Tim's Feed
May 26, 2015

Top Fidelity stockpicker: Financial markets are ‘colossally artificial’

BOSTON (Reuters) – Fidelity’s Joel Tillinghast, one of the mutual fund industry’s best stockpickers over the past 20 years, said financial markets are “colossally artificial” and cited ride-sharing upstart Uber and negative yielding government bonds as examples.

“I think it’s colossally artificial, but I don’t see it ending,” said Tillinghast, who runs the $46 billion Low-Priced Stock Fund for Fidelity Investments in Boston. He made his remarks on Friday in a rare interview.

May 22, 2015

Myanmar says finds more than 200 Bangladeshis in boat offshore

YANGON, May 22 (Reuters) – Myanmar’s navy found two boats,
one carrying more than 200 Bangladeshis, the government said on
Friday, after the military chief said some migrants landing in
Malaysia and Indonesia this month are pretending to be Rohingya
Muslims so they can get U.N. aid.

The military chief’s remarks are sure to spark concern after
the United States this week stressed the need for Myanmar to
address what it saw as the root cause of the migration, which
included “racially and religiously motivated discrimination and
violence” against the ethnic minority Rohingya.

May 22, 2015

Myanmar says finds 200 Bangladeshis, not Rohingya, in boat offshore

YANGON (Reuters) – Myanmar’s navy found a boat carrying more than 200 Bangladeshis, the government said on Friday, after the military chief said some migrants landing in Malaysia and Indonesia this month are pretending to be Rohingya Muslims so they can get U.N. aid.

The western Myanmar state of Rakhine said the boat was from Thailand and the plan was to send the migrants back.

May 20, 2015

‘Great Fire’ resurrects American hero who saved 250,000 in Turkey

BOSTON (Reuters) – A forgotten and unlikely American hero has been resurrected by author Lou Ureneck in a new book about the ethnic cleansing of Smyrna, a cosmopolitan gem in the Ottoman Empire burnt to the ground in 1922.

“The Great Fire”, released this month by HarperCollins, details how a sickly YMCA worker named Asa Jennings spirited about 250,000 people from certain death by the Turkish national army. Led by Mustapha Kemal, the army targeted Greeks, Armenians and other ethnic groups in what Ureneck calls the final act in a 10-year genocide of Christians.

May 19, 2015

Boston bomber to face about 20 of his victims at sentencing

BOSTON (Reuters) – Boston Marathon bomber Dzhokhar Tsarnaev will face about 20 of his victims at a hearing next month when he will be formally sentenced to die for the 2013 attack, a U.S. judge said on Tuesday.

The same jury that found Tsarnaev, 21, guilty of killing three people and injuring 264 with a pair of homemade pressure-cooker bombs at the race’s crowded finish line on April 15, 2013, sentenced him to death for his crimes last week.

May 18, 2015

Bond funds ready to use stock holdings as liquidity in market rout

BOSTON, May 18 (Reuters) – U.S. bond fund managers who have
a large chunk of their portfolios invested in stocks say those
holdings could give them an extra edge in a debt market selloff.

Some portfolio managers said they are prepared to unwind
large stock positions to take advantage of any turbulence in the
bond market when the Federal Reserve lifts interest rates. The
idea is to use the proceeds from stock sales to scoop up
discounted bonds.

May 18, 2015

Up to five companies likely to list on Myanmar’s new bourse-official

YANGON, May 18 (Reuters) – Up to five companies are expected
to list on Myanmar’s stock exchange when it opens in October,
according to an official overseeing the creation of a market
that will help develop an economy stifled by 49 years of
military rule.

Due to open a month before the country holds a crucial
general election, the Yangon Stock Exchange has suffered a
series of delays and authorities are now scrambling to issue
listing standards, underwriting, broking and consulting licenses
to be ready in time.

May 10, 2015

Exclusive: Why a company chairman supported a Prophet Mohammad cartoon event

BOSTON/WASHINGTON (Reuters) – Robert Shillman heads a publicly traded American technology company called Cognex Corp with a market value of $4 billion. He also says he is a big supporter of last Sunday’s Prophet Mohammad cartoon contest in Texas that was attacked by two gunmen who opened fire before being shot dead by police.

    In a telephone interview with Reuters from his home near San Diego, California, Shillman said America’s free speech is under threat. He added that violent attacks on such events are making people fearful and prone to self censorship. Many Muslims regard depictions of the prophet – such as the caricatures displayed at the event – as offensive and against the religion’s teachings.

May 9, 2015

Exclusive: Why a U.S. company’s chairman threw support behind Prophet Mohammad cartoon event

BOSTON/WASHINGTON (Reuters) – Robert Shillman heads a publicly traded American technology company called Cognex Corp with a market value of $4 billion. He also says he is a big supporter of last Sunday’s Prophet Mohammad cartoon contest in Texas that was attacked by two gunmen who opened fire before being shot dead by police.

    In a telephone interview with Reuters from his home near San Diego, California, Shillman said America’s free speech is under threat. He added that violent attacks on such events are making people fearful and prone to self censorship. Many Muslims regard depictions of the prophet – such as the caricatures displayed at the event – as offensive and against the religion’s teachings.

May 6, 2015

Puerto Rico appeals for options to restructure $9 billion in muni debt

BOSTON (Reuters) – Puerto Rico’s troubled electric utility on Wednesday asked a U.S. appeals court for an alternative to restructure some $9 billion in debt, saying it would otherwise be at the mercy of U.S. bond funds.

The Puerto Rico Electric Power Authority (PREPA) is seeking to reverse a federal judge’s decision in February that blocked the utility’s bid to restructure its debt under court supervision, much like in a bankruptcy case. The legal battle moved on Wednesday to Boston where lawyers for both sides argued for more than an hour before the U.S. Court of Appeals for the First Circuit.