Hedge fund third point buys stake
Hedge fund Third Point has built a large stake in Royal Dutch Shell. They called on the oil major to split into multiple companies. This is for increasing its performance. Billionaire investor Daniel Loeb’s New York-based firm, owns roughly $750 million in Shell. Shell’s market value is nearly $190 billion. Shell, faces mounting pressure from […]
UK to slash bond issuance
Helped by a faster-than-expected economic recovery and borrowing that has undershot forecasts, Britain’s government will slash its planned bond sales. This is for the current financial year. The median forecast from 12 primary dealers showed the Debt Management Office will plan to sell 218.8 billion pounds of gilts. There is also a 33.8 billion-pound reduction […]
HSBC rides out China property storm
HSBC shrugged off concerns about pandemic-related bad loans and property problems in China. This is with a surprise 74% quarterly profit jump and a $2 billion share buyback. The British bank’s profit growth was mainly driven by the release of cash reserves set aside in anticipation of pandemic-induced defaults, said HSBC’s finance chief Ewen Stevenson. He added […]