Investing

PIMCO Canadian portfolio manager Ed Devlin leaving investing giant

Anne

The head of Canadian portfolio management at Pacific Investment Management Co., Ed Devlin, will leave the U.S.-based bond giant this summer after spending more than a decade there.

Devlin began working at PIMCO in 2006 and is a managing director at the firm, according to his online company biography. He is responsible for shaping the Canadian economic outlook and portfolio strategies for the company, which is owned by massive German insurer Allianz SE.

Before joining PIMCO, Devlin worked around the world for investment banks Lehman Brothers and Merrill Lynch.

Devlin told the Financial Post in an email that he is full-time until June 30, after which he expects to take some time off this summer.

“The only specific plan I have is to ensure a smooth transition of my duties,” he wrote, adding that, post-PIMCO, he has “a bunch of ideas, but no specific plans.”

A spokesperson for the Newport

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News

Elliott built a stake in Twitter, is pushing for changes: source By Reuters

Anne
© Reuters. FILE PHOTO: Paul Singer, founder and president of Elliott Management Corporation, speaks at WSJD Live conference in Laguna Beach

NEW YORK (Reuters) – Activist hedge fund Elliott Management has built a stake in Twitter inc (N:) and is pushing for changes, a person familiar with the matter said on Friday.

Founded by billionaire Paul Singer, New York-based Elliott is one of the world’s biggest activist investors and pushes for changes at prominent corporations to improve operations and ultimately the share price.

In after-hours trading, the share price of the microblogging and social network service jumped 7.7% to $33.20.

CNBC reported that Elliott is seeking to push out Twitter CEO Jack Dorsey, who is also the CEO of Square (N:). Dorsey is the only person who is the CEO of two publicly traded companies.

Calls to Elliott and Twitter for comment were not immediately returned.

Disclaimer: Fusion Media would
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Finance

Stock market this week: Markets brace for Monday after worst week since 2008

Anne

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Investing

Learn to buy and sell cryptocurrencies with this $49 online training

Anne

If you’ve been following Bitcoin’s headache-inducing market fluctuations over the past several years, you have reason to be skeptical about its future. Once hailed as the saviour of modern financial transactions and the next international monetary standard, Bitcoin now has a reputation for being volatile and dangerous.

But Bitcoin is just one of countless cryptocurrencies that are making waves throughout the world, and even some of the most skeptical financial analysts tend to agree that these digital currencies are here to stay.

That means that if you want to stay ahead of the curve and get in on the ground floor of the next great cryptocurrency before it skyrockets to untouchable valuations, you’ll need to have the right tools and knowledge in order to make smart trades.

The Complete Bitcoin & Crypto Trading Program can get you to where you need to be, and a lifetime membership is available for

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News

Australia central bank to hold rates in March, two cuts seen by year-end: Reuters poll By Reuters

Anne

By Swati Pandey

SYDNEY (Reuters) – Australia’s central bank will hold its cash rate at record lows next week and cut twice later in the year, a Reuters poll showed, as a rapidly spreading coronavirus outbreak threatens to rock economies around the world.

A majority of the 35 respondents expect the Reserve Bank of Australia (RBA) to keep its benchmark rate at 0.75% at its March 3 policy review.

As many as 29 of 35, or 83% of those polled, forecast the first rate cut of the year to 0.5% before June.

A second cut is seen by year-end, according to 18 of 35 respondents, as analysts brought forward their forecasts amid growing risks to global growth from the viral outbreak which has already jolted factory activity and tourism in a number of countries.

Economists say the hit to Australia’s export industry from the coronavirus could be large given China

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Finance

Amidst coronavirus panic, the stock of this hazmat suit-maker is up 88%

Anne

You could call it the ultimate safety stock.

As U.S. markets swooned, shares of Lakeland Industries, a protective clothing maker whose products include hazmat suits, jumped 22% by the market’s close Thursday, representing a rise of 88% year-to-date.

Dizzy from coronavirus’ rapid global spread in countries including South Korea and Italy, some investors appeared to be hunting for defensive stocks that tend to do better in downturns. As of Thursday, 82,550 people have been infected with 2,810 deaths worldwide. Forty-seven countries have reported cases, with 60 in the U.S.

The surge in Lakeland’s stock doesn’t appear to be predicated on any particular news, but on speculation that the spreading virus will boost demand for masks and hazmat suits among healthcare professionals, and that some demand will flow to Lakeland Industries. Some of the rise may also be based on speculation that other traders will come to that conclusion.

The trade … Read More