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Washington Post - That is the technical economic term that best sums up a day in which the House of Representatives refuses to pass a $700 billion rescue plan pushed by the White House and congressional leaders from both parties, Wachovia is taken over in a deal that will have the government potentially owning 10 percent of Citigroup, a few European banks fail, the Federal Reserve and other central banks are forced to inject an additional $300 billion into the global banking system, the Dow Jones industrial average plunges 778 points, and investors everywhere rush to the safety of gold and short-term Treasury bills.
The basic problem here is that too many people don’t understand the seriousness of the situation.
Americans fail to understand that they are facing the real prospect of a decade of little or no economic growth because of the bursting of a credit bubble that they helped create and that now threatens to bring down the global financial system.
New York (HedgeCo.Net) - Donald Trump Jr. has plans to set up a $1 billion hedge fund that will amass property in India and capitalize on the nation’s economic growth, according to a report published on Bloomberg.com.
"The fund will be for acquisitions of real estate in the high end and across the spectrum,” said Trump. "I see a lot of opportunities. We’ll start it off relatively small and grow it as we get more familiar with the Indian market.”
Trump Organization Inc. will focus on the city of Mumbai, where they are planning the development of a hotel/residential project. Mumbai is the home of many wealthy Indians and is also the country’s biggest trading center for stocks and bonds.
"Our entry has to be in Mumbai and that’s where everything is going on right now in terms of the high-end real estate,” Trump added. "That’s the place where one is going to achieve the highest prices per square foot. It sets the tone for all of the other future developments.”
While the U.S. hasn’t fared so well, India’s real estate prices has experienced steady climbs for five straight years amidst rising incomes.
Trump may go in on the deal with other investors including an Indian family, though he didn’t get specifics as how he would go about raising capital.
Julie Scuderi Senior Editor for HedgeCo.Net Email: julie@hedgeco.net
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Reuters UK- Roughly three dozen U.S. hedge funds have opened for business so far this year, 50 percent less than the same period last year, according to data released on Tuesday that underscored how tough it is to launch one of these portfolios now.
But the data also shows investors, like pension funds, endowments and wealthy individuals, are still flocking to these loosely regulated funds in search of better returns as the credit crisis and slower economic growth dents performance.
According to numbers compiled by trade magazine Absolute Return, the 35 new funds began trading with a total of $19.5 billion (9.9 billion pounds) in the first six months of 2008. That compares with 72 funds launched with $14 billion in the first half of 2007.
U.S. hedge funds, which often promise to make money in all markets, were in the red during the first half of the year but did not lose nearly as much as mutual funds, according to data released on Tuesday.
Hedge Fund Research said the average hedge fund is off 0.75 percent since January after slipping 0.68 percent in June.
For the roughly $2 trillion hedge fund industry the credit crisis and slower economic growth have led to sluggish returns across the board, according to data compiled by companies that track the industry.