HALISTER1: Swiss Anti-Corruption Drive Could Challenge Banks, Compound Risk

Swiss Anti-Corruption Drive Could Challenge Banks, Compound Risk

Alert: HALISTER1
Source: BI (Bloomberg Intelligence)

Tickers
BBTG11 BZ (BTG Pactual Group)
BARC LN (Barclays PLC)
C US (Citigroup Inc)
HSBA LN (HSBC Holdings PLC)
JPM US (JPMorgan Chase & Co)

Topics
BI Analysis
Who's News - People

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UUID: 7947283

HALISTER: GM CEO Says ‘Undervalued’ Carmaker Can Sustain Profit Long Term

GM CEO Says ‘Undervalued’ Carmaker Can Sustain Profit Long Term

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
GM US (General Motors Co)

People
Mary Barra (General Motors Co)
Adam Jonas (Morgan Stanley)
Charles Stevens (General Motors Co)
Daniel Ammann (General Motors Co)
Mark Reuss (General Motors Co)

Topics
BGOV Trans/Infrastructure
CEO Interviews

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UUID: 7947283

HALISTER1: MACAU GAMING STREET WRAP: Weak Start to June Amid New AML Rules

MACAU GAMING STREET WRAP: Weak Start to June Amid New AML Rules

(Bloomberg) -- Macau gross gaming revenue for June is tracking to fall from 2% to as much as 13% Y/y, according to four analyst estimates. BERNSTEIN (Vitaly Umansky)
  • Macau’s gaming regulator tightened anti-money laundering rules for casino, junket operators on May 13; weren’t previously published
  • New set of rules more than doubles number of provisions included in AML instructions; didn’t change threshold of “large” transactions (500,000 patacas - $62,500) required for casinos to report to government authorities
CITI (Anil Daswani)
  • Weak start to June perhaps driven by luck, poor weather
  • Tightened anti-money laundering rule doesn’t have any impact on mass market business
  • New rule another negative to “decimated” VIP business
CREDIT SUISSE (Kenneth Fong)
  • Revised anti-money laundering rules to significantly increase documentation; should have limited operational impact
  • New procedures will probably hurt small junkets which lack resources for compliance
  • Disappearance of smaller junkets, which make up 25% of junket business, could slow VIP recovery despite better China liquidity
  • Weaker June revenue due to telephone betting ban, seasonality, Euro cup
HSBC (Charlene Liu)
  • June seasonally weak month for gaming rev.
  • Poor weather conditions may have continued hurting casino traffic
  • Sees short-term volatility for Macau gaming sector
  • Prefers Galaxy Entertainment, MGM China
NOMURA (Richard Huang)
  • Previous expectation of growth in June now seems unlikely
  • More time needed to gauge whether softer performance during first week of June was because of recent phone-betting ban and implementation of new UnionPay terminals, or because of GGR volatility
  • Still likes MGM China
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Vitaly Umansky (Sanford C Bernstein & Co Inc)
Anil Daswani (Citigroup Inc)
Charlene Liu (HSBC Securities Asia Ltd)
Kenneth Fong (Credit Suisse Holdings USA Inc)
Richard Huang (Nomura Holdings Inc)

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UUID: 7947283

HALISTER: Orange to Compete With Western Union in Africa Transfers: Echos

Orange to Compete With Western Union in Africa Transfers: Echos

(Bloomberg) -- Service begins with transfers from France to Ivory Coast, Mali and Senegal, with more than 30,000 pickup points, newspaper says.
  • Company expects 10,000 customers, 20% market share in first year
  • To cost 3 to 8 euros for transfers of 400 euros or less
  • Operator’s Orange Money service already has 18 million users in sub-Saharan Africa
  • Only available to Orange customers.
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
ORA FP (Orange SA)
WU US (Western Union Co/The)

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UUID: 7947283

HALISTER1: Japan 30-Yr Auction Sees Strong Demand on Redemption: BofAML

Japan 30-Yr Auction Sees Strong Demand on Redemption: BofAML

(Bloomberg) -- Auction of 30-year JGB draws strong demand as investors want new debt due to large bond redemptions this month, says Shuichi Ohsaki, chief Japan rates strategist at BofAML.
  • Demand may be mostly from dealers; they may be building sovereign bond stocks for reinvesting from redemption, says Tokyo-based Ohsaki by phone
  • NOTE: JGBs worth about 18t yen ($165b) will mature this month (excluding T-bills, linkers and floating bond), with large proportion of them due June 20, according to data compiled by Bloomberg
  • 30-year yield is -1bp to 0.280%
  • 20-year yield touches 0.220%, matching historic low marked on May 9 on strong 30-year JGB auction
  • 10-year yield up 0.5 bp to -0.120% following higher U.S. Treasury yield
  • NOTE: 30-year bond auction draws strongest demand in 3 months
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Shuichi Ohsaki (Merrill Lynch Japan Securities Co Ltd)

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UUID: 7947283