Goldman Sachs Alum’s Hedge Fund Said To Return 8% (Fa-Mag)
Azentus Capital Management Ltd., led by former Goldman Sachs Group, Inc. (NYSE:GS) proprietary trader Morgan Sze, returned 8 percent before fees this year through yesterday, according to a person with knowledge of the matter. Azentus’s assets stand at $1.6 billion, said the person, who declined to be identified because the information is private. Hong Kong-based Azentus manages a global multistrategy hedge fund focused on Asia. Roger Denby-Jones, Azentus’s chief operating officer, declined to comment. The Eurekahedge Multistrategy Hedge Fund Index, tracking the performances of 254 pools globally, returned 2.3 percent in the first three months.
Should Germany Exit the Euro? (Project-Syndicate)
Last summer, the financier George Soros urged Germany to agree to the establishment of the European Stability Mechanism, calling on the country to “lead or leave.” Now he says that Germany should exit the euro if it continues to block the introduction of Eurobonds. Soros is playing with fire. Leaving the eurozone is precisely what the newly founded “Alternative for Germany” party, which draws support from a wide swath of society, is demanding. Crunch time is fast approaching. Cyprus is almost out of the euro, its banks’ collapse having been delayed by the European Central Bank’s provision of Emergency Liquidity Assistance, while euroskeptic parties led by Beppe Grillo and Silvio Berlusconi garnered a combined total of 55% of the popular vote in the latest Italian general election.
India, China to be sources of global economic growth: American economist Nouriel Roubini (EconomicTimes)
Marking out the importance of emerging markets in global economy, noted American economist Nouriel Roubini on Wednesday said that China, India and other emerging markets are going to be sources of global economic growth. Roubini, known for predicting US housing market collapse and worldwide recession was addressing the World Trade Centre General Assembly. The theme of the 44th General Assembly of the World Trade Centres Association, New York, was ‘The new economic order and WTCs’.
$20M Not Enough for Casino (NBCPhiladelphia)
The proposed sale price for one of Atlantic City’s struggling gambling halls is too low, according to a top lender. Investor Carl Icahn says he won’t approve the proposed $20 million sale of Atlantic City’s Trump Plaza Hotel and Casino. As the senior lender, Icahn tells The Press of Atlantic City the price is too low. Icahn declined to say what he thinks the deal is worth. “It’s as black and white as it can be: They can’t sell that casino without our consent. It’s not going for anywhere close to $20 million,” Icahn told the paper. Icahn says he holds the mortgage for both Trump Plaza and Trump Taj Mahal Casino Resort. His office says the mortgage totals $289 million.
The Carl Icahn Boom Continues With Netflix (Forbes)
Carl Icahn‘s roll continues. For the last few years, Icahn has knocked out impressive investment returns and stock market gains, but 2013 is turning into a blockbuster year. The home entertainment business has not always been kind to Icahn and his increasing fortunes in recent years have been fueled by oil industry-related investments, but in 2013 the story is Netflix, Inc. (NASDAQ:NFLX) +24.44%. Netflix’s shares soared by more than 20% in Tuesday morning trading after the company reported that first quarter revenue surpassed $1 billion for the first time as Netflix, Inc. (NASDAQ:NFLX) continued to add subscribers to its streaming service.
Hedge Fund Association Teams up with The Appointment Group for Exclusive Travel Partnership (BusinessWire)
The Hedge Fund Association (“HFA”) today announced that it has teamed up with global travel management company The Appointment Group (“TAG”) as its exclusive travel partner. In this partnership, the HFA’s members will be able to take advantage of TAG’s quality service offerings geared specifically for the hedge fund traveler, which include specially negotiated hotel rates and international airfares, along with in-house 24-hour customer service to meet their complex and ever changing schedules. “Given the constant travel required by hedge fund executives, we are looking forward to offering the HFA’s members a hassle-free and cost-effective way to book their trips, with the highest possible service and other attractive amenities for their business excursions,” said Daniel Price, Managing Director, TAG.
Apple’s cash plan takes heat off Cook, buys him time (Reuters)
Tim Cook wants investors to “think different” about Apple Inc. (NASDAQ:AAPL): less as a hyper-growth startup-like company and more as a mature but robust technology corporation with the world’s most lucrative dividend. If Wall Street follows Apple Inc. (NASDAQ:AAPL)’s famous advertising slogan of old, it may relieve some of the pressure on Apple’s chief executive, quiet investors’ grumbling about its recent share price slide, and buy the company time to do what it says it does best: come up with and market new products. On Tuesday, Apple Inc. (NASDAQ:AAPL) said it would return $100 billion to shareholders by the end of 2015, in part by raising its dividend 15 percent and in part by increasing its share buyback program six-fold to $60 billion.