Tuesday, October 4

Tag: BNKS

Credit Suisse property fund postpones planned capital hike

Credit Suisse property fund postpones planned capital hike

News
ZURICH, Oct 3 (Reuters) - The management of Credit Suisse Real Estate Fund Green Property (GREEN.S) has postponed a capital increase announced for the fourth quarter, citing high volatility for property funds and a market environment which has deteriorated significantly.The Swiss bank (CSGN.S) said on Monday a successful issue in the fourth quarter could not be guaranteed."The fund management will closely monitor the development of the market and will decide in due course on a possible implementation of the capital increase for Credit Suisse Real Estate Fund Green Property," it added.Register now for FREE unlimited access to Reuters.comRegisterReporting by Michael Shields Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles. Source link
Explainer: How a massive options trade by a JP Morgan fund can move markets

Explainer: How a massive options trade by a JP Morgan fund can move markets

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NEW YORK, Sept 29 (Reuters) - A nearly $16 billion JP Morgan fund is expected to reset its options positions on Friday, potentially adding to equity volatility at the end of a gloomy quarter for stocks.Analysts have in the past pointed to the JPMorgan Hedged Equity Fund’s quarterly reset roiling markets, and see it as a source of potential volatility during Friday's session. read more WHAT IS THE JP MORGAN HEDGED EQUITY FUND?The JPMorgan Hedged Equity Fund holds a basket of S&P 500 (.SPX) stocks along with options on the benchmark index and resets hedges once a quarter. The fund, which had about $15.59 billion in assets as of September 28, aims to let investors benefit from equity market gains while limiting their exposure to declines.Register now for FREE unlimited access to Reute...
HSBC kicks off informal investor talks for Indonesian business IPO – sources

HSBC kicks off informal investor talks for Indonesian business IPO – sources

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HONG KONG, Sept 30 (Reuters) - HSBC Holdings Plc has started briefing investors on a potential initial public offering (IPO) of its Indonesian business, said two sources with direct knowledge of the matter.Executives at HSBC Indonesia have met with a group of fund managers in Singapore since last week to discuss details of the potential IPO, ahead of an official roadshow, the sources said. The timeline of the roadshow is not yet known.The size of the deal has yet to be determined, and will be dependent on market conditions, said the sources, who declined to be named as the information related to the planned IPO was not yet made public.Register now for FREE unlimited access to Reuters.comRegisterHSBC declined to comment on the deal.In 2009, HSBC acquired Bank Ekonomi Raharja, an Indonesi...
U.S. student loan relief to cost $30 bln a year over next decade, government says

U.S. student loan relief to cost $30 bln a year over next decade, government says

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WASHINGTON, Sept 29 (Reuters) - The U.S. Education Department said on Thursday it estimates that the one-time student debt relief plan given by President Joe Biden in August will cost an average of $30 billion a year over the next decade.The Congressional Budget Office (CBO) said this week that Biden's plan to cancel some student loan debt will cost $400 billion.Biden said in August the U.S. government will forgive $10,000 in student loans for millions of debt-saddled former college students, keeping a pledge he made in the 2020 campaign for the White House.Register now for FREE unlimited access to Reuters.comRegisterReporting by Costas Pitas; writing by Kanishka SinghOur Standards: The Thomson Reuters Trust Principles. Source link
EXCLUSIVE Lebanon to slash official exchange rate from Nov. 1, finance min says

EXCLUSIVE Lebanon to slash official exchange rate from Nov. 1, finance min says

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BEIRUT, Sept 28 (Reuters) - Lebanon plans to slash its official exchange rate, replacing the 1,507 per dollar rate adopted 25 years ago with a rate of 15,000 in a step towards unifying numerous exchange rates, the finance minister told Reuters on Wednesday.After saying the move would come into effect on Nov. 1, the ministry later said the step was conditioned on the approval of a plan to address the crisis, which is under discussion in parliament.The Lebanese pound has plunged by more than 95% from the official rate since Lebanon fell into financial crisis three years ago, with dollars currently changing hands at around 38,000 on a parallel market.Register now for FREE unlimited access to Reuters.comRegister"The goal is for there to be a unification of the exchange rates in Lebanon," Fi...
Druckenmiller sees US falling into recession next year

Druckenmiller sees US falling into recession next year

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Sept 28 (Reuters) - Billionaire investor Stanley Druckenmiller said he believes the Federal Reserve’s monetary policy tightening may push the U.S. into a bigger-than-expected recession next year.Speaking at CNBC’s Delivering Alpha Conference in New York, the founder of the Duquesne family office said he “would be stunned” if the U.S. does not have a recession in 2023 as a result of Fed tightening.“Our central case is a hard landing by the end of ‘23,” Druckenmiller said. "I will not be surprised if is larger than the so-called average 'garden variety'" recession.Register now for FREE unlimited access to Reuters.comRegisterThe Fed has raised interest rates by 300 basis points this year as it fights the worst inflation in decades and policymakers have signaled more jumbo rate hikes ahead,...