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President Trump threatening more tariffs on China if talks with them break down. CFRA Chief Investment Strategist Sam Stovall, NYU Stern School of Business Economics Professor Nicholas Economides joins Yahoo Finance's Seana Smith.
It's time to pile into some beat up health care stocks, says one veteran strategist.
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(Bloomberg) -- Saudi Arabia removed a cap on ownership of publicly traded companies for foreign strategic investors, paving the way for international investors to take controlling stakes in sectors from banking to petrochemicals.The Riyadh-based Capital Market Authority said there are no maximum or minimum limits on the ownership of listed companies for foreign strategic investors, according to a statement on Wednesday after trading hours. The limit was previously 49%. The instructions don’t apply to qualified foreign investors, according to another document on the CMA website.The decision is a milestone for the kingdom, which started opening its market about four years ago when it first allowed foreigners to trade stocks directly. The nation has been pursing plans to diversify its oil-dependent economy since energy prices plummeted, and has identified its equity market as a means to attract foreign cash. MSCI Inc. last month started to include the kingdom’s stocks in its emerging-market index.“Saudi Arabia, increasingly, is open for business, not just for local investors but for international investors,” Capital Market Authority Chairman Mohammed El-Kuwaiz said in a telephone interview from Riyadh on Wednesday. “It is ironic, I would say, that Saudi is rapidly opening up and embracing the world in a period when the rest of the world seems to be closing down.”While the market watchdog has removed the cap, limits by other regulators or a company’s own rules still apply. Some sectors in which authorities still have to approve deals that surpass a pre-established threshold are banking, insurance and telecommunications, El-Kuwaiz said. Such limits don’t prohibit investors from going beyond them, “but require approval for investors to build stakes larger than that threshold. And that applies for both Saudis and non-Saudis,’’ from now on, he explained.Another example is Jabal Omar Development Co., a real-estate developer that doesn’t allow any participation from traders abroad. Its flagship project is located within walking distance from the Grand Mosque in the holy city of Mecca, an area restricted only to Muslims.Two YearsA strategic investor buying a stake in a listed company will need to maintain the holding for at least two years, according to the CMA. For strategic holders that already hold stakes in listed companies, the two-year lock-up period is not pertinent, unless they decide to add shares to their current stake. In that case, they also have to respect the 24 months without selling the shares, the chairman of the CMA said.Removing limitations on strategic foreign ownership could allow international banks to take majority stakes in commercial lenders for the first time since the 1970s, when the government forced foreign lenders to sell majority stakes in their local operations to Saudi nationals. International banks including HSBC Holdings Plc, Royal Bank of Scotland Group Plc, and Credit Agricole SA are still some of the largest foreign strategic investors in listed companies in the country.“Since few strategic investors will gladly invest cash or reputation in ventures controlled by others, this removes a major obstacle to raising foreign investment from 2% to 10% of GDP by 2030,” said Chris Johnson, the managing attorney at Al-Sharif Law in Riyadh. “In earlier days, Citibank and its peers were major players; after being required to divest majority stakes to local partners in the 1970’s many lost interest, to the economy’s detriment.”Saudi Arabia’s stock market is the largest in the Middle East and Africa, with a capitalization of $540 billion, according to data compiled by Bloomberg. The main Tadawul All Share Index has risen 11% this year, beating the advance in emerging market equities by about three percentage points.“We see this as a step forward in ensuring Saudi Arabia’s sustainability as an attractive foreign direct investment destination, an objective that national authorities have strived to achieve,” said Naresh Bilandani, an equities analyst at JPMorgan Chase & Co. in Dubai.To contact the reporters on this story: Filipe Pacheco in Dubai at email@example.com;Matthew Martin in Dubai at firstname.lastname@example.org;Sarah Algethami in Riyadh at email@example.comTo contact the editors responsible for this story: Celeste Perri at firstname.lastname@example.org, Dana El Baltaji, Claudia MaedlerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Japan Display Inc is set to receive a $100 million investment from Apple Inc, its biggest customer, the Asahi newspaper reported on Thursday, sending the screen maker's shares up as much as 32% in Tokyo. Japan Display is facing a funding crunch due to Apple's recent shift away from liquid-crystal displays (LCD) and disappointing sales of the iPhone XR, the only LCD model in Apple's 2018 line-up. Representatives for Japan Display and Apple separately declined to comment on the report.
Stock futures: After Wednesday's stock market rally fizzled, Wedbush initiated coverage on AMD, Intel and Nvidia stock. The FAA has found a Boeing 737 Max "risk."
Trump believes the money Americans spend on Chinese imports like the iPhone goes straight into China's pockets. In reality, China gets very little value from it.
Micron (MU) posted stronger-than-projected Q3 fiscal 2019 financial results Tuesday. The beats, coupled with news that the chip power began shipping some products to Huawei again, helped lift MU shares. So what's next for Micron stock?
(Bloomberg) -- Andrew Bailey should be the perfect candidate to lead the Bank of England. But some of the very qualities that have marked him as a frontrunner to replace Mark Carney as governor may trip him up before he reaches the finish line.One year ago, Bailey was so hotly tipped to take the helm of the central bank that online oddsmaker Betway stopped accepting bets on his appointment. Yet like Paul Tucker, the former BOE deputy who was in line to replace Mervyn King in 2013, Bailey risks being passed over by a new government that wants to shake things up.The Financial Conduct Authority under his leadership also has some blemishes. He’s been criticized for problems at Neil Woodford’s equity fund and other hiccups in oversight.The ultimate insider, Bailey served three decades at the BOE, culminating as Deputy Governor and Chief Executive of the Prudential Regulation Authority. Before that he was Chief Cashier, responsible for issuing banknotes.He was viewed as a safe pair of hands, highly regarded for his work on Northern Rock, the bailed-out mortgage lender that experienced the first run on a British bank in more than century.Even prior to that he was in roles seen as a launchpad for leaders, including that of private secretary to BOE head Eddie George. He remains on two of the central bank’s decision-making committees, giving him a level of insight that’s hard for any external candidate to beat.Bailey’s suitability goes beyond his CV. The 60-year-old has managed to keep his views on politics and Brexit uncontroversial enough to be acceptable to most future governments. Any policy tilt he may have is also unclear, making him harder to categorize than many of his competitors, according to Royal Bank of Canada economists Cathal Kennedy and Vatsala Datta.“He’s very well qualified, highly respected and he clearly knows the bank and broader institutions inside out,” said Victoria Clarke, an economist at Investec and a former Treasury analyst. “But there is a broader question as to whether the new chancellor is looking for that or for something perhaps a bit fresher.”Though Bailey’s time at the FCA could be seen as the perfect preparation for taking on the role of governor, some argue he has proven too light a touch in his dealings with the banks regulates.The FCA’s handling of failings in Royal Bank of Scotland Group Plc’s small-business lending unit from 2008-2013 drew intense political criticism. Though the incidents happened before Bailey joined, the investigation on his watch was described as a “complete whitewash” by one lawmaker. Meanwhile the collapse of mini-bond lender London Capital & Finance has prompted more than a dozen lawmakers to demand his resignation.Most recently the FCA’s oversight of Woodford Investment Management has come under question after its flagship fund froze withdrawals following months of poor returns. While the regulator has announced that it’s reviewing the fund’s strategies, Bailey’s suggestion that the besieged money manager stop charging fees to investors was firmly rebuffed, raising concerns about his ability to act tough.High Standards“You can’t have 100% of your organizations that you notionally oversee never ever doing anything wrong,” said Tony Yates, a former BOE official who worked with Bailey. “A zero-failure regime would seem to me an implausibly high standard to set.”Another hurdle in the path of Bailey’s ascent to become the BOE’s 121st governor is the appetite to find the first woman for the role. The Parliament committee that scrutinizes the Treasury and BOE said it may not approve any appointment where it felt insufficient effort had been made to find a more diverse candidate, while Prime Minister Theresa May encouraged more female applicants.Bailey, educated at Cambridge like three of the past five governors, could find that even his BOE pedigree stands against him. The central bank has long been accused of groupthink.Other CriteriaCurrent Chancellor Philip Hammond -- who probably won’t still be in the job when the decision is made -- has highlighted the need for a replacement with international stature, while the opposition finance spokesman John McDonnell has called for “someone who is willing to be radical.”Being considered the favorite has hurt contenders for the governorship before -- especially for those whose oversight roles risk associating them with scandals. As King approached the end of his tenure in 2013, then-Deputy Governor Tucker had been widely seen as the natural successor, before his links with the Libor-rigging controversy knocked him out of the running.Bailey may yet overcome the frontrunner’s curse, especially if the political chaos around Brexit puts off other high-profile candidates. And he’s not trying to win a popularity contest. When asked by the Treasury Committee on Tuesday if he’d rather be feared or admired, he said:“I don’t get up in the morning hoping that people will love me. Don’t become chief executive of the FCA if you want to be loved.”To contact the reporter on this story: Lucy Meakin in London at email@example.comTo contact the editors responsible for this story: Paul Gordon at firstname.lastname@example.org, Brian SwintFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.