Japan’s Biggest Banks See Profit Declining in Second Half

Japan’s three biggest banks reported a surge in first-half profits this week that they said means the year will turn out better than expected.

Money Funds Cut Barclays Debt While Adding Deutsche Bank

The 10 biggest prime U.S. money- market mutual funds decreased holdings of Barclays Plc (BARC) by $6.65 billion in April, the largest drop in dollars for any bank, ahead of a potential downgrade for the London-based company.

Singapore, Blackstone Square Off Over Japan Property

TOKYO—Global Logistic Properties Ltd., majority owned by Singapore's sovereign-wealth fund, is in final negotiations to acquire a Japanese portfolio of real estate that could fetch up to ¥140 billion ($1.7 billion), making it the biggest property deal in Japan in two years, according to people familiar with the matter.

Private-equity firm Blackstone Group's real-estate arm is also in final talks and is in close competition with GLP in a bid to acquire the assets, according to the people. LaSalle Investment Management is selling a portfolio of more than 20 industrial properties in Japan used for distribution and warehouses by companies.

Sovereign funds, pension funds look at Japan rebuilding

Institutional investors worldwide could play a major role in the rebuilding of northeastern Japan as they and Japanese banks investigate how they can help rebuild the crippled infrastructure that resulted from the devastating March 11 earthquake and tsunami.

“Over the last four to five days I’ve had discussions with sovereign wealth funds and government pension funds,” said Michael Underhill, chief investment officer at Capital Innovations, an infrastructure investment firm.