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Los Angeles embodied America’s love affair with the automobile in the last century. In this one it’s trying to kick the car to the curb.
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Malaysia’s ringgit fell to a 10- month low and the five-year government bond yield climbed to the highest in three months as investors await clues as to when U.S. policy makers will start reducing monetary stimulus.
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San Francisco has added 300 technology companies since 2010, helping it earn its highest credit grade in more than a decade. The fiscal gains haven’t been enough to keep investors from penalizing the city amid the worst losses this year in municipal bonds.
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Investor demand for top buildings in major U.S. markets is driving property prices so high that returns may be limited, said Jeff Blau, chief executive officer of Related Cos.
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Investors should avoid relative-value fixed-income funds for the next two years as the Federal Reserve starts scaling back unprecedented stimulus efforts that helped push borrowing costs to historic lows, according to Marathon Asset Management LP’s Bruce Richards.
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Debt of European banks will offer investment opportunities as new rules about resolving troubled lenders are written, said James E. “Jes” Staley, a managing partner at hedge-fund firm BlueMountain Capital Management LLC.
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John Phelan, who helps manage Michael Dell’s personal fortune, said the firm won’t have to sell any holdings to finance its part in the proposed $24.4 billion buyout of Dell Inc.
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Wall Street banks are expanding holdings of speculative-grade bonds as prices fall from record highs with investors retreating from exchange-traded funds that buy the debt.
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Bank of Nova Scotia Chief Executive Officer Richard Waugh said he was too optimistic about the swift completion of a deal to buy a stake in a Chinese lender.
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Valerie Jarrett, a senior adviser to President Barack Obama, said at a Bloomberg breakfast in Charlotte, North Carolina that the president would work with the business community to overhaul the tax code in a second term, as Democrats today kick off their national convention that aims to propel his re-election bid.
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