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On July 11, Iranian Parliament Speaker Mohammad Ghalibaf announced on social media that those responsible for the killing of Ali Khamenei would be held accountable. Ghalibaf emphasized that those responsible for attacks on Iranian territory, the killing of Iranian citizens, and especially the murder of Ali Khamenei, would be punished. The funeral for the late Supreme Leader Ali Khamenei was held on July 9 in Mashhad, his birthplace in northeastern Iran.On July 11, the Ministry of Civil Affairs issued a notice requiring local civil affairs departments to make every effort to carry out flood prevention and disaster relief work. The notice requires that social forces be guided and regulated to participate in disaster relief in a scientific and orderly manner. It calls for active cooperation with emergency management and other departments to guide social organizations in the emergency rescue field to leverage their professional advantages, connect with social resources, and coordinate flood prevention and disaster relief work in an orderly and collaborative manner. It also requires guiding charitable organizations to proactively connect with the needs of disaster areas, conduct disaster relief charitable donations in accordance with laws and regulations, promptly allocate donated funds and materials, and ensure information disclosure.July 11 - According to data from Lighthouse Pro, as of 8:34 PM on July 11, the daily box office revenue of the domestic film market exceeded 300 million yuan, marking the first time since February 26 this year that the daily box office revenue has exceeded 300 million yuan.July 11th - According to the official WeChat account of Hangzhou Metro, due to the impact of Typhoon Bavi (No. 9), Hangzhou City has activated a Level I typhoon emergency response. Starting at 6:00 AM on July 12th, the entire metro network will be suspended, with the resumption time to be announced separately.On July 11, Claudio Descalzi, CEO of Eni, the Italian state-owned holding group, stated that if the Middle East conflict continues, the global oil market will break through the current range of approximately $80 to $100 per barrel by the first quarter of 2027 at the latest, pushing up inflation and reducing energy demand. In an interview published Saturday in Il Sole 24 Ore, Descalzi said that the release of strategic reserves has so far helped keep crude oil prices roughly within this range, but this strategy is facing increasing risks because global reserves are finite. “The long-term solution is to enhance energy security through the diversification of supply sources and routes,” he said. Descalzi noted that global oil inventories have fallen by an average of 3.8 million barrels per day due to disruptions related to the war with Iran that began at the end of February, accelerating to an average of 4.6 million barrels per day in May. He stated that countries should focus on producers in North Africa and sub-Saharan Africa, Latin America, and Southeast Asia, while reducing reliance on controlled maritime routes.

Melvin Capital Will Close Following Huge Losses on Meme Stocks And A Market Decline

Charlie Brooks

May 19, 2022 10:01

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Melvin Capital, formerly one of Wall Street's most successful hedge funds that lost billions in the meme stock saga, will cease operations following this year's market decline.


After years of double-digit profits, Gabe Plotkin, widely considered as one of the industry's greatest traders, told investors that the past 17 months have been "very difficult."


Plotkin was attempting to turn around the company after being discovered betting against retail favorite GameStop (NYSE:GME) in early 2021 and being blindsided by falling markets this year.


"The proper next step is to wind down the Funds by fully selling the Funds' assets and accounts and delivering cash to all investors," Plotkin said in a letter that Reuters obtained on Wednesday.


At the end of April, Melvin Capital held assets of $7.8 billion. In the first four months of 2022, the fund had a 23 percent loss, according to a source acquainted with the firm's accounts.


The losses this year follow significant losses in 2021, when Melvin Capital finished the year down 39 percent. The firm wagered that GameStop's stock would decline, but lost when ordinary investors took the opposite position and drove the stock soaring.


The company's assets were $12.5 billion at the start of 2021.


Plotkin stated in his letter that he had already obtained a large amount of cash and reduced the funds' exposure.


Plotkin's representative declined to respond.


Powerful investors, including Citadel LLC and Point72 Asset Management, where Plotkin had worked, continued to back Melvin for a time, investing billions in emergency funds in early 2021 amid the massive stock losses.


Plotkin informed investors earlier this year that he intended to reorganize and reduce assets from around $8.7 billion to $5 billion, while temporarily reducing fees. Investors responded vehemently to the ideas, and Plotkin was subsequently obliged to apologize and admit he had made an error.


Plotkin announced on Wednesday that he had begun selling the portfolio and will cease charging management fees beginning June 1. He also stated that he "gave everything" he had, but that it was insufficient to "bring the expected returns."


Melvin's largest investments at the end of the first quarter included Live Nation Entertainment (NYSE:LYV), Hilton Worldwide Holdings (NYSE:HLT), Amazon (NASDAQ:AMZN), and Datadog (NASDAQ:DDOG). In recent weeks, their stock prices have fallen substantially, sparking rumors that a hedge fund may be attempting to unwind bets.


Plotkin was a top investor at Steven A. Cohen's hedge fund, formerly known as SAC Capital Advisors, but he resigned in 2014 to start his own company after SAC pled guilty to criminal insider trading allegations. Melvin Capital gained 52.5% by the end of 2020, the year the epidemic began, after attracting the attention of influential investors and achieving rapid growth.


Melvin enjoyed average annualized gains of 30% from 2014 to 2020. Since its inception, the fund has returned an annual average of 11.9%.

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