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☆ Turkey's Erdogan faces toughest test yet in landmark election — with high stakes for the world
▼ + stars: | 2023-05-12 | by ( Natasha Turak | ) www.cnbc.com time to read: +9 min

He came to prominence as mayor of Istanbul in the 1990s, and was celebrated in the first decade of the new millennium for transforming Turkey's economy into an emerging market powerhouse. But recent years have been far less rosy for the religiously conservative leader, whose own economic policies have triggered a cost-of-living crisis. Now, given a recent downturn in support for Erdogan, some fear he may play dirty to ensure his hold on power. The stakes are high for the entire country and, more broadly, global geopolitics – and the mood on the ground is tense. Mustafa Kamaci | Anadolu Agency | Getty Images"I'm very concerned that [Erdogan] may deploy underhanded tactics, cheating and even violence," Ibish said.

☆ 'It can't get much worse than this': A trail of portfolio managers have resigned or been liquidated as the once lush index-rebalance strategy dries up
▼ + stars: | 2023-05-11 | by ( Alex Morrell | ) www.businessinsider.com time to read: +5 min

Heavyweight multi-strategy hedge funds aren't known for their patience. It seems their patience has run out on the index-rebalance strategy, one of the most popular and sought-after hedge fund moneymakers in recent years. Representatives for the hedge funds declined to comment or did not respond to requests for comment. While hedge funds are allocating their capital elsewhere, they haven't given up on index-rebalance trading. Do you know more about the index-rebalance trade?

☆ What you need to know if you want a job at an elite firm like Point72, Citadel, or Millennium
▼ + stars: | 2023-05-10 | by ( ) www.businessinsider.com time to read: +3 min

The biggest hedge funds are battling it out to attract and retain top talent and outperform peers. Insider has talked to a number of hedge funds to get a peek into their recruiting strategies. Shaw, and Bridgewater are in constant competition for the best and brightest to help them gain an edge in the cutthroat investment industry. Internships and fellowshipsThe opaque and secretive world of hedge funds might not necessarily be an obvious choice for many college graduates. Investment training programsTypically, hedge funds acquired their investment talent after a few years of working at an investment bank.

☆ King Charles III Is Crowned in Lavish Coronation Ceremony
▼ + stars: | 2023-05-06 | by ( Max Colchester | ) www.wsj.com time to read: 1 min

LONDON— King Charles III was crowned by the archbishop of Canterbury in Westminster Abbey, marking the new Carolean era with a star-studded guest list, thousands of marching soldiers and a ceremony that both celebrates a millennium of history and reflects a more modern, diverse Britain. The king, after holding a jewel-encrusted orb that represents the world under Christ and a scepter depicting earthly power, had the solid gold St. Edward’s Crown placed on his head by the archbishop. A cry of “God save the king” went up, a fanfare sounded, abbey bells rang and gun salutes boomed across the nation and beyond.

☆ Rocket builder Firefly takes on high-speed Space Force mission for crucial next launch
▼ + stars: | 2023-05-06 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +5 min

The Alpha rocket for the Space Force's Victus Nox mission stands on the launchpad at Vandenberg Space Force Base, California. The mission for the military's Los Angeles-based Space Safari team calls for flying a Millennium Space Systems-built satellite on Firefly Aerospace's Alpha rocket — on remarkably short notice. The Alpha rocket for the Space Force's Victus Nox mission stands on the launchpad at Vandenberg Space Force Base, California. Space Force selected Firefly and Millennium for the Victus Nox contract in October, setting off a chain of events starting with the build phase. Firefly's opportunitywatch nowFirefly originally planned to fly a NASA mission on its third Alpha rocket launch, after the company reached space with its second launch in October.

☆ Charles Is Crowned King in Ancient Ceremony With Modern Twists
▼ + stars: | 2023-05-06 | by ( Mark Landler | ) www.nytimes.com time to read: +1 min

Anointed with holy oil and enthroned on St. Edward’s chair, King Charles III was crowned on Saturday in a solemn ritual that stretches back more than a millennium but unfolded with multiple concessions to the modern age. The coronation, the first since Queen Elizabeth II’s in 1953, was a royal spectacle of the kind that only Britain still stages: four hours of pageantry that began with the clip-clop of horses’ hooves on Pall Mall and ended with the vaporous trails of acrobatic jets streaking above Buckingham Palace, as Charles watched from the balcony with Queen Camilla, who had been crowned shortly after him. Yet this was a coronation for a radically different country than when Elizabeth first wore the crown. Jewish, Muslim, Hindu, Buddhist, and Sikh leaders greeted Charles as he left Westminster Abbey, and there were various attempts — not always successful — to make a medieval ritual more inclusive and democratic. Female bishops from the Church of England took part in the liturgy; hymns were sung in Welsh, Scottish and Irish Gaelic; and when Charles, 74, took a sacred oath to defend the Protestant faith, he also offered a personal prayer, in which he promised to be a pluralistic monarch for a diverse society.

☆ Summer movie preview 2023
▼ + stars: | 2023-05-05 | by ( Dan Heching | ) edition.cnn.com time to read: +12 min

CNN —Most moviegoers can pinpoint one summer movie – or perhaps, a summer of movies – in their formative years that really and truly cemented their love for going to the cinema, whether it be 1975’s “Jaws,” “E.T. And while streaming has clearly siphoned off part of the audience, particularly for more serious films, what we think of as “summer movies” still have the potential to rake in cash just like the old days. (CNN and DC are both part of the same parent company, Warner Bros. Courtesy Warner Bros. PicturesInitially meant for streaming platforms, this vehicle will herald the cinematic arrival of DC Studios’ first Latino superhero, played by Xolo Maridueña of “Cobra Kai” and “Parenthood” fame. If the fast-paced trailer is any indication, the movie looks sure to whisk those dog days of summer doldrums away quite nicely.

Charles III has commissioned new works for his coronation, adding to the rich tapestry of pieces composed for the occasion. The first coronation music was likely sung chants, which, starting in 1603 with the coronation of James I, were refashioned into coronation anthems now with English text. Both have since become staples in the coronation service. And at the most recent coronation, comparisons between Elizabeth II and Charles III are unsurprisingly being made. Charles III’s coronation is set to usher in the new Carolean era, in the hopes that it will reflect its namesake Charles II and his contributions to art and music.

☆ Point72 and Citadel outpaced rival hedge funds in April. Here's how Millennium, D.E. Shaw, and other multi-strats are faring this year.
▼ + stars: | 2023-05-04 | by ( Alex Morrell | ) www.businessinsider.com time to read: +1 min

Point72 led multi-strategy hedge funds in April with a gain of 1.58%. Citadel was up 1.11% and leads peers year-to-date with a gain of 5.37%. Point72 had the best month among multi-strategy hedge funds, up 1.58% in April and 4.63% for the year. Citadel continues its hot streak with a 1.11% return in April and leads among peers year-to-date, up 5.37%. Fund April performance Year-to-date performance Point72 1.58% 4.63% Citadel 1.11% 5.37% D. E. Shaw (as of 4/21) 0.60% 1.90% Balyasny 0.82% 1.32% ExodusPoint (0.10) 0.80% Millennium Flat 0.50% Schonfeld 0.30% 0.20%April saw a reversal of sorts among hedge fund strategies.

☆ What Is King Charles’s Coronation For? - The New York Times
▼ + stars: | 2023-05-03 | by ( Hannah Rose Woods | ) www.nytimes.com time to read: +1 min

Once inside he will sit on the Coronation Chair, which is more than 700 years old and will temporarily house a block of Scottish sandstone known as the Stone of Destiny. He will put on, at some point, a 200-year-old cloak that is woven from gold cloth, embroidered with roses, thistles and shamrocks and lined with red silk. Britain’s monarchy and the country’s past are inextricably linked, and a coronation is an opportunity for the institution to nod at history and hope that history nods back. A successful coronation telegraphs to the world — and reflects back to as many Britons as possible — a version of who we’d like to think we are. The problem is that this coronation is arriving at a time when it’s not exactly clear what that is.

☆ A Human Wrote This Book Review. A.I. Wrote the Book.
▼ + stars: | 2023-05-01 | by ( Dwight Garner | ) www.nytimes.com time to read: +1 min

The first novel was probably Murasaki Shikibu’s ‘Tale of Genji,’ written in the 11th century. The last one that mattered, closing a millennium’s loop, was probably Zadie Smith’s ‘White Teeth,’ published in 2000. What’s come since has been the death rattle, and remixes of that death rattle.”Those weren’t, you might have guessed, words from Siri. Samuel Richardson, in the 18th century, wondered if the novel had said what it had to say. The fire has been stirred under these questions thanks to the sudden arrival of sophisticated artificial intelligence chatbots, notably ChatGPT.

The sale effort comes as Millennium Trust's business is buoyed by higher interest rates adopted by the U.S. Federal Reserve to fight inflation. Credit ratings agency S&P Global Inc said last month the higher rates boost the revenue Millennium Trust receives from allowing customers to borrow against their retirement accounts. Millennium Trust will also entertain the sale of a minority stake to a private equity firm, should an outright sale not be feasible, the sources said. Millennium Trust generates north of $500 million in 12-month earnings before interest, taxes, depreciation and amortization (EBITDA), according to the sources. Raymond James, Parthenon and Millennium Trust did not immediately respond to requests for comment.

☆ Millennium is on the hunt for engineers in Miami. A top tech exec for the $58 billion hedge fund details the firm's new training program.
▼ + stars: | 2023-04-19 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

The head of tech for Miami outlines what applicants can expect, how to stand out, and why Miami. Naumovich, who was hired in September 2022, is responsible for building out Millennium's tech presence and tech offerings in Miami. A big part of that mandate will come down to recruiting tech talent, which has previously proven challenging for Wall Street firms in the area. The rotational program is the first of its kind in Millennium's tech organization. Wall Street SouthThe LEaD program is just one aspect of Millennium's big-picture build out in Miami.

☆ Inside Millennium Management's new engineering-recruitment program in Miami, from what applicants can do to stand out to why the city is becoming a key tech hub for the $58 billion hedge fund
▼ + stars: | 2023-04-17 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

☆ Millennium's new Miami-based engineering program is the latest shot in hedge fund's war for young tech talent
▼ + stars: | 2023-04-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Insider's Bianca Chan has a first look at Millennium Management's new engineering training program for its Miami office. Click here to read more about Millennium's new training program for engineers in Miami. JPMorgan's Jamie Dimon, BlackRock's Larry Fink, Citigroup's Jane Fraser, and Wells Fargo's Charlie Scharf shared thoughts on the banking crisis during their respective earnings calls. The world's largest money manager is open to making some deals in the wake of the banking crisis. Despite all the chatter on the recent banking crisis, JPMorgan's CEO still had thoughts on the state of the wider economy.

☆ Orthodox Christians await Holy Light in Jerusalem under heavy police restrictions
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +3 min

JERUSALEM, April 14 (Reuters) - Thousands of Palestinian Christians and pilgrims from around the world filled Jerusalem's Old City on Saturday to celebrate the Orthodox Holy Light ceremony, under a heavy Israeli police presence that has drawn anger from churches. Additional checkpoints around the Old City will also restrict access to the area around the church. Israel annexed East Jerusalem, which includes the walled Old City and its holy sites, after a 1967 Middle East War in a move not recognised internationally. Palestinians seek East Jerusalem as the capital of a future independent state in the occupied West Bank and Gaza. The Holy Sepulchre lies at the heart of the Old City's Christian Quarter in East Jerusalem.

☆ Medieval monks' observations of the moon reveal unexpected
▼ + stars: | 2023-04-06 | by ( Katie Hunt | ) edition.cnn.com time to read: +5 min

CNN —Medieval observations of the moon are helping present-day researchers study a mysterious cluster of volcanic eruptions on Earth. Monks, and other scribes from the era, made detailed descriptions of lunar eclipses, when the moon is fully in Earth’s shadow. Guillet believes medieval manuscripts contain an important source of information about a string of large but little-understood volcanic eruptions on Earth. These dates correspond with five major volcanic eruptions identified from traces of volcanic ash found in polar ice cores — in 1108, 1171, 1230, 1257 and 1276. “These eruptions were significantly more powerful than some of the most well-known volcanic eruptions in recent history,” Guillet said.

☆ Multi-strategy hedge funds had mixed results for a mad March. Here's how Citadel, Millennium, and Point72 did.
▼ + stars: | 2023-04-04 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +2 min

Multi-strategy hedge funds had a mixed March after the Silicon Valley Bank collapse put markets on edge. The Citadel Wellington fund ended the month up 1.38%, while Steve Cohen's Point72 was up 1.33%. Equities was up 2.16% in March, bringing year-to-date performance to 4.56%. Its global fixed income fund returned 0.12% in March, bringing year-to-date performance to 1.77%. Hedge fund performance figures are still trickling out, but data and reports suggest that trend-following and macro funds were caught out after the banking crisis rocked markets.

[1/3] Prime Minister Tony Blair (R) embraces Irish Prime Minister Bertie Ahern after all parties reached a historic peace agreement April 10, 1998. The peace has utterly transformed the region, largely ending three decades of bitter violence that killed 3,600. "Nothing's ever irresolvable" said Blair, summing up the stubborn optimism many developed working in Northern Ireland at the turn of the millennium. Nationalists, who are mostly Catholic, say Northern Ireland was wrenched from the EU in a UK-wide vote even though its smallest region voted 56% to 44% to remain. "There is an exhaustion and frustration," at the DUP's repeated objections, said Ahern, Irish prime minister from 1997-2008.

☆ Twitter executives reportedly think an ex-employee leaked the company's source code under the name 'FreeSpeechEnthusiast'
▼ + stars: | 2023-03-27 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Twitter is leading a manhunt for a GitHub user who posted some of the company's source code online. Some Twitter execs think the leaker is an employee who left last year, The New York Times reported. In the past, Musk has said he plans to make some of Twitter's code public. Most recently, he said he would open source Twitter's code for recommending tweets by March 31. Read The New York Times' full story in its website.

☆ Red alert recession signals
▼ + stars: | 2023-03-26 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: Everyone is back to talking about a recession. This week's dispatchFed Chair Jerome Powell Joshua Roberts/Reuters2023 started with fresh hope that the US could avoid a recession. That has big name investors and market signals predicting a recession, and soon. "Red alert recession signals," Gundlach said. Even Powell's preferred bond-market indicator says a recession is on the way this year.

☆ Moody's downgrades Poland's mBank, confirms Bank Millennium
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +1 min

WARSAW, March 25 (Reuters) - Moody's has downgraded the long-term deposit ratings of mBank and changed the outlook to negative from "under review" citing risks stemming from the legacy of Swiss franc loans at Polish lenders, the agency said. Moody's has downgraded the long-term issuer ratings of the bank's mortgage unit mBank Hipoteczny and changed the outlook to negative from "under review". The agency confirmed Bank Millennium's long- and short-term deposits ratings and changed the outlook on its long-term deposit ratings to negative from "under review". An adviser to the European Union's top court last month sided with Polish borrowers with Swiss franc-denominated mortgages. Poland's regulator has warned the matter could cost Polish banks 100 billion zlotys ($22.98 billion).

☆ Multi-strat hedge funds like Citadel and Millennium are the new big banks
▼ + stars: | 2023-03-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

There's an old saying on Wall Street: You can only leave Goldman Sachs once. Insider's Alex Morrell has a fascinating look at how Goldman Sachs' top executives have headed to some of the top hedge funds in the world in recent years. Poaching talent is a longstanding tradition on Wall Street, and the path from the investment banks to the buy side is a well-worn one. It's an indication of the shifting tides on Wall Street between the firms that traditionally held all the power (big banks) and the ones usurping them (multi-strat hedge funds). Click here to read more about how Goldman Sachs alumni are getting poached by the world's biggest hedge funds.

I had very limited access to financial support for college, so I dropped out after a semester. I dropped out of college after a semester, and it has worked out great for me. And that's when I realized that college wasn't a necessity. College is worth it for many, but it wasn't for meSo, is college worth it? Based on my experience, I don't want my son to think he doesn't need to go to college.

☆ Why Goldman Sachs alumni are being hoovered up by elite hedge funds like Citadel and Millennium
▼ + stars: | 2023-03-21 | by ( Alex Morrell | ) www.businessinsider.com time to read: +14 min

In November, one of the world's most consequential hedge funds announced a shake-up at the top of its power structure. In an internal memo, the founder of Millennium Management, Izzy Englander, said that Bobby Jain would be vacating the co-CIO role. "You can't readily find that managerial experience at other hedge funds and Goldman is a perfect place to look for those people." 8 former Goldman Sachs leaders are now Millennium execsEnglander isn't alone — firms rarely are in the copycat world of multistrats. In a statement to Insider, Abbey Collins, a spokesperson for Goldman Sachs, said, "Goldman Sachs has always been and remains a talent magnet.

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