Exclusive: Blackstone's Hill hands hedge fund reins to McCormick

BOSTON (Reuters) – After nearly two decades of growing Blackstone Group into the world’s biggest hedge fund investor with some $ 74 billion in assets, J. Tomilson Hill is passing the baton. Blackstone has promoted John McCormick to president and chief executive of hedge fund unit Blackstone Alternative Asset Management (BAAM) and Hill will become […]

Morgan Stanley raises targets, but Wall Street wants more

(Reuters) – Morgan Stanley raised key profitability and efficiency targets on Thursday, but those loftier goals failed to impress Wall Street analysts, who repeatedly asked Chief Executive Officer James Gorman why the bank could not do even better. The new targets came after Morgan Stanley reported fourth-quarter results that beat analyst estimates and exceeded Gorman’s […]

Our Big Mac index shows fundamentals now matter more in currency markets

Our Big Mac index shows fundamentals now matter more in currency markets

IT IS usually considered quaint to predict foreign-exchange movements by reference to whether currencies are dear or cheap. Metrics such as The Economist’s Big Mac index, a lighthearted guide to exchange rates, hint at how far currency values are out of whack. But they are often driven further out of kilter by capital flows, by […]

The rise and fall of Bitcoin

The rise and fall of Bitcoin

THE great Sir Isaac Newton may have revolutionised our knowledge of the world but he still had his blind spots. He was sucked into the great mania of his day, the South Sea Bubble (pictured) and lost a lot of money. “I can calculate the motion of heavenly bodies but not the madness of people,” […]

The days of the A380 look numbered

The days of the A380 look numbered

ASK frequent flyers which is their favourite aircraft and most come up with the same answer: the A380 superjumbo made by Airbus, a giant European planemaker. Able to carry 525 passengers in a typical three-class layout, on two full-length decks, the aircraft still feels spacious, with wide aisles and plenty of headroom. Frequent flyers also […]

Euro hits three-year high as Europe leads global optimism

LONDON (Reuters) – The euro shot to a three-year high on Monday as optimism around growth buoyed expectations of tighter monetary policy from European Central Bank, while the chance of a pro-European Union coalition in Germany also boosted confidence in the continent. With the world in general and Europe in particular showing signs of sustained […]

GM's new Chevy Silverado bids for more U.S. pickup profits

DETROIT (Reuters) – General Motors Co on Saturday fired a new round in the battle for profits from one of the U.S. auto industry’s most lucrative segments when it showed a new generation of its Chevrolet Silverado pickup truck at Detroit’s auto show. The new Silverado, a highlight of the show, is the successor to […]

Exclusive: Current and former Uber security staffers cast doubt on spying claims

SAN FRANCISCO (Reuters) – The former security chief of Uber Technologies Inc. swore in a closed legal proceeding that he knew of no attempts to steal trade secrets from anyone, including Alphabet Inc’s self-driving unit Waymo, and would be “shocked” if that had occurred. In a deposition taken in mid-December near San Francisco, Joe Sullivan, […]

Bitcoin is no long the only game in crypto-currency town

Bitcoin is no long the only game in crypto-currency town

IT STARTED as a joke. Dogecoin was launched in 2013 as a bitcoin parody, using as its mascot a Japanese shiba inu dog, a popular internet meme. The crypto-currency was never really used, except for tipping online, and one of its founders has called it quits. But recently its price has soared: on January 7th […]

Wall St. rises with oil prices, earnings optimism

(Reuters) – Wall Street closed at record highs on Thursday as rising oil prices lifted energy stocks and investors bet on a strong U.S. corporate earnings season. The S&P energy sector .SPNY closed up 2 percent as Brent crude LCOc1 went above $ 70 a barrel for the first time since December 2014, boosted by […]

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