Foreigners are dumping Turkish bonds at the fastest pace in two years, deepening a selloff that’s putting a blot on Prime Minister Recep Tayyip Erdogan’s image as the architect of the country’s economic turnaround.
Three years into her home-ownership dream, Martha Orozco has had enough. Stuck in a government- sponsored complex called Parque San Mateo that’s two hours away from her $8,000-a-year job as a hospital secretary in Mexico City, Orozco sees only broken promises and blight all around her.
Franklin Resources Inc.’s biggest funds ramped up their bet on Ukraine by more than $1.4 billion in the third quarter, adding to the asset manager’s status as the country’s largest international bondholder weeks before street protests deepened the worst rout in developing markets.
Stone Harbor Investment Partners turned over “significantly less” of its defaulted Argentine bonds in a debt exchange than it initially planned because terms offered by the government were worse than the firm expected, fund manager Jim Craige said.
The bond-market collapse of OGX Petroleo & Gas Participacoes SA has been so severe investors are offering to sell their claims for 19 cents on the dollar. The true value may be as little as zero, according to Barclays Plc.
Cities have become a central front in Governor Chris Christie’s drive to win a second term in New Jersey, where shopping malls and leafy subdivisions have been the seat of political power for 50 years.
Brazil’s efforts to boost economic growth with the most aggressive interest rate cuts are driving away investors, reducing equity valuations to five-year lows and fueling the world’s biggest currency tumble.