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Bankers in Hong Kong run from sunset to sunrise at Barclays MoonTrekker 2015
<p>Barclays Moontrekker, now in its seventh year, is Hong Kong’s leading annual night hiking and running fundraising event. Participants either completed the Moonlit 30km or the Sunrise 43km, reports FinBuzz.</p> <p>The race was held in Mui Wo (on Lantau Island) and finished at Pui O Beach. Runners in the 43km race began at the race after the sun had set and ran through the hills of Hong Kong, including Lantau Peak, which has a peak of 934 meters, with the goal to cross the finish-line before sunrise. The Sunrise 43km began at 8:45 pm and the Moonlit 30km started at 11:20 pm. Results are available here.</p> <p>Participants entered as a solo, pair, team of four or corporate team of four and are required to raise a minimum sponsorship amount of HK$650.</p> <p>Employees from Barclays dominated the event with 300 out of the total 1500 participants hailing from the bank. The number of participants is limited to 1500 for safety reasons.</p> <p>William Sargent, Founder and Event Director of Moontrekker, saw a growing demand for competitive events back in 2009, “but rarely did those events focus on the experience. I wanted to create something slightly different, fun and challenging,” he explained.</p> <p>Sargent, a long-time night hiker, launched Moontrekker as a side project. It was completely booked within six weeks and seven years later that demand has only increased.</p> <p>About 90 percent of participants work for multinational companies and more than two-thirds work in finance or professional services, Sargent says. “There are very competitive types in the finance field, anything related to health and the outdoors they do well. You would think that if they did it one year, then that’s enough, but it gets even more competitive within departments, year to year,” he added.</p> <p>“The experience of hiking in the night is far more exhilarating and intense than during the day, as it’s mostly pitch black, quiet, and you only have a stream of light to follow. The party at the finish line is epic, and it’s always fun to see what crazy outfit wins best dressed,” said a trekker, who wished to remain anonymous. “Even though it’s competitive between certain banks, in particular, there’s still a great vibe. The training is very harsh, though, if you aren’t that fit and not for the faint of heart.”</p> <p>Over the past six years, Moontrekker has raised HK$7,500,000 for charities including Room to Read, which supports literacy.</p> <p>The Nature Conservancy (a global conservation organisation working to protect ecologically important lands, waters for nature and people) was nominated this year, as participants wanted a charity based in Hong Kong (rather than seeing donations go elsewhere) that was inline with the event’s ethos.</p> <p>This story (with pictures) first appeared in FinBuzz.</p> <p>&nbsp;<br /> Photo: Edwin Lee</p>
Think about the little guy, Fitch warns Fed
<p>A couple of weeks ago the IMF raised the specter of widespread corporate debt defaults and economic misery in emerging countries that could cause a 2008-type sclerosis in the international financial system. Now here’s another report warning the Fed about being too parochial as it ponders an interest rate hike.</p> <p>Fitch Ratings points out that vulnerable emerging markets are already a threat to global growth as a collapse in commodity prices and political shocks worsen secular slowdowns.</p> <p>“Our latest forecast for global growth of 2.3% in 2015 is the weakest since the global financial crisis in 2009. Against this backdrop, the Fed's looming tightening of monetary policy after an unprecedented period of historically low rates will add to the macroeconomic and external financing pressures on emerging markets (EM),” notes Fitch.</p> <p>“EM bonds were boosted in the last decade by international investors' search for yield and increased funding disintermediation in local debt markets. This makes EM borrowers vulnerable to rising US rates and the reversal of previously strong capital flows,” Fitch adds.</p> <p>The most exposed? Turkey, followed by most of Latin America.<br /> Photo: bass_nroll<br /> &nbsp;</p>
Value Partners gains cross-border fund license in China
<p>Wild domestic stock price fluctuations and the heavy hand of state manipulation of markets are encouraging foreign fund managers to tap China’s vast pool of savers. It’s not just international investors who struggle to cope with A-share volatility; Chinese investors can benefit from more diversification.</p> <p>Yesterday, Value Partners said it would roll out its own-branded cross-border funds in the Mainland’s domestic fund market, having picked up the first Qualified Domestic Limited Partner (QDLP) license by a Hong Kong fund management firm.</p> <p>“Currently, the vast majority (99.4%) of Chinese households’ assets are held in RMB with only 0.6% denominated in foreign currencies. In the wake of the recent stock market rout and the depreciation in Renminbi (“RMB”), Chinese investors are seeing an increasing need to diversify their portfolios and explore opportunities in overseas investments.  Value Partners is preparing to launch its first QDLP fund before the end of the year.  The QDLP fund will appeal to yield-chasing investors who look to diversify their investments across Asia,” said Value Partners in a statement.</p> <p>&nbsp;<br /> Photo: Photo: up to 2011</p>
Fight is on for new HSBC HQ
<p>The U.S. is looking like the top contender in the competition to hold HSBC's headquarters, as the largest European bank looks to leave the U.K, reports The Financial Times.</p> <p>Not that we're biased or anything, but the U.S. does make an awesome HQ location...<br /> Photo: istock </p>
Daily Scan: Hang Seng climbs 1.34% as Draghi rally reaches new heights
<p>Updated throughout the day</p> <p>October 23</p> <p>Good evening everyone. With Super Mario ready to reload the stimulus bazooka, Asian shares capped the week on a high note Friday. Hong Kong’s Hang Seng Index and Japan’s Nikkei Average both hit their two-month highs today, while China’s Shanghai Composite posted its third week deep in the red. Here’s the score this week:</p> <p>&nbsp;<br /> Day<br /> Week</p> <p>Hang Seng Index<br /> +1.34%<br /> +1.02</p> <p>Hang Seng China Enterprises Index<br /> +1.34%<br /> +1.79%</p> <p>Shanghai Composite<br /> +1.30%<br /> +0.68%</p> <p>Shenzhen Composite<br /> +2.94%<br /> +2.53%</p> <p>Nikkei 225<br /> +2.11%<br /> +3.06%</p> <p>Straits Times Index<br /> +1.11%<br /> +1.63%</p> <p>The European markets meanwhile look set to post their third straight weekly gain. The U.K.’s FTSE 100 has so far climbed 1.32%, while France’s CAC and Germany’s DAX have each jumped 1.30% and 0.69% respectively. As for Wall Street, it seems to be geared up to join the party too, with S&amp;P 500 futures climbing 0.12% at pixel time.</p> <p>Here’s what else you need to know:</p> <p>Japan “flash” PMI hits 19-month high. Japan’s manufacturing sector rebounded sharply this month, with the Nikkei Flash Japan Manufacturing PMI coming in at 52.5 – its highest level since March 2014 – versus a 50.5 reading expected by analysts. It also beat September’s final reading of 51. Markit</p> <p>PNG to resettle Manus Island refugees.  Papua New Guinea (PNG) is to begin resettling refugees from the controversial Manus Island immigration detention center, Australia has said. Australian Immigration Minister Peter Dutton said the move would allow refugees there to "have a fresh start." BBC</p> <p>South Korea GDP growth rebounds in third quarter. South Korea’s economy picked up pace in the third quarter, helped by rising consumption and construction activity, but weak exports ensured it remained on course for a full-year slowdown worse than official targets. Financial Times (paywall)</p> <p>Korean families say their final farewells. North and South Korean families were forced to say their last goodbyes on Thursday after meeting for the first time in more than 60 years. On the third and last day of their all-too brief reunion in a North Korean mountain resort, the families were given two hours in the morning to say their last goodbyes. Channel News Asia</p> <p>UK backs China bid for EU free-trade pact. Britain yesterday threw its weight behind China's effort to reach a free-trade pact with the European Union, as the two countries issued a joint statement during President Xi Jinping's state visit. South China Morning Post (paywall)</p> <p>Japan, China, South Korea to reinstate annu</p>
Financial Times journalists move closer to work action
<p>It didn’t take long for the ink to dry on a relatively rich Financial Times buy-out offer before the new owner decided to adjust the employee benefits.<br /> Nikkei doesn’t finalize the purchase of the Financial Times until February, but it got to work on one issue very quickly<br /> When news broke on July 23 that Nikkei purchased what is arguably one of the jewels of business journalism, paying £844m or near $1.3 billion, media watchers considered that the Washington Post sold to Amazon.com founder Jeff Bezos for $250 million and they wondered if a successful media business model might be changed.</p> <p>That answer came even before the deal to acquire the firm was finalized. The acquisition of the FT Group doesn’t close until November, but Nikkei was quick to begin work to adjust its compensation model for those that create and control the quality of the product: journalists. Planned changes to newspaper’s pension policy was an initial target in the wake of the record setting purchase price for the previously independently operated business publication.<br /> Financial Times union categorizes quick pension moves as “robbery” as journalists authorize step towards industrial action<br /> Journalists are striking back at the action, which FT management has downplayed as not impacting compensation. But categorizing the move “pension robbery,” the National Union of Journalists apparently disagreed. They organized FT employees who voted to instruct NUJ representatives to begin the process of balloting for industrial action which could result in a work action or potential disruption. The dispute in the press room appears to have gotten volatile.</p> <p>“Staff are in open revolt over plans to cut the cost of pensions,” Steve Bird, FT’s NUJ chapel, told theGuardian. “Hundreds of senior staff will see their pensions cut by up to a half in order to pay rent on the FT building,” indicating a new cost sharing structure. “Whatever financial constraints Nikkei have placed on the FT are being passed on to journalists.”</p> <p>Bird and the NUJ worked to pass a motion condemning Nikkei and FT management for “failing to honor promises” and maintain equivalent terms of employment following the takeover, the Guardian report said. Bird, who manages the union’s response to the situation, had expressed concern when the deal was first announced.<br /> “The FT chapel will do whatever it takes to protect jobs, employee rights and independent, quality journalism,” he said on the day the deal was announced, his fears materializing sooner rather than later. “We were all very concerned at the speed at which the deal seems to have been made. The chapel is now considering putting together a charter setting out our principles on editorial independence and working practices.”<br /> FT management gets wordy in acknowledging they are considering pension changes, but says it is not a cost cutting effort<br /> FT management has a different version of events. In what the Guardian described as “a lengthy statement,” odd for a business that often generates success through succinct prose, management termed the union’s claims that the new pension plan is a cost-cutting measure as “categorically untrue.”</p> <p>“It has never been the objective of FT management or Nikkei to cut costs through pension changes,” an FT spokeswoman told the Guardian. “This proposal is about supporting the long-term strength and sustainability of the FT, and building a consistent and fair scheme for all o</p>
Daily Scan: Stocks soar; Clinton defends herself on Benghazi
<p>Updated throughout the day</p> <p>October 22</p> <p>Good evening. Stocks had a strong rally Thursday, as the Dow exited correction territory. The Dow added 1.9%, its highest close in more than two months. The S&amp;P 500 gained 1.7%, and the Nasdaq grew 1.65% after steady gains all day. Caterpillar's stocks rose 2.9% even though the company cut its profit projections for the year. 3M shares gained 4.1%, but also reduced its earnings forecast as it moves to cut 1,500 jobs. McDonald's is lovin' its earnings, and the stock rose 8.1% Thursday. Jobless claims are in, totaling 259,000 compared to the estimate of 265,000.</p> <p>Here’s what else you need to know:</p> <p>Clinton talks Benghazi. Former Secretary of State Hillary Clinton was grilled by lawmakers Thursday about her role in the American diplomatic mission in Libya that ended in the death of four Americans. Clinton, who has faced criticism from Republicans since the 2012 attacks, was poised in her defense throughout the interrogation. The hearing adjourned for a break after almost three and a half hours when the Republican committee chairman and two Democratic committee members started a shouting match over Clinton's personal email exchanges. During a 2013 hearing, Clinton accepted responsibility for the security lapses in Benghazi. New York Times</p> <p>Google's ABCs look strong. Alphabet, the Google parent company, reported revenue gains Thursday. Shares are up 23% this year, and continued to rise Thursday. Third quarter net income reached $3.98 billion, compared to $2.74 billion during the same time last year. Wall Street Journal</p> <p>American killed during hostage rescue in Iraq. About 70 hostages facing "imminent mass execution" were saved during a helicopter assault operated by U.S. special ops troops, as well as Kurdish and Iraqi forces. One U.S. service member was fatally wounded during the mission. CNN</p> <p>Masked man kills two in Swedish school. The man killed a student and a teacher, and another teacher and student are being treated for knife injuries. The suspect, who has died of gunshot wounds, was armed with a sword and several knives. BBC</p> <p>U.S. investigating Venezuelan oil company. The probe takes a look at alleged kickbacks  and "other schemes" that Petróleos de Venezuela required from anyone who wanted to do business. PdVSA is alleged to have looted billions. Wall Street Journal (paywall)</p> <p>CIT chief John Thain to retire. The move was unexpected for the 60-year-old executive who landed at the helm of Merrill Lynch during the financial crisis, and was drummed out after controversial bonus payouts and a $1.2 million spending binge to re-decorate his office. Thain, a former top Goldman Sachs officer, will be succeded by CIT board member Ellen R. Alemany. Wall Street Journal (paywall)</p> <p>Europe in holding pattern ahead of ECB meeting. The European Central Bank is in Malta and most watchers expect more stimulus, in part to keep the eu</p>
Wealth manager to marry pro-poker player
<p>&nbsp;</p> <p>It official! ? He asked me to marry him! ? I am so lucky to have met the man of my dreams! After all the ?s I have finally met my Prince Charming!<br /> A photo posted by BethShak (@bethshak) on Oct 22, 2015 at 8:02am PDT</p> <p>Mark Yadgaroff, senior managing director at Bernstein Global Wealth Management, has gotten engaged to professional poker play Beth Shak.</p> <p>Yadgaroff gave Shake, who is also known for her collection of more than 1,200 shoes, a 4.5-carat marquise diamond ring, surrounded by scalloped round diamonds, reports the New York Post. The two met in 2011 at a premiere of the documentary "God Save My Shoes," which featured Shak.</p> <p>Shak was previously married to hedge funder Daniel Shak. In 2012, Daniel Shak sued his ex-wife to have her shoe collection sold off as marital property, but the suit was eventually dropped.</p>
Bonds -- the Rodney Dangerfield of investments
<p>Vanguard strategist Fran Kinniry thinks bonds deserve a lot more respect.  "Like the late comedian Rodney Dangerfield, bonds suffer from a chronic lack of respect," Kinniry writes. These two charts explain why we should salute investment grade bonds a little more resolutely:</p> <p>Charts: Vanguard<br /> Photo: sionnac</p>
Ferrari races into its first ETF
<p>Italian automaker Ferrari NV (NYSE: RACE) raised $893 million in its initial public offering Tuesday, offering 17.2 million shares at $52 in what was arguably the most ballyhooed automotive IPO since Elon Musk's Tesla Motors Inc (NASDAQ: TSLA) came public nearly five and a half years ago.</p> <p>With a market cap of nearly $10 billion, Ferrari is large enough to already be finding homes in exchange traded funds and the Italian auto giant has done just that as Renaissance Capital, the issuer of the Renaissance IPO ETF (NYSE: IPO), confirmed that fund will add shares of Ferrari after the close of U.S. markets on October 27.</p> <p>"The Renaissance IPO ETF is designed to provide investors with efficient exposure to a portfolio of U.S.-listed newly public companies ahead of their ...</p> <p>Full story available on Benzinga.com</p> <p>Photo:  pyntofmyld</p> <p>&nbsp;</p>