Tim's Feed
Jul 31, 2015

Freeing of Chinese loggers riles Myanmar citizens

YANGON, July 31 (Reuters) – Myanmar’s newspapers and social
media users reacted with anger and disappointment on Friday to
the government’s decision to include 155 Chinese in a mass
amnesty, just eight days after they were jailed for illegal
logging.

News journals slammed the freeing of the loggers, 153 of
whom had been sentenced to life imprisonment, while Internet and
social media users vented frustration over what they saw as the
government caving in to pressure from its massive neighbour.

Jul 30, 2015

Venezuela currency blues hit U.S. blue-chip companies

BOSTON (Reuters) – Venezuela’s currency woes cut nearly $3 billion in profit at U.S. blue-chip companies during the second quarter and prompted Procter & Gamble Co (PG.N: Quote, Profile, Research, Stock Buzz) to remove its operations in the South American country from its consolidated financial reports.

More so-called deconsolidation moves and exits from Venezuela are likely to happen during the second half of the year as U.S. corporations grow increasingly frustrated with Venezuela’s sinking Bolivar currency, according to analysts and U.S. regulatory filings.

Jul 30, 2015

Fidelity warns that Baby Boomers may have too much in stocks

BOSTON, July 30 (Reuters) – Fidelity Investments, the No. 1
administrator of U.S. retirement plans, on Thursday warned that
Baby Boomers may be too heavily invested in stocks, as the
average 401(k) balance has surged 50 percent over the past five
years.

“Many older 401(k) account holders, including Baby Boomers
close to retirement age, had stock allocations higher than those
recommended for their age group,” Fidelity said in its
second-quarter retirement analysis.

Jul 27, 2015

Baha Mar mega resort in Bahamas needs $400 mln for completion

July 27 (Reuters) – A $400 million funding gap has emerged
in the effort to finish a $3.5 billion mega-resort project in
the Bahamas, according to a letter from the developer viewed by
Reuters.

Sarkis Izmirlian, developer of the Baha Mar resort, outlined
the shortfall in a July 23 letter to China’s Export-Import Bank,
the main lender on the project. He proposed funding half of the
shortfall, with the rest coming from China’s Export-Import Bank.

Jul 24, 2015

State Street shares drop 5 percent as expenses outpace revenue growth

BOSTON (Reuters) – State Street Corp’s stock fell as much as 5 percent on Friday after the U.S. custody bank said its second-quarter expenses grew faster than revenue.

Top-line growth at Boston-based State Street was hurt by rock-bottom interest rates. Its net interest revenue, largely the difference between what a bank pays on deposits and earns on loans and investments, fell 3.3 percent from the same quarter a year earlier.

Jul 23, 2015

Developer willing to spend $200 mln to finish Bahamas resort

By Tom Hals and Tim McLaughlin

(Reuters) – The developer of the $3.5 billion Baha Mar
mega-resort is willing to commit up to $200 million to jumpstart
the stalled Bahamas project, lawyers told a U.S. bankruptcy
judge on Thursday.

Baha Mar, which will feature a Las Vegas-style casino and
more than 2,000 hotel rooms, is nearly complete, but
construction stopped several months ago because of a dispute
between the developer and the main contractor, Chinese State
Construction Engineering Corp Ltd’s China
Construction America.

Jul 21, 2015

BNY Mellon cuts costs, but CEO Hassell keeps lid on expectations

July 21 (Reuters) – Under pressure from activist hedge funds
to cut costs and boost profit, BNY Mellon Corp Chief Executive
Gerald Hassell did just that in the second quarter, beating Wall
Street expectations, but on Tuesday he declined to raise the
bank’s outlook for the rest of the year.

“We do feel good about the progress we’re making … and
pulling it through … to the bottom line,” Hassell said during
a conference call with investors and analysts.

Jul 20, 2015

Chinese firm seeks to dismiss Baha Mar resort bankruptcy case

, July 20 (Reuters) – The Chinese company
building the $3.5 billion Baha Mar resort in the Bahamas plans
to file a motion to dismiss the bankruptcy case related to the
project, which is nearly complete and seen as vital to the
former British colony’s fragile economy.

China Construction America (CCA), a unit of Chinese State
Construction Engineering Corp Ltd, could file the
motion to dismiss as early as Monday afternoon, a lawyer for the
firm told U.S. Bankruptcy Judge Kevin Carey during a hearing in
Wilmington, Delaware.

Jul 19, 2015

As polls loom, Myanmar remembers independence hero on Martyr’s Day

YANGON (Reuters) – The Myanmar public got a glimpse into one of the country’s darkest moments on Sunday as visitors were given rare access to the compound where Aung San, the country’s independence hero and father of opposition leader Aung San Suu Kyi, was killed.

Aung San has remained a powerful force in Myanmar’s politics in the 68 years since his death. His image has been used not only by his daughter but also her political rivals to give themselves legitimacy and gain popular support among a public that still largely reveres the fallen leader.

Jul 19, 2015

As polls loom, Myanmar remembers independence hero on Martyr’s Day

YANGON (Reuters) – The Myanmar public got a glimpse into one of the country’s darkest moments on Sunday as visitors were given rare access to the compound where Aung San, the country’s independence hero and father of opposition leader Aung San Suu Kyi, was killed.

Aung San has remained a powerful force in Myanmar’s politics in the 68 years since his death. His image has been used not only by his daughter but also her political rivals to give themselves legitimacy and gain popular support among a public that still largely reveres the fallen leader.