Stonewood makes second investment in US
THE LATEST corporate updates from Anchor Capital, a JSE-listed wealth and asset management business:
South Africa
◆ Stonewood Alchemy Real Estate adds 44 properties to US portfolio: South African property group Stonewood Alchemy Real Estate is making its second investment in the world’s largest commercial property market, the US.
◆ Competition Commission's data ruling will weigh on MTN and Vodacom: Mobile operators, who are already subject to new regulations that allow data to be rolled over, could find themselves facing even more financial pressure after the recommendation by the country’s top competition watchdog that they slash their internet bundle prices in the next two months.
◆ Aveng Grinaker-LTA Ground Engineering sale falls through: Embattled construction group Aveng, whose share price has lost more than 99 percent of its value since the beginning of 2017, said that the sale of its Grinaker-LTA Ground Engineering business fell through due to the purchaser being unable to raise the
R7.5 million required.
Offshore
◆ Goldman plans to bring wealth management to the masses: Goldman Sachs will offer digital wealth management services to individuals with as little as $5 000 (R73 000) from next year, bringing the Wall Street investment bank a step closer to Main Street under the watch of new chief executive David Solomon.
◆ EU’s green light for NordLB rescue provokes backlash: The EU has come under fire for its approval last week of a controversial €3.60bn (R58bn) rescue package for stricken state-owned bank NordLB, with industry groups challenging the European Commission’s interpretation of stateaid rules.
◆ FCA fines hit highest level in four years: A crackdown on mis-selling and financial crime has driven fines issued by the UK’s financial watchdog to their highest level in four years.
◆ Hedge funds deepened repo market chaos, says BIS: Hedge funds exacerbated the recent turmoil in the repo market with their thirst for borrowing cash to juice up returns on their trades, according to the Bank for International Settlements.
◆ M&G property fund clients paid £100 million in fees since Brexit vote: Investors in M&G’s suspended property fund have paid fees of more than £100 million since the Brexit referendum according to Financial Times analysis, despite substandard performance and two trading suspensions in less than four years.
◆ Cement price rise points to surge in China construction: A surge in the price of construction materials in China suggests Beijing’s stimulus measures have succeeded in boosting building activity but raises fears the country could be embarking on more white elephant projects.
◆ Italy poised to give emergency aid to steel industry: The Italian government is ready to follow up emergency aid for Alitalia by injecting hundreds of millions of euros of loans into its struggling steel industry if Rome cannot find a private sector solution for a dual industrial crisis.
◆ Snapchat enjoys a bump in political advertising: Snapchat is becoming an increasingly popular platform for political advertising, as campaigns seek to target younger audiences and take advantage of the user data the messaging app offers.
◆ Tesco considers sale of Asian businesses: UK supermarket chain Tesco is considering a sale of its Asian businesses following an approach from a third-party investor.
◆ Beijing orders removal of foreign computers and software: Beijing has ordered all government offices and public institutions to remove foreign computer equipment and software within three years, in a potential blow to the likes of HP, Dell and Microsoft.
◆ Jeff Bezos warns US military it risks losing tech supremacy: Jeff Bezos has warned American military leaders that the US risks losing its superiority in technologies that have been key to its national security.
◆ Shipping group steams into list of top 10 EU polluters: A ranking of the top 10 corporate polluters in Europe has included a shipping group for the first time, in a sign of how some emissions-heavy industries are escaping the environmental clampdown imposed on others.