"It Feels Like An Avalanche": China's Crackdown On Conglomerates Has Sent A "Shock Wave" Across Markets
The first to suffer Beijing's crackdown against China's private merger-crazy conglomerates, wave was the acquisitive "insurance" behemoth, Anbang, whose CEO Wu Xiaohui briefly disappeared as the Politburo made it clear that the "old way" of money laundering - via offshore deals - is no longer tolerated. Then, several weeks later and shortly after the stocks of the "famous four" Chinese conglomerates plunged after China officially launched a crackdown on foreign acquirers amid concerns of "systemic risk", it was HNA's turn, which as we described last week, risks becoming a "reverse rollup from hell", as HNA's stock tumbled, sending the LTV of billions in loans collateralized by the company's shares soaring and in danger of unleashing an catastrophic margin call among the company's lenders. Then Beijing's attention shifted to the biggest conglomerate of them all: billionaire Wang Jianlin’s Dalian Wanda Group, which as the WSJ and Bloomberg reported was being "punished" by Beijing, and would see its funding cutoff after China "concluded the conglomerate breached restrictions for overseas investments." The scrutiny could rein in Wang’s ambitious attempt to create a global entertainment empire, including Hollywood production companies and a giant cinema chain he’s built up through acquisitions from the U.S. to the U.K. Six investments, such as the purchases of Nordic Cinema Group Holding AB and Carmike Cinemas Inc., were found to have violations, said the people, who asked not to be identified discussing a private matter. The retaliatory measures will include banning banks from providing Wanda with financial support linked to these projects and barring the company from selling those assets to any local companies, the people said. The move is an unprecedented setback for the country’s second-richest man, who has announced more than $20 billion of deals since the beginning of 2016. By targeting one of the nation’s top businessmen, the government is escalating its broader crackdown on capital outflows and further chilling the prospects of overseas acquisitions during a politically sensitive year in China. Summarizing the abrupt shift in sentiment in China was Castor Pang, head of research at Core-Pacific Yamaichi, who said that “to investors, political risk is now the biggest concern when investing in Chinese companies. Not only Wanda, every Chinese company won’t find it easy anymore to acquire assets overseas. Stabilizing the yuan is the top priority for Beijing now.” While it is not exactly clear just why Beijing so quickly soured on foreign transactions - as we explained back in 2015, it was abundantly clear back then these were nothing more than a less than sophisticated way to launder money offshore - unless of course the capital flight out of China is far worse than what Beijing would disclose, what has become quite clear is that Wanda was among the conglomerates including Fosun International, HNA Group and Anbang Insurance whose loans are under government scrutiny after China’s banking regulator asked some lenders to provide information on overseas loans to the companies. In other words, the foreign merger party is over. In fact, for some of the above listed 4 conglomerates, the party may be over, period. And now as the WSJ reported over the weekend, it has become clear that China’s government reined in one of its brashest conglomerates with the explicit approval of President Xi Jinping, "according to people with knowledge of the action—a mark that the broader government clampdown on large private companies comes right from the top of China’s leadership." The measures, with President Xi’s previously unreported approval last month, bar state-owned banks from making new loans to property giant Dalian Wanda Group to help fuel its foreign expansion. The cutoff in bank financing for the company’s foreign investments highlights Beijing’s changing view of a series of Wanda’s recent overseas acquisitions as irrational and overpriced. In short, and as noted above, Yuan stability above all. For the local market, the shift in Beijing's strategy is nothing short of a seismic shift: “It feels like an avalanche,” said Jingzhou Tao, a lawyer at Dechert LLP in Beijing, who does mergers and acquisitions work. “This is sending a shock wave through the business community.” * * * Regular readers are aware of what, until recently, was China's unquenchable thirst for foreign money laundering transactions, something we first pointed out at the start of 2016, and which had - until recently - grown exponentially. Since 2015, the four companies completed a combined $55 billion in overseas acquisitions, 18% of Chinese companies’ total. In recent days, however, as reported here 2 weeks ago, Wanda’s billionaire founder Wang Jianlin has been shrinking his empire by selling off assets and paying back the company’s bank loans. What is surprising about the sudden shift, is that Beijing had for years been encouraged Chinese companies to scour the globe for deals. Now, in a dramatic U-turn, it is reining in some of its highest-profile private entrepreneurs in what officials say is growing unease with their high leverage and growing influence. As the WSJ notes, "the measures serve as a stern warning for other big companies that loaded up on debt to buy overseas assets, officials and analysts say." How does the president fit into all of this? According to the WSJ, "Xi acted after China’s cabinet set the government machinery in gear by directing financial regulators, the economic planning agency and other bureaucracies to take a hard look at foreign acquisitions, once seen as a means for China to showcase its economic might." And, as previously reported, the crackdown started at Anbang and HNA, when Chinese banking regulators first ordered banks to scrutinize loans to Anbang in June, and other highfliers including airlines-and-hotels conglomerate HNA Group, which has pulled back on overseas investments. HNA said in a statement it continues to take a “disciplined approach” to identifying “strategic acquisitions across our core areas of focus.” Discussing the government's crackdown on conglomerates, officials at Fosun said the firm has “overseas funds and other stable financing channels,” including a fund of around U.S. $1 billion to invest, but emphasized it “fully respects the government regulations both in China and overseas markets.” Fosun has a listed unit in Hong Kong, and its strategy to invest in health care and technology “adheres to China’s global investment strategy,” said a spokesman, Chen Bo. In any case, the most likely outcome is that in the future China’s private companies will have trouble getting capital, which would help shift financial clout further in favor of big state-owned enterprises, which may also explain President Xi's change in opinion. Beijing’s sterner line comes as big private businesses and others have been amassing capital and influence that challenge the authoritarian Chinese leadership’s firm hold on the economy. Its grip has been tested over a bumpy few years. After a 2015 stock market meltdown and a botched government rescue, a gush of money flowed out of the country looking for better returns. That in turn put pressure on China’s tightly controlled yuan and foreign-exchange reserves, both seen by Beijing as barometers of confidence in the economy. It has also led to a chilling effect on Chinese outbound investment which has crashed as shown in the chart below. Putting the foreign merger spree in context, Chinese firms completed $187 billion in outbound deals last year, according to Dealogic, as private companies snapped up trophy properties, soccer clubs and hotels, while Chinese with means bought homes and pushed up real-estate prices from Texas to Sydney. The private sector’s share of overseas spending shot up from barely above zero about a decade ago to nearly half of China’s total overseas investments in 2016, before slipping back to 36.9% in the first half of 2017, according to Derek Scissors, a China expert at the American Enterprise Institute. But the most important factor, and among the main reasons for the current crackdown, is that amid the rush of investments, Beijing burned through nearly a trillion dollars in foreign-exchange reserves trying to steady the yuan. That ultimately led government regulators to clamp controls on money exiting the country and to scrutinize all proposed major offshore investments. Just as we predicted over a year ago would happen, once the government finally realized that all that M&A is nothing more than capital flight. As the WSJ puts it, "the latest scrutiny is a watershed moment in the Communist government’s relations with a private sector it has never been comfortable with. Though some senior leaders, particularly Premier Li Keqiang, are urging a new culture of startups and small businesses, Mr. Xi has promoted plans to make already-large state enterprises larger and strengthen their sway over the economy." There are other reasons for the crackdown too: one is the still fresh memory of what happened in Japan when it did the exact same thing. China is acutely aware that as Japan rose to economic prominence in the 1980s, its companies splurged on American real estate and other trophy assets, resulting in losses that cascaded through Japan’s banking sector. But mostly, it is about power and control: Mr. Tao, the Beijing lawyer, says the government’s new aggressive posture is driven in large measure by a need for control. “State-owned assets, whether in China or abroad, are still state assets,” he said. “But when private entrepreneurs take their money out, it’s gone. It’s no longer something that China can benefit from or the Chinese government can get a handle on.” And since in any power struggle between Chinese companies and Beijing in general, and Xi Jinping in particular, the latter will always win, the market's reaction was to violently selloff any big Chinese conglomerate stocks. An early sign of government discomfort with overseas spending was Anbang’s unsuccessful $14 billion bid for Starwood Hotels & Resorts Worldwide Inc. in 2016. Authorities expressed displeasure with the bold move, believing that Anbang had offered too much, according to a person with knowledge of the situation. Anbang, which had appeared unstoppable in 2014 when it struck a $2 billion deal to buy the U.S. Waldorf Astoria hotel, fell deeper in trouble. This past June, special government investigators looking into economic crimes detained Anbang’s chairman, Wu Xiaohui, who hasn’t appeared in public since. Separately, in the case of Wanda, regulators acted in the belief the company overpaid in efforts to expand beyond shopping centers and hotels and into entertainment, according to the people with knowledge of the action. Its largest such acquisition was of Legendary Entertainment, the Hollywood producer and financier behind films including “Jurassic World” and “The Dark Knight.” Wanda spent $3.5 billion to buy Legendary in 2016; In Hollywood, industry insiders widely believed the company paid too much. Legendary said this week that it is well-capitalized, operating normally and able to fund its film and television productions. As for HNA, recall that it was the stealthy buyer of Anthony Scaramucci's SkyBridge Capital, another deal which will soon fall under tremendous scrutiny, and which could be unwound in the coming weeks if concerns about conflicts of interest emerge again, only this time not between the US and Russia - especially once the "Russia collusion" story is finally over - but the White House and Beijing.
Валютное управление Сингапура оштрафовало Credit Suisse и United Overseas Bank в общей сложности на 1,6 млн сингапурских долларов (1,15 млн долларов США) за нарушения правил по борьбе с отмыванием средств, передает собкор Банки.ру в Брюсселе.
SINGAPORE/ZURICH (Reuters) - Singapore's central bank has fined Credit Suisse and United Overseas Bank (UOB) a total of S$1.6 million ($1.2 million) for breaching anti-money laundering rules in transactions related to Malaysia's scandal-ridden state fund 1MDB.
Фондовые индексы Азиатско-Тихоокеанского региона преимущественно снижаются в четверг вслед за рынком акций США, пишет The Wall Street Journal.
AUSTRALIA’S “spring-selling” real estate season is seeing a defiant return of Chinese buyers, undaunted by lending restrictions aimed at curbing their interest in the country’s sky-rocketing housing market. Financiers
Финансовый журнал Global Finance опубликовал список обладателей премии Лучший частный банк мира, первое место в котором занял швейцарский банк UBS. Лучшим частным банком в России издание назвало "Сбербанк". Первое место в Восточной и Центральной Европе занял банк Unicredit. Самым инновационным частным банком назван американский Citi, лучшим бутик-банком в данном сегменте стал Banque Syz. Лучшим на развивающихся рынках был признан бразильский Itaú Unibanco, лучшим банком для инвестирования — сингапурский United Overseas Bank (UOB). Лучшим для предпринимателей оказался американский Northern Trust, для топ-менеджеров — Morgan Stanley, а для тех, чье состояние превышает $25 млн, - J.P. Morgan.
Финансовый журнал Global Finance опубликовал рейтинг лучших частных банков мира (World's Best Private Banks Awards-2017), первую строчку в котором...
Наличные деньги продолжают пользоваться спросом даже в век электронных платежей, при этом их перевозка - бизнес узкоспециализированный, сложный и неприбыльный, и основной объем банкнот в мире транспортируют всего три банка.
MORE bad polls for Trump -- SCOOP: BECKETT is likely NEW WSJ bureau chief -- AARP to drop out of ALEC -- Playbook Interview: Tim Phillips
Good Friday morning, and happy Olympics opening day. ALERT: NBC’s Savannah Guthrie will interview Gov. Mike Pence and his wife Karen live in the 8 a.m. hour of the “Today Show.” Savannah will be in New York, and the Pences will be in Indianapolis. CHUCK TODD guessed on Morning Joe that next week we’ll see RED STATE polling that shows Hillary Clinton competitive with Donald Trump.--MORE BAD POLLS FOR TRUMP -- out during happy hour last evening: NBC/WSJ: Hillary Clinton 47, Donald Trump 38. She leads Trump with African-American voters 91 percent to 1 percent … McClatchy: Clinton 48, Trump 33 … Suffolk University: Clinton 47, Trump 41 in Florida. http://bit.ly/2aNfCTQDAILY DONALD -- “Donald Trump and Mike Pence Again Diverge on Endorsements,” by NYT’s Alex Burns in Portland, Maine, and Noah Remnick in Raleigh, North Carolina: “Facing urgent calls to stabilize his candidacy and declining poll numbers, Donald J. Trump struggled on Thursday to refocus his message after threatening to withhold his endorsement from top Republican officeholders, including Paul D. Ryan, the speaker of the House. Snarling Mr. Trump’s efforts to move past the controversy, he and his running mate, Gov. Mike Pence of Indiana, broke ranks for the second time in two days on questions of party unity. Having already split with Mr. Trump over his refusal to endorse Mr. Ryan, Mr. Pence went his own way again Thursday, telling WTKR, a television news station in Norfolk, Va., that he supported senators running for re-election whom Mr. Trump had snubbed, John McCain of Arizona and Kelly Ayotte of New Hampshire ...“Mr. Trump told supporters that Mr. Pence had come to seek his permission before endorsing Mr. Ryan. ‘He said, ‘I like him, he’s a friend of mine, would you mind if I endorsed him, and I will not do it if you say no,’’ Mr. Trump said. ‘I say, ‘Mike, you like him? Yes. Go ahead and do it.’” http://nyti.ms/2azvxImHAPPENING TODAY -- Donald Trump and Mike Pence are together in Des Moines and Green Bay, Wisconsin. Hillary Clinton is speaking at the National Association of Black Journalists conference in D.C. Tim Kaine is in Grand Rapids, Michigan.NEW CLINTON AD -- “Unfit” -- Featuring conservative foreign-policy and security poobahs, saying Donald Trump isn’t fit for the presidency.SPOTTED: Max Boot, Charles Krauthammer, Michael Hayden, Gillian Turner. http://bit.ly/2aJ015S TOP ED -- “I Ran The C.I.A. Now I’m Endorsing Hillary Clinton,” by Michael J. Morrell in the NYT: “During a 33-year career at the Central Intelligence Agency, I served presidents of both parties — three Republicans and three Democrats. I was at President George W. Bush’s side when we were attacked on Sept. 11; as deputy director of the agency, I was with President Obama when we killed Osama bin Laden in 2011. I am neither a registered Democrat nor a registered Republican. In my 40 years of voting, I have pulled the lever for candidates of both parties. As a government official, I have always been silent about my preference for president. No longer. On Nov. 8, I will vote for Hillary Clinton. ... Two strongly held beliefs have brought me to this decision. First, Mrs. Clinton is highly qualified to be commander in chief. I trust she will deliver on the most important duty of a president — keeping our nation safe. Second, Donald J. Trump is not only unqualified for the job, but he may well pose a threat to our national security. … In the intelligence business, we would say that Mr. Putin had recruited Mr. Trump as an unwitting agent of the Russian Federation.” http://nyti.ms/2ayA5eeSCOOP -- THE BUZZ ON CONNECTICUT AVE. -- NEW WSJ BUREAU CHIEF! -- FROM JAKE AND HADAS GOLD: Paul Beckett, the Asia editor of the Wall Street Journal, will take over as the WSJ’s D.C. bureau chief, according to multiple sources at the paper. Jerry Seib, who has been at the paper since 1977 and has been the bureau chief on and off for years, will become Washington executive editor and chief commentator. Neil King, who is the paper’s deputy bureau chief and a favorite of the paper’s D.C. crew, will get an expanded portfolio, which includes a bigger role in political coverage. http://politi.co/2aJesXN--SIXTH AVENUE PALACE INTRIGUE: Many people see Beckett as a short timer, someone who needs to get to know D.C. -- the paper’s largest bureau -- en route to a bigger job in New York.HOW WASHINGTON WORKS -- At 3:32 p.m. Thursday afternoon, Anna reached out to AARP to ask them whether they were going to renew their membership in the American Legislative Exchange Council, a controversial conservative legislative group focus on state politics. Anna wrote that we were going to do an item about it in Playbook. Groups like AFSCME, Social Security Works, ClimateTruth.org and others were launching a campaign and had just begun circulating a letter, asking AARP to leave ALEC. At 5:58 p.m., Anna got an email from AARP saying, “We will not renew our membership to ALEC. AARP will continue to explore avenues that will enhance our interaction with organizations and elected officials that represent different perspectives in order to further the issues important to Americans 50+ and their families.” The letter that did it: http://politi.co/2aoPzzMMUST WATCH -- DNC VIDEO -- Behind the scenes look at the Democratic National Convention. This video is a great index of who is in power in Clinton world. SPOTTED: Capricia Marshall, toting several bags, walking with Hillary Clinton, Huma Abedin and Hillary’s body woman, the pride of Manteno, Illinois, Connolly Keigher; a smiling Joe Biden; Sen. Cory Booker fist pumping; Gabby Giffords; Bill Clinton; Sen. Elizabeth Warren chatting with Sarah Silverman, while walking with Gary Gensler; Meryl Streep; Bill watching HIllary in Chappaqua, New York, with Meryl Streep, backstage; Lena Dunham; America Ferrera; Hillary backstage with Bill, Mark Mezvinsky, Chelsea, Tim Kaine and Anne Holton; Obama head bobbing to Eminem; and Rep. John Lewis. http://bit.ly/2aM05DITONIGHT AT THE WHITE HOUSE -- Obama’s birthday party! -- Page Six: “President Barack Obama will celebrate his 55th birthday with a huge all-night party Friday at the White House with stars including Beyoncé and Jay Z … Michelle Obama is throwing a top-secret bash for the president to celebrate his last birthday in the White House. We’re told that a host of stars will attend — including Usher, who’s expected to perform, as well as Obama’s favorite rapper Kendrick Lamar, and Jason Wu, who designed the first lady’s inaugural ball gowns in both 2009 and 2013. Others who have made the guest list include Ellen DeGeneres and Portia de Rossi, Sarah Jessica Parker, Stevie Wonder, Jennifer Hudson, John Legend, Magic Johnson and Alonzo Mourning.” http://pge.sx/2ayMvRjTHE MAP -- “Clinton pauses ads in Virginia in sign of confidence,” by Steven Shepard: “The campaign’s new television ad buy, which begins next Tuesday, consists of Florida, Iowa, Nevada, New Hampshire, North Carolina, Ohio and Pennsylvania. The reservations, which could easily be amended in the future, run through Labor Day. The decision reflects increasing confidence among Democrats that Clinton will keep Virginia, a state that had been expected to be bitterly contested, in the blue column this fall. The pro-Clinton super PAC Priorities USA is scaling back its Virginia ad campaign later this month, as well.” http://politi.co/2b7AC6BMEA CULPA -- “Trump admits he didn’t see nonexistent Iran money video,” by Nick Gass: “Donald Trump did something unusual Friday: He admitted he was wrong. ‘The plane I saw on television was the hostage plane in Geneva, Switzerland, not the plane carrying $400 million in cash going to Iran!’ the Republican nominee tweeted, a day after he doubled down on his claim that he had seen footage of a plane unloading money on the same day the Iranian government released four American prisoners in January.’” http://politi.co/2aD0fxTDEFECTION WATCH -- “Clinton broadens campaign effort to target wary Republicans,” by WashPost’s Anne Gearan, Abby Phillip and John Wagner: “Donald Trump’s flailing campaign has prompted Democrats to launch a new, broad effort to offer Hillary Clinton as a safe harbor for Republicans who find they can no longer stomach the GOP presidential nominee. Clinton’s campaign is quietly broadening its outreach to potential Republican converts, including donors, elected officials, and business and foreign policy leaders. The message is simple: Even if you have never before considered voting for a Democrat, and even if you don’t like Clinton, choosing her this year is a moral and patriotic imperative. ‘Duty, honor, country,’ is how one person familiar with recent campaign outreach put it.” http://wapo.st/2aJaiiJ--“Harvard Republican Club won’t endorse Trump for president” -- AP/Cambridge: “The Harvard Republican Club won’t be endorsing Donald Trump, marking the first time in 128 years that the organization has not backed the Republican nominee for president … The organization said Trump’s platform would endanger Americans' security both at home and abroad, and his views are not consistent with conservative principles. It also said Trump’s mocking and belittling of various groups and people is both bad politics and ‘absurdly cruel.’” http://apne.ws/2aFuCkqEXCLUSIVE: Memo from Marlon Marshall, director of states and political engagement for the Clinton campaign, on the post-convention bus tour. http://politi.co/2aYcNlPTWO PAUL RYAN PRIMARY STORIES -- “Mini-Trump goes after Ryan in his own backyard,” by Rachael Bade in Janesville: “In an abandoned parking lot on the outskirts of Paul Ryan’s hometown, Paul Nehlen railed against what he called the House speaker’s “open borders policies" and claimed Ryan is ‘giving American jobs to foreigners.’ Attendance at the Wednesday evening rally was sparse: about two-dozen supporters, at least half of them campaign volunteers or staffers, and three who told POLITICO they weren’t even from the southeast Wisconsin district …“By Tuesday’s primary, he’ll have spent about $611,000 on local TV and radio ads since early July ... That’s a major uptick for Ryan, who has not resorted to TV ads much in recent election cycles to dispatch Republican challengers.” http://politi.co/2aCLV8K--NYT, “Paul Ryan’s Rival, a Long Shot, Tries to Gain an Edge From Donald Trump’s Praise,” by Nicholas Fandos in Janesville: “‘This is one of those campaigns that looks big on social media and in certain conservative media, but when you get down on the ground in Racine, in Kenosha and Janesville, it’s just not there,’ said Charlie Sykes, a conservative radio host who holds sway among Republicans here. ‘The grass-roots Republican activists are not divided on Paul Ryan.’” http://nyti.ms/2ayERWO--Poll: RYAN will trounce his opponent: Paul Ryan 80, Paul Nehlan 14. http://politi.co/2aNikZvWHAT HOUSE GOP LEADERSHIP IS READING -- WSJ ed board (called the Paul Street Journal in D.C. circles because of their allegiance to Paul Ryan) -- takes on the FREEDOM CAUCUS. “The Huelskamp Mistake: Why did a conservative lose in one of the most conservative districts?”: “The lost opportunity is that [defeated Kansas GOP Rep. Tim] Huelskamp is the kind of principled reformer who might have made a difference in Washington. The GOP needs Members willing to stand up to lobbies like the U.S. Chamber that support business subsidies. His mistake was getting caught up in the Heritage Action-Ted Cruz phony political rage to the point that he refused any compromise. In 2012 he voted against Paul Ryan’s budget that included Medicare and tax reforms and cut discretionary spending by $20 billion below levels agreed to in the sequester. Mr. Huelskamp claimed it didn’t cut spending enough.“By denying the House GOP a working 218-vote majority for budgets and other reforms, Mr. Huelskamp and the Freedom Caucus have too often handed power to Democrat Nancy Pelosi and made conservative reform impossible. This caught up with him at home. His defeat should be a lesson to the rest of the Freedom Caucus that reforming and shrinking government require more than fanning populist anger.” http://on.wsj.com/2aRBcYHTOP TWEETS -- @Taniel: “Trump among African-American respondents in the latest national polls: Marist: 2% Fox News poll: 1% NBC/WSJ poll: 1%” … @alexburnsNYT: “Two 2016 assumptions that have always been flawed, now exposed as such: 1. Nothing ever hurts Trump 2. No such thing as bad publicity” @alivitali: “While Trump talks about his tax plan, a man calls out ‘release YOUR taxes.’ He is escorted out.” [email protected]: “Submitted without comment: Right now Oliver North is commenting on Fox News about sending money to Iran.”PIC DU JOUR -- @CallyGingrich: “Beautiful evening on Martha’s Vineyard with @newtgingrich.” http://bit.ly/2amYwOeFOR YOUR RADAR -- “Merkel’s approval ratings plunge after Bavaria terror attacks: German chancellor’s popularity suffers amid criticism of refugee policy,” by the FT’s Guy Chazan in Berlin. “Angela Merkel’s approval ratings have plunged in the wake of two Islamist terror attacks in the southern German state of Bavaria last month that reignited criticism of her refugee policy. The ARD-Deutschlandtrend poll showed the chancellor’s approval rating had dropped 12 percentage points to 47 per cent — the second lowest level since the start of the current parliament in 2013.” http://bit.ly/2azG2M4MEDIAWATCH -- “What is feminist hero Susan Estrich doing representing Roger Ailes?” by WashPost’s Paul Farhi: “As a rising feminist legal scholar, Susan Estrich once wrote this in the Stanford Law Review: ‘It should be obvious that the system already contains serious disincentives to women filing sexual harassment complaints. Start with embarrassment, loss of privacy, and sometimes shame. If the woman remains employed, she faces the prospect that her harasser and others will make her life impossible. If she has quit or been fired ... the danger is that she will be branded a troublemaker, and find it difficult to find another job.’ That was in 1991. Lately, some people are wondering whether Estrich, a pioneering advocate for women’s legal rights, has changed her mind. Last month, a minor shock wave coursed through feminist and legal circles when Estrich’s name surfaced in an unexpected context: As the new defense co-counsel to Roger Ailes, the founder and former chief executive of the Fox News Channel.” http://wapo.st/2aVHQyd--“Donald Trump Loves To Hate The New York Times,” by HuffPost’s Michael Calderone: “Though Trump’s had a long and tangled relationship with New York’s tabloids, it’s the Times that’s seemed to loom largest for the Queens kid who made a gold-plated name for himself in Manhattan. ‘I think he’s always had a deep fascination with The New York Times and a need to get the paper’s broader approval of his career and who he is,’ said Timothy O’Brien, a former Times reporter and author of TrumpNation, a 2005 investigative biography that prompted Trump to launch an unsuccessful lawsuit against him.” http://huff.to/2amZOcbAIR WARS -- The DCCC cut an ad yesterday to respond to Colorado Rep. Mike Coffman’s ad saying he would stand up to a President Donald Trump. “Coffman and others like him will not be allowed to have it both ways: ‘standing up to Trump’ (to appeal to independents, women, diverse voters), and supporting Trump for President (to appeal to GOP base),” writes DCCC’s Meredith Kelly. The party committee says it will buy TV time as early as tomorrow, though the size of the buy is still under discussion. “From what we’ve seen is Coffman's buy is quite small- only $4K on cable, for example. We are tracking his buy and will respond appropriately.” The ad http://bit.ly/2azED5fTHE PLAYBOOK INTERVIEW: Tim Phillips (@TimPhillipsAFP), President of Americans for ProsperityTim Phillips runs Americans for Prosperity, the Koch-brothers backed political nonprofit that will spend about $100 million this year. Unlike 2012, when AFP was focused on the presidential race, the group -- which has 750 employees in 35 states -- is focused entirely on down-ballot races this cycle.--Donald Trump isn’t the end of the Republican Party... “People love to say that this is the election upon which western civilization is dependent. We just don’t buy that. We’re a long-term organization and we believe that you move the country — the trajectory of the country both culturally and policy — over the long term.”--... but he might be the end of the GOP’s Senate majority. “It’s an uphill battle for Republicans — even if it was any presidential year when you have 24 Republican seats up and seven of those are in states that Obama carried twice, you have to say it’s a bit uphill … I think it’s a dogfight, absolutely. Mostly it’s the map. It’s not endemic to Republicans. It’s just a brutal map.”--Key states for AFP in 2016. “Pennsylvania with [Pat] Toomey, [Rob] Portman in Ohio and Ron Johnson in Wisconsin. Those are three difficult places — Pennsylvania and Wisconsin — especially. Nevada, we’re deeply involved there, Florida. We haven’t made a firm decision how to be involved [in Florida with] expressed advocacy, or sticking to education. We care a lot about Marco Rubio.”--AFP might get involved in the North Carolina Senate race. “I have a feeling we’ll end up being very involved in two or three additional places just because of the unpredictability of a presidential year … We do have an ally in North Carolina. [Sen. Richard Burr] has voted on our issues pretty well and yeah that is one we are looking at.”--Exploring whether Clinton voters will split the ticket. “We have tested some messaging in Wisconsin on laying out some of Hillary Clinton’s issue stands we don’t agree with, but in the context of perhaps showing how Ron Johnson could be a good counter to those policies ... We’re not trying to turn people out who are Hillary [supporters] — they are already coming… We’re trying to say to them: ‘We know you have some hesitations about her’ … Ron Johnson is a counterweight.”DEEP DIVE – “Tools of Modern Terror: How the AK-47 and AR-15 Evolved Into Rifles of Choice for Mass Killers,” by NYT’s C.J. Chivers: “Time and again it’s the same. A lone gunman or a small group of killers with rifles commits spectacular crimes that seize the attention of the world. The list reaches back decades: the killing of Israeli athletes at the Munich Olympics in 1972; the school takeover in Beslan, Russia, in 2004; the attacks in Mumbai, India, in 2008; the mall assault in Nairobi, Kenya, in 2013; the killing of more than 100 people in Paris in 2015. ... In recent years they have also been descendants of the AR-15, the American military’s response to the Kalashnikov’s spread. Semiautomatic versions of the AR-15 were used by sympathizers of the Islamic State in San Bernardino, Calif., in 2015, and a Mini-14 and an MCX, rifles that fire the same cartridge as the AR-15 and compete with it for market share, were used in the mass shootings in Norway in 2011 and in Orlando, Fla., in June.” http://nyti.ms/2b074ZnUSED NEWS – NYT, today’s paper, “Pilot of Vanished Malaysian Flight Had Deviant Route on His Simulator, Minister Says” http://nyti.ms/2amZABY ... Jeff Wise in NYMag, July 22, “MH370 Pilot Flew a Suicide Route on His Home Simulator Closely Matching Final Flight” http://nym.ag/2ayzUj4WORTH THE CLICK -- “The making of Hillary Clinton: unpublished images of a would-be president,” by FT’s Edward Luce: “White House photographer Robert McNeely spent six years with the Clintons in the 1990s. He reveals the stories behind his pictures and what they say about the kind of leader Clinton might be.” http://bit.ly/2ayzvwPFIRST PERSON - “Glamour Exclusive: President Barack Obama Says, ‘This Is What a Feminist Looks Like’”: “[P]erhaps the greatest unexpected gift of this job has been living above the store. ... But for the past seven and a half years, that commute has been reduced to 45 seconds—the time it takes to walk from my living room to the Oval Office. As a result, I’ve been able to spend a lot more time watching my daughters grow up into smart, funny, kind, wonderful young women. That isn’t always easy, either—watching them prepare to leave the nest. But one thing that makes me optimistic for them is that this is an extraordinary time to be a woman. The progress we’ve made in the past 100 years, 50 years, and, yes, even the past eight years has made life significantly better for my daughters than it was for my grandmothers. And I say that not just as President but also as a feminist.” http://bit.ly/2aWWtk8 BUSINESS BURST -- “Cash Flies Commercial and Other Secrets of Moving Money: Just three banks handle the bulk of the global ‘bank notes’ business,” by Emily Glazer in the Wall Street Journal: “[T]he business of moving cash around the world remains a largely secretive and burdensome specialty -- one that fewer and fewer banks are willing to undertake. Just three lenders now handle the bulk of the global ‘bank notes’ business: Bank of America Corp., Bank of Ireland in Europe and United Overseas Bank Ltd. in Asia … Banks that take it on need a global network of vaults and partners among armored-car operators and airlines, because most cash flies commercial. Banks get paid fees based in part on the weight of the money they move, and they don’t get paid a lot. Bank of America typically handles hundreds of millions of dollars a day for about two hundredths of a percentage point of the face value, people familiar with the process said. At that rate, shipping $100 million only brings in about $20,000. Bank of America’s total global revenue from the business is about $100 million a year.” http://on.wsj.com/2aYbO56 -- Several senior Democrats at Bobby Vans on 15th Street for a “Friends of Amy Dacey” event to celebrate her service to the Democratic National Committee. SPOTTED: Trish Hoppey, Jen Pihlaja, Cornell Belcher, Anna Burger, Amy Brundage, Parita Shah Selfridge, Lindsey Reynolds, Tom McMahon, Anu Rangappa, Jessica Borchert, Stephanie Schriock, Karin Johanson, George Rakis, Matthew Fitzgerald, Colin Ward, Maureen Guarde, Rich and Parker Moore, Katherine Miller, Margie Omero and Jule Mulvey and Steve Rosenthal.SPOTTED: POTUS and family were at Fiola Mare Thursday evening for his birthday dinner, while Biden was spotted just a couple blocks away eating dinner at Café Milano … in Liz Cheney’s most recent campaign finance filing: Alan Simpson and Herb Kohler! … Power breakfast scene at the Four Seasons Thursday: Adrienne Arsht, Capricia Marshall, Michael LaRosa, Todd Malan, Jesse Rodriguez, Carol Melton, Anne Brady and Matthew Sheridan … New Jersey Gov. Chris Christie having lunch at the Au Bon Pain on 17th Street between H and I, NW with two other people and N.J. State Troopers a respectful distance away.Happy 55th, Barack! A brother to me, a best friend forever. pic.twitter.com/uNsxouTKOO— Vice President Biden (@VP) August 4, 2016THE NEW GILDED AGE -- “The W Washington throws its hat in the $500,000 inaugural weekend market,” by WaPo’s Helena Andrews-Dyer: “Refusing to be Trumped by the Trump International Hotel’s $500,000 inauguration deal, the W Washington D.C. Hotel is now offering its own half-million package to celebrate the next president. For the price of a nice condo, politically minded big spenders get three nights in the W’s 1,176 square foot presidential suite, catered meals, spa treatments and their very own inaugural ball — sort of. Included in the weekend deal is a private sit-down dinner for 250 on the POV rooftop, which overlooks the White House.” http://wapo.st/2ayxC7zBON APPETIT: D.C. takes three spots on Bon Appetit’s 50 best new U.S. Restaurants -- Bad Saint … The Dabney …Tail Up Goat. Full list here: http://bit.ly/2aMTSu6BRET BAIER -- in Men’s Journal, “How Fox News’ Bret Baier Sheds Pounds (Even in an Election Year):” “A good day for me will be a run in the morning, then some eggs to start, a protein shake at lunch, and then dinner of a salad with fish or chicken and no alcohol. I need that brain food because once I go on air, it doesn’t stop, from 6 pm until as late as 2 am. Right now I’m cruising — 212 pounds and dropping. I’m striving for the 1 in front again by November.” http://mjm.ag/2aR4kiv MILESTONE -- President Obama gave the last question at Thursday’s Pentagon press conference to NBC’s Jim Miklaszewski, who is retiring after more than 30 years. http://bit.ly/2aBlSi1SUNDAY SO FAR:--NBC’s “Meet the Press”: Panel: Yamiche Alcindor, Mark Halperin, Hugh Hewitt and Joy Reid.--ABC’s “This Week”: Panel: Matthew Dowd, Sara Fagen, Roland Martin and Cokie Roberts--CBS’s “Face the Nation”: Sen. Jeff Flake (R-Ariz.) … New poll resultsBIRTHWEEK (was yesterday): Iowa’s Lt. Gov. Kim Reynolds is 57 ... screenwriter Allison Abner ... The Hill’s Bob Cusack … Richard Carlbom, principal at United Strategies, former Director of State Campaigns at Freedom to Marry and campaign manager of Minnesotans United for All Families, turned 35 (h/t Devin Driscoll) ... Fritz Fitzpatrick, the pride of Austin ... (was Tues.): Kristin Carvell Hardwick, head of comms for Gas Power Systems at GE PowerBIRTHDAYS: Ryan Wrasse, comms director for Sen. Thune … Taylor Griffin, co-owner at Cypress Creek Food Co./Fresh Ventures and managing partner at Sulgrave Partners LLC … Jeremy Flantzer of Booz Allen … Matt Mandel, head of legislative affairs at the Wireless Infrastructure Association and Glover Park alum ... Heidi Nel, principal at Picture Motion (h/t Jen Nedeau) ... Rufus Gifford, U.S. Ambassador to Denmark, is 42 ... Bloomberg congressional reporter James Rowley, the pride of Rochester ... Rumored Virginia Gubernatorial/Virginia Senate candidate Pete Snyder, celebrating with wife Burson and daughter Bee ... Kris Eisenla, a partner in Luna Eisenla Media and a DeGette alum (h/t Kevin Kelley) ... Nicolas Boullet ... Nev. Gov. Brian Sandoval is 53 ... Rep. Mike Doyle (D-Pa.) is 63 ... Politico alum Lila Cohn, who’s going to grad school this fall, is 28 ... CBS News’ Alicia Amling ... Cary Gibson, healthcare lobbyist for Prime Policy Group, celebrating at 40k feet, enjoying some August recess R and R (h/t Abbi Stuaan) ... RNC national deputy political director Molly Donlin O’Driscoll … Cicely Simpson … Colleen Fisher of the Dept. of Commerce … WashPost’s Michael Chandler ... James Franklin Blue III of the PBS Newshour ... Christine Forester …... LATimes’ Jim Puzzanghera … Ashley Pitts ... Kathy Rust ... Monique Dorsainvil, deputy chief of staff at White House Office of Public Engagement, is 3-0 ... Topf Wells ... Julie Hughes, the one in MN ... Dennis Lonergan ... Tom Healy ... Miguel ... Alejandro Balkin (h/ts Teresa Vilmain) ... former Rep. Andrea Seastrand (R-Calif.) is 75 ... Monica Thompson of the House Office of the Law Revision Counsel ... Dana Ferreira of Rep. Jeff Denham’s office ... Nicholas Rodman of the House Republican Study COmmitteee ... Steven Leraris of Feinstein ... Kristy Huxhold of John Carney ... Mary Beth Barrows of Rubio (h/ts Legistorm) ... Politico alum Abby Milberg … ABC’s Luis Martinez … Patrick Ewing … Julie Hughes … Corey Johnson, reporter for The Marshall Project ... Katie Vlietstra Wonnenberg, VP of gov’t relations and public affairs for the National Association for the Self Employed ... Jason Pollock is 35 ... Ron Bouchard is 5-0 ... actor John Saxon is 8-0 ... College Football Hall of Famer and former NFL player Roman Gabriel is 76 ... Loni Anderson is 71 ... author David Baldacci is 56 (h/t Harris) ... Basketball Hall-of-Famer Patrick Ewing is 54 ... Jesse Williams (“Grey’s Anatomy”) is 36 ... actor Albert Tsai is 12 (h/ts AP)
Сингапурский United Overseas Bank (UOB) приостановил выдачу ипотеки в Лондоне после подведения итогов референдума по Brexit. Об этом сообщает Daily Mail. "Мы временно перестаем принимать иностранные заявки на выдачу кредита на недвижимость в Лондоне", - сказал представитель кредитной организации. По его словам, учитывая неуверенность, банк должен убедиться, что его клиенты с осторожностью подходят к инвестициям в лондонскую недвижимость...
Сингапурский United Overseas Bank отреагировал на результаты британского референдума
A top Singapore bank said Thursday it has suspended loans to anyone wanting to buy property in London, citing uncertainty from Britain's vote to quit the EU but dealing a blow to investors looking to make the most of the weak pound. United Overseas Bank (UOB), one of the city-state's…
Один из крупнейших банков Сингапура – United Overseas Bank (UOB) приостановил программу кредитования на покупку недвижимости в Лондоне в связи с итогами референдума о выходе Великобритании из Евросоюза. Это сообщает ТАСС со ссылкой на пресс-релиз банка.
Международная уверенность в экономическом будущем Китая явно увеличилась после того, как были опубликованы ключевые статистические данные по экономическим показателям в первом квартале в пятницу, 15 апреля. Другие страны смирились с «новым, нормальным» более медленным ростом экономики Китая – между 6,5 и 7 процентами. Дэвид Доллар, старший научный сотрудник Китайского центра имени Джона Торнтона (Брукингский институт), заявил, что власти Китая «сделали что-то» на макроуровне, чтобы стабилизировать ситуацию, происходящую в течение последних пару месяцев.
Is divestiture of Barclays' Asia private wealth management units on the verge of finalization?