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Interpol has issued a "Red Notice" for Hex founder Richard Schueler, also known as Richard Heart, for alleged tax fraud and assault, with Finnish authorities seeking his arrest. The allegations include a physical assault on a minor and tax evasion from June 2020 to April 2024. Schueler is also embroiled in a $1 billion lawsuit with the SEC over unregistered crypto token offerings.
Marathon Digital is transforming Bitcoin mining by repurposing excess heat to warm approximately 80,000 homes in Finland, significantly aiding the country's energy efficiency goals. This initiative, which began with a pilot project heating 11,000 homes, utilizes district heating technology to channel warm water through underground pipelines. The company's commitment to sustainability is further demonstrated by its recent acquisition of a wind farm in Texas, aimed at enhancing its renewable energy portfolio.
US interest rate markets saw slight upward trends, with the two-year Treasury yield falling to 4.13% and the ten-year to 4.18%. Corporate investment grade and high yield indices gained 1.34% and 1.15%, respectively, while commodity prices weakened, particularly gold and crude oil. Equity hedged strategies across US, European, and Asian markets generally produced positive returns, driven by strong performances in consumer discretionary and financial sectors, despite some volatility in healthcare and energy.
Germany's Bundestag has passed the Digitalization of Financial Markets Act, enabling the full implementation of the EU's MiCAR cryptocurrency regulation before its December 30 deadline. This legislation designates BaFin as the regulator, allowing German firms to operate under MiCAR while establishing a one-year transition period for existing licenses. Meanwhile, varying transition periods across EU countries necessitate that crypto asset service providers secure new authorizations promptly to avoid operational disruptions.
In November 2024, risk assets rebounded, with positive returns across various hedge fund strategies, particularly in Equity Hedged and Relative Value sectors. Macro and discretionary trading strategies also performed well, driven by favorable positions in rates and commodities, despite some mixed results in energy and metals. Overall, the market showed a constructive outlook following the US election, with significant performance dispersion among managers.
In November 2024, risk assets rebounded, with positive returns across various hedge fund strategies, particularly in Equity Hedged and Relative Value sectors. Macro and discretionary trading strategies also performed well, driven by favorable positions in rates and commodities, despite some mixed results in energy and metals. Overall, the market showed a constructive outlook following the US election, with significant performance dispersion among managers.
A commission will present its findings today on the Credit Suisse-UBS merger, focusing on the actions of Swiss authorities during the crisis. Meanwhile, Switzerland and the EU are expected to officially conclude their negotiations, with key decisions on financial contributions and the free movement of persons anticipated. Other notable news includes ongoing investigations into a Chinese ship in the Baltic Sea and a tragic stampede in Nigeria that resulted in the deaths of 35 children.
Excelerate Energy, Inc. will participate in the UBS Global Energy & Utilities Winter Conference on January 14-15, 2025, at The St. Regis Hotel in Deer Valley, Utah. Steven Kobos, President and CEO, will conduct one-on-one meetings with investors during the event.
Scandinavian countries, particularly Norway, Sweden, and Finland, maintain a tradition of financial transparency, publishing citizens' income and wealth data. This practice, while aimed at curbing corruption, has led to privacy concerns and increased risks for crypto holders, making them targets for theft. As a result, some individuals, including prominent crypto advocates, have relocated to safer regions due to fears stemming from these transparency laws.
UBS analyst Jay Sole has raised the price target for Amer Sports from $27 to $37, maintaining a Buy rating. The firm is optimistic about the growth potential of the Arc’teryx brand and Amer's prospects in China, citing strong fundamentals and a recent debt reduction as key factors for expected EPS growth. UBS forecasts a 33% compound annual growth rate for EPS over the next four years.
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