Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
Money Morning – President-elect Barack Obama has made no bones about wanting to jump-start the renewable energy markets – pledging $150 billion for the development of biofuels, solar and wind power, other alternative energy sources during his first term.
But what might the new administration mean for more traditional – and more reliable –energy sources?
Oil is always the first energy source to spring to mind. But it’s hardly a solo act – coal and nuclear make up the other two-thirds of the top fuel trio. Coal delivers 50% of U.S. electricity needs, and nuclear power brings another 20% to the table.
The cold truth is that demand for energy of all types – and especially electricity – is going to keep advancing, domestically and worldwide. And developing alternatives to coal and nuclear will take time. For instance, tying wind and solar into the existing power grid will be enormously expensive and is likely to pose massive technical and engineering problems.
MSN MoneyCentral- A British hedge fund said Monday it will accept the Japanese government’s rejection of its proposal to raise its stake in a major utility — although it added that it still doesn’t agree with the reasoning behind the order.
The Children’s Investment Master Fund had proposed raising its stake in J-Power — Japan’s largest electricity wholesaler — to as much as 20 percent from 9.9 percent. The government rejected that proposal earlier this year, citing potential disruptions to public order.
The fund has contested the decision as lacking transparency and including incorrect information and false premises.
But it said the government was unlikely to change its mind. The fund will now instead focus on improving corporate governance at J-Power, it said in a statement.
Reuters- British investor The Children’s Investment Fund (TCI) said it had bought stakes in Mizuho Financial Group, Kajima Corp, and about eight other shareholders in J-Power, in order to raise pressure on the electricity wholesaler.
Mizuho, Japan’s second-largest bank, and Kajima, a construction company, are among the largest shareholders in J-Power, which TCI is pressuring to raise dividends, appoint outside directors and cut cross-shareholdings.
