| If you have trouble reading this e-mail, please click here |
| NYTimes.com Home |Business Day| Video |  |
 | |||
|
| Tuesday, November 15, 2011 TODAY'S TOP HEADLINES | |||
M & A Barclays Capital Rises, 'Big-Boy Checkbook' in HandINVESTMENT BANKING UBS Names Sergio Ermotti as Chief ExecutivePRIVATE EQUITY Kodak Debt Holders Are Said to Hire BlackstoneHEDGE FUNDS Icahn Deputy Is Said to ResignOFFERINGS Bain to Sell All LinkedIn Shares in OfferingVENTURE CAPITAL Networking Monitoring Start-Up Raises $4 MillionLEGAL/REGULATORY Post-Madoff, a Greater Awareness of Ponzi SchemesTOP STORIES A Wave of Partner Retirements at Goldman Sachs An unusually high number of partner retirements have been announced internally at Goldman Sachs in recent weeks, according to people who were briefed on the matter but are not authorized to speak on the record. More than a dozen partners have announced plans to leave recently, a much higher number than in the same period in past years.
One Secret Buffett Gets to Keep The Securities and Exchange Commission usually doesn't let investors keep many secrets. Except if you're a major player like Warren Buffett, Andrew Ross Sorkin writes in his DealBook column. | |||
| |||
| |||
DEAL NOTES Police Clear Wall Street Protesters From Zuccotti Park Hundreds of police officers began evicting Occupy Wall Street protesters from Zuccotti Park in Lower Manhattan at about 1 a.m. on Tuesday, saying any demonstrators who did not leave would be arrested, Corey Kilgannon and Colin Moynihan reported for The New York Times. Protesters Plan Their Next Move The New York Times City Room blog has live updates on the Occupy Wall Street protest, which has moved to Foley Square. MERGERS & ACQUISITIONS »Barclays Capital Rises, 'Big-Boy Checkbook' in Hand Multibillion-dollar deals have been more common for the bank since it stepped up its aggression beginning in 2008. Nisshin Steel and Nippon Metal to Merge The Japanese companies announced plans on Tuesday to merge in a deal that would create the country's second-largest maker of stainless steel. Huawei Buys Remaining Stake in Joint Venture Huawei Technologies, the giant Chinese telecommunications company, is set to pay $530 million for the remaining 49 percent stake in a joint venture with the American security software company Symantec, Reuters reports. The deal is worth less than the roughly $1 billion some analysts had predicted. Volkswagen Considers Alternatives in Porsche Deal As Volkswagen's effort to merge with Porsche shows signs of falling apart, the European car company may scrap a combination and opt instead to buy Porsche's car-making business, Bloomberg News reports. Commodities Boutique to Change Hands The owner of the commodities firm Gresham Investment Management is selling his 60 percent stake to the larger Nuveen Investments, The Financial Times reports. INVESTMENT BANKING »
UBS Names Sergio Ermotti as Chief Executive The Swiss bank said Sergio P. Ermotti, who has run UBS on an interim basis since September, would become permanent chief executive and take the reins of a strategic restructuring. Credit Suisse Changes Compensation Practices Credit Suisse says in an internal memo that the change brings the firm more in line with that of its competitors when it comes to deferred compensation. Moody's Eyes Credit Suisse Rating Moody's Investors Service put Credit Suisse on review for a downgrade on Monday, saying the bank's quarterly results were "more volatile" than those of its rivals, Bloomberg News reports. Mitsubishi Raises Profit Target by 50 Percent The Japanese bank Mitsubishi UFJ Financial Group raised its profit target by 50 percent to $11.7 billion for the year that ends in March, as it benefited from a conversion of Morgan Stanley shares, but some observers were skeptical of the rosy outlook, Bloomberg News reports. I.M.F. Voices Chinese Bank Concerns Chinese banks face risks to growth, as they contend with souring loans after a recent lending boom, the International Monetary Fund said, according to The Associated Press. European Officials Developing Plan for Eastern Banks The European Bank for Reconstruction and Development, which is owned by 61 countries, is in talks with banks and other officials to protect Eastern European lenders, as concern grows over the Continent's debt crisis, Bloomberg News reports. | |||
| |||
| |||
PRIVATE EQUITY »Kodak Debt Holders Are Said to Hire Blackstone A group that owns Eastman Kodak debt has hired the Blackstone Group as an adviser, as the camera maker works through a restructuring, Reuters reports. London Firm Faces Skittish Investors The London-based private equity firm Duke Street Capital is having trouble raising money for a roughly $1.4 billion fund, and has offered discounts on fees, The Telegraph reports. Asset Management Firm Sued by Former Employee A former fund manager at the asset manager New Star sued the company, which is now owned by Henderson, and accused the former chief executive of forcing him to accept new investments against his wishes, The Financial Times reports. Indian Shopping Site Raises $40 Million Fashionandyou.com, a Indian online shopping company, raised $40 million from private equity investors including Norwest Venture Partners and Intel Capital, Reuters reports. Australian Company Denies Takeover Attempt The Spotless Group, an Australian firm that provides household services, denied a report that said it had been approached by the private equity firm Pacific Equity Partners, Reuters reports. Earlier this year, Spotless rejected a bid from the Blackstone Group. HEDGE FUNDS »Icahn Deputy Is Said to Resign Alex Denner, an executive overseeing health care companies for the billionaire investor Carl C. Icahn, has resigned, with plans to start his own hedge fund, Bloomberg News reports. Paulson Reduces Gold Fund Holding The hedge fund manager John A. Paulson sold a third of his holdings in the SPDR gold trust, an exchange traded fund, but his firm retains a roughly $3.5 billion stake, The Financial Times reports. Unlike his bigger funds, Mr. Paulson's gold hedge fund has posted a positive return this year, the newspaper notes. Small Hedge Funds Feel the Pinch Institutional investors like pension funds are shunning relatively small hedge funds with less than $100 million in assets, prompting fund managers to turn to wealthy individuals and families for investments, Bloomberg News reports. Veteran Fund Manager Struggles Anthony Bolton, one of Britain's best performing fund managers who oversees the Fidelity China Special Situations investment trust, watched his assets fall 28 percent to $779 million in the six months that ended in September, The Financial Times reports. He told the newspaper that his outlook has been "severely tested." I.P.O./OFFERINGS » Bain to Sell All LinkedIn Shares in Offering Bain Capital Ventures, the venture arm of the private equity firm, plans to sell all of its 3.71 million shares in LinkedIn in a secondary stock offering, Bloomberg News reports. PBF Energy Plans $100 Million I.P.O. The oil refiner PBF Energy plans to raise up to $100 million in an initial offering and buy back shares from its private equity owners, Reuters reports. Groupon Short-Sellers Face High Costs It's particularly risky to short Groupon, as the scarce supply of stock has meant it's unusually expensive to borrow shares, Reuters writes. At annual rates of 90 to 100 percent, short-sellers would have to see the stock fall to almost zero to make money. Social Media Fund to Debut For those craving social media stocks, a new exchange traded fund known as Global X Social Media offers "a pretty simple way to make sure you're exposed to the full sector," according to Global X Funds chief executive Bruno del Ama, The Wall Street Journal reports. VENTURE CAPITAL »Networking Monitoring Start-Up Raises $4 Million Boundary, which offers a service for monitoring computer cloud networks, has raised $4 million in a round of funding, TechCrunch reports. Design Site Plans Funding Round Fab, an invite-only site that offers deals on design products, reached 1 million members, and plans to raise a "huge" amount of cash, said to be around $50 million, TechCrunch reports. Retail Locator App Raises $1.3 Million Zoomingo, an app that helps users find local retailers, said it raised $1.3 million from investors including the venture capital firms Naya Ventures and Benaroya Capital, TechCrunch reports. LEGAL/REGULATORY »Post-Madoff, a Greater Awareness of Ponzi Schemes Federal authorities are opening more investigations of possible fraud, which they attribute to greater awareness among consumers and a weak economy. Former MF Global Employees Sue Over Layoffs Former employees of MF Global sued the failed brokerage firm on Monday in separate lawsuits, arguing that they were laid off in violation of labor laws and seeking class-action status. For Missing MF Global Funds, Questions of Timing Some of the $600 million missing from MF Global customer accounts might have disappeared as many as four days before the brokerage filed for bankruptcy, The Wall Street Journal reports. Citi and Deutsche to Pay $165.5 Million in Settlement Deutsche Bank has agreed to pay $145 million, and Citigroup to pay $20.5 million, to settle claims that they misled failed credit unions about investments, The Associated Press reports. Housing Agency Might Need Bailout The Federal Housing Administration, which insures lenders against mortgage defaults, has seen its reserves fall by 45 percent in the past year, and is now facing an even chance of requiring a taxpayer bailout, according to an independent audit, The Wall Street Journal reports. Sino-Forest Found to Be Not Fraudulent Months after the investment firm Muddy Waters Research released a report alleging that the Chinese forestry company Sino-Forest was a "Ponzi scheme," an independent committee found no evidence of fraud, The Wall Street Journal reports. Bank of New York Pushes Back Against Lawsuits Bank of New York Mellon chief executive Gerald L. Hassell said that lawsuits accusing the bank of overcharging pension funds on currency trades "may take some time to resolve," The Wall Street Journal reports. |
| |
About This E-MailYou received this message because you signed up for NYTimes.com's DealBook newsletter. As a member of the Truste privacy program, we are committed to protecting your privacy. | |
0 comments:
Post a Comment