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☆ Why Hong Kong can’t cut loose from the US dollar just yet
▼ + stars: | 2023-06-13 | by ( Laura He | ) edition.cnn.com time to read: +11 min

Hong Kong CNN —Hong Kong’s currency is facing its biggest test since the global financial crisis of 2008. The steep fall is a sign that investors are ditching the Hong Kong dollar. The Hong Kong Monetary Authority (HKMA) is committed to keeping the Hong Kong dollar between 7.75 and 7.85 per greenback. People walk past the Hong Kong Monetary Authority (HKMA) on May 4, 2023, in Hong Kong, China. “Pegging the Hong Kong dollar to the US dollar encourages such transactions to be carried out in Hong Kong and under Hong Kong law, even if neither party is based in Hong Kong.”This helps to create jobs and prosperity in Hong Kong, while also benefiting mainland China.

Persons: Hong, hasn’t, Andy Xie, ” Logan Wright, Bill Ackman’s, Ackman, Wright, Peter Parks, Kong, Deng Xiaoping, Margaret Thatcher, outflows, Chi Lo, Chen Yongnuo, Hong Kong’s, ”, Richard Cookson ,, Boaz Weinstein, Daniel Fung, Rhodium’s Wright, Xie, Eddie Yue, Banks, John Greenwood, “, Greenwood, ” Greenwood Organizations: Hong Kong CNN, British, Hong, Traders, Hong Kong, Bill Ackman’s Pershing, Capital Management, Getty, Lehman Brothers, Hong Kong Monetary Authority, US Federal Reserve, Asia Pacific, BNP, Asset Management, Fed, China News Service, Rubicon Fund Management, Bloomberg, Saba Capital Management, National Security Law, CNN Locations: Hong Kong, United States, China, Hong, Beijing, AFP, Britain, “, ”, Riding

☆ Illumina CEO deSouza resigns after proxy battle with Icahn
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

The Grail deal "has kept a lot of investors out of the stock" TD Cowen analyst Dan Brennan said. The company's shares have lost about 60% of their value since completing the Grail deal in 2021. Illumina shares closed at $200.53 on the Nasdaq on Friday. Icahn has said he wants former Illumina CEO Jay Flatley to return. He had secured more than twice the number of shareholder votes than his challenger received in the proxy vote, which could have given him enough legitimacy to hang on.

Persons: Francis deSouza, Carl Icahn, Icahn, Illumina, Charles Dadswell, DeSouza, deSouza's, Cowen, Dan Brennan, Francis, John Thompson, Andrew Teno, Jay Flatley, Vicki Hollub, Alan Jope, Management's Nelson Peltz, Lavanya, Caroline Humer, Michael Erman, Anirban Sen, Mark Porter, Marguerita Choy, Edwina Gibbs Organizations: Nasdaq, LinkedIn, Unilever Plc, U.S . Federal Trade Commission, Thomson Locations: Illumina, Occidental, Bengaluru, New York, New Jersey

☆ Meet Alex Soros, the 37-year-old son of legendary investor George Soros: Once known for a highflying social life, he is now taking over a $25 billion empire.
▼ + stars: | 2023-06-12 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Alex Soros, the 37-year-old son of George Soros, has taken over the reins of his father's empire. He has turned his image around and is now at the helm of Soros' Open Society Foundations. Alexander Soros, the 37-year-old son of legendary investor George Soros, has taken over the reins of his father's empire in what is seen as a 180-degree departure from his previous playboy image. Alex — the elder son of George Soros and his second wife, historian Susan Weber — wasn't always in the pole position to take over the empire. An Open Society Foundations spokesperson confirmed to Insider that Alex has been named chair of the Open Society Foundations.

Persons: Alex Soros, George Soros, Alex, Alexander Soros, Alexander —, Alex —, George Soros's, Susan Weber — wasn't, Jonathan Soros, Soros, Joe Biden, Justin Trudeau, Dionysus, Heine, Nietzsche, Marx Organizations: Soros, Society, Soros Fund Management, Wall Street Journal, OSF, Wall Street, Open Society, Canadian, New York Times, New York, NBA, University of California, Biden White Locations: Southampton, —, Berkeley, Budapest

☆ George Soros Gives Control of His $25 Billion Foundation to His Son
▼ + stars: | 2023-06-12 | by ( Michael J. De La Merced | ) www.nytimes.com time to read: +1 min

After decades running one of the most prominent and politically active financial empires, George Soros is handing the reins of his $25 billion Open Society Foundations to his son Alex, the grant-making network confirmed on Monday. Alex Soros, the second-youngest of George’s five children, was elected the foundation’s chairman in December. He also serves as president of the Soros super PAC and is the only family member on the investment committee for Soros Fund Management, a private investment management firm. That will put him in charge of a philanthropic empire, funded from the billions that George Soros made from finance. Over five decades, George Soros cemented his reputation as one of the most successful investors in modern history, particularly when he made more than $1 billion by betting against the British pound in 1992.

Persons: George Soros, Alex, Wall, Soros, Alex Soros Organizations: Soros, Soros Fund Management

☆ George Soros hands control of his $25 billion empire to his son Alex
▼ + stars: | 2023-06-12 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

George Soros, billionaire and founder of Soros Fund Management LLC, speaks during an event on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, May 24, 2022. Philanthropist billionaire George Soros confirmed that he is handing control of his $25 billion empire to his son Alex. Soros, 92, has a net worth of $6.7 billion, according to Forbes, and is the one of the top 400 richest people in the world. The Open Society Foundations did not immediately respond to a CNBC request for comment but a spokesperson did confirm the details of the interview with the Reuters news agency. Billionaire Elon Musk recently took to Twitter to attack Soros after his Soros Fund Management cut its stake in Tesla.

Persons: George Soros, Alex . Soros, Forbes, Alex, Donald Trump, Soros, Elon Musk Organizations: Soros Fund Management, Economic, Open, Wall Street, Soros, Society, CNBC, Reuters, U.S . Democratic, Bank of England, London School of Economics, Twitter, Fund Management Locations: Davos, Switzerland, U.S, Hungary

☆ Illumina CEO deSouza resigns after battle with Icahn
▼ + stars: | 2023-06-11 | by ( ) www.reuters.com time to read: +3 min

Analysts said they expect the company's shares to trade up on Monday morning after deSouza's resignation. The Grail deal "has kept a lot of investors out of the stock" TD Cowen analyst Dan Brennan said. The company's shares have lost about 60% of their value since completing the Grail deal in 2021. Illumina shares closed at $200.53 on the Nasdaq on Friday. Icahn has said he wants former Illumina CEO Jay Flatley to return.

Persons: Francis deSouza, Carl Icahn, Illumina, Charles Dadswell, DeSouza, Icahn, deSouza's, Cowen, Dan Brennan, Francis, John Thompson, Andrew Teno, Jay Flatley, Vicki Hollub, Alan Jope, Management's Nelson Peltz, Lavanya, Caroline Humer, Michael Erman, Anirban Sen, Jason Neely, Jan Harvey, Mark Porter, Marguerita Choy Organizations: Nasdaq, LinkedIn, Unilever Plc, U.S . Federal Trade Commission, Thomson Locations: Occidental, Bengaluru, New York, New Jersey

☆ Illumina CEO Francis DeSouza resigns after battle with Icahn
▼ + stars: | 2023-06-11 | by ( ) www.reuters.com time to read: +2 min

June 11 (Reuters) - Illumina (ILMN.O) Chief Executive Officer Francis DeSouza stepped down on Sunday, the gene-sequencing machine maker said in a statement, ending a battle with activist investor Carl Icahn in which the company's chairman left the company earlier this year. Illumina said it named Senior Vice President and General Counsel Charles Dadswell as interim CEO. Icahn in a tweet said he is happy with the recent changes at Illumina and considers them a "very positive occurrence." Icahn has said he wants former Illumina CEO Jay Flatley to return. Vicki Hollub, for instance, remains Occidental Petroleum's (OXY.N) CEO after the company cut a deal with Icahn over board seats in 2020 and after Icahn cashed out two years later.

Persons: Francis DeSouza, Carl Icahn, Illumina, Charles Dadswell, DeSouza, Icahn, John Thompson, Andrew Teno, Jay Flatley, Vicki Hollub, Alan Jope, Management's Nelson Peltz, Lavanya, Caroline Humer, Anirban Sen, Jason Neely, Jan Harvey, Mark Porter Organizations: LinkedIn, Unilever, U.S . Federal Trade Commission, Thomson Locations: Occidental, Bengaluru, New York

☆ George Soros hands over his $25 billion empire to one of his sons — and yes, it's a bit like 'Succession'
▼ + stars: | 2023-06-11 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

George Soros has handed control of his foundation and investment fund to his 37-year-old son Alex. George Soros, 92, has handed the reins of his $25 billion empire to his 37-year-old son in a decision that has surprised some. There are some parallels between the Soros succession and the Roy siblings' battle for control of Waystar Royco in HBO's "Succession." "He's earned it," George Soros told the newspaper. Representatives for George Soros didn't immediately respond to a request for comment from Insider, made outside normal working hours.

Persons: George Soros, Alex, Alex Soros, HBO's, Roy, George Soros's, Soros, Jonathan Soros, Kendall Roy, Jonathan, He's, Roman Roy, Roman, Kendall, George Soros didn't Organizations: Wall Street, Morning, Soros's, Foundations, Soros Fund Management, New York, NBA, Biden White, . Locations: HBO's, White

Star fund manager Zhang Kun, who manages nearly 90 billion yuan for Guangzhou-based E Fund Management, has seen his flagship 56 billion yuan Blue Chip Selected Mixed Fund lose 8% so far this year. The fund soared 95% in 2020 which attracted significant subscriptions and helped Zhang become China's first so-called "100 billion fund manager". Another high profile fund manager, Ge Lan at Lombarda China Fund Management, saw her flagship 28 billion yuan healthcare fund retreat 7% in 2021 and 23% in 2022, after a nearly 100% gain in 2020. "Not just mutual funds, the overall fund issuance is difficult, as this is closely connected with the economic situation," Steve Chen, partner of Shanghai-based hedge fund manager MX Capital. To boost market sentiment, some mutual funds announced fee cuts or started to purchase their own fund shares recently.

Persons: Thomas Peter HONG, Jiao Jinyuan, Zhang Kun, Zhang, Ge Lan, Emily Gao, Steve Chen, Debbie Dai, Dai, China Asset’s Jiao, Summer Zhen, Sumeet Chatterjee, Kim Coghill Organizations: REUTERS, Z, Ben Advisors, CSI, China Asset Management, Star, E Fund Management, China Fund Management, MX Capital, Thomson Locations: Beijing, China, Thomas Peter HONG KONG, Guangzhou, Shanghai

☆ BlackRock's China head Tang leaving the company
▼ + stars: | 2023-06-06 | by ( Selena Li | ) www.reuters.com time to read: +1 min

HONG KONG, June 6 (Reuters) - BlackRock Inc's (BLK.N) head of China business, Tony Tang, is leaving the asset manager, the company said on Tuesday, after having played a key role in expanding operations in the world's second-largest economy. Susan Chan, BlackRock's deputy head of Asia Pacific and head of Greater China, is now directly overseeing its China onshore business, the company said. "China represents a significant opportunity for BlackRock to contribute to the financial futures of a new generation of investors," the company said. Tang, a former Chinese securities regulatory official, started as BlackRock's China business head in 2019, and has been one of the top aides to CEO Larry Fink. During Tang's tenure as China head, BlackRock established a wholly-owned China fund management unit and a joint venture with China Construction Bank and Temasek offering wealth management services to Chinese investors.

Persons: Tony Tang, Tang, Susan Chan, BlackRock's, Chan, Larry Fink, Selena Li, Kim Coghill, Edmund Klamann Organizations: BlackRock, Asia Pacific, China Construction Bank, Temasek, Thomson Locations: HONG KONG, China, Greater China, New York

Embattled Credit Suisse had been preparing for years to set up a wholly owned local bank in China. Credit Suisse and UBS declined to comment. The clock is ticking for UBS to close the deal with Credit Suisse. The China Securities Regulatory Commission did not immediately respond to a Reuters request for comment. UBS currently runs a 67%-owned securities joint venture with a Beijing state-owned company.

Persons: Sergio Ermotti, Summer Zhen, Selena Li, Engen Tham, Sumeet Chatterjee, Muralikumar Organizations: Credit Suisse, UBS, Swiss, Credit, National Financial Regulatory Administration, Suisse's, China Securities Regulatory Commission, Thomson Locations: HONG KONG, SHANGHAI, China, Swiss, Beijing, Hong Kong, Shanghai

☆ Asian stocks inch up on US debt ceiling hopes, Nikkei hits 33-year high
▼ + stars: | 2023-05-19 | by ( Ankur Banerjee | ) www.reuters.com time to read: +5 min

Australia's S&P/ASX 200 index (.AXJO) rose 0.66%, while Japan's Nikkei (.N225) continued its ascent, rising to its highest since August 1990, during the country's so-called bubble era. Futures indicated European stocks were set to open higher, with Eurostoxx 50 futures up 0.44%, German DAX futures up 0.41% and FTSE futures up 0.23%. China's blue-chip CSI300 Index (.CSI300) rose 0.20%, while the Shanghai Composite Index (.SSEC) was up 0.13%, having reversed from earlier losses. Hawkish rhetoric from Fed speakers continued with Dallas Fed President Lorie Logan and St. Louis Fed President James Bullard saying inflation was not cooling fast enough to allow the Fed to pause its interest-rate hike campaign. Against a basket of currencies, the dollar rose 0.029% and was wedged near a two-month high.

☆ Vice Media's bankruptcy has 'killed the ad pipeline' for the company, sources say, as questions about its future roil staffers
▼ + stars: | 2023-05-18 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +5 min

Vice Media filed for Chapter 11 bankruptcy on May 15, leaving current and laid-off staffers anxious over what's next. One advertising source told Insider, "The bankruptcy has killed the ad pipeline." Employees who were laid off in recent weeks are demanding answers about how the company's bankruptcy will affect the terms of their departure. One of the former execs told Insider they were just keeping their fingers crossed that payments come through. A person close to the company said Vice Media intends to pay severance and COBRA, subject to court approval.

☆ Nelson Peltz adds to Disney stake following share sale - Bloomberg News
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 15 (Reuters) - Nelson Peltz, the activist investor who launched and then gave up a proxy fight earlier this year at Walt Disney Co (DIS.N), has recently added to his stake in the company, Bloomberg News reported on Monday. Peltz-owned Trian Fund Management has purchased roughly 500,000 more shares since the end of March, giving it a total of 6.4 million, the report said, citing a person familiar with the matter. The fund started the year with 9.4 million Disney shares, before cutting its stake by 34% by March-end, the report said. "On Feb. 8, 2023, Disney committed to strategic and operating improvements that generally aligned with the initiatives we had previously discussed with the company." Walt Disney did not immediately respond to Reuters' requests for comment.

☆ Nelson Peltz adds to Disney stake following share sale in Q1 - Bloomberg News
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 15 (Reuters) - Trian Fund Management's Nelson Peltz, the activist investor who launched and then abandoned a proxy fight earlier this year at Walt Disney Co (DIS.N), has recently added to his stake in the company, Bloomberg News reported on Monday. Trian has purchased roughly 500,000 more shares since the end of March, giving it a total of 6.4 million, the report said, citing a person familiar with Peltz's holdings. The fund started the year with 9.4 million Disney shares, before cutting its stake by 34% by the end of March, according to the report. Walt Disney and Trian Fund Management did not immediately respond to Reuters' requests for comment. Reporting by Urvi Dugar in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ How Wall Street pros traded 7 of our Club stocks, including Salesforce, in the first quarter
▼ + stars: | 2023-05-16 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +9 min

Lots of Club holdings, including Nvidia (NVDA) and Alphabet (GOOGL), were among the stocks traded by some of Wall Street's biggest investors and money managers in the first quarter. That firm, Jeffrey Ubben's Inclusive Capital, had owned 1.63 million Salesforce shares at the end of December, worth nearly $217 million at the time. Jeff Smith's Starboard Value also sold some Salesforce shares in Q1, leaving the firm with 2.5 million shares at the end of March. Mason Morfit's ValueAct Capital amplified its Salesforce stake in the first quarter, ending with 3.5 million shares, up from just 560,221 shares at the end of 2022. Loeb's Third Point amassed 4.75 million shares of Alphabet, worth $492.7 million at the end of the first quarter.

☆ Elon Musk said George Soros reminds him of 'X-Men' mutant Magneto in a bizarre tweet about the oft-maligned billionaire
▼ + stars: | 2023-05-16 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +3 min

Elon Musk tweeted that George Soros reminds him of the "X-Men" mutant Magneto. Musk also claimed without substantiation that Soros "hates humanity." His tweet on Monday, which offered no context for his comparison, simply stated: "Soros reminds me of Magneto." Soros hates humanity." Representatives of Musk and Soros did not immediately respond to Insider's requests for comment sent outside regular business hours.

[1/2] Co-Founders of VICE Shane Smith (L) and Suroosh Alvi (R) pose as they arrive for the 20th Annual Webby Awards in Manhattan, New York, U.S., May 16, 2016. REUTERS/Mike SegarMay 15 (Reuters) - Vice Media Group, popular for websites such as Vice and Motherboard, filed for bankruptcy protection on Monday to engineer its sale to a group of lenders, capping years of financial difficulties and top-executive departures. Vice listed both assets and liabilities in the range of $500 million to $1 billion. Vice was among a group of fast-rising digital media ventures that once had rich valuations as they courted millennial audiences. It rose to prominence alongside its co-founder Shane Smith, who built his media empire from a single Canadian magazine.

☆ Vice Media to Sell Itself as It Files for Bankruptcy
▼ + stars: | 2023-05-15 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

Vice said its media brands will continue to produce content. Photo: Mario Tama/Getty ImagesVice Media, the once-hot digital news startup that was valued at $5.7 billion at its peak, said it has received a rescue offer and filed for bankruptcy protection. The company, whose assets include Vice News, Vice TV, Refinery29 and Motherboard, on Monday said a group of its creditors, including Soros Fund Management, Fortress Investment Group and Monroe Capital , has agreed to buy Vice for about $225 million and take on “significant liabilities.” The agreement is subject to higher bids from other parties, it said.

☆ Vice, Decayed Digital Colossus, Files for Bankruptcy
▼ + stars: | 2023-05-15 | by ( Lauren Hirsch | Benjamin Mullin | ) www.nytimes.com time to read: +1 min

Vice Media filed for bankruptcy on Monday, punctuating a yearslong descent from a new-media darling to a cautionary tale of the problems facing the digital publishing industry. A group of Vice’s lenders, including Fortress Investment Group and Soros Fund Management, is in the leading position to acquire the company out of bankruptcy. The group has submitted a bid of $225 million, which would be covered by its existing loans to the company. It would also take over “significant liabilities” from Vice after any deal closes. The lenders have secured a $20 million loan to continue operating Vice and then, if a better bid does not emerge, the group that includes Fortress and Soros will acquire Vice.

☆ Vice Media files for Chapter 11 bankruptcy protection
▼ + stars: | 2023-05-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —Vice Media filed for Chapter 11 bankruptcy protection Monday to facilitate a sale of the company, according to court documents and a statement from the struggling media group. The company, which publishes websites such as Vice, Motherboard, made the filing in the Southern District of New York. The sale process would allow other parties to submit “higher or better bids” for the company, it added. “This accelerated court-supervised sale process will strengthen the company and position Vice for long-term growth,” said co-chief executive officers Bruce Dixon and Hozefa Lokhandwala. News of the proposed sale comes weeks after the company announced a major restructuring, canceling its popular program “Vice News Tonight” and cutting dozens of jobs.

☆ Vice Media files for Chapter 11 bankruptcy to facilitate sale
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

May 15 (Reuters) - Vice Media Group, popular for websites such as Vice and Motherboard, filed for bankruptcy protection on Monday to engineer its sale to a group of lenders, capping years of financial difficulties and top-executive departures. The company listed both assets and liabilities in the range of $500 million to $1 billion, according to a court filing. Vice was among a group of fast-rising digital media ventures that once commanded rich valuations as they courted millennial audiences. It rose to prominence alongside its co-founder, Shane Smith, who built his media empire from a single Canadian magazine. In April, the company said it would cancel popular TV program "Vice News Tonight" as part of a broader restructuring that would result in job cuts across the digital media firm's global news business.

☆ Vice Media files for bankruptcy to enable sale to lenders including Soros and Fortress
▼ + stars: | 2023-05-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Once a digital media darling, Vice Media Group on Monday filed for bankruptcy protection after years of financial troubles. Vice is one of several digital media and technology firms forced to restructure this year amid a sluggish economy and weak advertising market. To facilitate its sale, Vice filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. The consortium's bid includes a commitment of $20 million in cash to enable Vice's operations to continue throughout the sale process. Vice Co-CEOs Bruce Dixon and Hozefa Lokhandwala said in a statement that the sale process will "strengthen the Company and position VICE for long-term growth."

☆ Vice staffers fear salary and severance payments could be impacted as the company moves closer to bankruptcy
▼ + stars: | 2023-05-09 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +4 min

Vice is expected to file for bankruptcy, and some staffers fear salary or severance payments could be affected. The WGA East represents the Vice Union and said it will work to ensure members receive "everything owed." Vice has cut dozens of staff along with canceling its cable show "Vice News Tonight." Last month Vice said it was axing "Vice News Tonight," which once aired on HBO but shifted in 2019 to Vice's own cable channel, Vice TV. A second Vice insider said: "Hundreds of people lose their jobs and Shane gets his back?

☆ HSBC reaches deal to buy out China fund partner, Reuters reports
▼ + stars: | 2023-05-09 | by ( ) www.cnbc.com time to read: +1 min

HSBC has agreed to buy out its China fund management joint venture partner, two people familiar with the matter said, as the Asia-focused bank pushes ahead with expansion in the world's second-largest economy. HSBC, which currently owns a 49% stake in HSBC Jintrust Fund Management, has signed an agreement with Shanxi Trust under which the Chinese state-owned company will sell its 51% holding in the joint venture to the bank, said the sources. If approved, Europe's biggest bank by assets, which makes the bulk of its revenue and profit in Asia, will expand its presence in the $3.8 trillion fund management market in China. Representatives for Shanghai-headquartered HSBC Jintrust and Shanxi Trust did not immediately respond to a request for comment. HSBC's move to boost its stake in the fund venture is the lender's latest to expand its presence in China.

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