Tim's Feed
Nov 9, 2015

Myanmar ruling party chief concedes defeat to Suu Kyi’s opposition

HINTHADA, Myanmar (Reuters) – The acting chairman of Myanmar’s ruling party conceded defeat to Aung San Suu Kyi’s opposition on Monday and said he would accept the result of the country’s first free national election in 25 years.

“We lost,” Union Solidarity and Development Party (USDP) leader Htay Oo told Reuters in an interview.

Oct 9, 2015

U.S. funds grab refinery stock momentum in beat-up energy sector

BOSTON (Reuters) – In a rare case of positive momentum in the beat-up energy sector, U.S. mutual funds have piled into shares of Tesoro Corp and Valero Energy Corp, two independent refinery companies taking advantage of cheap crude prices.

Tesoro and Valero are shining stars in an otherwise gloomy picture of the S&P 500 Energy Sector Index, whose one-year return is minus 21 percent. Shares of Tesoro, the benchmark’s top performer during that period, are up 62 percent, followed by those of No. 2 performer Valero, up 40 percent.

Sep 30, 2015

U.S. mutual funds that bet bigger on energy sector get burned

BOSTON (Reuters) – One-in-four U.S. large-cap mutual funds have increased their stakes in energy companies this year and many have suffered heavier losses than their peers as a result of ill-timed bets.

    The moves into shares of frackers, refiners and integrated oil conglomerates reflect a gamble that the sector will rebound after rising supply and slowing global growth triggered a nearly 60 percent slide in crude prices since the middle of 2014.

Sep 29, 2015

AT&T may take $1.1 bln charge on DirecTV’s Venezuela assets

Sept 29 (Reuters) – AT&T Inc may take a charge
estimated at $1.1 billion related to DirecTV’s Venezuela assets
in what is the latest U.S. company to confront the South
American country’s currency woes.

The plunging value of Venezuela’s currency cut nearly $3
billion in profit at U.S. blue-chip companies during the second
quarter and prompted Procter & Gamble Co to remove its
operations in the South American country from its consolidated
financial reports.

Sep 17, 2015

No champagne for hard-hit U.S. money funds as Fed holds rates

BOSTON (Reuters) – There will be no champagne corks popping in the $2.7 trillion U.S. money-market fund industry.

The U.S. Federal Reserve kept interest rates unchanged on Thursday, meaning investors will continue to receive next-to-nothing yields on their money funds. And money-fund providers that have slashed fees to provide those paltry yields will have to wait to recapture billions of dollars of lost annual revenue.

Sep 17, 2015

Insight – Intervention amplified losses for ETFs tracking China mainland

BOSTON/NEW YORK (Reuters) – Just as China shows that its domestic stock market can be something of a one-way street — investors can put money in, but not take money out – the biggest mutual fund company, Vanguard Group, is moving ahead with plans to expose more mom-and-pop investors to the country’s heavily restricted exchanges.

With the Shanghai stock exchange down by 37 percent and the Shenzhen exchange off by 43 percent during the past three months, compared with just an 18 percent drop on Hong Kong’s Hang Seng Index, Vanguard is adding China mainland stocks to its $60 billion emerging markets fund in the coming year.

Sep 17, 2015

Intervention amplified losses for ETFs tracking China mainland

BOSTON/NEW YORK, Sept 17 (Reuters) – Just as China shows
that its domestic stock market can be something of a one-way
street — investors can put money in, but not take money out –
the biggest mutual fund company, Vanguard Group, is moving ahead
with plans to expose more mom-and-pop investors to the country’s
heavily restricted exchanges.

With the Shanghai stock exchange down by 37 percent and the
Shenzhen exchange off by 43 percent during the past three
months, compared with just an 18 percent drop on Hong Kong’s
Hang Seng Index, Vanguard is adding China mainland stocks to its
$60 billion emerging markets fund in the coming year.

Sep 4, 2015

Massachusetts regulator investigates BNY Mellon fund pricing snafu

BOSTON (Reuters) – The top securities regulator of Massachusetts said on Friday he is investigating the computer glitch at BNY Mellon Corp (BK.N: Quote, Profile, Research, Stock Buzz) that last month disrupted pricing on more than $400 billion worth of mutual fund and exchange-traded fund assets.

Secretary of the Commonwealth William Galvin said he has asked BNY Mellon and six of the largest fund companies affected how the technical glitch in fund accounting impacted individual investors.

Sep 4, 2015

Foreign investors navigate turmoil in Chinese markets with new playbook

BOSTON (Reuters) – Foreign investment funds are moving at breakneck speed to retool their strategies in an attempt to profit from Chinese stock markets whipsawed by panic, paranoia and unprecedented government intervention.

The implosion in Chinese equity prices after a domestic, debt-fueled buying binge has triggered a range of responses from foreign investors.

Sep 2, 2015

BNY Mellon pricing snafu highlights bank’s fragmented technology

BOSTON (Reuters) – BNY Mellon Corp’s recent high-profile
computer glitch has highlighted how reliant the bank is on a
patchwork of in-house and third-party technology platforms
despite a pledge by Chief Executive Gerald Hassell to simplify
things.

The U.S. bank roiled about 5 percent of the U.S. fund
industry last month when one of the accounting systems it relies
on to generate prices for mutual funds and exchange-traded funds
collapsed. The problems lasted a week and affected about $404
billion in assets.