Mark Yusko, the chief investment officer of the $3.5 billion Endowment Fund said he’s stepping down, citing differences in running the fund, according to a letter sent to investors. David Einhorn’s Greenlight Capital Inc. and David Shaw’s D.E. Shaw & Co. are betting that shares of Swedish medical-equipment maker Elekta AB will decline. Hedge Funds: [...]
Wells Fargo & Co., Bank of America Corp. and JPMorgan Chase & Co. are among banks that will reap savings under last week’s deal with U.S. regulators that no longer requires independent consultants to review foreclosures. The savings will help offset the cost to settle government charges that the banks wrongfully foreclosed on struggling homeowners. Click here to continue reading.
Banks are selling more longer-dated structured notes as investors accept greater risks in a bid to boost returns that have been hurt by interest rates close to zero and declining funding costs for lenders. Click here to continue reading.
Credit Suisse Group AG is selling its $500 million investment in the first fund raised by Global Infrastructure Partners, whose holdings include Gatwick Airport Ltd. in the U.K., as the bank strengthens its capital base, according to three people familiar with the situation. Click here to continue reading.
Download this exclusive sample issue of Bloomberg’s market leading newsletter here. In this issue: LEAD STORY: Charles Simonian, a former portfolio manager at SAC Capital’s Sigma Capital unit, plans to start a long/short equity hedge fund. RETURNS IN BRIEF: Elliott, Black River, Monarch, SkyBridge, Saiers, MKP funds. BRIEF EXCLUSIVES: Simple Alternatives searches for a long/short [...]
Even if an emissions deal forged by members of the International Civil Aviation Organization does not take effect until 2020, the industry is already set to cut carbon dioxide, said Jonathon Counsell, head of environment at British Airways. The industry is “massively incentivized” to improve efficiency as it’s effectively paying a price for its carbon-dioxide emissions, he said, with fuel costs at over [...]
In the eye of the investor, Tiffany & Co.’s blue-boxed gifts are so alluring to potential suitors that not even the worst earnings stretch in at least a decade has put a dent in its valuation. Even though the $7.6 billion company has missed profit estimates in four straight quarters and said last week that analysts’ fiscal [...]
NuPathe may gain approval for its first commercial product Zecuity, a transdermal migraine patch, this week. The company received a Prescription Drug User Fee Act (PDUFA) date of Jan.17 from the FDA. Click here to continue reading.
MGM Resorts International, the casino operator that issued expensive debt during the 2009 fiscal crisis to stave off bankruptcy, may look to refinance about $1.1 billion in bonds due in 2013 and 2014, said MGM CFO and treasurer Dan D’Arrigo. MGM wants to eventually reduce its debt to five times earnings. The ratio was 6.79 times on Dec. 31, according [...]
At least six major post-crisis rules aimed at making markets safer have stalled in the past 10 weeks because of industry opposition, global disagreements and regulators’ concerns that haste may cause more harm than good, bank executives and financial analysts said. Click here to continue reading.