Fri. Jul 1st, 2022

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The lure of a $ 1.3 billion fight brings the supremacy of sovereign effects out of retirement

Other than Bill Ackman, Paul Singer and Dan Loeb, the name Jay Newman has little domestic recognition outside the esoteric world of government debt restructuring.

Until recently, the 69-year-old was enjoying his retirement, divided between Florida and New York, after a career of more than four decades on Wall Street. And boy if he deserved it. It was Newman who led Elliott Management‘s struggle to force the Argentine government to pay its default. The 15-year struggle has short capture by Elliott of an Argentine navy ship manned by more than 200 sailors in a Ghanaian port in 2012, and the activist fund attempted seizure satellite launches agreed by Argentina Elon Musk‘s SpaceX.

When the bet was good for Elliott in 2016 after Argentina agreed to settle the claims of ‘held’ creditors, it generated $ 2.4 billion for the activist. And it deserves a place in history as one of the largest hedge fund industries ever.

Meanwhile, with Newman’s courtroom behind him – or so he thought – he writes a thriller, Underpayment, with a summary reminiscent of a Ian Fleming thread. The book is “an exciting thriller about a group of American patriots who secretly take over the world’s largest dark money industry with the help of a beautiful female CIA agent,” the publisher claims.

But one siren call was just too strong for Newman to resist. Our hedge fund correspondent Laurence Fletcher has the within story about how he was treated by the shareholders of You need multimedia, a satellite and telecommunications company involved in a battle with the Indian government. Devas is trying to collect $ 1.3 billion allocated by international tribunals following the cancellation of a contract with an Indian state-owned company. But the government refuses to pay.

“Time is on the creditors’ side,” Newman tells Laurence. “Going to court is not fun. But if necessary, we do it. ”

Casino Royale? Within the race to be Europe’s Robinhood

What does banana bread mean, Joe Wicks and day trading mean? All three experience a rise in favor during the pandemic. And the platform of choice for the wave of Americans controlling with their stimuli: super-smooth trading app Robin Hood.

Now the race to become the Robinhood of Europe is on the rise, following his decision last summer to abandon it British launch. The participants are divided across continental Europe. But they agree on one thing: the shoes of the US meme stockbroker is not the name of the game. They would like to emphasize long-term investment over the speculation on one stock that has caused the madness in the US.

In this analysis of the young “Americanization” of European stock exchange, my colleague Joshua Oliver examine how a multitude of competitive programs such as Trade Republic, Free trade and Scalable capital draw their battle lines.

Their caution with comparisons to Robinhood not only reflects the US apps checkered reputation and the regulatory investigation depends on both “gamification” of trade and payment for order flow; there is also a business argument in play.

As Madison Darbyshire recently reported in New York, many Robinhood customers use the app for their “Fun” money but keep their ‘real’ money on a more traditional platform like that of Faithfulness or Charles Schwab. In a sector where scale building and asset building are the key to survival, European players want to win the loyalty of the next generation of savers in the long run and outperform more expensive traditional competitors.

“The brokerage market is not a winner-takes-all market,” says Scalable, co-founder Erik Podzuweit. “I think a handful will survive, but not too much.”

Chart of the week

The line graph of UK credits trades against EU grants (€) at a high showing that the EU and UK grants reach new highs in September

The growing gas supply crisis in Europe has increased the price of related allowances carbon emissions while energy producers are switching to cheaper but dirtier coal. The EU carbon allowance reached € 65 per tonne for the first time last week, and allowances under the burgeoning cap and trading system in the UK reached a record £ 76 (€ 88) per tonne. Markets Editor Katie Martin claims that climate change is finally become real for investors.

Smart reading

Keep it in the family An investigation by the Wall Street Journal found that 131 federal judges violated the law by addressing cases in which businesses in which they or their families have a financial interest (WSJ)

Ying and Yang Silicon Valley venture capitalist Peter Thiel has poured millions into right-wing politicians with anti-big-tech agendas. He also happens to sit on the board of Facebook (Airmail)

Oriental promises For Goldman Sachs, full control of its Chinese joint venture was the culmination of 30 years of work and a ticket to future wealth. Now his position in the country seems less secure. (FT)

And finally: No time to die received five star reviews last week. Raise a glass after Daniel Craig’s last Bond movie with me must-read guide to where to find the best dry martinis in London.

© Leo Goddard / FT

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