William Hess News
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KKR & Co., TPG Capital and Goldman Sachs Capital Partners, which took the former TXU Corp. private five years ago in the largest leveraged buyout in history, have paid themselves $528.3 million in fees, even as the electricity provider teeters toward a near-term bankruptcy or restructuring.
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Asia’s government bonds may be poised to benefit from low debt levels and expanding economies, in contrast to developed nations whose weaknesses have been exposed by the Greek debt crisis, according to Standard & Poor’s.
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Standard & Poor’s indicated that a fiscal plan scheduled for next month by Prime Minister Yukio Hatoyama ’s government may be key to whether it will cut the nation’s sovereign credit rating.
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Treasury Secretary Timothy F. Geithner said China needs to allow a “significant, sustained” rise in its currency as lawmakers called for the U.S. to toughen its stance on the yuan.
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China will allow international organizations such as the World Bank and Asian Development Bank to send proceeds from yuan bond sales home to encourage bond market development, the People’s Bank of China said .
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South Korean and Malaysian bonds offer a “safe haven” as concern Greece’s debt crisis will spread erodes demand for riskier assets, according to DBS Asset Management Ltd., a unit of Southeast Asia’s largest lender.
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China’s bond-market regulator said a new credit-rating agency it is establishing needs to be funded by investors rather than issuers to avoid conflicts of interest that erode confidence in existing assessments.
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The yen fell to an eight-month low against the dollar and weakened versus the euro as signs the global economic recovery is gaining momentum damped demand for Japan’s currency as a refuge.
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China unexpectedly raised its benchmark lending and deposit rates for the first time since 2007 ahead of data that may show inflation accelerated to the fastest pace in almost two years. Stocks and commodities fell.
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Investors are already testing the euro region’s efforts to contain the Greek crisis.
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