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Feb 21, 2012

Stocks and Markets in The News | European Markets: European stocks pull back after Greek deal


MarketWatch

Europe Daily
FEBRUARY 21, 2012



European stocks pull back after Greek deal
2/21/2012 12:08 PM ET
European stock markets close lower Tuesday as investors start to focus on Greece's underlying problems after euro-zone finance ministers approve the terms for a €130 billion bailout package for Greece.
Oil 1.5% higher on Iran tensions, Greek deal
2/21/2012 12:37 PM ET
Crude-oil futures trade at a nine-month high near $105 on Tuesday on fears of more supply disruption and as traders cheered Greece's second bailout.
Treasury yields hit highest level since December
2/21/2012 12:33 PM ET
Treasury prices decline following Greece's long-delayed second bailout package, though concerns about the longer term cap a rise in yields.
Dow hits 13,000 for first time since May 2008
2/21/2012 12:09 PM ET
U.S. stocks rise, pushing Dow industrials above 13,000.
Prostitution probe lands Strauss-Kahn in custody
2/21/2012 12:03 PM ET
CHICAGO (MarketWatch) -- Dominique Strauss-Kahn, the former head of the International Monetary Fund who resigned his post last year after being charged with sexual assault in New York, was taken into custody by French police Tuesday for questioning about an alleged prostitution ring, the Wall Street Journal reports. Strauss-Kahn surrendered himself to authorities in Lille, and is being investigated for "complicity in a prostitution network" and "aiding and abetting in the misappropriation of company assets," the newspaper noted, citing a spokesperson for the local prosecutor's office. Eight people, including a police commissioner, have already been charged in relation to the case. Last year, Strauss-Kahn was arrested for allegedly sexually assaulting a hotel maid. He maintained his innocence throughout and the charges were dropped several months later.
Greek bailout not the rescue it seems
2/21/2012 11:57 AM ET
The Greek bailout isn't for Greece, but for German, French and other foreign banks who bought too much Greek debt, and it probably won't save Greece but only buy some more time, says columnist Darrell Delamaide.
Financials extend gains after Greece bailout deal
2/21/2012 11:56 AM ET
Financial stocks trade higher along with the broader market, as investors react to the new 130 billion-euro bailout package for Greece approved by European officials.
Apple lifts techs, but semicaps slide
2/21/2012 11:26 AM ET
Apple shares lift the tech sector as China Telecom Corp. announced that it will take online reservations for the iPhone 4S. But the sector is weighed down by slumping semiconductor capital equipment shares which were hit by a J.P. Morgan downgrade
Lagarde sticks out her neck in Greek deal
2/21/2012 10:54 AM ET
The leader of the International Monetary Fund has made a big bet that the second Greek bailout will work.
Gold at highest since December on Greece deal
2/21/2012 10:49 AM ET
Gold futures gain Tuesday, benefitting from positive market sentiment following the approval of a second bailout for Greece.
Greek deal doesn't dispel growth worries
2/21/2012 10:47 AM ET
Fears that added layers of austerity will undercut Greek growth threatens to overshadow relief sparked by an agreement to extend the country a second bailout.
Financial stocks advance on Greece bailout deal
2/21/2012 10:46 AM ET
SAN FRANCISCO (MarketWatch) -- U.S. financial stocks rose on Tuesday after European finance ministers approved a new 130 billion-euro ($171.9 billion) financial package for Greece to stave off default. Janus Capital Group led the sector with nearly a 3% rise. Federated Investors and Unum Group were also notable gainers. The Financial Select Sector SPDR ETF , which tracks financials included in the S&P 500 index , added 0.4%.
Sotheby's to auction Edvard Munch's 'The Scream'
2/21/2012 10:32 AM ET
WASHINGTON (MarketWatch) -- Sotheby's said Edvard Munch's "The Scream" will be put up for sale May 2, as part of the auction house's offerings of impressionist and modern art. The iconic work by the Norwegian painter is instantly recognizable in both art and popular culture. Media reports said the painting could fetch $80 million.
Euro falls after Greece rescue deal
2/21/2012 10:29 AM ET
The euro gives up ground against the U.S. dollar in the wake of a euro-zone agreement to approve a long-awaited bailout for Greece.
Tullow Oil, BG Group shares off in weaker London
2/21/2012 10:12 AM ET
London's FTSE 100 benchmark trends modestly lower, with energy shares such as Tullow Oil and BG Group leading the way as investors pause in the wake of a bailout agreement for Greece.
Tuesday's biggest gaining & declining stocks
2/21/2012 10:09 AM ET
MarketWatch's daily rundown of shares making sizeable moves in the U.S. stock market.
Greek bailout, retail and other earnings in focus
2/21/2012 9:09 AM ET
Tuesday's financial landscape is dominated by the euro zone's agreement to throw a financial lifeline to Greece and by earnings reports from the blue-chip retail giants Wal-Mart (TICKER:WMT) and Home Depot (TICKER:HD) plus many other major firms.
U.S. stock futures point higher
2/21/2012 9:06 AM ET
U.S. stock futures rise after euro-zone finance ministers agree to a second loan for Greece.
Treasurys pare loss as traders mull Greek deal
2/21/2012 8:14 AM ET
NEW YORK (MarketWatch) -- Treasury prices declined on Tuesday, but came off their worst levels as analysts raised concerns about Greece's long-delayed second bailout package from the euro zone. The session's main event for the bond market will be the government's auction of 2-year notes . "Treasurys were under pressure overnight on the Greek bailout, but admittedly the market is trading better on the news than we might otherwise have expected," said bond strategists at CRT Capital Group. Longer-term, "the obvious risk is that Greece could still need additional bailouts or restructuring." Yields on 10-year notes , which move inversely to prices, rose 4 basis points to 2.03%, but off their highs of 2.05%.
Frankfurt airport strike to continue until Friday
2/21/2012 6:08 AM ET
LONDON (MarketWatch) -- Strikes in Frankfurt airport will continue until Friday the German labor union GdF said Tuesday, leading to 187 flight cancellations for Germany's largest airport. The majority of the cancelled flights were scheduled for Tuesday morning, and the cancellation number normally doesn't go up through the day, according to Robert A. Payne, spokesman at Fraport AG , which runs Frankfurt airport. The airport has been able to handle between 80% and 90% of scheduled flight in and out of the airport during the strike and expects to keep that rate for the rest of the strike period. Mostly domestic and European flights have been affected by the strike, and Deutsche Bahn has increased services to cope with the extra demand for regional ground transportation, Payne said. The strike was previously scheduled to end Wednesday morning.

Reuters Uk - Top News Evening Edition: Europe seals new Greek bailout, doubts remain



News

LATEST NEWS
Europe seals new Greek bailout, doubts remain
BRUSSELS (Reuters) - Euro zone finance ministers agreed a 130-billion-euro (108.7 billion pound) rescue for Greece on Tuesday to avert an imminent chaotic default after forcing Athens to commit to unpopular cuts and private bondholders to take bigger losses. | Full Article

Jan budget surplus puts UK deficit cuts ahead of plan
21 FEB 2012 14:00 GMT
LONDON (Reuters) - Britain looks set to beat its own deficit-cutting target this year as local spending cuts helped the government to post the largest budget surplus in four years in January, safeguarding the country's top-notch credit rating. | Full Article
Foreign investors fear Japan banks may hijack Olympus board
21 FEB 2012 11:19 GMT
LONDON/TOKYO (Reuters) - Western investors in Japan's disgraced Olympus have accused its banks of trying to take control of the boardroom by stealth, amid growing signs that the firm's major creditors are considering installing their own appointees in the top jobs. | Full Article
Strauss-Kahn held in French prostitution probe
21 FEB 2012 14:35 GMT
LILLE, France (Reuters) - Former IMF chief Dominique Strauss-Kahn was questioned by police Tuesday over his dealings with an alleged prostitution ring run from the northern French city of Lille and organising sex parties in Paris, Brussels and Washington. | Full Article
Asda sales growth slowed in Q4
21 FEB 2012 13:12 GMT
LONDON (Reuters) - Asda, the British arm of U.S. retailer Wal-Mart Stores Inc, posted a slowdown in sales growth in its fiscal fourth quarter as shoppers were squeezed by rising prices and muted wages growth and grew worried about the grim economic outlook. | Full Article
DAILY INVESTOR
FTSE ebbs lower as long-term doubts haunt Greek deal
21 FEB 2012 15:02 GMT
LONDON (Reuters) - The top share index fell on Tuesday as doubts remained about financial stability in the euro zone after Greece secured its bailout package from its international creditors. | Full Article
Greek bondholders set for 74 percent loss - sources
21 FEB 2012 14:14 GMT
LONDON/FRANKFURT (Reuters) - Banks are set to lose almost three-quarters of the value of their Greek government bonds under a deal agreed early on Tuesday, slightly more than they had planned, people familiar with the matter said. | Full Article
Banksters' paradise? Swiss unveil clean money plan
21 FEB 2012 14:58 GMT
ZURICH (Reuters) - Switzerland is to announce plans to clean up its reputation as a haven for untaxed money by demanding that banks force clients to declare their money is taxed, part of an attempt to put an end to a damaging U.S. investigation. | Full Article
Chastened UBS uses 150th events to polish image
21 FEB 2012 13:51 GMT
ZURICH (Reuters) - UBS is using its 150th anniversary to try to rebuild an image tarnished by a $2 billion (1.3 billion pound) trading scandal that struck just as Switzerland's biggest bank was starting to win back client trust after its near collapse in 2008. | Full Article
Exclusive- China, India plan Iran oil cuts of 10 percent or more
21 FEB 2012 14:54 GMT
BEIJING/NEW DELHI (Reuters) - China, India and Japan are planning cuts of at least 10 percent in Iranian crude imports as tightening U.S. sanctions make it difficult for the top Asian buyers to keep doing business with the OPEC producer. | Full Article

Far East Energy Announces Investors Update Conference Call: Companies' Announcements



Far East Energy Announces Investor Update Conference Call

Houston, Texas – February 21, 2012 - Far East Energy Corporation (OTC BB:FEEC) announced today that it will host an update conference call for shareholders and other interested parties on Thursday, February 23, 2012 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). 

Conference Call Details

Date:                           Thursday, February 23, 2012
Time:                          9:00 a.m. CT   (10:00 a.m. ET)
Dial in access:            1-800-860-2442 (U.S. participants) or
                                    1-412-858-4600 (International participants)
                                    1-866-605-3852 (Canada participants)
Request connect:       Far East Energy Conference Call
            Call and Slides:          www.fareastenergy.com

To participate in the conference call, participants have the option to listen to the call by toll-free dial in number, or to listen and view slides via the link posted on the website.  The Q&A segment will be conducted live via conference operator.  Please note: slides can be viewed during the call via the webcast link posted on the Company’s website at www.fareastenergy.com.
Far East Energy Corporation
Based in Houston, Texas, with offices in Beijing, Kunming, and Taiyuan City, China, Far East Energy Corporation is focused on coalbed methane exploration and development in China.
Statements contained in this press release that state the intentions, hopes, estimates, beliefs, anticipations, expectations or predictions of the future of Far East Energy Corporation and its management are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  It is important to note that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties.  Actual results could differ materially from those projected in such forward-looking statements.  Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: the preliminary nature of well data, including permeability and gas content; there can be no assurance as to the volume of gas that is ultimately produced or sold from our wells; the fracture stimulation program may not be successful in increasing gas volumes; due to limitations under Chinese law, we may have only limited rights to enforce the gas sales agreement between Shanxi Province Guoxin Energy Development Group Limited and China United Coalbed Methane Corporation (“CUCBM”), to which we are an express beneficiary; additional wells may not be drilled, or if drilled may not be timely; additional pipelines and gathering systems needed to transport our gas may not be constructed, or if constructed may not be timely, or their routes may differ from those anticipated; the pipeline and local distribution/compressed natural gas companies may decline to purchase or take our gas, or we may not be able to enforce our rights under definitive agreements with pipelines; conflicts with coal mining operations or coordination of our exploration and production activities with mining activities could adversely impact or add significant costs to our operations; the Chinese Ministry of Commerce (“MofCom”) may not approve the Modification Agreement to the Shouyang PSC (the “Modification Agreement”) on a timely basis or at all, or, if so, on commercially advantageous terms; our Chinese partner companies or MofCom may require certain changes to the terms and conditions of the Modification Agreement or our PSCs in conjunction with their approval, including reductions in acreage or a reduction in the term of the extension for the exploration period; our lack of operating history; limited and potentially inadequate management of our cash resources; risk and uncertainties associated with exploration, development and production of coalbed methane; proved reserves may not be reported in a timely manner or at all and, if reported, may be smaller than anticipated; our inability to extract or sell all or a substantial portion of our estimated Contingent Resources; we may not satisfy requirements for listing our securities on a securities exchange; expropriation and other risks associated with foreign operations; disruptions in capital markets affecting fundraising; matters affecting the energy industry generally; lack of availability of oil and gas field goods and services; environmental risks; drilling and production risks; changes in laws or regulations affecting our operations, as well as other risks described in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission.
Contact:

Investor Relations – 281-606-1600
Far East Energy Corporation

Bruce Huff – 832-598-0470
Far East Energy Corporation

Catherine Gay – 832-598-0470
Far East Energy Corporation
cgay@fareastenergy.com

CBS News | Daily News Summary: Syrian forces shell Homs as troops mass

CBS News.com - Daily News Summary
February 21, 2012 | DAILY NEWS SUMMARY

CBS NEWS TOP STORIES
Activists say several neighborhoods in opposition-held town hammered by artillery as gov't appears poised for ground strike
Read full story
Syrian forces shell Homs as troops mass
Santorum's lead in Michigan shrinking? Week before key primary, polls show Mitt Romney may be regaining some ground, but Santorum still on top, Gingrich still trails

U.S. probes alleged Quran burning Afghans protest at U.S.'s Bagram base after top commander apologizes for religious materials being "improperly disposed of"

Fact Check: Pols swerve on auto bailout Obama takes more credit than due for saving Detroit, GOP candidates try to explain opposition to bailout as big primary looms

Official: Guards aided cartel prison break Corruption displayed as members of Zetas drug gang escape Mexico prison, 44 rival gang members killed in ensuing attack

Avalanche survivor: Friend died 3 ft away Professional skier Elyse Saugstad tells CBS News that her life was spared by the airbag backpack she was wearing

Syrian forces shell Homs as troops mass Activists say several neighborhoods in opposition-held town hammered by artillery as gov't appears poised for ground strike

Iran: Pre-emptive strike against enemies possible Iran signals willingness to strike 1st if threatened; Foreign Ministry casts further doubt on prospects of IAEA visit

Romney may be closing gap with Santorum in Mich. Week before key primary, polls show native son may be regaining some ground, but Santorum still on top, Gingrich still trails

Morning Market Briefing

Commentary Feb 21, 2012

Developments in Europe and retailing earnings will be the focus on Wall Street today. Traders will get back to work after the three-day holiday weekend. Stocks turned in a relatively lackluster performance last Friday. The major averages eventually ended the session mixed, with the tech-heavy Nasdaq posting a modest loss. While the Nasdaq fell 8.07 points or 0.3 percent to 2,951.78, the Dow climbed 45.79 points or 0.4 percent to 12,989.87 and the S&P 500 edged up 3.19 points or 0.2 percent to 1,361.23. (Feb 21, 2012) Full Article

Economic News

Members of the Reserve Bank of Australia's monetary policy board said that the Australian economy continues to show signs of strength - and so cutting the benchmark interest rate was not warranted at the present time, minutes from the board's February 7 meeting revealed on Tuesday. (Feb 21, 2012) Full Article

Eurozone Finance Ministers early Tuesday gave a green signal to a second rescue package for Greece, unlocking a 130 billion euros bailout money for the cash-strapped euro member. Ensuring debt sustainability and restoring competiveness are the main goals of the new program, the Eurogroup said. The meeting also agreed on a debt reduction target of 120.5 percent of GDP by 2020, instead of the previous 120 percent. (Feb 21, 2012) Full Article

Greece finally managed to secure the Eurogroup approval for the long pending second round of stimulus package, putting to end doubts and apprehensions concerning a disorderly default. (Feb 21, 2012) Full Article

U.K.'s public finances improved more than expected in January, logging the highest monthly budget surplus since 2008. (Feb 21, 2012) Full Article

Spain saw its borrowing costs decline significantly on Tuesday in the first debt auction held by a Eurozone country after leaders agreed a deal for a second bailout for Greece. The Eurozone bailout fund also held a successful auction during the day, with strong demand for the debt. (Feb 21, 2012) Full Article

Earnings News

Dutch logistics firm TNT Express NV (TNTTY.PK, TNTFF.PK) posted Tuesday a loss for the 2011 fourth quarter, hurt by weaker economic conditions and impairment charges at its Brazil operations. Reported revenues were up 2.3%, while at constant currencies, adjusted revenues rose 2.1 percent. For the medium term, the company aims Europe & MEA revenue to grow organically and through new initiatives in adjacent market segments, with operating margin rising to 10-11 percent assuming normal economic conditions. (Feb 21, 2012) Full Articl

Tuesday, Home Depot Inc. (HD) reported higher fourth-quarter 2011 profit and net sales, citing favorable weather and cost control measures. Same-store sales rose 5.7%, and were up 6.1% in the U.S. Both earnings and revenue came in above the Street view. In addition, the company issued its fiscal 2012 outlook. (Feb 21, 2012) Full Article

Wal-Mart Stores Inc. (WMT) said Tuesday fourth-quarter net profit dropped 15% year-over-year on 5.9% higher total revenue. Quarterly revenues fell short of analysts' expectations. The company also issued its outlook for earnings from continuing operations for both the first quarter and fiscal 2013. (Feb 21, 2012) Full Article

Macy's Inc. (M) announced Tuesday higher fourth-quarter net income on 5.5% higher sales and 5.2% higher same-store sales. The company also stated, "Our year was punctuated with a terrific holiday selling season as our customers responded to our assortment of most-wanted merchandise for gifts and self-purchase, as well as compelling marketing campaigns." Further, Macy’s provided guidance for continued growth in 2012. (Feb 21, 2012) Full Article

Luxury retail chain Saks Inc. (SKS) Tuesday said fourth-quarter profit went up from last year, with net sales up 6.8 percent. Comparable-store sales rose 7.7 percent in the recent quarter, in line with view. Both adjusted earnings and revenue beat analysts' estimates. The company sees comparable-store sales to rise 5% to 7% in 2012, while comparable-store inventory levels are projected to be up in the mid-single digit range throughout the year. (Feb 21, 2012) Full Article

Tuesday, Consumer electronics retailer RadioShack Corp. (RSH) reported a sharp fall in its fourth-quarter net income versus last year, while earnings per share came in line with the Street view. Quarterly net sales and operating revenues went up by 5.9% year-on-year, helped by a rise in other sales, partially offset by a decline in sales generated by U.S. RadioShack company-operated stores. (Feb 21, 2012) Full Article

Todays WS Events

Cabot Oil & Gas Q4 11 Earnings Conference Call At 9:30 AM ET
Cabot Oil & Gas Corp. (COG) will host a conference call at 9:30 AM ET on February 21, 2012, to discuss Q4 11 earnings results. To access the live webcast log on to www.cabotog.com For a replay call, dial (877) 344-7529 (US) or (412) 317-0088 (International), passcode 10009373. (Feb 21, 2012) 

ConAgra Foods To Present At CAGNY Conference; Webcast At 9:15 AM ET
ConAgra Foods Inc. (CAG) will present at the Consumer Analyst Group of New York Conference in Boca Raton, Fla. The event is scheduled to begin at 9:15 AM ET February 21, 2012 To access the live audio webcast, log on at http://investor.conagrafoods.com (Feb 21, 2012) 

Dell Q4 12 Earnings Conference Call At 5:00 PM ET
Dell Inc. (DELL) will host a conference call at 5:00 PM ET on February 21, 2012, to discuss Q4 12 earnings results. To access the live audio webcast, log on to www.dell.com/investor (Feb 21, 2012) 

Genuine Parts Q4 11 Earnings Conference Call At 11:00 AM ET
Genuine Parts Co. (GPC) will host a conference call at 11:00 AM ET on February 21, 2012, to discuss Q4 11 earnings results. To access the webcast, log on to www.genpt.com To listen to the call, dial 877-331-5106 with conference ID 46254235. For a replay call, dial 855-859-2056, ID 46254235. (Feb 21, 2012)

Intuit Q2 12 Earnings Conference Call At 4:30 PM ET
Intuit Inc. (INTU) will host a conference call at 4:30 PM ET on February 21, 2012 to discuss its Q2 12 earnings results. To access the live webcast, log on at http://investors.intuit.com/events.cfm To hear the live call, dial 866-731-8333 (US) or 973-935-8686 (International). A replay of the call can be heard by dialing 888-266-2081 (US) or 703-925-2533 (International) with passcode 1566449. (Feb 21, 2012) 

Medco Health Solutions Q4 11 Earnings Conference Call At 8:30 AM ET
Medco Health Solutions Inc. (MHS) will host a conference call at 8:30 AM ET on February 21, 2012, to discuss Q4 11 earnings results. To access the live webcast, log on to www.medco.com/investor To listen to the call, dial (800) 949-5383 (US) or (706) 679-3440 (International). For a replay call, dial (800) 585-8367 or (855) 859-2056 (US) or (404) 537-3406 (International) with passcode 47059635. (Feb 21, 2012) 

Medtronic Q3 12 Earnings Conference Call At 8:00 AM ET
Medtronic Inc. (MDT) will host a conference call at 8:00 AM ET on February 21, 2012, to discuss Q3 12 earnings results. To access the webcast, log on to www.medtronic.com (Feb 21, 2012) 

Mylan Investor Day At 1:00 PM ET
Mylan Inc. (MYL) will host an Investor Day in New York City. The event is scheduled to begin at 1:00 PM ET, February 21, 2012. To access the live webcast, log on at http://investor.mylan.com (Feb 21, 2012) 

RadioShack Q4 11 Earnings Conference Call At 8:30 AM ET
RadioShack Corp. (RSH) will host a conference call at 8:30 AM ET on February 21, 2012, to discuss Q4 11 earnings results. To access the live webcast, log on to http://IR.RadioShackCorporation.com For a replay call, dial (888) 286-8010 or (617) 801-6888 with passcode 94408578. (Feb 21, 2012) 

The Home Depot Q4 11 Earnings Conference Call At 9:00 AM ET
The Home Depot, Inc. (HD) will host a conference call at 9:00 AM ET on February 21, 2012, to discuss its Q4 11 earnings results. To access the live webcast, log on at http://earnings.homedepot.com (Feb 21, 2012)

DealBook | DealB%K Today's Top Headlines: Permira Sifts for Bargains, Even in Europe's Periphery


Tuesday, February 21, 2012
TODAY'S TOP HEADLINES
Top Story
Permira Sifts for Bargains, Even in Europe's Periphery As competitors pull back from Europe, Kurt Björklund's private equity firm has doubled down on the region, picking through distressed companies from Dublin to Dubrovnik.

Since the start of 2010, Permira, one of the largest buyout specialists in Europe, has spent almost $6 billion, including acquisitions in debt-ridden countries like Spain and Ireland. The firm bought the call center operator Genesys from the Franco-American telecommunications company Alcatel-Lucent for $1.5 billion in early February.

"This is the right time to be staying in - not getting out of - the market," said Mr. Björklund, a co-managing partner at Permira, which has assets of 20 billion euros. "Europe is a complicated place to do business, but the outlook for investing is good."
Europe Agrees on Bailout for Greece European ministers approved a new $172 billion bailout for Greece, with bondholders agreeing to accept a 53.5 percent loss on the face value of their bonds, the equivalent of a 75 percent overall loss, The New York Times reports. The Greek government agreed to reduce its debt to about 120.5 percent of gross domestic product by 2020, from about 160 percent now.
BC Partners Raises $8.6 Billion Fund The European private equity firm said on Tuesday that it had raised one of the largest funds on the Continent since the beginning of the financial crisis.
 
DEAL NOTES
Lauded Investor Dies at 95 Walter Schloss, the successful value investor who was a disciple of Benjamin Graham, died on Sunday of leukemia, Bloomberg News reports.

"He had an extraordinary investment record, but even more important, he set an example for integrity in investment management," Warren E. Buffett, a longtime friend of Mr. Schloss's, said in a statement. "Walter never made a dime off of his investors unless they themselves made significant money."
Horowitz on the Mic Ben Horowitz, of the venture capital firm Andreessen Horowitz, says rap songs can be the perfect medicine for the daily stresses of working as an entrepreneur in Silicon Valley, The New York Times reports. Among the tracks he has prescribed are The Game's "Scream on 'Em" and LL Cool J's "Going Back to Cali."
A Financial Tale Told by an Insider Cristina Alger, author of the new novel "The Darlings," drew on her time as a Goldman Sachs analyst and a bankruptcy attorney to tell the story of a hedge fund's scandal-ridden downfall, Reuters writes.
MERGERS & ACQUISITIONS »
URS Agrees to Acquire Flint Energy Services for $1.25 Billion URS is paying a significant premium for Flint, a Canadian provider of construction services to the oil and natural gas industry.
CME Doubles Stake in Dubai Exchange The CME Group increased its stake in the Dubai Mercantile Exchange to 50 percent from 25 percent, as the Dubai bourse seeks to establish a new crude oil futures benchmark, Reuters reports.
EMI Deals Come Under Scrutiny Citigroup's deals to split EMI would reduce the number of major players in the music industry from four to three and give Universal and Sony advantages over Warner, The New York Times reports.
French Fashion House Sold to Hong Kong Investors The luxury investment firm Fung Brands is buying 80 percent of Sonia Rykiel, an independent fashion house that had 2010 revenue of about $119 million, The New York Times reports.
Canada's Fortis in $1 Billion Deal Fortis, a Canadian utility, said it would buy the CH Energy Group for about $1 billion, Reuters reports.
Groupon Buys Hyperpublic, a Local Data Start-Up Groupon has acquired Hyperpublic, a New York start-up that aggregates and analyzes the habits and behaviors of consumers, giving a glimpse into Groupon's future plans.
TNT Express Rejects Bid by U.P.S. TNT Express has rejected a takeover bid from United Parcel Service that values the Dutch shipping company at $6.4 billion, but it says that talks are continuing.
INVESTMENT BANKING »
Lloyds Banking Group Claws Back Some Bonuses The bank becomes the first British lender to cut past bonuses because of losses that turned up later.
R.B.S. and Lloyds Projected to Profit in 2012 Analysts expect the Royal Bank of Scotland and the Lloyds Banking Group, two state-controlled British banks, to turn a profit in 2012 as they cut thousands of jobs and finish writing down assets, Bloomberg News reports.
European Banks Sock Away Cash The eight biggest European banks hold a total of about $816 billion in cash and deposits at central banks around the world, a 50 percent increase from a year earlier, The Wall Street Journal reports.
Moynihan Takes a Pay Cut Brian T. Moynihan, chief executive of Bank of America, can receive $5.9 million in restricted stock for his 2011 bonus, a 35 percent drop from a year earlier, The Wall Street Journal reports.
Goldman Sachs P.R. Chief's Accidental Exit Interview A Dutch television program scored a surprisingly detailed 37-minute telephone interview with Lucas van Praag, who is retiring as Goldman's P.R. chief at the end of March.
Daiwa Fund Poised to Be Asia's Largest Daiwa's Australian bond fund increased its assets almost 10 times from 2009 through 2011, reaching $14.8 billion as of Dec. 31 and putting it on track to be Asia's biggest mutual fund, Bloomberg News reports.
PRIVATE EQUITY »
Vista Equity Partners Approaches Misys About Takeover The British banking software company Misys said on Monday that it had been approached by the private equity firm Vista Equity Partners regarding a potential all-cash takeover. Misys is currently in merger talks with a Swiss rival, Temenos, to create a company with a combined market value of about $3 billion.
K.K.R. and TPG Said to Bid for AsiaInfo The private equity firms are among bidders for AsiaInfo-Linkage, a Chinese software company, in a deal that could be worth more than $1 billion, Reuters reports, citing unnamed people with direct knowledge of the matter.
Secondary Market Grows in Asia Firms such as LGT Capital Partners and Lexington Partners see an opportunity in secondary transactions in Asia, in which private equity firms may buy stakes in companies from other investors or offer cash to support a bid, Reuters reports.
The Point of Private Equity Firms like Bain Capital do not set out to create or destroy jobs, or to improve the lives of consumers, but rather to earn a profit by increasing efficiency, writes the psychology professor Barry Schwartz in a column in The New York Times.
Bain Capital's Radio Silence Despite the attacks on Bain Capital, Mitt Romney's former colleagues at the buyout firm are reluctant to speak publicly to defend their industry, The Daily Beast writes.
HEDGE FUNDS »
Bonds Backed by Mortgages Regain Their Allure Spurred by predictions of profits even in the worst forecasts, big-money investors are returning to the same complex loan pools that nearly washed away the financial system.
Harbinger Sued Over LightSquared Investors in Philip A. Falcone's hedge fund said in a lawsuit that the manager made "deceptive and misleading statements" about LightSquared, the embattled wireless company, The Wall Street Journal reports.
Investors' Patience Wears Thin While institutional investors have remained with hedge funds despite disappointing performance across the industry, some managers are losing the benefit of the doubt, The Financial Times writes.
Texas Pension Fund Takes Bridgewater Stake The Teacher Retirement System of Texas, which oversees $109 billion in assets, has taken a non-voting equity stake in Bridgewater Associates worth $250 million, Pensions & Investments magazine reports, according to Reuters.
Hedge Funds Increase Bullish Bets Bets on commodities reached their highest level in almost five months, Bloomberg News reports.
I.P.O./OFFERINGS »
Alibaba Offers to Take Subsidiary Private Alibaba offered on Tuesday to buy the remaining shares of Alibaba.com for 13.50 Hong Kong dollars a share, roughly the same price at which the unit went public in 2007.
Samsung to Spin Off LCD Business Samsung Electronics said it is considering merging its LCD flat-screen unit with other affiliates in the Samsung Group, as it focuses on more advanced technology known as OLED, or organic light-emitting diodes, The Wall Street Journal reports.
A Consumer-Friendly I.P.O. When Jim Koch, the man behind Samuel Adams Boston Lager, took his Boston Beer Company public in 1995, he decided to offer loyal customers shares at a favorable price, writes Jeff Somer of The New York Times.
Tesco Unit Seeks to Raise $598 Million Tesco's Thai unit is planning what may be Thailand's biggest I.P.O. since 2006, as it prepares to offer shares of a property fund, Bloomberg News reports.
Brightcove Soars on Debut, as I.P.O. Outlook Brightens Shares of the online video distribution platform soared as much as 43 percent on Friday, after it raised $55 million in its initial public offering.
VENTURE CAPITAL »
Energy Start-Up in $1.25 Billion Deal GreatPoint Energy, based in Massachusetts, announced a partnership with China Wanxiang Holdings that would have it converting coal into natural gas, a $1.25 billion deal that comes with an equity investment of $420 million, The Wall Street Journal reports.
When the C.E.O. Isn't Old Enough to Drink Josh Buckley, who turns 20 this week, is among Silicon Valley's entrepreneurs under the age of 21, a group that venture capitalists say they are backing more than ever before, Reuters reports.
Privacy Lapses Continue The latest privacy slip comes from Apple, which bills itself as relatively secure, writes Nick Bilton in The New York Times Bits blog. "Imagine if a bank paid more attention to the color of the carpet in its lobby than the type of safe it uses to store its customers' valuables," Mr. Bilton writes.
New York's Top V.C. Recipients Crain's New York Business has a slideshow of five New York start-ups that have gotten love from venture capitalists, including Gilt Groupe and Tumblr.
Russia's Yandex in Deal With Twitter Yandex, the Russian search engine, said it had struck an agreement with Twitter that would allow it to show tweets in its search results, the Associated Press reports.
LEGAL/REGULATORY »
Government Dealt Setback in Case Against Ex-Goldman Programmer In a blow to the Justice Department's crackdown on intellectual property theft, a federal appeals court reversed the conviction of Sergey Aleynikov, a former Goldman Sachs programmer.
Government Charges Vocal Critic in Insider Trading Case John Kinnucan, an Oregon-based research analyst, is accused of swapping corporate secrets with hedge funds for cash.
Doubts Linger After Foreclosure Settlement The promise of a single point of contact at banks for struggling borrowers is a crucial aspect of the recent $26 billion settlement among government officials and lenders, but it and other pledges carry a familiar ring, The New York Times reports.
Nocera Defends the Settlement "Although robo-signing clearly violated the law, prosecuting it would have taken years, and it is highly unlikely that any court would have forced the servicers to pay anything close to the amount the settlement calls for," writes Joe Nocera of The New York Times.
Fog in the Municipal Bond Market While the Securities and Exchange Commission is increasing disclosure requirements for issuers of municipal bonds, some issuers still tend to withhold information, writes Gretchen Morgenson of The New York Times.
S.E.C. Warns a Subprime Player Alexander Rekeda, who oversaw the creation of collateralized debt obligations at the Mizuho Financial Group, received a Wells notice from the Securities and Exchange Commission, indicating that civil charges may be coming, The Wall Street Journal reports.
Fed Writes Rules in Secrecy While the Federal Reserve is making a push for transparency in its interest rate policies and emergency lending programs, it is operating behind closed doors as it writes rules for the financial system, The Wall Street Journal writes.
Progress in Effort to Ban Insider Trading on Capitol Hill The House and Senate are working to reconcile differences in their versions of the STOCK Act, which is intended to prevent members of Congress and their staff from buying and selling securities based on confidential information, writes Peter J. Henning in his White Collar Watch column.
Lehman and Its Creditors Seek to Subpoena Geithner The request for a subpoena comes as part of the estate's lawsuit against JPMorgan Chase, which asserts that the bank precipitated Lehman's demise by illegally taking $8.6 billion in collateral from the firm.
Foreign Investors in Olympus Spar With Banks Some Western investors in Olympus have accused the camera maker's main banks, which are both creditors and shareholders, of trying to push their own board appointees by stealth, Reuters reports.
Olympus Executive Found Dead Tsutomu Omori, 49, who ran Olympus's medical equipment business in India, was found dead in a park near New Delhi, in an apparent suicide, The Times of India reports.