HALISTER1: U.S. ECO PREVIEW: Job Openings Report Due in 5 Minutes

U.S. ECO PREVIEW: Job Openings Report Due in 5 Minutes

(Bloomberg) -- Following are forecasts for today’s U.S. economic releases as compiled by Bloomberg News:
  • JOLTs Job Openings 5650; range 5600 to 5750
    • JOLTS data, which lag other employment statistics by a month, add context to the monthly payrolls figures
    • "Survey data suggest companies’ willingness to hire remains strong, which could be reflected in a pickup in job openings. Quitters may feel more comfortable to leave amid rising wage pressures": Bloomberg Intelligence
    • In January, job openings rose to 5.636 million and the quits rate matched a post-recession high

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: Buy 6-Month T-Bills vs OIS Amid Anticipated Supply Cut, JPM Says

Buy 6-Month T-Bills vs OIS Amid Anticipated Supply Cut, JPM Says

(Bloomberg) -- Trade recommended as Treasury bill issuance is expected to turn negative beginning next week when individual tax receipts increase, JPMorgan strategists led by Jay Barry said in April 10 note.
  • An estimated -$123b in net T-bill issuance during the next four weeks
  • Over the past five years, richening in T-bills has coincided with a tapering of the seasonal upswing in issuance around mid-March
    • This year’s richening is likely to begin later than in the past due to the supply cut before the debt ceiling reinstatement on March 16

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Jay Barry (JPMorgan Chase & Co)

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UUID: 7947283

HALISTER: Loews Agrees to Buy Consolidated Container Co. for About $1.2b

Loews Agrees to Buy Consolidated Container Co. for About $1.2b

(Bloomberg) -- Loews agrees to acquire Consolidated Container Company (CCC) from Bain Capital Private Equity for ~$1.2b.
  • CCC will be a part of a newly-created segment called Loews Packaging Group
  • Statement:Link

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
L US (Loews Corp)
BWP US (Boardwalk Pipeline Partners LP)
CNA US (CNA Financial Corp)
DO US (Diamond Offshore Drilling Inc)
6821Z US (Bain Capital Private Equity LP)

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UUID: 7947283

HALISTER1: *LOEWS TO BUY CONSOLIDATED CONTAINER CO. FROM BAIN FOR $1.2B

*LOEWS TO BUY CONSOLIDATED CONTAINER CO. FROM BAIN FOR $1.2B

Alert: HALISTER1
Source: BN (Bloomberg News)

Tickers
6821Z US (Bain Capital Private Equity LP)
L US (Loews Corp)
BWP US (Boardwalk Pipeline Partners LP)
CNA US (CNA Financial Corp)
DO US (Diamond Offshore Drilling Inc)

People
James Tisch (Loews Corp)
Mary Skafidas (Loews Corp)
Sean Fallmann (Consolidated Container Co LLC)
Steven Barnes (Syracuse University)

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UUID: 7947283

HALISTER: Asset Manager M&A to Heat Up as Challenges Rise: Morgan Stanley

Asset Manager M&A to Heat Up as Challenges Rise: Morgan Stanley

(Bloomberg) -- A wave of big-scale asset manager M&A is on its way, both in Europe and the U.S., as companies face distribution difficulties, escalating fee pressure, new regulation and weak organic growth prospects, Morgan Stanley analyst Michael Cyprys wrote in a note.
  • Expects revenues to fall ~3% over the next 3 years as AUM growth fails to offset margin and fee compression; sees fee rates dropping 10%-15% in base case and more than 25% in bear case
  • Expects large international companies to continue reducing number of providers and products
  • Expects more changes from MiFID II and DOL implications; asset managers could go direct-to-consumer, but they would need scale and brand awareness
  • For investors, niche business models like ETFs, quant & CTA, EM debt, multi-affiliate models and alternative asset managers are a “way to play”
  • NOTE: Earlier, Rock Star Era at Risk for Wall Street Analysts Facing Fee Reform
  • NOTE: March 16, Franklin, T. Rowe Exposed to Fee Pressure, Morgan Stanley Says

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
TROW US (T Rowe Price Group Inc)
BEN US (Franklin Resources Inc)

People
Michael Cyprys (Morgan Stanley)

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UUID: 7947283

HALISTER: United Airlines Tumbles as Social-Media Storm Spreads Worldwide

United Airlines Tumbles as Social-Media Storm Spreads Worldwide

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
UAL US (United Continental Holdings Inc)

People
Eleanor Norton (United States House of Representatives)
Oscar Munoz (United Continental Holdings Inc)
Robert Menendez (United States Senate)

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UUID: 7947283

HALISTER1: HKMA Fines Coutts HK$7m for Anti-Money Laundering Violations

HKMA Fines Coutts HK$7m for Anti-Money Laundering Violations

(Bloomberg) -- Hong Kong Monetary Authority has ordered Coutts & Co AG, Hong Kong Branch to pay a pecuniary penalty of HK$7 million for contravening five provisions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, according to a release on HKMA’s website Tuesday.
  • Investigation found that Coutts Hong Kong failed to establish and maintain effective procedures for determining whether its customers or their beneficial owners were politically exposed persons
    • Coutts Hong Kong had failed to identify PEPs despite relevant information being publicly available and to follow up promptly on PEP alerts received from a commercially available database to which Coutts Hong Kong subscribed
  • Coutts Hong Kong has taken positive and intensive remedial measures to address the deficiencies identified by the HKMA and cooperated with the monetary authority during the probe
  • “Banks are expected to have in place anti money- laundering/counter-terrorist financing systems and controls that are commensurate with the risks presented and the HKMA will take enforcement action where appropriate to reinforce this message,” Meena Datwani, Executive Director (Enforcement and AML) of the HKMA, said in the statement

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
RBS LN (Royal Bank of Scotland Group PLC)

People
Meena Datwani (Hong Kong Monetary Authority)

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UUID: 7947283