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Aug 5, 2015

Applications by Security-Based Swap Dealers or Major Security-Based Swap Participants for Statutorily Disqualified Associated Persons to Effect or Be Involved in Effecting Security-Based Swaps: SEC Proposed Rules from Securities Exchange Commission - August 5, 2015.

SEC Seal

08/05/2015 04:30 PM EDT

CMI Spot Prices as of Close of Trading in New York on August 5, 2015.

CMI Gold & Sliver

Spot Prices as of traditional New York closing times

Wednesday, August 05, 2015


Gold

Today Change Week Ago Month Ago Year Ago
$1,087.10 -$5.10 $1,094.90 $1,174.70 $1,285.35

Silver

Today Change Week Ago Month Ago Year Ago
$14.60 $0.00 $14.78 $15.80 $19.85

Platinum

Today Change Week Ago Month Ago Year Ago
$953.30 -$7.80 $987.30 $1,066.50 $1,458.00

Palladium

Today Change Week Ago Month Ago Year Ago
$596.50 -$2.75 $616.70 $680.15 $852.40

Gold/Silver Ratio

74.46

Bank of America Starts to Pull Clients' Money Out of a Paulson Fund: DealBook P.M. Edition on August 5, 2015: Highlights

 Wednesday, August 5, 2015
  • DEALBOOK HIGHLIGHTS
    Bank of America Starts to Pull Clients' Money Out of a Paulson Fund The move comes during a rocky year for the hedge fund billionaire John A. Paulson, who has bets on Greece and Puerto Rico.

SEC Adopts Final Rule for Pay Ratio Disclosure: SEC Rules - August 5, 2015.

SEC Seal

08/05/2015 03:17 PM EDT

The Securities and Exchange Commission today adopted a final rule that requires a public company to disclose the ratio of the compensation of its chief executive officer (CEO) to the median compensation of its employees.  The new rule, mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, provides companies with flexibility in calculating this pay ratio, and helps inform shareholders when voting on “say on pay.”

Wall Street at Close Report on August 5, 2015: Stocks end off highs as Street eyes Fed; oil, Disney weigh

cnbc.com

Stocks end off highs as Street eyes Fed; oil, Disney weigh

Evelyn Cheng
 
U.S. stocks closed off session highs on Wednesday as a renewed decline in oil and disappointment on Disney earnings pressured stocks, amid mixed signals on the timing of an interest rate hike.
"I think there are really two things going on," said Jack Ablin, chief investment officer at BMO Private Bank. "One is there's a growing sense the Fed doesn't know what it's going to do. They're going to take it as it comes. The other thing holding back investors incrementally is we have a jobs report Friday."

Federal Reserve offers 14-day term deposits through its Term Deposit Facility: FRB Press Release - August 5, 2015

 

 

Press Release

Release Date: August 5, 2015

For release at 3:00 p.m. EDT

On August 6, 2015, the Federal Reserve will conduct a floating-rate offering of term deposits with an early withdrawal feature through its Term Deposit Facility (TDF). The Federal Reserve will offer 14-day term deposits with a rate set equal to the sum of the interest rate paid on excess reserves (currently 25 basis points) plus a fixed spread of 1 basis point. The maximum tender amount per institution will be $5,000,000,000. The operation window will be open from 10:30 a.m. ET to 12:30 p.m. ET, and awarded deposits will settle the same day the operation is executed.
Description of Operation and Tender Parameters

NYT Opinion Today - August 5, 2015: In Zimbabwe, We Don't Cry for Lions




Eric Miller/Reuters
Protesters have called for the death of the hunter who killed Cecil the lion.
Op-Ed Contributor
In Zimbabwe, We Don't Cry for Lions
By GOODWELL NZOU
Do Americans who are upset about Cecil even realize how terrifying animals can be?                                                                                      
   Eric Miller/Reuters

Editorial
The Voting Rights Act at 50
Today, there are no poll taxes or literacy tests, but the right to vote is more fragile than ever.

THE GATA | THE GATA DISPATCH - July 5, 2015: Surging demand for the real stuff even as paper gold prices fall | GATA chairman interviewed about metals market rigging

Surging demand for the real stuff even as paper gold prices fall

Submitted by cpowell on Wednesday, August 5, 2015. Wednesday, August 5, 2015

Another monetary metals dealer, Money Metals Exchange in Idaho, reports surging demand for the real stuff even as prices for "paper gold" fall, "more buying interest than at any time since the 2008 financial crisis." The firm reports its recent sales data here:

The Best of The Guardian Opinion - August 5, 2015.

The best of Guardian opinion
Wednesday 05 Aug 2015
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Today's opinion articles More »

Bits | The Business of Technology - August 5, 2015: E-Sports Continues to Reshape Gaming Landscape

Wednesday, August 5, 2015


Daily Report
E-Sports Continues to Reshape Gaming Landscape | Video games used to be such a simple business. You bought a console (say, an Xbox), you bought a game at your local big-box retailer ($46 for Halo: Combat Evolved at Wal-Mart), and you went on your merry way - spending hundreds of hours glued to a TV screen, blasting away at the bad guys.

European Markets at Close Report on August 5, 2015: European stocks on course for two-week high

marketwatch.com

European stocks on course for two-week high

Carla Mozee
 
European stocks climbed Wednesday, as investors responded to corporate earnings reports and better-than-expected data from the eurozone.
The Stoxx Europe 600 SXXP, +1.30%  rose 1.3% to finish at 403.93, as the benchmark notched its best close since July 20, according to FactSet data.
Germany’s DAX 30 DAX, +1.57% put in a strong performance, climbing 1.6% to 11,636.30.
A decline in the euro against the U.S. dollar “appears to be supporting equities as the export oriented DAX is leading the rally,” said Guillermo Felices, head of European asset allocation at Barclays, in a note.

The Guardian Today U.S. Edition - August 5, 2015: FBI investigating security of Hillary Clinton's private email account – report

the guardian today - US edition
Wednesday 05 Aug 2015
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Top Stories More »

Investigators have contacted a Denver-based technology firm that helped to manage the unusual system, the Washington Post says

U.S. Stock Market Future Indications Update - August 5, 2015: U.S. stocks: Futures extend gains after soft ADP data

marketwatch.com

U.S. stocks: Futures extend gains after soft ADP data

Victor Reklaitis
U.S. stocks looked on track to rise Wednesday after a three-day skid, as earnings-driven jumps by Priceline and First Solar helped lead S&P 500 futures higher and a softer-than-expected reading on private payroll growth stoked ideas the Federal Reserve might not be so hasty about hiking rates.
S&P 500 index futures ESU5, +0.78% were last up 17.86 points, or 0.9%, at 2,100.75, while those for the Dow Jones Industrial Average YMU5, +0.52%  advanced by 113 points, or 0.6%, to 17,567. Nasdaq-100 futures NQU5, +0.86%  tacked on 44 points, or 1%, to 4,595.75.

BEA News Release - August 5, 2015: U.S. International Trade in Goods and Services, was 2.9 billion from 40.9 billion in May .... , up June 2015:

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.8 billion in June, up $2.9 billion from $40.9 billion in May, revised. June exports were $188.6 billion, $0.1 billion less than May exports. June imports were $232.4 billion, $2.8 billion more than May imports.

The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/international/trade/tradnewsrelease.htm

DealBook Today's Top Headlines - August 5, 2015: Puerto Rico's Next Debt Problem | Niemen Marcus files for I.P.O. | Shire Rebuffed by Baxalta | A Sydney Exchange Woos Chinese Listings.

 
By AMIE TSANG
PUERTO RICO'S NEXT DEBT PROBLEM The Puerto Rican government quietly disclosed on Monday afternoon that it had stopped making contributions of $92 million a month into a fund used to make payments on $13 billion in bond debt, Mary Williams Walsh writes in DealBook. A small payment from the fund is due on Sept. 1 and unlike the bond payments that went into default on Monday, these are general obligation bonds. Puerto Rico had issued such bonds over the years to raise money for government projects, with a guarantee in the island's constitution that the bonds would be paid.

The payment due to bondholders on Sept. 1 is $5 million. The amount is small enough that even if the redemption fund is empty, Puerto Rico could produce the cash out of general revenue. But a much bigger payment of about $370 million is due on Jan. 1.

When the budget was being completed around June, a law was amended, allowing Puerto Rico to stop making monthly prepayments on general obligation bonds. The suspension took effect on July 1.

This means Puerto Rico stopped putting the bond prepayments into something equivalent to an escrow account. It could also mean that, if nothing changes, when Jan. 1 rolls around, there will be nothing in the fund to pay the $370 million.

Officials have said that the suspension was not a harbinger of anything, but others have found the amendment "most alarming."
NIEMEN MARCUS FILES FOR I.P.O. Niemen Marcus is preparing to head back to the stock market after more than a decade under private equity ownership and two sets of investors, Michael J. de la Merced and Hiroko Tabuchi report in DealBook. The high-end retailer, home to $10,000 gowns and outlandish Christmas presents filed for an initial public offering, paving the way for the owners to exit after their $6 billion takeover of the company just under two years ago.

Warburg Pincus and the Texas Pacific Group, now known as TPG Capital, had bought the retailer in 2005 for about $5.1 billion. They had filed for an initial offering in 2013, but sold the company to Ares Management and the Canada Pension Plan Investment Board.

The Dallas-based Nieman operates 41 full-line stores, 42 lower-priced outlets and the high end Bergdorf Goodman department store in Manhattan. It said in its prospectus that almost 40 percent of its customers had a household income of more than $200,000. The retailer has been investing in its full-line stores in an effort to make the most of a rebound in luxury spending in the United States.
SHIRE REBUFFED BY BAXALTA The target turned predator Tuesday, when Shire made a $30 billion offer for the biopharmaceutical company Baxalta, Chad Bray reports in DealBook. Shire had been the target of a mega-merger last year when it sought to sell itself to AbbVie.

Baxalta rejected the offer, saying that it "significantly undervalues" the company. The all-stock offer represented a 36 percent premium to Baxalta's Monday closing price.

Shire is trying to pressure Baxalta to come to negotiate by going public with the offer and appealing to the shareholders. "Other than a brief meeting on July 10th at which we outlined our proposal and its benefits, your lack of engagement has been surprising," Flemming Ornskov, Shire's chief executive, wrote in a letter to his counterpart. "As a result, you have left us with no choice but to make our proposal known to your shareholders."

A merger of Shire and Baxalta would create a giant in the treatment of rare diseases. Neil Unmack writes in Breakingviews that the merger would allow Shire to build a global presence and give it the heft to invest in new drugs. But he also notes that there are underlying risks. The two companies have relatively little overlap, so cost savings are minimal. Shire's forecasts also rely on expectations that the two can increase revenue by as much as $2 billion through 2020, over and above their stand-alone sales forecasts.
ON THE AGENDA Time Warner releases second-quarter results before the market opens and discuss them at 10:30 a.m. Fiat Chrysler discusses its earnings for the second quarter at 11:30 a.m. Tesla Motors and 21st Century Fox will present their second-quarter results at 5:30 p.m. The Institute for Supply Manufacturing will release July data for the non-manufacturing index at 10 a.m.
A SYDNEY EXCHANGE WOOS CHINESE LISTINGS Before this year's plunge in Chinese shares, 500 mainland Chinese companies were lined up to list on the Shanghai and Shenzhen A Stock markets. Now the plans of these Chinese companies are in limbo after Beijing froze initial public offerings. George Wang, the chairman of the AIMS Financial Group, is hoping that his stock market in Australia can be the tonic for Chinese market volatility, Brett Cole writes in DealBook.

The Asia Pacific Stock Exchange has just two companies listed on it, and it has to rely on its biggest Australian rival to clear and settle trades, but Mr. Wang, who bought the exchange in October 2008, remains optimistic. "China's market is up and down, but Asia Pacific exchange is market for long term," Mr Wang said. "Australia has unique position, can be important financial hub Asia Pacific."

There is still a lot of work to do, though. Regulators have yet to approve Mr. Wang's vision for trading renminbi-denominated stocks on the Asia Pacific Stock Exchange. The exchange's trading system is also being replaced with the Nasdaq OMX platform; it had been criticized as being outdated.

Born in Qionghai, on the island of Hainan, Mr. Wang studied environmental engineering at Donghua University in Shanghai. He worked for the government in Guangdong before growing restless and moving to Australia. He felt there were more opportunities for him to make a mark because its smaller population meant less competition.

After 12 months of English and computer courses, and three months as a salesman for Australia's biggest insurer that yielded no commissions, Mr. Wang put an advertisement in The Australian Chinese Daily asking Chinese immigrants if they would like to save thousands of dollars in taxes by investing in the country's new pension plan. The next day he made about $15,000.

In 1991, he set up AIMS, which has arranged about $6.2 billion worth of home loans and about $2.3 billion worth of mortgage-backed securities, according to its website. The company has also raised about $770 million from foreign investors to invest in Australian real estate.

In 2007, Mr. Wang decided to stop issuing mortgage-backed securities after hearing a prediction of a crash in the United States housing market. He managed to avoid the losses that crippled other financial firms. The next year, he was asked whether he wanted to buy the Asia Pacific Stock Exchange from the Australian stockbroker Austock just after the collapse of Lehman Brothers. "I wanted to be bridge of Australia, Asia," Mr. Wang said.
MERGERS & ACQUISITIONS »
TeamHealth to Buy IPC Healthcare to Expand to Post-Acute Care TeamHealth Holdings agreed to buy IPC Healthcare for $1.4 billion to gain exposure to the Medicare bundling program and take on more medical staff for nursing homes in the United States.
Mediobanca Takes Over London-Based Cairn Capital Mediobanca, Italy's most powerful investment bank, has agreed its first foreign acquisition in its 70-year-history, by agreeing to buy 51 percent of Cairn Capital from RBS.
M&A Borrowing Hits a Fresh Record Amid Deal Splurge Companies are issuing debt at record rates to pay for acquisitions in a move at least partly motivated by expectations of a rise in borrowing costs.
INVESTMENT BANKING »
Standard Chartered Profit Fell 37% in First Half The lower numbers came after William T. Winters, the former head of JPMorgan Chase's investment bank, was brought in as chief executive.
Société Générale's Profit Jumped 25% in Second Quarter The French bank said its quarterly results were bolstered by gains in its equity trading and its merger and acquisition advisory businesses.
UBS Was Warned of Puerto Rico Loan Practices, Emails Show A UBS AG branch manager in Puerto Rico warned bank officials that brokers for the firm had urged customers to engage in improper loan practices, more than two years before the bank made a $5.2 million settlement over the matter with the island's financial regulator, according to internal bank correspondence reviewed by Reuters.
JPMorgan Loosens Terms for Jumbo Mortgages JPMorgan Chase is loosening its underwriting criteria for big mortgages, as lenders ramp up competition to grab a bigger share of the high-end housing market.
JPMorgan-Linked China Joint Venture Gets Approval to Invest Overseas Shanghai authorities granted a joint venture involving JPMorgan the right to raise funds in China to invest in overseas assets, a spokesman for the United States firm said on Wednesday.
For the latest updates, go to NYTimes.com/DealBook
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PRIVATE EQUITY »
Motorola Solutions Chooses Silver Lake to Help Fund Transition Away From Radios The company, which specializes in communications for emergency workers, has taken a $1 billion investment from the private equity firm.
HEDGE FUNDS »
Soros's C.I.O. to Start Own Hedge Fund With $2 Billion Scott Bessent, who has been overseeing George Soros's $30 billion fortune for the last four years and whom some consider Soros's protégé, will leave at the end of 2015 to start his own hedge fund.
Hedge Funds Make Quick Buck on RBS Sale Hedge funds made a fast profit at the taxpayer's expense last week by betting against Royal Bank of Scotland shares shortly before the British government started selling its stake in the bank, The Financial Times reports, citing people involved in the deal.
I.P.O./OFFERINGS »
China Brokerage I.P.O.s Likely to Face Cooler Climate For the Chinese brokerage firms planning initial public offerings this year, the souring of China's booming markets as well as the recent rescue efforts mean funds raised will have to be lower than originally planned.
LEGAL/REGULATORY »
Judge Rejects Settlement in American Express Case Citing "egregious conduct" in text messages and emails between two lawyers, a federal judge scrapped a proposed $75 million settlement between American Express and a group of retailers.
A.T.M. Fee Lawsuits Against Visa, Mastercard and Banks Revived on Appeal A federal appeals court has revived litigation against Visa, Mastercard and several United States banks, accusing them of conspiring to inflate the prices of A.T.M. access fees in violation of antitrust law.
With Final Defendant, Madoff Criminal Case Comes to an End In 1964, Irwin Lipkin was one of the first employees at a small New York trading firm called Bernard L. Madoff Investment Securities.
Few Are Likely to Be Deterred by Tom Hayes Verdict A conviction that leans so heavily on the defendant's missteps is unlikely to be much of a deterrent, argues Frank Partnoy, a professor at the University of San Diego.
No Action Against Banker at Center of Libor Case A UBS banker at the heart of the Libor-rigging scandal will have no enforcement action taken against him, after the British financial watchdog failed to persuade its own legal panel of experts of its case.
China's Response to Stock Rout Exposes Regulatory Disarray Poor coordination in responding to market plunge prompted the premier, Li Keqiang, to chastise officials at a July 4 meeting.
Investor Group Challenges Access to Companies' Boards A group of pension funds that has pushed companies to increase investors' ability to choose board members is now taking issue with how companies have done it.
S.E.C. Set to Approve C.E.O. Pay-Gap Disclosure Rule Regulators are set to approve a contentious new rule requiring companies to disclose the pay gap between rank-and-file employees and the chief executive, signifying the culmination of years of debate and pressure on the Securities and Exchange Commission over a mandate from the 2010 Dodd-Frank law.