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ReportonBusiness.com – A group of dissident shareholders enraged over HudBay Minerals Inc.’s corporate missteps is pressing on with plans to oust the company’s board even after the resignation of the mining firm’s embattled chief executive officer.
HudBay said yesterday that Allen Palmiere, the architect of HudBay’s recent failed merger attempt with Lundin Mining Corp., resigned as an officer and director of the Toronto company. HudBay director Colin Benner, the former head of Lundin, Skye Resources Inc. and EuroZinc Mining Corp., was appointed interim CEO.
Washington Post – John W. Henry & Co., the investment firm run by the Boston Red Sox baseball team’s owner, is among hedge funds that in July suffered their worst drops in almost 18 months as oil and other commodities retreated from record prices.
John W. Henry lost 17 percent on its JWH GlobalAnalytics fund, the firm said on its Web site. Altis Partners’ $1 billion global futures program fell 18 percent, paring its gain for the year to 10 percent. London-based Man Group’s AHL Diversified Futures, the computer program that trades about $25 billion of investments, dropped 5.5 percent through July 28, or a loss of about $1.37 billion in the month.
Oil, natural gas, nickel and corn prices all tumbled in July, making it the worst month for the Reuters/Jefferies CRB Commodity Index in 28 years. The drops pushed commodities trading advisers to their biggest declines since March 2007, according to data compiled by fund tracker Barclay Hedge.
Bloomberg – John W. Henry & Co., the investment firm run by the Boston Red Sox baseball team’s owner, is among hedge funds that suffered their worst drops in almost 18 months in July as oil and other commodities retreated from records.
John W. Henry lost 17 percent on its JWH GlobalAnalytics fund, the firm said on its Web site. Altis Partners Ltd.’s $1 billion global futures program fell 18 percent, paring its gain for the year to 10 percent. London-based Man Group Plc’sAHL Diversified Futures Ltd., the computer program that trades about $25 billion of investments, dropped 5.5 percent through July 28, or a loss of about $1.37 billion in the month.
Oil, natural gas, nickel and corn prices all tumbled in July, making it the worst month for the Reuters/Jefferies CRB Commodity Index in 28 years. The drops pushed commodities trading advisers, which manage about $234 billion, to post their biggest declines since March 2007, according to data compiled by BarclayHedge, a Fairfield, Iowa-based fund-tracker. So-called CTA funds rose 8.3 percent in the first half, making them the best performing strategy in an industry that had its worst start to a year in nearly two decades.
