The Vanguard effect is coming for the Canadian mutual fund industry, which charges the highest fees in the world to manage equities. X Vanguard Investments Canada, known for its bargain-basement fees on exchange traded funds, is launching its first suite of mutual funds with a maximum management fee of 0.5%. That compares with a median expense ratio of 2.23% for Canadian equity funds in 2017, the highest of 25 countries, according to a Morningstar study. "We've brought the cost down for Canadian ETFs, and our competitors have brought their costs down to compete," Atul Tiwari, managing director and head of Vanguard Canada, said in a phone interview. "We want to bring that same competition to the mutual fund space." Vanguard will offer a global balanced fund, a global dividend fund, a U.S. value fund and an international growth fund, all of which have been offered by Malvern, Pa.-based Vanguard Group in the U.S. or the U.K. The foray in Canada is part of a global push by the company … [Read more...] about Vanguard Goes After World’s Most Expensive Equity-Fund Market
The Russian ruble fell before recovering some ground on Wednesday from United States President Donald Trump threatening a missile strike on Syria and the impact from recent U.S. sanctions, according to The Associated Press. The ruble dropped 2 percent against the dollar during morning trading in Moscow, falling to its lowest point since 2016 after Trump tweeted out that missiles "will be coming" after the recent chemical attack in Douma left dozens of civilians dead and more than 1,000 injured. As the day went on, the ruble was able to rebound and by evening was trading only slightly down on the day at 62.8 to the dollar. The euro traded at around 77.7 in the early evening after going above 80 earlier in the day. The U.S. imposed sanctions on Friday that barred U.S. citizens from doing business from a list of Russian businessmen, officials, and companies, while also freezing any assets the individuals may have in U.S. jurisdiction. Russian markets were … [Read more...] about Russian Ruble Pounded After Sanctions, Trump Missile Threat Rattles Global Stock Markets
The leaders of Alaska’s largest travel industry trade group are looking for ways to fill a void in their marketing budget left from budget cuts by lawmakers. The tourism industry has been a bright spot in an otherwise struggling Alaska economy of late, growing consistently along with the national economy over the past decade since the 2008 financial crisis. Historically, about 85 percent of Alaska visitors come from the Lower 48. Alaska Travel Industry Association President Sarah Leonard said that despite a record number of roughly 1.86 million visitors to Alaska last summer, the 2017 peak season for the industry was “a little bit underwhelming.” That’s because it indicates a leveling-off of prior growth as most travel segments across the state were flat or grew by just a percentage point or two over 2016 figures. Alaska’s summer tourist volume has grown by 21 percent since bottoming out in 2010 when 1.53 million travelers came to the state. Most of the … [Read more...] about Tourism group looks inward to replace state funding cuts
Hedge funds were not investing in the cannabis industry last year. But this might be changing in 2018. Entrepreneur Published 9:00 am, Friday, March 30, 2018 Photo: Javier Hasse Image 1of/1 CaptionClose Image 1 of 1 Photo: Javier Hasse Investing In Marijuana Businesses: Are Hedge Funds Coming To The Cannabis Industry? 1 / 1 Back to Gallery When this article was originally conceived, the title was very different: "Why Hedge Funds Aren't Investing in the Cannabis Industry but Family Offices Might." The case was strong, and arguments abounded. The main ones, though, were structured around the limited liquidity in the cannabis industry and the resulting inability to short equities -- which is necessary to operate a long/short equity hedge fund; and the fact that a very large percentage of hedge funds' funds … [Read more...] about Investing In Marijuana Businesses: Are Hedge Funds Coming To The Cannabis Industry?
While short-term U.S. borrowing costs have surged in recent months, borrowers of dollars abroad are unexpectedly getting some long-delayed relief. Libor, the London interbank offered rate, measures the interest rate at which global banks lend to one another and acts as the benchmark for $200 trillion in financial contracts around the world. The measure hit […] … [Read more...] about Global Funding Markets Party Through Libor Stresses