Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Around midday on March 23, the news that a once vaunted hedge fund would close started rippling through New York’s hedge fund community. Eton Park Capital Management, a $US7 billion hedge fund run by former Goldman Sachs wunderkind Eric Mindich, announced it would shutter.
In several ways, Eton Park’s rise and closure symbolise a broader journey for the hedge fund industry. With some of the biggest hedge funds around closing, Business Insider took a look at what it takes to launch one today.
President Trump is making huge changes to his economic plans after the “Trumpcare” defeat.
The Dow Jones industrial average closed in negative territory for the eighth day in a row on Monday, the first such losing streak since the European debt crisis was at its peak.
The Trump rally’s “great unwind” might just be getting started, according to David Rosenberg at Gluskin Sheff. And here’s where America wants Trump to focus his efforts, according to Legg Mason.
Elsewhere, GM is jumping as it faces off with David Einhorn over a plan to split its stock in to two classes. American Airlines is buying a $US200 million chunk of China’s largest airline. And the former CEO of Valeant is suing the embattled drug company for not paying him more than 3 million shares.
In deal news, tech startup Yext priced its IPO at $US8 to $US10 a share. Chinese tech giant Tencent has taken a 5% stake in Tesla. And a Chinese conglomerate is in talks to buy a controlling stake in Forbes.
In media news, Wall Street Journal staffers signed a letter criticising the control white men have over the newsroom.
Lastly, you could soon own a 104-metre-long private mega-yacht complete with a helipad, glass elevator, cinema, and beach club — but it will cost you £160 million ($US200 million).
YUM CEO: Machines could “run the world” by the mid to late 2020s – Greg Creed, the CEO of Yum Brands, the owner of KFC, Pizza Hut, and Taco Bell, spoke about how he sees technological innovation developing over the next decade or two, and how his industry has already seen changes.
The movie business is in big trouble, and studios are scrambling to figure out the future – Anyone in the movie business who tells you they’re not scared stiff about the future is probably lying.
How one analyst thinks Apple could hit $US200 – UBS analyst Steven Milunovich believes Apple might be able to hit a $US200 stock price if everything goes right for the company over the next few years.
A top Goldman Sachs dealmaker says she learned a major career lesson eating in a cafeteria in Milan – It’s no secret that women are often treated differently in the workplace. And that is especially the case in more male-dominated fields such as financial services.
EMIRATES PRESIDENT: We don’t know if the US laptop ban will hurt business — but here’s how things went this weekend – Emirates Airline won’t be able to gauge the financial effects of the US government’s ban on laptops on flights from the Middle East until May, but the rollout of the policy last weekend was relatively smooth, its president, Sir Tim Clark, said in an interview with Business Insider.
Johnson & Johnson just launched a $US100,000 burnout prevention bootcamp for CEOs – If you’re going by the Harvard Business Review, executive burnout has been a problem for nearly 40 years.
The FDA just approved a new drug to treat eczema that costs $US37,000 a year – The FDA on Tuesday approved Regeneron Pharmaceuticals and Sanofi’s Dupixent for treatment of moderate to severe atopic dermatitis, a product widely seen as the most important future growth driver for the two companies.
Thieves broke into a German museum and stole a massive $US4.5 million gold coin – Thieves broke into the German capital’s Bode Museum before dawn Monday and made off with a massive 100-kilogram (221-pound) gold coin worth millions of dollars, police said.
22 clothing items every man should own before he turns 30 – When a man turns 30, he turns around and looks back at his life.
Fashion mogul Chris Burch built a five-star resort on a remote Indonesian island — and it’s officially the best in the world – After founding or cofounding several internationally known retail brands — C. Wonder and Tory Burch — and investing in several others, Chris Burch is taking his entrepreneurial eye to a new industry: hospitality.