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United States/Americas
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Is Sony Un-Japanese Enough to Entertain Change?
By Reuters
05/21/2013 5:35:30 PM ET
TOKYO (Reuters)—Few foreign activist investors have made much headway in forcing change in Japan, where a conservative corporate culture favors long-standing ties with banks, business partners and workers rather than shareholders seeking value.
Struggling electronics giant Sony Corp.
U.S. Subpoena of Cohen Puzzles Defense Lawyers
By Reuters
05/21/2013 10:32:14 AM ET
NEW YORK (Reuters)—The decision by U.S. prosecutors to compel Steven A. Cohen to testify before a federal grand jury about allegations of insider trading at his $15 billion hedge fund is leaving many criminal defense lawyers scratching their heads.
Hedge Funds Selling Gold Again After Propping Market Last Month
By Reuters
05/20/2013 12:54:24 PM ET
NEW YORK (Reuters)—Hedge funds and other big speculators in commodities have started selling gold in a big way, trade data showed on Friday [May 17], just a month after they had supported the precious metal amid a record tumble in its price.
Money managers, including hedge funds, pulled $1.
Frontier Markets Booming, But Risks Mounting
By Reuters
05/20/2013 11:43:24 AM ET
NEW YORK (Reuters)—With the world's biggest central banks driving yields on safe assets to near zero, some investors are tossing caution to the wind and rushing to buy illiquid and previously overlooked bonds sold by countries with no capital markets track record.
Even the biggest investors acknowledge that "frontier markets" like Vietnam and Romania aren't for the faint of heart because nobody knows whether these new debt market players will be able to make good on their obligations.
Leveraged Trading Strategies Return
By Reuters
05/20/2013 11:24:40 AM ET
LONDON (IFR)—Credit investors are returning to the kind of leveraged trading strategies not seen since the heyday of the structured credit bubble, as central bank financial repression is fostering an increasingly desperate reach for yield.
Trading in credit index tranches is working up a head of steam, dealers say, as credit funds faced with a dwindling range of options to boost returns have resorted to selling first-loss protection on benchmark credit default swap indices in Europe and in the U.
Swap Execution Facilities Reach the Starting Line
By Reuters
05/17/2013 3:37:51 PM ET
NEW YORK (IFR)—After two years of bickering over the construction of swap execution facilities, swaps users and would-be SEFs can finally circle a date on their calendar for when trades will be electronically executed.
With the U.
Fitch Throws CMBS Hand Grenade Ahead of U.S. SEC Meeting
By Reuters
05/17/2013 2:30:22 PM ET
NEW YORK (IFR)—Fitch shook up the U.S. securitization market this week when, on the eve of a long-awaited U.S. Securities and Exchange Commission public roundtable on credit rating industry reform, it issued an unsolicited comment lambasting the Triple-A ratings given by two of its rivals to a new single-asset commercial mortgage-backed security (CMBS) linked to a trophy Manhattan office building.
Freeport Shares Could Rise Regardless of Plains Vote
By Reuters
05/17/2013 11:35:09 AM ET
HOUSTON (Reuters)—Freeport-McMoRan Copper & Gold Inc. appears to be in a win-win situation as Plains Exploration shareholders prepare for Monday's [May 20] vote on the miner's nearly $6 billion takeover bid, part of its strategy to expand into energy.
Bond Guru Gundlach of DoubleLine Goes Prime Time
By Reuters
05/16/2013 5:16:09 PM ET
NEW YORK (Reuters)—Bond investor and co-founder of DoubleLine Capital LP, Jeffrey Gundlach fancies himself as more than just a fixed-income guru, making successful predictions on everything from shares in Apple Inc. to Japan's Nikkei stock market index to natural gas and gold.
Blackstone, Peers Have a Bargain For You: Themselves
By Reuters
05/16/2013 11:34:14 AM ET
NEW YORK (Reuters)—Alternative asset managers such as Blackstone Group LP and KKR & Co. LP have for decades scoured the stock market for undervalued companies.
Dimon Has Big Say Over Who Serves on JPMorgan Board
By Reuters
05/16/2013 11:05:03 AM ET
NEW YORK (Reuters)—For years, JPMorgan Chase & Co. Chairman and CEO Jamie Dimon and other executives have hand-picked new directors, in a practice that is now unusual for a major U.
Paulson Raised Mortgage Insurers Bet in 1Q
By Reuters
05/16/2013 10:34:36 AM ET
NEW YORK (Reuters)—Billionaire investor John Paulson bet more heavily on mortgage insurers during the first quarter, which suggests that his hedge fund expects the housing recovery to grow stronger in the months ahead.
Between January and the end of March, according to a regulatory filing, Mr.
Loeb: Sony Reminds Me of Yahoo
By Reuters
05/15/2013 11:09:55 AM ET
TOKYO (Reuters)—Billionaire hedge fund manager Daniel Loeb said Sony Corp. reminds him of Yahoo Inc. before he waged a bitter proxy fight that triggered a boardroom shake-out at the Internet company last year.
Sony a Likely Winner For Loeb, Even if Spinoff Fails
By Reuters
05/15/2013 10:45:07 AM ET
BOSTON (Reuters)—Billionaire investor Daniel Loeb likely faces an uphill battle to convince Sony Corp. to embrace his proposal to spin off its entertainment arm, but he likely already holds a winning hand in his bet on the Japanese electronics giant.
In Vegas, Investors Strip Fund Managers of Their Secrets
By Reuters
05/13/2013 11:47:28 AM ET
LAS VEGAS (Reuters)—In Las Vegas last week, hedge fund investors rubbed shoulders with big-name managers, Hollywood heavies and political swells against a Bellagio hotel backdrop of glitz and gambling.
For the fifth straight year, private jets dropped off billionaire managers to schmooze clients and share success recipes with legions of hedge fund faithful who came on commercial airliners for the SkyBridge Alternatives Conference, which ran from the evening of May 7 through Friday [May 10].
Hedge Funds' Bullish Bets on Commodities at 6-Week High
By Reuters
05/13/2013 10:41:55 AM ET
WASHINGTON (Reuters)—The net long money held by hedge funds and other big speculators in commodities is back to a six-week high, moving on from April's market tumble, as traders piled into oil and oversold crops like coffee, cocoa and corn, trade data showed on Friday [May 10].
But hedge funds are not bullish on all commodities, sharply paring their bets on soybeans and natural gas for the week ended May 7 amid expectations of a bumper soy crop and warmer U.
No CDS Market Yet For New Apple Mega-Bond
By Reuters
05/10/2013 12:02:36 PM ET
NEW YORK (IFR)—A market has yet to materialize for credit default swaps offering protection on Apple Inc.'s record $17 billion bond issue, despite the enormous size of the deal.
To Hedge Inflation, Property Trusts Are the New Gold
By Reuters
05/10/2013 11:48:25 AM ET
HONG KONG (Reuters)—As central banks print cash to boost moribund economies, investors in Asia wanting to hedge against rising prices are dumping gold and doubling down on property.
They are driven by the search for yield as surprisingly benign inflation dims the appeal of bullion, but it's a risky play given lofty valuations for real estate.
A Hard Day to Be a Short-Seller, One of Many This Year
By Reuters
05/09/2013 5:44:03 PM ET
NEW YORK (Reuters)—Three long-time favorites of the short-selling crowd are making those investors eat crow, as Tesla, Barnes & Noble and Green Mountain Coffee are racking up big gains, making an already painful year for contrarian investors even worse.
All three companies soared on heavy volume on Thursday [May 9], with the gains likely amplified by a "short squeeze," or traders covering bets that the stocks would fall to prevent further losses.
Abu Dhabi Financial Zone to Challenge Dubai
By Reuters
05/08/2013 1:15:10 PM ET
ABU DHABI/DUBAI (Reuters)—For a decade, Dubai has prospered as the Middle East's top financial center, handling tens of billions of dollars of oil wealth. That dominance may now be threatened as neighboring Abu Dhabi demands a piece of the pie.
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