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Article: €22Bn Hedge Fund H2O, Majority-Owned by Natixis, Ordered to Freeze Funds. Fishy Smells Emanate

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€22Bn Hedge Fund H2O, Majority-Owned by Natixis, Ordered to Freeze Funds. Fishy Smells Emanate

Nick Corbishley, 31 August 2020

H2O Asset Management — a UK-based hedge fund, majority-owned by French investment bank Natixis — just gated a series of its funds due to illiquidity of its holdings. On Friday evening, France’s chief market regulator, Autorité des marchés financiers (AMF), instructed the firm to close three of its funds due to “valuation uncertainties” resulting from their exposure to unlisted securities linked to the controversial German financier Lars Windhorst.

Besides the three funds indicated by AMF, H2O closed another five funds containing holdings of similarly illiquid assets, with the result that roughly half of the asset management firm’s entire portfolio of assets — €21.7 billion, according to the company’s website — is now under wraps. Trapped investors cannot access their funds, and will be unable to do so for at least the next four weeks, during which time the company will try to sell off the illiquid assets. Continue reading “Article: €22Bn Hedge Fund H2O, Majority-Owned by Natixis, Ordered to Freeze Funds. Fishy Smells Emanate”

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Article: Small Landlords, Tenants, Lenders, Governments Grapple with “Extend-and-Pretend Forevermore”

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Small Landlords, Tenants, Lenders, Governments Grapple with “Extend-and-Pretend Forevermore”

Nick Corbishley, 26 August 2020

The British public was recently treated to an exemplary example of what Wolf Street likes to call “extend and pretend forevermore.” At the end of last week, the UK government extended its ban on tenant evictions by four extra weeks. First launched in late March, the ban was supposed to last three months, but it was extended by an additional two months in June. Now, it’s been extended til late September.

In other words, tenants will have been safe from legal eviction for six months so far this year. The government also lengthened the minimum period of notice a landlord has to give before evicting a tenant from two months to six months. Continue reading “Article: Small Landlords, Tenants, Lenders, Governments Grapple with “Extend-and-Pretend Forevermore””

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Article: A famed short-seller explains why he’s betting big against a Chinese tech stock that has seen a ‘crazy stupid’ 320% gain in 2020

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A famed short-seller explains why he’s betting big against a Chinese tech stock that has seen a ‘crazy stupid’ 320% gain in 2020

Saloni Sardana, 22 August 2020

Famed short-seller Andrew Left is aggressively shorting a “crazy stupid” Chinese stock that has gained more than 320% on the New York Stock exchange in 2020, as he believes it has exaggerated its earnings and will eventually be delisted. The activist short-seller and founder of Citron Capital, told Business Insider that he believes that the earnings of GSX Techedu are grossly inflated “anywhere between 50 to 80%.” GSX, which is an online education provider, has surged despite a number of claims by various short-sellers casting doubt on the company’s performance. Continue reading “Article: A famed short-seller explains why he’s betting big against a Chinese tech stock that has seen a ‘crazy stupid’ 320% gain in 2020”

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Article: Turkey’s 2nd Financial & Currency Crisis in 2 Years Blossoms. Heavily Invested European Banks Look for Exit. But Not the Most Exposed Bank

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Turkey’s 2nd Financial & Currency Crisis in 2 Years Blossoms. Heavily Invested European Banks Look for Exit. But Not the Most Exposed Bank

Nick Corbishley, 15 August 2020

As the Turkish lira logged fresh record lows against both the dollar and the euro on Friday, and is now down 19% this year against the dollar, attention is turning once again to the potential risks facing lenders. They include a handful of very big Eurozone banks that are heavily exposed to Turkey’s economy via large amounts in loans — much of it in euros — through banks they acquired in Turkey. And the strains are beginning to replay those of the last currency/financial crisis in 2018. Continue reading “Article: Turkey’s 2nd Financial & Currency Crisis in 2 Years Blossoms. Heavily Invested European Banks Look for Exit. But Not the Most Exposed Bank”

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Article: South Dakota man linked to Russian spy sentenced for fraud

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Investigations Newsletter: Russian National Sentenced to Prison for $100 Million Cyber Fraud Conspiracy

Associated Press, 13 August 2020

A former conservative operative who was once romantically linked to a Russian agent was sentenced Monday to seven years in federal prison in South Dakota.

Paul Erickson pleaded guilty to wire fraud and money laundering as part of fraudulent investment schemes he operated for many years, the Argus Leader reported.

Erickson was not charged in connection to his romantic relationship with Maria Butina, who was deported in October after admitting she sought to infiltrate conservative U.S. political groups and promote Russia’s agenda. He came under the scrutiny of federal investigators who were monitoring Butina but her role in his downfall did not come up in court. Continue reading “Article: South Dakota man linked to Russian spy sentenced for fraud”

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Article: BlackRock CEO Larry Fink sells 5% of stake, raising $24m

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BlackRock CEO Larry Fink sells 5% of stake, raising $24m

NICOLE PIPER, 27 July 2020

Larry Fink, chief executive of BlackRock, sold $24.2m of stock in the company earlier this week. According to Bloomberg, Fink sold 41,706 shares at an average price of $580.29 on July 21, shedding about 5% of his stake in the world’s largest asset manager. The latest sale means that Fink has raised $74.4m from selling BlackRock stock this year. He still owns $457m in BlackRock stock. Continue reading “Article: BlackRock CEO Larry Fink sells 5% of stake, raising $24m”

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Article: Executives are selling stock as the market experiences its epic rebound

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Executives are selling stock as the market experiences its epic rebound

Maggie Fitzgerald, 24 July 2020

Company insiders are dumping shares as stocks experience their epic rebound from the coronavirus recession. The sales are a major shift from the insider buying frenzy during the market bottom in March. Among the sellers are the heads of blue-chip companies like UnitedHealth and BlackRock. Continue reading “Article: Executives are selling stock as the market experiences its epic rebound”

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Article: BlackRock CEO Sold $24 Million of Stock as Insider Sales Up

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BlackRock CEO Sold $24 Million of Stock as Insider Sales Up

Donald Moore, 23 July 2020

BlackRock Inc. Chief Executive Officer Larry Fink sold $24.2 million of stock in the world’s largest asset manager, bringing his sales this year to $74.4 million. What’s moving markets
Start your day with the 5 Things newsletter. Fink disposed of 41,706 shares — about 5% of his stake in the business — at an average price of $580.29 on July 21, according to a regulatory filing. The filings didn’t indicate that his sales this year were made under a pre-scheduled trading plan. Continue reading “Article: BlackRock CEO Sold $24 Million of Stock as Insider Sales Up”

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Article: Wirecard’s Former Billionaire CEO Markus Braun Arrested Over Allegations Of Fraud

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Wirecard’s Former Billionaire CEO Markus Braun Arrested Over Allegations Of Fraud

Jack Kelly,  23 July 2020

On Monday, I reported that Markus Braun, the billionaire CEO of online payments company Wirecard, faced serious allegations over the company’s rapid growth and questionable business practices. Specifically, regulators and investors were concerned over claims that the FinTech company purported to have $2 billion dollars in a couple of Philippine banks. Investigations conducted by an outside auditor revealed that the money wasn’t there and possibly never existed. Continue reading “Article: Wirecard’s Former Billionaire CEO Markus Braun Arrested Over Allegations Of Fraud”

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Article: Fugitives arrested in I-CAN global anti-mafia operation

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Article: Fugitives arrested in I-CAN global anti-mafia operation

LYON, France: Coordination through the INTERPOL Cooperation Against ‘Ndrangheta (I-CAN) project – an INTERPOL and Italian initiative – has seen law enforcement round up six fugitives in Albania, Argentina and Costa Rica following intelligence gained in an earlier operation targeting the ‘Ndrangheta in November 2019.

Last year’s “Operation Magma 2007” targeted individuals wanted for association with the ‘Ndrangheta, as well as drug trafficking and illegal weapons possession. Conducted by Italy’s Guardia di Finanza and Direzione Centrale Servizi Antidroga, and coordinated by the Direzione Distrettuale Antimafia in Reggio Calabria, the operation resulted in the arrest of 45 suspects across Italy.

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Article: Singapore’s Marina Bay Sands casino pays Chinese gambler US$6.5 million to settle suit

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Singapore’s Marina Bay Sands casino pays Chinese gambler US$6.5 million to settle suit

Bloomberg,  20 July 2020

(Bloomberg) Singapore casino Marina Bay Sands has agreed to settle a lawsuit brought by a former patron, meeting his demand for a S$9.1 million (US$6.5 million) payment, according to a person familiar with the matter.

Marina Bay Sands, run by US billionaire Sheldon Adelson’s Las Vegas Sands, also agreed to allow Chinese gambler Wang Xi back into the casino as long as he abides by its policies, said the person, who asked not be identified because the matter is confidential.

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Article: Does the EU’s anti-money laundering strategy ignore the (Russian) elephant in the room?

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Does the EU’s anti-money laundering strategy ignore the (Russian) elephant in the room?

Portia Kentish, 14 July 2020

With Europe’s parliament having now approved the European Commission’s new “high-risk” list of third countries deemed a threat to the bloc’s anti-money laundering (AML) efforts, several high profile critics are already voicing fears that it will do little to prevent illicit funds from being washed through Europe’s banks. This is particularly true for the Baltic states, whose vulnerability to money laundering networks based in neighbouring Russia remains an acute problem for the region. Continue reading “Article: Does the EU’s anti-money laundering strategy ignore the (Russian) elephant in the room?”

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Article: Patrick Byrne to Increase Focus on tZERO and Digital Securities Exchanges

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Patrick Byrne to Increase Focus on tZERO and Digital Securities Exchanges

Joshua Stoner, 12 July 2021

Despite market conditions, there is no shortage of belief in the viability of blockchain. Week after week, partnerships are made, and new products ramp up development. One notable move has taken place just recently. Patrick Byrne has indicated that he will be shifting his priority and focus from Overstock.com to tZERO. This shift will see the sale of the retail side of Overstock.com. The plan is expected to come to fruition by February of 2019, as they line up potential buyers. Continue reading “Article: Patrick Byrne to Increase Focus on tZERO and Digital Securities Exchanges”

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Article: Uncertainty tax: Why Vanguard bigwigs expect economic growth to slow in 2020

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Uncertainty tax: Why Vanguard bigwigs expect economic growth to slow in 2020

Erin Arvedlund, 11 July 2020

Vanguard’s top executives held a webcast Thursday evening addressing key factors that could affect the U.S. and global economies, trends to watch for in the financial markets, and what’s new for Vanguard clients in 2020.

“We’ve seen a significant rally last year, so for returns in bonds, we expect overall 2-2.5% over the next decade” annually, said chief investment officer Greg Davis on the one-hour program. For U.S. equities, Vanguard expects annual returns of slightly under 5% and international equities of 7.5% annually. Continue reading “Article: Uncertainty tax: Why Vanguard bigwigs expect economic growth to slow in 2020”

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Article: Benitec Biopharma Provides Update on BB-301 Tissue Transduction Study

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Benitec Biopharma Provides Update on BB-301 Tissue Transduction Study

PRNewswire, 08 July 2020

Benitec Biopharma, Inc. (NASDAQ: BNTC), a development-stage, gene therapy-focused, biotechnology company developing novel genetic medicines based on the proprietary DNA-directed RNA interference (“ddRNAi”) platform, today announced the initiation of the BB-301 Tissue Transduction Study in large animal subjects. Continue reading “Article: Benitec Biopharma Provides Update on BB-301 Tissue Transduction Study”

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