Asia News
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U.S. stocks tumbled as a report showed weaker-than-forecast growth in service industries and partial government shutdown entered a third day. Treasuries reversed losses, while gold pared an earlier slide.
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The Philippines won a rating upgrade from Moody’s Investors Service, completing the nation’s ascent to investment rank as President Benigno Aquino leads a growth resurgence that’s outpacing the rest of Southeast Asia.
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UBS O’Connor, the UBS AG unit with $5.2 billion of assets, plans to open its first Asia-focused hedge fund to investors later this year, said two people with knowledge of the matter.
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Taiwanese banks, once seen as a gateway into China, look more like a trap for private-equity firms including Carlyle Group LP as the mainland market proves elusive and competition at home curbs profits for small lenders.
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