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The European Union may consider pushing back when lenders need to start phasing in tougher Basel bank-capital rules by as much as a year after warnings that pressing ahead with the original timetable may drive up costs, according to three people familiar with the talks. EU lawmakers and officials, facing a Jan. 1 international deadline for incorporating the rules, [...]
Stock in Stillwater Mining, a producer of platinum-group metals in Montana, fell the most in 11 months after the company said it would sell $300 million of convertible bonds to repay existing debt. Stillwater dropped 9.1 percent to $11:02 at the close, the most since Nov. 1, 2011. Stillwater will also give its underwriters an over-allotment option to buy [...]
Investors from Vanguard to JPMorgan are shunning bonds from the neediest borrowers as a slowing economy sends the default rate for companies that ratings firms deem to be in “poor standing” to the highest level since 2009. Vanguard’s $18.4 billion fund that buys junk bonds is “incrementally taking down risk on a credit-by-credit basis,” said Dan Newhall, principal at the firm. [...]
No television broadcaster in the developed Asia-Pacific region is tempting its owners with a cheaper buyout opportunity than Seven West Media Ltd. Seven West, which beams the TV drama “Downton Abbey” to Australian homes, operates a web portal with Yahoo! Inc. and publishes Men’s Health magazine locally, has fallen 58 percent this year as investors worried about [...]
Jacques Longerstaey was part of the team that invented valueat-risk at JPMorgan in the 1990s, a venture that was spun off to become Riskmetrics Group. Longerstaey went on to work at Goldman Sachs Asset Management, Putnam Investments and most recently State Street Global Advisors, where he was chief risk officer until October. He tells Bloomberg’s Nicholas Dunbar about [...]
Third-quarter sales of structured notes in the U.S. fell to the lowest this year as a new round of quantitative easing and the lead-up to the November presidential election damped market volatility. Investors bought $9.37 billion of the securities, down 4.3 percent from the previous quarter, according to data compiled by Bloomberg. It was the second-lowest three-month period for issuance since at least the beginning of 2010, exceeding only [...]
Paulson & Co. and Winthrop Realty Trust don’t own the land underneath the bankrupt Grand Wailea Resort Hotel and Spa in Hawaii, at least according to Sir Edward Cooper, whose letterhead says he is the Diplomatic Emissary for the Sovereign Nation of Akua. Cooper wrote in September to U.S. Bankruptcy Judge Sean Lane, telling him [...]
