Susquehanna’s Yass Joined Weinstein, Ackman in Bid for Sculptor
Susquehanna International Group co-founder Jeff Yass is part of a consortium of investors that bid for Sculptor Capital Management, according to people familiar with the matter. #press
Asian Shares Poised to Advance; Yields Climbing: Markets Wrap
Asian equities are set to rise on Tuesday following a rally in big tech that spurred a rebound on Wall Street. #press
SoftBank’s Semiconductor Unit Arm Files for IPO
SoftBank Group's semiconductor unit Arm filed for what is set to be the year’s largest US initial public offering, disclosing key details of its finances and giving struggling equities markets their biggest lift in almost two years. Sri Natarajan has more on "Bloomberg Markets: The Close." (Source: Bloomberg) #press
Schwab Will Cut Staff, Close Offices to Save $500 Million a Year
Charles Schwab Corp. is planning to cut at least $500 million in annual staff, professional services and real estate costs in the latest step by the brokerage to respond to investor pressure. #press
Investors Will Be Watching Success of Arm IPO
Phil Haslett, the co-founder of EquityZen, a marketplace for pre-IPO equity, weighs in on Arm's potential IPO and the outlook for other venture-backed startups. He speaks with Caroline Hyde on "Bloomberg Technology." (Source: Bloomberg) #press
Mubadala’s Oil Refinery Bonds Take Hit From Petrobras’s New Policy
The new fuel policy implemented by state-run Petroleo Brasileiro SA is causing trouble for a Mubadala Capital-owned oil refinery, handing bondholders one of the worst returns in Latin America. #press
LibreMax’s Main Fund Gains 6% After Volatile First Half of 2023
LibreMax Capital’s main fund notched returns of roughly 6% through July this year, according to a person familiar with the matter, after betting on asset-backed securities and rotating out of commercial and residential mortgage debt and collateralized loan obligations. #press
Emanuel: This Is Not the End of a Bull Market Run
Evercore ISI's Julian Emanuel shares his thoughts on what events investors should watch this week. He says "this is not the end of a bull market run" on "Bloomberg Surveillance." (Source: Bloomberg) #press
Equinor Is Exploring Sale of $1 Billion Azerbaijan Assets
Equinor ASA is exploring the sale of its operations in Azerbaijan, including a stake in the country’s largest oil project, people with knowledge of the matter said. #press
California Hit by Hilary Then an Earthquake
The remnants of Tropical Storm Hilary pummeled California with flooding rains on Monday, disrupting flights and knocking out power across parts of the state. The storm, now a post-tropical cyclone, came ashore late Sunday. Separately, a 5.1-magnitude earthquake rattled Southern California on Sunday. Bloomberg's Sarah... #press
Citi CEO Fraser Weighs Executive Reshuffle
Citigroup CEO Jane Fraser has discussed adding executives including Andy Morton, who leads the trading division, and Shahmir Khaliq, who runs treasury and trade solutions, to her executive-management team in coming months as longtime deputy Paco Ybarra prepares to leave, according to people familiar with the matter. Sonali... #press
Turkish Banks Warn of Risks in Plan to Curb Lira Protection Tool
Turkish lenders are complaining that tough targets imposed by authorities to curb a tool designed to support the lira are putting at risk banking sector profits. #press
Triton’s €2 Billion Sale of Pharmanovia Is Stalling
Triton’s plans to sell Pharmanovia are stalling over valuation, people familiar with knowledge of the matter said, in another sign that private equity firms are struggling to get deals over the line. #press
The Boom Is In The Vibes
Too many market watchers were late to see last year's vibecession. Now the vibes are saying something else about the economy, if you are paying attention. Bloomberg Opinion contributor Kyla Scanlon, who called the vibecession more than a year ago, explains. (Source: Bloomberg) #press
https://www.bloomberg.com/news/videos/2023-08-21/the-boom-is-in-the-vibes?utm_source=press.coop
The Four Big Structural Forces Holding Back China’s Economy
Demand, Debt, Demographics, and Decoupling #press
Citi Weighs Split of Institutional Clients Group: FT
Citigroup Inc. Chief Executive Officer Jane Fraser is reportedly mulling a plan to break up the company’s Institutional Clients Group, which made nearly three-quarters of the bank’s profit last year, into three segments. Tom Metcalf reports on Bloomberg Television. (Source: Bloomberg) #press
Fitch Makes Case for Why Netanyahu Won’t Doom Israel’s Economy
When Fitch Ratings issued an optimistic report on Israel last week, it defied growing conventional wisdom that the government’s populist agenda is hacking away at the economy while driving capital, companies and talent abroad. #press
IMF Sees Debt Risks for Korean Non-Bank Lenders Tied to Property
Non-bank financial institutions exposed to the real estate market in South Korea face notable risks as interest rates rise, an International Monetary Fund official said. #press
HDFC Wants to Ride India Consumer Boom After Home Loan Dominance
HDFC Bank Ltd. wants to use home lending as a gateway for the world’s sixth largest lender to capture more consumer finance customers with loans on everything from air conditioners to cars and TVs. #press
China Wont’ Give Significant Stimulus for Housing: Wang
“I don’t think there will be any significant stimulus coming out in housing.” Dan Wang, China chief economist at Hang Seng Bank, discusses the bank’s growth forecast for China, the Loan Prime Rate and her outlook for PBOC policy. She speaks on Bloomberg Television. (Source: Bloomberg) #press