(Bloomberg) -- China’s trillion dollar asset-management market opens wider this week, forcing BlackRock Inc., Vanguard Group Inc. and other global firms to make a strategic decision: Go it alone or work with an entrenched local partner.While the further liberalization of the investment banking and money management industries in China has been overshadowed by the coronavirus crisis, wealth firms are nonetheless laying out plans to tap a market poised to reach $30 trillion in assets by 2023, according to consultant Oliver Wyman.Starting April 1, they can apply for licenses to set up wholly-owned mutual fund management firms for the first time. Vanguard and BlackRock are among firms going that route, people familiar have said. Other options include boosting ownership of existing joint venture partnerships to 100%, as JPMorgan Chase & Co. plans to do, people familiar have said.“With so many license options and changing policies, one of the biggest questions all foreign...
Costco Wholesale Club has expanded special senior hours and will temporarily open early Tuesdays, Wednesdays and Thursdays amid the coronavirus pandemic....
Pershing Square earned roughly $2.6 billion by hedging its stock portfolio in early March through credit protection on investment grade and high yield credit indices. "Today, we are unhedged, and we no longer own any insurance", Ackman said in a Twitter thread https://bit.ly/2xsAEFA, adding that he continues to believe the sooner the entire United States is shut down, the more lives will be saved and the sooner the economy will recover....
* Insider buying can be an encouraging signal for potential investors. * More insiders took advantage of fallen share prices last week. * Insiders at some real estate investment trusts were buying.Conventional wisdom says that insiders and 10% owners really only buy shares of a company for one reason -- they believe the stock price will rise and they want to profit from it. So insider buying can be an encouraging signal for potential investors, particularly during periods of uncertainty.Insiders continued to take advantage of fallen share prices last week. Here are some of the most noteworthy insider purchases reported in the past week.Westlake Chemical Corporation (NYSE: WLK) had a 10% owner pick up 420,000 shares of this Houston-based company for $34.30 to $43.03 each. That totaled over $16.54 million. That beneficial owner is the general partner of Westlake's parent company.President Edward Shoen and a beneficial owner of AMERCO (NASDAQ: UHAL)...
(Bloomberg) -- Russian oil giant Rosneft PJSC sold its assets in Venezuela to the Russian government, in what may be a maneuver to avoid any U.S. sanctions in an escalating fight between Caracas, Washington and Moscow.Rosneft is selling local production, service and trading assets to a state-owned company, it said in a statement. The move is to protect shareholders’ interests, according to company spokesman Mikhail Leontyev.The U.S. slapped sanctions on two units of Rosneft earlier this year for operating in Venezuela, stopping short of sanctioning the listed parent company. President Donald Trump is trying to oust Venezuelan President Nicolas Maduro, who is clinging to power in the oil-rich but increasingly impoverished nation.The fight over Venezuela fits into a much larger geopolitical battle between Trump and Vladimir Putin, with both turning to oil as the weapon of choice. Russia’s decision to all but abandon the OPEC+ alliance earlier this month was seen...
