George Soros, a Facebook Co-founder, and a Disney Heiress are Among Billionaires Asking US Politicians to Tax Them More (Business Insider)
George Soros, Facebook cofounder Chris Hughes, and heiress Abigail Disney are among more than a dozen billionaires who want to pay higher taxes. The ultra-rich Americans signed a letter addressed to all 2020 presidential candidates that was published on Monday. The letter proposes a tax on the wealthiest 0.1% of Americans that could help to combat climate change, boost the US economy, improve people’s health, promote fairness, and reduce inequality.
Jana Partners Amasses Stake in Axalta Coating Systems – Report (The Street)
Activist investor Jana Partners has built up a position in paint-coating maker and supplier Axalta Coating Systems (AXTA) amid the company’s recent announcement that it is undergoing a strategic review. Citing sources, Bloomberg reported on Monday that the New York-based hedge fund run by Barry Rosenstein has invested in Axalta recent months, and has been pushing the company to explore alternatives.
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Two Viking Portfolio Companies to Go Public This Week (Institutional Investor)
Three biopharmaceutical companies with hedge fund investors are poised for their public market debuts over the next few days. Biopharma IPO mania continues. At least three biopharmaceutical companies with hedge fund investors are planning to go public this week, two of which count Viking Global Investors as a significant investor. Many investors – and the financial media – are fixated on the initial public offerings (IPOs) of the so-called unicorn technology.
Billionaire Tom Steyer Pours Another $1 million into Helping the Democrats win Virginia (The Washington Post)
Billionaire Tom Steyer is pouring $1 million into efforts to register at least 12,000 millennial voters in Virginia, part of a broader push to deliver the General Assembly to Democrats in fall elections. NextGen America, the liberal advocacy group Steyer founded in 2013, will target 11 mostly Republican-held districts with digital ads and other forms of outreach to voters between the ages of 18 and 35, with messages centered on gun safety, reproductive rights and climate change, the group announced Monday.
Hedge Fund with Thai Billionaire Links Takes Donaco Stake at Big Price (AFR.com)
There’s another twist in the battle for control of ASX-listed Cambodian casino operator Donaco International. It appears a hedge fund involving Thai billionaire Chanin Donavanik, Argyle Street Management Ltd, has taken a strategic stake and paid a big premium to where Donaco shares have been trading. The stake was picked up off OCP Asia, which was a lender to Donaco’s former CEO Joey Lim and had taken control of the shares as part of a lending agreement with Lim.
New Danish Hedge Fund in Hunt for Relative Gains (Hedge Nordic)
Stockholm (HedgeNordic) – SRV – Fixed Income, a new Danish relative value fund that focuses on Scandinavian and European fixed income markets, has now joined the Nordic Hedge Index. The fund was launched in February of this year by Erik Bo Hansen and Torben Pedersen, both of whom spent most of their professional careers at Nordea. SRV – Fixed Income employs a systematic approach to harvest risk premia in fixed income markets, aiming to exploit price dislocations predominantly in Nordic bond markets. The duo managing the fund anticipates to deliver an average annual return between 6-10 percent over a rolling three-year period.
Hedge Funds End Positive Performance Streak (Preqin)
The Preqin All-Strategies Hedge Fund benchmark generated its first negative monthly return for 2019 in May, posting a loss of 0.10%. This ended a four-month stretch of positive monthly returns for the industry benchmark. Consequently, the YTD figure fell to +6.40%. Relative value strategies hedge funds took the crown as the top performing strategy benchmark with a return of +0.64% for May. Credit strategies hedge funds were the only others to join them in positive territory with a return of +0.12%. Hedge funds denominated in BRL managed to avoid a loss in May, the only main currency benchmark to do so, with the BRL hedge fund benchmark returning +1.00%. This improved its 12-month return to +13.20%, far outstripping other currencies in this timeframe.
The VP & Controller of Suburban Propane (NYSE: SPH) is Selling Shares (Analyst Ratings)
Today, the VP & Controller of Suburban Propane (SPH), Daniel Bloomstein, sold shares of SPH for $72.9K. Following Daniel Bloomstein’s last SPH Sell transaction on December 04, 2017, the stock climbed by 4.3%. In addition to Daniel Bloomstein, 2 other SPH executives reported Sell trades in the last month. SPH’s market cap is $1.52B and the company has a P/E ratio of 18.98. Currently, Suburban Propane has an average volume of 305.8K.
The CFO and Corporate Secretary of Calavo Growers (NASDAQ: CVGW) is Selling Shares (Analyst Ratings)
Yesterday, the CFO and Corporate Secretary of Calavo Growers (CVGW), Bruce John Lindeman, sold shares of CVGW for $293.7K. Following Bruce John Lindeman’s last CVGW Sell transaction on December 21, 2018, the stock climbed by 26.8%. In addition to Bruce John Lindeman, 3 other CVGW executives reported Sell trades in the last month.
Man to be Sentenced for Vic Inside Trading (DailyLiberal.com)
A Sydney man who pleaded guilty to hacking a Melbourne-based financial publisher for the purposes of insider trading is due to be sentenced. Steven Oakes, who has been on bail, admitted in June last year that he gained unauthorised access between 2012 and 2016 to information from the publisher’s private computer network, with the intention of using the data for insider trading. The inside information, according to the Australian Securities and Investment Commission, was advice to buy particular shares that were about to be published in stock recommendation reports.
Sebi Plans to Tighten Rules of Pledging Shares by Promoter Group Entities (Business-Standard.com)
The Securities and Exchange Board of India (Sebi) plans to tighten rules of pledging shares by promoter group entities. The market regulator will soon direct promoters, whose pledged shares exceed 20 per cent of the equity capital, to cite detailed reasons for this. Sebi will also make changes to takeover code regulations so that any encumbrance on listed securities is disclosed. It is also likely to make key relaxations to the insider trading framework to ensure that trading window closure does not clash with corporate activities of listed companies.
Former UBS China Banker Given 9 years in Prison for Insider Trade (Reuters)
BEIJING/HONG KONG, June 21 (Reuters) – A former UBS banker in China has been sentenced to nine years in prison by a Shanghai court for disclosing inside information related to an acquisition deal in 2017, court documents show and sources with knowledge of the case said. A statement on the Shanghai No.1 intermediate People’s Court’s official WeChat account only referred to the banker by his surname, Sang, but a separate court document seen by Reuters gave the UBS banker’s full name as Sang Renzhao.
