Michael Etzel, partner at The Bridgespan Group, joins Yahoo Finance to break down impact investing and how it compares to ESG investing.
Michael Etzel, partner at The Bridgespan Group, joins Yahoo Finance to break down impact investing and how it compares to ESG investing.
Conor McGregor made an incredibly generous pledge after his loss to Dustin Poirier - but he seems to have forgotten all about it.
Indonesian ride-hailing and payments company Gojek and the country's leading e-commerce business Tokopedia are close to sealing their proposed merger as they prepare to seek formal shareholder approval, three sources close to the matter told Reuters on Friday. A deal that sources have previously pegged at $18 billion would create a technology powerhouse offering online shopping, courier services, ride-hailing, food delivery and other services in Southeast Asia's largest economy. Alibaba Group Holding and SoftBank Group Corp are among Tokopedia's investors, while Gojek's include Warburg Pincus and Tencent Holdings.
Sydney Roosters are facing an NRL injury crisis at dummy-half but James Tedesco has backed the mentality of the squad to combat the unusual shortage of available hookers.Saturday's 26-18 win over Cronulla came at a cost for the Roosters with Freddy Lussick suffering a fractured arm that could require surgery.
A man who downed shots, mixers, wine and ignored his friend's warning not to drive has been jailed for at least two years for killing a 73-year-old Melbourne pedestrian.Stephen Papagelou's car flung Henry Ekselman 15 metres as the man crossed Chapel Street at Prahran in November 2018.
After more than a year on the sidelines, Socceroos winger Chris Ikonomidis is poised to make his A-League return for Perth Glory on Tuesday against Newcastle Jets.The 25-year-old has been out since rupturing an ACL against Melbourne Victory in February last year but will travel to Coffs Harbour in Glory's squad to face the Jets.
Located along Central Oregon’s historic Route 19 in Kimberly, Longview Ranch maintains 30,000 stunning acres of diverse landscape, including many acres of Lodgepole pine trees.
New Zealand's latest cluster of COVID-19 has grown to three but Australian officials have so far held off making any changes to border arrangements.Last Thursday, health authorities announced a security guard at New Zealand's biggest quarantine facility, the Grand Millennium hotel in Auckland, had caught the virus.
“I got a view on the big screen that he didn’t touch the plate.”
The BAFTAs have paid tribute to Prince Philip just days after his death. See why the duke will always have a 'special place' in the awards' history.
President Franklin Roosevelt dies; The American Civil War begins with the attack on Ft. Sumter; Yuri Gagarin is the first man to fly in space; Space Shuttle Columbia lifts off on its first mission; Late night TV host David Letterman born. (April 12)
Recent roars from an investment firm, credited to put Indian startups on the global map in the past decade and a half, are turning local young firms into unicorns at a pace never seen before in the world’s second largest internet market. Tiger Global has written -- or is in late stages of writing -- more than 25 checks, spanning from a few million dollars to over $100 million, this year alone. About 10 of its investments have been unveiled so far with the rest still in the pipeline for the coming weeks and months.
John Higgs was an important part of an exceptional plot to import a record amount of ecstasy into Australia, but judges found nothing exceptional about his appeal bid.The 74-year-old is serving an 18-year prison sentence over the 2007 import of 15 million ecstasy pills in tomato tins.
3 Usman Khawaja will lead Queensland in this week's Sheffield Shield final, attempting to win his first against his native NSW at Allan Border Field from Thursday.Khawaja missed selection when the Blues won a title in 2007-08 and he lost a final in 2011 before opting to shift north in 2012.
Aussie actor Hugh Jackman has marked 25 years with his wife Deborra-Lee Furness with a touching message. Read more.
(Bloomberg) -- Oil was steady in Asian trading after Federal Reserve Chair Jerome Powell said the U.S. economy was poised for stronger growth, while cautioning that Covid-19 still remains a threat.Futures in New York traded near $59 a barrel after dropping 3.5% last week. The economy is at an “inflection point” with stronger growth and hiring ahead thanks to rising vaccinations and powerful policy support, Powell said in an interview with CBS’s “60 Minutes,” adding that the key risk was a spreading virus. That’s been highlighted in other regions including parts of Europe, while a second wave in India is overwhelming the health system.Oil’s robust start to the year faltered in mid-March as a resurgence of Covid-19 and renewed restrictions in some regions raised concerns about the outlook for near term fuel demand. The market is also facing rising supply after the OPEC+ alliance agreed to add more barrels from May, although Saudi Arabia’s energy minister said the decision to boost output was the right move.Iran is also a wildcard for the market. Talks between the OPEC producer and world powers on resuscitating a 2015 nuclear accord are set to continue this week after an initial round of discussions, described by a senior U.S. official as a good first step but still short of what’s necessary for a revival of the deal.“While rising virus cases will have an impact, the vaccination drive is progressing really well,” said Howie Lee, an economist at Oversea-Chinese Banking Corp. in Singapore. “I think markets will overlook the short-term weakness and focus on the longer-term. Demand will go up for sure.”The prompt timespread for Brent was 45 cents a barrel in backwardation -- a bullish market structure where near-dated contracts are more expensive than later-dated ones -- compared with 32 cents a week earlier.See also: There’s a Lot of Unused Oil Stored Around the World: Julian LeeFed officials have repeatedly stressed that the U.S. economy continues to need aggressive monetary policy support as it recovers from the pandemic, even as the outlook brightens amid widening vaccinations. In the U.K., some scientists are saying the country could achieve so-called herd immunity as soon as Monday, moving on from the worst of the outbreak.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.
(Bloomberg) -- No matter the asset class, the outlook is turning bleak for China’s financial markets.The nation’s stocks, bonds and currency are losing their shine after an impressive start to the year, overshadowed by a stronger dollar, higher U.S. Treasury yields and a domestic campaign to cut financial risk.The nation’s benchmark stock index remains 13% below a 13-year high in early February, following a brutal selloff that wiped out more than $1.3 trillion in market value. The yuan just suffered its worst month in a year in March, erasing all its 2021 gains against the greenback. Chinese sovereign bonds, a sanctuary during the recent global rout, saw foreign investors lower their holdings last month for the first time in more than two years.The sharp reversal of fortunes came as confidence grew in a strong U.S. economic recovery that is reclaiming the allure of dollar assets around the world. The latest underperformance of Chinese markets also resulted from Beijing’s decision to resume a battle on debt that was interrupted by the trade war with Washington and the pandemic.Concerns about inflation and tighter monetary conditions mean appetite for Chinese shares will likely remain subdued, while the country’s government debt market faces the test of a supply glut later this year, investors and analysts say. The yuan could weaken further as the dollar extends its global resurgence.“China’s bull run is being tested,” said Adrian Zuercher, head of global asset allocation of UBS Chief Investment Office. “Volatility will stay elevated in the near term.”Subdued TradingAfter delivering a world-beating rally earlier in the year, Chinese shares have reversed course since February, when it became increasingly clear that policymakers were shifting their priority to taming asset bubbles and reducing financial leverage.The broader de-risking campaign also includes a crackdown on the country’s internet and fintech giants. In the latest of such moves, the authorities slapped a record $2.8 billion fine on Alibaba Group Holding Ltd. over the weekend after an anti-monopoly probe found it abused its market dominance.The benchmark CSI 300 Index fell 1.1% as of 10:38 a.m. Beijing time, bringing its year-to-date loss to 4.5% and down 14% from a peak in February.The world’s second-largest stock market is $838 billion smaller than at its February peak and trading interest has been waning. Daily average turnover on China’s two stock exchanges was 670 billion yuan ($102 billion) so far this month, the lowest since May, according to data compiled by Bloomberg.UBS’ Zuercher said he expects rising Treasury yields to be a major source of near-term volatility in China’s equity market, as it will continue to exert pressure on valuations of the country’s growth stocks and trigger rotation.Echoing the view, Herald van Der Linde, HSBC Holdings Plc’s head of Asia Pacific equity strategy, said there remains downside risk to Asian equities in the near term and “China is no exception”.Domestically, a central bank unwilling to keep funding conditions too loose, a contrast to its peers in other major economies, has also disappointed stock investors. Apart from its deleveraging campaign, signs of inflationary pressures, as shown in March’s consensus-beating 4.4% jump in China’s producer prices, could prompt Beijing to further dial back its pandemic-induced economic stimulus.“We believe monetary policy might be tightened,” Hanfeng Wang, a strategist at China International Capital Corp., wrote in a note this week, adding that investors should pay attention to policy signals from the next meeting of the Politburo, the Communist Party’s top decision-making body.Bonds PressuredWhile Chinese government bonds outpaced their competitors in the first quarter as their haven status helped them stand out as a bulwark amid the global slump, they are facing a host of challenges in the coming months.In addition to a longer-than-expected phase-in period for the inclusion in FTSE Russell’s World Government Bond Index, a surge in bond supply from local governments and a narrowing China-U.S. yield gap also threaten to reduce the appeal of Chinese debt.Now at 3.21%, yields on China’s benchmark 10-year sovereign notes are expected to rise to 3.5% by the end of this quarter, according to Becky Liu, head of China macro strategy at Standard Chartered Plc.As China’s yield premium over Treasurys thinned, global investors last month trimmed their holdings of Chinese government debt for the first time since February 2019, a trend that is expected to continue for some time. The yield gap fell to 144.8 basis points on March 31, the narrowest since Feb. 24, 2020 when it was 144.2 basis points.Weaker YuanThe dollar’s renewed strength, the tighter yield gap, as well as Beijing’s latest move to boost capital outflows also have prompted analysts, including ING’s, to lower their forecasts on the Chinese currency.After rising nearly 7% against the dollar last year and reaping further gains earlier this year, the yuan suffered its worst selloff in a year last month, arresting a steady advance since May.Read: Yuan Erases Year’s Gains Against Dollar as PBOC Steps AsideAlso weighing on the yuan is the slowing speed of capital inflows: Cross-border currency flows tracked by Goldman Sachs totaled $1.5 billion in the week ended on April 7, compared with about $3 billion in the previous week.“It’s about how views on the U.S. dollar have changed rapidly,” said Zhou Hao, an economist from Commerzbank AG. “People believe the U.S. economy will recover strongly in the next two years and that’s what stocks and bonds have been pricing in.”Zhou said he expects the yuan to weaken to 6.83 per dollar by the end of this year, from around 6.56 Friday.(Updates with CSI 300 Index’ latest performance in the ninth paragraph)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.
(Bloomberg) -- Asian stocks slipped Monday as investors weighed the latest upbeat economic assessment from Federal Reserve Chair Jerome Powell against persistent risks from the pandemic. The dollar ticked up.Shares in China and Hong Kong underperformed, even as Alibaba Group Holding Ltd. rallied after the weekend imposition of a record antitrust fine removed a key uncertainty. U.S. equity futures retreated after a third straight week of gains for the S&P 500 Index, with investors bracing for earnings reports this week.The yield on 10-year Treasuries held Friday’s advance on stronger-than-expected producer-price inflation data and ahead of a heavy week of supply.China Led The Recovery Trade; Now Almost Everyone Is CautiousWhile the economic recovery is accelerating, policy makers say more progress is needed before they consider withdrawing exceptional support. Traders’ concerns that this stimulus will boost inflation have already weighed on bonds, driving yields higher. And prices data are about to get an artificial boost as the pandemic-driven economic collapse falls out of year-on-year index comparisons. U.S. consumer-price data are due Tuesday.The U.S. economy is at an “inflection point” with stronger growth and hiring ahead thanks to rising vaccinations and powerful policy support, Powell told CBS’s 60 Minutes in an interview aired Sunday. He warned that a resurgence of Covid-19 remains the principal risk to the economy and any rebound in inflation will be temporary.“The Fed is going to be more concerned about the labor market,” Sian Fenner, senior economist at Oxford Economics, told Bloomberg News. “Definitely inflation’s not spiraling out of control.”Investors are wary of supply stirring more rates-market volatility. Bonds have rallied from the losses that roiled equity markets earlier this year, but another heavy round of auctions could pressure yields higher again. The U.S. sells three-, 10- and 30-year Treasuries at the start of the week.Oil inched back toward $60 a barrel after a 3.5% drop last week. Bitcoin eased from a rally past $61,000 on the weekend. The forthcoming listing of cryptocurrency exchange Coinbase Global Inc. in the U.S. has put the spotlight back on the digital-token sector.Some key events to watch this week:Banks and financial firms begin reporting first-quarter earnings, including JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Morgan Stanley, Goldman Sachs Group Inc.U.S. officials and company executives are due to discuss the global shortage of computer chips on Monday.The U.S. releases inflation data Tuesday.Chinese trade data are scheduled for Tuesday.Economic Club of Washington hosts Fed Chair Jerome Powell for a moderated Q&A on Wednesday.U.S. Federal Reserve releases Beige Book on Wednesday.U.S. data including initial jobless claims, industrial production and retail sales come Thursday.China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets:StocksS&P 500 futures dipped 0.3% as of 11:39 a.m. in Tokyo. The index rose 0.8% on Friday.Japan’s Topix Index fell 0.2%.China’s Shanghai Composite fell 0.7%.Hong Kong’s Hang Seng dropped 1.3%.South Korea’s Kospi Index was flat.Australia’s S&P/ASX 200 slipped 0.4%.CurrenciesThe Bloomberg Dollar Spot Index edged up 0.1%.The yen was up 0.1% at 109.52 per dollar.The euro was at $1.1888.The offshore yuan was at 6.5633 per dollar.BondsThe yield on 10-year Treasuries steadied at about 1.65%.Australia’s 10-year yield climbed a basis point to 1.77%.CommoditiesWest Texas Intermediate crude was up 0.1% at $59.37 a barrel.Gold was down 0.3% at $1,737.07 an ounce.(An earlier version corrected the day of the U.S. CPI release.)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.
(Bloomberg) -- Individual investors in India are rushing to buy corporate bonds from weaker borrowers, taking bigger risks to boost returns in a debt market dominated by institutional investors.Company note sales to retail investors have more than doubled from a year earlier to 67.2 billion rupees ($899 million) so far in 2021. A further 31 billion rupees of bonds that individuals can buy into are being marketed right now, and another 50 billion rupees of such debt is in the pipeline including a deal from India Grid Trust announced late last week.Many savers desperate for yield are likely to jump at the chance to buy such notes. That’s because they are struggling with persistent inflation pressure even as bank deposit rates have dropped to the lowest in more than a decade.Policy makers in India have long sought to deepen the local corporate bond market, as one of the world’s worst bad debt piles makes banks reluctant to lend and institutions avoid all but the highest-rated notes. But public debt offerings that individuals can take part in only totaled 71 billion rupees last year, equivalent to 0.8% sold by private placement to institutions.The pickings for retail investors also tend to be riskier: while about 66% of local-currency notes privately placed to professional investors so far in 2021 carry top rankings, only one of the nine issues being marketed or in the pipeline has a AAA rating.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.
All things being equal, Australia’s economic recovery is on track. Here’s what you should know.
The Northern Territory is another step closer to switching on solar power for remote Indigenous communities.Solar panel arrays and batteries are set to replace diesel generators in 72 communities across the Top End.