It was late November 2016, and my Chinese counterpart, Vice Premier Wang Yang, was visiting Washington, DC. Over the course of my tenure as US Secretary of Commerce, the vice premier and I had developed a warm and candid relationship. Since this was to be our last official meeting, I decided to do something a bit different: take him to ...

GAM Holding AG should be applauded for moving swiftly to resolve the crisis engulfing its 7.3 billion Swiss francs ($7.3 billion) of unconstrained absolute return bond funds. But investors are about to learn how easy – or hard – it is to find buyers for such a large group of investments at acceptable prices. It could deliver a costly lesson ...

John Studzinski’s departure from Blackstone Group LP says something about the buyout firm and the value of rainmakers in the second half of their career. He’s among the finance industry’s most successful, best-connected dealmakers, with a global network and wide-ranging interests. Yet that didn’t make him invaluable to Blackstone, and suggests that advisers add most value when they work for ...

The oil market has changed a lot over the past decade. Here, for example, is the latest data on US imports and exports of crude oil and petroleum products, released by the Energy Information Administration at the end of last month: The US has gone from a big-time net importer of oil to a small-time one. The latest base-case forecast ...

Nikola Tesla electrified the world in the 19th century when he created the alternating-current motor and anticipated 21st century mass communication with his work on wireless transmission of voices, images and moving pictures. Unlike the Serbian-American inventor who died destitute at 86 in 1943, his namesake Tesla Inc. is so esteemed eight years after becoming a public company that its ...

Just how worried are emerging markets about the dollar? We’ll find out in Jakarta. Bank Indonesia is expected to hold its key rate unchanged at 5.25 percent, having preemptively lifted rates by 1 percentage points in May and June to buy itself some insurance against the stronger dollar. The Turkish lira’s meltdown over the last week may have changed Governor ...

There’s a line of argument in the financial press that suggests that active money management is dying, a victim of high fees and underperformance versus low-cost indexing that captures average market returns. Newsflash: This is anything but the case. Active investing still dominates asset management around the world, and less than “18 percent of the global stock market is owned ...

Bloomberg US stocks halted the longest slide since March and the dollar was little changed after hitting a 14-month high as global markets steadied in the wake of Monday’s Turkey-induced turmoil. Crude climbed with gold and Treasuries fell. The S&P 500 Index advanced for the first time in five days amid thin summer trading. Small-cap shares were particularly strong, with ...

Bloomberg Cboe Global Markets Inc. wants to be the first to list a Bitcoin exchange-traded fund, though there’s still a lot of work needed to win approval from the US Securities and Exchange Commission. “As we chip away at their issues to make them less concerned, at some point they’ll be comfortable with an ETF,” Chris Concannon, the Chicago-based exchange ...

Bloomberg There’s not a moment of respite for India’s inflation-targeting central bank. Just when gains in consumer prices eased, the Turkish lira-led sell-off in emerging-market currencies has renewed an onslaught on the rupee, pushing it to a record low and possibly demanding more rate action from the Reserve Bank of India. The rupee dropped to as low as 70.08 per ...