Anil Kumar on Rajaratnam: “I felt an obligation to try and help him”
The tale behind the insider tradings scheme between Wharton chums Anil Kumar and Raj Rajaratnam plays out with storied themes of immigrants with big dreams, Swiss bank accounts, and hiding money in the housekeeper’s name.
Gabelli’s Segrich Shorts JA Solar as Italy, Germany Plan Cut to Subsidies
Gabelli & Co. fund manager John Segrich said he has shorted JA Solar Holdings Co. and Power-One Inc. (PWER) as Italy and Germany plan cuts to solar-power subsidies. Segrich, who didn´t disclose how much borrowed stock he sold, said some of the best markets for their products have too much supply. Shanghai-based JA Solar makes solar cells, and Power-One of California is the second-largest manufacturer of solar-power inverters, according to the company’s website. “It’s going to take prices collapsing to open up new markets,” Segrich, who manages about $40 million at Rye, New York-based Gabelli, said in a telephone interview yesterday. “We’ve got the hard-landing scenario.”
Li Ka-shing’s Hutchison ports unit to raise $5.4 billion
Hong Kong tycoon Li Ka-shing‘s Hutchison Port Holdings Trust (HPHT) priced its Singapore IPO at $1.01 per unit and will raise $5.4 billion from the listing or around 6 percent below its initial expectation, sources familiar with the deal said on Friday. The price for Southeast Asia’s biggest initial public offering was set in the middle of a revised range of $0.99-$1.03 per unit after price guidance was tightened on Thursday, with investors seeking a higher yield amid volatile financial markets.
SJM Stock Spike After Macao Billionaire and Family Make Up
Macao casino billionaire Stanley Ho put an end to the dispute claiming his family tried to steal a stake in a casino fortune he spent 50 years creating. News of the make-up was good for SJM shares.
In other news…
8.9 Magnitude Earthquake in Japan – Triggers Tsunami – Dozens Already Dead
A series of strong earthquakes hit Japan Friday afternoon local time. Another tragedy unfolds.