Serbia arrests owner of bank linked to Vučić regime
Alta Bank owner Davor Macura is accused of emptying bank’s vault after election loss of Serbian strongman
CVS Health moves to dismantle $117bn healthcare empire
Potential spin-off of drugstore business comes as political pressure mounts on pharmacy benefit managers and health insurers
Paraguay seizes digital bank with ties to President Peña
Authorities begin process to wind down fast-growing Ueno Bank over solvency problems
Billionaire Mark Walter has explored sale of $71bn insurer Delaware Life
Deal could form part of broader restructuring of financier’s holding company TWG Global, according to people familiar with the matter
UK pensioners to be offered annual income as default, ministers say
Move aims to ensure older people do not run out of money by spending private pension pots too quickly
From industrial powerhouse to uncertain future: lessons from Britain’s chemical industry
In 1989 a young Janet Godsell, one of the authors of this article, spent a week on night shifts in the powerhouse at ICI’s Huddersfield works in west Yorkshire. She was starting her career at the biggest chemicals company in the UK, but it would be broken up and sold off a few years later as part of Britain’s drive to focus on only making the most lucrative products. This is the story of what happened to ICI and why its break-up looks less inspired now than it did at the time.
Marshall Wace and Millennium hit as hedge funds suffer in October’s AI rout
Wall Street’s tech correction and bond market turbulence spark losses for sector
William Nordhaus Dies; Nobel Winner Influenced Climate Policy.
The Yale professor moved climate change into mainstream economic analysis.
Apollo lends record $114bn as it piles into AI financing boom
US private capital group provides funding for Anthropic and chipmaker Nvidia in third quarter
Elastic in cash, inelastic in repo: hedge funds in the treasury and repo markets
The functioning of sovereign bond markets is closely intertwined with repo markets, where investors finance long positions and source bonds for short sales. We show, theoretically and empirically, how conditions in the cash bond market fundamentally shape repo rates: When demand for cash bonds exceeds available supply, arbitrageurs, notably hedge funds, step in to bridge the gap by shorting bonds and borrowing them in the repo market. These arbitrage strategies drive a wedge between monetary policy rates and repo rates, generating “specialness”.
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