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Ronnie Moas, who for the past 13 years has made more than 900 stock recommendations via his one-man show at Standpoint Research, is now venturing into cryptocurrencies. Bitcoin will double to $5,000 next year, and reach $25,000 to $50,000 in the next decade, the Miami Beach, Florida-based Moas said in a note to clients Wednesday, where he also disclosed he bought “a little bit” of litecoin, bitcoin and ethereum in a Coinbase.com account. It’s a testament to the exuberance around bitcoin, ethereum and other blockchain assets that equity investors whoRead More
Prime Minister Edouard Philippe said France must break the addiction to public spending that has left its economy trailing peers as he outlined plans to rein in the budget and cut taxes. In his maiden speech at the National Assembly as premier, Philippe promised 20 billion euros ($23 billion) of tax cuts by the end of President Emmanuel Macron’s term in 2022. Spending will drop by the equivalent of 3 percentage points of gross domestic product in that time and taxation will fall by 1 point, he said. “We mustRead More
China struck deal after deal to acquire companies abroad over the last few years. Now the bill is coming due. The nation’s top corporate dealmakers, including HNA Group Co. and Fosun International Ltd., must pay off the equivalent of at least $11.5 billion in bonds and loans by the end of 2018 — a feat now complicated by government efforts to rein in their aggressive rush overseas. That figure represents just a fraction of the total debt of 1.1 trillion yuan ($162 billion) that the Chinese companies have reported asRead More
Three stock markets have never returned to the peaks they achieved in the years before the Asian financial crisis triggered a region-wide sell-off two decades ago. Japan’s Topix Index reached a record high in dollar terms in December 1989. On Tuesday, it was trading 29 percent lower. Thailand’s SET and Taiwan’s TWSE make up the trio of gauges that have failed to regain past glories since the 1997 crisis. One market that has performed well is South Korea. The Kospi Index soared above its pre-crisis peak in 2006 and reachedRead More
Singapore home prices fell in the quarter ended June, extending the drop in property values to a record 15th quarter as most measures to cool the market remain in place despite a slight easing in March. An index tracking private residential prices fell 0.3 percent in the three months ended June 30 from the previous quarter, according to preliminary data from the Urban Redevelopment Authority released Monday. The almost four-year decline in prices is the longest since the data was first published in 1975. Singapore’s leaders, determined to keep aRead More
The spectre raises the possibility of the return of ‘negative equity’  This is when a house falls so far in value that its worth less than the mortgage  A shift could push thousands of recent buyers into housing trouble Experts warned that we are due for a ‘significant correction’ in housing prices House prices are teetering on the brink of a crash that could be as bad as the bust of the early 1990s, a leading expert has warned. There are already warning signs that prices are heading towards aRead More
While Bitcoin, and recent Chinese and Korean momentum favorite, Litecoin, have been relatively stable for much of the day, Ethereum suffered dramatic losses on Wednesday, sliding from $360 to $260 before rebounding, in the process experiencing what may have been its first flash crash, when it plunged by 96% from $315 to $13 on massive volume, before rebounding. As tends to happen without fail during volatile crypto-periods, the crash almost immediately took the Coinbase offline. Over the past 24 hours, there were several warnings about “unstable operation” in the Ethereum Network,Read More
Nonperforming loans at Thailand’s banks are set to peak toward the end of 2017, according to Fitch Ratings, an outlook that may salve investor sentiment in one of Asia’s worst-performing stock markets this year. Thai economic growth is subdued but relatively stable at about 3 percent, signaling a slower expansion in bad loans in the months ahead and an eventual peak by year’s end or just after, said Parson Singha, senior director for financial institutions at Fitch Ratings in Bangkok. “It depends a lot on how the economic cycle goes,”Read More
It took just three weeks for Ding Lieming to quintuple his net worth and become a freshly-minted billionaire. Six months later, almost half his fortune was gone. A tale of bold bets gone bad? Nope, just business as usual in the Chinese stock market. The wild ride for Ding, chairman of Hangzhou-based Betta Pharmaceuticals Co., illustrates the latest upheaval surrounding wealth creation in China: tycoons who rapidly gain — and then almost as quickly lose — billionaire status amid swings in the country’s initial public offerings. The IPO booms andRead More
China’s workers may be starting to feel like they’re getting a raw deal. Amid soaring industrial profits, employees in the world’s second-largest economy saw slower wage growth last year — and many are seeing the smallest raises since 1997. That’s another sign that the years of pay gains above ten percent and burgeoning spending power are coming to a close, as China confronts industrial overcapacity, mounting debt and waning competitiveness. Yet while slowing wage growth is bad for workers now, it’s not entirely negative for the economy as a wholeRead More