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One hedge fund manager described trades in the financial sector as being "all over the map", with nobody agreeing on anything. Some breathed a sigh of relief that a competitor stepped in with a rescue offer for Credit Suisse. Others worried that the $3.2 billion UBS will pay is far less than the $9.5 billion Credit Suisse was valued at on Friday, and one investor said the market may not consider this to be a positive. loadingLater, short seller Jim Chanos tweeted his shock that $17 billion of Credit Suisse bonds would be wiped out, asking "What are the Swiss doing here…?!" There was also little agreement on how investors would be positioning themselves in smaller U.S. banks, including First Republic.

☆ Shareholders of Canada's Ritchie Bros support deal with IAA
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Canada's Ritchie Bros Auctioneers (RBA.TO) said on Tuesday its shareholders voted in favor of its $7 billion acquisition of U.S. auto retailer IAA Inc (IAA.N), according to a preliminary tally. IAA stockholders will receive $12.80 per share in cash and 0.5252 common shares of Ritchie Bros for each share of IAA common stock they own. Upon completion of the deal, IAA stockholders will own 37.2% of the combined company and Ritchie Bros shareholders the remaining 62.8%. For Ritchie Bros, which auctions and sells used heavy industrial equipment, the acquisition is intended to diversify its customer base, giving it a bigger footprint in vehicle re-marketing, and help cut costs. On Tuesday, shares of IAA were up 1.8% at $40.9, while U.S.-listed stock of Ritchie Bros was up 0.7% at $54.8.

India's oil trade, in response to the turmoil of sanctions and the Ukraine war, provides the strongest evidence so far of a shift into other currencies that could prove lasting. MTS had facilitated some Indian oil non-dollar payments, the trade sources said. An Indian refining source said most Russian banks have faced sanctions since the war but Indian customers and Russian suppliers are determined to keep trading Russian oil. "As it is, the government is not asking us to stop buying Russian oil, so we are hopeful that an alternative payment mechanism will be found in case the current system is blocked." Similarly, many banks from Russia have opened accounts with Indian banks to facilitate trade.

☆ Canada's Ritchie to pay special dividend to investors who back $7-bln IAA deal
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

March 7 (Reuters) - Canada's Ritchie Bros Auctioneers (RBA.TO) said on Tuesday it would pay a special dividend of $1.08 per share to its investors if they back its $7-billion deal for U.S. auto retailer IAA Inc (IAA.N). However, Ritchie's shareholders including Luxor Capital Group, Eminence Capital, Deep Field Asset Management and Janus Henderson Investors have opposed the deal. The latest move by Ritchie comes after proxy advisory firms Institutional Shareholder Services and Glass Lewis recommended that shareholders reject the deal, citing potential risks. read moreThe dividend will be paid subject to receipt of required shareholder approvals of the merger, Ritchie said adding that IAA shareholders will not be entitled to receive it. Reporting by Aishwarya Nair in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Scrap-car deal battle is a heaping mess
▼ + stars: | 2023-02-23 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

Investors owning 10% of Ritchie’s shares, as well as IAA shareholder Discerene, want it nixed. They are about where they were before the deal was announced, but only after crashing 20% upon its unveiling. Worse, because Ritchie shareholders will only own part of the combined company, they don’t get the benefit of all of those savings, unlike in an all-cash deal. IAA shareholder Discerene and Ritchie Bros investors Luxor Capital, Janus Henderson, Vontobel, Deep Field Asset Management and Eminence Capital have publicly announced their opposition to the deal. Starboard Value has agreed to invest $500 million in Ritchie Bros in support of the deal, while IAA shareholder Ancora is also in favor.

☆ U.S. manufacturers see big boost from government subsidies and tax breaks
▼ + stars: | 2023-02-23 | by ( Timothy Aeppel | ) www.reuters.com time to read: +9 min

While the Biden administration push, described by economists as an industrial policy, has opened opportunities for some companies, significant hurdles remain. Eight out of 12 Republican representatives in Ohio’s congressional delegation voted in favor of federal subsidies for semiconductor production, including the funds that will go to Intel. The 2022 CHIPS and Science Act provides $52.7 billion in federal subsidies for semiconductor production and research. Scott Lincicome, director of general economics at the libertarian Cato Institute, said industrial policy tends to crumble into failed projects and cost overruns. "There's all sorts of more market-oriented reforms that could achieve the type of objectives our political class wants, without the unintended consequences of industrial policy," he said.

While the Biden administration push, described by economists as an industrial policy, has opened opportunities for some companies, significant hurdles remain. The 2022 CHIPS and Science Act provides $52.7 billion in federal subsidies for semiconductor production and research. Industrial policy still has critics. Scott Lincicome, director of general economics at the libertarian Cato Institute, said industrial policy tends to crumble into failed projects and cost overruns. "There's all sorts of more market-oriented reforms that could achieve the type of objectives our political class wants, without the unintended consequences of industrial policy," he said.

☆ George Pell, Powerful Australian Cardinal Who Was Charged, Acquitted of Child Sex Abuse, Dies at 81
▼ + stars: | 2023-01-11 | by ( Robb M. Stewart | Stuart Condie | ) www.wsj.com time to read: 1 min

Cardinal George Pell , who cast an imposing shadow over the Roman Catholic Church from the gold-mining town he grew up in, across Australia and to Rome before a fall from grace in his 70s, has died. “It is with deep sadness that I can confirm His Eminence, George Cardinal Pell, passed away in Rome in the early hours of this morning,” Anthony Fisher , archbishop of Sydney, wrote in a post on Facebook. “This news comes as a great shock to all of us.”

☆ George Pell, Powerful Australian Cardinal Who Fell From Grace, Dies at 81
▼ + stars: | 2023-01-11 | by ( Robb Stewart | Stuart Condie | ) www.wsj.com time to read: 1 min

☆ Macro hedge funds end 2022 on high, many others lose big, investors say
▼ + stars: | 2023-01-10 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Rokos Capital, run by Chris Rokos and one of a handful of so-called global macro firms, gained 51% last year. Many macro managers sidestepped tumbling equity markets rocked by fast-paced interest rate hikes and geopolitical turmoil including the war in Ukraine to rank among the hedge fund industry's best performers, data from Hedge Fund Research show. The firm's macro index gained 14.2% while the overall hedge fund index dropped 4.25%, its first loss since 2018. Equity hedge funds, where the bulk of the industry's roughly $3.7 trillion in assets are invested, however fared worse with a 10.4% loss, according to HFR data. Tiger Global Management lost 56% while Whale Rock Capital Management ended the year with a 43% loss and Maverick Capital lost 23%.

☆ Analysis: Iraq's mercurial Moqtada Sadr risks isolation with political retreat
▼ + stars: | 2022-12-29 | by ( Ahmed Rasheed | ) www.reuters.com time to read: +6 min

Pro-Sadr clerics, former legislators and analysts say Sadr has no clearly defined political role for the first time since 2005, leaving him at his weakest since entering Iraqi politics. Sadr officials, pro-Sadr Shi'ite clerics and religious sources in the sacred Iraqi city of Najaf told Reuters they believed Tehran was behind the pronouncement. Haeri told Sadr's followers to seek future guidance on religious matters from Ayatollah Ali Khamenei, a scholar who is Iran's Supreme Leader. Ghazi Faisal, chairman of the Iraqi Center for Strategic Studies think-tank, said Haeri gave "momentum to Iranian efforts to consolidate the powers of its allies in Iraqi politics." Human rights groups accused Sadr militiamen of kidnapping and killing Sunnis at the height of Iraq's civil war.

☆ NFL Week 9 Preview: How to watch and all you need to know
▼ + stars: | 2022-11-06 | by ( Hannah Brewitt | ) edition.cnn.com time to read: +23 min

Norm Hall/Getty Images Buffalo Bills quarterback Josh Allen hurdles Kansas City Chiefs safety Justin Reid as he scrambles for a first down. Marcio Jose Sanchez/AP Minnesota wide receiver Justin Jefferson dives for a two-point conversion during the Vikings' 29-22 victory over the Chicago Bears. Gerald Herbert/AP Indianapolis Colts wide receiver Michael Pittman Jr. is tripped up by Denver Broncos cornerback K'Waun Williams. David Richard/AP Tampa Bay Buccaneers wide receiver Breshad Perriman fumbles after catching a pass during the first half against the Green Bay Packers in Week 3. Gary A. Vasquez/USA Today Sports/Reuters New Orleans Saints wide receiver Michael Thomas makes a reception against Atlanta Falcons cornerback A.J.

☆ Kanye West's antisemitic rants are the tip of a much longer spear
▼ + stars: | 2022-10-25 | by ( Tal Lavin | ) www.businessinsider.com time to read: +9 min

Recent comments by Kanye West, now known as Ye, echo ancient antisemitic tropes, writes Tal Lavin. Over on Instagram, where I'd posted a picture of me cuddling a goat, someone commented: "Kanye West was right about you people." But these sentiments are just the tip of a much longer spear. Ye's comments in particular echo a very long history of antisemitic tropes — tropes that have left a trail of blood in their wake. On "Drink Champs" Ye spit into the mic about the evils of the "Jewish media."

☆ China’s Universities Rise in World Rankings as American Schools Continue to Falter
▼ + stars: | 2022-10-12 | by ( Douglas Belkin | Sha Hua | ) www.wsj.com time to read: 1 min

The U.S.’s pre-eminence among the world’s top research universities continues to diminish, according to a new global ranking, while Chinese universities are on the rise, producing a greater quantity and higher quality of research than ever before. This year’s World University Rankings, released Tuesday by Times Higher Education, a British publication that tracks education, also named University of Oxford in England the world’s leading research university for the seventh straight year.

☆ American Universities Continue to Falter in World Rankings as China Rises
▼ + stars: | 2022-10-12 | by ( Douglas Belkin | Sha Hua | ) www.wsj.com time to read: 1 min

This year’s World University Rankings named University of Oxford in England the world’s leading research university for the seventh straight year. The U.S.’s pre-eminence among the world’s top research universities continues to diminish, according to a new global ranking, while Chinese universities are on the rise, producing a greater quantity and higher quality of research than ever before. This year’s World University Rankings, released Tuesday by Times Higher Education, a British publication that tracks education, also named University of Oxford in England the world’s leading research university for the seventh straight year.

☆ American Universities Continue to Falter in World Rankings, China Rising
▼ + stars: | 2022-10-12 | by ( Douglas Belkin | Sha Hua | ) www.wsj.com time to read: 1 min

☆ Influential cleric Qaradawi, supporter of Arab Spring uprisings, dies
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Qatar's influential Egyptian-born cleric Sheikh Yussef Al-Qaradawi attends the opening session of a conference of Muslim scholars in support of Palestinian people in Doha May 10, 2006. REUTERS/Fadi Alassaad/File PhotoDUBAI, Sept 26 (Reuters) - Senior Muslim cleric Sheikh Youssef al-Qaradawi, a spiritual leader for the Muslim Brotherhood and defender of Arab Spring revolts, died on Monday at age 96, according to a post on his official Twitter account. He was highly critical of Egypt's President Abdel Fattah al-Sisi as well as the Saudi leadership, fuelling a rift with Doha. In a tribute, Tunisian Islamist leader Rached Ghannouchi described Qaradawi as "committed to the principle of moderation within this great religion." However, some social media users appearing to post from Egypt and Saudi Arabia among other countries celebrated his death and accused him of sowing discord between Arab nations.

☆ Long an Uneasy Prince, King Charles III Takes On a Role He Was Born To
▼ + stars: | 2022-09-08 | by ( Mark Landler | ) www.nytimes.com time to read: +1 min

LONDON — Never, perhaps, has an heir been more ready for the crown. Charles, the eldest son of Queen Elizabeth II and a man born to be king, acceded to the throne on Thursday after being the designated successor for longer than anyone in the history of the British monarchy. As King Charles III, he will become sovereign of the world’s most important constitutional monarchy, head of the most storied royal family, and a symbol of continuity in a storm-tossed country. Having aged from an awkward, self-doubting young man into an unhappy middle-aged husband, Charles has become, at 73, a self-assured, gray-haired eminence, steeped in causes like climate change and environmental protection, which were once quirky but now seem peculiarly in sync with the times. Whether Charles will ever enjoy the respect or affection showered on his mother is another question.

☆ 55 Of The Most Serious Tennis Players In Finance
▼ + stars: | 2014-08-31 | by ( Julia La Roche | ) www.businessinsider.com time to read: +1 min

Getty ImagesThe competitive nature of playing a sport has helped a lot of folks succeed on Wall Street. Wall Street is littered with top tennis players. That's because many of the tennis players on Wall Street know each other very well and feel comfortable doing business together. What's more, a bunch of the younger players met their employers on the court, and certain firms just love tennis players in general. In short, the tennis court is great place for networking in general.

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