w_X8ϫp&&nzNHH0C:mY;{NN33:W/;+]tG%IY6}JlNQOxr{kxQJY?>U9Jag/K˴1F)ugԍ 0,t[|﷢IM>_|3Xب1ÓVxvWi(jdS׹o.N/~3ClUގNs-Wo5큶(pn6r_{fYU*7' ~=DhF68JQ^y{]tme} ~\iIv ~&z5hg8wgY3f Q9kvVm,wIιϷZv߃#58Uv|vGw]^;yݿ~`Ja'෪Sop'`it}箺 gډSzcnWw=|?'#Z.|UǏW'鑂E2l{|ۧwpAg7`M_Y/d3'I5AoIr=>gM[, շr@y>|/u8Q.O'`p+Q\:eJO:s|ZCuz}dˋj}^} 4{Ʊdgy<5m vzT@du/[}6É*}*2Uwڿ ;r0 N4k~^/?dIr?:Y^Xjv{/ێ7~:|rrM~~y5۽e˫ϟ{o|m ~״ĉYU#ȥIvՃڻ{5`>.]ڕS]5'I{Olh:k6vLSv\=׵sדVΒ:8U_]{}ac]|xw|HVNw׵Yv+ln?mlY"9;ND~/xln!@̌hE9&}Mu}9TLJW ޾=ubA7 '&Z/8~nğ ŒڧW@-{%ˁ4i[O1X8.n+WɎ{}hߛ)6Čic%]οG{,!Dw__;ӋzXbs':=i^>WQQ_/Oqr'7𔏜ʩ_7n֏b=!nޅwGV|auBk19\N*IX=FT'g2LB6ɑoUetq}[ jY(@N}߹GErs{KbWoGGg7ز Cui39g$ǓuV}]]BQqSW~ .?㫯TkClxhgwtJjFV_;mۧƮsRިztq~{S$ЛxQ;{~ONnxgIڝӣϗׯ_m> #}:{&Jզ~a߳pJk~{::޿}@z}rw~ 6'hAީ;>گC=Oy< ד\U|Ѿx[2R7?U "|YKwx{~\ٻ`߇VKa}Zzv4!mXoP^|ܭWz'6M3Mo (Y3;L &OeKBb'1OAWb ]Kp7в#\uS @%w`mpoy=ѷwŸK ɉt>>we|uoίh5-x!zZGE1Q^ȗYq γ :C^o r{Ѿ*Knq KSӏ_9iP}kx^n0fi6.AP bwTm&av;H|ipr;2G~ ٝjj /`9PȊ5]qoow!?O.\B|>BxM *bU:ɯ]M"o(KIA4.R@Cm¶c [R9{ 8$5 ѳk,Oqsj} st\1'23({i/j!h15DrTjl?aԯ*(~ԱGwt!ł?~zvwu_WF!@eϑ2K? Czce~?X+Kxb?8F$ꊼ|o;o?/ #B?gu׃J>k3C5#aE<!@EBQ=;}y\Ɯmc/ S?O-s5m ")>&HbrM(@T~B6 *Յ8g6!-@#)8D(6:GkYnR~pM@`*ira$*5hnXE 55]7H'Zzjiƹ9O1d}.e]~ tO^)^5r_<.A!yRMXuIxUN ѿ@n6y 0?= V Un bDYm$iаq9߀N(,g!񦞼*}6!Z (KcW~H/f5{U(J5YfU?q[NFPqo9JLǒ;*Fo믿_ݤ AV!(nMlmr-mǏJ $ |mگ c6!ԯuBJ_WsW.׾QzU:\C qf`ɡa@V>& < JaJ\wgeMiw@>S}ɸ_zҤ*z ]}OA !֐~pM%!'*+ # iuYlŘ9#i ʢe7x4NMDag"+X?Qu -3W`0_Z~Z'ʭ?PJHneaiVGh-\GYزW}ޭKteh/?JCG7QxKPrJT%0*YZM^ \ӽ] gT2Lx~\~}7G{vxF}%fyAf1<`#ވ)76)>jDXcZnmCճHXH@9߬a0_Y+|s>>K@6 T]T?*3$?:r?0E ܳQpXHWCh;$Mv9tUةG?ж; |g_eh~:E>~t.7t >P@_'29G?_!y# x}|FPHñ:7,N | NP"P/M!jȫC&Bs1Ǜ+ޜ3~:|`#EfJt+Sj  d`c(R,"Glvރ`PPBΣ)`Wz\bCb)ꋪRʢB RjYqŅ'ZP_:w, 8F*[.#jk4f:@p~vP/^'PLd ^Yjo`5S1Q?vOf#j> A H@1(!N>baO"c/2U=#>;lcu;JZ?_sՐGc:?&.~&Xv^wi b :RLP:\;R"giՂF_J$* ,"nu~!Oq %bx)Mӕ*ףXTIJviJ֬C $\Z|Wј~jw|`yl6jlmd% r޺4 7ĵ_=ܧȩ~3ar3;x*[Q.0N><nwXnuu>\vfp޹m-/R3M~j=-8w`,d_~Ymxzu9Z3lM?b͸9ӣ7Wz݄viiNIGSt}ziv}m6͋I}Kky\.?U'w?w?^xYng2<<|n9vŞpM˃yk8߿z}Qz^su}o?4?Z~'''_+񧓇ۉ6U]՛,Z>H+Wq}6s4ϷӚ~Qoymmon> }|4 b}wͯ_no˛'}t>^'OڗfO~ ӓQ5K>99 Wogяhuq'_G/яOjuOnͽ}ow_/j߾fýJr}#5/?'_6]G'ӟ>Y`?*OZٴOdܜϻ]r}س>_;5sn|E__8˯矓˟O*?|wm_ڷ|ͯ`ͼz>?8ێv{:|x<:_jZzr6輮߷j?N__~;4ɝ&7I-p[D̓Mx7}~ٟ75UI/1t׮}iޟtv'ћ]f|-&i-yrcOoѤ^zY3;Wa0􏬍sӯkjn5su:7?:\ևc'9[~*ǟq|}6e]^s~g<7MvD@3/l49Ńԣ7qN_?ts楷>W*vqe79:6}q}:}`/GK~8uYIʝ;:Ikv/qUoNkڪyiǯ7&7SŨ~߷OWO߮M듃G "}]WO6ջw׻o&'7w0:{TSuA{n|d]5/I?'oݶZ`׹MD׻w_vem5.ms]ҺOn?&>Oe77ͽk6|U6wx3rruc\L^w>޶att`^?҉ɏŽa|vx٬5e^Wpc?޷:_?ķ˟U?y9[h׋wwﷻ/gʧvzzχ>?qz7}gVuVO/旯x~j@gԛy|1:ZQ!\vUyM;{{vN;|yfx~pr?<-'-8| _])/oUxhLk{gr'oww_'?/,ʬ7O?}ˏEYW'|_]}u} &wǵNu tN]}z{dku~F.?]{vߜm~޶?os7ÇouPmߵ['OޏvR=;hN}ׇwN=vkty%}^~in^4Jl3S&}zts[~޼kMjKݽsr޿Ur6ӯexeĉMtp;:]M_=xR?{__}r_{.kG/up|x~e޽>= G7VӇwUuwsvX~$Izyx{qy~q\lccZntclyIMJ8_+̀lK6,z3ovʯ `M: žX/B)X Q8IH@Eg^'>}a6m#kz$9\d˻-+H0$ΖHg7Հf]tbG[\H4 {|DJ)k]VLnʰvZ]w(->%|J]j Wn-K 7~F~; {wH@oD {|t\xPu +u"MPB5҆h⤵6t Tܭ#u:PG8?ۯauW+~S<_+* x<"GpI,?[ofhh'a]9ƧzsXIXXjpn3v\GFq]5r.>(L2acetp*Pεs'<OLDKŠkd̋ىj '`\U/bH֧/4 E~dȸNwb|KL @PI բvD;9}rs a\q$:ŸS"C|dYӦSX~ric;߭ OHP#Y:%[ZN?_)v+m#hqm8ʖZ߷Z~B ?mY6c.~.\G-Ş!vѹP~BxDODS,!h/=Ûo0$UTc 77Ұy6@M)@cؔFn_Z,LLv+EbV1*R۽!Hy 3FaBERx61 `4a($OhpҖ4F,S=|KEp> E3Ҏ<373!+KXTTi&5QLE9*TMmj#jԆkh㓓vx͋QheȯFA&$EG$U[c#InX  !8C?A'|_1̊0Vfl"21}3oŹ"OO>6IZZ\_(8jRYR &@?ެ1dM㼾_e<8 -vy9XH8Vɫq5s)ap;Pf[_'P*r8o*1xLfcF]@.|ؑNί#i /EP"h B4Ez=7if.iD882sg0Y&i$}9Į\ i{^ [Du26{ vNFm֏;HW ->X \>=( G0̄YKI ~ÛX~u7Ge3mh~Q_TAQ?~]Jqs3!ppe9칷+mp?3Vjbjӗ'a:}SØDOX]S3ʶ)Leg^bl`FEɷf#&q? NkKm\qk5R/khs;Ⱥv?C_QZE AI‹?A ` tP EO0rێ֣Uo:ƏYmŭ) "P>a<#q'Ft{;7:I*ʰFU_yfMEk֚w;/Oz K4뱾l1M8e< 6?wҋq'-^KyT|h8>(4pWW<^$0 e/m74k~ߎVP,|i,Ϗ$D"<2< Bz8pB7Mxd'l5w # z+{8js } .@P  ;`"T8 ŇŇ>WMޕVjdx?nEQ1rWk / JZ3j24utaK'tXFzM\ ϥIp$;v0DLw3f6V6yin4 Ql -&+a5J7-UM`lRSHj|}M=Ƈ~FpH6 p7% 7]M₄E@yvbxbp #4K <@vBEaC[- ,SJ lF"lr̭! "ٛߌrӳOQG<80膶 9#fcF/q/5"!O[v6h=lWJ9A˵[urL׀Q9kѳg \0<ɤ`C?{il4GF;Ys1 g*/Mn f?fE,ʲF4rVӨnSrNRE;(VvUqaM8nxh#Q5L0[^ ⃜t>e{-OUm`DMX+ fh]]|EH` M'njLbCA=mX0bKk., &0wim;7{ؠ q ϻiPJb[0Ӈf+hijKarjES-w{H/ Vi3&YAQf؜C9QPB1bn,!N}S1\;<n֪z:DUA`[ւ$CC ",c7<[=t+hIq= Sid"YltbCp7LGKbWL+:SŊ &}/n.u{!)Eă$AUaA*U K~]lр99O P#$KqBKZ pףton.z6Ǯ]0W22mM|Xm`ikdʙVQLֽAjagREљ;AZt9 au̥ƴ8=h-Ӳ܎>\duEIE1x7.b9 gW1Z(TH@$@a t7\(14Wby٪ü3rMQ[^|S 7E&uq/ C]S)ϯ9_@. vno ]-t`5LGfO;{zuÈ>]ù.˵UO'` ܙvh #x=8݀[ wS-_ϖG^>7=+?ֶ_]t`)xh;qItg^X:d],񈍴\("XQ^zِ/A0BgT"Cs HXcVE++"N#ŭ0 }V (30.spreyQo# s^Yg_+lZ g7`PW_K␐j7.5RZHS\U9=J*T Z;_> ά006n[~V*D!+} n0's9|ifR5FCZ"$R^;Evf K-G6Y7 QiUqry4 5S$ VYڟt@ʖ52l< f{0eByqK!{D4gd9`ɮ1 G,xNG6IDQoѳ+oI6'f1{4ZTdJʣAҊ0",tyэxݑ@o\XVj~Q4`*v;-zINdخ+ 3ɮs?dG!ͤC'TiksPa;nP($J@cg9Oۍ$ +Z| ٗ%iѐ aTݖLzf7`h +V)={3¥Q:#Eo7r[q]Cc(%_H{|tWy¼JVojTW+tm)٫tB`ǨaO /\5j }zW<"N$(^`Pn6lH1u1S=RI:U@vtgA5Q0`9凒Ҳ*7w=`v$0p1a7FuAO2 >D0U S*K$%B`ɇ-9Jir5zӝ(蛈̩=(B%^8Na[uKYGCgZ-0KqbP#9 S`10ĵ GUT{3|@4 y&G:Rڤq׭0I֕X\#Eq ?nڟ(?usz;£{q?$0Rgi L3C|2T^P7>Qa IsEosxJM:ð0aJJcd) &(GH5,_qھL0O^]<2x[[]/5L͵TDE~q=houq D'].8Uۦ9p!.~@6Ы@Pa?Ǵleu{y Q}lQj$^N3v88ܷ/(EH9OQaYW"`cyv2Je'(A "q2<\SJc`B'76|.t™? HyrWE0]_7:w5Jqo,?Clȷ*GrDE_tYSJ4U2O*i/V 7MpP/WBb0JL5FAd"P[~_s`C6YoItoi3In0Z/ǫƐW8}WtaijR^ R[ ]6+L mS/o押, dYO8q1Lraiږ !@1X%(\أc&Ξ/&(o |iz0b櫥-Xxqw&d>yM'Jㆻj3.3V֐o9ʪv;a?h(O1Z=+aYR17יЯOMHbu1QmG 37=vZx~;b|EǑv#q,)L+1c^L-î0oIctRDc [IMI"ލ|O,7h)jܿ^nMkQP=D/j4S<Wvt:)j);$!1=f$iGyNFl4tsfVa#q}z`YcÖWd@0="7"Tc?awZNӘ 9^qtYOHκYX:r:.LÁ$V՟]db˙7:X$046.ˋ!bxs =!'$0bC4=^8As((x<~˃-DžPJR5.f@e} #?7<&!6x,oIJufP&q zhekŮϢI]$K=ɬ_md> 6ܚ#'nЏq+ gհ҅bkI,֍f@*2ahF=Zфh Y"%Fqt"tOr) ExbMܠwTz\(x8FjG6ĮAlHezglU2F\@B@Z8j,1>\@rcOYkv< ap.b;xfijhPQ.ZaɋXF-bէ)g@ vkD P^5{iJ`'d%w.(t[Ui b(/6K-[po( / kB v( 9H%ȶ塳ydK.F-d?/O̞Q/[{LiUQ8H 3nʟfZ U u ' h4:ǀ5Zy^+0LęcaJ hP' p((Bq| ۖ,s.;a@ %˩o-Y1Ǝ"A65O*P3췌iq֞SJN؋\v<,CjS0 -oP"uۑg*MY7݆k#AXL"siJ;#0Jh#4OcV 5rPf=?>pBDd&7_c){ih Z,EVW2"a&PP]bV h۝t2N_"fZ䇽nA1] U{e+G$Gfv_ZR|3fw&JGD[a(O J9q#e֫xIgn5T. wUnѴtͩM/pqQ-^ W¨5]vf/&W/v=MPDv06"jq;;EZr cȼCq=t-U!]\C;xUvjoQm?@feW5i9xϻ:\Yά8XCFa< y0`g[7%E0Ëê“;a!v{ʡ[38N)n?#a/xBCD uqX^oExbDZQ)OрG+.#  lR\:x|cN-%N8,rl][wn'Ik1ȳ".1 NSNYn)([Eh|3 ias: б۴`Qtr8Hrc9k6 w^"nk5[45wc)5FzŞ0F@bj*^&X=?.`Dd_'ܘ+x>7b.3hA"~*JIWhse:W,<;oxTzx2Hd< !aZؤ%q¶)FI<([g..όMWEWd7}]14a /XEZdnį.VC~8H9uG`lN!⦝!oBO|{+my~Jޠ򺔯`Rc#|%E'Q2xFB\0$1Ӈ3q80{ӷ6%Nd5 m耩Ha3Ӂ5o`Uztks_&-^? $RՔiNb-U;Q LƷ+t_)~Q9* H- ]d&ǧ)_ȟO,e새ĭpL.W.2(<0t=9R2m|:2 r*E5B^ @|MM=ofҗ0_+dbS JEUC[fU\''kv6A{2HJPx*h Muy$ f^숳)xFӡAc[yK̞r0Q( Z!3)By~VTW@6L{+%K`pTcUznfaɛ*|1 =sW @ ,2ّeUa@aۜ}솝<'*1~ H練֭J K/,+ZIo@}eﲧƖ~seHQۊAwٞwIR^] {ҍ&U,IMN^40"}LJe [Ej7êE8jY:$4hu*@}Ĭw/ܞY${BcMW$ a'2qE#7wo^?[:qVh ╹y a7OZNIY# Tnȸ>y-"ɹ TYs֌T,\,K-#O5m;Ħ) Nc0y~ 3LUaRO0k؏/?qQx]h n;Ͷc}ӧ%eci|^=q&{bmكM+z^l4.!LD{@ϕfVJE~f*[^`a ^6׋^:6 [+kR_Y켔+BUPfu/7oįNRQJQ'Y,k/[ #Y?cq@ʶBc:qG~U,?gP:i浗~;kVv҉w r5Vfj%ZQqqϜ\Ä?b@*oۘ84\S3 U쳴1m)=Y ̯ V'J`*j>2&A!SP}Drr)lcTb<38nVK j43t"F$~ 8Oo2iь%/ʲP Nٲfqf.Z4` X)\c>w}. ,(nD+IJ"8x$փĚdW+* QҶ%`׳>BI+&K`L`&WX0_.\[FcC L)BR ȣD_F4)\]ycx R>FnʽU8u]ϴP{6(1?fєō@p%dEnu]i3{~\ B+Hߞf<daQ1VyO>ф,9Tw[TZ$Yؤ@eQs8hz]S̼$&U)TTвMD;OGSϰâL =^TP@۴|7)eLyHms j\|;b4'XN$T$VAŕѨXNŶlY vV\lale ǀ-?^ɎXkAR c )qq7 VNܝ>*=vUy1K<@}ЅMbg~r518N  OmF_2]17O*!g^t 3&% 8ڶ#(ROU]f"-\KM]YVޕb:h1jBHSƋs8+QP:e# (:9F;x i ԾƸDaQ?)lwfFIh΋O6q0E0績;ewN8[bORȚv-8M 1ڴL-st@n"-[u*bb "DyxK{FAr+ `vfDPF_!X/m"&#$`\bbGr=) %PQ4  < u{XIvu08`E(%b Q݃߰^E LބKp;h[@*"I)m5-'/R"][y{74c#C9kg޲Qf +DE'a ӃÚ<1Tp3+ܗ\U@_Џ̡!'P ;ɩ |EZ,JK nu9@1T*ŊX",3hd"-!3 U;?tֶ*w( #DR  Ԩ=ߓGOPfmmPͧ6w`!nsFNFGxVizchM|qq %<*&4Ji0O @; -8NK#Ƃ65If*RicRRM?M2=@.h[zT5Xm$S`#&sjqQlkk4FF\~| #+ l鋰źDUiLMNn֞ Zq7YؗnK=E]?82q-7Mk1MG=KP1qAO mm@l+}ⶭlR$ȇBTzowf<V;h+Pҕ yx06(8^`mM w&t( C5x\GnLy9.ldѤ1hnp>ɦQ"2]/;lCeE,NJڍVw$4}AkEbwݟo٦Rng fD1iq#tCCNo8EǴMߪBZfg!`ͤ=u\ڱk9kNH(2ңwv8C!c;XZ،0n(g{0o?lhOP,lʣ(*t܉J[*Fқ'@R'Uo;R4!TOu\~w֦=hv5=0#?Ff C}Ș^X^>#ylZ; 4Y?W;~2$Ǩ'fLY$N(t C +\*ǒLpo_\7|X^,B5/o4ӂ6)x,>MO 3rxVxz3"٢H>J>#g,L#GiɵZԔs6Y Hdjň.g* !90=)+Jjh">8UtG35:kzd.9pLbEUE| K kiMf<ҰՐl!xx։KYbv!V-'OnRS ؠ ȗE?qF@z/^g9)._yt 4/JRS3/|rJ+ճI5Vq mNk-+Kr^;\ F 2dD0[-צ .]@/tI-j,3`rC ,"q~ʘTzX1n dFw`b_P 3j-R\HE,"grht֘i]7kaHz.T55soI8YB!KHX`+lTL(:B]Xؘ&!}T E9Ta8'b㏹Onng'0$ԁW-zA/_;;)=J~ŴG,|r]|}(Ek&o*$o/vޒ`Y+6 4ZI8AYtFn_f-h/X=NZ\^yelzI7y^i$I|bSa%eߢ3Gy;YqĖ[aSx9e2RŨC^F6[IV!{^[ҿ)+dhN c9?bY¤ۜESqa$)0[ՐLPS,:<3 4X1wP$5Ln^ Gv(qLE^Q%ATe;aҷI;j1e А q۹1p*h`QhϺtk{MU]K?K)S$9 eV{P="EzŸ ,hzlriؚcg51"fUFFۺ$Kdd9xkKڔ4zVE)lv4*f۠rK]6{K{ NFo46{ _)G8)[NU-\%W8H~[2Bkx>%`ޮ1ް1XzA\c)^\\3Ԙ>Ur&ķvT_or qn#^=X ?µUgl }o3Pٯ$@0E'j<FA"'7wIVr{wDP6Xj[67M3:$vsx<7aEWzgUq28 FuŐ0J5 >ešs%$sЖ%4R{ l>"QVR=ہ@xS|UQJ GE6ƕM +(*"sGd;V֋WQR`WU`@z P'4R3m i]5d8<@;JX_)-K Fa=# :fԈEm&GhዤpnL5Lr;:ũ4Fi(o!f rsiqwngd01 OPPxl8 z^61kO5PT/q˓,}8PiR sRN?fYR{ |Zӡ| '4r(<"aꭻab̼e/: rnlêp ¬'_dC?V9m|( slGac$ $t{ U)io4fl֪r6WVfHT-(i1]є'f"štr2nD6_ ب63^qP%Fσbh!"ߵlCdO^?~Ad_lWF"P~8 d=H^oX,@ZU `OUkoñ^'AQi@8^Dig1|jgwirCΓ#qԣ$Nq#TGTž?\)e3!gq/qCwv{ !ya"k*WT8%lI2(Z&abǵɰqOs\R Cz[/ubMKuO. ss(^BP970I/oҜ~"vU /4*q\!ubtr) )a_/XoQYs.q.= ~kbbno5j"xAΤ ޤ8/yPߌ @DjBi2"JW0&ISaš(WS^}̦3-?0/Y4)GүCt73J ,g AEjJ7>,l.# )uŅSLGb}-j ?ƅ1 %+B#wzH5l$c4MUa.1G$YfЍ('wN"7[2:е†љ׃b 8^u$Ad{yK| U-=s9-b BU^ +I|# z9oz,yl>0}빟 h8=ZvNXnLA\/?t褩F5"~,:<ك$n{<\O\1/jbTI%(+Zac6K+be.!JI%:Mwhb#2PdA&ML"vpڋ}kw M80$Hh@fNL7F,b+Ų =Y )j0',u!H!TE$Gn̽iMc!Ir_؇u,"yM<2ϕW l&=t[͖ xeȨ@7f6IMk)>y2B2qڄALC2`d#t3S7ٲNY{np:)P3CBMGac>GqQ͢RJ9id1H+X&h !"#fpL8EBt}H[r^SCr0Mk:YLQ\i+iʃpZּt;#J?rJVS%U_ʑ[+V@zq12אᮭk`ku mMv6VG!vg͵m&, ZF4`BGNu4 *nj8 JTQEYLK1~;_ձD/£9];Rs[zƫ.Z/)%R['+3cǚ ^YT$$CgFd&~sM]6Ao hJP*"6SˀMd ec׻ɻqϱ%W`$H~5P^F<+vB0y!(5ao6@4aGvEQ^aP)À4lcƍ_=)ᴃ6yiDkN[ Ujiٯ[*ZAoBx>&^eOclֹ%vW'A2F'ʪ3"JA3%f`k#;0*|V{@mơ=pK7\w(GɊikL+@㌓m-2oVOъ2KD+ V=E8PWźvFF.vz.puQT#\RN b9Sŵw(pۖ)433F^5ebGFUC9;z>Zªê| Q'Q:c'^<ڊuCw>Y2 橕\*v5b6s)`ͼ|Ib^`;;4t^^="IZ4Ki]fVNl:1,<4/kуgg,7xbK,ʘFdԀ,#}0F"g[>UY~:YeBD+:0o龄6Qvˋ۝1eM: cyZ˓?I?O?~Hc$(]K-./ ?[Meܰv4nĽp?>>~9 r8%&c<:zfϵ[Զȉ~q9\8wF1kQ3,&^,tBef zҏ~#ଣѕԲT_]/t|߱{`Z,?iܭaZ`akyyLf?$ʽұR{N'a鷿g1Ԏ .ºC6#\x֮01NTP)PKH| 7\Q"(O.޼H[q)2v.DcF=IG-H]H`^F gE+-0ͺFo(4O\_ZJ.btgPѝSIy)R, s(e)*H>%πiQx "ƷuEQ+]u%Qɨ"U]dҩ1Z8&n I|%% yڰsӁ5I}7',VCky\wgB03j {`<2'Lc\2#o*5gKg5:̲+qMϙα h.]5e@XdXaɢ|P0[YM9Z[Xp1j maEU-yGI?+03xam[47fn Z8Uʝpj#{9 fu6vY'^ &mto?6مDA`EX/t; <~ )*0& vAۦ,;l fK⺡ч**FV!LK j*@C9B.l7V%k! Ơ ̉ROiIߑ*9?ۼS$k`۪kk}%CZZt½e ,ضQBNԠZ:hBMdc46P*u^iu(tYc:,jګx{d  \ yR@HC=>paYgRgq*;{EYoXć&7إaW#3,mD ,ra<~ŧ:E|J6//G^D'3l!0!rǢǼ(2+c K0c󂌟x~|,x%Rqod7,#Dsե(evI-HHFM^|:}ZB}MCulbN?Bؚ" `I(;i7IUK`ҭXٚPJ}RԭZH}ĐCYHx R!d$$lDcz+ַl,o&Zи=/.#:|B>[+d9Ha2_Eg;m;,ޥR㓨+W..DA(B^ɳsQO-?Y4F6b7lC}hyCqd|S9A˵[u+Q'IDa"@%<9aٸFMN9y=O߱[9yQ*q0=T^|`$9eo%2c Oi:zӾ>5'5_ T)<TH;"<^~HpN4R5^T~jl'<=)G9UʶM9DÓU&A"R-_4ыLRŝ aK?HNx+ªBMwIŤ66H l‚aghM]_ j ^ aJ$sM}0C(gvAj56uL M P `xK=qZ-N `-=H;$ H9a0wж',!]#^~[8j|qr Y'vo:m:CbHxjvE_yЯ`ϾVbZjʑe,EUAB rna< 4(M=X8jA*ydP,787uRΆQ,4%Nin z`ږf*2Sz4;$1ޭD[8- c{&.H(L%t^P,|.EMbr R[Js:~6U5H3J*KD&Ku\Sÿ. y?%ilh7!kU-=Ӹ۬ UW@CrҘ- lzN#*S]G=Ĥޒ;|:D:|ϡqddQʎxVb.(݈SzWBHu>rpә"6ӋeldSA[ LvRG9>`Ny{٨;v m5^8md2Nۼ;^%za h Ri ijp4ECAlcF*i.ZU!=8?gVak%>+#2(Z1gO2"`I_FQv3q3-X]eǬ;6|ƞoH!FW_me(IZZ^WAz*,G'@@)q[bYE+ e0çxa}`6}G \EBpNalMPnp![6ȭ#|h(Hoq Tv̏* 䭡t7~@|2ȼ,k?OcʑOh9X\"t\ y{Z /$l K\ݸ V'T%o yAVۋ(m/*8PT@'WEfL snWʓx033A3w* VƜvAy4Wopĩߣ"p/bG:\ i4<1@WBFq|b7`tO=Y8\TIZR8 pNtfm 0^cEbg*)"Al !$JB*KъP%n+L) |QY6ZLŭ"% U#)I>M%vME><6Y aT6e.̴K%Ryn]c;͑V]}\ZIޒ3jK &uxo+oG&R79;,Uz sO-yi_eL5<{֪6v-.>{؟^./:UoϢZ $vQ DePꚰ{>FB!/ktϼ |4\Q{rLj{+Z 5glJ~Bt0O\yx.9pAو4_fyQJ汦} v!kax3v:8R^Vwj[ݱ?(F8#e \%ei}io1T`P##㩪 FUv[,*;) idar'-q;L H걢(R^OM%ZNRgv7*!`WrrW\Py\9{+~ܪ-jѲ~!CDg' \f]-S@;>%pxTL9?N6D4DaX'<)Y :v׈ Ja *ϓcw 1_q2KY+8h^-N:4r)ZG?n<gXsѠufQNlO c9?bYa58EpGNuf%Uq>)%Au6Q_.ٹjL 5rf2ϿM%*z10uSuVy|Ԕ{a12 TNrhE`Rgi| 4YLK-C3|wkzpۥ$㮍D8yraBVr㯨 Tma?Kg_p+gAlq1~*mC˫: \pvL(+ǃl=wnk` XA O)') d7 p&*%ƩWsAQ1:@v+,m#f&?%ZY$F5wZݔ.*/r+ʂTp7ɌT"G9/Qg+*1D-ڂ5nǎ>b=Y1EI&|ʳx~Ԃ3`(~d359+øpH ܴtߌ9L7Mgє/s%!?UK"טc H"XGY?_I-fN8a`e(v>9±zՌ(/}w+5c3k䝯Z{ڴM˭:&Y gH֨\AQq\+U=ʡwHD^ΚܴSwDEaa=܄SO\ )Cl,h<UC/[nC>{bI:-,υdX郞W*#_Ϩ y4W(Wzdîo ƠOwՊ9ʊ{NDq;;J;|n:fcwfA.AHbw9mu{NZaּ B';$ AA0;VH#1\=FP<=X3j0` xB-$\6ћmRǠ_Yz5=p(tX(D3Tr[(&•sr_*:g CТ+I0DrJ<'b)B{RMjOq?&E-B& 1W<~ j5%ܸ EZHje\vQySSRyiY0c %dtTK-(HO ˹W*Q&nbQBX3SİD߲Au,|;%T@Z[-wpL/G<]=ٴvʛv35094w'Ӓ#Cz;iȑ(+@=x}E%0805oyO:Co0Xv+ɣeIB BWmW ,BA%QIS,n:Fsȃ |XMN,le"DI Ŏ(ݢ ]Yvv PF H`B kf|+`*^LMZRo%m4/{gk,(M^X?R +Q A\$uKGd~` .Vꎧ &:ŘٞVFޜB "6\fgBK<?D!Ҋt^GId} B&Z$N&(P@Cxä `(-GIϵ/S_+aۢr#Mz-/M?[.< apM/Aqc%QKX:K=j%1%Nt S@ sZz"WN 2 Njn)qd5(ֲ+6?gn!N[5'%ZY#f hvRefB؍ xch8/Yx7l6B!URO Zj(Xbخg.un]yí}TjKt#Qq C=_O+[:cU-ėlXT20t9ɔ#Q7 A QԋvH^ h1΋"&gDƣF-mcD =[NچZWgAZM"}+=eOq (' ۱̫iawR]!p ̪G)yYuҋY!U%旄^L#_&j3J7@ 1 PDw ެ qxH']7UL+4\[3X 9ݵ+Z`JR$cċբgܴ\\G5HQ4f"\dqK:P$q.eL ) %!|1d2L-NOX]aZ(WT2yw ܳ^ɺ6y>D4$Q+-{5T{"GDWr9)M>㉾e@^ct:0ljLu9Fw4/9I>ZsHV(_<"(ZV̞UD̲7}JދFZ<,6bs4 OҀz4ҝ͋ǭx fnj*5; dbf"8kҶ5U:fVep@EIkyp %AyڊQQ^Cd먉Hܾ (Б[P3* 7HQKꛚGJugMPs0^T(A I9F¶-?[GS,Ja+fA5{jъWi%H~#FH+.([c#~llm q >IZ*Ms`>3jH&}"O+*3ipHLb[q, ʵ03RzM'\:n/Vl^E\45[hfW$)hXNjwWޤ3X"%|".@sJYNѶLu3F P G]9lP:i&0#rBY& :y I)EXrP _x/҅ XTL A'[p<3OFsa40CGp[#O`ƹT.+9<1:2ncK Y9qS# ƍ4py'ޏC-0 4 V@ H y搶 LÈBe$,gmuh[%S\m(vʑ9n[Yۛ~)WsuOo 7Eڶ>N%gazŅBrX;dG  *=U.i]pTphg4GE%N%6hfӾʼn@ !Eyj#z8Bx>7BN(3B|D\cJ `}j=\//B9x:LfG8&RZ4+oݩ\tz+EIi[iz==[%L)vd 'Fo>Y Z;R0) )ЋY  |/}E;Ҷ):/J]1=_Sȃ,t3^jp@=W 6p!Y^XXm$U[^!wU~[7@/Ӱɓ1V{=R&&pqQ-^ W/Svs[$ װ?h),+4U"p(K3ʁi=#0S3@SX0^c0@y0LepY\b!sK5g/ǭY'I@G$_I|{UTxoP L*5܈>/Ҁpyeq ;QhdM@:Y˕9ɻ"+Ȏ- [&@r9^U.^Ul%"*5ԅ`\@ޤ1gXO7fدܙڳiѝܳWhQMD.=aPJ c}b6q;x$(mJ*jMJFxݜx/9bIi"_ 'VRIJW.7̡3qF᪔[b)e֔ 3JXtu۩:yPaj13=0*5\PQT'a XQN-TyEμ=?DСJ1"XtyG*ҤrŲ^^$W/VaH$w֪͑1f4YDMLT^)?vURv]Fn*&,Dّ:foN*]Y,ׅT M ;@e&>p5qV^5} (mWW w=OAY> m4DNvۃ\Ab˦ |KNw#pu{CSaf gB| ;0W?V1/-T#+#X) Q7f6IMkIRVN2ҽv+ܙϗql/5׏ -2ㄽ'Oض!)A{&,3nd k^Ek,c5ɪ5b?.giZbd2Iyuƶ% 8R>A3@ay㝗f!(+"8fjl o^-[b}qYa p:upE``ԣsiyU5r^PW$w)| U0M3+_O|G ɡy{1?VkR@m@Q T]0PU6|<:,JJ:(6xlZpC,CS66/$5Ȍ?x60c?RbV.dRdLG(![4 }P/Q!⏾_ O?\-6"kA.OiQ u2Z"8+X lsކM&/RU %m8U1DVhAhD!v(d,LÑiy7oxGz&|GH(uF{ -Av)50vhR%v4!j`!o҉7[Uk* չID QAm(kT@+m*If%u01|'PwNxE+˦;\JK~|LLÅn0e%!#) (Z2Coɹ+R2T+K0^ FF7|F@?`b6h8eIYŖT-:*-#ZW2k6 ö:u2ϰ;,QV74Tbc&aG_RcUnӚ0D%-7ɺX!APLU->' +!uD<YZ޻$0N8Iv`ӑPWcQ >'o_ 0w;y\a^3(%/,1\ xH +)*pO<0*PP4ij X!6@^q8۳i޼p{ڧf,!g{^p `Sns>VH*(XaQ~L3>!)>;G]Êi{pVHA2MMKxAh7MAzcrGI;⸰ <0p2Y"A"Y `bnӂӇ?0l &mጓxMutFrT >~b[]޿>\j=dxͥY |IH"M*hnj<߉kM?-zQ"2PUk'Q}ʃd0$ɽ(uBoߦM`:8ȏ^8rW5Irv}Ӹ(j<%LmJ,2$ټP%-Zw6jst̂F/1]' 6D$.t/EH\d:yuqPR)} q iBdxjEg7u֚ēyLr7S +XT#NZ y(gN>~51^j| XS,@gW$pjj]j#9y)E#^9[PTû3]8Zv'<ѪG_ wRLII5p%R1ulٴV*ZDMy&[C]0@Ū橨URv13/7+ ب*0%jIb{V 3I_ΫsNp,>2XfE"VML_ؤ"5 > h~YkB?ZdV7,ÅsUU>)@I4tC+KVYF Nxݲ8ACzx,Ğ8o_^_~??9ǿWn}$+Ub ēg_\1kظ3m 4v@~q/U}7'1`~eNVo}wJ࿷_?<)th1sФ܍,yW[j_M#af'Pa.? d1؋wxZAeCr׋Zl=zC Q%h+.^$Cb&pLfo-*s`Fw~ψGi]F"Q-i~PJgnLjrc8-Gx{Q3/rnٳ}Ocy8x\~ܴ<;caPo6R7ZI/rqhHl`S7ܲH-$L JQp֑=tZU"pj  %m̛ƺeR $S6_-Uǯ..N>Zj'[]:ZBm-dM^~%LJW(WM!LEHpLC@XS3LOʐg&UsUbKڍPaR ta Z nY[UVK(\ < &-і2x}ʄ7K]zZ&+volj`謍_ pA^Vr yO-j3UWL ,Ƶ ]-hQ\by_Q 7qw츜 MffnN?uxHZ0geY=qA2O~\s\|rSH1A/I/"S$( $`wH.!V#-Q?hfHry3@.d04I0FE " QlZD0)9?gyTP"4<%`Wn̞{z 207!F׋ugNȍ_AmZyhvZRC07T(- Q\kLsX 0 RCŅyViitμI$ NhYC!9˃}"AoI%SM~'d߅N:JM.s>Z-\f_9D1H "0H^+ an F"%1,@% h _/U8\\Jd D^V<-mXtB!|$1;" d1*$Ns(AƜhOQX1Ҁ };ZfjH76Z;l(["6vCFso5A[TeB"((I$KxG-ENZ(fbNrxGwϮo<|ViI3jln::hp=՘(Rj81lfo$d2,+Pp;z+{QknVa~oNM˟rӎ{AXkdg,k-7uv%;#GFBULj7` ZX}m=#W)L=YUӰ\W&/}|By3~Β$. SFK@93K?݌9+#/K]WȱS7(ՀeEgem%dOԧ宴:o ͍ /[S* X,1#b9;Qb _tq؟ E,,q ϓu|?-S_(XK*K'ΥJ.%~(De:*|i1N=Ǖ0böz}<wN: 0M$T2!b>"fN<]y.ԒɔXjT,n3l6`LJ[`o"ğ /0*O|9hJ!%Ӟ+۷b{ wd.m=E E ՅN&h 7df8Tԫ-"fx>Lhcy^#`JUc}o(xk:Ns]}BO'BH,e,>#?bif: 4u5:bz X&e;)i\kx h;]I*ncdaO4O} [4\~ CET-MGǂu X`mko&oVp)ꛚFsU}-ve܌&lC=ʈ<`JW s+U"ƴV} M]`W#v`yS;#iݛfx]nh;+)gufײBh7?plYyk\y;-գC^h=*oT۲(";].uY0Tg"|]]b9J$՟݂OvjAì)̸3E{n䢐LJ&Mx/ bADV:\5:\ۅ#`d[^ å5zl̅Ƿq_`|.Wv @E-<vN$^'CTD1((U_X8)1uS2O~<>۴GsR7P&(UZB-um 8Y.qow/65u_F~dФȻ])_tXKhet='e\vEiX|N[);+\?JKqQC 6V:>\ӥѶő|'p&cL멽p b]oxT= آB+o&WГ32R+UC#P#.խY—76uA7|{˚z}rl;n&ek&qz_g*{]5[XDGH60Oew0A/P+kwE@hP!h9ܿD퓪~Ga֍ SYUrM JmU}9oE1yr7sGz-60:N>\D%Up Gj=cI&qkW~ѲUm*g6 aWou1%c= V1wl;4MmHEDIV:X D~`A΍!EFOIT"04hXB+զW7`"`!3*ǂu3X(M>`JK@ $o.WX*.$D? 1kdG.E: l]=|.}r& ' S٩ 8] S/X,P]wztf07a%LQFV[%o^<?fÙ>rdȵ1:CEE4B=#pP'h S@B媜"p*{jR\[ }G@X) wnH ڍࢁ&'>ۂvKr e\V owڎ P*OH-S=[d= ҭshP3@ǭܚ59!u{nBfj܅4)(I*,a߼Ltͦ $P[-*׹l"uehixddz8s&L6q OzoV*3/֑˗e] 49G2qmJ7dK%Dc!R*T6'Ftm J٦/n5l8zDm4j=l&Gd/x3wڇ}eC1#*$!QÂpMa w=GcYI_q9}X@3"caj!w& +qpܖqc 6 Q!jقJdU rV§4W#jB0(~1c]o&vl6]F4trz G'88\RVR X-rVϪ\h"ř̋XK༠Fʊ:zJx.zB@Ĵ&ZzD;}\ 'ih7)X6X\x+=C3#];+“ `UMw2W|!`;+')ct3XY3ϡcL͐QȏAC,u*[pXWfT4#U{(SƩkQ:cz Lٗ"CFa95.T#REIj{Xa[ Y> c%v8qq9uMwj.]hZArPL<ՙ/uW׫Xo.slw]ʼ㒖lG9GS墢hu9E~(@e*Dׁ oߩY$u*O-5yI]qrbTХ ^e1~Z"c~'+!^˷=93i;EgXOu {`$z[;:@/HT! z?bX.h=g8ROVފ(B1*a7~aXyJsl|*41Yяp:y ~a<+w$]eXx$0ܕgV(ݛ_ Z|pzB?^sAMV[]{ "9B_ćR lD %Ϲߌ#ŵPdj-1Hp[kk|,P69Q!C}F ]J\ӳ'l쉧E>6ƥG؜@@-X.MF1_>,T FQÇY}ڏv᳒6_?~)syuToyP4TʂCN'-z%qί.GY(x9]uTZ-8!s>0;~MV&(ףS5MnA+_u *oAVs/8:qThɿ^0UB}N6$^VUpι9IO쟅qc5CN.he봘qN[ @[2EI[iU}%\09cyYg^䇁%҃g\1*VH'U=Wv ,&L4{]jS$5ł@ $c;ۀ5W^H({LZanrK% {' C0ϺfU-r ~gοT~( Q}v""~*~?f>ٯdD|qF=wKR$rj&OTa hedgefunds – World Economic Magazine https://worldecomag.com Simplifying Global Financial Markets Tue, 19 Oct 2021 12:26:19 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://worldecomag.com/wp-content/uploads/2021/03/cropped-512-x-512-1-150x150.png hedgefunds – World Economic Magazine https://worldecomag.com 32 32 Analysis: Bitcoin futures highlight some pitfalls for new ETFs https://worldecomag.com/analysis-bitcoin-futures-highlight-some-pitfalls-for-new-etfs/ Tue, 19 Oct 2021 12:26:19 +0000 http://demo.akaybee.com/?p=11416 NEW YORK, Oct 19 (Reuters) – The launch of the first bitcoin futures exchange traded fund (ETF) on Tuesday marks a major step toward legitimizing the cryptocurrency, but some ETF investors may face higher costs compared with buying the digital currency itself.

Barring any last-minute objection from the U.S. Securities and Exchange Commission, the ProShares Bitcoin Strategy ETF will begin trading on Tuesday. ProShares will be backed by the CME Group’s bitcoin futures instead of the actual virtual asset itself. read more

Its offering is expected to lead to more launches of futures-based ETFs in the coming days and weeks after years of regulatory roadblocks.

Market participants overall lauded the ease and relative safety of owning an ETF instead of buying bitcoin from cryptocurrency exchanges and brokers. Investors won’t have to worry about custody and securing their digital wallets, although analysts said there are top-tier exchanges that offer these services to their customers as well.

“There is no free lunch, however,” said Martha Reyes, head of research at digital asset prime brokerage and exchange BEQUANT.

“An ETF based on futures is not ideal as there is a cost to rolling into the futures contracts, given contango … translating into underperformance versus the underlying asset,” she said.

Traders typically roll over futures to switch from the short-term contract that is approaching expiration to another contract further out in months. This rollover entails a cost.

When futures are in so-called “contango,” a term more commonly heard in commodity markets than financial futures, prices are higher in longer-term contracts than on the front end. That means as contracts approach settlement day, the ETF will have to sell lower-priced futures and buy higher-priced ones, which will erode returns every time contracts roll off.

“So one problem is being solved, but at a cost to the investor in poorer overall return when compared to some of the ETPs (exchange traded products) in Europe,” said Bradley Duke, chief executive officer at ETC Group, the largest provider of ETPs in Europe.

ETPs in Europe that are 100% backed with underlying bitcoin track the latter’s spot price more consistently, Duke added.

FUTURES

A futures-based ETF price will not necessarily match the current price of the underlying asset. In most cases, futures ETFs based on commodity assets such as gold tend to underperform physical ETFs, said Mikkel Morch, executive director at crypto and digital assets hedge fund ARK36.

In addition to the risk of a futures-based bitcoin ETF underperforming bitcoin, it also comes with the cost of the futures roll-over, some analysts said.

All the same, analysts believe investors will still buy the futures-based ETF despite the higher cost.

“Bitcoin futures operate under commodity exchange regulations. Mutual funds and ETFs are regulated under the investment company regulations,” said Karan Sood, CEO and managing director of Cboe Vest, an asset management partner of derivatives exchange Cboe Global Markets.

“Both these regulations provide strong investor protections. There is a rich history of strong enforcement of such regulations, which creates a high level of financial stability and integrity.”

At a Financial Times conference a few weeks ago, U.S. SEC Chairman Gary Gensler repeated his support for bitcoin ETFs that would invest in futures contracts instead of the digital currency itself.

But bitcoin futures are subject to margin and collateral requirements as well as other limits that may prevent the ETF from achieving its objective of generating returns, according to ProShares’ prospectus. It’s an investment that is fraught with risk especially when the ETF’s price declines.

Among fund managers who have applied to launch bitcoin ETFs in the United States are the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds.

Late on Monday Invesco said it was not planning to pursue the launch of a bitcoin futures ETF in the immediate near-term.

The Nasdaq on Friday approved the listing of the Valkyrie Bitcoin Strategy ETF, while Grayscale, the world’s largest digital currency manager, plans to convert its flagship product, the Grayscale Bitcoin Trust (GBTC.PK) into a spot bitcoin ETF, CNBC reported on Sunday.

Bitcoin late on Monday hovered near a six-month high. The world’s largest cryptocurrency last stood at $62,104 , not far from its all-time peak of $64,895 hit in April.Reporting by Gertrude Chavez-Dreyfuss; Editing by Alden Bentley & Shri Navaratnam

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/technology/bitcoin-futures-highlight-some-pitfalls-new-etfs-2021-10-19/

]]> Factbox: Fun facts from the U.S. SEC report on January’s GameStop saga https://worldecomag.com/factbox-fun-facts-from-the-u-s-sec-report-on-januarys-gamestop-saga/ Tue, 19 Oct 2021 11:44:10 +0000 http://demo.akaybee.com/?p=11388 Oct 18 (Reuters) – The U.S. securities regulator released its long-awaited post-mortem into January’s GameStop saga, in which retail traders banded together on social media and piled in to GameStop and other “meme” stocks in an attempt to punish hedge funds that had bet against the company, sending its shares soaring. read more

While the episode was explored in some detail during a congressional hearing earlier this year, the Securities and Exchange Commission report, published on Monday, offers some new details on what went down. Here are some takeaways:

880,000 NEW ACCOUNTS STARTED TRADING GAMESTOP IN JANUARY

“GameStop had already started to receive attention on Reddit in 2019, including in discussions about short squeezes. That attention grew throughout 2020,” the SEC said.

“Price increases, trading interest, and social media interest all accelerated in 2021.”

By Jan. 27, the number of unique accounts trading GameStop on a given day had reached 900,000 compared with 10,000 at the beginning of the month, the SEC said.

INSTITUTIONAL INVESTORS ALSO DROVE THE RALLY

In addition to retail investors, institutional investors, including several hedge funds, also purchased shares of GameStop Corp (GME.N).

Some of those purchases may have been partly driven by hedge funds that had betted against GameStop, trying to cover their positions, and some of those funds made bad losses.

In contrast, some funds that were long GameStop cashed in.

“Some investors that had been invested in the target stocks prior to the market events benefited unexpectedly from the price rises, while others, including quantitative and high-frequency hedge funds, joined the market rally to trade profitably,” the SEC wrote.

NO ‘GAMMA SQUEEZE’

One theory for GameStop’s meteoric rise was a so-called gamma squeeze, which happens when market makers purchase a stock to hedge the risk created by writing call options on that stock. That, in turn, puts even more upward pressure on the stock price.

The SEC did find that GameStop options trading volume by retail investors increased substantially, but that was mostly driven by an increase in the buying of put, rather than call, options. The data also showed that market-makers were buying, rather than writing, call options.

“These observations by themselves are not consistent with a gamma squeeze,” the SEC wrote.

NO NAKED SHORTING

The unusually large amount of short selling in GameStop sparked speculation of “naked” shorting – selling shares without arranging to borrow the underlying security.

When a naked short sale occurs, the seller fails to deliver the securities to the buyer. “Based on the staff’s review of the available data, (GameStop) did not experience persistent fails to deliver,” the SEC said.

IT WASN’T ALL ABOUT GAMESTOP

By early 2021, individual investors were increasingly downloading broker-dealer apps and more than 100 stocks experienced large price moves or increased trading volume that significantly exceeded the broader market, the SEC said.

For example, single-day price changes on Jan. 27 from the closing prices on Jan. 26 for KOSS Corporation (480.0%), AMC Entertainment Holdings Inc (AMC.N) (301.2%), Naked Brand Group (NAKD.O) (252.3%) and Express Inc (EXPR.N) (214.1%) were larger than any single-day GameStop price change, according to the SEC.Reporting by Michelle Price in Washington Editing by Matthew Lewis

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/business/fun-facts-us-sec-report-januarys-gamestop-saga-2021-10-18/

]]> Billionaire-backed mining firm to seek electric vehicle metals in Greenland https://worldecomag.com/billionaire-backed-mining-firm-to-seek-electric-vehicle-metals-in-greenland/ Mon, 09 Aug 2021 12:26:24 +0000 http://demo.akaybee.com/?p=9010 COPENHAGEN, Aug 9 (Reuters) – Mineral exploration company KoBold Metals, backed by billionaires including Jeff Bezos and Bill Gates, has signed an agreement with London-listed Bluejay Mining (JAY.L) to search in Greenland for critical materials used in electric vehicles.

KoBold, which uses artificial intelligence and machine learning to hunt for raw materials, will pay $15 million in exploration funding for the Disko-Nuussuaq project on Greenland’s west coast in exchange for a 51% stake in the project, Bluejay said in a statement.

Shares in BlueJay traded 26% higher on the news.

The license holds metals such as nickel, copper, cobalt and platinum and the funding will cover evaluation and initial drilling.

KoBold is owned by Breakthrough Energy Ventures, a climate and technology fund backed by Microsoft (MSFT.O) co-founder Bill Gates, Bloomberg founder Michael Bloomberg, Amazon (AMZN.O) founder Jeff Bezos, and Ray Dalio, founder of the world’s largest hedge fund Bridgewater Associates.

Other KoBold investors include Silicon Valley venture capital fund Andreessen Horowitz and Norwegian state-controlled energy company Equinor.

BlueJay said previous studies found the area in western Greenland has similarities to the geology of Russia’s Norilsk region, a main producer of nickel and palladium.

“This agreement is transformative for Bluejay,” said the comany’s CEO Bo Steensgaard. “We are delighted to have a partner at the pinnacle of technical innovation for new exploration methods, backed by some of the most successful investors in the world.”Reporting by Jacob Gronholt-Pedersen Editing by David Holmes

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/business/billionaire-backed-mining-firm-seek-electric-vehicle-metals-greenland-2021-08-09/

]]> Allianz cooperating as DOJ probes Structured Alpha Funds https://worldecomag.com/allianz-cooperating-as-doj-probes-structured-alpha-funds/ Mon, 02 Aug 2021 12:33:49 +0000 http://demo.akaybee.com/?p=8636 FRANKFURT, Aug 1 (Reuters) – The U.S. Department of Justice has begun an investigation relating to Allianz Global Investors’ Structured Alpha Funds, following litigation pending in U.S. courts on the matter, German insurer Allianz (ALVG.DE) said on Sunday.

Pension funds for truck drivers, teachers and subway workers have lodged lawsuits in the United States against Allianz Global Investors, one of the world’s top asset managers, for failing to safeguard their investments during financial market instability during the coronavirus pandemic.

Market panic around the virus resulted in billions of dollars in losses last year, hitting many investors, but no other top-tier asset manager is facing such a large number of lawsuits in the United States connected to the turbulence.

Allianz said that its Allianz Global Investors unit has received a voluntary request for documents and information from the Department of Justice (DOJ) and that Allianz is fully cooperating with the DOJ as well as with the U.S. Securities and Exchange Commission.

Allianz’ management has reassessed the matter and come to the conclusion that there is a relevant risk that the Structured Alpha Funds issue could materially impact future financial results of Allianz, it added.

For now, it was not feasible to reliably estimate the amount of any possible resolution including potential fines and no provision has been recognised at the current stage, the insurer said.

The U.S. lawsuits allege that Allianz Global Investors, in its Structured Alpha family of funds, strayed from a strategy of using options to protect against a short-term financial market crash.

Last year, Allianz was forced to shut two private hedge funds after severe losses, prompting the wave of litigation which the company has said is “legally and factually flawed”.

Together, the various suits filed in the U.S. Southern District of New York claim investors lost a total of around $4 billion.Reporting by Arno Schuetze; Editing by Susan Fenton

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/business/allianz-says-reassesses-risks-doj-probes-structured-alpha-funds-2021-08-01/

]]> EXCLUSIVE 3G founders launch investment partnership with former Third Point co-CIO Islam https://worldecomag.com/exclusive-3g-founders-launch-investment-partnership-with-former-third-point-co-cio-islam/ Wed, 28 Jul 2021 11:43:36 +0000 http://demo.akaybee.com/?p=8384 BOSTON, July 27 (Reuters) – Three Brazilian billionaires who cofounded investment firm 3G Capital are backing a veteran U.S. investor who played a key role in hedge fund Third Point’s activist campaigns, to make big, long-term bets on companies, three people familiar with the plans said.

LTS One will be a new investment partnership between LTS Investments and Munib Islam, who was previously co-chief investment officer at Third Point. LTS Investments is the holding company and investment office that oversees the family fortunes of 3G Capital cofounders Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira.

Islam and a representative for LTS declined to comment.

Lemann, Telles, Sicupira and 3G are best known for helping build companies like drink and brewing giant Anheuser-Busch InBev (ABI.BR), fast food holding company Restaurant Brands (QSR.TO) and partnering with Warren Buffett’s Berkshire Hathaway to create food company Kraft Heinz (KHC.O).

Now the trio of billionaires, who are in their 70s and 80s and spent their careers taking controlling stakes in their six strategic investments, are inching closer to trying something new – influencing management while holding minority stakes, said the sources, who requested anonymity because the plans have not been publicly announced.

LTS Investments, named for the first initial of the principals’ last names, was introduced to Islam through a mutual connection and the men agreed to terms on Zoom calls during a pandemic which left them located on three different continents.

Islam brings the ability to identify targets and structure activist campaigns. He worked Third Point’s most high-profile efforts, including at food companies Nestle (NESN.S) and Campbell Soup (CPB.N), conglomerate Sony (6758.T) and hospital products maker Baxter International (BAX.N), where he was named to the board in 2015.

ENGAGEMENT BUT NO FLASHY FIGHTS

LTS One is not likely to make its mark by starting out with a flashy proxy fight the way newcomer Engine No. 1 did at Exxon Mobil (XOM.N) this year when it won three board seats. read more

Instead the fund, which does not expect to accept outside money at the start, plans to engage behind the scenes and stop short of making the types of demands many activists are known for. Rather than calling for share buybacks or divesting underperforming units, LTS One will likely be more interested in altering the direction of a company’s earnings instead of reshaping its portfolio. It expects to take significant minority stakes in companies in various sectors and countries, the sources said.

And because the fund will not be a traditional hedge fund with investors who may get itchy if progress is not instant, Islam and his team will be able to make longer-term investments, staying put for five years or longer instead of exiting after two to three years as activists often do.

LTS One has already invested roughly $1 billion in several situations but will not say exactly how much money it plans to put to work in the future, the sources said.

Islam, 47, plans to employ a small team of analysts in New York. He will likely be the first to approach a company’s management team and board but the three principals Lemann, Telles and Sicupira also expect to become involved, doing more than simply providing seed capital for a new activist hedge fund, the sources said.

Islam is taking on the new role after leaving Third Point in 2020. Third Point, which gained 11% during the first quarter of 2021 and has returned an average 15.1% a year since its launch in 1996, engages in a variety of strategies, including activism, put is not considered a pure-play activist firm in the manner of Starboard Value, for example.

Following a slowdown in activist campaigns during the pandemic, activity is picking up again with 55 campaigns initiated in the United States during the first half of 2021. In Japan activists launched 10 campaigns in the first half of the year, signalling more activity outside of U.S. companies.Reporting by Svea Herbst-Bayliss in Boston Editing by Matthew Lewis

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/business/exclusive-3g-founders-launch-investment-partnership-with-former-third-point-co-2021-07-27/

]]> Most institutional investors expect to buy digital assets, study finds https://worldecomag.com/most-institutional-investors-expect-to-buy-digital-assets-study-finds/ Tue, 20 Jul 2021 12:40:46 +0000 http://demo.akaybee.com/?p=7884 LONDON, July 20 (Reuters) – Seven in 10 institutional investors expect to invest in or buy digital assets in the future, although price volatility is the main barrier for new entrants, a study by Fidelity’s cryptocurrency business found.

More than half of the 1,100 institutional investors surveyed globally by Coalition Greenwich on behalf of Fidelity Digital Assets between December and April said they had digital asset investments.

Around 90% of those interested in investing in future said they expected their company’s or their clients’ portfolios to include digital asset investments within the next five years, the research found.

This included direct cryptocurrency investments or exposure through stocks of cryptocurrency companies or other investment products.

Those surveyed included high net worth investors, family offices, digital and traditional hedge funds, financial advisors and endowments.

Launched in 2018, Fidelity Digital Assets is the cryptocurrency business of Boston-based Fidelity Investments and offers institutional investors custody and execution services for assets such as bitcoin.

The company was one of the first mainstream financial services providers to embrace cryptocurrencies, which increasingly have attracted established financial institutions.

TP ICAP (TCAPI.L) the world’s biggest inter-dealer broker, late last month said it was launching a cryptocurrency trading platform with Fidelity and Standard Chartered’s digital assets custody unit. read more

Despite the mainstream interest, cryptocurrency prices and trading volumes have slumped. Bitcoin has fallen around 50% since its high in April.

The firms surveyed cited price volatility as the biggest obstacle for new investors, followed by the lack of fundamentals needed to assess value and concerns around market manipulation.

In a survey last month JPMorgan Chase & Co, found only 10% of institutional investment firms trade cryptocurrencies, with nearly half labeling the emerging asset class as “rat poison” or predicting it would be a temporary fad. read moreReporting by Anna Irrera; editing by Barbara Lewis

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/business/most-institutional-investors-expect-buy-digital-assets-study-finds-2021-07-20/

]]> Robinhood seeks up to $35 bln valuation in mega U.S. IPO https://worldecomag.com/robinhood-seeks-up-to-35-bln-valuation-in-mega-u-s-ipo/ Tue, 20 Jul 2021 11:35:06 +0000 http://demo.akaybee.com/?p=7838 July 19 (Reuters) – Robinhood Markets Inc is targeting a valuation of up to $35 billion in its initial public offering in the United States, the company revealed in a Monday filing, setting the stage for one of the most highly anticipated stock market listings this year.

The listing plans come just months after the online brokerage found itself at the center of a confrontation between a new generation of retail investors and Wall Street hedge funds in late January.

Robinhood was aiming for an IPO valuation of up to $40 billion, Reuters had previously reported.

About 55 million shares are being offered in the IPO, with shares expected to be priced between $38 and $42, the company said. This would raise over $2.3 billion if priced at the top of the range.

Nearly 2.63 million of those shares are being offered by the company’s founders and chief financial officer, the filing showed. Proceeds from those will not go to Robinhood.

Salesforce Ventures, the investment arm of software provider Salesforce.com Inc (CRM.N), is looking to purchase up to $150 million worth of Class A common stock at the IPO price, the filing showed.

As revealed by Reuters in March, Robinhood plans to reserve some of its offering for users of the trading app. Between 20% and 35% of shares will be allocated to users, dependent on demand from customers and other investors, the filing said.

In a separate statement, Robinhood said it would host a public event on July 24 to present its IPO plans and answer questions from potential investors. This is akin to traditional roadshows which companies and their advisers host with professional investment firms in the run-up to a share offering.

GOING MAINSTREAM

Robinhood was founded in 2013 by Stanford University roommates Vlad Tenev and Baiju Bhatt. They will hold a majority of the voting power after the offering, the filing showed, with Bhatt having around 39% of the voting power of outstanding stock while Tenev will hold about 26.2%.

The company’s platform allows users to make unlimited commission-free trades in stocks, exchange-traded funds, options and cryptocurrencies. Its easy-to-use interface made it a go-to for young investors trading from home during coronavirus-induced restrictions and its popularity has soared over the past 18 months.

Robinhood has 18 million funded accounts as of Mar. 31, according to its filing.

The trading mania in the so-called meme stocks helped fuel a four-fold jump in its revenue over January to March, Robinhood’s IPO filing earlier this month detailed, but the quick expansion came at a cost.

The company faced criticism after it was forced to curb trading in the middle of the surge this year in GameStop (GME.N) and other previously beaten-down stocks.

At the time, Robinhood was forced to raise $3.4 billion in emergency funds after its finances were strained by the massive jump in retail trading and a resulting jump in capital demands from clearing houses.

That round valued the company at around $30 billion, according to people familiar with matter.

Robinhood’s stock market flotation comes amid a record 15-month run for the U.S. IPO market, as investors rushed to buy shares of high-growth tech companies.

The company plans to list on the Nasdaq under the symbol “HOOD”.

Goldman Sachs and J.P. Morgan are the lead underwriters for the offering.Reporting by Noor Zainab Hussain, Sohini Podder and Niket Nishant in Bengaluru and David French in New York; Editing by Sriraj Kalluvila and Nick Zieminski

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/business/finance/robinhood-aims-up-35-bln-valuation-us-ipo-2021-07-19/

]]> UBS hires Morgan Stanley bankers to lead U.S. outsourced trading drive https://worldecomag.com/ubs-hires-morgan-stanley-bankers-to-lead-u-s-outsourced-trading-drive/ Tue, 22 Jun 2021 14:45:41 +0000 http://demo.akaybee.com/?p=5509 ZURICH, June 22 (Reuters) – UBS (UBSG.S) has hired two bankers from Morgan Stanley (MS.N) to help build its trading services for hedge funds and asset managers in the United Sates, according to a memo seen by Reuters and confirmed by a spokesperson for the Swiss bank.

The new recruitments are a part of a broader initiative within the bank to elevate its so-called execution hub, allowing hedge funds and asset managers to outsource their trading to the lender.

Jon Slavin, previously Global Head of Equity Trading at Morgan Stanley Investment Management, has been appointed UBS’s Head of Execution Hub, Americas. Sherri Cohen, who previously headed global emerging markets at Morgan Stanley’s investment management arm and led infrastructure development for the unit’s trading systems, has been named to lead business development of the execution hub in the United States.

“In this role, Jon will be responsible for setting up and running our U.S. trading team and driving our regional client strategy,” Mark Goodman, global head of the bank’s execution hub, told staff in a memo.Reporting by Brenna Hughes Neghaiwi, Editing by Sherry Jacob-Phillips

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/business/ubs-hires-morgan-stanley-bankers-lead-us-outsourced-trading-drive-2021-06-22/

]]> Loeb’s U.S. hedge fund Third Point owns Vivendi stake -source https://worldecomag.com/loebs-u-s-hedge-fund-third-point-owns-vivendi-stake-source/ Tue, 15 Jun 2021 09:56:21 +0000 http://demo.akaybee.com/?p=5021 Billionaire hedge fund manager Daniel Loeb’s Third Point owns a substantial stake in Vivendi SE (VIV.PA) and is “evaluating” the French media giant’s plan to sell a stake in its Universal Music Group to rival billionaire investor William Ackman, a source familiar with the firm’s holdings said on Monday.

New York-based Third Point has been invested in Paris-based Vivendi for some time, the person said, requesting anonymity because the matter is private.

A Vivendi spokesman on Monday said, “The company has yet to see any evidence of a stake being built,” in response to a question about the Third Point holding. A Third Point representative declined to comment.

Third Point’s stake was first reported by Bloomberg.

Vivendi has become popular with certain investors ever since it announced plans to spin off 60% of Universal. Earlier this month Ackman said his blank-check company Pershing Square Tontine Holdings (PSTH.N) is planning to buy 10% of Universal before the planned spinoff.

Vivendi, controlled by French tycoon Vincent Bollore, last month set out a plan to list Universal, the world’s largest music group, by Sept. 27.

Investors will have a chance to vote on the proposed spinoff later this month and some have already expressed reservations.

Activist fund Bluebell Capital Partners and investment fund Artisan Partners have raised concerns about the spinoff, decrying the transaction as unfavorable to some investors.

Glass Lewis and ISS, the world’s two biggest proxy advisers,

have recommended Vivendi shareholders vote in favor of the

spinoff plans.

Third Point is trying to evaluate what Ackman’s proposal would mean for Vivendi shareholders and has not commented publicly about the matter.

Loeb and Ackman, both prominent New York hedge fund managers, have crossed on other investments, including Herbalife and United Technologies, for example, and sometimes taken differing approaches.

Loeb has had his own blank check company and invested in a number of others, according to letters to his investors and regulatory filings. He did not invest with Pershing Square’s Tontine Holdings, which counts other prominent hedge funds as investors.

($1 = 0.8247 euros)

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/business/media-telecom/loebs-us-hedge-fund-third-point-owns-vivendi-stake-source-2021-06-14/

]]> New Exxon board member Hietala brings business transformation experience https://worldecomag.com/new-exxon-board-member-hietala-brings-business-transformation-experience/ Fri, 04 Jun 2021 11:59:07 +0000 http://demo.akaybee.com/?p=4420 Exxon Mobil’s newly elected board member Kaisa Hietala says her work at Finnish refiner and biofuel producer Neste makes her more than just a champion of biofuels, she also has experience transforming a business.

Tiny hedge fund Engine No. 1 led a shareholder revolt last week to unseat three directors on Exxon’s (XOM.N) board and replace them with nominees in the first big boardroom contest at an oil major that made climate change the central issue. read more

For most of her career, 21 years, Hietala worked at Neste (NESTE.HE). Having studied geophysics and environmental sciences, she joined the oil and gas production unit in 1998 but soon began working on a strategy to develop biofuels.

More than ten years in management took Hietala to Singapore to set up Neste’s biofuel operations and led to a seat on the company’s executive committee in charge of the renewables business, which in a strategy update in 2019 had grown so big, Neste’s new Chief Executive Peter Vanacker decided to split it in three.

Hietala, whose name had been mentioned in speculation for Neste’s new CEO, left the company after the split.

Renewables have since become central to Neste’s revenue. In the company’s most recent results, the unit accounted for 90% of total operating profit.

The energy industry has struggled to address growing investor concerns about the impact of measures to slow global warming. Dissident shareholders say Exxon has lagged even the slow pace of change within the industry.

Engine No. 1 and Exxon shareholders Hietala spoke with ahead of the vote were interested in her expertise in business transformation, she told Reuters in an interview.

There was no formula for a business transition, however, that she could bring from Neste to Exxon, she said.

“Every company should look to their own strengths, expertise, infrastructure and clients to find new business opportunities,” she said.

“The company also needs to believe in the change itself because otherwise it will be difficult to communicate.”

Hietala says she did not have any contact with Exxon’s management before the vote, but right after the preliminary results came in last week she spoke with Exxon’s Chief Executive Darren Woods. In their brief exchange, Woods came across as forward-looking, she said.

During the contest between Exxon and Engine No. 1 over the board, Hietala was often portrayed as a proponent of biofuels, but she does not see herself having that limited role.

She has wide experience across the business – in oil drilling, refining and retail. That, combined with her knowledge of renewables and her experience of business transformation are the three most important elements she will bring to the board, she said.

In the past 5 years, Neste’s market cap has nearly quadrupled which Hietala sees as a sign of the trust she helped build with investors in the company’s new strategy.

“The rise in Neste’s share price shows that investors value companies that have alternative visions for the future and are able to reposition the core of their business,” she says, but adds even the best strategy can fail if the company is unable to communicate why changes are made.

Hietala says it is key for a company to be open and transparent about changes in strategy to shareholders who have invested in the company, but also to employees who put the strategy in action and customers who buy the products.

“Investors are right in questioning changes, investments and new technologies and that is why they need to see the logic behind the strategy,” Hietala said.

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/business/energy/new-exxon-board-member-hietala-brings-business-transformation-experience-2021-06-03/

]]>