Nomura Joins Japan's Overseas Push With Biggest Deal Since 2008
Nomura Holdings Inc. 's $1.8 billion purchase of some Macquarie Group Ltd. assets in the US and Europe adds to a surge in overseas deals by Japanese firms, even with the trade war rattling global markets.
The volume of Japanese mergers and acquisitions abroad has climbed almost 70% so far this year from the same period in 2024 to about $28 billion, according to data compiled by Bloomberg. January to March was the busiest first quarter in at least 27 years, the figures show.
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Newsweek
an hour ago
- Newsweek
Putin's Oil Empire Gets Double Boost
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The U.S. will not back an EU proposal to impose a price cap on Russian oil that seeks to curb revenues for Russian President Vladimir Putin's war machine, according to Bloomberg. Russia could also benefit from the spike in oil prices following Israel's attack on Iran, a major producer of the commodity. Newsweek has contacted the White House for comment. A fuel tank farm of Russian oil pipeline giant Transneft on December 13, 2023. A fuel tank farm of Russian oil pipeline giant Transneft on December 13, It Matters Revenues from fossil fuels form the core of Russia's fiscal planning. As well as targeting Russia's natural gas, the European Commission's 18th sanctions package proposed lowering the cap on seaborne Russian oil from $60 to $45. The EU measures, which also target Russian businesses and banking, requires the backing of all 27 members. The proposal on Russian oil would need the support of the G7, which meets later this month. Bloomberg's report that Washington will not back the move deals a blow to Western hopes of limiting Moscow's means to fund its aggression in Ukraine, especially after oil prices rose following hostilities between Israel and Iran. What To Know The G7 introduced the $60-a-barrel cap that restricts the price Russia can earn from its seaborne oil. But it has not been effective in curbing the Kremlin's revenues since coming into effect in February 2023, partly because of Moscow's sanctions-busting "shadow fleet" of older vessels and a slump in oil prices. The European Commission proposed this week to drop the cap to $45, with High Representative Kaja Kallas suggesting that because Russian oil mostly transits the Baltic and Black Seas, U.S. support for the measure is not essential. An accord involving all G7 nations would be more effective because of the strength of U.S. enforcement, but the U.S. opposes dropping the price cap, Bloomberg reported, citing unnamed sources. Russian President Vladimir Putin at the St. George's Hall of the Grand Kremlin Palace on June 12. Russian President Vladimir Putin at the St. George's Hall of the Grand Kremlin Palace on June 12. Oil prices surged following Israel's strikes against Iran, and West Texas Intermediate crude futures advanced by more than 7 percent to settle near $73 a barrel, the biggest one-day jump since March 2022. The Institute for the Study of War said on Friday that the oil price rise may increase Russian revenue from oil sales and improve Russia's ability to sustain its war effort in Ukraine, delivering a boost to Putin. The Washington, D.C., think tank said Moscow might be able to leverage sudden oil price rises to weather economic challenges and finance a protracted war in Ukraine. This is notable given the concerns Putin previously voiced that any reduction in the oil price would likely risk destabilizing Russia's economy. Nikos Tzabouras, a senior market analyst at told Newsweek that although prices are set to rise, sustained hikes would require disruption to supply chains, and the U.S.'s denial of involvement in Israel's strikes keeps hope alive for a contained conflict, keeping downward pressure on oil. A sustained upside would require actual disruptions to physical flows, such as damage to Iran's oil infrastructure or a blockade of the Strait of Hormuz, a key global chokepoint, Tzabouras added. What People Are Saying The Institute for the Study of War said in a report on Friday: "Oil price increases following Israeli strikes against Iran may increase Russian revenue from oil sales and improve Russia's ability to sustain its war effort in Ukraine." Nikos Tzabouras, a senior market analyst at told Newsweek: "The U.S. denial of involvement offers a possible off-ramp, keeping hopes alive for a contained conflict and continuation of nuclear talks, which could pressure oil." Allen Good, the director of equity research at Morningstar, told Newsweek: "We expect, absent a wider war, today's rise in prices will likely prove to be a sell-the-news event. Oil markets remain amply supplied with OPEC set on increasing production and demand soft." What Happens Next The G7 summit is expected to discuss the oil price cap proposal when it meets in Alberta, Canada, from Sunday. The EU may try to proceed with the measure even if the U.S. rejects the proposal. U.S. President Donald Trump and his officials will make the final decision, Bloomberg reported. Meanwhile, markets continued to eye the effects the hostilities between Iran and Israel are having on oil prices.
Yahoo
an hour ago
- Yahoo
Developers seek to build 750 affordable rentals in Kapolei
A master-planned community long envisioned for Kapolei could begin to take shape early next year with initial homes that help ease Oahu's short supply of affordable rental housing. Developers of the roughly 500-acre project known as Kapolei West between the City of Kapolei and Ko Olina Resort &Marina have advanced plans to produce an initial 17-acre subdivision of 750 rental apartments that would be affordable in perpetuity to households with low and moderate incomes. Affiliates of Utah-based firm The Wasatch Group are aiming to start construction in February and finish homes in four phases from August 2027 to July 2028. 'We're very excited about getting going, ' said Kip Sheppard, head of Wasatch affiliate Laulima Affordable Housing LLC developing the 750-unit project to be named Aloha Aina. 'It's been a long time coming.' Aloha Aina's four phases involve 70 units for low-income seniors, 180 units for low-income families and two phases with a combined 500 units for moderate-income households. The first phase, according to Sheppard, could either be the piece for seniors or 236 units for moderate-income households, depending on whether low-cost financing can be obtained from the state later this year. Two pools, community gardens, two clubhouses and residential units in eight buildings rising up to six stories are part of the Aloha Aina project, which is expected to cost $447 million and would provide tenants with the lowest utility rates of any West Oahu community due in part to photovoltaic power and construction materials, according to the developer. If successful, Wasatch will start forming an initial piece of Kapolei West that was first envisioned more than 30 years ago and was previously pursued by multiple developers. The property for decades was among thousands of acres of sugarcane plantation lands in the area owned by Campbell Estate programmed to become part of Kapolei as Oahu's secondary urban center. An original version of the community later dubbed Kapolei West by the estate was proposed in 1991 by Ko Olina's initial developer Herbert Horita, who had an option to buy the roughly 500-acre site bordering the resort. Horita's plan was to produce 3, 500 homes around a second golf course for the resort. But development of Ko Olina stalled under Horita due to the bursting of the Japanese investment bubble followed by an economic downturn in Hawaii that lasted for most of the 1990s. In 2001 developer Jeff Stone, who with partners acquired the then-mostly undeveloped resort in 1998, announced plans to purchase 324 acres of the Kapolei West site to produce Seaside at Kapolei with 2, 900 homes, a golf course and a 33-acre commercial center. Financing challenges in the wake of the Sept. 11, 2001, terrorist attacks derailed Stone's plan. An affiliate of Campbell Estate's successor, James Campbell Co., several years later obtained land-use and zoning approvals for Kapolei West allowing up to 2, 500 homes, a 23-acre regional mall, a golf course and 25 acres of park space. In 2016 a Chinese company paid Campbell Co. $103 million for the Kapolei West site. But China Oceanwide Holdings Ltd. failed to develop the land amid a Chinese-government clampdown on overseas investment, and in 2022 sold the property to Wasatch for $75 million, according to property records. As part of land-use approvals, the property owner is required to make 30 % of all homes affordable to low and moderate-income households, with 10 % being affordable to households earning no more than 80 % of the median income and 20 % affordable to households earning no more than 120 % of the median income. Aloha Aina would satisfy this requirement, though Wasatch is aiming to make its 10 % share, or 250 homes, affordable to households earning no more than 60 % of the median income, including 18 reserved for households earning half that. Apartments throughout Aloha Aina mostly will range in size from 606 to 1, 218 square feet with one, two or three bedrooms in addition to a half-dozen, 493-square-foot studios. Maximum monthly rents for tenants earning up to 60 % of the median income can be $1, 596 for studios, $1, 710 for one-bedroom units, $2, 052 for two-bedroom units and $2, 371 for three-bedroom units under state guidelines. The income level this year equates to $63, 840 for a single person, $72, 960 for a couple and $91, 200 for a family of four. The other 500 units could have tenants earning up to twice as much, or $127, 680 for a single person, $145, 920 for a couple and $182, 400 for a family of four. Corresponding maximum monthly rents could range from $3, 192 for a studio up to $4, 743 for a three-bedroom apartment. To finance the 250 low-income apartments, Aloha Aina's developer has applied for about $130 million in combined tax-free bond financing, a low-interest loan and tax credits from the Hawaii Housing Finance and Development Corp., a state agency that helps finance affordable housing. Such financing is awarded to developers on a competitive basis. If Wasatch's application is approved, the developer intends to proceed first with the 70 units for low-income seniors to be called Maluhia followed by the 180 units for low-income families to be named The Hoku. The developer also is seeking exemptions from having to pay certain city fees estimated to total about $4.4 million, including a $2 million wastewater system charge, $1.3 million in building permit fees and a $933, 750 road improvement fee. HHFDC has yet to act on the developer's applications. If the requested financing is not approved this year, Wasatch intends to proceed first with the moderate-income portions of the project.
Yahoo
2 hours ago
- Yahoo
The Dollar Is Crumbling, And Hedge Fund Analyst Says A New Global Trade Is Brewing
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. As the U.S. dollar has slumped to its lowest level in over two years, emerging market stocks rallied in near-perfect inverse fashion—a trend that may be just at its early stages. The iShares MSCI Emerging Markets ETF (NYSE:EEM), which holds more than 800 EM stocks, posted its ninth consecutive daily gain—the longest streak since the fund's inception in 2016—reaching levels last seen before Russia's invasion of Ukraine. 'As an investor, I want to operate under the assumption that... the dollar is going to be devaluing," Otavio Costa, macro analyst at Crescat Capital, said in an exclusive interview with Benzinga. "You want to buy natural resources, you want to buy hard assets, but you also want to buy emerging markets in a big way,' he added. Trending: Let your money work smarter: . No hidden fees, no commitment. At the core of Costa's view is the widening gap in interest payments between the U.S. and its developed peers. The U.S. spends about 5% of its gross domestic product on interest—when combining federal and local levels—far exceeding developed peers like Germany, Japan, and Canada, where interest costs are about 1%. Because the U.S. has far less fiscal flexibility, Costa believes it will be forced to cut rates more aggressively than other economies. For Costa, the implication is clear: 'That's going to translate into interest rates differentials contracting and causing the dollar to fall."Costa emphasized the valuation gap between U.S. and emerging market equities. "The Cyclically Adjusted Price-to-Earnings (CAPE) ratio of the U.S. is about 35, one of the highest in history. You look at Brazil, and it's about 12." he said. "Why would you not deploy capital there?' Costa sees emerging markets, hard assets and undervalued foreign equities as the likely beneficiaries of this rotation. He sees particular value in Brazil, not just in equities but in fixed income as well. "In Brazil, the equity market looks attractive, the bond market looks very attractive," Costa said. Among developed markets, Costa is particularly bullish on Canada. He sees the Canadian dollar—historically linked to oil and natural gas—on the verge of a breakout, fueled by its commodity exposure and underweight positioning in global portfolios. "The Canadian dollar is a contrarian play that could benefit from U.S. weakness and commodity strength," he said, adding that Canadian mining companies could also enjoy capital inflows. He added that capital markets are already signaling a shift. "Argentina starts doing well all of a sudden after politics changes... India is doing quite well. Japanese equities doing better than the U.S. Now you're seeing European equities outperform U.S. equities." "These things are just starting to occur," he said. "They're big moves." Read Next: Level up your portfolio tracking with Snowball Analytics: see all your investments in one dashboard with real-time stock and dividend tracking for free today. Image created using artificial intelligence via Midjourney. This article The Dollar Is Crumbling, And Hedge Fund Analyst Says A New Global Trade Is Brewing originally appeared on Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
