Friday, 30 January 2015

Top Hedge Fund Manager Predicts Economic Downturn

One of the UK’s most successful hedge fund managers has warned that the world is on the cusp of an economic downturn that will be “remembered in a hundred years”.

Crispin Odey, the founder of London-based Odey Asset Management, told clients in a letter that he expects major economies to enter a recession that will “devastate” stock markets. He predicted that the European Central Bank’s €1.1tn (£730bn) bond-buying programme announced last week will disappoint markets and will not stave off a slump.

He concluded: “We are in the first stage of this downturn. It is too early to see what will happen – a change of this magnitude means the darkness and mist is very great. This down cycle is likely to be remembered in a hundred years.”

Warning that central banks have run out of financial firepower, he added: “We used all our monetary firepower to avoid the first downturn in 2007-09, so we are really at a dangerous point. If economic activity far from picks up, but falters, then there will be a painful round of debt default.”

He pointed to slowing growth in China alongside falling commodity prices and incomes in emerging markets. “The shorting opportunity looks as great as it was in 07/09.”

Odey also predicts that markets will take more note of politics this year. “This time around, the problem we have as well is that politics will start to rear its head and we are left to deal with politicians who are increasingly critical of the capitalist system’s ability to allocate capital,” he said.

The €306m (£228m) Odey Pan European fund, for which the letter was written, has achieved a rate of return of 15% in the year to 23 January.

Friday, 16 January 2015

Amy Willerton More Shots

Nadia Forde pictures

Chuck Feeney Gives A Million To Assembly

The Northern Ireland Assembly has been given £600,000 by a US billionaire philanthropist to help MLAs improve their political skills.

The money will be spent on events aimed at making politicians more effective.

Irish-American Chuck Feeney's Atlantic Philanthropies has previously donated £400,000 to the assembly.

Part of this latest donation will be spent on events to promote women in politics, and classes covering subjects like managing your online reputation.

A spokesperson for Atlantic Philanthropies said: " The over-arching objective of Atlantic's grant-making in Northern Ireland is to cement peace and contribute to building a more equitable society that protects rights and strengthens democracy.

"Recognising the importance of political leadership to cementing the peace, Atlantic has provided support to Politics Plus to enable them to continue to provide independent, effective and creative programmes for those involved in politics and public life."

Thursday, 8 January 2015

No Greens No Cameron?

David Cameron has said unless the Green Party is included he will not be taking part in any TV debates.The suggested schedule is for the TV debates on 2 April, 16 April and 30 April, ahead of the election on 7 May.