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Sep 1, 2015

Exclusive: ValueAct up 1.6 percent in second quarter of ‘difficult year’

By Michael Flaherty

(Reuters) – ValueAct Capital Management LP, the $18 billion activist hedge fund, recorded a 1.6 percent gain in the second quarter of 2015, a “difficult year” for its strategy due to falling oil prices and China’s slowdown, according to a letter to its investors.

Budget cuts, a strong U.S. dollar and hiring freezes are taking a particularly heavy toll on the capital goods, aerospace, oil services, media and enterprise software companies that ValueAct invests in, according to the Aug. 24 letter seen by Reuters.

Aug 31, 2015

Shareholder activism grows overseas as U.S. market gets crowded

NEW YORK/LONDON (Reuters) – Activist hedge funds have launched more non-U.S. campaigns this year than any year since the financial crisis, as managers slowly expand overseas in the face of a more challenging market at home.

Companies in Europe and Japan are attractive targets for U.S. shareholder activists seeking higher investment returns and less competition among funds that have shaken up the U.S. corporate sector.

Aug 27, 2015

Harris bumps Glencore holding to above 5 percent

NEW YORK, Aug 27 (Reuters) – Harris Associates has increased
its stake in mining and commodity group Glencore Plc to
more than 5 percent, the firm’s international portfolio manager
told Reuters on Thursday, betting the battered shares are set
for a rebound.

In an interview with Reuters, Harris Associates’ David Herro
said the fund is not taking an activist position with Glencore,
and that it is happy with its management.

Jul 30, 2015

Fed says economy improving; September rate hike in view

WASHINGTON (Reuters) – The U.S. economy and job market continue to strengthen, the Federal Reserve said on Wednesday, leaving the door open for a possible interest rate hike when central bank policymakers next meet in September.

Following their latest two-day policy meeting, Fed officials said they felt the economy had overcome a first-quarter slowdown and was “expanding moderately” despite a downturn in the energy sector and headwinds from overseas.

Jul 30, 2015

U.S. Federal Reserve says economy improving; September rate hike in view

WASHINGTON (Reuters) – The U.S. economy and job market continue to strengthen, the Federal Reserve said on Wednesday, leaving the door open for a possible interest rate hike when central bank policymakers next meet in September.

Following their latest two-day policy meeting, Fed officials said they felt the economy had overcome a first-quarter slowdown and was “expanding moderately” despite a downturn in the energy sector and headwinds from overseas.

Jul 29, 2015

Fed sees improving economy, jobs; September hike in view but not set

WASHINGTON, July 29 (Reuters) – The U.S. economy and job
market continue to strengthen, the Federal Reserve said on
Wednesday, leaving the door open for a possible interest rate
hike when central bank policymakers next meet in September.

Following a two-day policy meeting, Fed officials said they
felt the economy had overcome a first-quarter slowdown and was
“expanding moderately” despite a downturn in the energy sector
and headwinds from overseas.

Jul 29, 2015

Fed sees improving economy, job market; September rate hike in view

WASHINGTON, July 29 (Reuters) – The U.S. economy and job market continue to strengthen, the Federal Reserve said on Wednesday, leaving the door open for a possible interest rate hike when central bank policymakers next meet in September.

Following a two-day policy meeting, Fed officials said they felt the economy had overcome a first-quarter slowdown and was “expanding moderately” despite a downturn in the energy sector and headwinds from overseas.

Jul 22, 2015

U.S. financial regulation relief bill passes through appropriations panel

WASHINGTON, July 22 (Reuters) – Senator Richard Shelby
attached his financial regulation relief bill to an
appropriations markup on Wednesday, which passed a subcommittee
vote, acting on a threat he issued previously if Democrats
failed to offer a fair compromise.

The Financial Regulatory Improvement Act of 2015, which aims
to ease bank regulations and enforce greater transparency on the
Federal Reserve and other financial regulators, passed the
Senate Banking Committee in May with no support from Democrats.

Jul 21, 2015

Fed takes tough stance on bond liquidity, downplays market fears

NEW YORK/WASHINGTON, July 21 (Reuters) – While Wall Street
frets over the ability of bond markets to absorb an approaching
interest rate rise, the U.S. Federal Reserve has a message for
the industry: deal with it.

The financial industry worries that when the Fed’s
tightening plans take hold, a sell-off in the massive U.S. bond
market could ensue, and be exacerbated by a lack of bank buyers
willing to jump in.

Jul 20, 2015

New Fed rule tells 8 biggest U.S. banks to bump up capital

WASHINGTON, July 20 (Reuters) – The Federal Reserve on
Monday adopted a rule for the eight largest U.S. banks to hold
more equity capital, amid fears on Wall Street that the measure
may make it less profitable.

The rule was largely similar to when it was proposed in
December, when the U.S. central bank and bank regulator said the
firms would face a surcharge of between 1 percent and 4.5
percent of their assets.

    • About Michael

      "In June 2009, Michael Flaherty became a Chief Correspondent for Reuters News, leading a team of journalists who cover investment banking, mergers & acquisitions, private equity and hedge funds, equity capital markets, natural resources and property across Asia. He arrived in Hong Kong in Feb. 2008 as Reuters' Asia Financial Services correspondent, covering the investment banks and M&A. Flaherty was hired by Reuters in New York in Dec. 2003. He was voted Reuters Journalist of the Year for his 2007 coverage of the U.S. private equity boom and bust. He started at Reuters with the consumer group covering office retailers ..."
      Joined Reuters:
      Dec. 1, 2003
      Awards:
      Peninsula Press Club, 2002, Reuters Journalist of the Year, 2007, M&A International, 2007
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