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☆ Toronto market ends slightly down as Magna slides
▼ + stars: | 2023-01-24 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 2.03 points at 20,629.55, after posting on Monday its highest closing level in more than seven months. The U.S. benchmark index S&P 500 also ended slightly lower. "The issue for 2023 is going to be watching the lagged effects of the interest rate hikes that occurred last year," said Brian Madden, chief investment officer at First Avenue Investment Counsel in Toronto. Investors worry that aggressive interest rate hikes could trigger a recession, with data on Tuesday showing that U.S. business activity contracted for the seventh consecutive month in January. The Bank of Canada will hike its key interest rate by a quarter of a percentage point to 4.5% on Wednesday and then hit pause on its tightening campaign, a Reuters poll of economists showed.

☆ Rogers' bid for Shaw gets boost after court rejects antitrust effort to block deal
▼ + stars: | 2023-01-24 | by ( Maiya Keidan | ) www.reuters.com time to read: +3 min

TORONTO, Jan 24 (Reuters) - A Canadian court on Tuesday dismissed the competition bureau's effort to block Rogers Communications Inc's (RCIb.TO) C$20 billion ($14.9 billion) bid to buy Shaw Communications Inc (SJRb.TO), in a boost to the companies' efforts to close a deal struck nearly two years ago. Shaw and Rogers intend to finalize the deal by Jan. 31, though the deadline can be extended in agreement with Quebecor. Judges spent the morning grilling competition bureau counsel on their case against the transaction and delivered their verdict in the afternoon without hearing from Rogers and Shaw. The bureau previously failed to convince the competition tribunal, a quasi-court that handles merger disputes, that the deal is harmful for Canadian consumers. Canada's Competition bureau, Rogers Communications and Shaw Communications did not immediately respond to a Reuters request for comment.

☆ Canada judge calls into question regulator's argument to block Rogers-Shaw deal
▼ + stars: | 2023-01-24 | by ( Maiya Keidan | ) www.reuters.com time to read: +4 min

TORONTO, Jan 24 (Reuters) - A Canada federal judge called into question the competition bureau's argument to block Rogers Communications Inc's (RCIb.TO) C$20 billion ($14.9 billion) bid for Shaw Communications Inc (SJRb.TO) as the court hearing kicked off on Tuesday. But the bureau failed to convince the competition tribunal, a quasi court that handles merger disputes, that the deal is harmful for Canadian consumers. "According to the tribunal, this was not a particularly close case," the judge told the court on Tuesday. "I think the appeal is going to be dismissed," said Michael Osborne, a competition lawyer at law firm Cozen O'Connor. A spokesperson for the competition bureau declined to comment while the matter was before the court.

☆ Rogers-Shaw, Canada regulator to duke it out in federal court over C$20 bln bid
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +3 min

But the bureau failed to convince the competition tribunal, a quasi court that handles merger disputes, that the deal is harmful for Canadian consumers. Rogers offered to sell Shaw's Freedom Mobile unit to Quebecor's (QBRb.TO) Videotron for C$2.85 billion to address anti-competition concerns, but the competition bureau argued that a merged Rogers-Shaw would not have a viable competitor in Quebecor. "I think the appeal is going to be dismissed," said Michael Osborne, a competition lawyer at law firm Cozen O'Connor. For that reason, I think the Court of Appeal will make sure to do it in time for the parties to close." A spokesperson for the competition bureau declined to comment while the matter was before the court.

The victory puts the 27-year-old just three wins away from the all-time record held by Ingemar Stenmark of Sweden, who captured 86 World Cup wins between 1974 and 1989. Eclipsing Vonn is the latest history-making achievement by the twice Olympic gold medallist and four-time overall World Cup champion, who could potentially end her career with more than 100 victories on the ski racing circuit. She ended that season as the Olympic, World Cup and world champion in slalom and her profile grew considerably as media appearances and sponsorships began to pile up for the amiable 18-year-old star. A powerful and precise skier, Shiffrin is the only athlete to win World Cups in all six disciplines - downhill, super-G, alpine combined, giant slalom, slalom, and parallel. Her mettle intact, she went on to win her fourth overall World Cup title later that year.

☆ Top hedge funds earned sharply less for clients in 2022, LCH data shows
▼ + stars: | 2023-01-23 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Jan 23 (Reuters) - The 20 best performing hedge fund managers earned $22.4 billion for investors in 2022, marking their slimmest gains since 2016 as many firms, including Tiger Global Management, struggled with slumping financial markets, LCH Investments data show. The top 20 managers, led by Ken Griffin's Citadel, Bridgewater Associates and D.E. Overall, hedge funds lost $208 billion in 2022 for clients, marking the biggest single-year decline since 2008, when they lost $565 billion, LCH data showed. Hedge funds, which were jointly managing $3.3 trillion on Dec. 31, 2022, according to eVestment data, often promise to outperform, especially when markets are stumbling. Shaw, Millennium Management, Soros Fund Management, Elliott Management, and Viking Global Investors also ranked in the top 10.

☆ Inside Ken Griffin's rise to one of Wall Street's most powerful people, and why politics could be next
▼ + stars: | 2023-01-23 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +30 min

JB and I are not on speaking terms these days," said Ken Griffin, the billionaire hedge-fund manager, referring to JB Pritzker, the Democratic governor of Illinois. As Florida rolled back pandemic restrictions more quickly than Chicago, even more Citadel employees migrated south. Ken Griffin's hedge fund has had a run of eye-popping returns since 2020. Others worry that it gives Griffin's hedge fund an unfair advantage. Hundreds of Citadel employees, partners, and families gathered at the Orange County Convention Center in Orlando Florida.

☆ Mother, politician, trailblazer. How Jacinda Ardern became an icon for millions
▼ + stars: | 2023-01-19 | by ( Aina J. Khan | Aina Is A Freelance Reporter With Nbc News. | ) www.nbcnews.com time to read: +6 min

In the six years since then, she has become an icon of the left and a champion for women in public life, bringing a compassionate and authoritative energy to the hypermasculine realm of world politics. Jacinda Ardern, New Zealand's prime minister, during a news conference in Sydney in June. Data released last year to New Zealand’s Newshub media outlet showed police recorded 18 threats to the prime minister in 2019, 32 in 2020 and 50 in 2021. If that person receives more than two-thirds of caucus support, Ardern said, she will resign soon after and the new leader will be sworn in as prime minister. Ardern said she plans to remain in Parliament until April, avoiding the need for a snap vote in her suburban Auckland electorate.

☆ Reaction to Jacinda Ardern's shock resignation announcement
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

Jan 19 (Reuters) - New Zealand Prime Minister Jacinda Ardern said on Thursday she would step down no later than Feb. 7, and that there would be a general election on Oct. 14. AUSTRALIAN PRIME MINISTER ANTHONY ALBANESE"Jacinda Ardern has shown the world how to lead with intellect and strength. Jacinda has been a fierce advocate for New Zealand, an inspiration to so many and a great friend to me." CHRIS HIPKINS, NEW ZEALAND'S MINISTER FOR EDUCATION"Jacinda has been a voice of calm, kind reassurance and strength. I know after she has had some time to recharge we will hear more from Jacinda."

☆ Microsoft is telling some managers to embrace 'good attrition,' using massive layoffs to push underperforming employees out the door quicker
▼ + stars: | 2023-01-18 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +2 min

Microsoft plans to lay off 10,000 employees over the next three months. Ahead of the layoffs, some managers were asked to identify employees for performance-based exits. Some managers were asked to identify employees for exits who would otherwise be put on performance coaching. Now, if HR agrees the employee has concerning performance, they'll consider laying off the employee without performance coaching, according to this person. Are you a Microsoft employee or do you have insight to share?

☆ Canada's Rogers, Shaw say merger must be allowed to proceed
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

Canada's antitrust tribunal approved the transaction on Dec. 30 that would create the country's second-largest telecom firm but the competition bureau later appealed the tribunal's ruling. Shaw called the appeal an "unmeritorious challenge" by the competition bureau to do a "once-in-a-generation" transaction in a separate court document filed later on Tuesday. The companies will face off against the competition bureau in a Federal Court of Appeal hearing on Jan. 24. "This pro-competitive transaction has been delayed long enough and must be allowed to proceed," Rogers said in its filing. Shares of Shaw closed up 0.4% at C$38.28, below Rogers' offer price of C$40.50 from March 2021.

☆ Pink sauce is now available at Walmart – here's how the viral TikTok sensation made it to shelves
▼ + stars: | 2023-01-15 | by ( Jordan Hart | ) www.businessinsider.com time to read: 1 min

Shaw took advantage of the online popularity of her sauce by selling it on her website for $20 per bottle in June. She sold out during her first launch. Pink Sauce costs $20 per bottle plus additional charges for shipping. Screenshot via The Pink Sauce

☆ Rashford role in equaliser was clear interference, says City's Akanji
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +1 min

Jan 15 (Reuters) - Manchester City defender Manuel Akanji said Marcus Rashford was clearly interfering with play in the lead-up to Manchester United's equaliser in their Premier League match on Saturday. "Fernandes tells him he's not in an offside position and he can shoot. That's when he stopped and for me it's a clear interference," Akanji told Viaplay. United's Luke Shaw told Sky Sports that the City defender covering Rashford was not able to reach the ball. "They will argue that he (Rashford) has to touch the ball to be active.

☆ December inflation data: Here's how it could move markets
▼ + stars: | 2023-01-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

"Like we saw following November's CPI report, markets rallied and then pulled back," Conzo explained. The central bank remains "worried about the overheating labor market," and the CPI report is "unlikely to quell those concerns." If the inflation data shows further cooling today, how does that impact your economic outlook for the year? Along with CPI data, investors are also bracing for the release of the number of US jobless claims. Coinbase stock price on Jan. 12, 2023 Markets Insider10.

☆ Georgia pounds TCU, 65-7, to repeat as CFB national champs
▼ + stars: | 2023-01-10 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

3 TCU 65-7 Monday night to become the first team to win consecutive College Football Playoff national championships. TCU (13-2), the first Cinderella team of the playoff era, never had a chance against the Georgia juggernaut. No team has ever scored more points in a national championship game, dating to the beginning of the BCS in 1998. Georgia vanquished the Tide to break a 41-year national title drought last season, avenging its only regular-season loss in the process. They were within a victory of the program’s first national title since 1938.

☆ Hedge funds in 2022 post worst performance since 2018, dragged down by equities -HFR data
▼ + stars: | 2023-01-09 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

Overall, hedge funds fell 4.25% last year, according to the HFRI 500 Fund Weighted Composite Index, which tracks many of the biggest global hedge fund performances. Equity hedge funds notched the worst performance in 2022 among the four main hedge funds categories tracked by HFR. Despite their massive losses, crypto hedge funds account for a tiny part of the industry's $3.8 trillion in assets. Macro hedge funds outperformed the industry, HFR showed. Macro hedge funds trade globally a broad range of assets, such as bonds, currencies, rates, stocks and commodities.

☆ In a tough year for hedge funds, the top firms still crushed it
▼ + stars: | 2023-01-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

But first, we've got hedge fund returns. It's returns season for hedge funds, and boy is this year a doozy. Insider's Alex Morrell has a breakdown of how some of the flagship strategies at top hedge funds like AQR, Citadel, D.E. Alex's story gets into the nitty gritty — and more importantly, the specific numbers — but the big takeaway is this: While 2022 was a pretty awful year for the hedge fund industry, some of the industry's top funds absolutely crushed it. And while it might seem impossible to figure out a way to make money in that type of environment, that's exactly when I'd expect a hedge fund to step up.

☆ Hedge fund returns are rolling in. Here's how industry powerhouses like Citadel, Millennium, and Point72 performed in 2022.
▼ + stars: | 2023-01-06 | by ( Alex Morrell | ) www.businessinsider.com time to read: +2 min

Hedge funds had a dismal year in 2022, but some firms still produced exceptional returns. Ken Griffin's Citadel had record revenues of $28 billion, as well as a 38.1% return from its main fund. Cliff Asness' AQR had a 43.5% return in its oldest fund and record results in 12 other funds, too. 2022 was a dismal year for the hedge fund industry. A few industry stalwarts — AQR, Citadel, and Rokos Capital— had record years.

☆ Biggest hedge funds will keep lion's share of customers in 2023, data shows
▼ + stars: | 2023-01-05 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

Jan 5 (Reuters) - The top 5% of the world's hedge fund managers are set to take 80-90% of investor inflows in 2023, according to new research from Agecroft Partners which raises money for hedge funds. The larger a hedge fund manager gets, the harder it is to trade in size and profit from less efficiently priced parts of the market. Data compiled by Hedge Fund Research shows that on average hedge funds were down 4.1% last year through November. The $59 billion hedge fund manager Millennium returned 9.8% in its International Ltd Fund for the year, said industry research. The number of operating hedge funds fell to 9,163 at the end of the third quarter, the lowest number since 2009, according to HFR.

☆ Banks vs. Fintechs: Why all the billions in the world can't help Wall Street crush its digital rivals
▼ + stars: | 2023-01-05 | by ( Bianca Chan | Reed Alexander | ) www.businessinsider.com time to read: +15 min

To compete, banks have written fat checks to acquire fintechs — tech, talent, and all. But on Wall Street, old habits die hard, and Goldman has struggled to make Marcus, a big fintech bet, a success. Since the beginning of the pandemic, Wall Street leaders have been at the helm of a push to get their employees back to their desks. It's more that the very things that make Wall Street, well, Wall Street are preventing it from embracing the ethos of Silicon Valley. And perhaps, for Wall Street, that's the moral of the story.

☆ Shaw Communications falls as court stay on Rogers deal sparks uncertainty
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - Shares of Shaw Communications Inc (SJRb.TO) fell on Tuesday after a Federal Court put a stay on the telecom company's C$20 billion merger with Rogers Communications Inc (RCIb.TO) following a request from Canada's Competition Bureau. The agency had requested a stay on Canada's antitrust tribunal's decision from last week to approve the deal that would create the country's second-largest telecom firm. At least two analysts downgraded Shaw Communications' shares after the court's stay order, citing worries that the deal would not close on its slated Jan. 31 date. Canada's Competition Bureau said the stay on the tribunal's decision will remain until its "application for a stay and an injunction can be heard." "At current levels, we will look for investment opportunities elsewhere within the Canadian telecom sector," RBC analyst Drew McReynolds said.

☆ Leaders Arsenal held by Newcastle, Man United win again
▼ + stars: | 2023-01-03 | by ( Martyn Herman | ) www.reuters.com time to read: +3 min

Manchester United cemented their top-four place, moving level on points with Newcastle as goals by Casemiro, Luke Shaw and Marcus Rashford sealed a 3-0 victory at Old Trafford. Arsenal, who failed to score for the first time this season in all competitions, have 44 points from 17 games with champions Manchester City on 36 after playing 16. Newcastle have 35 from 18 matches, ahead of United on goal difference although they have played a game more. Manchester United are now five points clear of fifth-placed Tottenham Hotspur after a fourth successive league win. United are back in action on Friday when they host Everton in the FA Cup third round.

☆ Man United continue fine form with comfortable win over Bournemouth
▼ + stars: | 2023-01-03 | by ( Peter Hall | ) www.reuters.com time to read: +1 min

MANCHESTER, England, Jan 3 (Reuters) - Manchester United made it four wins from four without conceding in all competitions since the World Cup break as they cruised to a 3-0 victory over lowly Bournemouth in the Premier League on Tuesday to consolidate their hold on fourth spot. Bournemouth never really threatened to get an equaliser, with the game effectively over as a contest after a rare goal from England full-back Luke Shaw doubled the hosts' advantage early in the second half. The win gives United a five-point cushion over Tottenham Hotspur in fifth and draws them level on points with third-placed Newcastle United, who drew 0-0 at leaders Arsenal. Bournemouth stay 15th, two points above the relegation zone. Reporting by Peter Hall; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

☆ Final farewell: From Sidney Poitier to Pope Emeritus Benedict a look back at the influential figures who died in 2022
▼ + stars: | 2023-01-01 | by ( Associated Press | ) www.nbcnews.com time to read: +55 min

Other world leaders who died in 2022 include former Soviet leader Mikhail Gorbachev, who died in August. The final days of 2022 saw the loss of some exceptionally notable figures, including Pope Emeritus Benedict XVI. Here is a roll call of some influential figures who died in 2022 (cause of death cited for younger people, if available):___JANUARY___Dan Reeves, 77. A Cuban-born artist whose radiant color palette and geometric paintings were overlooked for decades before the art world took notice. A prolific character actor best known for playing villains and tough guys in “The Manchurian Candidate,” “Ocean’s Eleven” and other films.

☆ Wall St set to end challenging year with steep drop
▼ + stars: | 2022-12-30 | by ( Echo Wang | ) www.reuters.com time to read: +3 min

Growth stocks have been under pressure from rising yields for much of 2022 and have underperformed their economically linked value peers, reversing a trend that had lasted for much of the past decade. Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O), Nvidia Corp (NVDA.O), Amazon.com Inc (AMZN.O), Tesla Inc (TSLA.O) are among the worst drags on the S&P 500 growth index (.IGX), down between 28% and 66% in 2022. The S&P 500 growth index has fallen about 30.5% this year, while the value index (.IVX) is down 7.7%, with investors preferring high dividend-yielding sectors with steady earnings such as energy. Ten of the 11 S&P (.SPX) sector indexes dropped on Friday, led by real estate and utilities. The S&P 500 posted no new 52-week highs and no new lows; the Nasdaq Composite recorded 56 new highs and 116 new lows.

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