American
Homes 4 Rent Said to Fire Employees After Loss - (www.bloomberg.com) American Homes 4 Rent yesterday fired a group of workers, with
a focus on acquisition and construction staff, after the housing landlord
reported a fiscal second-quarter loss, according to a person with knowledge of
the terminations. The company, owner of almost 20,000 single-family homes, has
cut about 15 percent of its workforce this year, including an earlier round of
terminations before its initial public offering last month, said the person,
who asked not to be identified because the information is private. The Malibu,
California-based company, which raised $705.9 million in the IPO, had a net
loss of $14 million, or 15 cents a share, on revenue of $18.1 million in the
quarter ended June 30, according to a statement this week. Single-family
landlords have struggled to turn a profit while acquiring homes faster than
they can fill them with tenants. Hedge funds, private-equity firms and real estate
investment trusts have raised more than $18 billion to purchase more than 100,000
rental houses in the past two years. American Homes 4 Rent, founded by B. Wayne
Hughes, is the largest single-family landlord after Blackstone Group LP’s
Invitation Homes, which has spent more than $5 billion on 32,000 homes. American
Homes 4 Rent executives Peter Nelson, Jack Corrigan, Sara Vogt-Lowell and
Janice Stack didn’t respond to e-mails and telephone messages seeking comment
on the firings.
Japan's
debt-funding costs to hit $257 billion next year: document - (www.reuters.com) Japan expects
to spend a record $257 billion to service its debt during the next fiscal year,
a document obtained by Reuters showed, underscoring the huge burden created by
the government's borrowings. The amount to be allocated for debt-servicing for
the year that will begin on April 1 is nearly as large as the gross domestic
product of Singapore, which the World Bank put at $275 billion at the end of
2012. Japan's Ministry of Finance (MOF), charged with drafting the state budget
and issuing government bonds, will request 25.3 trillion yen ($257 billion) in
debt-servicing costs under the budget, the document showed on Tuesday. That
will be up 13.7 percent from the amount set aside for the current fiscal year,
reflecting the ministry's plan to guard against any future rise in long-term
interest rates.
Thai
Stocks Slump 21% From High in Longest Decline Since 1998 - (www.bloomberg.com) Thai stocks retreated
for a ninth day, sending the benchmark index down more than 20 percent from
this year’s high, amid concern foreign outflows will accelerate as the economy
weakens. The baht and government bonds dropped. The benchmark SET Index lost
2.7 percent to close at 1,293.97 in Bangkok, its longest losing streak since
1998. Siam Cement Pcl (SCC) and Total Access Communication Pcl (DTAC)dropped more than 3.6 percent and were among
the biggest drags on the index. The baht weakened 0.8 percent to 32.18 per
dollar, while the yield on 10-year government debt rose 14 basis points to 4.29
percent, the highest level since December 2009. Thailand entered a recession in
the second quarter, according to figures released this month, while data
yesterday showed exports unexpectedly fell last month. Southeast Asia’s
second-biggest economy will probably post a current-account deficit of $550 million
in July, according to a Bloomberg survey of economists.
Exclusive:
Nasdaq, NYSE at odds on outage cause as SEC seeks facts - (www.reuters.com) U.S.
regulators have asked Nasdaq OMX Group and NYSE Euronext to
come up with a timeline of Thursday's three-hour trading disruption, but the
rival exchange operators have been unable to agree on the details, according to
several sources familiar with the situation. Nearly a week after a glitch
paralyzed Nasdaq-listed stocks for
three hours on all U.S. markets,
Nasdaq and NYSE have a different understanding of what happened in the period
preceding and during the blackout, with each side blaming the other for the
outage, according to the sources. The U.S. Securities and Exchange Commission
on Tuesday called a meeting for September 12 to address the glitch. SEC Chair
Mary-Jo White and the heads of the exchanges will discuss the trading
interruption, the Nasdaq-run system involved in the halt, as well as other
market systems and infrastructure issues, the regulator said.
Five Years After TARP, Misgivings on Bonuses - (www.finance.yahoo.com) “There was such a total lack of awareness from
the firms that paid big bonuses during this extraordinary time.” That is what
Henry M. Paulson Jr., the former Treasury secretary, said last week. We were
discussing the 2008 financial crisis in light of the approaching five-year
anniversary of those white-knuckled days, when Lehman Brothers collapsed and
the government stepped in to bail out the American International Group and then the banking system. Mr.
Paulson’s comments about the outsize bank bonuses paid after the bailouts might
sound de rigueur given all the frustration that has already been expressed by
others. But Mr. Paulson had never been so emphatic about the bonuses in public.
Five years on, Mr. Paulson, assessing the success of a bailout program that
clearly helped stabilize the economy, said that the bonuses that the banks paid
after the bailouts — a record $140 billion in 2009 — were a primary reason for
the public outrage over the program he worked so hard to persuade Congress to
pass and the country to support. “To say I was disappointed is an
understatement,” he said. “My view has nothing to do with legality and
everything to do with what was right, and everything to do with just a colossal
lack of self-awareness as to how they were viewed by the American public.”
Tesla
Market Value Rises to $20 Billion on EV Optimism - (www.bloomberg.com)
Analysis: New Microsoft CEO faces big choices post-Ballmer - (www.reuters.com)
JPMorgan Reviews Dealings With Foreign Banks - (www.bloomberg.com)
Analysis: New Microsoft CEO faces big choices post-Ballmer - (www.reuters.com)
JPMorgan Reviews Dealings With Foreign Banks - (www.bloomberg.com)
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