Mark Wiseman, the chief executive officer of Canada Pension Plan Investment Board, walked into the high-end New York department store Bergdorf Goodman in the mid-1990s looking for a suit. He left empty-handed.
Activist funds, which buy stakes in companies in order to force changes in their operations, are one of the hottest trends in finance. Over the past year, the money flowing into them has surged so much that their assets under management are up more than 50 percent, while those of hedge funds as a whole have risen less than 15 percent.
U.K. Deputy Prime Minister Nick Clegg pushed the case for raising the tax on top-end properties owned by foreign investors in London, as the government examines the idea in the run-up to its end-of-year financial statement.
The world’s largest emerging markets recovered quickly from the 2008 financial crisis because consumers and companies went on a borrowing binge. Now that credit spree is coming back to haunt banks in those countries.
A gauge of U.S. company credit risk fell to the lowest level in three weeks as investors expect that Federal Reserve chairman nominee Janet Yellen may maintain the central bank’s stimulus into next year.
The reports coming out of the Philippines are all too familiar. Shattered villages, corpses strewn across battered beaches, dazed survivors picking through the wreckage of their former lives. As I write, Typhoon Haiyan (described in some news reports as a “supertyphoon”) appears to be the worst natural disaster in the nation’s history, and one of the worst ever in Asia -- a region that has known no shortage of calamities.