Builder Vanke Securitizes Some Private Debt to Delay Payments
China Vanke Co. has swapped some of its privately issued debt held by insurers into asset-backed securities, as the builder works to further push back already deferred payments, people familiar with the matter said. #press
Bloomberg Markets: Asia 05/24/2024
"Bloomberg Markets: Asia" is the definitive guide to the markets in Hong Kong and on the mainland. Haslinda Amin brings you the latest news and analysis to get you ready for the trading day. (Source: Bloomberg) #press
Xi Hints at Housing, Job Reforms as Priorities for Third Plenum
Chinese President Xi Jinping urged deeper reforms for some of the country’s key sectors as investors look for hints on major policy shifts to be revealed at the upcoming party conclave. #press
DLF: India's Luxury Real Estate Market To Surge
DLF Homes Joint MD & Chief Business Officer Aakash Ohri expects India's luxury real estate market to surge, with demand for superior homes and services. He speaks with Haslinda Amin on "Bloomberg Markets: Asia." (Source: Bloomberg) #press
Pick n Pay Sees Loss as Retailer Takes $155 Million Impairment
Pick n Pay Stores Ltd. expects to report a full-year loss as South Africa’s third-biggest grocer takes a 4 billion-rand ($155 million) impairment on unprofitable stores. #press
Vanguard Names BlackRock Veteran Salim Ramji as Next CEO
Vanguard Group named Salim Ramji, who oversaw exchange-traded funds and index investing at BlackRock, as its next chief executive officer, succeeding Tim Buckley and becoming the first outsider to lead the firm famed for revolutionizing investing with the index fund. Eric Balchunas of Bloomberg Intelligence has... #press
World’s Top Coffee, Soy and Sugar Supplier Wants to Rule Cocoa, Too
More than 30 years after Brazil’s once-thriving crop was nearly decimated by disease, a shortfall on the other side of the Atlantic gives farmers a foothold. #press
Macron Dodges Debt Warning as Rating Firms Hold Views on France
Emmanuel Macron avoided a reprimand of his stalling efforts to tackle France’s bloated debt burden as two rating firms kept their assessments of the country’s creditworthiness unchanged. #press
Prabowo’s Indonesia Election Win Challenged on Fraud Claims
Two Indonesian presidential candidates are disputing the election body’s declaration that Prabowo Subianto won last month’s presidential vote, alleging fraud in the process. #press
$6 Billion in Fertilizer Plants to Help Indonesia Curb Food Cost
Indonesia’s state-owned PT Pupuk Indonesia will invest more than $6 billion to boost fertilizer supply as part of a bid to temper food costs. #press
Loan Deadline Looms for China Life’s Emptying Canary Wharf Tower
China Life Insurance Co. is in crunch talks with lenders to an office tower in Canary Wharf to help stave off the locality’s third potential major default, as the eastern financial district of London grapples with some of the city’s highest vacancy rates. #press
Ukraine Mulls Drafting Convicts to Replenish War-Battered Troops
Ukrainian lawmakers plan to consider a bill that would allow prison inmates to join the war effort as the nation seeks ways to bolster manpower on the front lines after recent Russian advances. #press
Small-Caps Lead Slump as Indian Stocks Turn Into Asia’s Laggards
A correction in India’s small-cap stocks portends souring risk appetite on the broader market, which is now an underperformer in Asia Pacific. #press
Korea to Review Risky Financial Products After China-Tied Losses
South Korea plans to review the sale of potentially high-risk investments after a probe found that banks missold China-linked structured products to retail investors who are facing more than $4 billion in losses. #press
Oil Climbs as Industry Report Points to Falling US Stockpiles
Oil advanced after four days of losses as an industry report pointed to shrinking US crude stockpiles, offsetting wavering OPEC cuts. #press
Hong Kong’s Apartment Glut Is Set to Keep Prices Down After Tax Cut
Hong Kong’s home sales have roared back to life since the government scrapped extra property taxes last month. A supply glut means a rebound in prices is likely to take much longer. #press
ECB Must Take Bet on Rate Cut as Prices Abate, Wunsch Says
European Central Bank Governing Council member Pierre Wunsch reiterated that policymakers will eventually have to lower borrowing costs without being completely sure that inflation is returning to the 2% target. #press
Chinese Provinces Expand Options for Fixing LGFV Debt Strains
Chinese local government financing vehicles are turning to more diverse fixes for spiraling debt, trying to avoid becoming the first such entity to default in public markets as their borrowing habits become a top economic agenda in Beijing. #press
Five Things You Need to Know to Start Your Day: Asia
Good morning. The US and India wrestle with sticky inflation. Boeing’s woes reverberate across the airline industry. Stock rally meets with skepticism. TikTok looks for a plan. Here’s what’s moving markets. — Isabelle Lee #press
Argentina Swaps $50 Billion of Local Debt to Push Out Repayments
Argentina swapped 42.6 trillion pesos ($50.4 billion) of local notes for longer date debt as President Javier Milei’s government moves to ease its repayment schedule, setting up the largest domestic rollover in the country’s history. #press