DIRS.INFO The most relevant business & tech news

☆ Fed officials seem like they have ‘no idea’ what is going on with U.S. inflation, strategist says
▼ + stars: | 2024-05-22 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

"I think the message that's coming through is that they have no idea what's going on," Howard said on CNBC's "Squawk Box Europe" on Wednesday. Fed Governor Christopher Waller on Tuesday said that he needed to see further data evidence that inflation was softening before supporting rate cuts. Waller's comments were echoed by other Fed officials on Tuesday, including Boston Fed President Susan Collins. 'A credibility problem'But Fed officials have not come out with a clear message about their expectations or to address why inflation remains elevated, GAM's Howard said. "And now [policymakers] think inflation is coming down but its not coming down fast enough," he said.

Persons: Valerie Plesch, Julian Howard, Howard, Christopher Waller, Waller's, Susan Collins, GAM's Howard, They've Organizations: Eccles Federal, Bloomberg, Getty, Federal, GAM, Fed, Peterson Institute for International Economics, Boston Fed, Atlanta Federal Reserve Locations: Washington , DC, U.S, Washington

☆ How 'naked greed' caused best friends and Forge co-founders to go to war over control of their latest startup Destiny XYZ
▼ + stars: | 2024-01-26 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +6 min

In a lawsuit filed this week viewed by Business Insider, Ramadurgam claims he was the victim of a Machiavellian scheme perpetrated by a power-hungry CEO and his "handpicked henchmen." In his statement to Business Insider, Prasad tells a different story of a co-founder who was "checked out" of the company. In an interview with Business Insider, Ramadurgam disputed Prasad's claims, saying that he missed only about 15 work days in 2022 for meditation retreats. In his lawsuit he claims Prasad was motivated by "naked greed." "I just don't see how you can honestly, with integrity make the argument that I should have 0% stake in the company," Ramadurgam said in an interview.

Persons: Sohail Prasad, Samvit Ramadurgam, Ramadurgam, Prasad, Destiny, Ramadurgan Organizations: Business, Prasad, Silicon, Forge, Coinbase, Plaid, SEC Locations: Silicon Valley, Forge, Ramadurgam's

☆ Swiss takeover board rules NewGAMe's partial offer for GAM shares complies with rules
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsAug 31 (Reuters) - Switzerland's takeover board has ruled that a partial offer for up to 28 million shares of GAM Holding (GAMH.S) by an investor group comprising NewGAMe SA and Bruellan SA is in line with Swiss takeover rules, NewGAMe said on Thursday. The arrangement would be also that the investor group would propose new GAM board members at the upcoming extraordinary general meeting (EGM), where the fund manager's current board is expected to stand down. The regulator on Thursday also challenged the validity of the condition making NewGAME's offer conditional to Rock's candidates being elected to GAM's board, NewGAMe said. Last week, a takeover offer from Liontrust won the backing of just 33.64% of GAM's shareholders. ($1 = 0.8830 Swiss francs)Reporting by Kanjyik Ghosh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, NewGAMe, Xavier Niel's NewGAMe, Liontrust, Kanjyik Ghosh, Maju Samuel Organizations: REUTERS, GAM, NewGAMe SA, Bruellan SA, Swiss, Rock Investment, Swiss Financial Market Supervisory Authority, Thomson Locations: Zurich, Switzerland, Bengaluru

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Aug 24 (Reuters) - GAM (GAMH.S) has entered into discussions with French billionaire Xavier Niel's NewGAMe shareholder group after a takeover offer from Britain's Liontrust failed to gain the required level of support. "The GAM Board acknowledges that the majority of our shareholders have not found the Liontrust Offer compelling. GAM shares fell 5.08% shortly after market open, whereas Liontrust recorded a 10.37% gain. Liontrust had made its offer conditional on winning the backing of two-thirds of GAM's shareholders in a prospectus it published in June. The investor group, led by Niel's NewGAMe and asset manager Bruellan, have vehemently opposed the all-share offer, saying in July that it "grossly undervalues GAM".

Persons: Arnd, Xavier Niel's, Britain's Liontrust, Liontrust, GAM's, David Jacob, Niel's NewGAMe, Bruellan, Brenna Hughes, Friederike Heine, Jason Neely, Christina Fincher Organizations: REUTERS, Rights, GAM, Thomson Locations: Zurich, Switzerland, British, Liontrust

☆ Liontrust faces $14 million one-off charge after GAM offer failure
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

The logo of GAM investment management company is seen at its headquarters in Zurich, Switzerland July 29, 2019. The British company said it had secured backing from shareholders representing a total of 53,250,357 GAM Shares, corresponding to 33.45% of total stock subject to its offer. "Liontrust made a full and fair offer for GAM, which reflected the financial reality of the business and would have provided a certain and sustainable solution," John Ions, Liontrust CEO said in a statement. "We are disappointed we did not win the support of the majority of GAM's shareholders and are grateful to those GAM and Liontrust shareholders who did back our offer," he said. Separately on Thursday, GAM said it had begun "constructive and productive" refinancing discussions with representatives of the investor group Newgame.

Persons: Arnd, Liontrust, John, Sinead Cruise, Lawrence White Organizations: REUTERS, Liontrust, Management, GAM, AG, Thomson Locations: Zurich, Switzerland, Swiss, British

☆ GAM shareholder group demands date change for extraordinary general meeting
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Aug 8 (Reuters) - Investors in Swiss asset manager GAM Holding (GAMH.S) have asked for the company's extraordinary general meeting - which could remove its chairman and board - to be delayed. The investor group, which controls roughly 9.6% of GAM shares, wants the EGM to be delayed until August 31, so shareholders can vote knowing the outcome of Liontrust's offer. The deadline for Liontrust's offer has been extended three times from the original date of July 25. The offer has been recommended by GAM's board, which triggered calls by some shareholders to remove chairman David Jacob and his board at an EGM. Some investors have opposed the all-share offer, saying in July that it "grossly undervalues GAM" and want to turn GAM around rather than selling.

Persons: Xavier Niel, Liontrust, David Jacob, John Revill, Miranda Murray Organizations: GAM, Thomson Locations: ZURICH, Swiss

REUTERS/Tyrone SiuHONG KONG, June 5 (Reuters) - The United Nations said on Monday it was "alarmed" by detentions in Hong Kong linked to the 34th anniversary of the Tiananmen Square crackdown, while China said the financial hub was moving from "chaos" to prosperity. China's Foreign Ministry said in a statement late on Sunday that "today's Hong Kong is moving from chaos to stability and prosperity along the right track of "one country, two systems". "External forces" including the United States should uphold international law and stop "futile political manipulation" over Hong Kong to contain China, a ministry spokesperson said. The Canadian consulate said on its Facebook that it joined the people of Hong Kong and others around the world in "remembering the violent crackdown against unarmed and peaceful citizens" on June 4, 1989. Hong Kong public broadcaster RTHK said that all 23 people detained on Sunday for breaching peace and public order offences were not arrested and were later released.

Persons: Chong Mui, Tyrone Siu, Farah, Stephen Coates Organizations: Police, REUTERS, United Nations, Hong Kong, Human, Twitter, United States Consulate, RTHK, Thomson Locations: Hong Kong, China, Tyrone Siu HONG KONG, Hong, Beijing, United States, Taipei, London , New York, Berlin, Victoria Park, Canadian, Canada

☆ Investing in AI: how to avoid the hype
▼ + stars: | 2023-05-26 | by ( Naomi Rovnick | ) www.reuters.com time to read: +5 min

SummarySummary Companies AI boom brings fresh challenge for investorsAI-themed stocks highly valuedStick with big tech not AI stocks - investorsLONDON, May 26(Reuters) - Experienced tech investors are hunting for undervalued opportunities in an over-valued space. Investors are chasing exposure to generative AI, the technology run by ChatGPT that learns from analysing vast datasets to generate text, images and computer code. Businesses are trying to use generative AI to speed up video editing, recruitment and even legal work. GAM's Hawtin said he has also hunted out companies that provide the "picks and shovels," necessary for enabling new AI technology. Amazon's Bedrock service, for example, lets companies customise generative AI models rather than invest in developing them themselves.

☆ Zürcher Kantonalbank held takeover talks with GAM Holding -FT
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

April 22 (Reuters) - Swiss lender Zurcher Kantonalbank, known locally as ZKB, has held takeover talks with GAM Holding AG (GAMH.S), the Financial Times reported on Saturday, citing people familiar with the matter. London-listed Liontrust Asset Management also said earlier this week that it was discussing a potential merger of its investment management unit with GAM, which is headquartered in Zurich. Swiss asset manager GAM, which has lost over 95% of its value following a bond fund scandal in 2018, is now looking to sell itself. Z Capital Group, a New York-based investment firm, is also interested in buying GAM, the newspaper added. GAM, ZKB and Z Capital did not immediately respond to Reuters' requests for comment.

LONDON, March 20 (Reuters) - Lawyers from Switzerland, the United States and UK are talking to a number of Credit Suisse (CSGN.S) Additional Tier 1 (AT1) bond holders about possible legal action after the state-backed rescue of Credit Suisse by UBS (UBSG.S) wiped out AT1 bonds, law firm Quinn Emanuel Urquhart & Sullivan said on Monday. Quinn Emanuel said it was in discussions with Credit Suisse AT1 bondholders representing a "significant percentage" of the total notional value the instruments. PIMCO had 3.49% of its 5.66 billion euro ($6.06 billion) GIS Capital Securities Fund in Credit Suisse AT1 bonds, the Morningstar data showed. Lazard Asset Management had 7.4% of its 1.45 billion euro Lazard Capital Fi SRI fund allocated to Credit Suisse AT1 debt. GAM's 1.15 billion euro Star Credit Opportunities fund's exposure to Credit Suisse AT1 debt was 4.81% at the end of last month, based on the Morningstar data.

☆ GAM expects a net loss of around $336 mln for 2022
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

ZURICH, Jan 25 (Reuters) - GAM (GAMH.S) expects to report a net loss after tax of approximately 309.9 million Swiss francs ($335.83 million) for the full year 2022, after experiencing negative asset flows, the Swiss asset manager said on Wednesday. The group said it also expects to report an underlying pre-tax loss of approximately 42.8 million Swiss francs. "2022 was a challenging year with our financial results seeing the impact from a market-led decline in our assets under management," GAM's Chairman David Jacob said. Vontobel analyst Andreas Venditti said 2022 was a challenging year for the asset management industry and said he welcomed the news of GAM's planned strategic update. In December it was reported that GAM had hired bankers from UBS (UBSG.S) to explore strategic options, including a possible sale.

☆ Analysis: Move over TINA, it's time for TARA
▼ + stars: | 2023-01-11 | by ( Naomi Rovnick | ) www.reuters.com time to read: +5 min

Reuters GraphicsIdanna Appio, a portfolio manager at First Eagle Investments, said that TINA was good for passive investors as it meant that equity prices went up because bond yields went down. "The risk free rate," he added, referring to core government bond yields, "actually gives you something." Bond funds recorded net inflows for six straight weeks until early January, BofA said, based on its analysis of EPFR data. "The end of TINA is very important," said Francesco Sandrini, head of multi-asset strategies at Amundi, Europe's largest fund manager. "You don’t need a bond bull market, you now have income," said Jeffrey Sherman, deputy chief investment officer at U.S. money manager DoubleLine.

☆ Despite the recent chaos, UK stockpickers are rubbing their hands: Here's what they're buying
▼ + stars: | 2022-11-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

The U.K. has been beset by political and economic instability in recent months, but as the investment environment undergoes a fundamental transition, investors see opportunity. These attractive valuations for U.K. stocks were also identified in a note last week by BlackRock Fundamental Equities. "Not only has the U.K. discount widened to a level not seen since 2008, but companies are buying back record amounts of their own shares. This compares to the current yield on UK 10-year gilts of around 4%." GAM holds around 50% of its U.K. equity income portfolio in small and midcap stocks, with a focus on companies with strong competitive moats.

Search resuls for: "GAM's"

13 mentions found