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Goldman Flashes Early Entry

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Goldman Rallied Off its 50-day line following earnings. Less rate sensitive than most banks.

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    Citigroup has tasked one of its most senior London-based bankers with leading its new technology and communications franchise as the sector benefits from a wave of deals triggered by digital disruption. British-born Philip Drury, who has been leading Citi's banking, capital markets and advisory business across Europe, the Middle East and Africa since 2018, will quit London to take on a new global role as Tech & Comms' head out of San Francisco. "Tech & Comms is one of the fastest growing franchises in global banking, capital markets and advisory and represents one of the greatest opportunities to close our competitive gap," said the memo, which was signed by the co-heads of Citi's banking, capital markets and advisory business globally, Tyler Dickson and Manuel Falco.

  • Goldman names new co-head of internal client services initiative

    Goldman Sachs Group Inc named Kim Posnett as the new co-head for an internal client services initiative called One Goldman Sachs, according to a memo seen by Reuters on Monday. Posnett, currently the global head of investment banking services, will work with co-head Sam Morgan to integrate the bank's business divisions and improve how Goldman serves some of its biggest clients, according to the memo, which was signed by Chief Executive Officer David Solomon.

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  • Oil drops as coronavirus cases surge in Asia

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  • Price of Gold Fundamental Daily Forecast – Stable Yields Could Lead to Rangebound Gold Prices

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  • Mike Novogratz’s Galaxy Digital Said to Be in Talks to Buy Crypto Custodian BitGo

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  • Singapore prosecution files more charges over nickel trading scandal

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  • India does not see logic in U.S. putting it on currency watchlist

    India does not see any logic in the United States putting it on a monitoring list of currency manipulators, a trade ministry official said on Tuesday. "I don't understand any economic logic," Anup Wadhawan, India's commerce secretary told reporters. The Reserve Bank of India is following a policy that allows currency movements based on market forces, he said.

  • Dogecoin cryptocurrency slumps after hashtag-fueled surge to record high

    Meme-based cryptocurrency Dogecoin fell on Tuesday after hitting an all-time high in a wild session that saw supporters of the token once considered a parody use hashtags to fuel a rally until it lost steam. Dogecoin ultimately fell 15.4% to US$0.33, but during the session when it hit a record peak, its market capitalization soared to more than $50 billion. Dogecoin fans used the hashtags #DogeDay and #DogeDay420 to post memes, messages and videos on Twitter, Reddit and TikTok, referring to the informal April 20 holiday to celebrate cannabis which is marked by smoke-ins and street parties.

  • Putin’s Answer to U.S. Sanctions Is More Economic Isolation

    (Bloomberg) -- Russian President Vladimir Putin is likely to respond to the latest round of U.S. sanctions threats as he has to past ones: by speeding his drive to make Russia’s economy more self-sufficient.In the seven years since Russia’s annexation of Crimea, Putin’s government and central bank have stripped back the country’s exposure to dollars, shifted assets out of the U.S. and sold a smaller share of its debt to foreigners.“The Americans are saying: be careful or we could do more, but Russia is just going to continue down the path toward economic autarky,” said Elina Ribakova, deputy chief economist at the Institute of International Finance in Washington.The administration of U.S. President Joe Biden is keeping the threat of sanctions hanging over Russia even after a sweeping round of penalties imposed last week. On Sunday, the U.S. warned of “consequences” if jailed opposition activist Alexey Navalny dies in prison.These four charts show how Putin has responded to past rounds of sanctions by increasing Russia’s economic isolation.The share of gold in Russia’s $581 billion international reserves jumped above dollars for the first time on record last year following a multi-year drive to reduce exposure to U.S. assets. The precious metal made up 24% of the central bank’s stockpile as of the end of September 2020, the latest date for which the breakdown is available. The share of dollar assets was 22%, down from more than 40% in 2018.That trend also shows up in the share of Russia’s international reserves held in the U.S., which plummeted to just under 7% by the end of September, down from about 30% before the Crimea annexation. Most of the shift happened in the second quarter of 2018 just after sanctions on aluminum giant United Co. Rusal revealed how vulnerable Russia was to sanctions.What Our Economists Say...Russia’s resilience to successive waves of sanctions provides a false sense of security. With the U.S. running out of options, the next round could be more disruptive, and the measures already in place are holding back trade and investment.-- Scott Johnson, Bloomberg EconomicsOf course, there’s only so much that Russia can do without cutting itself off entirely from the global economy. But officials in Washington are also restrained by the fact that if they go too far (as they did with the Rusal sanctions that were later revoked), they risk sending tremors through global markets.Acting on a pledge by Putin to “de-dollarize” trade, Russia has been slowly cutting back on use of the greenback in its exports with the European Union, China and India. The euro has almost overtaken the dollar in Russia’s trade with the EU and has already surpassed it in exports to China. About two-thirds of Russia’s exports to India, meanwhile, are paid for in rubles.How Virus-Panicked Markets Showed Dollar’s Still King: QuickTakeLast week’s penalties included a ban on purchases of bonds on the primary market, so the next big targets could be secondary-market debt and Russian banks’ access to the financial messaging system used for most international money transfers. Russia is already looking for alternatives to the system, known as SWIFT, to make itself less vulnerable, though attempts so far haven’t led to much.One reason the Finance Ministry wasn’t too concerned about the latest sanctions measure on government debt is that Russia has mostly been selling to local banks at its weekly auctions anyway. Borrowing was ramped up during the pandemic even though foreign demand was weak, which increased the overall size of the market and pushed down the share of foreigners.U.S. banks can still buy new debt on the secondary market after the penalties come into force in mid-June. Russia is “well positioned” for a near term market disruption because it has a high cash buffer and demand from local banks is “robust,” Fitch Ratings said in a research note published late on Friday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Oil Price Fundamental Daily Forecast – Traders Giving Back Earlier Force Majeure Gains

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  • Covid-19 vaccines aren’t making any money for Johnson & Johnson

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  • Inflation climbs as fuel and clothing prices rise – live updates

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  • Private Equity Firm AIP Buys Up Debt on Gupta’s Aluminum Plants

    (Bloomberg) -- American Industrial Partners has bought most of the senior debt of two of Sanjeev Gupta’s European aluminum assets, putting it in position to take them over, people familiar with the matter said.The New York-based private equity firm in recent days bought debt linked to Gupta’s Dunkirk smelter in France as well as refinancing the senior debt of the Duffel rolling mill in Belgium, said the people, who asked not to be identified as the deals weren’t public.Gupta has been searching for new financing as the industrialist scrambles to save his metals empire after the collapse of its biggest lender, Greensill Capital, last month. AIP’s move to buy out other creditors at par could signal its intention to purchase the aluminum assets -- either directly from Gupta or after an insolvency process.Gupta’s GFG Alliance, a loose group of metals and commodity trading companies, warned in February it would face insolvency without Greensill’s funding, according to court documents. Its aluminum assets are grouped under the name Alvance.“GFG Alliance can confirm Alvance Aluminium Duffel is enjoying the benefits of recent strong aluminum markets and its excellent relationships with customers. We have now completed the refinancing of its external debt facilities, with a large international lender, which will position the business for continued growth,” a spokesperson for GFG said, without elaborating.The GFG spokesperson declined to comment on Dunkirk and potential talks to sell the plants. Representatives for AIP didn’t immediately reply to calls and emails seeking comment.AIP’s move caps a frenetic period of trading in debt linked to the Dunkirk plant, Europe’s largest aluminum smelter, which Gupta bought from Rio Tinto Group in 2018.Several lenders including BNP Paribas SA, Morgan Stanley, Natixis SA, Industrial & Commercial Bank of China Ltd. and ICBC Standard Bank Plc have sold or sought to sell their portions of the loan in recent weeks, Bloomberg has reported. The loans were then bought at a discount by distressed debt investors including Davidson Kempner Capital Management and Triton Partners, before AIP came in to buy them out at par, the people said.Still, Trafigura Group has not only retained its portion of the Dunkirk loan but also added to it in recent days, several of the people said, potentially indicating that the trading house could play a role in a future deal for the smelter. Rival trader Glencore Plc has also expressed interest in the smelter, according to separate people familiar with the matter.Trafigura and Glencore declined to comment.At the same time, a senior loan of around 50 million euros ($60 million) to the Duffel plant from Tor Investment Management has also been repaid, two of the people said.Gupta’s aluminum assets could have an enterprise value of just over $1 billion, including $637 million in debt, according to a GFG presentation seen by Bloomberg News. The assets’ earnings before interest, tax, depreciation and amortization totaled $103 million last year, the presentation showed.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Stock market news live updates: Stocks post back-to-back days of declines; Dow drops 257 points, or 0.7%

    Stocks fell Tuesday, with the three major indexes looking for dip for a second straight session.

  • Exclusive: Fed will limit any overshoot of inflation target, Powell says

    The U.S. economy is going to temporarily see "a little higher" inflation this year as the recovery strengthens and supply constraints push up prices in some sectors, but the Federal Reserve is committed to limiting any overshoot, Fed Chair Jerome Powell said in an April 8 letter to Senator Rick Scott. "We do not seek inflation that substantially exceeds 2 percent, nor do we seek inflation above 2 percent for a prolonged period," Powell said in a five-page response to a March 24 letter in which the Florida Republican raised concerns about rising inflation and the U.S. central bank's bond-buying program. Those modifiers - "substantially" exceeding 2% inflation or above that level for a "prolonged" period - help to more sharply define the upper bounds of the Fed's comfort zone as prices rise.

  • Bitcoin and Gold Are Complementary Investments

    Crypto and gold aren't in zero-sum competition for investors' attention, says Russell Starr, CEO of Trillium Gold Mines.