Modi-backed ETF may fuel India sales after $1.4bn haul

  Bloomberg The success of an exchange-traded fund backed by Prime Minister Narendra Modi’s government may help boost the acceptance of such products in the world’s second-fastest growing ETF market. Investors poured 92 billion rupees ($1.4 billion), or 3.7 times the targeted amount, into a fund of the top 10 state-run companies, according to Reliance Mutual Fund, which manages the ...

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Strong domestic demand pushes China steel sector

  Bloomberg Global steel mills shouldn’t fret about the chances of Chinese exports torpedoing prices this year in a rerun of 2015, according to the managing director of Japan’s biggest producer of recycled steel. Strong domestic demand in China and cuts in production capacity are leading to a more balanced market, said Kiyoshi Imamura from Tokyo Steel Manufacturing Co. The ...

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RBA warns over Aussie housing risks as global reflation emerges

  Bloomberg Australia’s central bank highlighted threats in the property market and an acceleration of domestic household debt even as it lent credence to the global reflation story. “Data continued to suggest that there had been a build-up of risks associated with the housing market,” the Reserve Bank of Australia said in minutes released on Tuesday of this month’s meeting ...

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Chinese M&A scrutiny helped void up to $75 billion in deals

  Bloomberg Chinese acquirers are seeing a large number of cross-border deals blocked at home and abroad as a sharp increase in volume makes regulators on both sides of transactions more cautious, Linklaters LLP said in a report. Of the $220 billion deals announced by Chinese acquirers, $40 billion to $75 billion — or as much as a third of ...

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China’s UCF Group backs $914mn deal for Hong Kong Life Insurance

  Bloomberg China UCF Group Co., the conglomerate led by businessman Zhang Zhenxin, is backing the acquisition of Hong Kong Life Insurance Ltd. in a deal valuing the insurer at HK$7.1 billion ($914 million). Hong Kong Life’s owners, including Chong Hing Bank Ltd. and Oversea-Chinese Banking Corp., agreed to sell their holdings to an investment firm called First Origin International ...

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Aussie’s Downer makes $974mn takeover offer for Spotless Group

  Bloomberg Downer EDI Ltd., the Australian engineering and infrastructure management company, offered to buy Spotless Group Holdings Ltd. in a cash deal valuing the company at A$1.26 billion ($974 million) as it continues to diversify from resources following the mining-investment boom. Downer offered A$1.15 per share for the Melbourne-based cleaning and catering services firm, according to a statement on ...

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TPG looks to tap unmet demand in Asia health, finance sectors

  Bloomberg TPG, the US alternative-investment firm that oversees more than $74 billion, sees opportunities in health care and microlending in Asia to meet untapped demand in some of the world’s fastest-growing economies. The region is short of quality health-care infrastructure, Jim Coulter, TPG’s co-founder and co-chief executive officer, told a Bloomberg private equity forum in Mumbai. In India, industries ...

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Vanishing buyers hit UK property brokers

  Bloomberg Britain’s largest property brokers are cutting jobs, closing branches and raising capital even as homes sell for record amounts. While some companies have blamed Brexit and tax hi-kes for a drop in transactions, high values have put off many other buyers. Demand for housing dropped to 6-month low in Feb, according to the Royal Institution of Chartered Surveyors. ...

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Toronto home prices may jump 25% this year

  Bloomberg Toronto’s housing market is likely to stay strong for the rest of the year, with home prices jumping as much as 25 percent, amid hints that speculators are fueling demand and posing a potential risk to the economy, TD Economics Chief Economist Beata Caranci said. A “strong Toronto home-price forecast is not a vote of confidence in market ...

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Deutsche Bank to face regulatory fines over foreign currency trades

  Bloomberg Deutsche Bank AG is expected to be fined by the Federal Reserve and New York’s Department of Financial Services for its conduct in the foreign exchange market, a person familiar with the matter said. The German lender said that the US Justice Department had closed a criminal inquiry into its currency-trading activities without action. But regulators are in ...

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