British hedge fund manager Crispin Odey recorded his best year yet after his fund's gains surged by 193 per cent amid tumultuous markets last month.
His hedge fund soared about 25 per cent in September after benefiting from his long-running short bets against UK government bonds and pound amid wild volatility sparked by Prime Minister Liz Truss’s plans to enact large-scale tax cuts.
The surge boosted his year-to-date gains to 193 per cent, according to a source, Bloomberg said.
His previous best yearly performance was almost three decades ago, when he returned 60 per cent in 1993.
He previously employed Kwasi Kwarteng, Britain's new chancellor, as an analyst before he became an MP.
On Monday, Mr Kwarteng announced that the UK government has a plan to “get Britain moving” in a speech to Conservatives aimed at restoring his authority, hours after backtracking on a key proposal to cut taxes for the country's highest earners.
Mr Odey's fund’s short exposure to bond trades was worth about 111 per cent of its net asset value going into September, mostly related to two UK government securities maturing in 2050 and 2061, according to a separate investor note seen by Bloomberg.
A spokesman for the London-based Odey Asset Management declined to comment.
The government’s plans for unfunded tax cuts caused a rush out of UK government bonds and forced the Bank of England to intervene to calm markets.
Mr Odey’s on-and-off wager against the pound has attracted criticism on social media and in political circles.
Some see the trade as an attempt by the famed money manager to profit from the UK’s economic woes after Brexit.
8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
Age 26
Born May 17, 1991
Height 1.80 metres
Birthplace Sydney, Australia
Residence Eastbourne, England
Plays Right-handed
WTA titles 3
Prize money US$5,761,870 (Dh21,162,343.75)
Wins / losses 312 / 181
The cost of Covid testing around the world
Egypt
Dh514 for citizens; Dh865 for tourists
Information can be found through VFS Global.
Jordan
Dh212
Centres include the Speciality Hospital, which now offers drive-through testing.
Cambodia
Dh478
Travel tests are managed by the Ministry of Health and National Institute of Public Health.
Zanzibar
AED 295
Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.
Abu Dhabi
Dh85
Abu Dhabi’s Seha has test centres throughout the UAE.
UK
From Dh400
Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.
THE SCORES
Ireland 125 all out
(20 overs; Stirling 72, Mustafa 4-18)
UAE 125 for 5
(17 overs, Mustafa 39, D’Silva 29, Usman 29)
UAE won by five wickets
PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
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