Eric Newcomer, Bloomberg Published 1:41 pm PST, Tuesday, December 11, 2018 The Uber Technologies logo is displayed at the Uber Elevated Asia Pacific Expo event in Tokyo on Aug. 30, 2018. The Uber Technologies logo is displayed at the Uber Elevated Asia Pacific Expo event in Tokyo on Aug. 30, 2018. Photo: Bloomberg Photo By Tomohiro Ohsumi Photo: Bloomberg Photo By Tomohiro Ohsumi Image 1 of / 1 Caption Close Image 1 of 1 The Uber Technologies logo is displayed at the Uber Elevated Asia Pacific Expo event in Tokyo on Aug. 30, 2018. The Uber Technologies logo is displayed at the Uber Elevated Asia Pacific Expo event in Tokyo on Aug. 30, 2018. Photo: Bloomberg Photo By Tomohiro Ohsumi Uber selects Morgan Stanley … [Read more...] about Uber selects Morgan Stanley to lead 2019 IPO
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Shares were moderately lower in Asia on Wednesday following a bloodletting on Wall Street as goodwill generated by a truce between the U.S. and China over trade evaporated in confusion over exactly what the two sides had agreed upon.The Dow Jones Industrial Average fell nearly 800 points. The yield on the benchmark 10-year Treasury note fell to its lowest level in three months, signaling that the bond market is worried about long-term economic growth.The sell-off short-circuited a recent rally on Wall Street. The market gained Monday after the Trump administration said U.S. and China agreed to a temporary cease-fire in a trade dispute. Last week, stocks jumped when the Federal Reserve's chairman indicated the central bank could slow the pace of interest rate increases.In Asia early Wednesday benchmarks fell by no more than 1.5 percent, the loss for the Hang Seng index in Hong Kong, which was at 26,860.43 by mid-morning. In Japan, the Nikkei 225 index fell 0.4 percent to 21,946.94. The … [Read more...] about Asia shares post moderate losses after Wall Street sell-off
A Balinese-inspired compound on the island of Kauai sold for $46.1 million, people familiar with the transaction said. Real-estate agents familiar with the market said it is the most expensive single-family home ever sold in Hawaii. The previous record was set in 2015 by the sale of a $41.8 million home on the island of Maui, according to the people familiar with the market. Others have paid more for land: In 2014, Facebook ’s Mark Zuckerberg spent over $100 million for roughly 700 acres on Kauai.... … [Read more...] about Morgan Stanley’s Ex-Asia Chief Sells Hawaii’s Most Expensive Home
By Liz Hoffman Liz Hoffman The Wall Street Journal BiographyLiz Hoffman @lizrhoffman [email protected] Updated July 10, 2018 1:05 p.m. ET 0 COMMENTS Morgan Stanley MS -0.43% offered more clues into its slow-burning succession race, elevating a top trading executive seen as a favorite to eventually replace Chief Executive James Gorman. Ted Pick, Morgan Stanley’s trading chief, will add oversight of investment banking, a move that puts him in charge of half of the firm’s revenue and cements his frontrunner status. Morgan Stanley is also promoting Franck Petitgas, a longtime investment banker, to run all of the firm’s international business. Both men will report to Morgan Stanley’s No. 2 executive, Colm Kelleher, according to a memo reviewed by The Wall Street Journal. Meanwhile, Susie Huang will fill Mr. Petitgas’ seat as co-head of investment banking, alongside Mark Eichorn. A Morgan Stanley lifer who currently runs its Americas … [Read more...] about Morgan Stanley Elevates CEO Contender
Not one to be outdone by any adversary, President Donald Trump has upped the ante in a rapidly escalating trade war with China, threatening an additional $100 billion of tariffs on top of the initial round of $50 billion. In doing so, the Trump administration is failing to appreciate a crucial reality: The United States needs China more than China needs the U.S.Yes, China is still an export-led economy, and the American consumer is its largest customer. But China's export share of its gross domestic product has fallen from 37 percent in 2007 to slightly less than 20 percent today, an important outgrowth of a decade-long rebalancing. By drawing increased support from domestic demand, China is better able to withstand the pressure of tariffs and other actions that are aimed at its exporters.Not so with the United States. The U.S. depends heavily on China for providing the low-cost goods that enable income-constrained American consumers to make ends meet. The U.S. also depends on China to … [Read more...] about Stephen Roach: The U.S. needs China more than China needs the U.S.