The Gulf states dominate the cartel and tend to prize unity. They also began unprecedented production cuts last year to bolster prices as the coronavirus pandemic spread. Bloomberg -- The U. Supreme Court signaled it is headed toward a narrow ruling on shareholder lawsuits as the justices grappled with accusations that Goldman Sachs Group Inc. Hearing arguments Monday by phone, the justices suggested they might tell a lower court to revisit whether Goldman Sachs shareholders could press a class action suit.
But several justices also indicated they had only minor quibbles with the reasoning of the appeals court decision to let the suit go forward. Corporate advocates are looking to take advantage of that majority to put tighter limits on shareholder lawsuits. But conservative and liberal justices alike suggested the issues in the Goldman Sachs case had narrowed as it bounced up and down the court system.
They say the assurances proved to be false, as details emerged about a group of so-called collateralized debt obligations, known as CDOs, including the Abacus portfolio that was at the center of the SEC suit. The Supreme Court case centers on the rules the court has crafted to determine whether shareholders have enough in common with one another to press a securities-fraud suit as a class action.
In , the high court said judges can presume that investors all relied on any public misrepresentations when they bought shares.
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But that ruling also said defendants can rebut that presumption -- and block certification of the class action -- by showing that the statements had no impact on the share prices. Much of the economic collapse was fueled by losses suffered by banks and hedge funds that owned the complex securities. Ultimately, the U. The case, which the court is scheduled to decide by late June, is Goldman Sachs v. Arkansas Teacher Retirement System, Updates with Barrett comment in fifth paragraph. It means Archegos may never actually have owned most of the underlying securities -- if any at all.
The products, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings. The swift unwinding of Archegos has reverberated across the globe, after banks such as Goldman Sachs Group Inc. The selloff roiled stocks from Baidu Inc. One reason for the widening fallout is the borrowed funds that investors use to magnify their bets: a margin call occurs when the market goes against a large, leveraged position, forcing the hedge fund to deposit more cash or securities with its broker to cover any losses.
Archegos was probably required to deposit only a small percentage of the total value of trades. The chain of events set off by this massive unwinding is yet another reminder of the role that hedge funds play in the global capital markets. A hedge fund short squeeze during a Reddit-fueled frenzy for Gamestop Corp. The idea that one firm can quietly amass outsized positions through the use of derivatives could set off another wave of criticism directed against loosely regulated firms that have the power to destabilize markets.
CFDs and swaps are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges. Such opacity helped to worsen the financial crisis and regulators have introduced a vast new body of rules governing the assets since then.
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Over-the-counter equity derivatives occupy one of the smallest corners of this opaque market. Banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities, another consequence of regulation imposed in the aftermath of the global financial crisis. Among hedge funds, equity swaps and CFDs grew in popularity because they are exempt from stamp duty in high-tax jurisdictions such as the U. Updates with data on equity derivatives in eleventh paragraph. Its other intraday offerings, according to the person A Wells Fargo representative declined to comment.
ViacomCBS, the U. Baidu, the Beijing-based internet company, fell 1.
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Farfetch, a London-based seller of apparel and accessories, declined 6. Vipshop, a Chinese internet retailer, slid 8. Beijing-based video-entertainment provider Iqiyi was down 5. Bloomberg -- He was a hot-shot disciple of the hedge-fund legend Julian Robertson -- one of the stars to strike out on his own from the vaunted Tiger empire.
How and why marquee-name banks embraced Hwang after his first stumble -- an insider trading plea in -- and enabled him to run up so much leverage is an open question on Wall Street, though his frequent trading and use of borrowed money meant he was a profitable client.
Much of the leverage was provided by the banks through swaps, according to people with direct knowledge of the deals. Swaps are also an easy way to add a lot of leverage to a portfolio. The charity is dedicated to the areas of Christianity, art, education, justice and poverty. Trauber will oversee the unit's investment banking front, while Sen will be in charge of corporate banking, the memo said. When CSG opted to shift its regional headquarters this year from Dubai to Riyadh, it marked an early win for Saudi Arabia and proved a surprisingly easy move for the U.
CSG is among several foreign companies that agreed earlier this year to set up regional offices in Saudi Arabia rather than overseeing operations remotely from Dubai, the buzzing commercial hub in neighbouring United Arab Emirates. Japan's Nomura and Credit Suisse of Switzerland warned of major losses from lending to Archegos for equity derivatives trades, triggering a worldwide sell-off in banking stocks.
Morgan Stanley shares fell 2. After getting furloughed by American Airlines, and watching her side gig leading trips outside of the US evaporate overnight at the start of the pandemic, Brittany Floyd felt unsettled. Having lived across every aspect of the income scale—she grew up in a low-income household, where her mother worked as a custodian and her father as a construction worker—she had no intention of going back to a life of financial struggle. The pandemic had Floyd thinking about wanting to be financially independent and not having all her money tied up in one sector of the economy.
The Dow staged a recovery that drove it to a new closing high, in spite of a portfolio meltdown by a well-known investor. The leu slipped as much as 0. Its weakness this year has a minor impact on inflation, he said.
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Similar small devaluations have typically come in the first three months of the year as the authority allows the leu to follow depreciation among peers with a lag, while smoothing daily volatility. Some analysts were calling for a new trading band even before the year began. Western brands are likely to remain under a microscope in China, according to a recent note from Cowen Equity Research.
Bloomberg -- The family office of former Tiger Management trader Bill Hwang was behind the unprecedented selling of some U. The companies involved ranged from Chinese technology giants to U. S, according to an email to clients seen by Bloomberg News. ViacomCBS and Discovery posted their biggest declines ever Friday, after the selling and analyst downgrades. The liquidation had triggered price swings for every stock involved in the high-volume transactions, rattling traders.
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Hwang was an institutional stock salesman at Hyundai Securities Co. Updates with reasons behind selling in second paragraph For more articles like this, please visit us at bloomberg. The direction of the June U. Dollar Index futures contract on Monday will be determined by trader reaction to Should you purchase a car with bitcoin and then need a refund, the manufacturer has some special terms and conditions.
When Grindr Inc's Chinese owner sold the popular dating app to an investor consortium last year to comply with a U. Fei, a former private equity executive, was acting as an adviser to Beijing Kunlun Tech Co Ltd, Grindr's owner at the time, on the deal, the documents show. Bloomberg -- A global semiconductor shortage has upended the supply of everyday devices from smartphones to gaming consoles to tech-dependent cars. With companies warning the issue may last into the second half, the fallout threatens to weigh on share prices for months to come. Since news broke in November that Apple Inc.
Truckmaker Volvo Group and electric-vehicle company Nio Inc. The lack of chips has been caused by booming demand for tech gear, in large part because of the pandemic, and winter weather in Texas and a fire in Japan have added to the problem. It triggered a 6. In Japan, shares of Toyota Motor Corp.
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Daiwa Securities cited the chip shortage in downgrading the stock and cutting estimates for this year and next. China is dealing with unrelated chip-supply issues of its own. Smartphone maker Xiaomi Corp.
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One positive aspect of the chip shortage: With demand for consumer electronics as strong as it is, it gives companies the power to raise prices and pass on higher costs, said Neil Campling, an analyst at Mirabaud Securities. Lenovo Group Ltd. Sony Corp. While Samsung Electronics Co. Samsung this month warned of problems, including the possible cancellation of the launch of its new Galaxy Note, one of its best-selling smartphone models.
Makers of networking equipment also have been feeling the pinch. Analysts at Oddo BHF flagged a DigiTimes report that the lead times for deliveries of networking chips are extending to as long as 50 weeks, suggesting that the chip shortage has also reached the networking segment and will likely last into early next year. ChipmakersWhile automakers have struggled, the flip side of the semiconductor shortage is that the companies supplying those chips could see a boost to their business. Most semiconductor companies should report strong results for the first quarter and give good guidance for the second, said Janardan Menon, an analyst at Liberum Capital Ltd.
In the U. There are also broader winners from the shortages in the semiconductor industry, with chip foundries such as leader Taiwan Semiconductor Manufacturing Co. Semiconductor-Equipment ManufacturersThe makers of equipment used to produce semiconductors are benefiting from the supply crunch as chipmakers rush to add capacity to their factories and governments concerned about national security risks are looking at measures to encourage local production. The combination has created a spending environment that some analysts say will benefit the industry for years.
For more articles like this, please visit us at bloomberg. Teng Yue Partners founder Tao Li also said in a brief note over the weekend that he has ample liquidity and sees a lot of buying opportunities, according to a fund investor. Now you can play online gambling sites located outside the country. Go, absolutely love epic Egyptian themed slots, so it makes sense to make a brand new one for Real is all british casino legit dealers run the games filmed at actual baccarat tables using real playing cards.
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