Banks Redefine Jobs Of 'Prop' Traders (WSJ)
At Morgan Stanley, one proprietary trader whose desk was shut down after the financial crisis now trades using capital from a trading desk that serves stock-trading clients, said a person familiar with the matter. Another Morgan Stanley proprietary trader who left for Deutsche Bank AG also essentially bets with the German bank's capital on a trading desk for clients, this person added.
Soccer Stadiums, Filled During World Cup, Need Rugby to Survive (Bloomberg)
Check out the big brain on Citi: “The problem with soccer in South Africa is that it is not a high-paying spectator sport or a high sponsor-attracting sport,” Jean-Francois Mercier, an economist at Citigroup Inc. in Johannesburg, said in an interview. “Rugby is."
Italy Is The Ticking Time Bomb (CNBC)
Roger Bootle and his team over at Capital Economics are questioning whether the country holds great danger for the euro zone. “Perennially weak growth and a mountain of government debt mean that the Italian public finances are a potential time-bomb waiting to explode,” Bootle wrote in a research note. With much of the focus until now on the likes of Greece, Spain and Portugal, Bootle said Italy could soon be front and center on the sovereign debt story. “We think the size of the Government’s debts will eventually prompt the markets to turn their sights on Italy and a default is a distinct possibility," he wrote.
Hedge funds think 2010 will be a toughie (Reuters)
Seven out of 10 said they expect a "trying" year as the industry faces regulatory oversight and competition picks up with more funds likely chasing investment dollars, according to a survey by accounting and audit firm Rothstein Kass.
BP approaches funds to fend off takeover bids (Reuters)
BP executives have held talks with a number of sovereign wealth funds (SWFs) including Abu Dhabi, Kuwait, Qatar and Singapore, a source told Reuters under condition of anonymity. "BP is seeking a strategic partner so it doesn't get taken over by other major oil companies such as Exxon and Total," the source said. "It's BP that is approaching the sovereign wealth funds not the other way round. They are the ones in need of a partner." BP declined to comment on speculation it was planning to issue an equity stake. "We're always happy to welcome new shareholders or existing shareholders who wish to increase their holdings but there's no plans to issue new equity to anyone," a BP spokesman told Reuters.
K1 fund manager kills himself (FT)
Dieter Frerichs, managing director of K1 group funds K1 Global and K1 Invest, shot himself on a Spanish beach on Saturday. He died as local police tried to detain him after a Madrid court ordered his extradition, according to a spokesman for the state prosecutors in the German city of Würzburg. The 72-year old was the fourth suspect in what authorities claim was a ploy to defraud investors led by the self-taught hedge fund manager Helmut Kiener, who has been detained in a Würzburg jail since last October.
With the US trapped in depression, this really is starting to feel like 1932 (Telegraph)
Prettay, prettay, prettay exciting stuff.
Ashley Dupre becoming a real estate broker (NYP)
"New York City real estate has always been an interest of mine," she said. "It's just something that I wanted to do. Where this goes is yet to be determined. I am so excited to be back -- there's no place like New York. "Music has always been my passion and will remain that always. Right now my focus is on my column, Ask Ashley, every Sunday in The Post." Sources told us Dupre fit in well in her NYU real estate courses and "made a ton of friends. She dressed very cute to class, hung out with students during lunch, and has been very into the course. She was one of the top students -- often answering questions from the lecturers before they'd even finished speaking."
Ex-Goldman’s Maruyama Targets $114 Million for New Hedge Fund (BW)
The R-SQUARED Master Fund, a multi-strategy hedge fund, began on April 1 with 1.36 billion yen ($16 million) of capital and has returned 0.7 percent through June on a preliminary basis, said Maruyama, the founder of Round Rock Capital Advisors Co., a Tokyo-based hedge-fund advisory firm. The fund aims to increase assets to 10 billion yen within 12 months and to about 30 billion yen in a year-and-a-half, he said.
HSBC Clients With Asian Accounts Said to Face U.S. Tax Probe (Bloomberg)
The Justice Department is conducting a criminal investigation of HSBC Holdings Plc clients who may have failed to disclose accounts in India or Singapore to the Internal Revenue Service, according to three people familiar with the matter.
Buffett Donates $1.6 Billion in Biggest Gift Since 2008 Crisis (Bloomberg)
The value of Buffett’s annual gift to the foundation established by Bill Gates rose 28 percent to $1.6 billion from $1.25 billion last year. The donation, made in Berkshire Class B stock, was accompanied by gifts totaling $328 million in shares to three charities run by Buffett’s children and another named for his late first wife, according to a July 2 filing.