• Reuters

    RPT-Indonesia e-commerce execs say new rules may choke booming online growth

    Indonesian e-commerce industry executives have criticised new regulations requiring online vendors to obtain government permits, saying the mandatory procedures would sharply increase costs and stifle the country's booming e-commerce market. The law also requires online marketplaces to store information in local data centers and for domain names to reflect Indonesia. Trade minister Agus Suparmanto told reporters on Monday that the regulation is intended to protect consumers and businesses, and promised that "everything will be made easier", as the procedures to comply with the law can be done online and will be free.

  • China Suffers Biggest Dollar Bond Default By State-Owned Company in Two Decades
    Bloomberg

    China Suffers Biggest Dollar Bond Default By State-Owned Company in Two Decades

    (Bloomberg) -- A major Chinese commodities trader became the biggest dollar bond defaulter among the nation’s state-owned companies in two decades, in a moment of reckoning for Beijing as it struggles to contain credit risk in a weakening economy.Tewoo Group Corp. announced results of its unprecedented debt restructuring, which saw a majority of its investors accepting heavy losses. This is expected to reshape investors’ perceptions about government-owned borrowers whose identity has for years offered a relatively strong sense of security.It’s also seen offering a road-map for resolving similar debt crises in the future as the prospect of more failures by state-backed firms looms.The one-time Fortune Global 500 company from the northern port city of Tianjin said dollar bond investors representing 57% of the the total $1.25 billion have agreed to be paid just 37 to 67 cents on the dollar, depending on the maturity of the debt. Bondholders representing 22.6% of these bonds voted to exchange their debt for new bonds with sharply lower coupons to be issued by Tewoo’s offshore debt manager, a state asset manager from Tianjin.“This is one form of default based on our definition,” said Ivan Chung, a Hong Kong-based analyst at Moody’s Investors Service, noting that the debt revamp has resulted in losses for investors.The debt restructuring plan, first of its kind for a Chinese state-run enterprise in the dollar bond market, came ahead of $300 million dollar bond maturity on Dec. 16, one of the four notes covered by Tewoo’s debt restructuring plan. Tianjin State-owned Capital Investment and Management, its offshore debt manager, said on an investor call late last month that Tewoo is very likely to default on this paper.For investors who turned down the offers, their dollar bonds will be grouped into a comprehensive debt plan involving Tewoo’s onshore debt, according to Tianjin State-owned Capital.Tewoo said settlement of the debt restructuring offers are expected to be on or about Dec. 17.Tewoo’s failure in the dollar bond market, the biggest for a Chinese SOE since the collapse of Guangdong International Trust and Investment Corp. in 1998, is a sign that the worst economic slowdown in three decades is limiting Beijing’s capacity to bail out its weaker state firms. As a result, the authorities appear increasingly willing to use a more market-oriented approach to clean up the mess.“Tewoo’s default is a landmark case, and demonstrates a growing tolerance for defaults by distressed SOEs,” Cindy Huang, an S&P Global Ratings credit analyst said in a note.Tianjin “is not an exception” and other local governments with deteriorating fiscal conditions might also see eroding support for their less competitive SOEs, it said.Setting PrecedentTewoo’s crisis came as a wake-up call for investors.“This is a poor outcome for investors that bought the bonds at par. That said, there is now some track record as to the severity of loss for an SOE-related entity,” said Charles Macgregor, head of Asia at Lucror Analytics.“Hopefully, these types of restructures will bring more discipline to the market and result in investors properly pricing for the apparent risk,” he added.Tewoo is owned by the Tianjin government and operates in a number of industries including infrastructure, logistics, mining, autos and ports, according to its website. It also has footprints in countries including the U.S., Germany, Japan and Singapore.The trader ranked 132 in 2018’s Fortune Global 500 list, higher than many other conglomerates including service carrier China Telecommunications Corp. and financial titan Citic Group Corp. It had an annual revenue of $66.6 billion, profits of about $122 million, assets worth $38.3 billion, and more than 17,000 employees as of 2017, according to Fortune’s website.(Updates with chart on China SOE bond defaults)\--With assistance from Denise Wee.To contact Bloomberg News staff for this story: Shen Hong in Singapore at hshen87@bloomberg.net;Ina Zhou in Hong Kong at hzhou179@bloomberg.net;Tongjian Dong in Shanghai at tdong28@bloomberg.netTo contact the editors responsible for this story: Richard Frost at rfrost4@bloomberg.net, Shen Hong, Neha D'silvaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • This is how dangerous ‘dollar-cost ravaging’ can be for your retirement
    MarketWatch

    This is how dangerous ‘dollar-cost ravaging’ can be for your retirement

    Dollar-cost averaging is a popular strategy in which an investor purchases an asset at regularly timed intervals to mitigate the risk of buying high. But what about “dollar-cost ravaging?”

  • Reuters

    UPDATE 2-Nestle sells U.S. ice cream brands to joint venture Froneri in $4 bln deal

    Nestle SA has agreed to sell its U.S. ice cream business to Froneri in a deal valued at $4 billion, moving control of brands including Häagen-Dazs to a joint venture the Swiss group set up in 2016. Froneri was created after Nestle merged its European ice cream business in 20 countries with R&R, a unit of French private equity firm PAI Partners. With operations in regions including Latin America and Asia, it is one of the largest ice cream companies in the world with a turnover of around 2.9 billion Swiss francs ($2.91 billion) as of last year.

  • Analysts: The 11 Top Stocks You'll Want To Own In 2020
    Investor's Business Daily

    Analysts: The 11 Top Stocks You'll Want To Own In 2020

    Analysts are picking their favorite S&P; 500 stocks for 2020. Most are beat-up stocks. But some of these top picks for next year are true leaders.

  • Nestle Sells U.S. Ice Cream Brands
    Bloomberg

    Nestle Sells U.S. Ice Cream Brands

    Dec.12 -- Nestle SA is selling its U.S. ice cream business to a joint venture with private equity firm PAI Partners. It’s valued at $4 billion. The deal aims to create a stronger challenger to Unilever. Bloomberg Intelligence’s Duncan Fox discusses the deal on “Bloomberg Markets: European Open.”

  • What's the Difference Between Retirement in Canada and America?
    Investopedia

    What's the Difference Between Retirement in Canada and America?

    American and Canadian governments provide many of the same types of services for those in retirement, but the subtle differences between the two countries are worth noting.

  • Slack: Strong Potential, but Shareholders Won't Be Rewarded
    TheStreet.com

    Slack: Strong Potential, but Shareholders Won't Be Rewarded

    Despite an enticing narrative, shareholders face declining revenue growth rates and an overvalued stock.

  • Refinery29

    15 Women Share How Much Money They Have In The Bank

    Okay, so it isn't the most polite question to ask. But boy is it natural to be curious about your peers' finances — and to feel comfort in knowing you're in the same boat as everyone else. (Any else have retirement-oriented fever dreams?) At R29, we're interested in erasing the taboo nature of money talk — so we thought we'd ask just about the most vulnerable question we could think of: How much money do you have in your bank account right now at this very moment? And speaking of, how much debt do you have? Oh and while you're at it, how do you feel about all of that information as it relates to the grand scheme of your life? We asked, and over 100 of you answered. Ahead, you'll find responses from a wide range of incomes, ages, and industries. Like what you see? How about some more R29 goodness, right here?How To Share Your Instagram Top Nine 2019These Are The Best Memes Of 2019 So FarAre You Embarrassed By Your Spotify Wrapped Music?

  • GameStop under fire as stock plunges nearly 20% amid big slowdown in sales
    American City Business Journals

    GameStop under fire as stock plunges nearly 20% amid big slowdown in sales

    GameStop Corp. had another difficult quarter – and investors aren’t happy. Shares of the struggling video game retailer were down more than 17 percent in midday trading. Revenue came in light, falling by 26 percent in the third fiscal quarter that ended Nov. 2.

  • 7 mistakes that can ruin your retirement — and how to avoid them
    MarketWatch

    7 mistakes that can ruin your retirement — and how to avoid them

    Warren Buffett once famously said: “You only have to do a very few things right in your life so long as you don’t do too many things wrong.” With that in mind, today I’ll depart from suggesting what you should do to be a successful investor.

  • Huawei's CFO wins Canada court fight to see more documents on her arrest
    Reuters

    Huawei's CFO wins Canada court fight to see more documents on her arrest

    Meng’s legal team has contested her extradition in the Canadian courts on grounds that the United States is using it for economic and political gain, and that she was unlawfully held, searched and interrogated by Canadian authorities acting for the U.S. Federal Bureau of Investigation (FBI). Associate Chief Justice Heather Holmes in the Supreme Court of British Columbia agreed with Huawei Technologies Co Ltd’s appeal for Canada's attorney general to release more documents relating to the run-up to and events of the arrest.

  • Here's who's leading the new Truist bank in Raleigh
    American City Business Journals

    Here's who's leading the new Truist bank in Raleigh

    Days after the $66 billion BB&T-SunTrust; marriage closed to create Truist Bank, the new entity has outlined its local leadership plan.

  • Saxo Bank's ‘Outrageous’ Predictions for 2020
    Bloomberg

    Saxo Bank's ‘Outrageous’ Predictions for 2020

    Dec.12 -- Steen Jakobsen, chief economist and chief investment officer at Saxo Bank A/S, talks about his "outrageous" predictions for 2020. He also discusses the market implications of the U.K. election. He speaks with Juliette Saly and Rishaad Salamat on "Bloomberg Markets: Asia."

  • Why this Berkshire Hathaway shareholder isn't frustrated Warren Buffett won't spend nearly $130 billion in cash
    Yahoo Finance

    Why this Berkshire Hathaway shareholder isn't frustrated Warren Buffett won't spend nearly $130 billion in cash

    Long-time Berkshire Hathaway shareholder Bill Smead is just fine with Warren Buffett sitting on billions in cash. Here's why.

  • Oilprice.com

    Why Exxon’s Stock Could Hit $100 In 2020

    Oil and gas giant ExxonMobil could soon go from bleeding cash to gushing profits as its long term production plans are finally starting to pay off

  • Prepare for Cannabis’ Second Act and Hold Your Aphria Shares
    InvestorPlace

    Prepare for Cannabis’ Second Act and Hold Your Aphria Shares

    While it's common knowledge that pot stocks like Aphria (NYSE:APHA) are big movers, one wouldn't think so given its tight price range of the past two weeks. But don't be lulled into thinking that Aphria shares are likely to continue their sideways trajectory for much longer; as they say, "The longer the base, the higher in space."Of course, people reciting a cliche doesn't make it happen, but I'm not expecting Aphria stock to remain range-bound for much longer.Personally, I'm bracing for a sizable move in all cannabis stocks, with Aphria stock leading the pack and lesser companies riding its coattails to new highs.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Cannabis 2.0 Will Finally Kick Into High GearRetail investors have a tendency to buy on hype and get the timing all wrong. Regrettably, many neophyte traders grabbed Aphria shares with both hands when the mainstream media was trumpeting Cannabis 2.0's advent in September, only to watch the stock price wilt like an unwatered pot plant.Those unfortunate investors had, I believe, the right idea but less-than-ideal timing. As you may recall, the adult recreational use of cannabis (including oils, sprays, and dried flower) was legalized throughout Canada on Oct. 17, 2018, and this year the announcement was made of what's informally known as "Cannabis 2.0" (or as I like to call it, "The Cannabis Empire Strikes Back"). * 10 Best-Performing Growth Stocks of the 2010s A year to the day after the original-flavor Cannabis 1.0, the second installment comprised Canada's decriminalization of "cannabis derivatives": vapes, chocolates, gummies, cookies, shakes, juices, beer, you name it. If you don't mind the stats being expressed in Canadian-dollar terms, research firm Deloitte offers an impressive breakdown of Cannabis 2.0's profit potential:Deloitte estimates that the annual Canadian market for edibles and alternative cannabis products is worth C$2.7 billion. The vast majority of this burgeoning Cannabis 2.0 market will be cannabis extract-based products, including edibles, which we estimate at C$1.6 billion alone. Yet there is significant opportunity elsewhere, including cannabis-infused beverages (C$529 million), topicals (C$174 million), concentrates (C$140 million), tinctures (C$116 million), and capsules (C$114 million).If you're serious about Canadian cannabis investing, I recommend reading the full report as Deloitte definitely conducted their due diligence on the market. As for the investors who got the timing wrong, they jumped in too soon: Canada's cannabis companies are required to wait 60 days before selling those derivative products, meaning that the products won't be on the shelves until the second half of this month.So, if you've been waiting for a better time and a favorable entry point, I'd say now's your chance. Aphria's an absolute monster with the ability to produce 700,000 kilograms of cannabis product annually, and I expect the company to be first-to-market when the floodgates finally open and Canadians make a run for the cannabis-infused comestibles en masse. A Diamond in the RoughAnother reason to choose this particular company is its solid financing -- a rare feature in the cannabis space. Indeed, Aphria finished the August quarter deep in the green with $460 million CAD showing on their balance sheet plus an additional $542 million CAD in capital assets.Moreover, Aphria recently announced that an unnamed large Canadian chartered bank facilitated $80 million CAD in financing for grow facility subsidiary Aphria Diamond. Interim CEO Irwin D. Simon emphasized the Aphria Diamond investment as broadly emblematic of the company's secure financial footing:Aphria has the largest cash balance in the cannabis industry without the dilution of a strategic partner… We are pleased to have secured a term loan that will repatriate a portion of our investment in Aphria Diamond, to be strategically deployed by Aphria. This loan strengthens our balance sheet without being dilutive, and positions Aphria Diamond for success as we expand into new categories and growth opportunities in cannabis to enhance value for shareholders long term.While admittedly a company's CEO (interim or otherwise) must serve as its pitchman, I'm willing to go along with Simon's assessment of Aphria as a financially sound company even amid an often-insecure Canadian cannabis market. The Time Is Right for APHA StockIf you timed your entry poorly and bought Aphria shares too early, I would suggest practicing self-forgiveness, learn from the experience, and hold on to your shares. Given Aphria's comparatively stellar balance sheet and with cannabis' real second act coming soon, neophyte traders may get a rare second chance in the markets. Lesson learned, and profits earned.As of this writing, David Moadel did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * The 10 Best-Performing Growth Stocks of the 2010s * 10 Stocks With Little or No Debt to Own for the Next 50 Years * 5 Restaurant Stocks Dominating Holiday Season Foot Traffic The post Prepare for Cannabis' Second Act and Hold Your Aphria Shares appeared first on InvestorPlace.

  • Gold is going to $2,500, $3,000 an ounce: investment expert
    Yahoo Finance

    Gold is going to $2,500, $3,000 an ounce: investment expert

    Demand for physical gold is peaking sending prices.

  • This is the tax break America’s 1% will cling to — even after death
    MarketWatch

    This is the tax break America’s 1% will cling to — even after death

    If Congress truly wants to address the concerns about taxing the wealthy, it needs to start by repealing the current rules that automatically step up the tax basis of capital assets at death. As things stand, the highest-income-earning Americans — the .001% whose incomes top $50 million a year — derive most of this income from investments, rather than salaries or other forms of ordinary income. Almost all the Democratic candidates for president propose to increase the tax rate on capital gains to equal the rate on ordinary income.

  • The No. 1 job of 2019 pays $140,000 — and its hiring growth has exploded 74%
    MarketWatch

    The No. 1 job of 2019 pays $140,000 — and its hiring growth has exploded 74%

    On Tuesday, career and job site LinkedIn released its annual “Emerging Jobs” list, which identifies the roles that have seen the largest rate of hiring growth from 2015 through this year. No. 1 on the list: Artificial Intelligence Specialist — typically an engineer, researcher or other specialty that focuses on machine learning and artificial intelligence, figuring out things like where it makes sense to implement AI or building AI systems. Hiring for this role has been tremendous, growing 74% annually in the past 4 years alone.

  • Aramco Surges 10% in Trading Debut
    Bloomberg

    Aramco Surges 10% in Trading Debut

    Dec.11 -- The world’s biggest company gets even bigger. Saudi Aramco had surged by the limit of 10% in its trading debut. Bloomberg’s Yousef Gamal El Din reports on “Bloomberg Markets: European Open.”

  • Home Depot’s investment plan weighs on fiscal 2020 outlook
    MarketWatch

    Home Depot’s investment plan weighs on fiscal 2020 outlook

    Home Depot disappointed with its fiscal 2020 guidance, which analysts say is impacted by its own investments and outside factors.

  • Barrons.com

    Wall Street Is Finally Getting Bullish About Mining. Here Are 2 Stocks to Buy.

    Wall Street is slowly getting more bullish on mining stocks. Large mining stocks Barron’s tracks are down more than 50% from all-time highs, but the sector has bounced back some in 2019, up about 14% on average. The reason for improved sentiment is linked to iron ore and copper, two key metals for global miners.

  • ‘He took my jewelry and never saved a penny’ — how can I stop my husband from getting his hands on my IRA and bank accounts in our divorce?
    MarketWatch

    ‘He took my jewelry and never saved a penny’ — how can I stop my husband from getting his hands on my IRA and bank accounts in our divorce?

    While living in Indiana before ever marriage, I set up a 401(k) and put a good amount of money into it. After leaving that job, it was rolled over into a traditional IRA. Would the courts look at my IRA money and bank accounts more as mine given that my husband never contributed to them?

  • Toyota names new North America CEO as industry faces unprecedented shift
    Reuters

    Toyota names new North America CEO as industry faces unprecedented shift

    Lentz, a 38-year-veteran of Toyota, said his long tenure including almost seven years at the helm was in part a function of the automaker's culture. "We have a long-term view of things and try to keep our eyes on the horizon and not get sea sick with all the dips and twists and turns," Lentz, 64, said in an interview.