JP Morgan solar energy technology analyst Vishal Shah weighs in today on word that German regulators have drafted proposed cuts to Germany’s subsidy of solar energy projects that appear perhaps less onerous than originally expected.
Germany’s government is proposing cuts of at most 12%, starting in July, and just 9% in [...]
Article courtesy of BARRONS.com: Tech Trader Daily
Goldman Opens Up To Mollify Its Critics (WSJ)
In a 63-page report set to be released Tuesday, Goldman says that for the first time in its 142-year-history, it will start disclosing how much revenue comes from the firm’s own trading and investing, according to a copy of the report reviewed by The Wall Street Journal. The reporting change will begin with Goldman’s fourth-quarter results later this month…Other changes include procedures to make sure the firm doesn’t take advantage of clients, even accidentally. Thousands of Goldman clients will be put into a “matrix” that defines each client’s level of “sophistication.” That process will determine which types of transactions are most “suitable” for the client. Those wanting to breach those limits will need special approval from Goldman.
Morgan Stanley Model Gets Little Respect as Gorman Defies Slide (Bloomberg)
Morgan Stanley, which reports fourth-quarter results next week, lagged behind Goldman Sachs Group Inc.. and JPMorgan Chase & Co. in fixed-income trading in the first nine months, the second year it has done so. The New York-based firm, the sixth- largest U.S. bank by assets with more than 62,000 employees, backed off its profit-margin goals for the brokerage in July, blaming the May 6 market crash that briefly wiped out $862 billion in equity market value for scaring away retail investors.
Get Ready For 8-12 More Inches (NYP)
Everybody flip out: Two powerful storms bearing down on the city will join forces tonight to dump up to a foot of snow here, forecasters say. The miserable mix of snow and 35-mph wind gusts will be gone by tomorrow night — but don’t expect much melting until daytime highs go above 32 degrees over the weekend.
Big Snow Returns To Big Apple, Elsewhere (Metropolis)
Here’s something else to look forward to during the wee hours on Wednesday morning: the possible return of the thundersnow! A super intense jetstream roaring high above our rooftops at more than 150 mph could give this storm just enough energy to create some lightning
Harbinger Investment Officer To Launch Own Hedge Fund (WSJ)
Lawrence M. Clark Jr., who resigned Friday, was a senior analyst who reported directly to Harbinger founder Philip Falcone and had been a Harbinger partner since 2005. He joined Harbinger in 2002. “This is the right time for me. I’m very comfortable with taking on the risk. This is entirely about what’s right for me and reflects in no way on Phil or Harbinger,” Mr. Clark said in an interview Monday afternoon.
Short the Rumor Pays 14% on Takeovers That Don’t Happen (Bloomberg)
Electronic news services, brokerages and newspapers reported at least 1,875 rumors about potential buyouts of 717 companies between 2005 and 2010, according to data compiled by Bloomberg. A total of 104, or 14.5 percent, were acquired, the data show. While stocks that were the subject of takeover speculation initially jumped 2.9 percent, betting on declines yielded average profits of 1.2 percent in the next month, an annualized gain of 14 percent.
Portugal: We Don’t Need Aid (WSJ)
Portugal “won’t ask for any financial help because it’s not necessary,” Prime Minister Socrates told reporters. He noted that Portugal has the means to deal with its own problems, citing its better-than-expected progress in reducing its budget deficit and higher-than-expected economic growth.
Cave Drops Hints To Earliest Glass Of Red (NYT)
Scientists have reported finding the oldest known winemaking operation, about 6,100 years old, complete with a vat for fermenting, a press, storage jars, a clay bowl and a drinking cup made from an animal horn.
Greek Minister: Crisis Is ‘Systemic’ For Europe (CNBC)
Greek Finance Minister George Papanconstantinou sought to reassure investors over the country’s debt burden on Tuesday, saying spreads between Greek and German bonds were high because of broader market turbulence rather than a real threat of default.
Could The Federal Reserve Become Insolvent? (Reuters)
Varadarajan Chari, an economics professor at the University of Minnesota and a consultant to the Minneapolis Fed, says that at some point during its exit from easy monetary policies, the Fed actually may go broke – at least on paper. “The most obvious exit strategy is, when inflation starts to pick up, to stop and reverse asset purchases,” he said. “That’s likely to include requiring the Fed in an accounting sense to see a significant accounting loss.”
Judges Berate Lawyers In Foreclosures (NYT)
In numerous opinions, judges have accused lawyers of processing shoddy or even fabricated paperwork in foreclosure actions when representing the banks. Judge Arthur M. Schack of New York State Supreme Court in Brooklyn has taken aim at an upstate lawyer, Steven J. Baum, referring to one filing as “incredible, outrageous, ludicrous and disingenuous.”
Article courtesy of Dealbreaker
We’ve heard some negative speculation today about the German market for solar panel technology installations. Now how about the brighter side?
Research firm iSuppli today said installations in Italy soared in Q4, doubling from Q3 to 975 megawatts of capacity, based on the firm’s interviews with “leading project developers and energy [...]
Article courtesy of BARRONS.com: Tech Trader Daily
Installations of German solar panel projects in October fell 48% from September, according to data provided today by German’s energy regulator, the Bundesnetzagentur, cited by Gordon Johnson of Axiom Capital, who believes the drop is “significant.”
Johnson thinks the upshot of all that is that there was “a rush to get [...]
Article courtesy of BARRONS.com: Tech Trader Daily
Stranded Airport Travelers Face ‘Long’ Wait After Storm (Bloomberg)
Get comfortable because no one’s going anywhere! “The time needed to accommodate affected passengers will depend on the length of the shutdowns, Ed Martelle said. “It’s a moving target. I don’t know how fast we can get them on planes.”
Out of Lehman’s Ashes Wall Street Gets Most of What It Wants (Bloomberg)
“We continue to listen to the same people whose errors in judgment were central to the problem,” said John Reed, 71, a former co-chief executive officer of Citigroup Inc., who estimated only 25 percent of needed changes have been enacted. “I’m astounded because we basically dropped the world’s biggest economy because of an error in bank management.”
This Is A Picture Of 50 Cent Shoveling Snow (TwitPic)
He’ll do the neighbors’ driveways for $100 a pop.
M&A King Is…Not Yet Decided (WSJ)
Which is another way of saying Citi still has a shot.
BSE Hopes to Score With Shariah Index (IRT)
Get it while it’s hot: “The Bombay Stock Exchange, Asia’s oldest trading floor, along with the Mumbai-based Taqwaa Advisory and Shariah Investment Solutions on Monday launched an index comprising shares, of India’s top 50 companies that meet the legal code of Islam. The BSE TASIS Shariah 50 index was formed using the guidelines of an Indian Shariah advisory board. The barometer consists of the 50 largest and most liquid Shariah-compliant stocks within the BSE 500 Index. The new index was last trading up 0.5% at 1,233.49 outpacing the benchmark Sensex’s 0.4% rise this morning. Islamic law doesn’t permit Muslims to invest in companies that derive significant benefits from interest, since usury is considered sinful in the Islamic faith, or from the sale of goods and services that are deemed sinful within the Islamic faith, like alcohol, tobacco and weapons. The index can be used for the construction of Shariah-compliant financial products, such as mutual funds.”
Dog Rescued After Getting Head Stuck in Wall (KLTA)
An 8-month old German shepherd puppy learned a hard lesson Monday about sticking his nose where it didn’t belong when he got his head stuck in a hole in a wall. A friend of the dog’s owner discovered the pup in distress Monday morning and when she was unable to free the dog herself, she called animal control officers for help. “My initial reaction was, ‘Wow, how’d he get in there?’” Riverside County Animal Services Sgt. James Huffman said. “And why is there a hole that big in the wall?”
Amid Inquiries, Expert Networks Get a Cold Shoulder (Dealbook)
A few people get arrested in connection with the government’s massive insider trading probe and all of a sudden no one wants to sit with you.
Lives Of Energy Traders: High Stakes, High Cholesterol (WaPo)
McMeel worked for 13 years in the energy markets, and he revels in juicy descriptions and office anecdotes, which have the unmistakable feel of insider lore. He colorfully describes the denizens of this all-male world (one has “a skull the size of a pony keg”) and their meals (“a haiku of fat.”). But as on-point as these descriptions might be, the men and their meals begin to blur; when everyone is larger than life, no one is.
Chris Christie: Fat Chance (NYP)
Chris Christie admitted yesterday that he doesn’t make New Year’s resolutions to lose weight anymore because he never sticks to them…Christie said that he has resolved to shed the extra baggage about 35 times in his life but has only had “varying degrees of success.” Christie, who was nicknamed “Big Boy” by former President George W. Bush when he was the US attorney in Newark, tries to work out three times a week, a friend told The Post.
Holiday Sales Return To Pre-Recession Level (NYT)
High-fives all around.
GM Shares Rise After High Marks From Wall Street (Reuters)
Everyone wants a piece of this: “Barclays said GM is ‘relatively attractive’ for three reasons — strong positions in emerging markets China and Brazil; strong earnings in North America due to price discipline; and even a conservative estimate of its financial position suggest $42 per share price target. JPMorgan sees the ‘potential for significant additional appreciations beyond year-end 2011.’”
China Property Market Limps Into New Year (Reuters)
“The first half of next year will be a hard time for the property sector,” said Chen Dongqi, deputy chief of the Macroeconomic Research Institute under the National Development and Reform Commission, China’s powerful economic planning agency. Property prices will fall in the first six months of 2011, though by less than 10 percent, said Liu Shiqing and Xu Shengli, analysts at Essence Securities in Beijing. “Under the impact of the macro policies, shares in developers face high risks in the next two quarters,” they said in a note to clients.
Hot Trade In Private Shares Of Facebook (WSJ)
Facebook has accounted for 48% of private-company transactions on SecondMarket this year and 40% of those on SharesPost, the exchanges say.
The 2010 Blizzard In 40 Seconds (WSJ)
Relive it like it was two days ago.
President Obama praises Michael Vick’s turnaround in call to Eagles owner (NYDN)
“He said, ‘So many people who serve time never get a fair second chance. He was … passionate about it,” Lurie told Sports Illustrated’s Peter King. “He said it’s never a level playing field for prisoners when they get out of jail. And he was happy that we did something on such a national stage that showed our faith in giving someone a second chance after such a major downfall.”
Programming Note: We’re on an abbreviated vacation-esque schedule ’til Monday (opening/closing wraps and limited updates whenever the urge to reach out and touch you moves us). We still want to hear from you, though, so if someone gets nailed for insider trading, Vikram announces he’s quitting to join Stomp in 2011, or anything else happens that you think might tickle our fancy, do not hesitate to let us know.
Article courtesy of Dealbreaker
Ireland Wins $113 Billion Aid; Germany Drops Threat on Bonds (Bloomberg)
European finance chiefs ended crisis talks in Brussels yesterday by endorsing a Franco-German compromise on post-2013 rescues that means investors won’t automatically take losses to share the cost with taxpayers as German Chancellor Angela Merkel initially proposed to the consternation of bond traders.
France, Germany Determined To Save Euro, Says Spokesman (Reuters)
They want this thing as much as you, swear.
Authorities Worldwide Clamp Down On Insider Trading (FT)
When US investigators were hot on the trail of Don Ching Trang Chu, a former consultant who made a living linking hedge fund traders with corporate insiders, they say they captured him on tape explaining that he preferred to do most of his work in Asia. Most of the “real time” information Mr Chu’s contacts provided was about publicly-traded US companies, but many of the calls and meetings allegedly took place abroad. “I don’t want to (be) involved in the States . . . It’s dangerous. SEC (the US Securities and Exchange Commission) is too strong. In Asia, the SEC can’t do too much there . . . In Asia, there, nobody cares,” Mr Chu allegedly said, according to a criminal complaint filed against him last week…The perception that the US takes insider trading more seriously is widely shared by traders and regulators. Although most countries have officially banned trading on non-public information for a decade or more, enforcement has been patchy or non-existent. That is starting to change in two critical ways: some Asian and European regulators are taking a much tougher stance against insider trading in their own markets and they are co-operating with the SEC and US prosecutors to deal with cross-border violations.
Mutual Fund Ties to Insider Probe May Prolong Withdrawals (Bloomberg)
The probe hits firms as they try to reverse $90 billion in withdrawals from U.S. stock funds since the beginning of 2009. Damage from the industry’s last run-in with regulators, a series of trading scandals in 2003 and 2004, took years to repair and led to more than $3 billion in fines against more than two dozen firms, including Bank of America Corp., Putnam Investments, Janus and MFS.
BP sells Pan American Energy stake for $7bn (BBC)
By offloading its 60% stake in Pan American Energy to Bridas Corporation, BP will raise $7bn (£4.5m;5.3bn euros). The oil giant has now sold $20bn of assets since announcing in July its plan to divest itself of up to $30bn by the end of 2011.
Roubini: Portugal Should Reconsider Rescue (AP)
Doom says Portugal should consider asking for a bailout before its financial plight worsens.
Pete Peterson’s Public Break From Private Equity’s Line on Taxes? (Dealbook)
Did Mr. Peterson say that he believes carried interest — the 20 percent cut of a fund’s profits to which hedge fund and private equity managers are entitled — should be taxed as regular salary? Put another way, did Mr. Peterson propose that his former Blackstone partners should be paying much higher taxes? You betcha.
Third Person Is Bitten By Aggressive Otter In West Boca (CBS)
The latest incident happened in Southwind Lakes when an otter came out of a canal and bit a man while he was in his backyard. Two other people were bitten Sunday in the Boca Chase area.
Facebook Gets Bank Worker Sacked (UKPL)
The bank worker had posted on Facebook about being made redundant and about a £6,000 payout she was due to receive. A colleague reported her posts to the bank, who held a disciplinary hearing before deciding to sack Furlong without a penny of the money she was expecting. The bank says she broke a secrecy agreement.
Buffalo Bills’ Stevie Johnson Blames God For Dropped Pass (Gawker)
Thanks…FOR NOTHING.
Emerging Market Inflation Poses Rising Threat (WSJ)
“Over the next six months, the biggest single issue investors will need to factor into their decisions is how inflation is likely to affect the landscape,” says Richard Yetsenga, global head of emerging-markets currency strategy at HSBC in Hong Kong.
Leslie Nielsen Dies At 84 (Times Live)
Nielsen had been ill for over a week, getting treatment for a staph infection in a hospital in Fort Luaderdale when he contracted the pneumonia.
Boom In Debt Buying Fuels Boom In Lawsuits (WSJ)
Midland, the company that sued Ms. Martin, is a unit of San Diego-based Encore Capital Group Inc., which buys distressed debt for a few pennies on the dollar and often sues to collect. Encore says it filed 245,000 lawsuits last year, and nearly half its $487.8 million in gross collections came from legal actions. That is down from the 474,000 suits it filed in 2008, when the financial crisis created an explosion in bad debt. But Encore expects the number of lawsuits to climb this year because of the sluggish economy.
Article courtesy of Dealbreaker
E-recruiting company RealMatch scored two major coups Monday, swooping up $4.7 million in second round venture capital funding, and a new CEO who was previously a senior vice president at rival Monster.com.
The Israeli recruitment ad network has made a name for itself by only charging employers if they find candidates they like on the site. Otherwise, employers can list jobs for free across a platform that includes close to 2,000 partners reaching over 40 million job seekers per month, with 60,000 positions listed on average.
Employers then have seven days to decide if they want to purchase the results of the “recruitment search” and begin pursuing specific candidates.
RealMatch ranks job seekers via a set of algorithms that determine a candidate’s suitability for a given job by processing their resume, then assigning them to one of three categories: great matches, good matches or basic matches. It also offers candidates an Improve Your Matchability function that helps them tailor their listing more appropriately by asking a series of specific questions about their past job experience, titles, goals, etc.
It has long aimed to create a job search service that is based more on the way dating sites match people — i.e. through multiple compatibility levels — than traditional, general job listing sites that only post job details and contact information.
The four-year-old company has said this “no-risk” business model was a great lure for its new round of financing from Carmel Ventures and for snapping up former Monster exec Marcel Legrand, who has been with RealMatch’s competitor since 1991. While at Monster, Legrand held senior positions in everything from product development to strategy and corporate development.
This Series B funding round was led by New Jersey-based Carmel Ventures with additional help from existing RealMatch German investors Baytech Ventures. As part of the deal, Carmel partner Ronen Nir will now join RealMatch’s board of directors.
“We have been following RealMatch’s progress for more than two years, and were highly impressed with the innovation of both technology and business model,” said Nir. “The company has managed to grow and create significant traction and revenue growth. With the addition of Marcel Legrand, RealMatch has the necessary expertise, track record and passion that is required for the next phase of growth and for completely transforming the $10B market of the recruiting industry.”
Tags: e-recruiting, Private Equity, startup, Venture Capital
Companies: Monster.com, RealMatch
People: marcel legrand, ronen nir
Article courtesy of VentureBeat » deals
G-20 Delays Imbalance Deal (WSJ)
The U.S. and G-20 host South Korea ran into strong opposition from such exporting powers as China and Germany to a proposal to quantify limits on current-account surpluses and deficits. At the heart of the controversy are fundamental issues of how countries would need to restructure their economies. “These are not going to be easy issues to resolve,” said Canadian Prime Minister Stephen Harper. “But I think we’ve got everyone talking the same language, everyone understanding longer-term what has to be done.”
Morgan Stanley May Shed Quantitative Trading Unit (NYT)
For nearly two decades, the mathematical whiz Peter Muller and his secretive band of traders have helped power Morgan Stanley to bigger profits. But now Morgan Stanley and Mr.Muller are in advanced talks about splitting up. Under the plan being discussed, Morgan Stanley would spin off Mr. Muller’s unit, called Process Driven Trading, and keep a minority stake. The Process Driven Trading unit generated an estimated $4 billion in profits in the 10 years through 2006, according to Scott Patterson’s book, “The Quants.” [Since 1992] Mr.Muller stocked the group with Ph.D.’s and housed them on their own floor, away from the hurly-burly excitement of Morgan Stanley’s mammoth stock trading floor. To stimulate productivity and cerebral thinking, he had ceiling lights installed that changed color every 15 seconds.
Even though he and his unit were minting money, Mr.Muller quit working full-time for Morgan Stanley in 2001, saying, according to a short biography on his Web site, that he realized he “can no longer find happiness in the corporate world.” Over the next several years, he traveled to Bhutan, New Zealand and Hawaii, hiking and kayaking, with his five-pound keyboard in tow. He took up yoga and began writing crossword puzzles, many of which appeared in The New York Times and other newspapers. He indulged his love of music, writing songs, releasing two albums under his own label and playing his guitar on the streets of Barcelona and in New York City subways. He also pursued his passion for poker, a favorite pastime of quantitative traders. He played in a few tournaments on the World Poker Tour. In his first tournament he came in fourth and took home nearly $100,000. In late 2006, Muller returned full time to Morgan Stanley.
Obama Assails China on Trade, Monetary Policy (AP)
“It wasn’t any easier to talk about currency when I was first elected and my poll numbers were at 65 percent,” Obama argued at the close of the G20 summit, after bluntly accusing Beijing of undervaluing its currency.
Exotic Cars Go ‘Green’ At $100,000 And Up (WSJ)
Next year, Volkswagen AG’s Bentley will sell its Continental GT Coupe with an optional V8 engine it says will emit up to 40% less carbon dioxide than the coupe’s standard 12-cylinder motor. Bentley already is in the midst of making all of its new models able to use ethanol fuel by 2012. Porsche AG plans to sell a plug-in hybrid car called the 918 Spyder that it says will yield up to 78 miles per gallon. Expected to arrive as early as 2013, it could carry a price tag close to €500,000 ($682,260), executives at the German car maker estimate. Porsche said it has already received roughly 2,300 informal order pledges from would-be customers.
Mizuho To Buy $500 Million BlackRock Stake (WSJ)
Mizuho Financial Group Inc. said Friday it will pay $500 million for a 2% stake in BlackRock, a deal designed to help Japan’s second-largest bank by assets ramp up its asset-management operations.
Private banks keep hiring as rich get richer (Reuters)
Hiring sprees this year have taken some firms beyond their pre-crisis staffing levels, as banks believe growth in Asia, and robust revenues elsewhere, will support the expansion. Citi for instance plans to add between 100 and 200 senior staff to its private bank over the next few years, Dena Brumpton, chief operating officer at its private bank, told Reuters.
Seeking Guidance on Dodd-Frank’s Diversity Clause (Dealbook)
As Wall Street scrambles to comply with the regulations of the Dodd-Frank financial overhaul, one little-noticed provision has executives scratching their heads. The statute, included in Section 342 of the bill, creates 20 Offices of Minority and Women Inclusion at the various regulatory agencies, including the Treasury, the Securities and Exchange Commission, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the 12 Federal Reserve banks and the newly created Consumer Financial Protection Bureau. Once established, the offices are charged with monitoring the diversity at the agencies as well as at any contractors or subcontractors, including law firms, accounting firms and investment banks. These contracts, totaling in the billions a year, are typically awarded to private firms for services like debt issuances and sales of government assets, as well as more general advisory services. Section 342 was proposed by Representative Maxine Waters.
Barclays to Reimburse Gay Workers for Taxes on U.S. Benefits (Bloomberg)
The aim is to offset the tax on benefits for same-sex partners that doesn’t apply to spouses in heterosexual marriages because same-sex partnerships aren’t recognized as marriages under U.S. law, the London-based bank said today in a statement.
Moscow vows revenge on top double agent (FT)
A Russian official said: “We know who he is and where he is. Do not doubt that a Mercader has been sent after him already.” The comment was an apparent reference to Ramón Mercader, the Soviet-picked assassin who in 1940 murdered Leon Trotsky, the exiled communist leader, with an ice pick in Mexico. Vladimir Putin, Russia’s prime minister, had alluded to the existence of a mole within the SVR espionage agency after a meeting with the 10 returned spies, who were traded in July for four accused US and British agents in Russia. “This was the result of treason and traitors always meet a bad end,” Mr Putin said. “The special services live by their own laws and everyone knows what these laws are.”
Article courtesy of Dealbreaker
SAP (SAP) shares are trading lower after the company posted disappointing Q3 results.
The German enterprise software giant reported revenue of $3.039 billion, up about 13% from a year ago, with profits of 51 Euro cents, up from 42 cents a year ago.
Bloomberg notes that net income of 501 million Euros [...]
Article courtesy of BARRONS.com: Tech Trader Daily
Mozilo, SEC In Settlement Discussions (WSJ)
Late Thursday, a status conference on the case was ordered for Friday, a move that could signal a new development in the suit. If no agreement is reached, a jury trial is scheduled to begin Tuesday in federal court here before Judge John Walter.
UBS In Talks With Dozens Of Prop Traders Mulling Hedge Funds (Bloomberg)
Some traders are teaming up to form groups, said Stuart Hendel, who is based in New York and was in Singapore to attend UBS’s annual hedge fund conference. Managers will also leave existing hedge-fund firms that haven’t reached their high-water mark, or the historical peak net asset value of a hedge fund, he said. “Funds with poor performance will splinter,” he said.
Bernanke Makes Case For Further Fed Action (WSJ)
Federal Reserve Chairman Ben Bernanke made a case for new steps by the central bank to boost economic growth, saying inflation was running below the Fed’s objective of 2% and that the economy was on a course to grow too slowly to reduce unemployment. “There would appear—all else being equal—to be a case for further action,” Mr. Bernanke said in prepared remarks for a conference on monetary policy at the Federal Reserve Bank of Boston.
Romer ‘Sad’ Politicians Calling Stimulus a `Dirty Word’ (Bloomberg)
Don’t make Christina sad.
Hedge Fund Links Donors To Attorney General Nominee (NYT)
One in four dollars raised by Daniel M. Donovan Jr., the Republican candidate for New York attorney general, can be traced to Elliott Management.
What’s Dick Bove Feeling Today? (TSC)
“I’ve taken the sells off everything,” Bove says, “You’ve got a whole bunch of companies like State Street Corp), The Bank of New York Mellon Corp., Citigroup, Bank of America and Northern Trust selling at discounts to their cash values. Even though the companies may not be generating that much in terms of earnings, they definitely are being undervalued at the present time,” he says.
John Elway Invests $15 Million With (Alleged) Ponzi Schemer (AP)
Former Denver Broncos quarterback John Elway and his business partner gave $15 million to a hedge-fund manager now accused of running a Ponzi scheme. The Denver Post reported Thursday that Elway and Mitchell Pierce filed a motion saying they wired the money to Sean Michael Mueller in March. They said Mueller agreed to hold the money in trust until they agreed on where it would be invested.
Brevan Howard To List Fund In December (Reuters)
Brevan Howard, Europe’s largest hedge fund firm, is seeking to raise at least 150 million pounds ($237 million) for a new credit fund that will list in London in mid-December, a source close to the deal said on Thursday. The fundraising, run by sole bookrunner Dexion Capital, is targeting investors in Britain as well as in other European jurisdictions such as Switzerland, the source said.
German Firms Warn of ‘Aggressive’ Chinese Rivals (FT)
German companies have complained about state-owned Chinese rivals landing an increasing number of contracts in eastern Europe and central Asia by means of “price-dumping, aggressive financing and generous risk-guarantees” from Beijing. In a paper seen by the Financial Times, German industry’s Committee on Eastern European Economic Relations warns that China seems driven by geopolitical rather than economic goals, with potentially dire consequences for the European Union. The committee, which represents five industry associations and 140 top companies, called on Berlin to lobby Beijing and European countries to ensure China does not help its exporters more than other nations.
Article courtesy of Dealbreaker