imOxy的个人主页 - 老虎社区

imOxy

imOxy

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18关注

4粉丝

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0勋章

2022-01-05

[财迷] [财迷] [财迷]

2021-11-02

[得意]

@小虎活动:[Halloween Game] Trade or Treat!

2021-10-09

😀[财迷]

抱歉，原内容已删除

2021-10-05

😃😄

Fed's Bullard: U.S. businesses having no problems raising prices<blockquote>美联储布拉德：美国企业提价没有问题</blockquote>

2021-10-05

[开心] [财迷] [呆住]

抱歉，原内容已删除

2021-10-05

[开心]

抱歉，原内容已删除

2021-10-05

[开心] [开心]

抱歉，原内容已删除

2021-09-22

[开心]

抱歉，原内容已删除

2021-08-31

😁

抱歉，原内容已删除

2021-08-28

[开心]

Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers<blockquote>华尔街的犯罪与惩罚：伯纳德·埃伯斯和世通的严重错误数字</blockquote>

2021-08-28

[开心]

抱歉，原内容已删除

2021-08-28

[财迷]

抱歉，原内容已删除

2021-08-16

[开心]

抱歉，原内容已删除

2021-08-11

[开心]

抱歉，原内容已删除

2021-08-04

😁...

抱歉，原内容已删除

2021-08-04

😁

抱歉，原内容已删除

2021-08-04

😄

抱歉，原内容已删除

2021-08-04

😄

抱歉，原内容已删除

2021-08-01

😀

SIA, SIAE, Singtel potential candidates for company restructuring: Maybank<blockquote>SIA、SIAE、Singtel 公司重组的潜在候选者：马来亚银行</blockquote>

2021-07-31

//@imOxy: 😁😁

It’s Open Season on Closed-End Fund Activists. How Fund Holders Can Win—and Lose<blockquote>现在是封闭式基金活动家的开放季节。基金持有人如何赢得和失败</blockquote>

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Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":821815774,"gmtCreate":1633728870428,"gmtModify":1633728944588,"author":{"id":"4087121361671570","authorId":"4087121361671570","name":"imOxy","avatar":"https://static.tigerbbs.com/9f451ff28c6a6373be19694c5de4a14f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087121361671570","authorIdStr":"4087121361671570"},"themes":[],"title":"","htmlText":"😀[财迷]&nbsp;","listText":"😀[财迷]&nbsp;","text":"😀[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821815774","repostId":"2173929897","repostType":4,"isVote":1,"tweetType":1,"viewCount":3726,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820873306,"gmtCreate":1633386493017,"gmtModify":1633386493184,"author":{"id":"4087121361671570","authorId":"4087121361671570","name":"imOxy","avatar":"https://static.tigerbbs.com/9f451ff28c6a6373be19694c5de4a14f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087121361671570","authorIdStr":"4087121361671570"},"themes":[],"title":"","htmlText":"😃😄","listText":"😃😄","text":"😃😄","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/820873306","repostId":"1185304471","repostType":4,"repost":{"id":"1185304471","kind":"news","pubTimestamp":1633360698,"share":"https://www.laohunote.com/m/news/1185304471?lang=zh_CN&edition=full","pubTime":"2021-10-04 23:18","market":"us","language":"en","title":"Fed's Bullard: U.S. businesses having no problems raising prices<blockquote>美联储布拉德：美国企业提价没有问题</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185304471","media":"finance.yahoo","summary":"(Reuters) - U.S. businesses are having few problems raising prices on customers for the first time i","content":"<p>(Reuters) - U.S. businesses are having few problems raising prices on customers for the first time in years, St. Louis Federal Reserve Bank President James Bullard said on Monday, as he warned that inflation could remain elevated for some time to come amid fears higher expectations become entrenched.</p><p><blockquote>（路透社） - 圣路易斯联邦储备银行行长詹姆斯·布拉德周一表示，美国企业多年来首次提高客户价格几乎没有问题，他警告称，由于担心更高的预期变得根深蒂固，通胀可能在未来一段时间内保持在高位。</blockquote></p><p> Bullard's business contacts in his Fed district and around the country \"typically say 'don't worry my company's going to be profitable because I am going to raise prices and we've had no difficulty raising prices in this environment,'\" Bullard said during an event held by the International Economic Forum of the Americas.</p><p><blockquote>布拉德在美联储辖区和全国各地的商业联系人“通常会说‘别担心我的公司会盈利，因为我会提高价格，而且我们在这种环境下提高价格没有任何困难’，”布拉德在美洲国际经济论坛举办的一次活动中说道。</blockquote></p><p> Bullard is among the strongest advocates at the U.S. central bank for aggressive moves to combat higher-than-expected inflation and he sees two interest rate hikes needed in 2022. Interest rates remain near zero currently, where they have been since the onset of the COVID-19 pandemic in early 2020.</p><p><blockquote>布拉德是美联储采取积极措施应对高于预期的通胀的最强烈倡导者之一，他认为 2022 年需要两次加息。自2020年初新冠肺炎疫情爆发以来，利率目前仍接近于零。</blockquote></p><p> \"I am concerned about the changing mentality, I would say, around prices in the economy and the relative freedom that businesses feel that they can just pass on increased costs easily to their customers. For years, that's not been the case,\" Bullard added.</p><p><blockquote>“我想说，我担心的是经济中围绕价格的心态变化，以及企业认为可以轻松地将增加的成本转嫁给客户的相对自由。多年来，情况并非如此，”布拉德补充道。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed's Bullard: U.S. businesses having no problems raising prices<blockquote>美联储布拉德：美国企业提价没有问题</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed's Bullard: U.S. businesses having no problems raising prices<blockquote>美联储布拉德：美国企业提价没有问题</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">finance.yahoo</strong><span class=\"h-time small\">2021-10-04 23:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - U.S. businesses are having few problems raising prices on customers for the first time in years, St. Louis Federal Reserve Bank President James Bullard said on Monday, as he warned that inflation could remain elevated for some time to come amid fears higher expectations become entrenched.</p><p><blockquote>（路透社） - 圣路易斯联邦储备银行行长詹姆斯·布拉德周一表示，美国企业多年来首次提高客户价格几乎没有问题，他警告称，由于担心更高的预期变得根深蒂固，通胀可能在未来一段时间内保持在高位。</blockquote></p><p> Bullard's business contacts in his Fed district and around the country \"typically say 'don't worry my company's going to be profitable because I am going to raise prices and we've had no difficulty raising prices in this environment,'\" Bullard said during an event held by the International Economic Forum of the Americas.</p><p><blockquote>布拉德在美联储辖区和全国各地的商业联系人“通常会说‘别担心我的公司会盈利，因为我会提高价格，而且我们在这种环境下提高价格没有任何困难’，”布拉德在美洲国际经济论坛举办的一次活动中说道。</blockquote></p><p> Bullard is among the strongest advocates at the U.S. central bank for aggressive moves to combat higher-than-expected inflation and he sees two interest rate hikes needed in 2022. Interest rates remain near zero currently, where they have been since the onset of the COVID-19 pandemic in early 2020.</p><p><blockquote>布拉德是美联储采取积极措施应对高于预期的通胀的最强烈倡导者之一，他认为 2022 年需要两次加息。自2020年初新冠肺炎疫情爆发以来，利率目前仍接近于零。</blockquote></p><p> \"I am concerned about the changing mentality, I would say, around prices in the economy and the relative freedom that businesses feel that they can just pass on increased costs easily to their customers. For years, that's not been the case,\" Bullard added.</p><p><blockquote>“我想说，我担心的是经济中围绕价格的心态变化，以及企业认为可以轻松地将增加的成本转嫁给客户的相对自由。多年来，情况并非如此，”布拉德补充道。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/feds-bullard-u-businesses-having-151026032.html\">finance.yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/feds-bullard-u-businesses-having-151026032.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185304471","content_text":"(Reuters) - U.S. businesses are having few problems raising prices on customers for the first time in years, St. Louis Federal Reserve Bank President James Bullard said on Monday, as he warned that inflation could remain elevated for some time to come amid fears higher expectations become entrenched.\nBullard's business contacts in his Fed district and around the country \"typically say 'don't worry my company's going to be profitable because I am going to raise prices and we've had no difficulty raising prices in this environment,'\" Bullard said during an event held by the International Economic Forum of the Americas.\nBullard is among the strongest advocates at the U.S. central bank for aggressive moves to combat higher-than-expected inflation and he sees two interest rate hikes needed in 2022. Interest rates remain near zero currently, where they have been since the onset of the COVID-19 pandemic in early 2020.\n\"I am concerned about the changing mentality, I would say, around prices in the economy and the relative freedom that businesses feel that they can just pass on increased costs easily to their customers. For years, that's not been the case,\" Bullard added.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2721,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820879291,"gmtCreate":1633386457590,"gmtModify":1633386457769,"author":{"id":"4087121361671570","authorId":"4087121361671570","name":"imOxy","avatar":"https://static.tigerbbs.com/9f451ff28c6a6373be19694c5de4a14f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087121361671570","authorIdStr":"4087121361671570"},"themes":[],"title":"","htmlText":"[开心]&nbsp;[财迷]&nbsp;[呆住]&nbsp;","listText":"[开心]&nbsp;[财迷]&nbsp;[呆住]&nbsp;","text":"[开心] [财迷] 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08:45","market":"us","language":"en","title":"Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers<blockquote>华尔街的犯罪与惩罚：伯纳德·埃伯斯和世通的严重错误数字</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184130616","media":"Benzinga","summary":"Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the head","content":"<p><div> Does crime pay? Among the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 ...</p><p><blockquote><div>犯罪有报酬吗？在20世纪90年代和21世纪初占据头条新闻的知名企业高管中，伯纳德·埃伯在身高6英尺4英寸的同龄人中脱颖而出……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers<blockquote>华尔街的犯罪与惩罚：伯纳德·埃伯斯和世通的严重错误数字</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Crime And Punishment: Bernard Ebbers And WorldCom's Seriously Wrong Numbers<blockquote>华尔街的犯罪与惩罚：伯纳德·埃伯斯和世通的严重错误数字</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-08-28 08:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Does crime pay? Among the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 ...</p><p><blockquote><div>犯罪有报酬吗？在20世纪90年代和21世纪初占据头条新闻的知名企业高管中，伯纳德·埃伯在身高6英尺4英寸的同龄人中脱颖而出……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HRB":"H&R布洛克税务"},"source_url":"https://www.benzinga.com/news/21/08/22680432/wall-street-crime-and-punishment-bernard-ebbers-and-worldcoms-seriously-wrong-numbers","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184130616","content_text":"Does crime pay?\nAmong the mightiest of the high-profile corporate executives that dominated the headlines in the 1990s and early 2000s,Bernard Ebbersphysically stood out from his peers — the 6-foot-4 head of WorldCom was dubbed the “telecom cowboy” thanks to his sartorial preference for jeans, cowboy boots and a 10-gallon hat.\nEbbers also stood out from his peers for tightly holding on to Luddite practices as the digital age dawned. He famously refused to communicate with his workforce via email. Even worse, he stood out thanks to a prickly personality that quickly seethed when confronted with unpleasant news. A 2002 profile in The Economist defined him as “parochial, stubborn, preoccupied with penny-pinching … a difficult man to work for.”\nBut ultimately, Ebbers stood out for being at the center of what was (at the time) the largest accounting fraud in U.S. history, which was followed by the harshest prison sentence ever imposed on a corporate executive for financial crimes.\nA Man In Search Of Himself: Bernard John Ebbers was born Aug. 27, 1941, in Edmonton, Alberta, the second of five children. His father John was a traveling salesman and his peripatetic profession brought the family down from Canada into California, where he jettisoned his sales work and became an auto mechanic. The family later relocated to Gallup, New Mexico, where Ebbers’ parents became teachers on the Navajo Nation Indian reservation.\nThe Ebbers clan was back in Canada when Ebbers was a teenager and Bernie (as he was commonly known) came into adulthood unable to determine a course for his life. He attended Canada’s University of Alberta and Michigan’s Calvin College before accepting a basketball scholarship to Mississippi College. But he was the victim of a robbery prior to his senior year that left him seriously injured and switched his attention from playing to coaching the junior varsity team.\nEbbers graduated in 1967 majoring in physical education and minoring in secondary education. He supported himself during his college years by taking on a variety of odd jobs including a bouncer and milk delivery driver. He married his college sweetheart,Linda Pigott,after graduating and landed work teaching science to middle-school students while coaching high school basketball.\nBut Ebbers didn’t stay very long in the school system. When his wife received a job offer as a teacher in another Mississippi town, the couple relocated and he found work managing a garment factory warehouse. By 1974, he tired of working for others and responded to a newspaper advertisement seeking a buyer for a motel in Columbia, Mississippi.\nEbbers’ approach to running a hospitality establishment sometimes bordered on the eccentric. He would distribute bathroom towels at the front desk and require guests to return them to avoid being charged for taking them. Nonetheless, he found a niche in hospitality management and by the early 1980s he owned and operated eight motels within Mississippi and Texas; he also picked up a car dealership that also proved profitable.\nCalling Out Around The World:Ebbers might have remained in the Mississippi hospitality industry had it not been for the 1982 breakup ofAT&T Inc.'s T 0.41%monopoly on the U.S. telephone system. This created a seismic shift in the telecommunications world by enabling other companies to begin reselling long-distance telephone services.\nIn 1983, Ebbers and three friends met at a diner in Hattiesburg, Mississippi, to consider the feasibility of pursuing this newly opened opportunity. Ebbers theorized that having control of his long-distance calling services could benefit his motel business. In the days before mobile phones, guests in lodging establishments in need of long-distance calling would either have to feed handfuls of quarters into payphones or make calls from their rooms, which usually came with extra fees.\nEbbers and his pals decided to get into the telecommunications business with Long Distance Discount Services, which they established in 1985 with headquarters in Jackson, Mississippi, with Ebbers as CEO.\nCarl J. Aycock,a Mississippi financial advisor who was among the early investors in LDDS, would later laugh at the unlikelihood of Ebbers running a telecom company.\n“The only experience Bernie had before operating a long-distance company was he used the phone,” Aycock quipped in a 1997 interview.\nMaybe Ebbers did not possess an encyclopedic knowledge of telecommunications technology, but the good fortune he enjoyed in the motel business transitioned to this unlikely setting. Within four years of its launch, LDDS was being publicly traded.\nWithin 10 years of its opening, LDDS took on an almost Pac Man-style persona of gobbling up telecom firms in sight of the company, acquiring more than 60 different telecommunications company. By 1995, the company renamed itself LDDS WorldCom.\nMany of the company’s acquisitions were on the small side, and the company was never considered a major player in the telecom industry until its $720 million acquisition of Advanced Telecommunications Corporation in 1992.\nThe unlikely acquisition came with Ebbers’ ability to outbid industry titans AT&T and Sprint Corporation,both considerably larger players in this field.\nThe one unfortunate development during this time was the end of Ebbers’ marriage in 1997. He remarried in 1999 to Kristie Webb.\nIn February 1998, Ebbers’ company launched its acquisition plans for CompuServe from H&R Block Inc.\nThis transaction was followed by an astonishing spin of assets: LDDS sold the CompuServe Information Service portion of its acquisition toAmerica Online,while retaining the CompuServe Network Services portion of the business. AOL simultaneously sold LDDS WorldCom its networking division, Advanced Network Services.\nIn September 1998, LDDS WorldCom sealed a $37 billion union with MCI Communications,which created the largest corporate merger in U.S. history. The combined entity became MCI WorldCom, and for Ebbers it seemed that the sky was the limit — except that Ebbers’ ability to soar in the corporate skies resulted in an Icarus-worthy predicament.\nA Little Out Of Touch:One year after the CompuServe and MCI deals, Ebbers’ company boasted an 80,000-person workforce, a market capitalization of roughly $185 billion and its shares were trading at a peak of nearly $62.\nAt the peak of the company’s success, Ebbers granted an interview to The New York Times aboard his 130-yacht, which he berthed in the resort town of Hilton Head, South Carolina. He claimed that the secret of his success was “not as complicated as people make it out to be,” adding that he surrounded himself with experts who advised him on which moves to make.\n“I’m not an engineer by training,” he said. “I’m not an accountant by training. I’m the coach. I’m not the point guard who shoots the ball.”\nBut as the company grew larger, Ebbers penny-pinching behavior during his early motel management days became more extreme. WorldCom executives would later complain that Ebbers stopped providing free coffee within their offices and directed security guards fill the water coolers with tap water.\nAnd for the head of a telecommunications company, Ebbers was curiously distrustful of cutting-edge tech developments. He refused to communicate via email and would not carry a pager or a cell phone. He would explain his actions internally by repeating “That’s the way we did it at LDDS,” and in a 1997 Business Week interview about this behavior he claimed that “when you come to the table with a (physical education) degree like I do, you don't know a lot about the technical stuff.”\nWhile Ebbers’ arms-length distance from personal technology could have been attributed to a zany quirk, there was another problem that couldn’t be happily shrugged away. As the company expanded, operational problems began to permeate the multiple divisions. Ebbers would become impatient or worse when confronted with problems, to the point that he would angrily demand that he only wanted to be addressed with good news.\nIn retrospect, Ebbers’ refusal to acknowledge that his company was growing too fast and too large proved to be a fatal flaw, especially when the corporate culture began to manufacture good news in lieu of reporting problems. As a result, Ebbers’ XL-sized business empire was sustained by taking on massive amounts of debt and highly improper accounting.\nDetour Off The Cliff:The first cracks in this corporate story began in October 1999 when MCI WorldCom — which had become the second-largest long-distance telephone company in the country — announced a $129 billion merger with Sprint, the third-largest telecom carrier. Within nine months of this announcement, the merger was canceled in the face of pressure from U.S. and European regulators who feared a telecom monopoly would be born from this union. MCI WorldCom walked away from the failure by renaming itself as WorldCom.\nWith the rise of the new millennium came the fall of the dot-com industry, and almost any company that had a tech-related aspect found itself taking a financial tumble. When Ebbers’ company tried to cut corners and save money, it turned into an act of self-immolation.\nWorldcom’s network systems engineering division exhausted its annual capital expenditures budget by November 2000, with a senior manager ordering a halt to processing payments for network systems vendors and suppliers until the beginning of 2001.\nThe company’s chief technical officer,Fred Briggs,then ordered all of the labor associated with the capital projects in the network systems division to be booked as an expense rather than a capital project — and his directive was shared with other divisions in the company.\nA WorldCom budget analyst named Kim Amighin the company’s Richardson, Texas, office recognized the legal ramifications of intentionally mischaracterizing capital expenses and lodged a protest against the order. The directive was canceled and so was Amigh — three months after his action, Amigh was abruptly laid off from the company.\nBut Vice President of Internal Audit Cynthia Cooper learned of Amigh’s findings and picked up his trail. Her department began combing through WorldCom’s accounts and found $2 billion that the company claimed in its public filings was spent on capital expenditures during the first three quarters of 2001 — except that the funds were never authorized for that purpose and were clearly operating costs moved into the capital expenditure accounting as a way to make WorldCom look more profitable.\nCooper could not find anyone in the WorldCom leadership ranks to explain the $2 billion discrepancy. Most executives said it was a “prepaid capacity,” a meaningless term which they couldn’t define when pressed by Cooper.\nAnd Cooper was not alone in her suspicions. The U.S. Securities and Exchange Commission could not fathom how WorldCom continued to claim robust profits during the dot-com period while its competitors were operating at a loss, and it sent forth a “Request for Information” to learn the secret of its success.\nAdding to this chaos were Ebbers’ personal financial woes, which became exacerbated during to dot-com crisis by margin calls on his WorldCom shares, which were tanking as the economy plummeted into a recession.\nTo alleviate his monetary pain, Ebbers borrowed $50 million from WorldCom in September 2000 — and then borrowed again and again. By April 2002, Ebbers was $400 million in debt to WorldCom and the board of directors demanded his resignation, which he provided.\nIn June 2002, WorldCom acknowledged its earnings reports contained $3.9 billion in accounting misstatements, with the figure later adjusted to $11 billion. In July 2002, the company declared bankruptcy and was delisted from public trading. Also during that month, Ebbers was called before the U.S. House of Representatives Committee on Financial Services to explain what happened. He pleaded the Fifth Amendment.\nRoad’s End:The efforts to bring Ebbers to trial got off to a weird start when the State of Oklahoma jumped the gun with a 15-count indictment, only to drop its charges in favor of federal prosecution.\nEbbers was indicted in May 2004 on seven counts of filing false statements with securities regulators plus one count each of conspiracy and securities fraud. Ebbers agreed to testify on his behalf, which many observers later considered to be a major mistake because he came across as evasive and unconvincing when insisting WorldCom’s downfall was solely the fault of his subordinates and that he was ignorant about how his company worked.\n“I know what I don’t know,” Ebbers said during his trial. “To this day, I don’t know technology, and I don’t know finance or accounting.”\nEbbers was found guilty on all counts and was sentenced to 25 years in prison, the longest sentence ever handed down in U.S. history for a financial fraud case against a corporate executive.\nHe remained free on bail while fighting to overturn the verdict, but the conviction was upheld in the U.S. Court of Appeals for the Second Circuit in July 2006. Two months later, he drove himself in his luxury Mercedes-Benz to a low-security Louisiana prison to begin his sentence. Two years later, his wife Kristie successfully filed for divorce.\nAfter 13 years behind bars, Ebbers was granted a compassionate release on Dec. 21, 2019, due to a deteriorating state of health that included macular degeneration that left him legally blind, anemia, a weakened heart condition and the beginnings of dementia. He returned to his home in Brookhaven, Mississippi, and passed away on Feb. 2, 2020.\nIn defining his rise to the top, Ebbers harkened back to his basketball days by insisting, “The coach's job is to get the best players and get them to play together.” But in explaining his fall from grace, Ebbers forgot that the core of coaching is accepting responsibility for the team’s performance and he blamed his “best players” for not being able to “play together” while absolving himself from their errors.\nSaid Ebbers when confronted with his ultimate failure as the corporate equivalent of a coach: “I didn't have anything to apologize 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10:25","market":"sg","language":"en","title":"SIA, SIAE, Singtel potential candidates for company restructuring: Maybank<blockquote>SIA、SIAE、Singtel 公司重组的潜在候选者：马来亚银行</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153879814","media":"Singapore Business","summary":"Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?\n\nDrivers are in play f","content":"<p>  <b><i>Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?</i></b>  Drivers are in play for more corporate restructuring from Singapore firms following the major restructuring plans of Singapore Press Holdings (SPH) and a possible merger between Keppel Offshore &amp; Marine and Sembcorp Marine Ltd, according to a report by Maybank Kim Eng.</p><p><blockquote><b><i>谁将跟随SPH、吉宝和胜科的公司重组步骤？</i></b>根据 Maybank Kim Eng 的一份报告，在新加坡报业控股公司 (SPH) 的重大重组计划以及吉宝近海与胜科海事有限公司可能合并之后，新加坡公司进行更多企业重组的驱动力正在发挥作用。</blockquote></p><p> According to the report, the drivers catalyzing these restructurings remain in play and are unlikely to retreat in the near-term.</p><p><blockquote>报告称，催化这些重组的驱动因素仍在发挥作用，短期内不太可能消退。</blockquote></p><p> Some Singapore companies named by Maybank that are potential candidates for a corporate restructuring are Singtel, Singapore Airlines Group and the Singapore Institute of Aerospace Engineers.</p><p><blockquote>马来亚银行点名的一些新加坡公司是公司重组的潜在候选人，包括新加坡电信、新加坡航空集团和新加坡航空航天工程师学会。</blockquote></p><p> Maybank said Singtel is currently exploring options to review its stakes in associates and infrastructure assets to unlock latent value.</p><p><blockquote>马来亚银行表示，新加坡电信目前正在探索审查其在联营公司和基础设施资产中的股份，以释放潜在价值。</blockquote></p><p> Continued weakness and expected long lead time to recovery of international air travel may force certain rationalization for SIA and SIAE. Meanwhile, big developers like CityDev and UOL also have sizable development businesses similar to CAPL.</p><p><blockquote>持续疲软以及预计国际航空旅行复苏的较长准备时间可能会迫使新航和新航进行某些合理化。与此同时，像CityDev和UOL这样的大型开发商也有类似CAPL的可观开发业务。</blockquote></p><p></p>","source":"lsy1618986048053","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SIA, SIAE, Singtel potential candidates for company restructuring: Maybank<blockquote>SIA、SIAE、Singtel 公司重组的潜在候选者：马来亚银行</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSIA, SIAE, Singtel potential candidates for company restructuring: Maybank<blockquote>SIA、SIAE、Singtel 公司重组的潜在候选者：马来亚银行</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Singapore Business</strong><span class=\"h-time small\">2021-08-01 10:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b><i>Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?</i></b>  Drivers are in play for more corporate restructuring from Singapore firms following the major restructuring plans of Singapore Press Holdings (SPH) and a possible merger between Keppel Offshore &amp; Marine and Sembcorp Marine Ltd, according to a report by Maybank Kim Eng.</p><p><blockquote><b><i>谁将跟随SPH、吉宝和胜科的公司重组步骤？</i></b>根据 Maybank Kim Eng 的一份报告，在新加坡报业控股公司 (SPH) 的重大重组计划以及吉宝近海与胜科海事有限公司可能合并之后，新加坡公司进行更多企业重组的驱动力正在发挥作用。</blockquote></p><p> According to the report, the drivers catalyzing these restructurings remain in play and are unlikely to retreat in the near-term.</p><p><blockquote>报告称，催化这些重组的驱动因素仍在发挥作用，短期内不太可能消退。</blockquote></p><p> Some Singapore companies named by Maybank that are potential candidates for a corporate restructuring are Singtel, Singapore Airlines Group and the Singapore Institute of Aerospace Engineers.</p><p><blockquote>马来亚银行点名的一些新加坡公司是公司重组的潜在候选人，包括新加坡电信、新加坡航空集团和新加坡航空航天工程师学会。</blockquote></p><p> Maybank said Singtel is currently exploring options to review its stakes in associates and infrastructure assets to unlock latent value.</p><p><blockquote>马来亚银行表示，新加坡电信目前正在探索审查其在联营公司和基础设施资产中的股份，以释放潜在价值。</blockquote></p><p> Continued weakness and expected long lead time to recovery of international air travel may force certain rationalization for SIA and SIAE. Meanwhile, big developers like CityDev and UOL also have sizable development businesses similar to CAPL.</p><p><blockquote>持续疲软以及预计国际航空旅行复苏的较长准备时间可能会迫使新航和新航进行某些合理化。与此同时，像CityDev和UOL这样的大型开发商也有类似CAPL的可观开发业务。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://sbr.com.sg/economy/news/sia-siae-singtel-potential-candidates-company-restructuring-maybank\">Singapore Business</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C6L.SI":"新加坡航空公司"},"source_url":"https://sbr.com.sg/economy/news/sia-siae-singtel-potential-candidates-company-restructuring-maybank","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153879814","content_text":"Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?\n\nDrivers are in play for more corporate restructuring from Singapore firms following the major restructuring plans of Singapore Press Holdings (SPH) and a possible merger between Keppel Offshore & Marine and Sembcorp Marine Ltd, according to a report by Maybank Kim Eng.\nAccording to the report, the drivers catalyzing these restructurings remain in play and are unlikely to retreat in the near-term.\nSome Singapore companies named by Maybank that are potential candidates for a corporate restructuring are Singtel, Singapore Airlines Group and the Singapore Institute of Aerospace Engineers.\nMaybank said Singtel is currently exploring options to review its stakes in associates and infrastructure assets to unlock latent value.\nContinued weakness and expected long lead time to recovery of international air travel may force certain rationalization for SIA and SIAE. Meanwhile, big developers like CityDev and UOL also have sizable development businesses similar to CAPL.","news_type":1,"symbols_score_info":{"C6L.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":1331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802393985,"gmtCreate":1627714611747,"gmtModify":1633756849589,"author":{"id":"4087121361671570","authorId":"4087121361671570","name":"imOxy","avatar":"https://static.tigerbbs.com/9f451ff28c6a6373be19694c5de4a14f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087121361671570","authorIdStr":"4087121361671570"},"themes":[],"title":"","htmlText":"//<a href=\"https://laohu8.com/U/4087121361671570\">@imOxy</a>: 😁😁","listText":"//<a href=\"https://laohu8.com/U/4087121361671570\">@imOxy</a>: 😁😁","text":"//@imOxy: 😁😁","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802393985","repostId":"1138566016","repostType":4,"repost":{"id":"1138566016","kind":"news","pubTimestamp":1627689251,"share":"https://www.laohunote.com/m/news/1138566016?lang=zh_CN&edition=full","pubTime":"2021-07-31 07:54","market":"us","language":"en","title":"It’s Open Season on Closed-End Fund Activists. How Fund Holders Can Win—and Lose<blockquote>现在是封闭式基金活动家的开放季节。基金持有人如何赢得和失败</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138566016","media":"Barron's","summary":"TheTempleton Global Incomefund frustrated investors for years. Despite star manager Michael Hasensta","content":"<p>TheTempleton Global Incomefund frustrated investors for years. Despite star manager Michael Hasenstab at the helm, the closed-end fund returned an average of 0.3% annually in the past decade, versus an average 7% for peers in global income. Also frustrating, its shares rarely traded close to the fund’s underlying net asset value, or NAV. The discount averaged 11% in the past three years.</p><p><blockquote>邓普顿全球收益基金多年来一直让投资者感到沮丧。尽管明星经理迈克尔·哈森斯塔布 (Michael Hasenstab) 掌舵，但该封闭式基金在过去十年中的平均年回报率为 0.3%，而全球同行的平均年回报率为 7%。同样令人沮丧的是，该基金的股票交易很少接近基金的标的资产净值（NAV）。过去三年平均折扣为11%。</blockquote></p><p> Investors have caught a break, however, thanks to Saba Capital Management, a hedge fund shop run by activist investor Boaz Weinstein. Saba amassed a 20% stake in the Templeton fund and recently won four contested board seats. It has been pressuring the board to take actions to boost the share price. Its moves have paid off: The fund has returned a total 4.5% this year as its share price improved, and the discount to NAV has shrunk to 4%.</p><p><blockquote>然而，多亏了激进投资者博阿兹·韦恩斯坦 (Boaz Weinstein) 经营的对冲基金公司 Saba Capital Management，投资者才得以突破。萨巴持有邓普顿基金 20% 的股份，最近赢得了四个有争议的董事会席位。它一直在向董事会施压，要求其采取行动提高股价。其举措取得了成效：随着股价上涨，该基金今年的总回报率为 4.5%，资产净值折扣已缩小至 4%。</blockquote></p><p> Tactics like Saba’s have long infuriated mutual fund companies; no one wants a hedge fund threatening a coup. Now, with some help from Congress, the playing field could tilt in favor of closed-end funds and their company sponsors, due to a bill recently introduced in the House. That could work against the interests of fund investors.</p><p><blockquote>像萨巴这样的策略长期以来一直激怒着共同基金公司；没有人希望对冲基金发动政变。现在，由于众议院最近提出的一项法案，在国会的帮助下，竞争环境可能会向封闭式基金及其公司赞助商倾斜。这可能会损害基金投资者的利益。</blockquote></p><p> The Increasing Investor Opportunities Act, introduced in June by Rep. Anthony Gonzalez (R., Ohio) and Rep. Gregory Meeks (D., New York), includes two measures that could make it much tougher for hedge funds to pressure closed-end funds and win proxy fights. One proposed change would lift the current 15% limit on closed-end-fund ownership of illiquid private funds, such as venture-capital and private-equity funds. A second measure would prevent activist hedge funds from acquiring more than 10% of a closed-end fund’s shares.</p><p><blockquote>众议员安东尼·冈萨雷斯（俄亥俄州共和党）和众议员格雷戈里·米克斯（纽约州民主党）于6月提出的《增加投资者机会法案》包括两项措施，可能会使对冲基金更难向封闭式基金施压并赢得代理权之争。一项拟议的改变将取消目前对风险投资和私募股权基金等非流动性私募基金的封闭式基金所有权15%的限制。第二项措施将阻止激进对冲基金收购封闭式基金 10% 以上的股份。</blockquote></p><p> A spokesman for Gonzalez declined to comment. Meeks didn’t respond to requests for comment.</p><p><blockquote>冈萨雷斯的发言人拒绝置评。米克斯没有回应置评请求。</blockquote></p><p> Proponents of the changes say they would expand access to private markets for retail investors. They also say hedge funds are exploiting gaps in securities laws at a cost to long-term shareholders, saddling them with tax liabilities, higher fees, and forced fund liquidations. The bill would eliminate a “loophole that activist investors have used to extract short-term profits at the expense of retail investors,” the Investment Company Institute, or ICI, said in a recent statement.</p><p><blockquote>这些变化的支持者表示，他们将扩大散户投资者进入私人市场的机会。他们还表示，对冲基金正在利用证券法的漏洞，以牺牲长期股东的利益为代价，让他们背负纳税义务、更高的费用和强制基金清算。投资公司协会（ICI）在最近的一份声明中说，该法案将消除 “激进投资者以散户投资者为代价获取短期利润的漏洞”。</blockquote></p><p> Hedge funds and portfolio managers who invest in closed-end funds say that mutual fund companies are simply trying to protect a pool of assets and fees from shareholder interference. Most retail investors don’t vote their shares in proxy contests. That may leave fund boards largely free to pursue their own agendas.</p><p><blockquote>投资于封闭式基金的对冲基金和投资组合经理表示，共同基金公司只是试图保护资产池和费用免受股东干预。大多数散户投资者不会在代理权竞争中投票。这可能会让基金董事会在很大程度上自由地追求自己的议程。</blockquote></p><p> “Activism plays an important role, and if this bill passes, it will become more difficult for activists to threaten or create changes,” says Matt Buffington, a portfolio manager at Dryden Capital, an activist hedge fund.</p><p><blockquote>“激进主义发挥着重要作用，如果这项法案获得通过，激进分子将更难威胁或创造变革，”激进主义对冲基金德莱顿资本（Dryden Capital）的投资组合经理马特-巴芬顿（Matt Buffington）说。</blockquote></p><p> Gregory Neer, a portfolio manager with Relative Value Partners, an advisory firm that invests in closed-end funds, agrees. “The ability for investors to pressure funds is beneficial to all shareholders,” he says.</p><p><blockquote>投资封闭式基金的咨询公司 Relative Value Partners 的投资组合经理 Gregory Neer 对此表示同意。“他说：”投资者向资金施压的能力对所有股东都有好处。</blockquote></p><p> Closed-end funds have long been popular with investors due to their high yields and steady distributions. Many use leverage, borrowing money at market rates to boost payouts. They also generate income with options strategies and investments in high-yielding areas of the stock and bond markets.</p><p><blockquote>封闭式基金因其收益率高、分布稳定等特点，长期以来备受投资者欢迎。许多人使用杠杆，以市场利率借钱来增加支出。他们还通过期权策略以及对股票和债券市场高收益领域的投资产生收入。</blockquote></p><p> But the funds have structural drawbacks. Expense ratios are steep, averaging 2.1%, according to Morningstar Direct. And since the funds have a fixed number of shares outstanding, prices reflect market demand for both a fund and its underlying assets. Funds usually trade at a discount to NAV. While it is attractive, in theory, to pay 90 cents for a dollar of assets, investors might never see the extra dime.</p><p><blockquote>但这些基金存在结构性缺陷。根据晨星直接的数据，费用率很高，平均为 2.1%。由于这些基金拥有固定数量的流通股，价格反映了市场对基金及其标的资产的需求。基金的交易价格通常低于资产净值。虽然从理论上讲，为一美元的资产支付90美分是有吸引力的，但投资者可能永远不会看到额外的一毛钱。</blockquote></p><p> Hedge funds aim to exploit this inefficiency, buying closed-end funds at below-market value. They then pressure fund boards to take steps to lift the funds’ prices. The playbook is straightforward: accumulate a stake, win board seats, and then force a fund company into a tender offer, whereby it agrees to repurchase shares at nearly full price.</p><p><blockquote>对冲基金旨在利用这种低效率，以低于市场价值的价格购买封闭式基金。然后，他们向基金董事会施压，要求其采取措施提高基金价格。策略很简单：积累股份，赢得董事会席位，然后迫使基金公司提出要约收购，同意以接近全价回购股票。</blockquote></p><p> If that fails, a hedge fund might try to replace a fund’s manager, orchestrate a liquidation of the fund, or get it converted to an open-end fund—moves that could also pay off with the share price rising to parity with the NAV. Firms like Saba have also taken over funds entirely.</p><p><blockquote>如果失败，对冲基金可能会尝试更换基金经理、安排基金清算，或者将其转换为开放式基金--这些举措也可能在股价上涨至与资产净值持平的情况下获得回报。像Saba这样的公司也完全接管了基金。</blockquote></p><p> Giving closed-end funds freedom to own more private securities could throw a wrench into the strategy. Tender offers work only if a fund can liquidate most of its holdings at market prices. Because venture-capital and private-equity holdings generally don’t trade publicly, their pricing isn’t transparent. “When closed-end funds invest in illiquid things, it protects them from activism,” one activist manager tells<i>Barron’s</i>.</p><p><blockquote>给予封闭式基金持有更多私人证券的自由可能会给该战略带来麻烦。只有当基金能够以市场价格清算其大部分持有的股份时，要约收购才有效。由于风险投资和私募股权通常不公开交易，因此它们的定价并不透明。“一位激进主义经理说：”当封闭式基金投资于非流动性资产时，就能保护它们免受激进主义的影响。<i>巴伦</i>.</blockquote></p><p></p><p> Removing the cap on private-fund ownership is “in line with a legislative agenda of getting retail investors more access to private investments,” says Thomas DeCapo, an attorney for the mutual fund industry.</p><p><blockquote>共同基金行业律师托马斯-德卡波（Thomas DeCapo）说，取消私募基金所有权上限 “符合让散户投资者有更多机会获得私人投资的立法议程”。</blockquote></p><p> And capping activists at 10% of a fund doesn’t stop them from mounting proxy campaigns. “Nothing about this is antidemocratic,” he says. “It doesn’t stop a majority of investors who are unhappy or want change. It stops one investor from using its economic power, with other people’s money, to basically force changes on everybody else.”</p><p><blockquote>将激进分子的份额限制在基金的 10% 并不能阻止他们发起代理人运动。“他说：”这一切都不反民主。“这并不能阻止大多数不满意或希望改变的投资者。它阻止了一个投资者利用自己的经济权力，用别人的钱，基本上迫使其他人做出改变”。</blockquote></p><p> Investor advocates see it differently, however, saying fund investors could wind up paying higher fees for funds that hold more-opaque investments. “It’s just another fund-of-funds structure, and those are notoriously high-fee,” says Tyler Gellasch, head of Healthy Markets, an investor-protection group.</p><p><blockquote>然而，投资者倡导者有不同的看法，他们表示，基金投资者最终可能会为持有更不透明投资的基金支付更高的费用。“投资者保护组织 Healthy Markets 的负责人泰勒-格拉施（Tyler Gellasch）说：”这只是另一个基金中的基金结构，而且这些基金的费用是出了名的高。</blockquote></p><p> Individual hedge funds technically can’t own more than 3% of a closed-end fund, under ownership restrictions in the Investment Company Act of 1940. But they skirt the rule by building stakes through affiliated entities, creating enough of a critical mass to force changes at a fund through proxy voting.</p><p><blockquote>根据 1940 年《投资公司法》（Investment Company Act）的所有权限制，从技术上讲，单个对冲基金持有的封闭式基金不得超过 3%。但他们通过附属实体建立股份来规避规则，创造足够的临界质量，通过代理投票迫使基金发生变化。</blockquote></p><p> The ICI—the mutual fund industry’s lobby—has tried to persuade regulators to crack down on hedge funds. In a submission to the Securities and Exchange Commission last year, the ICI argued that hedge fund campaigns often consume a fund’s resources, trigger tax liabilities for long-term investors, and result in the forced selling of securities to meet a hedge fund’s demands for a tender offer. A fund’s expense ratio could increase if it is forced to buy back shares and its asset base shrinks.</p><p><blockquote>ICI--共同基金行业的游说团体--试图说服监管机构打击对冲基金。在去年提交给美国证券交易委员会的一份文件中，ICI 认为对冲基金活动往往会消耗基金的资源，引发长期投资者的纳税义务，并导致被迫出售证券以满足对冲基金的要约收购要求。如果基金被迫回购股票，而其资产基础缩水，那么基金的费用率可能会上升。</blockquote></p><p> The activist community’s “assault” on the industry has had a chilling effect on product launches, the ICI said, resulting in fewer closed-end funds on the market today than in 2007.</p><p><blockquote>ICI 表示，激进社区对行业的 “攻击 ”对产品发布产生了寒蝉效应，导致目前市场上的封闭式基金数量少于 2007 年。</blockquote></p><p> But hedge funds argue that changing the 1940 act would amount to a power grab by mutual funds. “This is all coming from the mutual fund industry, and it’s no coincidence that this protects them,” says Phil Goldstein, co-founder of Bulldog Investors, an activist that has long targeted closed-end funds. “There are funds with terrible performance and wide discounts. The ICI never says we need a mechanism where shareholders can hold those managers accountable.”</p><p><blockquote>但对冲基金认为，修改 1940 年法案将相当于共同基金的权力攫取。“斗牛犬投资者公司（Bulldog Investors）的联合创始人菲尔-戈尔茨坦（Phil Goldstein）说：”这一切都来自共同基金行业，这保护了他们绝非巧合。“有些基金业绩糟糕，折扣幅度很大。ICI 从未说过我们需要一种机制，让股东追究这些经理的责任。”</blockquote></p><p> Imposing an ownership cap would also make proxy campaigns less economic. Limited to 10%, hedge funds wouldn’t own enough shares, with sufficient economic interest, to justify the expense of a proxy contest, which can cost millions of dollars. “If you’re limited to 10% and have to spend 2.5% of your assets on a proxy campaign, you’d say it’s too risky,” says Goldstein. “Meanwhile, management isn’t spending anything—just shareholder money. They want to make it economically unattractive to run a proxy contest.”</p><p><blockquote>施加所有权上限也会降低代理人竞选活动的经济性。如果被限制在 10%，对冲基金就不会拥有足够的股份，也不会有足够的经济利益来证明代理权争夺的费用是合理的，而代理权争夺可能会花费数百万美元。“戈尔茨坦说：”如果你被限制在 10%，却不得不将 2.5% 的资产用于代理竞选活动，你会说这太冒险了。“与此同时，管理层什么都不花--只是股东的钱。他们想让代理权竞争在经济上变得没有吸引力”。</blockquote></p><p> Regulators and courts have expressed skepticism about some defenses that closed-end funds have adopted to prevent shareholder challenges. And, the SEC might not side with the fund industry. Since 2010, the SEC has warned fund companies against using state securities laws to thwart hedge fund takeovers. The SEC dropped its objection to these state “control share” laws last year under its Republican chairman, Jay Clayton. But the new, Democratic chairman, Gary Gensler, might reinstate the SEC’s objection—a reason for the industry to enlist Congress to change the law. The SEC didn’t respond to requests for comment.</p><p><blockquote>监管机构和法院对封闭式基金为防止股东挑战而采取的一些辩护措施表示怀疑。而且，美国证券交易委员会可能不会站在基金业一边。自2010年以来，美国证券交易委员会一直警告基金公司不要利用州证券法阻挠对冲基金收购。去年，在共和党主席杰伊-克莱顿（Jay Clayton）的领导下，美国证券交易委员会放弃了对这些州 “控制份额 ”法律的反对。但民主党新任主席加里-根斯勒（Gary Gensler）可能会恢复美国证券交易委员会的反对意见--这也是该行业争取国会修改法律的理由。美国证券交易委员会没有回应置评请求。</blockquote></p><p> Institutional Shareholder Services,a firm that makes recommendations on proxy voting, says investors should reject fund companies’ use of state control-share laws, which limit the voting rights of shareholders. With the SEC on the sidelines, ISS says, “CEF shareholders are denied important voting rights and are subject to management entrenchment.”</p><p><blockquote>机构股东服务公司（Institutional Shareholder Services）是一家就代理投票提出建议的公司，该公司表示，投资者应拒绝基金公司利用限制股东投票权的州控股法。ISS 表示，由于美国证券交易委员会（SEC）置身事外，“CEF 股东被剥夺了重要的投票权，并受到管理层的巩固”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70323ed9daef142f19afd48be72b6299\" tg-width=\"755\" tg-height=\"334\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/68beb47d59eb02e90b04eb7093f9f17b\" tg-width=\"759\" tg-height=\"285\" referrerpolicy=\"no-referrer\">Hedge funds don’t always win, but investors might want to ride along as activists build a stake. “When an activist comes in, you usually see an increase in the share price and a decrease in the discount,” says Matt Souther, an associate finance professor at the University of South Carolina.</p><p><blockquote>对冲基金并不总是能赢，但投资者可能希望在激进分子入股时顺风顺水。“南卡罗来纳大学金融学副教授马特-索瑟（Matt Souther）说：”当激进分子进来时，你通常会看到股价上涨，折扣减少。</blockquote></p><p> Templeton Global Income’s (ticker: GIM) discount to NAV could narrow further if Saba acquires more shares or tries to take over the fund’s $743 million in assets. Saba recently took over management of another fund, Voya Prime Rate Trust, which it rebrandedSaba Capital Income &amp; Opportunities(BRW).Franklin Templetonand Saba declined to comment.</p><p><blockquote>如果 Saba 收购更多股份或试图接管该基金 7.43 亿美元的资产，邓普顿全球收入公司（股票代码：GIM）对资产净值的折扣可能会进一步缩小。Saba 最近接管了另一只基金 Voya Prime Rate Trust 的管理权，并将其更名为 Saba Capital Income &amp; Opportunities (BRW)。富兰克林邓普顿和 Saba 拒绝置评。</blockquote></p><p></p><p> Miller/Howard High Income Equity(HIE) is also in Saba’s crosshairs. The fund is a “term trust” with a mandated liquidation date in 2024. It trades at a 5.9% discount to NAV. “In a worst-case scenario, you buy it at a discount and you’ll earn an excess return from now to 2024 because that discount will narrow,” says Patrick Galley, co-manager ofRiverNorth Opportunities(RIV), a closed-end fund that owns HIE.</p><p><blockquote>Miller/Howard High Income Equity（HIE）也是 Saba 的目标。该基金是一个 “定期信托”，规定清算日期为 2024 年。其交易价格较资产净值折扣 5.9%。“拥有 HIE 的封闭式基金 FriverNorth Opportunities（RIV）的联席经理帕特里克-加利（Patrick Galley）说：”在最坏的情况下，你会以折扣价买入，从现在到 2024 年，你将获得超额回报，因为折扣价会缩小。</blockquote></p><p> Other closed-end funds in which Saba owns stakes includeSource Capital(SOR) andInvesco Dynamic Credit Opportunities(VTA). Bulldog has built a position inTortoise Energy Independence(NDP).</p><p><blockquote>Saba 持有股份的其他封闭式基金包括 Source Capital (SOR) 和 Vesco Dynamic Credit Opportunities (VTA)。Bulldog 已经在 inTortoise Energy Independence (NDP) 建立了自己的地位。</blockquote></p><p> Some closed-end funds look attractive on their fundamentals.Adams Diversified Equity(ADX) offers exposure to big tech stocks, trades at a 14% discount to NAV, and is committed to an annualized distribution of at least 6%. “For investors who expect tech to do well, ADX is a good holding,” says David Tepper, a closed-end investor and head of Tepper Capital Management in San Francisco.</p><p><blockquote>一些封闭式基金的基本面看起来很有吸引力。 Adams Diversified Equity (ADX) 提供大型科技股的投资，交易价格较资产净值折扣 14%，并承诺年化分配至少为 6%。“旧金山封闭式投资者、泰珀资本管理公司（Tepper Capital Management）负责人大卫-泰珀（David Tepper）说：”对于期望科技股表现良好的投资者来说，ADX 是一个不错的持股选择。</blockquote></p><p> Sprott Focus Trust(FUND) is another fund he likes. Veteran small-cap manager Whitney George runs it, and his family owns 45% of the shares. It trades at a 10% discount and yields 5.7%. Tepper also favorsRoyce Global Value Trust(RGT), trading at a 9% discount and yielding 7.9%.</p><p><blockquote>Sprott Focus Trust（基金）是他喜欢的另一只基金。资深小盘股经理惠特尼·乔治 (Whitney George) 经营该公司，他的家族拥有 45% 的股份。它的交易折扣为 10%，收益率为 5.7%。泰珀还青睐罗伊斯全球价值信托 (RGT)，其交易折扣为 9%，收益率为 7.9%。</blockquote></p><p> None of these funds has attracted much activist involvement, according to securities filings. But if activists see opportunity, they could pile in and pressure fund management—assuming that Congress doesn’t rewrite the rules of engagement.</p><p><blockquote>根据证券文件，这些基金都没有吸引太多活动人士的参与。但是，如果激进分子看到了机会，他们可能会蜂拥而至，向基金管理部门施压--前提是国会不改写交战规则。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>It’s Open Season on Closed-End Fund Activists. How Fund Holders Can Win—and Lose<blockquote>现在是封闭式基金活动家的开放季节。基金持有人如何赢得和失败</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIt’s Open Season on Closed-End Fund Activists. How Fund Holders Can Win—and Lose<blockquote>现在是封闭式基金活动家的开放季节。基金持有人如何赢得和失败</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-31 07:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>TheTempleton Global Incomefund frustrated investors for years. Despite star manager Michael Hasenstab at the helm, the closed-end fund returned an average of 0.3% annually in the past decade, versus an average 7% for peers in global income. Also frustrating, its shares rarely traded close to the fund’s underlying net asset value, or NAV. The discount averaged 11% in the past three years.</p><p><blockquote>邓普顿全球收益基金多年来一直让投资者感到沮丧。尽管明星经理迈克尔·哈森斯塔布 (Michael Hasenstab) 掌舵，但该封闭式基金在过去十年中的平均年回报率为 0.3%，而全球同行的平均年回报率为 7%。同样令人沮丧的是，该基金的股票交易很少接近基金的标的资产净值（NAV）。过去三年平均折扣为11%。</blockquote></p><p> Investors have caught a break, however, thanks to Saba Capital Management, a hedge fund shop run by activist investor Boaz Weinstein. Saba amassed a 20% stake in the Templeton fund and recently won four contested board seats. It has been pressuring the board to take actions to boost the share price. Its moves have paid off: The fund has returned a total 4.5% this year as its share price improved, and the discount to NAV has shrunk to 4%.</p><p><blockquote>然而，多亏了激进投资者博阿兹·韦恩斯坦 (Boaz Weinstein) 经营的对冲基金公司 Saba Capital Management，投资者才得以突破。萨巴持有邓普顿基金 20% 的股份，最近赢得了四个有争议的董事会席位。它一直在向董事会施压，要求其采取行动提高股价。其举措取得了成效：随着股价上涨，该基金今年的总回报率为 4.5%，资产净值折扣已缩小至 4%。</blockquote></p><p> Tactics like Saba’s have long infuriated mutual fund companies; no one wants a hedge fund threatening a coup. Now, with some help from Congress, the playing field could tilt in favor of closed-end funds and their company sponsors, due to a bill recently introduced in the House. That could work against the interests of fund investors.</p><p><blockquote>像萨巴这样的策略长期以来一直激怒着共同基金公司；没有人希望对冲基金发动政变。现在，由于众议院最近提出的一项法案，在国会的帮助下，竞争环境可能会向封闭式基金及其公司赞助商倾斜。这可能会损害基金投资者的利益。</blockquote></p><p> The Increasing Investor Opportunities Act, introduced in June by Rep. Anthony Gonzalez (R., Ohio) and Rep. Gregory Meeks (D., New York), includes two measures that could make it much tougher for hedge funds to pressure closed-end funds and win proxy fights. One proposed change would lift the current 15% limit on closed-end-fund ownership of illiquid private funds, such as venture-capital and private-equity funds. A second measure would prevent activist hedge funds from acquiring more than 10% of a closed-end fund’s shares.</p><p><blockquote>众议员安东尼·冈萨雷斯（俄亥俄州共和党）和众议员格雷戈里·米克斯（纽约州民主党）于6月提出的《增加投资者机会法案》包括两项措施，可能会使对冲基金更难向封闭式基金施压并赢得代理权之争。一项拟议的改变将取消目前对风险投资和私募股权基金等非流动性私募基金的封闭式基金所有权15%的限制。第二项措施将阻止激进对冲基金收购封闭式基金 10% 以上的股份。</blockquote></p><p> A spokesman for Gonzalez declined to comment. Meeks didn’t respond to requests for comment.</p><p><blockquote>冈萨雷斯的发言人拒绝置评。米克斯没有回应置评请求。</blockquote></p><p> Proponents of the changes say they would expand access to private markets for retail investors. They also say hedge funds are exploiting gaps in securities laws at a cost to long-term shareholders, saddling them with tax liabilities, higher fees, and forced fund liquidations. The bill would eliminate a “loophole that activist investors have used to extract short-term profits at the expense of retail investors,” the Investment Company Institute, or ICI, said in a recent statement.</p><p><blockquote>这些变化的支持者表示，他们将扩大散户投资者进入私人市场的机会。他们还表示，对冲基金正在利用证券法的漏洞，以牺牲长期股东的利益为代价，让他们背负纳税义务、更高的费用和强制基金清算。投资公司协会（ICI）在最近的一份声明中说，该法案将消除 “激进投资者以散户投资者为代价获取短期利润的漏洞”。</blockquote></p><p> Hedge funds and portfolio managers who invest in closed-end funds say that mutual fund companies are simply trying to protect a pool of assets and fees from shareholder interference. Most retail investors don’t vote their shares in proxy contests. That may leave fund boards largely free to pursue their own agendas.</p><p><blockquote>投资于封闭式基金的对冲基金和投资组合经理表示，共同基金公司只是试图保护资产池和费用免受股东干预。大多数散户投资者不会在代理权竞争中投票。这可能会让基金董事会在很大程度上自由地追求自己的议程。</blockquote></p><p> “Activism plays an important role, and if this bill passes, it will become more difficult for activists to threaten or create changes,” says Matt Buffington, a portfolio manager at Dryden Capital, an activist hedge fund.</p><p><blockquote>“激进主义发挥着重要作用，如果这项法案获得通过，激进分子将更难威胁或创造变革，”激进主义对冲基金德莱顿资本（Dryden Capital）的投资组合经理马特-巴芬顿（Matt Buffington）说。</blockquote></p><p> Gregory Neer, a portfolio manager with Relative Value Partners, an advisory firm that invests in closed-end funds, agrees. “The ability for investors to pressure funds is beneficial to all shareholders,” he says.</p><p><blockquote>投资封闭式基金的咨询公司 Relative Value Partners 的投资组合经理 Gregory Neer 对此表示同意。“他说：”投资者向资金施压的能力对所有股东都有好处。</blockquote></p><p> Closed-end funds have long been popular with investors due to their high yields and steady distributions. Many use leverage, borrowing money at market rates to boost payouts. They also generate income with options strategies and investments in high-yielding areas of the stock and bond markets.</p><p><blockquote>封闭式基金因其收益率高、分布稳定等特点，长期以来备受投资者欢迎。许多人使用杠杆，以市场利率借钱来增加支出。他们还通过期权策略以及对股票和债券市场高收益领域的投资产生收入。</blockquote></p><p> But the funds have structural drawbacks. Expense ratios are steep, averaging 2.1%, according to Morningstar Direct. And since the funds have a fixed number of shares outstanding, prices reflect market demand for both a fund and its underlying assets. Funds usually trade at a discount to NAV. While it is attractive, in theory, to pay 90 cents for a dollar of assets, investors might never see the extra dime.</p><p><blockquote>但这些基金存在结构性缺陷。根据晨星直接的数据，费用率很高，平均为 2.1%。由于这些基金拥有固定数量的流通股，价格反映了市场对基金及其标的资产的需求。基金的交易价格通常低于资产净值。虽然从理论上讲，为一美元的资产支付90美分是有吸引力的，但投资者可能永远不会看到额外的一毛钱。</blockquote></p><p> Hedge funds aim to exploit this inefficiency, buying closed-end funds at below-market value. They then pressure fund boards to take steps to lift the funds’ prices. The playbook is straightforward: accumulate a stake, win board seats, and then force a fund company into a tender offer, whereby it agrees to repurchase shares at nearly full price.</p><p><blockquote>对冲基金旨在利用这种低效率，以低于市场价值的价格购买封闭式基金。然后，他们向基金董事会施压，要求其采取措施提高基金价格。策略很简单：积累股份，赢得董事会席位，然后迫使基金公司提出要约收购，同意以接近全价回购股票。</blockquote></p><p> If that fails, a hedge fund might try to replace a fund’s manager, orchestrate a liquidation of the fund, or get it converted to an open-end fund—moves that could also pay off with the share price rising to parity with the NAV. Firms like Saba have also taken over funds entirely.</p><p><blockquote>如果失败，对冲基金可能会尝试更换基金经理、安排基金清算，或者将其转换为开放式基金--这些举措也可能在股价上涨至与资产净值持平的情况下获得回报。像Saba这样的公司也完全接管了基金。</blockquote></p><p> Giving closed-end funds freedom to own more private securities could throw a wrench into the strategy. Tender offers work only if a fund can liquidate most of its holdings at market prices. Because venture-capital and private-equity holdings generally don’t trade publicly, their pricing isn’t transparent. “When closed-end funds invest in illiquid things, it protects them from activism,” one activist manager tells<i>Barron’s</i>.</p><p><blockquote>给予封闭式基金持有更多私人证券的自由可能会给该战略带来麻烦。只有当基金能够以市场价格清算其大部分持有的股份时，要约收购才有效。由于风险投资和私募股权通常不公开交易，因此它们的定价并不透明。“一位激进主义经理说：”当封闭式基金投资于非流动性资产时，就能保护它们免受激进主义的影响。<i>巴伦</i>.</blockquote></p><p></p><p> Removing the cap on private-fund ownership is “in line with a legislative agenda of getting retail investors more access to private investments,” says Thomas DeCapo, an attorney for the mutual fund industry.</p><p><blockquote>共同基金行业律师托马斯-德卡波（Thomas DeCapo）说，取消私募基金所有权上限 “符合让散户投资者有更多机会获得私人投资的立法议程”。</blockquote></p><p> And capping activists at 10% of a fund doesn’t stop them from mounting proxy campaigns. “Nothing about this is antidemocratic,” he says. “It doesn’t stop a majority of investors who are unhappy or want change. It stops one investor from using its economic power, with other people’s money, to basically force changes on everybody else.”</p><p><blockquote>将激进分子的份额限制在基金的 10% 并不能阻止他们发起代理人运动。“他说：”这一切都不反民主。“这并不能阻止大多数不满意或希望改变的投资者。它阻止了一个投资者利用自己的经济权力，用别人的钱，基本上迫使其他人做出改变”。</blockquote></p><p> Investor advocates see it differently, however, saying fund investors could wind up paying higher fees for funds that hold more-opaque investments. “It’s just another fund-of-funds structure, and those are notoriously high-fee,” says Tyler Gellasch, head of Healthy Markets, an investor-protection group.</p><p><blockquote>然而，投资者倡导者有不同的看法，他们表示，基金投资者最终可能会为持有更不透明投资的基金支付更高的费用。“投资者保护组织 Healthy Markets 的负责人泰勒-格拉施（Tyler Gellasch）说：”这只是另一个基金中的基金结构，而且这些基金的费用是出了名的高。</blockquote></p><p> Individual hedge funds technically can’t own more than 3% of a closed-end fund, under ownership restrictions in the Investment Company Act of 1940. But they skirt the rule by building stakes through affiliated entities, creating enough of a critical mass to force changes at a fund through proxy voting.</p><p><blockquote>根据 1940 年《投资公司法》（Investment Company Act）的所有权限制，从技术上讲，单个对冲基金持有的封闭式基金不得超过 3%。但他们通过附属实体建立股份来规避规则，创造足够的临界质量，通过代理投票迫使基金发生变化。</blockquote></p><p> The ICI—the mutual fund industry’s lobby—has tried to persuade regulators to crack down on hedge funds. In a submission to the Securities and Exchange Commission last year, the ICI argued that hedge fund campaigns often consume a fund’s resources, trigger tax liabilities for long-term investors, and result in the forced selling of securities to meet a hedge fund’s demands for a tender offer. A fund’s expense ratio could increase if it is forced to buy back shares and its asset base shrinks.</p><p><blockquote>ICI--共同基金行业的游说团体--试图说服监管机构打击对冲基金。在去年提交给美国证券交易委员会的一份文件中，ICI 认为对冲基金活动往往会消耗基金的资源，引发长期投资者的纳税义务，并导致被迫出售证券以满足对冲基金的要约收购要求。如果基金被迫回购股票，而其资产基础缩水，那么基金的费用率可能会上升。</blockquote></p><p> The activist community’s “assault” on the industry has had a chilling effect on product launches, the ICI said, resulting in fewer closed-end funds on the market today than in 2007.</p><p><blockquote>ICI 表示，激进社区对行业的 “攻击 ”对产品发布产生了寒蝉效应，导致目前市场上的封闭式基金数量少于 2007 年。</blockquote></p><p> But hedge funds argue that changing the 1940 act would amount to a power grab by mutual funds. “This is all coming from the mutual fund industry, and it’s no coincidence that this protects them,” says Phil Goldstein, co-founder of Bulldog Investors, an activist that has long targeted closed-end funds. “There are funds with terrible performance and wide discounts. The ICI never says we need a mechanism where shareholders can hold those managers accountable.”</p><p><blockquote>但对冲基金认为，修改 1940 年法案将相当于共同基金的权力攫取。“斗牛犬投资者公司（Bulldog Investors）的联合创始人菲尔-戈尔茨坦（Phil Goldstein）说：”这一切都来自共同基金行业，这保护了他们绝非巧合。“有些基金业绩糟糕，折扣幅度很大。ICI 从未说过我们需要一种机制，让股东追究这些经理的责任。”</blockquote></p><p> Imposing an ownership cap would also make proxy campaigns less economic. Limited to 10%, hedge funds wouldn’t own enough shares, with sufficient economic interest, to justify the expense of a proxy contest, which can cost millions of dollars. “If you’re limited to 10% and have to spend 2.5% of your assets on a proxy campaign, you’d say it’s too risky,” says Goldstein. “Meanwhile, management isn’t spending anything—just shareholder money. They want to make it economically unattractive to run a proxy contest.”</p><p><blockquote>施加所有权上限也会降低代理人竞选活动的经济性。如果被限制在 10%，对冲基金就不会拥有足够的股份，也不会有足够的经济利益来证明代理权争夺的费用是合理的，而代理权争夺可能会花费数百万美元。“戈尔茨坦说：”如果你被限制在 10%，却不得不将 2.5% 的资产用于代理竞选活动，你会说这太冒险了。“与此同时，管理层什么都不花--只是股东的钱。他们想让代理权竞争在经济上变得没有吸引力”。</blockquote></p><p> Regulators and courts have expressed skepticism about some defenses that closed-end funds have adopted to prevent shareholder challenges. And, the SEC might not side with the fund industry. Since 2010, the SEC has warned fund companies against using state securities laws to thwart hedge fund takeovers. The SEC dropped its objection to these state “control share” laws last year under its Republican chairman, Jay Clayton. But the new, Democratic chairman, Gary Gensler, might reinstate the SEC’s objection—a reason for the industry to enlist Congress to change the law. The SEC didn’t respond to requests for comment.</p><p><blockquote>监管机构和法院对封闭式基金为防止股东挑战而采取的一些辩护措施表示怀疑。而且，美国证券交易委员会可能不会站在基金业一边。自2010年以来，美国证券交易委员会一直警告基金公司不要利用州证券法阻挠对冲基金收购。去年，在共和党主席杰伊-克莱顿（Jay Clayton）的领导下，美国证券交易委员会放弃了对这些州 “控制份额 ”法律的反对。但民主党新任主席加里-根斯勒（Gary Gensler）可能会恢复美国证券交易委员会的反对意见--这也是该行业争取国会修改法律的理由。美国证券交易委员会没有回应置评请求。</blockquote></p><p> Institutional Shareholder Services,a firm that makes recommendations on proxy voting, says investors should reject fund companies’ use of state control-share laws, which limit the voting rights of shareholders. With the SEC on the sidelines, ISS says, “CEF shareholders are denied important voting rights and are subject to management entrenchment.”</p><p><blockquote>机构股东服务公司（Institutional Shareholder Services）是一家就代理投票提出建议的公司，该公司表示，投资者应拒绝基金公司利用限制股东投票权的州控股法。ISS 表示，由于美国证券交易委员会（SEC）置身事外，“CEF 股东被剥夺了重要的投票权，并受到管理层的巩固”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70323ed9daef142f19afd48be72b6299\" tg-width=\"755\" tg-height=\"334\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/68beb47d59eb02e90b04eb7093f9f17b\" tg-width=\"759\" tg-height=\"285\" referrerpolicy=\"no-referrer\">Hedge funds don’t always win, but investors might want to ride along as activists build a stake. “When an activist comes in, you usually see an increase in the share price and a decrease in the discount,” says Matt Souther, an associate finance professor at the University of South Carolina.</p><p><blockquote>对冲基金并不总是能赢，但投资者可能希望在激进分子入股时顺风顺水。“南卡罗来纳大学金融学副教授马特-索瑟（Matt Souther）说：”当激进分子进来时，你通常会看到股价上涨，折扣减少。</blockquote></p><p> Templeton Global Income’s (ticker: GIM) discount to NAV could narrow further if Saba acquires more shares or tries to take over the fund’s $743 million in assets. Saba recently took over management of another fund, Voya Prime Rate Trust, which it rebrandedSaba Capital Income &amp; Opportunities(BRW).Franklin Templetonand Saba declined to comment.</p><p><blockquote>如果 Saba 收购更多股份或试图接管该基金 7.43 亿美元的资产，邓普顿全球收入公司（股票代码：GIM）对资产净值的折扣可能会进一步缩小。Saba 最近接管了另一只基金 Voya Prime Rate Trust 的管理权，并将其更名为 Saba Capital Income &amp; Opportunities (BRW)。富兰克林邓普顿和 Saba 拒绝置评。</blockquote></p><p></p><p> Miller/Howard High Income Equity(HIE) is also in Saba’s crosshairs. The fund is a “term trust” with a mandated liquidation date in 2024. It trades at a 5.9% discount to NAV. “In a worst-case scenario, you buy it at a discount and you’ll earn an excess return from now to 2024 because that discount will narrow,” says Patrick Galley, co-manager ofRiverNorth Opportunities(RIV), a closed-end fund that owns HIE.</p><p><blockquote>Miller/Howard High Income Equity（HIE）也是 Saba 的目标。该基金是一个 “定期信托”，规定清算日期为 2024 年。其交易价格较资产净值折扣 5.9%。“拥有 HIE 的封闭式基金 FriverNorth Opportunities（RIV）的联席经理帕特里克-加利（Patrick Galley）说：”在最坏的情况下，你会以折扣价买入，从现在到 2024 年，你将获得超额回报，因为折扣价会缩小。</blockquote></p><p> Other closed-end funds in which Saba owns stakes includeSource Capital(SOR) andInvesco Dynamic Credit Opportunities(VTA). Bulldog has built a position inTortoise Energy Independence(NDP).</p><p><blockquote>Saba 持有股份的其他封闭式基金包括 Source Capital (SOR) 和 Vesco Dynamic Credit Opportunities (VTA)。Bulldog 已经在 inTortoise Energy Independence (NDP) 建立了自己的地位。</blockquote></p><p> Some closed-end funds look attractive on their fundamentals.Adams Diversified Equity(ADX) offers exposure to big tech stocks, trades at a 14% discount to NAV, and is committed to an annualized distribution of at least 6%. “For investors who expect tech to do well, ADX is a good holding,” says David Tepper, a closed-end investor and head of Tepper Capital Management in San Francisco.</p><p><blockquote>一些封闭式基金的基本面看起来很有吸引力。 Adams Diversified Equity (ADX) 提供大型科技股的投资，交易价格较资产净值折扣 14%，并承诺年化分配至少为 6%。“旧金山封闭式投资者、泰珀资本管理公司（Tepper Capital Management）负责人大卫-泰珀（David Tepper）说：”对于期望科技股表现良好的投资者来说，ADX 是一个不错的持股选择。</blockquote></p><p> Sprott Focus Trust(FUND) is another fund he likes. Veteran small-cap manager Whitney George runs it, and his family owns 45% of the shares. It trades at a 10% discount and yields 5.7%. Tepper also favorsRoyce Global Value Trust(RGT), trading at a 9% discount and yielding 7.9%.</p><p><blockquote>Sprott Focus Trust（基金）是他喜欢的另一只基金。资深小盘股经理惠特尼·乔治 (Whitney George) 经营该公司，他的家族拥有 45% 的股份。它的交易折扣为 10%，收益率为 5.7%。泰珀还青睐罗伊斯全球价值信托 (RGT)，其交易折扣为 9%，收益率为 7.9%。</blockquote></p><p> None of these funds has attracted much activist involvement, according to securities filings. But if activists see opportunity, they could pile in and pressure fund management—assuming that Congress doesn’t rewrite the rules of engagement.</p><p><blockquote>根据证券文件，这些基金都没有吸引太多活动人士的参与。但是，如果激进分子看到了机会，他们可能会蜂拥而至，向基金管理部门施压--前提是国会不改写交战规则。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/congress-closed-end-funds-legislation-51627657959?mod=newsviewer_click\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/articles/congress-closed-end-funds-legislation-51627657959?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138566016","content_text":"TheTempleton Global Incomefund frustrated investors for years. Despite star manager Michael Hasenstab at the helm, the closed-end fund returned an average of 0.3% annually in the past decade, versus an average 7% for peers in global income. Also frustrating, its shares rarely traded close to the fund’s underlying net asset value, or NAV. The discount averaged 11% in the past three years.\nInvestors have caught a break, however, thanks to Saba Capital Management, a hedge fund shop run by activist investor Boaz Weinstein. Saba amassed a 20% stake in the Templeton fund and recently won four contested board seats. It has been pressuring the board to take actions to boost the share price. Its moves have paid off: The fund has returned a total 4.5% this year as its share price improved, and the discount to NAV has shrunk to 4%.\nTactics like Saba’s have long infuriated mutual fund companies; no one wants a hedge fund threatening a coup. Now, with some help from Congress, the playing field could tilt in favor of closed-end funds and their company sponsors, due to a bill recently introduced in the House. That could work against the interests of fund investors.\nThe Increasing Investor Opportunities Act, introduced in June by Rep. Anthony Gonzalez (R., Ohio) and Rep. Gregory Meeks (D., New York), includes two measures that could make it much tougher for hedge funds to pressure closed-end funds and win proxy fights. One proposed change would lift the current 15% limit on closed-end-fund ownership of illiquid private funds, such as venture-capital and private-equity funds. A second measure would prevent activist hedge funds from acquiring more than 10% of a closed-end fund’s shares.\nA spokesman for Gonzalez declined to comment. Meeks didn’t respond to requests for comment.\nProponents of the changes say they would expand access to private markets for retail investors. They also say hedge funds are exploiting gaps in securities laws at a cost to long-term shareholders, saddling them with tax liabilities, higher fees, and forced fund liquidations. The bill would eliminate a “loophole that activist investors have used to extract short-term profits at the expense of retail investors,” the Investment Company Institute, or ICI, said in a recent statement.\nHedge funds and portfolio managers who invest in closed-end funds say that mutual fund companies are simply trying to protect a pool of assets and fees from shareholder interference. Most retail investors don’t vote their shares in proxy contests. That may leave fund boards largely free to pursue their own agendas.\n“Activism plays an important role, and if this bill passes, it will become more difficult for activists to threaten or create changes,” says Matt Buffington, a portfolio manager at Dryden Capital, an activist hedge fund.\nGregory Neer, a portfolio manager with Relative Value Partners, an advisory firm that invests in closed-end funds, agrees. “The ability for investors to pressure funds is beneficial to all shareholders,” he says.\nClosed-end funds have long been popular with investors due to their high yields and steady distributions. Many use leverage, borrowing money at market rates to boost payouts. They also generate income with options strategies and investments in high-yielding areas of the stock and bond markets.\nBut the funds have structural drawbacks. Expense ratios are steep, averaging 2.1%, according to Morningstar Direct. And since the funds have a fixed number of shares outstanding, prices reflect market demand for both a fund and its underlying assets. Funds usually trade at a discount to NAV. While it is attractive, in theory, to pay 90 cents for a dollar of assets, investors might never see the extra dime.\nHedge funds aim to exploit this inefficiency, buying closed-end funds at below-market value. They then pressure fund boards to take steps to lift the funds’ prices. The playbook is straightforward: accumulate a stake, win board seats, and then force a fund company into a tender offer, whereby it agrees to repurchase shares at nearly full price.\nIf that fails, a hedge fund might try to replace a fund’s manager, orchestrate a liquidation of the fund, or get it converted to an open-end fund—moves that could also pay off with the share price rising to parity with the NAV. Firms like Saba have also taken over funds entirely.\nGiving closed-end funds freedom to own more private securities could throw a wrench into the strategy. Tender offers work only if a fund can liquidate most of its holdings at market prices. Because venture-capital and private-equity holdings generally don’t trade publicly, their pricing isn’t transparent. “When closed-end funds invest in illiquid things, it protects them from activism,” one activist manager tellsBarron’s.\nRemoving the cap on private-fund ownership is “in line with a legislative agenda of getting retail investors more access to private investments,” says Thomas DeCapo, an attorney for the mutual fund industry.\nAnd capping activists at 10% of a fund doesn’t stop them from mounting proxy campaigns. “Nothing about this is antidemocratic,” he says. “It doesn’t stop a majority of investors who are unhappy or want change. It stops one investor from using its economic power, with other people’s money, to basically force changes on everybody else.”\nInvestor advocates see it differently, however, saying fund investors could wind up paying higher fees for funds that hold more-opaque investments. “It’s just another fund-of-funds structure, and those are notoriously high-fee,” says Tyler Gellasch, head of Healthy Markets, an investor-protection group.\nIndividual hedge funds technically can’t own more than 3% of a closed-end fund, under ownership restrictions in the Investment Company Act of 1940. But they skirt the rule by building stakes through affiliated entities, creating enough of a critical mass to force changes at a fund through proxy voting.\nThe ICI—the mutual fund industry’s lobby—has tried to persuade regulators to crack down on hedge funds. In a submission to the Securities and Exchange Commission last year, the ICI argued that hedge fund campaigns often consume a fund’s resources, trigger tax liabilities for long-term investors, and result in the forced selling of securities to meet a hedge fund’s demands for a tender offer. A fund’s expense ratio could increase if it is forced to buy back shares and its asset base shrinks.\nThe activist community’s “assault” on the industry has had a chilling effect on product launches, the ICI said, resulting in fewer closed-end funds on the market today than in 2007.\nBut hedge funds argue that changing the 1940 act would amount to a power grab by mutual funds. “This is all coming from the mutual fund industry, and it’s no coincidence that this protects them,” says Phil Goldstein, co-founder of Bulldog Investors, an activist that has long targeted closed-end funds. “There are funds with terrible performance and wide discounts. The ICI never says we need a mechanism where shareholders can hold those managers accountable.”\nImposing an ownership cap would also make proxy campaigns less economic. Limited to 10%, hedge funds wouldn’t own enough shares, with sufficient economic interest, to justify the expense of a proxy contest, which can cost millions of dollars. “If you’re limited to 10% and have to spend 2.5% of your assets on a proxy campaign, you’d say it’s too risky,” says Goldstein. “Meanwhile, management isn’t spending anything—just shareholder money. They want to make it economically unattractive to run a proxy contest.”\nRegulators and courts have expressed skepticism about some defenses that closed-end funds have adopted to prevent shareholder challenges. And, the SEC might not side with the fund industry. Since 2010, the SEC has warned fund companies against using state securities laws to thwart hedge fund takeovers. The SEC dropped its objection to these state “control share” laws last year under its Republican chairman, Jay Clayton. But the new, Democratic chairman, Gary Gensler, might reinstate the SEC’s objection—a reason for the industry to enlist Congress to change the law. The SEC didn’t respond to requests for comment.\nInstitutional Shareholder Services,a firm that makes recommendations on proxy voting, says investors should reject fund companies’ use of state control-share laws, which limit the voting rights of shareholders. With the SEC on the sidelines, ISS says, “CEF shareholders are denied important voting rights and are subject to management entrenchment.”\nHedge funds don’t always win, but investors might want to ride along as activists build a stake. “When an activist comes in, you usually see an increase in the share price and a decrease in the discount,” says Matt Souther, an associate finance professor at the University of South Carolina.\nTempleton Global Income’s (ticker: GIM) discount to NAV could narrow further if Saba acquires more shares or tries to take over the fund’s $743 million in assets. Saba recently took over management of another fund, Voya Prime Rate Trust, which it rebrandedSaba Capital Income & Opportunities(BRW).Franklin Templetonand Saba declined to comment.\nMiller/Howard High Income Equity(HIE) is also in Saba’s crosshairs. The fund is a “term trust” with a mandated liquidation date in 2024. It trades at a 5.9% discount to NAV. “In a worst-case scenario, you buy it at a discount and you’ll earn an excess return from now to 2024 because that discount will narrow,” says Patrick Galley, co-manager ofRiverNorth Opportunities(RIV), a closed-end fund that owns HIE.\nOther closed-end funds in which Saba owns stakes includeSource Capital(SOR) andInvesco Dynamic Credit Opportunities(VTA). Bulldog has built a position inTortoise Energy Independence(NDP).\nSome closed-end funds look attractive on their fundamentals.Adams Diversified Equity(ADX) offers exposure to big tech stocks, trades at a 14% discount to NAV, and is committed to an annualized distribution of at least 6%. “For investors who expect tech to do well, ADX is a good holding,” says David Tepper, a closed-end investor and head of Tepper Capital Management in San Francisco.\nSprott Focus Trust(FUND) is another fund he likes. Veteran small-cap manager Whitney George runs it, and his family owns 45% of the shares. It trades at a 10% discount and yields 5.7%. Tepper also favorsRoyce Global Value Trust(RGT), trading at a 9% discount and yielding 7.9%.\nNone of these funds has attracted much activist involvement, according to securities filings. But if activists see opportunity, they could pile in and pressure fund management—assuming that Congress doesn’t rewrite the rules of engagement.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":993,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":892799760,"gmtCreate":1628688532450,"gmtModify":1633745127925,"author":{"id":"4087121361671570","authorId":"4087121361671570","name":"imOxy","avatar":"https://static.tigerbbs.com/9f451ff28c6a6373be19694c5de4a14f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087121361671570","authorIdStr":"4087121361671570"},"themes":[],"title":"","htmlText":"[开心]&nbsp;","listText":"[开心]&nbsp;","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/892799760","repostId":"2158258164","repostType":4,"isVote":1,"tweetType":1,"viewCount":1395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":839954599,"gmtCreate":1629119271711,"gmtModify":1633687285769,"author":{"id":"4087121361671570","authorId":"4087121361671570","name":"imOxy","avatar":"https://static.tigerbbs.com/9f451ff28c6a6373be19694c5de4a14f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087121361671570","authorIdStr":"4087121361671570"},"themes":[],"title":"","htmlText":"[开心]&nbsp;","listText":"[开心]&nbsp;","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/839954599","repostId":"2159863223","repostType":4,"isVote":1,"tweetType":1,"viewCount":1423,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":807741339,"gmtCreate":1628062200921,"gmtModify":1633753937214,"author":{"id":"4087121361671570","authorId":"4087121361671570","name":"imOxy","avatar":"https://static.tigerbbs.com/9f451ff28c6a6373be19694c5de4a14f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087121361671570","authorIdStr":"4087121361671570"},"themes":[],"title":"","htmlText":"😁...","listText":"😁...","text":"😁...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/807741339","repostId":"1126131791","repostType":4,"isVote":1,"tweetType":1,"viewCount":981,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807740620,"gmtCreate":1628061958860,"gmtModify":1633753938933,"author":{"id":"4087121361671570","authorId":"4087121361671570","name":"imOxy","avatar":"https://static.tigerbbs.com/9f451ff28c6a6373be19694c5de4a14f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087121361671570","authorIdStr":"4087121361671570"},"themes":[],"title":"","htmlText":"😁","listText":"😁","text":"😁","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/807740620","repostId":"2156174967","repostType":4,"isVote":1,"tweetType":1,"viewCount":1025,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":820879190,"gmtCreate":1633386420290,"gmtModify":1633386420411,"author":{"id":"4087121361671570","authorId":"4087121361671570","name":"imOxy","avatar":"https://static.tigerbbs.com/9f451ff28c6a6373be19694c5de4a14f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087121361671570","authorIdStr":"4087121361671570"},"themes":[],"title":"","htmlText":"[开心]&nbsp;","listText":"[开心]&nbsp;","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/820879190","repostId":"2172799574","repostType":4,"isVote":1,"tweetType":1,"viewCount":3246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":813344315,"gmtCreate":1630139309838,"gmtModify":1704956488336,"author":{"id":"4087121361671570","authorId":"4087121361671570","name":"imOxy","avatar":"https://static.tigerbbs.com/9f451ff28c6a6373be19694c5de4a14f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087121361671570","authorIdStr":"4087121361671570"},"themes":[],"title":"","htmlText":"[开心]&nbsp;","listText":"[开心]&nbsp;","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/813344315","repostId":"2162707824","repostType":4,"isVote":1,"tweetType":1,"viewCount":1379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":807757918,"gmtCreate":1628061799434,"gmtModify":1633753939862,"author":{"id":"4087121361671570","authorId":"4087121361671570","name":"imOxy","avatar":"https://static.tigerbbs.com/9f451ff28c6a6373be19694c5de4a14f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087121361671570","authorIdStr":"4087121361671570"},"t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10:25","market":"sg","language":"en","title":"SIA, SIAE, Singtel potential candidates for company restructuring: Maybank<blockquote>SIA、SIAE、Singtel 公司重组的潜在候选者：马来亚银行</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153879814","media":"Singapore Business","summary":"Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?\n\nDrivers are in play f","content":"<p>  <b><i>Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?</i></b>  Drivers are in play for more corporate restructuring from Singapore firms following the major restructuring plans of Singapore Press Holdings (SPH) and a possible merger between Keppel Offshore &amp; Marine and Sembcorp Marine Ltd, according to a report by Maybank Kim Eng.</p><p><blockquote><b><i>谁将跟随SPH、吉宝和胜科的公司重组步骤？</i></b>根据 Maybank Kim Eng 的一份报告，在新加坡报业控股公司 (SPH) 的重大重组计划以及吉宝近海与胜科海事有限公司可能合并之后，新加坡公司进行更多企业重组的驱动力正在发挥作用。</blockquote></p><p> According to the report, the drivers catalyzing these restructurings remain in play and are unlikely to retreat in the near-term.</p><p><blockquote>报告称，催化这些重组的驱动因素仍在发挥作用，短期内不太可能消退。</blockquote></p><p> Some Singapore companies named by Maybank that are potential candidates for a corporate restructuring are Singtel, Singapore Airlines Group and the Singapore Institute of Aerospace Engineers.</p><p><blockquote>马来亚银行点名的一些新加坡公司是公司重组的潜在候选人，包括新加坡电信、新加坡航空集团和新加坡航空航天工程师学会。</blockquote></p><p> Maybank said Singtel is currently exploring options to review its stakes in associates and infrastructure assets to unlock latent value.</p><p><blockquote>马来亚银行表示，新加坡电信目前正在探索审查其在联营公司和基础设施资产中的股份，以释放潜在价值。</blockquote></p><p> Continued weakness and expected long lead time to recovery of international air travel may force certain rationalization for SIA and SIAE. Meanwhile, big developers like CityDev and UOL also have sizable development businesses similar to CAPL.</p><p><blockquote>持续疲软以及预计国际航空旅行复苏的较长准备时间可能会迫使新航和新航进行某些合理化。与此同时，像CityDev和UOL这样的大型开发商也有类似CAPL的可观开发业务。</blockquote></p><p></p>","source":"lsy1618986048053","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SIA, SIAE, Singtel potential candidates for company restructuring: Maybank<blockquote>SIA、SIAE、Singtel 公司重组的潜在候选者：马来亚银行</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSIA, SIAE, Singtel potential candidates for company restructuring: Maybank<blockquote>SIA、SIAE、Singtel 公司重组的潜在候选者：马来亚银行</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Singapore Business</strong><span class=\"h-time small\">2021-08-01 10:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b><i>Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?</i></b>  Drivers are in play for more corporate restructuring from Singapore firms following the major restructuring plans of Singapore Press Holdings (SPH) and a possible merger between Keppel Offshore &amp; Marine and Sembcorp Marine Ltd, according to a report by Maybank Kim Eng.</p><p><blockquote><b><i>谁将跟随SPH、吉宝和胜科的公司重组步骤？</i></b>根据 Maybank Kim Eng 的一份报告，在新加坡报业控股公司 (SPH) 的重大重组计划以及吉宝近海与胜科海事有限公司可能合并之后，新加坡公司进行更多企业重组的驱动力正在发挥作用。</blockquote></p><p> According to the report, the drivers catalyzing these restructurings remain in play and are unlikely to retreat in the near-term.</p><p><blockquote>报告称，催化这些重组的驱动因素仍在发挥作用，短期内不太可能消退。</blockquote></p><p> Some Singapore companies named by Maybank that are potential candidates for a corporate restructuring are Singtel, Singapore Airlines Group and the Singapore Institute of Aerospace Engineers.</p><p><blockquote>马来亚银行点名的一些新加坡公司是公司重组的潜在候选人，包括新加坡电信、新加坡航空集团和新加坡航空航天工程师学会。</blockquote></p><p> Maybank said Singtel is currently exploring options to review its stakes in associates and infrastructure assets to unlock latent value.</p><p><blockquote>马来亚银行表示，新加坡电信目前正在探索审查其在联营公司和基础设施资产中的股份，以释放潜在价值。</blockquote></p><p> Continued weakness and expected long lead time to recovery of international air travel may force certain rationalization for SIA and SIAE. Meanwhile, big developers like CityDev and UOL also have sizable development businesses similar to CAPL.</p><p><blockquote>持续疲软以及预计国际航空旅行复苏的较长准备时间可能会迫使新航和新航进行某些合理化。与此同时，像CityDev和UOL这样的大型开发商也有类似CAPL的可观开发业务。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://sbr.com.sg/economy/news/sia-siae-singtel-potential-candidates-company-restructuring-maybank\">Singapore Business</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C6L.SI":"新加坡航空公司"},"source_url":"https://sbr.com.sg/economy/news/sia-siae-singtel-potential-candidates-company-restructuring-maybank","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153879814","content_text":"Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?\n\nDrivers are in play for more corporate restructuring from Singapore firms following the major restructuring plans of Singapore Press Holdings (SPH) and a possible merger between Keppel Offshore & Marine and Sembcorp Marine Ltd, according to a report by Maybank Kim Eng.\nAccording to the report, the drivers catalyzing these restructurings remain in play and are unlikely to retreat in the near-term.\nSome Singapore companies named by Maybank that are potential candidates for a corporate restructuring are Singtel, Singapore Airlines Group and the Singapore Institute of Aerospace Engineers.\nMaybank said Singtel is currently exploring options to review its stakes in associates and infrastructure assets to unlock latent value.\nContinued weakness and expected long lead time to recovery of international air travel may force certain rationalization for SIA and SIAE. Meanwhile, big developers like CityDev and UOL also have sizable development businesses similar to CAPL.","news_type":1,"symbols_score_info":{"C6L.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":1331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806057101,"gmtCreate":1627619512503,"gmtModify":1633757693905,"author":{"id":"4087121361671570","authorId":"4087121361671570","name":"imOxy","avatar":"https://static.tigerbbs.com/9f451ff28c6a6373be19694c5de4a14f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087121361671570","authorIdStr":"4087121361671570"},"themes":[],"title":"","htmlText":"😀","listText":"😀","text":"😀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806057101","repostId":"1158304787","repostType":4,"repost":{"id":"1158304787","kind":"news","pubTimestamp":1627615747,"share":"https://www.laohunote.com/m/news/1158304787?lang=zh_CN&edition=full","pubTime":"2021-07-30 11:29","market":"other","language":"en","title":"Oil falls but heads for strong weekly gain on demand growth<blockquote>油价下跌，但需求增长导致每周强劲上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158304787","media":"FOX Business","summary":"Both benchmark contracts were headed for gains of around 2% for the week.\nOil pricesfell on Friday b","content":"<p><i><b>Both benchmark contracts were headed for gains of around 2% for the week.</b></i></p><p><blockquote><i><b>两份基准合约本周均将上涨 2% 左右。</b></i></blockquote></p><p> Oil pricesfell on Friday but were on track to post solid gains for the week with demand growing faster than supply, while vaccinations dampen the impact of a resurgence incoronaviruscases worldwide.</p><p><blockquote>油价周五下跌，但本周有望稳步上涨，需求增长速度快于供应，而疫苗接种抑制了全球冠状病毒病例死灰复燃的影响。</blockquote></p><p> Brent crude futures fell 40 cents, or 0.5%, to $75.65 a barrel by 0151 GMT, following a 1.75% jump on Thursday. U.S. West Texas Intermediate (WTI) crude futures fell 38 cents, or 0.5%, to $73.24 a barrel, whittling down a 1.7% rise from Thursday.</p><p><blockquote>截至格林尼治标准时间 0151，布伦特原油期货下跌 40 美分，跌幅 0.5%，至每桶 75.65 美元，周四上涨 1.75%。美国西德克萨斯中质原油 (WTI) 期货下跌 38 美分，跌幅 0.5%，至每桶 73.24 美元，较周四涨幅收窄 1.7%。</blockquote></p><p> Both benchmark contracts were headed for gains of around 2% for the week, buoyed by indications of tight crude supplies and strong demand in the United States, the world's biggest oil consumer.</p><p><blockquote>受全球最大石油消费国美国原油供应紧张和需求强劲迹象的提振，两大基准合约本周均上涨约 2%。</blockquote></p><p> \"We've got stronger prices for a bit longer now, because it's a fundamental supply-demand issue in terms of the recovery in demand we're seeing in places like the United States,\" said Justin Smirk, senior economist at Westpac.</p><p><blockquote>西太平洋银行（Westpac）高级经济学家贾斯汀·斯米克（Justin Smirk）表示：“我们现在的价格走强已经持续了一段时间，因为就我们在美国等地看到的需求复苏而言，这是一个基本的供需问题。”</blockquote></p><p> U.S. crude and gasoline inventories fell sharply in the latest week, with crude stocks at Cushing at their lowest since January 2020, reflecting strong demand growth. ANZ analysts noted even jet fuel consumption in the country had hit its highest level since March 2020.</p><p><blockquote>美国原油和汽油库存最近一周大幅下降，库欣原油库存处于2020年1月以来的最低水平，反映出强劲的需求增长。澳新银行分析师指出，就连该国的航空燃油消耗量也达到了 2020 年 3 月以来的最高水平。</blockquote></p><p> Even with coronavirus cases rising in the United States, all around Asia and parts of Europe, analysts said rising vaccination rates would limit the need for the harsh lockdowns that gutted demand during the peak of the pandemic last year.</p><p><blockquote>分析人士表示，尽管美国、亚洲各地和欧洲部分地区的冠状病毒病例有所增加，但疫苗接种率的上升将限制对严厉封锁的需求，而严厉封锁在去年疫情高峰期扼杀了需求。</blockquote></p><p> \"I think the risks of the large shutdowns we saw last year are much lower,\" Smirk said.</p><p><blockquote>“我认为我们去年看到的大规模停工的风险要低得多，”斯米尔克说。</blockquote></p><p> Analysts point to a rapid rebound in India's gasoline consumption and industrial production following its COVID-19 surge earlier this year as a sign that economies are more resilient to the pandemic.</p><p><blockquote>分析师指出，继今年早些时候 COVID-19 激增之后，印度汽油消费和工业生产迅速反弹，这表明经济对这一流行病的弹性更强。</blockquote></p><p> \"Yes, Delta is a risk, but is it going to derail demand growth in the second half? We may not see that,\" said Commonwealth Bank commodities analyst Vivek Dhar.</p><p><blockquote>“是的，达美航空是一个风险，但它会破坏下半年的需求增长吗？我们可能看不到这一点，”联邦银行大宗商品分析师维韦克·达尔 (Vivek Dhar) 表示。</blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></p>","source":"lsy1602566126337","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oil falls but heads for strong weekly gain on demand growth<blockquote>油价下跌，但需求增长导致每周强劲上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOil falls but heads for strong weekly gain on demand growth<blockquote>油价下跌，但需求增长导致每周强劲上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">FOX Business</strong><span class=\"h-time small\">2021-07-30 11:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i><b>Both benchmark contracts were headed for gains of around 2% for the week.</b></i></p><p><blockquote><i><b>两份基准合约本周均将上涨 2% 左右。</b></i></blockquote></p><p> Oil pricesfell on Friday but were on track to post solid gains for the week with demand growing faster than supply, while vaccinations dampen the impact of a resurgence incoronaviruscases worldwide.</p><p><blockquote>油价周五下跌，但本周有望稳步上涨，需求增长速度快于供应，而疫苗接种抑制了全球冠状病毒病例死灰复燃的影响。</blockquote></p><p> Brent crude futures fell 40 cents, or 0.5%, to $75.65 a barrel by 0151 GMT, following a 1.75% jump on Thursday. U.S. West Texas Intermediate (WTI) crude futures fell 38 cents, or 0.5%, to $73.24 a barrel, whittling down a 1.7% rise from Thursday.</p><p><blockquote>截至格林尼治标准时间 0151，布伦特原油期货下跌 40 美分，跌幅 0.5%，至每桶 75.65 美元，周四上涨 1.75%。美国西德克萨斯中质原油 (WTI) 期货下跌 38 美分，跌幅 0.5%，至每桶 73.24 美元，较周四涨幅收窄 1.7%。</blockquote></p><p> Both benchmark contracts were headed for gains of around 2% for the week, buoyed by indications of tight crude supplies and strong demand in the United States, the world's biggest oil consumer.</p><p><blockquote>受全球最大石油消费国美国原油供应紧张和需求强劲迹象的提振，两大基准合约本周均上涨约 2%。</blockquote></p><p> \"We've got stronger prices for a bit longer now, because it's a fundamental supply-demand issue in terms of the recovery in demand we're seeing in places like the United States,\" said Justin Smirk, senior economist at Westpac.</p><p><blockquote>西太平洋银行（Westpac）高级经济学家贾斯汀·斯米克（Justin Smirk）表示：“我们现在的价格走强已经持续了一段时间，因为就我们在美国等地看到的需求复苏而言，这是一个基本的供需问题。”</blockquote></p><p> U.S. crude and gasoline inventories fell sharply in the latest week, with crude stocks at Cushing at their lowest since January 2020, reflecting strong demand growth. ANZ analysts noted even jet fuel consumption in the country had hit its highest level since March 2020.</p><p><blockquote>美国原油和汽油库存最近一周大幅下降，库欣原油库存处于2020年1月以来的最低水平，反映出强劲的需求增长。澳新银行分析师指出，就连该国的航空燃油消耗量也达到了 2020 年 3 月以来的最高水平。</blockquote></p><p> Even with coronavirus cases rising in the United States, all around Asia and parts of Europe, analysts said rising vaccination rates would limit the need for the harsh lockdowns that gutted demand during the peak of the pandemic last year.</p><p><blockquote>分析人士表示，尽管美国、亚洲各地和欧洲部分地区的冠状病毒病例有所增加，但疫苗接种率的上升将限制对严厉封锁的需求，而严厉封锁在去年疫情高峰期扼杀了需求。</blockquote></p><p> \"I think the risks of the large shutdowns we saw last year are much lower,\" Smirk said.</p><p><blockquote>“我认为我们去年看到的大规模停工的风险要低得多，”斯米尔克说。</blockquote></p><p> Analysts point to a rapid rebound in India's gasoline consumption and industrial production following its COVID-19 surge earlier this year as a sign that economies are more resilient to the pandemic.</p><p><blockquote>分析师指出，继今年早些时候 COVID-19 激增之后，印度汽油消费和工业生产迅速反弹，这表明经济对这一流行病的弹性更强。</blockquote></p><p> \"Yes, Delta is a risk, but is it going to derail demand growth in the second half? We may not see that,\" said Commonwealth Bank commodities analyst Vivek Dhar.</p><p><blockquote>“是的，达美航空是一个风险，但它会破坏下半年的需求增长吗？我们可能看不到这一点，”联邦银行大宗商品分析师维韦克·达尔 (Vivek Dhar) 表示。</blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.foxbusiness.com/markets/oil-falls-but-heads-for-strong-weekly-gain-on-demand-growth\">FOX Business</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.foxbusiness.com/markets/oil-falls-but-heads-for-strong-weekly-gain-on-demand-growth","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158304787","content_text":"Both benchmark contracts were headed for gains of around 2% for the week.\nOil pricesfell on Friday but were on track to post solid gains for the week with demand growing faster than supply, while vaccinations dampen the impact of a resurgence incoronaviruscases worldwide.\nBrent crude futures fell 40 cents, or 0.5%, to $75.65 a barrel by 0151 GMT, following a 1.75% jump on Thursday. U.S. West Texas Intermediate (WTI) crude futures fell 38 cents, or 0.5%, to $73.24 a barrel, whittling down a 1.7% rise from Thursday.\nBoth benchmark contracts were headed for gains of around 2% for the week, buoyed by indications of tight crude supplies and strong demand in the United States, the world's biggest oil consumer.\n\"We've got stronger prices for a bit longer now, because it's a fundamental supply-demand issue in terms of the recovery in demand we're seeing in places like the United States,\" said Justin Smirk, senior economist at Westpac.\nU.S. crude and gasoline inventories fell sharply in the latest week, with crude stocks at Cushing at their lowest since January 2020, reflecting strong demand growth. ANZ analysts noted even jet fuel consumption in the country had hit its highest level since March 2020.\nEven with coronavirus cases rising in the United States, all around Asia and parts of Europe, analysts said rising vaccination rates would limit the need for the harsh lockdowns that gutted demand during the peak of the pandemic last year.\n\"I think the risks of the large shutdowns we saw last year are much lower,\" Smirk said.\nAnalysts point to a rapid rebound in India's gasoline consumption and industrial production following its COVID-19 surge earlier this year as a sign that economies are more resilient to the pandemic.\n\"Yes, Delta is a risk, but is it going to derail demand growth in the second half? We may not see that,\" said Commonwealth Bank commodities analyst Vivek Dhar.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":753,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}