At a time when gold is in a bear market amid record outflows from investor holdings, bullion remains relevant in portfolios as inflation may accelerate, the U.S. dollar weaken and global economic growth stall, according to Franklin Templeton Investments.
Argentina’s tax agency sent 50 officials to the local unit of billionaire Kenneth Dart’s Dart Container Corp. as part of an investigation into tax evasion and accused him of financing anti-government protests.
Elliott Management Corp. took a significant stake in NetApp Inc., pressing the data-storage company to change its board and study options to boost shareholder value, people familiar with the situation said.
Hess Corp. ended a four-month proxy battle with billionaire Paul Singer’s Elliott Management Corp., adding three of the activist investor’s five board nominees and heading off a shareholder vote on competing candidates.
Billionaire investor George Soros joined Northern Trust Corp. and BlackRock Inc. in cutting holdings of exchange-traded products backed by gold before a bear market in prices last month, while John Paulson maintained a stake that lost about $165 million in the first quarter.
A gauge of U.S. corporate credit risk erased an earlier decline after Federal Reserve Bank of San Francisco President John Williams said the central bank may start tapering its bond purchases as soon as this summer.