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.
Reuters – Opportunistic property investment firm NewRiver Retail said on Monday it would list in September with a capitalisation of 25 million pounds, two months after suspending a planned 250 million pounds float.
NewRiver expects its shares to be admitted to London’s Alternative Investment Market on September 1, it said in a statement. The shares would also be admitted to the Channel Islands Stock Exchange.
Reuters – Islamic short-selling would help develop sharia capital markets, Malaysia’s stock exchange chief said on Thursday, defending plans for a controversial platform it hopes will improve market liquidity.
Some sharia scholars frown on short-selling, saying it amounts to selling what one does not own. Malaysia wants to allow regulated Islamic short-selling, a move criticised as sacrificing religious principles for market expediency.
Barbados Advocate – There is a need for stock exchanges in Barbados and the Caribbean to attract new types of products and market activities.
Marlon Yarde, general manager of the Barbados Stock Exchange (BSE) has made the suggestion while addressing a recent function in Jamaica.
He spoke on the topic, “Strengthening Institu-tional Development in the Regional Capital Markets.
There are stock exchanges in Barbados, The Bahamas, Guyana, Jamaica, Eastern Caribbean, and Trinidad and Tobago.
Expansion must be done in a more co-ordinated way into the fixed income and debt market as internationally the market for these is even larger than for equity securities.
Daily Guide – Foreign investors in the Nigerian capital market withdrew some $4 billion from the Nigeria Stock Exchange and precipitated its steep decline, the Exchange’s Director General, Professor Ndidi Okereke-Onyiuke has said.
Appearing before the joint Senate Committees on Finance, Capital Market, Banking, Insurance and other financial institutions investigating the economic crisis facing the country, Mrs Okereke-Onyiuke said in 2008, foreign hedge fund managers went out and withdrew their investment of N556 billion due to the financial crisis in their countries.
Okereke, who was responding to questions posed to her by Senators as to the reasons why share prices in the stock market kept crashing despite assurances by financial managers that the fundamentals of the nation’s economy are strong, said hedge fund managers were shocked by the global financial crisis and quickly withdrew their investments from Nigeria and took it back to their countries.
Miami Herald – Nearly two-thirds said they had lost 70 percent of their investments or more, according to the survey by the Shanghai Securities News, a newspaper affiliated with the stock exchange.
Many Asian hedge funds, meanwhile, took a drubbing and closed shop by the dozens, with their traditionally long bets on the markets’ moves souring amid the furious sell-off.
Whether 2008′s lows, reached mostly in October and November, hold in 2009 is a matter of debate.
