Bloomberg “Trump Leans Toward Jay Powell As Next Fed Chairman.” President Donald Trump is leaning toward appointing Federal Reserve Governor Jerome Powell to be the next chairman of the Fed, according to three people familiar with the matter. The decision isn’t yet final, the people cautioned, and Trump could change his mind at any time.....
Bloomberg “Trump-Russia Probe’s Opening Salvo Targets Manafort, Partner.” Paul Manafort, a former campaign manager for President Donald Trump, and his onetime business partner Rick Gates were charged with conspiracy against the U.S., the first people charged in the broad investigation into Russian meddling with the U.S. election. Manafort laundered more than $18 million to support....
BBC News “UK interest rates rise for first time in 10 years.” The official bank rate has been lifted from 0.25% to 0.5%, the first increase since July 2007. It is likely to rise twice more over the next three years, according to Bank of England governor Mark Carney. The move reverses the cut in....
Bloomberg “Trump Is Leaving Japan Empty-Handed on Trade.” For all the apparent chumminess between President Donald Trump and Japan’s Shinzo Abe, it hasn’t resulted in much concrete action to address Trump’s main complaint: fixing what he sees as an unfair trade relationship with Japan. For Trump, more known for shoving a fellow leader aside than....
Bloomberg “China Makes Historic Move to Open Market for Financial Firms.” China took a major step toward the long-awaited opening of its financial system, saying it will remove foreign ownership limits on banks while allowing overseas firms to take majority stakes in local securities ventures, fund managers and insurers. The new rules, unveiled at a....
Bloomberg “Pound Slides as Pressure on May’s Leadership Adds to Brexit Woes.” The pound slumped as much as 1 percent as political developments in the U.K. cast a shadow on Prime Minister Theresa May’s ability to push for the Brexit deal she aims for. Sterling snapped a two-day rally after the Sunday Times reported 40....
Reuters “Zimbabwe’s army seizes power, targets ‘criminals’ around Mugabe.” Zimbabwe’s military seized power on Wednesday saying it was holding President Robert Mugabe and his family safe while targeting “criminals” in the entourage of the only ruler the country has known in its 37 years of independence. Soldiers seized the state broadcaster and a general appeared....
Bloomberg “The Business Tax Problem Causing Trouble for the GOP.” The Senate tax plan encountered its first outright Republican opposition this week, from a senator whose concerns might foreshadow the biggest business challenge ahead for the proposal. Senator Ron Johnson of Wisconsin called the plan — which was approved by the Senate Finance Committee late....
Bloomberg “Putin Sees ‘Real Chance’ to End Syria War at Talks With Iran and Turkey.” Russian President Vladimir Putin said there’s a “real chance” to end the 6 1/2 year civil war in Syria as he met his counterparts from Iran and Turkey seeking to seal a peace deal that is likely to keep his....
Bloomberg “Canada’s Debt Problem Gets Helping Hand From Economic Boom.” There are two things that could impede Bank of Canada Governor Stephen Poloz from raising interest rates further in the coming months: worries about the financial system’s ability to cope with higher borrowing costs and concern that plenty of slack remains in the economy. By....
Bloomberg “Ex-JPMorgan Traders Start Singapore Currency Options Quant Fund.” Two former JPMorgan Chase & Co. foreign-exchange option traders will start a quantitative hedge fund in January, using artificial intelligence to trade currency options. Atsuo Ogaki and Damien Loh have established Ensemble Capital Pte Ltd. in Singapore with capital $75 million from high-net worth investors, family....
Bloomberg “Japan’s Economy Is Still Outrunning Its Potential Growth Rate.” Japan’s economy is on track to close out the year expanding faster than its potential growth rate, even after recent soft readings for consumption and inflation. Global demand remains strong, driving double-digit gains in Japanese exports in recent months and helping to fuel business investment.....
Bloomberg “BlackRock and Vanguard Are Less Than a Decade Away From Managing $20 Trillion.” Imagine a world in which two asset managers call the shots, in which their wealth exceeds current U.S. GDP and where almost every hedge fund, government and retiree is a customer. It’s closer than you think. BlackRock Inc. and Vanguard Group....
Bloomberg “Wall Street Has No Idea What’s Going to Happen to Credit Markets in 2018.” It’s the season for investment banks to try to predict the future in credit markets. The ritual is trickier than usual this time. Rarely have they been so divided by a rally that seems to defy economic gravity — and....
Bloomberg “U.S. Stocks Are Having One of the Best Years in Half a Century.” Rarely in the last half century have the stars been so aligned for U.S. stocks. The collapse in volatility and mid-year slump in bond yields has helped investors earn the third biggest risk-adjusted return from U.S. equities in 50 years, according....