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...that wasn't enough, the tremors came at a time when hedge funds were under increasing scrutiny by politicians and regulators concerned about their growing impact on global financial markets. With total assets of more than $1.8 trillion, the industry has nearly doubled in size since 2004, and the activities of hedge funds can increasingly move markets. The danger posed by these lightly regulated vehicles, which employ strategies such as short-selling, trading in derivative securities, and leverage, to the financial system has been demonstrated before - most vividly by the 1998 implosion of Long-Term Capital Management (LTCM), a giant...
...high-level visits reflect India's new importance. Its economy is now a trillion-dollar heavyweight growing at 9% a year. On Oct. 29, its main stock index went through 20,000 for the first time, boosted by $18 billion in foreign funds this year and up almost 40% since January. Investors from around the world want a piece of the action...
Representatives from UBS will visit Harvard’s Faculty Club on Nov. 14 to recruit summer interns for their firm. They will advertise the fact that UBS is one of the world’s leading investment banks and that it manages assets worth well over $2 trillion. But there is one aspect of UBS’s operations that might escape mention at the recruitment session: The bank plays an important role in underwriting the supporters of Sudan’s genocidal government.The Swiss-based bank is arranging a massive stock offering that could raise more than...
...strategy that this week has been picked up by the Democratic leadership in press conferences and media releases after Bush formally submitted his supplemental request. And the House Budget Committee Wednesday held a hearing on new estimates that the cost of the war in Iraq will reach $2.4 trillion by 2017, according to the Congressional Budget Office. "I think Obey rightfully makes the point that the priorities of this Administration are out of whack,"said House Majority Leader Steny Hoyer. Given Bush's office, "it's not a fair fight, but in terms of ability and knowledge - of process...
...With the economy galloping and the ranks of the middle class swelling, India's $350 billion retail sector - which a McKinsey study says will be worth $1.52 trillion by 2025 - has local and overseas corporations salivating. India is a nation of shopkeepers: over 95% of the country's estimated 12 million retail outlets are small, mom-and-pop operations, striving alongside countless hawkers, vendors and street-stall owners. The network of small local markets that supply much of India's groceries has been honed over decades, but the notoriously inefficient system of middlemen it relies upon has been dogged...