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Top-performing stock fund prefers Macy’s to Amazon

Bloomberg One of the world’s top-performing global stock funds is betting against Amazon.com. It’s not so much that Amazon won’t flourish, but that the recent rally in global technology behemoths has made brick-and-mortar retailers cheap in comparison, according to Norwegian fund Storebrand Global Multifactor. The valuations right now are “too pessimistic for the retailers and too optimistic for Internet retailers,” ...

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Malaysia PM bans foreigners from $100bn property project

Bloomberg Malaysian Prime Minister Mahathir Mohamad said foreigners won’t be allowed to buy property at Country Garden Holdings Co.’s $100 billion project, or be granted visas to live there. The Forest City project near Singapore had targeted buyers from China for its mixed-residential development, as well as investors from Indonesia and Thailand. Malaysia’s My Second Home programme allows wealthy foreigners ...

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Billionaire Adani nears acquisition of GMR power plant

Bloomberg Indian billionaire Gautam Adani’s energy unit is nearing a deal to acquire a 1,370-megawatt thermal power plant backed by GMR Infrastructure Ltd., according to people with knowledge of the matter. Adani Power Ltd. will take over about 38 billion rupees ($543 million) of loans out of a total of 58 billion rupees that GMR Chhattisgarh Energy Ltd. owes, said ...

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