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Apr 9, 2013

Met Getting Cubist Art Valued at $1 Billion in ‘Transformative’ Gift: NYT I Breaking News Alert April 9, 2013.

BREAKING NEWS Tuesday, April 9, 2013 5:46 PM EDT
In one of the most significant gifts in the history of the Metropolitan Museum of Art, the philanthropist and cosmetics tycoon Leonard A. Lauder has promised the institution his collection of 78 Cubist paintings, drawings and sculptures.
The trove of signature works, which includes 33 Picassos, 17 Braques, 14 Légers and 14 works by Gris, is valued at more than $1 billion. The gift was approved by the Met’s board at a meeting Tuesday afternoon.
Scholars say the collection is among the world’s greatest and fills a glaring gap in the Met’s holdings, which have been notably weak in early-20th-century art.
“In one fell swoop this puts the Met at the forefront of early-20th-century art,” Thomas P. Campbell, the Met’s director, said. “It is an unreproducible collection, something museum directors only dream about.”


NYT Politics April 9, 2013.: G.O.P. Senators Signal Possible Breakthrough on Gun Bill

Senator Joe Manchin III, Democrat of West Virginia, called threats of a filibuster misguided.

G.O.P. Senators Signal Possible Breakthrough on Gun Bill

With backers of gun safety laws increasingly optimistic that they can corral the votes necessary to begin debate, Senator Harry Reid said he would schedule a vote for Thursday.

Conservative Group Is Helping Industry Fight Federal Cuts

The American Conservative Union is quietly working with business lobbyists to tame the activists pushing Congress to adopt some of the most austere spending limits in decades.


More Politics

Vice President Joseph R. Biden Jr. at the Kennedy Center last week.

Early Line for 2016: A Vice President Who's an Underdog

Vice President Joseph R. Biden Jr. is the highest-ranking Democrat interested in running for president, yet the heir apparent seems to be Hillary Clinton.

Voters in Illinois to Pick Successor for Jackson's House Seat

Robin Kelly, a former state representative and vocal advocate for stronger gun laws, is heavily favored to win the position vacated by Jesse L. Jackson Jr.
Defense Secretary Chuck Hagel's request to Congress comes after scrutiny of the military's handling of sexual assault cases.

Amid Criticism, Pentagon Seeks Overhaul of the Court-Martial System

The proposal comes amid sharp criticism from advocacy groups and Congress over how the military has handled a series of sexual assault cases.

U.S. Advice to Europe Gets Polite Refusal

The two-day effort by the Treasury secretary, Jacob J. Lew, to convince Europe to reconsider its commitment to austerity met with courteous but firm rejection.


With Popularity Fading at Home, Is Jindal the New Romney?

If Gov. Bobby Jindal of Louisiana remains unpopular in his home state, how much does it hurt his chances of winning the 2016 Republican presidential nomination?


Video: The Top Democrats to Watch in Congress
The Times's Rick Berke, Ashley Parker and Jeremy Peters pick the top Democrats to watch as Congress begins a week of intense debate on gun legislation and immigration.
Video: The Top Republicans to Watch in Congress
The Times's Rick Berke, Ashley Parker and Jeremy Peters pick the top Republicans to watch as Congress begins a week of intense debate on gun legislation and immigration reform.

Wall Street at Close Report, 9 April 2013.: Stock surge lifts Dow to record-high close; by Kate Gibson, MarketWatch.

NEW YORK (MarketWatch) U.S. stock indexes rose on Tuesday, lifting the Dow Jones Industrial Average to a record high, as Wall Street embraced the start of first-quarter earnings

“The fundamentals are too good to put a ceiling on the market. During the fourth quarter, companies gave very, very muted outlooks on the first quarter, so earnings might be mildly surprising on the upside,” said Margie Patel, senior portfolio manager at Wells Capital Management.

Ron Johnson out at J.C. Penney
J.C. Penney fires Ron Johnson as CEO after 17 months at the helm. 

After climbing 102.98 points to an all-time intraday high of 14,716.46, the Dow Jones Industrial Average DJIA +0.41%   finished at a record closing high of 14,673.46, up 59.98 points.
Microsoft Corp. MSFT +3.57%   and Intel Corp. INTC +3.13%    paced gains that included 20 of the blue-chip index’s 30 members. 

Alcoa Inc. AA -0.24%   shares finished flat after the aluminum producer reported results that marked the unofficial start of the earnings season. Read more about how Alcoa earnings could boost the market.
After advancing to within a few points of its intraday record of 1,576.09, set on Oct. 11, 2007, the S&P 500 index SPX +0.35%   rose 5.54 points to 1,568.61, leaving it just below its 1,570.25 record finish set April 2. 

Sector gains were led by natural-resource companies, which drew support from Chinese inflation that slowed more than had been expected. Defensive sectors, which performed the best in the first quarter, were the session’s weaker performers. Read one take on stock rotation.

Herbalife Enlarge Image
Herbalife says KPMG has resigned as auditor.
Amid allegations of insider trading, KPMG resigned on Tuesday as auditor at Herbalife Ltd. HLF -3.75%   and Skechers USA Inc. SKX +1.86%  .
Shares of both companies were halted for a period during the session. 

J.C. Penney Co. Inc. JCP -0.57%   plummeted as analysts deemed Myron Ullman’s return to the helm of the struggling retailer as not necessarily a fix for the struggling retailer. See also whether there is value in a buyout of J.C. 

The Nasdaq Composite COMP +0.48%   climbed 15.61 points to 3,237.85.
For every three stocks falling more than four rose on the New York Stock Exchange, where nearly 670 shares traded. 

Composite volume surpassed 3.2 billion. 

The dollar DXY -0.43%   fell against other global currencies, including the yen USDJPY +0.11%   and the euro EURUSD +0.00%  . 

Longer-term Treasury prices held steady or fell, with the yield on the benchmark 10-year note 10_YEAR +0.11%   used to determine the rate of mortgages and other consumer loans at 1.749%. 

“Investors would love to see higher interest rates; I just don’t see it,” said Wells Capital’s Patel, who adds the relatively muted price of commodities will keep inflation low. 

On the New York Mercantile Exchange, the price of oil CLK3 +0.64%   rose 84 cents to $94.20 a barrel, while gold futures for April delivery GCJ3 +0.78%  gained $14.20, or 0.9%, to end at $1,586.20 an ounce.
On Monday, U.S. stocks finished modestly higher as investors again viewed a market dip as a buying opportunity. 

Kate Gibson is a reporter for MarketWatch, based in New York.

DealBook P.M. Edition; April 9, 2013.: Ex-Partner at KPMG Under Scrutiny in Insider Trading Home |Business Day| Video The New York Times

Tuesday, April 9, 2013
A Herbalife distributor in New York.
Ex-Partner at KPMG Under Scrutiny in Insider Trading Federal authorities in Los Angeles are investigating Scott I. London, a former senior executive at KPMG, on suspicion of leaking secret information to a stock trader, according to people with direct knowledge of the inquiry. The case involves alleged tips about confidential data related to Herbalife and Skechers USA.
For the latest updates, go to »

China Insider: Bird Flu Concerns and North Korean Jitters Beijing has allowed remarkable transparency in the coverage of the bird flu outbreak. Living in Beijing, Bill Bishop says that he hopes the transparency is real.
Former British Bank Chief to Give Up Knighthood James Crosby, a former chief executive of HBOS, says he will ask authorities to remove his knighthood in light of a damning report published last week that blamed him in part for the mortgage lender's 2008 collapse.
Regulators to Send First Batch of Checks to Troubled Borrowers Months after brokering a settlement with banks over mortgage foreclosure abuses, the Federal Reserve and the Office of the Comptroller of the Currency are set to dole out roughly $1.2 billion in cash relief.
Big Dell Shareholder Prefers 2 Rival Bids Southeastern Asset management says that proposals from the Blackstone Group and Carl C. Icahn are superior to the $13.65-a-share offer from Michael S. Dell and the private equity firm Silver Lake.
SeaWorld Seeks Up to $540 Million in I.P.O. In an amended prospectus on Tuesday, SeaWorld Entertainment said it planned to sell 20 million shares at $24 to $27 apiece.
Billabong in Talks Over $300 Million Takeover The Australian surfwear company Billabong said on Tuesday that it was in talks to sell itself for $300 million to a consortium led by its former American chief executive, Paul Naude, and the buyout firm Sycamore Partners Management.
Buzz Tracker
Lagardère Sells EADS Stake for $3 Billion The French media conglomerate has sold its 7.4 percent stake in the parent of Airbus, beginning the long-anticipated overhaul in the ownership structure of EADS.
Corporate Earnings Companies scheduled to release quarterly results on Wednesday include Constellation Brands and Bed Bath & Beyond.

In the United States On Wednesday, Christine Lagarde, the managing director of the International Monetary Fund, will speak to the Economic Club of New York; and the Federal Open Market Committee will release the minutes of its March 19-20 meeting.

Ritchie Bros. launches eBay-style auction website .: BIV Today's Busines News 09 April, 2013.

Film and Entertainment

Exclusive: Vancouver Mayor not invited to Times of India Film Awards

Gregor Robertson, the mayor of the city that hosted the inaugural Times of India Film Awards, was not invited to the gala ceremony – and B.C.'s ... READ MORE

Retail and Manufacturing

Ritchie Bros. launches eBay-style auction website

Ritchie Bros. – already the world's largest industrial equipment auctioneer – is extending its reach into a $200 billion global market with a new eBay-style ... READ MORE

Human Resources

Business in Vancouver unveils 2013 CFO of the Year winners

Business in Vancouver is proud to announce the winners of its 2013 BC CFO of the Year awards ... READ MORE


MDA to provide satellite tracking to detect oil discharges

Richmond-based MacDonald
Dettwiler and Associates has inked
a US$1.7 million deal with the U.S. National Fish and Wildlife Foundation to detect ... READ MORE

More News...

Multi-family housing starts down in March, detached homes up

First Nations to get cut of Copper Mountain Mine tax

B.C. government signs protected lands agreement with Lake Babine First Nation

Clearly Contacts makes strides with benefits plans

This Week's Issue

Anti-gentrification protests fail to dampen Downtown Eastside investment initiatives

Land sales, new projects hint at ongoing renewal of heritage and ... READ MORE

Video on

BIV on Global BC: Developers react against Downtown Eastside protests

BIV has launched its video platform with clips of the team's daily appearances on Global BC Morning News. Here, Joannah Connolly discusses developer reactions to the DES protests ... CLICK HERE