Apr 5, 2023

Western Alliance Falls After Status Update Omits Deposit Balance Gold Holds Surge Past $2,000 With Record High Suddenly in Sight Asia Stocks Face Headwinds as US Rally Hits Wall: Markets Wrap UBS Chairman’s Top-Secret Prep Paid Off in Credit Suisse Moment Vodafone Fields Approaches for $4 Billion Spain Unit Toronto House Prices Rise for Second Month as Market Tightens Netflix’s Crackdown on Password Sharing Emboldens Stock Bulls: Argentina Loses $1.5 Billion UK Case Over GDP-Linked Bonds Odey Shuts Natural Resources Hedge Fund Hurt by Russian Bets FedEx Targets $4 Billion Cost Cuts by Merging Delivery Networks Global CoCo Bonds Rebound to Levels Before Credit Suisse Crisis BOE’s Tenreyro Says Hit to UK Is Possible if Bank Costs Rise South Africa Withdraws Eskom Accounting Exemption After Outcry Swedish Pension Fund Chief Tries to Placate Savers Angry Over $2 Billion Losses Tech Giants May Face Cloud Competition Probe: The London Rush Saudi Super App Startup ToYou Hires Moelis to Help Raise Funds Companies Facing Carbon Offset Backlash Quietly Fund Their Own Projects German Property Deals Plunge to Lowest Level in Over a Decade Chicago Elects Business-Tax Proponent Brandon Johnson as Mayor Here's a list February inflation rates for Canadian provinces Is your retirement portfolio ready for what's to come? Women more likely to bag $100,000 jobs despite fewer applications Quitting your job? Experts say it's best to have a plan before you do Household debt-to-income ratio edges lower as interest payments expand Canadians making fewer trips to the grocery store as inflation pinches: RBC report With airfares rising, here's how to find a travel deal this year Young Canadians keep up pandemic-inspired DIY projects to save money Here are the most risky types of scams in Canada: Report Review your rights before signing paperwork during a layoff: Employment lawyers More than half of Canadians say current economic conditions have impacted retirement plans: Survey Majority of Canadians feel like they're being targeted more than ever by financial fraud: Survey 'Don't be afraid to ask': Tips for young workers in salary negotiations Canadians want to retire by 61, amid financial concerns: CIBC poll Tax credits and deductions for Canadians to consider 5 RRSP season resolutions for a comfortable retirement: Dale Jackson Getting divorced? Here are the top tax considerations to take into account RRSP myths prevail as Canadians rush to contribution deadline: Dale Jackson Spousal RRSPs can offer tax benefits, but experts say it might not work for everyone The Final Mission for a California Military Base: Become Housing Tech Giants May Face Cloud Competition Probe: The London Rush German Property Deals Plunge to Lowest Level in Over a Decade Chicago Elects Business-Tax Proponent Brandon Johnson as Mayor Billionaire Tom Steyer Plans Net Zero Apartment Upgrades Across US US 30-Year Mortgage Rate Falls to Seven-Week Low of 6.4% As Investors and Tourists Overtake Lisbon, Chefs Are Fighting Back Dubai’s Unstoppable Luxury Housing Market Just Set Another Record CapitaLand Appoints Citigroup’s Top Asia Property Banker to Source China Deals UK Homes Are Taking Almost Twice as Long to Sell This Year Australia’s Rental Market Tightens Further Amid Housing Crunch US Home Prices Seen Rebounding After an Expected $1 Trillion Plunge This Year Microsoft Abandons Plans for New Office in London CIBC CEO Says Mortgage Aid Sustainable for ‘Foreseeable Future’ Gundlach’s DoubleLine Launches Real Estate and Mortgage ETFs at Tricky Time Bank of Canada rate hikes hitting immigrants and millennials hard Deal-Needy SPACs Scour the Globe for Targets as Deadlines Loom Toronto Office Vacancies Hit 28-Year High as Remote Work Lingers Pimco Says It Favors ‘Strong Bonds’ Amid Rising Recession Risks Chinese Naval Surveillance Ship Docks in South African Port Gold Holds Surge Past $2,000 With Record High Suddenly in Sight Macron Says China Can Play Role in Ukraine, Rejects Decoupling Asia Stocks Face Headwinds as US Rally Hits Wall: Markets Wrap UBS Chairman’s Top-Secret Prep Paid Off in Credit Suisse Moment Vodafone Fields Approaches for $4 Billion Spain Unit Dover Port Makes Emergency Plan to Avoid Easter Travel Chaos Toronto House Prices Rise for Second Month as Market Tightens Netflix’s Crackdown on Password Sharing Emboldens Stock Bulls: Latvia Reintroduces Draft in Response to Russia’s War on Ukraine The Final Mission for a California Military Base: Become Housing Odey Shuts Natural Resources Hedge Fund Hurt by Russian Bets FedEx Targets $4 Billion Cost Cuts by Merging Delivery Networks Global CoCo Bonds Rebound to Levels Before Credit Suisse Crisis Volkswagen Halts Sale of Some ID.4 EVs Over Risk Doors Might Fling Open in Motion Thaksin’s Daughter Paetongtarn Among Three Nominees of Pheu Thai Party BOE’s Tenreyro Says Hit to UK Is Possible if Bank Costs Rise South Africa Withdraws Eskom Accounting Exemption After Outcry Top Belgian Supermarket Chain Nears Second Month of Strikes Asia Stocks Face Headwinds as US Rally Hits Wall: Markets Wrap The Final Mission for a California Military Base: Become Housing Odey Shuts Natural Resources Hedge Fund Hurt by Russian Bets South Africa Withdraws Eskom Accounting Exemption After Outcry Russia Billionaire Deripaska Praises UK Courts After Dodging Jail Sentence Tech Giants May Face Cloud Competition Probe: The London Rush Companies Facing Carbon Offset Backlash Quietly Fund Their Own Projects Oil steadies near US$81 with focus on U.S. stockpiles and OPEC+ cuts Billionaire Tom Steyer Plans Net Zero Apartment Upgrades Across US Saudi Arabia Upgraded By Fitch On Strong Fiscal Buffers A Spanish Reservoir Immortalized by Pop Rock Goes Dry South Africa Set to Withdraw State of Disaster on Electricity TotalEnergies, Iraq to Move Ahead on $10 Billion Investment Deal Eat Lamb, Not Beef, Turkish Minister Says Amid Soaring Prices Iberdrola to Sell Mexico Plants, Wind Farm for $6 Billion Australia Vows to Keep Asia’s Gas Flowing Despite Emissions Cut Glencore Has Three Weeks to Keep $23 Billion Teck Bid Alive Abu Dhabi’s Adnoc Seeks About $1 Billion in Logistics Unit IPO Oil Majors Sued by Kazakh Government Over Billions in Revenue Competition Ltd.: Why major players dominate Canada's business landscape Buyers return to Toronto housing market as prices climb after sluggish period: TRREB Auto sales rise 3.7 per cent in March from a year earlier Vancouver's March home sales down 42.5% from a year ago: B.C. board Canada's national office vacancy rate hit an all-time high in Q1: CBRE The Daily Chase: IGM Financial looks to expand U.S. presence; Glencore continues Teck pursuit Trudeau spending seen drawing out Bank of Canada inflation fight Will Canada need to raise its retirement age? Here's what an economist says Businesses worry a recession is down the road: Economist Business outlook turns negative in Canada amid higher rates The Daily Chase: Oil prices rise; Bank of Canada to release Business Outlook Survey Banks face rising shareholder pressure through climate resolutions as AGMs loom The Daily Chase: Markets point to a positive open; Bank of Canada reiterates banking system support Trudeau braces for disruptive strikes amid tough union wage push ​Canada's economy shows signs of improvement: Economist Canada's economy shows surprising resilience despite rate hikes The Daily Chase: Feds green light Rogers-Shaw deal; Canada’s economy grew 0.5% in January Toronto Star owner calls on Canadian companies to spend 20% of ad budget on local media ​Wellness practices fuel fitness sector growth: Experts Macron Says China Can Play Role in Ukraine, Rejects Decoupling Former Italian Premier Berlusconi Hospitalized, Ansa Reports Latvia Reintroduces Draft in Response to Russia’s War on Ukraine Thaksin’s Daughter Paetongtarn Among Three Nominees of Pheu Thai Party Top Belgian Supermarket Chain Nears Second Month of Strikes Chicago Elects Business-Tax Proponent Brandon Johnson as Mayor South Korea’s Yoon Set To Address Joint Session of US Congress Finland’s Premier Marin to Step Down After Election Loss Germany May Just Avoid a Winter Recession With Early-Year Growth State Lawmakers Are Pushing Anti-Trans Legislation at Record Rates Key Takeaways From Trump’s Arraignment and Manhattan DA’s Briefing Eat Lamb, Not Beef, Turkish Minister Says Amid Soaring Prices Australian Opposition to Campaign Against Indigenous Recognition Ardern Exits Politics Saying Motherhood No Hurdle to Leadership EU Seeks to Conclude Australian Free-Trade Deal the Summer Bangladesh Needs $1.7 Billion a Year for Green Energy Transition Vietnam Says Millions of Dollars Paid in Rescue Flight Bribes Blinken, Austin to Meet Philippine Officials in Alliance Push Poland to Keep Interest Rates on Hold as Cut Talk Grows Netflix’s Crackdown on Password Sharing Emboldens Stock Bulls: Saudi Super App Startup ToYou Hires Moelis to Help Raise Funds Walmart Bets on Warehouse Robots, Hints at Speedier Profit Gain Biden Trade Chief Says US Working With Allies to Counter China South Korea’s Yoon Set To Address Joint Session of US Congress Africa-Focused Bitcoin Marketplace Paxful Suspends Operations India’s T20 Cricket League to Rake in Revenue for Fantasy Sports Japan Minister Vows Aid for Rapidus in Push for Advanced Chips ChatGPT Opens Door to Four-Day Week, Says Nobel Prize Winner Bob Lee, Former Square CTO and MobileCoin Executive, Has Died Ofcom Warns of Potential Amazon, Microsoft Dominance in Cloud Services IPhone Maker Foxconn Barely Grows Sales as Tech Demand Withers Apple to Open First India Store in Financial Hub of Mumbai Ford Battery Partner Eyes Expansion in Korea After Clarity on Biden’s Green Subsidies G-7 Ministers to Seek ‘Collective’ Response to Economic Coercion US Gets New Levers From Japan to Curb China’s Chip Ambitions India is Taking on China in the $447 Billion Space Economy Xi Courts Macron in Bid to Drive Wedge Between Europe and US Billionaire Richard Branson’s Space Empire Teeters as Virgin Orbit Flops The U.S. Fed is failing in four ways: Mohamed A. El-Erian Apple, JPMorgan turn to pay now grow later Remote Working Boom Is Huge for College Towns Like Knoxville Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Millennials are finally spending like grown-ups Dismal U.S. GDP report raises the odds of recession this year: Gary Shilling Musk is wrong for Twitter even if deal math works out Chocolate bunnies can teach us to save our food supply The Fed has made a U.S. recession inevitable America's oil reserve weapon risks misfiring Four-day workweeks can burn you out U.S. Fed expects a soft landing. Don't count on it Markets are pushing Fed into developing-economy territory Commodity traders go from bonanza to bailout plea Putin's war shows West must clean up dirty money Salary transparency is good for everyone Microsoft's US$69B Activision deal could be a blunder What if the oil market bulls are wrong and this lonely bear is right? Canada's trucker protest may spread from Ottawa to U.S. Gundlach’s DoubleLine Launches Real Estate and Mortgage ETFs at Tricky Time Stock ETFs See Lowest Quarterly Inflow Since Start of Pandemic Worst-Performing Funds of 2023 Are Drawing Huge Amounts of Cash BlackRock Looks to Offer 'Buffer ETFs' That Aim to Limit Investors' Losses AI and Robotics ETFs Are Hotter for Traders Than Crypto in 2023 Wave of ETF Closures Relegates Once-Trendy Growth Themes to Fads Beijing’s Micron Probe Spurs $12 Billion Rally in China Chip Stocks Bitcoin’s Stealth Rally Puts It Atop the Quarterly Scoreboard Once Again Schwab ETF Logs $4.6 Billion Inflow Amid Quarter-End Shuffle Biotech Stocks Languish After Dismal Quarter of Clinical Results This Week in China: Stock Market Starts to Believe in Recovery Levered Bitcoin ETF Makes Long-Shot Bid at SEC as Crypto Rallies Why ESG in America May Face a Rough Road Ahead Sleepy Schwab Bond Fund Notches $2 Billion of Flows in One Day Options Traders Make Record Bets on $3 Billion Regional-Bank ETF Crypto Advocates Shrug Off CFTC’s Lawsuit Against Binance Crypto Industry Defies Strife as ETP Debuts Pick Up, Flows Rise Vanguard Plans to Open Manchester Office in European Expansion Credit Suisse’s Infamous ETN Misadventure May Be Limping to End BCE CEO says tech hiring & donations continue despite tough economy Cenovus CEO Pourbaix to step down, become executive chair; Jon McKenzie to be new CEO Manulife CEO on diversification, insurance demand and digital transformation Decision on new Suncor CEO expected 'very soon' Restaurant Brands' CEO change is 'all about accelerating growth': Executive chairman Restaurant Brands' CEO change is 'all about accelerating growth': Executive chairman Reed Hastings explains why he's stepping down as Netflix CEO in blog post Bankman-Fried says in court that he's ready for U.S. extradition SBF sent back to Bahamian jail after catching lawyer off guard with U.S. extradition plan Disney's Iger returns to reckon with his own 15-year Legacy Women making small gains, but still troublingly under-represented in the C-suite Gerry Schwartz to step down as CEO at Onex, Bobby Le Blanc named next CEO Dominic Barton on Canada-China relations, future at Rio Tinto 'We’re serving Canadians better' following the pandemic: McKesson Canada CEO Rebecca McKillican World's richest family loses US$11.4B in Walmart rout 'Fine balance': Rania Llewellyn on fitting her long-term inclusion goals into Laurentian's revamp First female bank CEO in Canada leads with younger self in mind ​Company holiday parties are making a comeback, but many employers have a plan B Elon Musk and Jeff Bezos now worth almost half a trillion dollars Nishant Kumar, Bloomberg News Crispin Odey Photographer: Hollie Adams/Bloomberg , Bloomberg (Bloomberg) -- Odey Asset Management has liquidated a commodities-focused hedge fund run by portfolio manager Henry Steel and personally backed by its founder Crispin Odey. The London-based firm has shuttered the Odey Concentrated Natural Resources Fund after the money pool suffered losses tied to its large Russian positions last year and failed to raise assets, according to a person with knowledge of the matter who asked not to be identified because the details are private. A spokesman for the firm declined to comment. The hedge fund, which had $10 million under management at the end of 2022, lost 20% last year after it marked the Russian bets to zero, according to Steel’s year-end client letter seen by Bloomberg. Steel started the fund in 2019 with money from Odey and some external investors. “2022 was a hugely frustrating year overall with Russian Central Bank regulation preventing the trading of a substantial part of the fund following Russia’s invasion of Ukraine, and our subsequent marking the positions to zero,” he wrote in the letter. “Whilst these equities continue to trade in Russia, and for investors deemed ‘friendly’ to Russia, this turned 2022 into what was unfortunately a challenging year for the strategy.” The fund joins a growing list of hedge funds to shutter as investors turn their focus on large and diversified money pools run by multiple portfolio managers. More than 3,200 hedge funds have closed over the past five years, far exceeding launches, according to data from HFR. Steel’s fund, which ran a concentrated portfolio of equities and was once the firm’s hottest offering, failed to gather assets and gain scale since opening to external investors in 2019, leading to the firm’s decision to close it, the person added. The fund manager joined Odey Asset Management in 2015 as an analyst covering mining, oil, gas, power and other utilities. He previously worked at Rio Tinto Plc as well as Marathon Asset Management and GLG Partners. ©2023 Bloomberg L.P.