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Sep 9, 2015

Gold Council Lauds Plan to Paperize, Lend, and Suppress Price of Indian Public's Gold: GATA | THE GATA DISPATCH - September 9, 2015.

Gold council lauds plan to paperize, lend, and suppress price of Indian public's gold

Submitted by cpowell on Wednesday, September 9, 2015.  Gold Scheme to Help Monetise Privately Held Gold Stocks, World Gold Council Says
From the Press Trust of India
via The Times of India, Mumbai
Wednesday, September 9, 2015


NEW DELHI -- Welcoming the Cabinet's approval for gold schemes, the World Gold Council today said this would help monetise privately held gold stocks and make precious metal an integral part of the financial system.
It also demanded that the gold bond and monetisation schemes should be made attractive for customers and then well-marketed.

The Guardian | Australian Politics .

Australian politics
Thursday 10 Sep 2015
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With the prime minister in Papua New Guinea for the Pacific Islands Forum, the foreign and defence ministers signal Australia will be engaged militarily in Iraq and Syria for years. All the developments from Canberra, live
UN’s refugee agency welcomes Australia’s humanitarian assistance but the Coalition’s pledge to expand airstrikes against Isis to Syria sparks concern about a long-term strategy

SEC Litigation Release - September 9, 2015: Timothy M. Roberts, Terrance F. Taylor, and Craig Constantinou


SEC Seal


U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 23339 / September 9, 2015

Securities and Exchange Commission v. Timothy M. Roberts, Terrance F. Taylor, and Craig Constantinou, Civil Action No. 8:15-cv-2093-T-17-MAP (M.D. Fla., filed September 9, 2015)

The Securities and Exchange Commission today announced fraud charges against three defendants, one of whom was previously charged by the SEC with fraud in 2006, for defrauding investors by grossly exaggerating the potential financial success of now-bankrupt Tampa-based technology firm Savtira Corporation.

John McEnery III et al: SEC Litigation Release - September 9, 2015.

SEC Seal

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 23338 / September 9, 2015

Securities and Exchange Commission v. John McEnery III et al., Civil Action No. (Civil Action No. 5:15-cv-04091) (N.D. Cal.)

The Securities and Exchange Commission today charged a father, son, and friend in Northern California with insider trading in advance of a merger of health care companies based on confidential information the father learned from a close friend working at one of the companies.

SEC Halts Scheme by Trio Accused of Stealing Investor Money While Promising “Indestructible Wealth”: SEC | Enforcement Action - September 9, 2015.

SEC Seal

The Securities and Exchange Commission today announced fraud charges and an asset freeze obtained to halt an ongoing real estate investment scheme being conducted by a trio of business associates in California accused of stealing investors’ money while promising them “indestructible wealth.”

What Information Must a Health Coverage Provider Report to the IRS: IRS Tax Tips September 9, 2015.

 IRS.gov Banner

 IRS Tax Tips September 9, 2015

Issue Number:    HCTT-2015-55

Inside This Issue


What Information Must a Health Coverage Provider Report to the IRS
For purposes of the health care law, the information that health coverage providers, including employers that provide self-insured coverage, report to the IRS includes the following:
  • The name, address, and employer identification number of the provider
  • The responsible individual’s name, address, and taxpayer identification number – or date of birth if a TIN is not available
  • If the responsible individual is not enrolled in the coverage, providers may, but are not required to, report the TIN of the responsible individual
  • The name and TIN, or date of birth if a TIN is not available, of each individual covered under the policy or program and the months for which the individual was enrolled in coverage and entitled to receive benefits
  • For coverage provided by a health insurance issuer through a group health plan, the name, address, and EIN of the employer sponsoring the plan, and whether the coverage is a qualified health plan enrolled in through the Small Business Health Options Program – known as SHOP – and the SHOP’s identifier

Puerto Rico Lays Out 5-Year Plan for Restructuring Its Debts: DealBook P.M. Edition - September 9, 2015: Top Story: .

 
Wednesday, September 9, 2015
TOP STORY
Puerto Rico Lays Out 5-Year Plan for Restructuring Its Debts The plan requires either concessions negotiated from creditors or legislation enacted in San Juan or Washington, suggesting a difficult road ahead.

Stocks Close Down 1.4% Despite Global Rally: Wall street at Close Report on September 9, 2015.

cnbc.com

Stocks close down 1.4% despite global rally

Evelyn Cheng
U.S. stocks closed more than 1 percent lower Wednesday, weighed by declines in oil prices and failing to extend a rally in global markets despite talk of stimulus overseas.
"Again, after a really, really strong day yesterday and a gap up in the opening, we sold off," said Peter Coleman, head trader at Convergex. He noted pressure from weakness in oil and other commodities.

"This is the volatility that we're going to be in for the next few weeks between the Fed and China," he said. But "I don't think we'll go back and retest the lows from two weeks ago."
Selling accelerated in the minutes leading into the close. Stocks turned lower in early afternoon trade, giving up their opening rally of about 1 percent.

"I think the reversal has to do with the oil prices," said Peter Cardillo, chief market economist at Rockwell Global Capital. "Of course, the Apple event didn't move the stock much."

Apple closed nearly 2 percent lower, after initially spiking more than 1.5 percent amid its afternoon event, at which the company unveiled new products.
Read MoreApple live blog: Apple TV, iPad Pro, new iPhones
Energy ended down almost 2 percent to lead all sectors in the S&P 500 lower, while Chevron and Exxon Mobil were among the greatest blue chip decliners.
U.S. crude oil futures settled down $1.79, or 3.9 percent, at $44.15 a barrel. Brent also fell more than 3 percent to trade below $48 a barrel.


The Dow Jones industrial average closed down about 240 points, or 1.45 percent, after falling more than 250 points in the minutes before the close. 3M, Home Depot and Apple had the greatest negative impact on the index.

CMI Spot Prices as of Close of Trading in New York on September 9, 2015.

Spot Prices as of traditional New York closing times

Wednesday, September 09, 2015


Gold

Today Change Week Ago Month Ago Year Ago
$1,103.50 -$19.00 $1,134.60 $1,106.00 $1,245.55

Silver

Today Change Week Ago Month Ago Year Ago
$14.60 -$0.18 $14.70 $15.34 $18.95

Platinum

Today Change Week Ago Month Ago Year Ago
$983.00 -$22.20 $1,016.20 $991.60 $1,384.50

Palladium

Today Change Week Ago Month Ago Year Ago
$581.00 -$8.25 $583.00 $609.45 $852.80

Gold/Silver Ratio

75.58

Revenge of the nannies: FTC Scam Alerts - September 9, 2015.

Federal Trade Commission Consumer Information

by Pablo Zylberglait
Senior Attorney, Bureau of Consumer Protection, FTC


Are you a nanny or caregiver who lists your services on sites like care.com, sittercity.com, or craigslist.com? A few months ago, we warned about a scam that targets caregivers like you. Here’s a reminder: a con artist emails or texts an offer to hire you. The scammer also sends you a check and asks you to deposit it, keep some money for your services, and send the rest to someone else to — supposedly — pay for special items or medical equipment. But the check is fake, and it can take weeks for a bank to discover the forgery. If you deposit the check and withdraw the funds, you’ll wind up owing the bank all that money.

Read more >

The Next Crisis Is Coming by Land: Bloomberg View - September 9, 2015.

bloombergview.com

The Next Crisis Is Coming by Land

Noah Smith
 
For all the alarm about the “rise of the robots,” or “software eating the world” or the peril of climate change, one of the most pressing economic dangers of the future is getting short shrift: Landlords are eating the world.
There is growing concern that wealth inequality has skyrocketed, and that capital income accounts for a growing share of the economic pie. This was the theme of Thomas Piketty’s "Capital in the Twenty-First Century." But although we usually think of “capitalists” as they were defined by Karl Marx -- i.e., owners of corporations -- we forget that land also is a form of capital, which means landlords (and homeowners) are capitalists, too. Furthermore, according to Matt Rognlie, an economics Ph.D. student at the Massachusetts Institute of Technology, it is land, not corporate capital, that has been responsible for the lion’s share of the increase in capital's share of income.
This increase is happening worldwide. A great report by the Economist showed that the share of residential property value as a percentage of gross domestic product has skyrocketed in European countries since 1950.

SEC Announces Fraud Charges Against Financial Adviser Accused of Greatly Exaggerating Assets Under Management and Investment Returns on Paid Radio Program. SEC Enforcement Action - September 9, 2015.

SEC Seal
The Securities and Exchange Commission today announced fraud charges against a Maryland-based financial services firm and its founder/CEO accused of grossly inflating the amount of managed assets and exaggerating the investment returns actually obtained for customers.

SEC Charges Father and Son and Friend With Insider Trading: SEC Enforcement Action on September 9, 2015.

SEC Seal
The Securities and Exchange Commission today charged a father, son, and friend in Northern California with insider trading in advance of a merger of health care companies based on confidential information the father learned from a close friend working at one of the companies.
The SEC alleges that John McEnery III breached a duty of trust and confidence owed to his friend when he traded and tipped others to trade in the stock of Clarient Inc. upon learning about its impending acquisition by GE Healthcare.  McEnery tipped his son John McEnery IV as well as Michael Rawitser, a longtime friend of McEnery III.  Following the public announcement of the acquisition, Clarient’s stock price rose by 33 percent and the trio profited by a total of more than $50,000.

Mining Exec Hambro Tells Bloomberg That 'Paper Gold' Isn't Real Metal: GATA | THE GATA DISPATCH - September 9, 2015.

Mining exec Hambro tells Bloomberg that 'paper gold' isn't real metal

Submitted by cpowell on Wednesday, September 9, 2015 Wednesday, September 9, 2015

Mining entrepreneur Peter Hambro, founder and chairman of the Russian mining firm Petropavlovsk, today explained to a couple of Bloomberg Television journalists the difference between "paper gold" and real metal in hand. The former, Hambro noted, carries serious counterparty risk. Hambro also noted that central banking has turned into the propaganda business, the business of "managing expectations."

The interview with Hambro is a little less than 5 minutes long and can be viewed at the Bloomberg News Internet site here:

http://www.bloomberg.com/news/videos/2015-09-09/is-gold-still-a-safe-hav...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

SEC Charges BDO and Five Partners in Connection With False and Misleading Audit Opinions: SEC Enforcement Action - September 9, 2015.

SEC Seal The Securities and Exchange Commission today charged national audit firm BDO USA with dismissing red flags and issuing false and misleading unqualified audit opinions about the financial statements of staffing services company General Employment Enterprises.
The SEC also charged five of the firm’s partners for their roles in the deficient audits, and filed fraud charges against the client company’s then-chairman of the board and majority shareholder Stephen B. Pence, who is a former U.S. attorney and a former lieutenant governor of Kentucky.
BDO agreed to admit wrongdoing, pay disgorgement of its audit fees and interest totaling approximately $600,000, and pay a $1.5 million penalty in addition to complying with undertakings related to its quality controls.  The five partners also agreed to settle the charges against them.  Two former CEOs of General Employment agreed to settle separate charges, and the litigation continues against Pence.

European Shares Notch a 3rd Straight Win on Asian-Stimulus Boost: European Markets at Close Report on September 9, 2015.

marketwatch.com

European shares notch a 3rd straight win on Asian-stimulus boost

Carla Mozee, Victor Reklaitis
 
European stocks bounced up Wednesday, scoring a third straight session of gains, as officials in China and Japan pledged further support for the world’s second- and third-largest economies.
The Stoxx Europe 600 SXXP, +1.33%  rose 1.3% to end at 363.77.
The advances followed a leap among Asian stocks overnight as China’s finance ministry said the country will unveil a “more forceful” fiscal policy to stimulate economic growth. Meanwhile, Japan’s Prime Minister Shinzo Abe said the government plans to go through with reducing the corporate tax rate by at least 3.3 percentage points over two years.

The Guardian Today U.S. Edition - September 9, 2015: BA plane fire: captain who helped avert disaster has 42 years' flying experience

the guardian today - US edition
Wednesday 09 Sep 2015
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Pilot identified by the Guardian as Chris Henkey delivered ‘textbook response’ after ‘catastrophic failure of engine’, experts say

Clinton and Trump descend on Washington to continue Iran deal fight: Bloomberg Politics - September 9, 2015.




The Brief

 

Clinton and Trump descend on Washington to continue Iran deal fight

The fate of the deal was essentially decided Tuesday, but that isn’t discouraging the two primary front-runners.
 

Same-sex marriage returns as a 2016 issue, and that’s worrying some Republicans

A clerk’s refusal to grant marriage licenses to gay couples has renewed fears that the GOP is standing on the wrong side of history.

Minegold News - September 9, 2015: Sibanye to pay at least $331m for Amplats assets.

Mineweb
Mineweb Gold News -  9 September 2015

 
Sibanye to pay at least $331m for Amplats assets

Sibanye to pay at least $331m for Amplats assets
Sale allows Amplats to focus on shallower, more mechanised mines.
 
What the influencers are saying about commodities

What the influencers are saying about commodities
All the big names are making investments - Soros, Druckenmiller, Icahn and Faber.
 
South Africa's gold mines are in big trouble

South Africa's gold mines are in big trouble
Output slides at fastest pace in the past decade.
 
Interview: Caledonia Mining CFO Mark Learmonth

Interview: Caledonia Mining CFO Mark Learmonth
The company is investing $70m over the next few years in underground infrastructure from internal cash flows and will continue to pay a quarterly dividend.
LATEST NEWS
»
Dajin Resources, the right place and time in Nevada’s lithium hub The race to secure lithium supply for a range of applications is heating up.

»
Glencore's big copper cut The copper price looks set to run-up in the short-term, temporarily.


»
Gold extends rebound from lowest in three weeks as silver climbs Traders weighing the timing of an increase in U.S. borrowing costs.

South African Gold on the Brink with Half of Mines Losing Money: GATA | THE GATA DISPATCH - September 9, 2015.

South African gold on the brink with half of mines losing money

Submitted by cpowell on Wednesday, September 9, 2015But not a peep from them about gold price suppression.
* * *
By Kevin Crowley
Bloomberg News
Tuesday, September 8, 2015


South Africa's gold mines, the deepest and among the oldest in the world, are in big trouble.
The four largest producers in the country are losing money on about 35 percent of production at current prices, according to company data compiled by Bloomberg. At the same time, higher costs are cutting into profits as electricity bills climb to a record. Workers are also pushing for wage increases, with some threatening to strike if salaries arent doubled.

NYT First Draft on Politics - September 9, 2015: Clinton to Weigh In on Iran Deal as Trump and Cruz Try to Crush It.

Wednesday, September 9, 2015

Wednesday, September 9, 2015

NYTimes.com/FirstDraft »

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David Richard/Associated Press
Clinton to Weigh In on Iran Deal as Trump and Cruz Try to Crush It
By MAGGIE HABERMAN
Good Wednesday morning. The fate of the nuclear deal with Iran was high on the to-do list of lawmakers returning from vacation. But on Wednesday, the debate leaps to the front of the campaign trail as Hillary Rodham Clinton is set to speak to its merits, and Donald J. Trump and Senator Ted Cruz of Texas are holding a rally at the Capitol to tell the expected crowd of thousands what they think about the catastrophic deal.

DealBook Today's Top Headlines - September 9, 2015: Yahoo Rethinks Alibaba Spinoff | Volatility Buffers May Have Deepened Market Turmoil | 3 Nomura Traders Charged | Media General to Buy Meredith Corporation

 
Wednesday, September 9, 2015
TODAY'S TOP HEADLINES
By AMIE TSANG
YAHOO RETHINKS ALIBABA SPINOFF Yahoo is reconsidering its plan to spin off its $23 billion stake in Alibaba after the United States tax authorities declined to rule in advance on whether the transaction would mean huge capital gains taxes for Yahoo and its shareholders, Vindu Goel reports in The New York Times.

Yahoo said its own tax advisers believed the spinoff would be tax-free because it would be bundling a small-business division with the Alibaba stock into a new company called Aabaco Holdings. But its board is considering its options in light of the decision by the Internal Revenue Service.

Yahoo shareholders have been eagerly awaiting the spinoff of the Alibaba stake, which analysts say accounts for more of Yahoo's stock price than its core advertising business. Yahoo continues to lose ground to Google and Facebook, and the Alibaba spinoff was intended to be a reward to its long-suffering shareholders.

The spinoff could still proceed as planned. Shareholders would be relying on a legal-opinion letter from the law firm Skadden, Arps, Slate, Meagher & Flom reassuring them that the transaction would be tax-free.

But if it isn't tax-free, it will be "a blood bath," Victor Fleischer writes in the Standard Deduction column.

Yahoo would face a tax bill of about $7 billion on distribution of Aabaco to its shareholders - the same tax bill it would have faced had it sold the underlying Alibaba stock.

Yahoo shareholders would not recognize dividend income equal to the fair market value of the Aabaco shares they received. They also would not receive any cash in the distribution. Some of them might have to sell the newly received Aabaco shares to pay the tax bill.

Yahoo has protected itself with a line in Aabaco's registration statement, which says Aabaco will pay back Yahoo for any taxes that Yahoo has to pay as a result of the failed transaction. To cover the $7 billion tax bill, Aabaco might sell a third of its Alibaba stake or borrow the amount using the Alibaba stock as collateral.

"I don't think there's a simple way for Yahoo to avoid paying taxes on the appreciation of its stake in Alibaba," Mr. Fleischer notes. "It would probably be better off selling the stock, paying the tax, distributing what's left to its shareholders and letting its management get back to concentrating on the core business."
VOLATILITY BUFFERS MAY HAVE DEEPENED MARKET TURMOIL Investment strategies that promise to insulate investors from risk are being seen as a contributor to the wild market swings in recent weeks, Landon Thomas Jr. reports in DealBook.

Investments aimed at avoiding falls in the market have boomed in popularity after global central banks pumped trillions of dollars into asset markets in a bid to spur economic growth. Now experts warn that the sums that flowed into so-called risk-parity funds and exchange-traded funds, or E.T.F.s, over the last five years have become so large that they have created a riskier, more volatile market.

Risk-parity funds have used leverage to reduce the exposure that portfolios have to stocks, which tend to be more volatile, by loading up on emerging market and high-yield bonds. The idea is to give investors equitylike returns without the volatility and concentration risk that comes from making a big bet on stocks.

E.T.F.s track an index linked to an investment style (stocks, bonds or commodities for example), but trade on exchanges and promise the investor instant liquidity and transparency. Trading in E.T.F.s now accounts for close to 20 percent of total volume for stocks in the United States.

In the latest wave of market turmoil, bonds that were supposed to provide stability to investor portfolios have declined along with stocks. Central banks in China and other Asian countries, which for years have been large buyers of United States Treasury securities, have started to sell out of these positions to defend their weakening currencies.

As many of these bonds are core holdings in E.T.F. and risk-parity portfolios, the downward pressure has been amplified.

There is about $4 trillion tied up in these investment strategies and the fear is that as their returns suffer, a wave of investor selling will start a wider market rout as managers struggle to unload high-yield, high-return bonds and equities alike.
3 NOMURA TRADERS CHARGED A government investigation into Wall Street bond trading practices has led to charges against three traders who worked in New York for the Japanese financial firm Nomura, Peter Eavis reports in DealBook.

The Securities and Exchange Commission accused the three men of misleading customers about bond prices so they could earn illicit profits.

Deirdre M. Daly, the United States attorney for Connecticut, also announced criminal conspiracy and fraud charges against the men, Ross B. Shapiro, formerly Nomura's head trader of mortgage-backed bonds in New York; Michael A. Gramins; and Tyler G. Peters.

A lawyer for Mr. Gramins said his client had done nothing wrong: "This is a case that is not even on solid legal ground, given that several Court of Appeals judges have asked serious questions about the government's theory."

Even if the government loses, money managers might welcome law enforcement efforts, which could help them get better deals from brokers. The markets for certain bonds have long lacked clear prices, making it hard for investors to know whether they are getting a fair price.

Brokers make money by buying bonds for less than they sell them; the difference is known as a spread. A broker can artificially widen that spread by exploiting the ignorance of the investors on both sides of the trade. The S.E.C. contends that this happened in deals brokered by the Nomura traders.

Other banks, including JPMorgan Chase, have said that law enforcement agencies are looking into their bond trading practices.
ON THE AGENDA Data on job openings and labor turnover for July will be released at 10 a.m. Apple will unveil new products at an event in San Francisco at 1 p.m.
MEDIA GENERAL TO BUY MEREDITH CORPORATION The Meredith Corporation, a magazine publisher and owner of television stations, has agreed to be sold to its competitor Media General for $2.4 billion, Michael J. de la Merced reports in DealBook. Meredith started off with a single magazine, Successful Farming, at the turn of the 20th century, but now it is being sold on the strength of its television operations.

Though perhaps best known for publications like Better Homes and Gardens, Meredith's television stations have enjoyed better growth. The local media division increased its sales by 32 percent in the 12 months ended in June, to $534 million. Its print magazine unit, by contrast, saw sales dip by 1 percent, to $1.1 billion.

The combined company will be known as Meredith Media General and will be one of the largest owners of broadcast network affiliates in the United States, with 88 stations in 54 markets. The companies said that together, they would reach about 30 percent of American television households.

Meredith has already explored a more television-focused strategy. It held discussions with Time Warner more than two years ago that fell apart because of concerns about the fate of publications like Time and Sports Illustrated. Media General has already sold the bulk of its newspapers to Warren E. Buffett's Berkshire Hathaway. It followed that move with transactions like the takeover of LIN Media last year, growing its television network to 71 stations.

An arms race to consolidate is already underway within the television industry as content providers, station operators and cable companies try to gain negotiating leverage.

The deal may have been well timed to catch a surge in political advertising spending for the 2016 presidential campaign, with the combined company owning stations in swing states like Florida and Ohio.

The fate of Meredith's print publications may ultimately lie in a sale or a spinoff, according to a research note by Marci Ryvicker, an analyst at Wells Fargo. Meredith's chief executive, Stephen M. Lacy, suggested during a call with analysts that the newly combined company might still look for potential acquisitions to gain scale.
MERGERS & ACQUISITIONS »
Perdue Buys Niman Ranch, as It Expands in Specialty Meat Business The purchase of Niman Ranch gives Perdue, a poultry producer, a bigger base in pork and beef.
Blackstone Agrees to Buy Strategic Hotels and Resorts Blackstone will acquire the owner and investor in high-end hotels and resorts for about $6 billion, including debt.
Concordia Healthcare to Acquire Drug Maker Amdipharm Mercury The deal is expected to expand Concordia's geographic footprint to more than 100 countries and give it access to 190 pharmaceutical products.
Jeffrey Immelt, center, the chief executive of General Electric, at an Alstom site in France last year after the deal was announced.
G.E. Gets European Regulators' Approval to Buy Alstom Power Unit After months of negotiations to allay European Union competition concerns, General Electric will now be able to acquire the prized energy business of the French company.
Aerojet Said to Bid for Boeing-Lockheed Rocket Venture Aerojet Rocketdyne Holdings has bid about $2 billion for United Launch Alliance, which is struggling to maintain its position as the premier supplier of rockets to the Pentagon, The Wall Street Journal reports, citing people familiar with the matter.
Heineken Buys Stake in U.S. Craft Beer Maker The Dutch brewing company Heineken has bought a 50 percent stake in Lagunitas Brewing to expand into the craft beer industry.
Breakingviews: Mylan's Hostile Bid for Perrigo Has Shortcomings Perrigo's investors may be tempted to take what they can get, but under scrutiny, the offer looks less compelling, Robert Cyran writes.
Goldman Sachs Names Six Healthcare Takeout Targets Goldman cites Clovis as the company with the highest probability of being acquired, but the Clovis's prospects rest on a drug for lung-cancer patients that is still in development.
Li Ka-shing Grabs Cash From Power Assets The infrastructure arm of Hong Kong tycoon Li Ka-shing's conglomerate said it planned to merge with its cash-rich power utility affiliate in an all-share deal, but a fight over Power Assets' cash could still lie ahead.
M.&A. Market Surges With $40 Billion in New Deals The number of deals unveiled since August shows that market swings have not been severe enough to clog what bankers say is one of the most robust pipelines for mergers and acquisitions in generations.
INVESTMENT BANKING »
JPMorgan Hires Tech Banker Greg Mendelson From Bank of America Merrill Lynch At JPMorgan, Greg Mendelson will focus on advising both tech services companies and private equity firms.
Walking Away From Wall Street A wave of veteran bankers has quit big banks to start boutique firms and they claim they are making more money free of the big banks' shackles. The rosy picture is helped by a resurgence in dealmaking.
For the latest updates, go to NYTimes.com/DealBook
ADVERTISEMENT
PRIVATE EQUITY »
Terra Firma Hires Justin King, Former J. Sainsbury C.E.O. Mr. King, who led the British grocer from 2004 until last year, will serve as vice chairman and head of portfolio businesses at Guy Hands' private equity firm.
Early Facebook Investor Seeks Retail Investors With New Listing HarbourVest Global Private Equity, an early investor in Facebook, will start trading on the main section of the London Stock Exchange on Wednesday, the latest attempt by a private equity firm to attract individual investors.
Quiksilver Files for Bankruptcy Protection in Delaware The surfwear chain Quicksilver has filed for bankruptcy in a deal that would hand control of the company to the investment firm Oaktree Capital Management.
HEDGE FUNDS »
JPMorgan's Client 'Steering' Questioned The Commodity Futures Trading Commission is looking into whether JPMorgan made proper disclosures when pitching its own hedge funds to its private-banking clients.
I.P.O./OFFERINGS »
Japan Post I.P.O. Said to Seek $8.3 billion From Individuals The postal and banking giant is targeting individual investors for at least 70 percent of its initial public offering, Bloomberg News reports, citing people with knowledge of the matter.
Eurozone I.P.O. Window Opens as Markets Calm There are signs of the European I.P.O. market sparking back to life with Bayer announcing that it would spin off its materials division, the car insurance company Hastings aiming for a 1 billion-pound float in Britain and Poste Italiene beginning a roadshow for its partial privatization.
VENTURE CAPITAL »
How Billion-Dollar Unicorns Are Changing the Face of American Entrepreneurship The axis of influence has shifted from its industrial roots to an economy centered on information, technology, and entertainment in one form or another, Andrew Ross Sorkin writes.
LEGAL/REGULATORY »
Challenges to S.E.C.'s Judges May Be Coming to a Head The federal appeals courts may be on a collision course that could require the Supreme Court to sort everything out.
Dewey & LeBoeuf Chairman's Lawyer Cites 'Fantasy Fraud' The lawyer for Steven H. Davis argued that prosecutors had failed to prove the former chairman of Dewey & LeBoeuf was aware of any wrongdoing before the law firm's collapse in 2012.