead, demonstrating to what lengths the high frequency traders will […]

Europe’s investment community has barely had time to breathe a sigh of relief following Emmanuel Macron’s victory in the French presidential elections before starting to fret about other latent threats to the eurozone. Some investors have hailed the election — in which Mr Macron, a pro-EU liberal defeated Marine Le Pen, the Eurosceptic rightwing candidate — as a sign that Europe’s economic recovery remains on track. This […]

NEW YORK/BOSTON Some of the biggest U.S. mutual and hedge funds, including Daniel Loeb’s Third Point and Daniel Och’s Och-Ziff Capital Management (OZM.N), owned stakes in Snap Inc (SNAP.N), parent of the wildly popular Snapchat messaging app, at the end of March, regulatory filings on Friday showed. The filings provide the first definitive snapshot on who bought Snap shares when it went public in early March, in […]

On Monday, we brought you the story of TokenCard, the Ethereum-based venture set to revolutionise the world of payments by bringing crypto folk the, errr, power of the Visa network. Yes, you’re wondering, what’s so special about that? Doesn’t every above-board payment facilitator offer Visa access? You’re right. They do. And a card processed by Visa is hardly a breakthrough innovation worth shouting about here in the […]

Warren Buffett said on Monday United Airlines made a “terrible mistake” in handling the fallout of a recent incident when a man was forcibly dragged off a United flight, which drew widespread outrage and sparked Congressional hearings. But the billionaire, whose Berkshire Hathaway Inc (BRKa.N) is the largest investor in the carrier’s parent United Continental Holdings Inc (UAL.N), acknowledged on CNBC television that flying has become less […]

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Sinclair Broadcast Group, the biggest US local television station owner, has struck an agreement to buy Tribune Media for $43.50 a share, valuing Tribune at about $3.9bn. The transaction is the first big move of an expected consolidation wave in media unleashed by the Federal Communications Commission’s recent decision to effectively loosen a cap on local television station ownership. The rule change has US media companies jostling […]

Akzo Nobel, the Dutch paints and coatings group, is set to reject a €26.9bn takeover offer by its US rival PPG Industries, in a move that will force its suitor to have to choose between making a hostile bid or walking away. Akzo is expected to reveal its rejection as soon as early this week, according to people close to the process. It would come roughly two […]

The Federal Reserve risks political interference and losing its independence if it maintains a large balance sheet in the longer term, former Fed officials have claimed, as debate over the central bank’s strategy for unwinding its interventions in financial markets intensifies. Kevin Warsh, a visiting fellow at the Hoover Institution at Stanford University and former Fed governor, said permanently holding vast quantities of assets like treasuries was […]

Shifti­ng of cases from FBR HQ to ‘inexpe­rience­d’ field format­ions raises eyebro­ws PHOTO: AFP ISLAMABAD: After a one-year hiatus, the government has shifted over 400 cases against persons named in the Panama Papers from the Federal Board of Revenue (FBR) Headquarters to its field formations, raising concerns that the authorities intend to bury the issue like many other high-profile cases. The decision shows that the federal government has […]

By Ann Saphir | PALO ALTO PALO ALTO San Francisco Federal Reserve Bank President John Williams on Saturday reiterated his view that the U.S. central bank should begin trimming its massive balance sheet later this year, in part so the Fed has more tools at the ready when the next recession hits. He was the fourth Fed official in two days to suggest the Fed may need […]

By Jonathan Stempel | OMAHA, Neb. OMAHA, Neb. Warren Buffett on Saturday faulted Wells Fargo & Co’s (WFC.N) previous management for failing to take action immediately upon learning that its employees were signing up customers for bogus accounts, causing a national scandal. Buffett spoke at the annual meeting of Berkshire Hathaway Inc (BRKa.N), which he chairs, and where he and Vice Chairman Charlie Munger are fielding five […]

May 5, 2017 by: Adam Samson and Mamta Badkar in New York IBM shares came under pressure on Friday when Berkshire Hathaway, one of the technology group’s biggest shareholders, revealed that it sold a third of its stake. The Armonk, New York-based company’s shares declined by 2.8 per cent on the day to $154.58, bringing its year-to-date fall to 6.8 per cent. Big Blue’s market value has […]

Delta Air Lines Inc (DAL.N) apologised on Thursday to customers, who were forced off its flight last month, and said it would refund them and provide additional compensation. A video was posted online by Brian Schear on Wednesday, claiming that Delta “booted” him off a flight, along with his wife and two infants, due to overbooking. (bit.ly/2qD3dYH) “We are sorry for the unfortunate experience our customers had […]

Mubadala Investment Company, established after the merger of Mubadala Development Company and International Petroleum Investment Company, began operations on Monday. The new entity is expected to accelerate Abu Dhabi’s economic diversification as it is active in 13 business sectors in more than 30 countries globally, state news agency WAM reported. The new firm’s total assets of about $125 billion, based on valuations at the end of 2015, […]

The Panama Papers investigation into the offshore secrets of the rich and famous has been awarded a prestigious Pulitzer prize. The prize was given to the Washington-based International Consortium of Investigative Journalists (ICIJ), together with two US titles, McClatchy and the Miami Herald. The judges cited a series of stories from the Panama Papers and the “collaboration of more than 300 reporters on six continents to expose […]

Hanging over discussion of Federal Reserve tightening has been a potentially market-shaking question: how to safely unwind the crisis-era asset purchases that bloated the central bank’s balance sheet.  Policymakers led by Janet Yellen, the Fed chair, have approached the topic gingerly, acutely aware of the potential to repeat the so-called taper tantrum of 2013, where ill-timed talk of slowing bond purchases roiled global markets.  Yet for all the […]

Abu Dhabi Financial Group (ADFG) has announced plans to launch Etihad REIT, a Shariah-compliant real estate investment trust (REIT). The REIT comprises a seed portfolio of 10 income producing assets situated in the UAE, the company said in a statement. It added that Etihad REIT expects to raise further capital through an initial public offering (IPO) on a stock exchange in the UAE at an appropriate time […]

Emerging from an Hermès store in Shanghai with a shiny new watch costing “tens of thousands” of renminbi, Zhao Feifei is emblematic of a younger generation of Chinese consumers driving a rebound in sales of European luxury brands. “I’m earning more than before so I’m more willing to spend,” says Ms Zhao, who works in an internet finance company. The 30-year-old is one of the many customers […]

Emerging market equities have been the darling asset class de jour in 2017, mainly in Asia and Latin America, despite the March FOMC rate hike, a US Dollar Index at or above 100 and a mini-swoon in crude oil after a Saudi-Russian output cut spat. Earnings growth (India/Thailand) a stabilized currency (China), policy reforms (India, Brazil, Indonesia) local interest rate cuts (Brazil) and lower US protectionist policies […]

TOKYO McDonald’s Corp (MCD.N) has put on hold plans to sell shares in its Japan unit, which recently returned to profit for the first time in three years after a series of food scandals shook consumer confidence in the chain. The fast food giant has “made the decision to not proceed with the transaction at this time,” Chief Finance Officer Kevin M. Ozan told investors on a […]

After yesterday’s violent gap up in stocks across the globe in response to the “expected” outcome from the French election, today the risk on sentiment has continued if to a lesser extent, with stocks in Europe, Asia all rising while S&P futures point to a higher open. Yen, gold decline, while the euro traded as high as 1.09 this morning before fading some gains; oil is up […]

By Sam Nussey and Ritsuko Shimizu | TOKYO TOKYO Japan’s growing labor shortage threatens the nation’s ubiquitous convenience stores, whose business model relies on an army of part-timers packing bento lunch boxes, manning cash registers and delivering goods 24/7. The big three “combini” operators 7-Eleven, FamilyMart and Lawson, which have expanded through Japan’s long slump, are scrambling to ease the pressure on franchisees by offering a mix […]

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