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United States/Americas
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Letter: SAC Capital Won't Cooperate Unconditionally With Government
By Reuters
05/17/2013 5:46:44 PM ET
EDITOR'S NOTE: This story has been updated throughout.
NEW YORK (Reuters)—Steven A. Cohen's hedge fund SAC Capital Advisors told investors on Friday [May 17] it would no longer cooperate "unconditionally" with the U.
Oil Price Probe Widens, U.S. Senator Wants Justice Dept. Help
By Reuters
05/17/2013 5:15:29 PM ET
EDITOR'S NOTE: This story has been updated throughout.
LONDON/WASHINGTON (Reuters)—A European probe into possible oil price manipulation expanded with the investigation of a small niche trading house in the Netherlands and a key U.
Nanes Balkany: Petrogrand Should Exit Russia
By Reuters
05/17/2013 4:54:45 PM ET
NEW YORK (Reuters)—An activist hedge fund has urged Swedish oil and gas company Petrogrand AB to drop exploration activities in Russia, explore strategic alternatives and replace its chief executive, according to a letter from the fund to the company's board of directors.
Nanes Balkany Partners LLC, which in the last three months amassed a stake of just under 5 percent in Petrogrand, has not received an official response after sending the letter to the company last month, according to a person familiar with the matter.
Transocean Chairman Booted For Icahn Nominee
By Reuters
05/17/2013 4:33:12 PM ET
ZUG, Switzerland (Reuters)—Transocean Ltd. shareholders voted out Chairman Michael Talbert at the annual meeting on Friday [May 17] and backed a nominee of activist investor Carl Icahn to replace him on the board of the world's largest offshore drilling contractor.
U.S. Judge Blocks $13 Million Arbitration Against SunTrust
By Reuters
05/17/2013 2:00:24 PM ET
NEW YORK (Reuters)—SunTrust Banks Inc. won a court order on Friday [May 17] preventing a Connecticut-based hedge fund from moving forward with a $13 million arbitration over mortgage-backed securities.
Blackstone Planning to Create New Hedge Fund
By Reuters
05/17/2013 11:02:17 AM ET
NEW YORK (Reuters)—Blackstone Group LP is planning to create a hedge fund which will consist of the boldest trades from the third-party hedge funds it invests with, the Financial Times reported.
The new fund will invite managers to sell their interesting trading ideas in exchange for a fee and it will be run by former Duquesne Capital partner, Greg Geiling, the daily said.
Hess Seats 3 Elliott-Backed Directors, Ends Proxy Fight
By Reuters
05/16/2013 3:43:49 PM ET
EDITOR'S NOTE: This story has been updated with the naming of Mark Williams as Chairman of the Board and identities of departing board members.
NEW YORK/HOUSTON (Reuters)—Hess Corp.
IMF: Central Banks' Actions Worked, Now Beware Reactions
By Reuters
05/16/2013 12:17:28 PM ET
WASHINGTON (Reuters)—Central banks got it right when they saved the world economy, but their unprecedented actions risk disruptive cross-border spillovers and potentially heavy losses when the time comes to exit, the IMF said on Thursday [May 16].
In the most detailed survey so far of the dramatic measures undertaken to counter the 2007-09 global financial crisis, International Monetary Fund staff repeated earlier assessments that the steps had worked, but face diminishing returns.
Hungarian Ethanol Firm Says it Tipped E.U. to Platts Pricing
By Reuters
05/16/2013 11:46:23 AM ET
LONDON (Reuters)—A Hungarian ethanol producer said it alerted the European Commission over the role of price agency Platts in setting prices, feeding into an investigation of three major oil companies.
Pannonia Ethanol, a recent entrant to Europe's market, on Wednesday [May 15] became the first company to identify itself as having complained to Brussels, which has now embarked on the biggest cross-border trading probe since the LIBOR scandal sent shock waves through the secretive financial industry.
Highfields, Other Funds Dove into Dell Fray in 1st Quarter
By Reuters
05/15/2013 5:39:25 PM ET
BOSTON (Reuters)—Several top stock-picking hedge funds bought about 30 million shares of PC maker Dell Inc. in the first quarter, possibly increasing pressure on company founder Michael Dell to improve his bid to take the company private.
More Top Hedge Funds Dropped Apple Shares in 1Q
By Reuters
05/15/2013 4:59:25 PM ET
EDITOR'S NOTE: This story has been updated throughout.
NEW YORK (Reuters)—One-time hedge fund darling Apple Inc. was dropped by more well-known fund managers in the first quarter, including John Griffin and Chase Coleman.
Hedge Funds Shop at Supervalu, Sour on Apple
By Reuters
05/15/2013 5:11:37 PM ET
EDITOR'S NOTE: This story has been updated throughout.
NEW YORK (Reuters)—Barry Rosenstein's JANA Partners liked grocery chain Supervalu Inc. in a big way in the first quarter, while Philippe Laffont's Coatue Management lost its stomach for the company's shares.
Zynga, Groupon Jump as JANA Partners Reveals Stakes
By Reuters
05/15/2013 3:44:03 PM ET
EDITOR'S NOTE: This story has been updated with afternoon share prices and additional information on dual share class structures.
BOSTON (Reuters)—JANA Partners, a leading activist hedge fund firm run by Barry Rosenstein, has taken a liking to two of the most beaten-up technology stocks.
Oil Pricing Probe Widens, Britain Pledges Tough Action
By Reuters
05/15/2013 2:33:22 PM ET
LONDON (Reuters)—Oil companies will face the full force of the law if they manipulated prices, Britain's energy minister said on Wednesday [May 15] as a rating agency warned of massive fines if a European Commission's probe into oil pricing found any wrongdoing.
Oil firm Eni said the European Commission had asked it to provide information, although it was not being probed.
E.U. Oil Price Probe Puts Platts in Spotlight
By Reuters
05/15/2013 12:26:18 PM ET
LONDON (Reuters)—A European investigation into alleged price rigging by major oil companies has drawn attention to leading price agency Platts and the way it sets oil price benchmarks.
Authorities on Tuesday [May 14] carried out a surprise inspection at Platts' London bureau as well as the offices of Royal Dutch Shell, BP and Statoil.
Ashland Raises Dividend, Buybacks After JANA Picks Up Stake
By Reuters
05/15/2013 10:53:50 AM ET
ASHLAND, Ky. (Reuters)—Chemical maker Ashland Inc. raised its quarterly dividend by more than 50 percent and nearly doubled its share buyback program, a month after hedge fund JANA Partners LLC picked up a large stake.
Big Sony Options Action Before Loeb Stake Raises Eyebrows
By Reuters
05/15/2013 10:24:28 AM ET
NEW YORK (Reuters)—A surge in option market bets on Sony Corp. just before a large hedge fund investor announced a big stake and called for a major restructuring of the company has raised concerns that some traders may have had advance word of the news.
Elliott Management Proposes Revamped Hess Board to End Proxy Fight
By Reuters
05/14/2013 3:49:45 PM ET
NEW YORK (Reuters)—Hedge fund Elliott Management Corp., which has already rejected a settlement offer from Hess Corp. that would have given the activist investor two seats on the oil and gas company's board, said it would be willing to settle if Hess puts all five of the Elliott-backed nominees on the board.
Fraud Claims vs. Goldman over Abacus CDO are Dismissed
By Reuters
05/14/2013 3:34:53 PM ET
NEW YORK (Reuters)—Goldman Sachs Group Inc. won dismissal on Tuesday [May 14] of fraud claims brought by a bond insurer over a CDO tied to subprime mortgage securities called Abacus.
Report for Banks Finds They Pose More Risk than Commodity Traders
By Reuters
05/14/2013 2:33:49 PM ET
GENEVA (Reuters)—A study commissioned by a global banking lobby group has found that banks pose a greater systemic risk than their commodity trading house competitors do and the report has not been made public, its author said.
Craig Pirrong, a University of Houston academic confirmed he was the author of the study commissioned by the Global Financial Markets Association (GFMA).
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