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☆ Fearing Losses, Banks Are Quietly Dumping Real Estate Loans
▼ + stars: | 2024-06-24 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Some Wall Street banks, worried that landlords of vacant and struggling office buildings won’t be able to pay off their mortgages, have begun offloading their portfolios of commercial real estate loans hoping to cut their losses. It’s an early but telling sign of the broader distress brewing in the commercial real estate market, which is hurting from the twin punches of high interest rates, which make it harder to refinance loans, and low occupancy rates for office buildings — an outcome of the pandemic. Late last year, an affiliate of Deutsche Bank and another German lender sold the delinquent mortgage on the Argonaut, a 115-year-old office complex in midtown Manhattan, to the family office of the billionaire investor George Soros, according to court filings. Around the same time, Goldman Sachs sold loans it held on a portfolio of troubled office buildings in New York, San Francisco and Boston. And in May, the Canadian lender CIBC completed a sale of $300 million of mortgages on a collection of office buildings around the country.

Persons: It’s, George Soros, Goldman Sachs Organizations: Deutsche Bank, Argonaut, CIBC Locations: Manhattan, New York, San Francisco, Boston

☆ Uranium prices top $80 for the first time in 15 years as demand for nuclear power surges
▼ + stars: | 2023-11-21 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Prices topped $80 a pound as demand for nuclear power gains momentum. Uranium production has recently run into hurdles, but investor interest remains solid. AdvertisementA nuclear power renaissance is fueling investor interest in uranium, helping to drive the price of the key energy commodity to a 15-year high. Uranium futures tracking a form of uranium called "yellowcake" hit $80.25 a pound on Monday, Bloomberg reported. Prices have been on the rise this year after a decade of trading sideways, due to growing demand for nuclear power.

Persons: — Organizations: Bloomberg, Service, Crux, Terra Capital, Segra, Argonaut Capital Partners, Bloomberg Intelligence Locations: Kazakhstan, Canada, Australia, Canadian, Niger, Europe

☆ Bonds rally, stocks drift as China boost fades
▼ + stars: | 2023-08-29 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

The yen remained an outlier and within a whisker of Monday's 10-month low, which has traders on edge about the risk of intervention. Over the weekend, China announced a halving in stock-trading stamp duties and had on Friday approved some guidelines for affordable housing. Hong Kong's Hang Seng (.HSI) closed less than 1% higher on Monday and was 1% firmer in early trade on Tuesday. On Tuesday in New Zealand shares in Tourism Holdings (THL.NZ), the world's largest campervan rental company, surged 13% after the company reported a record underlying profit. On Tuesday, U.S. job openings figures are due, ahead of Friday's broader labour market data and the ISM manufacturing survey.

Persons: Damian Rooney, Kazuo Ueda, Goldman Sachs, Ryan Felsman, Jason Xue, Sam Holmes Organizations: Nikkei, Argonaut Securities, HK, Bank of Japan, Tourism Holdings, New, Commonwealth Bank of Australia, Thomson Locations: SINGAPORE, U.S, Asia, Pacific, Japan, Hong Kong, China, Perth, New Zealand, Sydney, Shanghai

☆ Analysis: Heroes or villains: Short sellers' role in the U.S. bank crisis
▼ + stars: | 2023-04-09 | by ( Lawrence Delevingne | ) www.reuters.com time to read: +7 min

How much short sellers contributed to the downward spiral reprises the debate about whether so-called shorts are market watchdogs or opportunistic investors who profit from others’ misery. In the case of the banking crisis, a review of data and interviews with short sellers and their critics show, the answer may be both. Some high profile short sellers were later celebrated as making prophetic calls about the U.S. housing market. Even so, interviews and public postings show at least some short sellers had placed bets against regional banks well before the crisis hit. SHORT POSITIONSSuch early short sellers, however, were in the small minority.

☆ SVB's collapse wasn't the result of lack of regulation, says of Argonaut Capital CEO
▼ + stars: | 2023-03-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSVB's collapse wasn't the result of lack of regulation, says of Argonaut Capital CEOBarry Norris, CEO of Argonaut Capital, says there's a "high degree of political opportunism [in] those allegations."

☆ This fund manager shorted Credit Suisse — and he's sticking with his bet
▼ + stars: | 2023-03-18 | by ( Ganesh Rao | ) www.cnbc.com time to read: +5 min

Barry Norris, fund manager at Argonaut Capital, said Saturday morning that he still expects Credit Suisse 's stock to become worthless. "If this happens we would expect [Credit Suisse] equity holders to get zero, deposit holders guaranteed and probably but not certain that bond holders will be made whole." Norris' Argonaut Absolute Return Fund fund delivered 11.3% in returns last year amid a year of losses for the broader stock market. Credit Suisse has had tumultuous few years, battling various scandals and controversies . Credit Suisse had invested heavily in Greensill and marketed its funds to clients, but the firm collapsed in 2021, leaving Credit Suisse and its customers with $1.7 billion in losses and reputational damage.

☆ Fail or sale? What could be next for stricken Credit Suisse
▼ + stars: | 2023-03-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

In this article CSG.N-CHSBNY Follow your favorite stocks CREATE FREE ACCOUNTPeople walk by the New York headquarters of Credit Suisse on March 15, 2023 in New York City. Barry Norris, CEO of Argonaut Capital, which has a short position in Credit Suisse, stressed the importance of a smooth outcome. watch nowEuropean banking shares have suffered steep declines throughout the latest Credit Suisse saga, highlighting market concerns about the contagion effect given the sheer scale of the 167-year-old institution. At the moment, the forecaster sees the problems at Credit Suisse and SVB as "a collection of different idiosyncratic issues." "We know that for most banks, including Credit Suisse, that exposure to higher yields has largely been hedged.

☆ Credit Suisse short seller expects its shares to continue to slide
▼ + stars: | 2023-03-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCredit Suisse short seller expects its shares to continue to slideCredit Suisse shares will continue to fall, according to Barry Norris, fund manager and short seller at Argonaut Capital.

☆ Candice Beaumont of $1.5 billion family office says 'worst is yet to come' for stocks, real-estate
▼ + stars: | 2023-03-16 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Stocks and real-estate face the end of a nearly 20-year bull run and many family investors are poorly prepared for the "tough times ahead," said Candice Beaumont, chairman of the Salsano Group family office. Beaumont, who oversees more than $1.5 billion in assets from Miami, said surging interest rates are setting the stage for a prolonged correction in stocks, office real-estate and sectors of private equity. Like many family offices, Beaumont said she is holding "significant" amounts of cash to prepare for possible distressed sales — especially in real-estate. Family offices, like many large investors, are struggling to navigate the new financial landscape of higher interest rates. That's the best example of why family offices need diversification."

☆ High school football incidents spark racism talks, programs
▼ + stars: | 2022-12-22 | by ( Associated Press | ) www.nbcnews.com time to read: +5 min

Moments before Amador was to play Rosemont — a predominantly Black and Latino school in nearby Sacramento — the game was called off. Amador has just four Black students out of about 750. The incident at Amador was one of several alarming examples of racism against Black people that occurred this fall in high school football around the nation. Amador High School in Sutter Creek, Calif. Google MapsAdministrators in some cases have used these incidents to start conversations about race that have been hard for them to bring up before and roll out programs they hope will have lasting impact. A TikTok video created by players at River Valley High School in Yuba City, California, featured a mock slave auction.

☆ Glittering gold gives markets some Christmas cheer
▼ + stars: | 2022-12-21 | by ( Tom Westbrook | ) www.reuters.com time to read: +2 min

Gold miners in Australia led a 1.3% jump for the S&P/ASX 200 (.AXJO). On Tuesday the Bank of Japan (BOJ) widened its trading band for 10-year government bond yields from 25 basis points (bps) either side of zero to 50 bps. The resultant drop for the U.S. dollar has spot gold prices testing six-month peaks and gold miners riding high. Benchmark 10-year Treasury yields rose four bps to a three-week high of 3.722%. Japanese 10-year yields rose 5.5 bps to 0.45%, close to the BOJ's 0.5% ceiling.

Police arrived at the rental house in Moscow, Idaho, where four University of Idaho students had been fatally stabbed hours prior in their bedrooms, to find friends and neighbors gathered outside. The neighborhood was “very, very somber.”The small police force scrambled for an “all hands on deck” response, which Lanier said included calling the Idaho State Police for help to process the scene. “We get tips every day that are viable.”While a lack of information about the killer has caused anxiety, public officials are asking for patience. Rep. Brandon Mitchell, a Republican who represents Moscow in the Idaho State Legislature, said he tells constituents to have faith in the police and avoid being speculative. City officials, including members of the Moscow City Council, praised Fry after his Nov. 16 news conference.

☆ European ministers to debate sharp increase in space funding
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +3 min

[1/2] Logos of ArianeGroup and the ESA (European Space Agency) are seen on a rocket model at the entrance of the International Astronautical Congress (IAC) space exploration conference in Paris, France, September 19, 2022. Other initiatives include extending Europe’s global navigation system into low Earth orbit and kickstarting a new satellite mission, Harmony, to expand climate research. Ministers will seek to close a narrow funding gap for Ariane 6 rockets and discuss the future of emerging micro-launchers. In a recent interview, ESA Director General Josef Aschbacher urged rapid global action to tackle congestion in low Earth orbit including a ban on ASAT or anti-satellite weapons tests. Even without such threats, the sheer number of satellites and fragments of debris in low Earth orbit raises concerns.

☆ Idaho college town scared — and frustrated — after four students found dead near campus
▼ + stars: | 2022-11-16 | by ( Tim Stelloh | Tim Stelloh Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +5 min

MOSCOW, Idaho — In this college town mourning four students killed in a quadruple homicide, the fear and frustration are hard to miss. University of Idaho students said Tuesday they were frightened because the culprit in the attack not far from campus had not yet been caught and frustrated at what they viewed as too little information about the killings from officials. Officers on Monday investigate the deaths of four University of Idaho students at an apartment complex south of campus. So many students left that school officials canceled a vigil planned for Wednesday, according to an email from the dean of students. Candles and flowers at a makeshift memorial honoring four slain University of Idaho students outside the Mad Greek restaurant in downtown Moscow, Idaho, on Tuesday.

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