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☆ Canada's First Nations are building the densest neighborhood in the country by reclaiming their ancestral land and defying NIMBYs
▼ + stars: | 2024-03-27 | by ( Eliza Relman | ) www.businessinsider.com time to read: +10 min

AdvertisementMindy Wight, CEO of the Squamish development group building Sen̓áḵw, called it "the creation of a modern Squamish village" in an interview with Business Insider. Canada's federal auditor general recently condemned a "distressing and persistent pattern of failure" by federal programs designed to support First Nations housing and infrastructure, among other services. The housing projects aren't the only major developments underway on indigenous land in Canada. There are no housing or infrastructure developments on US tribal land that match the scale of the First Nations projects in Canada. While some Native American tribes have spearheaded significant housing projects, most indigenous-owned land in the US isn't in the most valuable housing markets.

Persons: —, it's, Mindy Wight, Sen̓áḵw, Brennan Cook, Cook, Heather, reaps, Elisa Campbell, Jericho, Campbell, Heather Lands, Sen̓áḵw, Gordon Price, Price, Tyler Harper, aren't, Michelle Cyca, Alex Armlovich, Armlovich, Noah Smith Organizations: Service, Nations, First Nations, Business, Nation, MST, Corporation, MST Development Corporation, Vancouver City, Canada Lands Company, Energy, Technologies, British Columbia, CBC Vancouver, Bates, Niskanen Locations: Canada, Vancouver, Squamish, Squamish Nation, Wight, Jericho, British, American, MacLean's, Canadian

☆ Sara Zewde Sows, and Dia Beacon Reaps
▼ + stars: | 2024-03-05 | by ( Hilarie M. Sheets | ) www.nytimes.com time to read: +1 min

When it is introduced this year, the new and varied terrain of Dia Beacon, with its sculptural landforms, meadowlands and pathways, may surprise and delight. Sara Zewde, the landscape architect who received the high-profile commission in 2021 to reimagine the museum’s eight back acres, says the goal wasn’t just dressing up Dia’s buildings with attractive plants. She sees her profession as a field “that has the skill set to take ecology, to take culture, to take people and tap into something bigger.”Her conviction that shaping land can illuminate, rather than merely beautify, places and their stories lies at the heart of Studio Zewde, the landscape and urban design firm she founded in Harlem in 2018. Since then she has taught at Harvard University and is writing a book about her profession’s founding father, Frederick Law Olmsted, linking his vision of urban parks as critical to the future of democracy with his earlier travels through the antebellum South as a journalist and abolitionist.

Persons: Dia Beacon, Sara Zewde, Frederick Law Olmsted Organizations: Harvard University Locations: Dia, Harlem

☆ Switzerland, one of the world's richest countries, is trying to host the cheapest Winter Olympics ever
▼ + stars: | 2023-11-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Switzerland plans to bid for the 2030 or 2034 Winter Olympic Games. On Friday, the Swiss Olympic Association announced the country would be bidding for the 2030 or 2034 Winter Games. If Switzerland manages to stick to the budget, it will be the cheapest Winter Olympics ever — after adjusting for inflation, according to Bloomberg. AdvertisementIn fact, Swiss citizens have already rejected at least three previous bids for the Winter Olympics in recent years, per Bloomberg. The last edition of the Winter Olympics in Beijing had an official price tag of $3.9 billion — busting its initial $1.6 billion budget.

Persons: —, Urs Lehmann Organizations: Olympics, Service, Swiss Olympic Association, Bloomberg, Olympic, Games, Winter, Swiss Ski Association, Reuters Locations: Switzerland, Beijing, Pyeongchang, South Korea

A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsNov 14 (Reuters) - Bitcoin miners are making hay while the sun shines. "You're seeing a lot of urgency to plug rigs in ahead of the halving," said Gregory Lewis, analyst at brokerage BTIG that covers the 13 biggest U.S.-listed bitcoin miners. That means miners are having to use more and more power and speed to crack the complex maths puzzles that earn them a bitcoin. "It's too early to say if all bitcoin miners are out of the wood," said Ludovic Thomas, portfolio manager at Swiss-based Criptonite Asset Management that invests in digital assets.

Persons: Benoit Tessier, Gregory Lewis, Bitcoin's, Morgan, William Szamosszegi, Matteo Greco, It's, Ludovic Thomas, Medha Singh, Lisa Mattackal, Vidya Ranganathan Organizations: La Maison du, REUTERS, U.S, Fineqia, Central, Swiss, Management, Thomson, Reuters Locations: La, Paris, France, J.P, Bengaluru

☆ Ryanair’s soaring profit means regular payouts to shareholders for first time in 40 years
▼ + stars: | 2023-11-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

Ryanair has returned money to investors in the past, but never on a regular basis. Between 2008 and 2020, the group paid out €6.74 billion ($7.2 billion) to shareholders via buybacks and ad hoc dividend payments, according to a spokesperson. Less competition has allowed the airline to increase ticket prices, which soared 24% on average, offsetting significantly higher fuel costs. That would be up from its previous record of €1.45 billion ($1.6 billion) earned in 2018, before the Covid-19 pandemic. Ryanair agreed to buy up to 300 Boeing 737-10 planes earlier this year in a deal worth $40 billion.

Persons: ”, Adina Vălean, we’ve, Michael O’Leary, “ I’m Organizations: London CNN, Ryanair, Lauda, Interactive Investor, Financial Times, International Air Transport Association, Boeing Locations: Austrian, Dublin, Europe, Albania

☆ This toy stock could rise 25% as it reaps rewards from Barbie movie for years to come, Citi says
▼ + stars: | 2023-10-20 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Mattel has a bright future ahead as it rides the residuals of the Barbie movie's success, according to Citi. The stock climbed nearly 22% from the end of June into July, aided by hype around the Barbie movie released in July. MAT YTD mountain Mattel YTD chart Despite this rally, analyst James Hardiman thinks there are more gains ahead stemming from Mattel's balance sheet deleveraging. "The company's focus on increasing profitability has resulted in over $1.25B in cost savings since 2018 with an additional ~$50M expected in 2H23. Of course, this increasing profitability has directly resulted from Mattel's strong industry-leading position – and the unprecedented success of the Barbie movie.

Persons: Barbie, James Hardiman, –, Michael Bloom Organizations: Mattel, Citi, MAT Locations: 2H23

☆ Apollo’s divergent path outshines Blackstone
▼ + stars: | 2023-09-28 | by ( Jonathan Guilford | ) www.reuters.com time to read: +7 min

NEW YORK, Sept 28 (Reuters Breakingviews) - Apollo Global Management (APO.N) and Blackstone (BX.N) both emerged from private equity’s primordial swamp. That spread comprised nearly three-quarters of Apollo’s $3.1 billion in profit available to be doled out to shareholders in 2022. That turbo-charged the fees Blackstone reaps from managing funds, which contributed 59% of $6.6 billion in profit available to shareholders last year. Apollo’s earnings from its insurance business are awarded an even more meager 10 times. This doesn’t form the closed loop like that between Athene, Apollo and its various specialist lenders.

Persons: Marc Rowan, haven’t, dealmaking, Rowan, Blackstone, Steve Schwarzman, Athene, BREIT, Rich, reckons Bain, Schwarzman, Dealmaking, hasn’t, Lauren Silva Laughlin, Oliver Taslic Organizations: Reuters, Apollo Global Management, Blackstone, Apollo, Reuters Graphics Reuters, Barclays, Schwarzman, U.S . Federal, Industry, Life Insurance, Research Association, Thomson Locations: freefall, BREIT, Blackstone

☆ Nvidia shares up on hopes of strong results powering another AI rally
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

The logo of technology company Nvidia is seen at its headquarters in Santa Clara, California February 11, 2015. Shares of the most valuable chip company had briefly scaled a record high in the previous session, but ended 2.8% lower as overall markets slipped. Investors expect upbeat results from Nvidia, whose shares are the top performer on S&P 500 this year, to revive a stocks rally that has struggled in recent weeks. Investors will be looking at sales at Nvidia's data center unit, home to its prized H100 chip used in AI. "Anything less than absolutely fantastic could trigger a sharp downside correction in Nvidia's stock price," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

Persons: Robert Galbraith, AJ Bell, Russ Mould, Ipek Ozkardeskaya, Medha Singh, Arun Koyyur Organizations: Nvidia, REUTERS, Reuters, Apple, Swissquote Bank, Thomson Locations: Santa Clara , California, Bengaluru

☆ Here's the trade on Amazon heading into earnings, according to analysts
▼ + stars: | 2023-08-03 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Wall Street analysts are bullish on Amazon heading into earnings. Here's how several analysts are trading Amazon ahead of its latest earnings report. Bank of America is also bullish, maintaining its buy rating and $154 price target into earnings, which suggests roughly 20% upside. "We continue to see an attractive set-up on the stock based on our Triple Trough Thesis (trough multiple, trough margin, and trough revenue growth). On Monday, the firm reiterated its buy rating and $145 price target, which suggests 13% upside from Wednesday's close.

Persons: StreetAccount, Morgan Stanley, Brian Nowak, Nowak, Lloyd Walmsley, Walmsley, Justin Post, Amazon's, Mark Mahaney's, Mahaney, — CNBC's Michael Bloom Organizations: Amazon Web Services, UBS, Bank of America, AWS, Triple, Citi Locations: 1Q23

☆ Italy's Banco BPM lifts 2023 profit goal after solid quarter
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

A woman walks in front of the Banca Popolare di Milano (BPM) bank in downtown Milan, Italy, January 29, 2016. REUTERS/Alessandro Garofalo/File PhotoMILAN, Aug 2 (Reuters) - Italian bank Banco BPM (BAMI.MI) on Wednesday joined bigger peers in lifting its 2023 net profit goal - the third such upgrade in as many consecutive quarters - as the sector reaps the benefits of higher interest rates. Italy's third-largest bank said it now expects a full-year net profit of at least of 1.2 billion euros, or 80 euro cents per share up from a previous 75 euro cents per share. Banco BPM said net profit for April-June came in at 359 million euros, above a 335 million analyst consensus compiled by Reuters. The bank said it would update its shareholder reward targets when it presents a new business plan by the end of December.

Persons: Alessandro Garofalo, MILAN, Andrea Mandalà, Valentina Za Organizations: Banca Popolare, REUTERS, Banco, Wednesday, Reuters, Thomson Locations: Milan, Italy

Going "car-lite" and cutting nonessential car travel can be an affordable, impactful choice. That may sound expensive, but even a used car in the US now costs about $32,000. Even a brand-new, high-end bike costs about 90% less than the average used car. Public transit costs vary, but one household can save $10,000 a year by using public transportation instead of a car. Smart's research shows that families with a car experience an average income growth of 1% every two years.

Persons: Sonja Langford, Charlotte , North Carolina —, Langford, she's, Peter Krull, Krull, Michael Smart, Smart, Langford isn't Organizations: Service, University of North, Transportation, Earth Equity Advisors, Tesla, Rutgers University, Subaru, Charlotte, Bloomberg, Research Locations: Wall, Silicon, Charlotte , North Carolina, University of North Carolina, Asheville , North Carolina, Los Angeles

☆ New BT boss’s biggest test is investor relations
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 31 (Reuters Breakingviews) - BT’s (BT.L) board faced the challenge of hiring a new CEO willing to implement a turnaround strategy decided by their predecessor. It has solved that problem by appointing one of its own members, Allison Kirkby, to the post vacated by outgoing Philip Jansen. Shares in the Swedish telco sank 4% on news of her departure, suggesting Telia’s loss is a gain for BT. Kirkby won’t take over until January 2024 but, having sat on BT’s board for more than four years, she should be able to hit the road running. Keeping these two investors on her side will be the real test for Kirkby at BT.

Persons: Allison Kirkby, Philip Jansen ., Swedish telco, Kirkby won’t, Patrick Drahi’s, Jansen, Pierre Briançon, Liam Proud, Oliver Taslic Organizations: Reuters, Telia Company, BT, Kirkby, Deutsche Telekom, Twitter, Soaring, of Japan, Thomson Locations: Swedish, Kirkby

☆ Soaring StanChart still has lots of work to do
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, July 28 (Reuters Breakingviews) - Bill Winters’ bank is finally getting its act together – to an extent. London-listed Standard Chartered (STAN.L) on Friday reported its highest first-half revenue and earnings since Winters joined as CEO in 2015. The upgraded 12%-14% top-line growth for this year, from 10% previously, caught investors' eyes, as did a chunky $1 billion share buyback programme. Winters managed to get costs down to 61% of revenue in the first half, close to his 2024 target of around 60%. Even after Friday’s bump, StanChart trades at just two-thirds of 12-month forward tangible book value, using analyst estimates gathered by Refinitiv Datastream.

Persons: Bill Winters, Winters, It’s, Refinitiv Datastream, Liam Proud, Streisand Neto Organizations: Reuters, “, HSBC, DBS, Twitter, Bank of Japan, Thomson Locations: SINGAPORE, London

☆ Bank of Japan has its cake and eats it
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

Governor Kazuo Ueda on Friday shocked global markets by pledging more flexibility in the Bank of Japan’s (8301.T) yield curve control scheme, its mechanism for controlling long-term interest rates. The central bank said its previous rigid target of keeping yields on 10-year sovereign bonds in a range of 0.5% to minus 0.5% was now just a “reference”. And it promised to buy 10-year bonds at 1%, which Ueda defined as a “just-in-case” cap. Traders immediately breached the officially unchanged range; the yield on 10-year government bonds hit a 9-year high of 0.575%. Instead, the bank may have found a way to make it more sustainable.

Persons: Kazuo Ueda, Ueda, Francesco Guerrera, Oliver Taslic Organizations: Reuters, Bank of Japan’s, Traders, Global, Twitter, Consumers, Thomson Locations: MUMBAI, Japan, Una

☆ Consumers will win in cannabis-credit card clash
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

The $376 billion payments network wants its financial partners in transactions for cannabis to crack down on using its debit cards, Bloomberg reported on July 26. The budding industry is running out of convenient options for customers to pay for its products. By definition, payments networks such as Mastercard and Visa (V.N) are middlemen, facilitating the movement of money between parties. In the weed business, that means they take the money from the buyer’s bank account and ship it into the dispensary’s. In Washington, D.C., some cannabis shops peddle quasi-worthless knickknacks such as stickers to customers while “gifting” small amounts of pot.

Persons: workarounds, Mastercard’s, Anita Ramaswamy, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Mastercard, Bloomberg, Visa, D.C, Twitter, Thomson Locations: Washington

☆ Neste's output snafu dents net-zero aviation goals
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

Neste’s production woes are a big headache for Chief Executive Matti Lehmus but also for the aviation sector. That includes up to 1 million tons of sustainable aviation fuel (SAF), which is key to make planes greener as it cuts carbon emissions by up to 80%. Neste is now predicting that it will produce 230,000 tons less of renewable diesel and sustainable aviation fuel in the second half of 2023. Neste's production problems will further complicate the aviation race to net zero. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Matti Lehmus, Pamela Barbaglia, Lisa Jucca, Streisand Neto Organizations: Reuters, Twitter, Thales, Thomson Locations: Singapore, Neste

☆ Rolls-Royce boss reaps benefits of setting bar low
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 26 (Reuters Breakingviews) - Six months after calling Rolls-Royce (RR.L) a “burning platform”, Chief Executive Tufan Erginbilgic is giving Britain’s flagship engineering group a high five. Shares spiked 20% as investors celebrated the possibility of free cash flow hitting 1 billion pounds in 2023, 37% above consensus. The company had nearly 3.3 billion pounds of net debt last year, and Barclays analysts are pencilling in an increase this year. Erginbilgic can safely argue that Rolls-Royce is no longer a burning platform, but until he closes that gap he can expect heat from investors. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Tufan Erginbilgic, Erginbilgic, France’s Safran, Pamela Barbaglia, Aimee Donnellan, Oliver Taslic Organizations: Reuters, Royce, Barclays, Electric, Twitter, Thales, Thomson

☆ Here are Wednesday's biggest analyst calls: Microsoft, Amazon, Apple, Netflix, Spotify, Meta & more
▼ + stars: | 2023-07-26 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are the biggest calls on Wall Street on Wednesday: Morgan Stanley reiterates Amazon as overweight Morgan Stanley said it's bullish on the e-commerce giant's earnings next week. Morgan Stanley downgrades RTX to equal weight from overweight Morgan Stanley said in its downgrade of the stock that risk/reward seems "balanced" right now. Morgan Stanley upgrades WW International to overweight from equal weight Morgan Stanley said shares of the company formerly known as Weight Watchers are underappreciated. Citi reiterates Meta as a top pick Citi said Meta is a top pick heading into earnings on Wednesday afternoon. Morgan Stanley reiterates General Motors as overweight Morgan Stanley said the stock's weak reaction to Tuesday's GM earnings report is a "headscratcher."

Persons: Morgan Stanley, it's bullish, it's, Raymond James downgrades, Raymond James, Morgan Stanley downgrades RTX, Needham, NFLX, Citi, Eli Lilly, Elliot, Burger, Disney, TD Cowen, bitcoin, GOOGL Organizations: Deutsche Bank, Spotify, Deutsche, Barclays, Apple, Target, Bank of America, NXP Semiconductors, International, Netflix, Citi, Goodyear Tire Deutsche, Elliot Management, Goodyear, Elliott Management, Operational, Restaurant Brands Citi, Microsoft, Hollywood, Meta, JPMorgan, United Airline, AFL, DAL, Motors, UAW Locations: 1Q23

☆ Mediobanca teams up with UK's Founders Factory in fintech push
▼ + stars: | 2023-07-24 | by ( Elvira Pollina | ) www.reuters.com time to read: +2 min

MILAN, July 24 (Reuters) - Mediobanca (MDBI.MI) will partner with London-based Founders Factory, an early-stage investor in new businesses, to promote fintech start-ups, the two companies said, as the Italian bank works to grow its international and tech footprint. Mediobanca will invest 12 million euros ($13 million) in a joint venture with Founders Factory with a view to building up 35 fintech ventures over the next five years. Founders Factory has invested so far in more than 300 tech companies, including nearly 50 financial technology ventures. "The (Mediobanca-Founders Factory) venture studio will build, finance and launch new fintech ventures that utilise advanced technologies, such as blockchain and artificial intelligence, to innovate the financial services market", the companies said. ($1 = 0.9029 euros)Reporting by Elvira Pollina; editing by Valentina Za and Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Alberto Nagel, Mediobanca, Nagel, Elvira Pollina, Valentina Za, Gavin Jones Organizations: MILAN, Factory, fintech, Founders Factory, Arma Partners, Thomson Locations: London, Acre

☆ Factbox: Denied a NATO invitation, Ukraine still reaps rewards at summit
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +3 min

VILNIUS, July 12 (Reuters) - NATO leaders at this week's summit in Vilnius said Ukraine should be able to join the military alliance at some point in the future but dashed Kyiv's hopes for an immediate invitation. Below are some of the main commitments pledged to Ukraine in connection with the summit. In a declaration, NATO countries also pledged its support for Ukraine for "as long as it takes". Britain will also launch a project through NATO to establish a medical rehabilitation centre for Ukrainian soldiers. NORWEGIAN SUPPORTNorway will increase its military support to Ukraine by 2.5 billion crowns ($239 million) this year to 10 billion.

Persons: Volodymyr Zelenskiy, Niklas Pollard, John Irish, Sabine Siebold, Andrew Gray, Justyna, Alex Richardson Organizations: NATO, Ukraine Council, Ukraine, France, Challenger, GERMAN PATRIOTS German, Thomson Locations: VILNIUS, Vilnius, Ukraine, Russia, NATO, Kyiv, Moscow, Britain, Ukrainian, Denmark, Romania, Norway

☆ In European Tour, Zelensky Reaps Billions More in Promised Military Aid
▼ + stars: | 2023-05-15 | by ( Mark Landler | ) www.nytimes.com time to read: +1 min

President Volodymyr Zelensky of Ukraine has been promised billions of dollars in new military aid during a whirlwind tour of European allies that reflects a striking shift in the political landscape, as Europe takes a more central role in arming Ukraine for its anticipated counteroffensive to drive Russia from its territory. And it followed Germany’s pledge to give Ukraine a nearly $3 billion package of weapons, as well as less concrete promises of additional weapons from France and Italy. It also reflects a recognition that support for Ukraine in the United States, still by far the largest supplier of weapons, is likely to come under pressure. Mr. Zelensky is concerned that as the American presidential race heats up, President Biden will be less able to lead diplomatic efforts, German and Ukrainian officials said. Should a Republican win the White House, officials worry there will be a collapse in leadership among Western allies.

☆ Alphabet CEO Pichai reaps over $200 mln in 2022 amid cost-cutting
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Alphabet Inc (GOOGL.O) Chief Executive Sundar Pichai received total compensation of about $226 million in 2022, more than 800 times the median employee's pay, the company said in a securities filing on Friday. Pichai's compensation included stock awards of about $218 million, the filing showed. Early this month, hundreds of Google employees staged a walkout at the company's London offices following a dispute over layoffs. In March, Google employees staged a walkout at the company's Zurich offices after more than 200 workers were laid off. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Alphabet shares dip on report Samsung phones may switch to Microsoft Bing search
▼ + stars: | 2023-04-17 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Alphabet shares slumped more than 3.5% on Monday morning after The New York Times reported Samsung is considering ditching Google as the default search engine on its phones in favor of Microsoft 's Bing. Google pays billions of dollars every year to phone manufacturers, including a reported $20 billion annually to Apple, to serve as the default search engine. Samsung and Google's deal is up for renewal soon, the Times reported, and is worth an estimated $3 billion in revenue to Google. Samsung is a major Android manufacturer, and the news that Samsung would consider a switch reportedly surprised Google employees. Microsoft's Office apps are preloaded on Samsung phones, for example, and Samsung phones have built-in software that makes it easier to connect them to Windows computers.

☆ Mike Lindell says he had to borrow $10 million last year to keep MyPillow afloat — and that he's running out of cash, too
▼ + stars: | 2023-03-16 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +4 min

MyPillow CEO Mike Lindell told Insider he had to borrow $10 million in 2022 to keep MyPillow afloat. Lindell said that to stay liquid, he also sold a building for $2 million, and borrowed $2 million. Lindell says he's burning through $1 million dollars every month on causes related to voter fraud. "I sold a building I had in Savage, in Minnesota, in October," Lindell told Insider. Lindell told Insider some creature comforts — like his private jet, which had a door come off it in October — haven't been sold yet.

☆ Ackman's Pershing Square reaps $2.7 bln from rate trade but down 9% in 2022 -letter
▼ + stars: | 2023-02-10 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

U.S. stock indexes had a dismal 2022 with the S&P 500 slumping almost 20%, as the Federal Reserve battled soaring inflation with aggressive interest rate hikes that roiled markets. The assets minus the liabilities in Ackman's fund trade at a discount to its share price. "This possibility is also something that we do not feel is currently reflected in PSH's share price," it said. The interest rate hedges were initiated in late 2020 and early 2021. In 2022 the fund entered new positions in long-term interest rates, currencies and energy it said.

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