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Monday, December 30, 2013

George Soros Buys Shares In Spanish Construction Giant FCC Controlled By Esther Koplowitz

George Soros is making an investment in Spain. George Soros’ hedge fund Soros Fund Management LLC has just bought some shares, representing 3% of the company, in publicly listed Spanish construction giant Fomento de Construcciones y Contratas (FCC), for just under US$100 million in what could be quite a strategic investment.

The economic story of Spain in recent years had been one of spectacular growth fuelled by massive investments in public infrastructure and the housing industry, funded by cheap credit from the European Union, followed subsequently by a huge implosion with the onset of the European recession in 2007. This had serious consequences for the country’s over-stressed financial system and led to severe austerity measures which were demanded by its northern European creditors, including, particularly, by Germany.
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George Soros was born in Budapest, Hungary, in 1930. His father was taken prisoner during World War I and eventually fled from captivity in Russia to reunite with his family in Budapest. Soros was thirteen years old when Hitler's Wehrmacht seized Hungary and began deporting the country's Jews to extermination camps. In 1946, as the Soviet Union was taking control of the country, Soros attended a conference in the West and defected. He emigrated in 1947 to England, supported himself by working as a railroad porter and a restaurant waiter, graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank.

In 1956, Soros immigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity', which he has laid out in his recent books THE ALCHEMY OF FINANCE and THE CREDIT CRISIS OF 2008 AND WHAT IT MEANS. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.