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Ailing Carillion races to find emergency funds

Ailing Carillion races to find emergency funds

Business
Carillion, the troubled construction services group which is embedded in the HS2 high-speed rail link and other critical Government infrastructure projects, is racing to secure new funding within weeks to avoid collapse.Sky News has learnt that Carillion, which has been sliding deeper into financial difficulty for months‎, is due to present a revised business plan to its syndicate of lenders in the coming days.The plan, which has been drawn up by the company and its advisers over recent weeks, is said to have exposed‎ a funding gap running to hundreds of millions of pounds.Carillion, which employs 19,500 people in Britain, has come up with a rescue plan which would involve handing back some loss-making contracts, revising the terms of others and potentially accepting financial support from
Hedge funds embrace machine learning—up to a point

Hedge funds embrace machine learning—up to a point

Finance
ARTIFICIAL intelligence (AI) has already changed some activities, including parts of finance like fraud prevention, but not yet fund management and stock-picking. That seems odd: machine learning, a subset of AI that excels at finding patterns and making predictions using reams of data, looks like an ideal tool for the business. Yet well-established “quant” hedge funds in London or New York are often sniffy about its potential. In San Francisco, however, where machine learning is so much part of the furniture the term features unexplained on roadside billboards, a cluster of upstart hedge funds has sprung up in order to exploit these techniques.These new hedgies are modest enough to concede some of their competitors’ points. Babak Hodjat, co-founder of Sentient Technologies, an AI startup
How to Foil 5 Common Bank Fees From Draining Your Funds

How to Foil 5 Common Bank Fees From Draining Your Funds

Finance
Shutterstock photoSavings and checking account fees - sometimes tucked away in the depths of a website's fine print - often crop up on our bank statements when we least expect them. But leave them unchecked and they can cost you several hundred dollars a year in extreme cases.Knowing how and when banks or credit unions can charge fees is the first step to avoiding them. Here are five of the most common bank fees that can drain your funds:1. Minimum balance or monthly feesMany financial institutions charge for simply maintaining an open checking or savings account. The good news is that most accounts provide a way to avoid the charge if you meet specific criteria, such as linking direct deposits or maintaining a balance over a certain dollar amount.But even tha...
Canada Pension Funds may drive in Rs 4000 crore to India

Canada Pension Funds may drive in Rs 4000 crore to India

Finance
Canada-based pension funds PSP Investments and Ontario Teachers’ Pension Plan (OTPP) are in talks to invest Rs 4,000 crore in an investment platform co-promoted by the government of India-sponsored National Investment and Infrastructure Fund (NIIF), persons directly familiar with the matter said. The funds could invest in a special purpose vehicle (SPV) floated by NIIF to fund toll and annuitybased road projects, they said. The three parties are currently negotiating the structure of the partnership, which could entail the creation of a supervisory board in which the funds will have representation. The board will monitor investments made by the SPV. NIIF may invest a similar amount of money in the SPV to acquire a proportionate equity holding in the investment platform or may rope in ot
Some closed funds are ready to open for business again

Some closed funds are ready to open for business again

Finance
Managers of actively run funds can't seem to get a break these days, and that includes closed ones.With the rise of passive investing, their business model and sales pitch for active management have come under seemingly constant attack. The latest domino: funds that had previously been closed to new investors. These funds — often run by prominent managers — have seen outflows on par with open active funds. It's leading them to reopen their gates once again. For some out there, this gives an opportunity to buy.In a closed fund, the managers have decided not to accept new investors. This typically means that the popularity of a manager or a fund grew due to outstanding performance, leading investors to clamor. Once the assets under management become too large, the managers can't safely deplo