Two executives at Hong Kong-based Snow Lake Capital have quit amid bad bets including Chinese stocks, the Financial Times reported, forcing it to liquidate one fund and retrench. The turmoil spotlights the hedge fund’s disastrous position in MGM China .
The United Nations climate summit in Glasgow has left coal down, but not out. Despite agreements, backed by $20 billion in loans and grants, to phase out its use, the fossil fuel could still be a major carbon emitter for 20 years or more. The stock market, though, suggests its demise may be closer at hand.
COP26 has a blind spot. The prime ministers and corporate bigwigs gathered in Glasgow want to cut demand for the fossil fuels that constitute most of the world’s greenhouse gas emissions. To make that happen without crashing the economy, there has to be lots more of the metals underpinning a greener society.
A week before it starts, COP26 has already received the last rites. Glasgow’s United Nations climate conference kicks off on Oct. 31 without Chinese leader Xi Jinping or Russian counterpart Vladimir Putin, whose countries are jointly responsible for a third of annual greenhouse gas (GHG) emissions. To avoid the gathering being a complete non-event, attendees need to reset their expectations.