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Argentina's Debt Settlement Ends 15-Year Battle
Four hedge
funds refused to accept a steep discount in two restructurings over the
years. Here's a look at some crucial moments of the fight.
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| The Wall Street Journal | Forex Closing |
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| The Wall Street Journal | Major Indexes Closing |
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| Major Indexes | 5:46 p.m. EST 02/29/16 | ||
| The Wall Street Journal | Most Actives Closing |
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| The Wall Street Journal | Biggest Decliners Closing |
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Spot Prices as of traditional New York closing timesMonday, February 29, 2016 |
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Monday, February 29, 2016
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The Bumpy Road to New Technologies
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The hype of a new technology is outpacing commercial success. Sound familiar?
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 Federal Trade Commission Chairwoman Edith Ramirez has issued the following statement regarding today’s release of the EU-U.S. Privacy Shield Framework in Brussels, Belgium. |
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Monday, February 29, 2016 |
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NYTimes.com/FirstDraft » |
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Monday, February 29, 2016 |
By MAGGIE HABERMAN |
By AMIE TSANG
BUFFETT REJECTS ACTIVISM AND U.S. DECLINE
"For 240 years it's been a terrible mistake to bet against America, and now is no time to start," was the message from Warren E. Buffett in his annual letter to shareholders.
The billionaire investor rejected the "negative drumbeat" of the presidential campaign and said that "the babies being born in America today are the luckiest crop in history," Leslie Picker reports in DealBook. However, he did caution that the negative effects of innovation and greater efficiency tended to harm the worker, giving the example of his Dexter shoe operation, which was forced to fold under competition. Mr. Buffett suggested providing safety nets for those who want to work but find their talents out of favor. Mr. Buffett also said that Berkshire Hathaway would not engage in unfriendly takeovers, Leslie Picker writes in DealBook. "To be sure, certain hostile offers are justified: Some C.E.O.s forget that it is shareholders for whom they should be working, while other managers are woefully inept," he wrote. "We, though, will leave these 'opportunities' for others." The annual letter was published with Berkshire's fourth-quarter and annual results. Its earnings rose to $24.08 billion last year, from $19.87 billion in 2014, while annual revenue increased by $16 billion, to $210.8 billion. Mr. Buffett noted the effect that climate change could have on his business, particularly insurance, saying that climate change posed a major problem for the planet. But he said that because insurance policies were rewritten each year, Berkshire Hathaway should not be exposed to high losses. He also defended the Clayton Homes subsidiary, which has come under scrutiny because its mortgages are aimed at lower-income homeowners. Clayton, he said, keeps all of the mortgages it originates, rather than handing them off to banks that could structure them into new securities. The one issue he did not touch on was that of who would succeed him - a vital question among investors and Berkshire enthusiasts.
OVERDRAFT PRACTICES GUT BANK ACCOUNTS
Millions of Americans are being tripped up by overdraft practices that remain largely untouched by financial regulation,
Michael Corkery and Jessica Silver-Greenberg report in DealBook.
Since 2008, regulators have required banks to clearly disclose and explain the terms of just about every financial product, but overdraft practices seemed to have escaped this. They still come with hidden costs and confusing terms, according to customers, lawyers and consumer advocates. In one case, Angelina Lemus, a Citibank customer, found that as much as $96 was disappearing from her checking account every month. Citibank was taking out the money to pay a loan, with an interest rate of 18 percent, that was intended to cover the shortfall every time Ms. Lemus overdrew her checking account. Ms. Lemus, a home health care worker from Queens, said she never signed up for the line of credit and was unaware she was borrowing from it. She amassed $3,400 in debt - a tangle of interest, principal and other fees that have damaged her credit. These sometimes harmful practices are proliferating, although this is by no means a novel problem. In a series of class-action lawsuits against more than a dozen big banks, customers accused banks of hiding a practice known as reordering. This practice involved deliberately processing large transactions like mortgage payments first before taking out smaller charges to maximize the number of overdrafts they charged. The lawsuits resulted in more than $1.1 billion in settlements. The Consumer Financial Protection Bureau is hashing out rules that could limit reordering, but the regulation will not address the lines of credit, which are considered loans. The credit lines are supposed to be cheaper than traditional overdrafts. If customers pay off the loans quickly, the charges amount to only a few dollars. But some customers have no idea that they signed up for them. Bank customers say it is an easy mistake to make - the credit lines are often tucked into checking account agreements and do not require a separate signature to be approved.
ON THE AGENDA
Warren E. Buffett will be on CNBC's Squawk Box answering questions live from 6 to 9 a.m.
G-20 REJECTS MAJOR POLICY SHIFTS
The finance ministers of 20 of the world's largest economies decided over the weekend that the markets worry too much and eschewed any radical changes in policy,
Keith Bradsher reports in The New York Times.
The ministers tried to convince investors around the world that they were missing the basic strengths of the global economy and backed a stepped-up combination of monetary policies, government spending and structural changes. "The magnitude of the recent market volatility has not reflected the underlying fundamentals of the global economy," said Lou Jiwei, China's finance minister. Led by China, the Group of 20 finance ministers agreed to inform one another of all major changes in currency policies to avoid surprises that could shake up global financial markets. They also renewed their commitment to not devaluing to obtain a competitive advantage for their exporters. China has taken steps in recent days to become more open about its financial policies. It held a rare news conference with Zhou Xiaochuan, the governor of the People's Bank of China, in which Mr. Zhou sought to reassure financial markets that China has plans to handle a deceleration in growth. Investors, however, appeared to be disappointed that more concrete measures to bolster growth were not announced. The Shanghai composite index dropped as much as 4.6 percent during Monday trading, Bloomberg News reports. It did pare its losses, though, and closed down 2.9 percent. After markets closed, China's central bank said that it would lower its reserve-requirement ratio for all banks by half a percentage point, effective Tuesday. It said the move was intended to provide banks with liquidity and keep credit growth stable, The Wall Street Journal reports.
Contact amie.tsang@nytimes.com
MERGERS & ACQUISITIONS »
Foxconn and Sharp Said to Consider Revising Deal
It is too early
to tell whether Foxconn will lower the value of its offer for Sharp or
change its bid in some other way, Bloomberg News reports, citing people
familiar with the matter.
How China Inc. Plans to Pay for Its Biggest Overseas Deal
ChemChina is
contacting a clutch of global and Chinese banks for a lending package
set to be completed by April, The Wall Street Journal reports, citing
people familiar with the situation. It is also tapping a consortium of
Chinese sovereign funds to buy stakes in the deal.
INVESTMENT BANKING »
The Robots Are Coming for Wall Street
Hundreds of financial analysts are being replaced with software. What office jobs are next?
JPMorgan Traders Fired Over Compliance
JPMorgan Chase
fired two employees, including the head of its government debt trading
desk, who were accused of circumventing the bank's compliance procedures
after a disagreement in valuing certain trades, The Financial Times
reports, citing people familiar with the matter.
Anshu Jain to Join Online Lender
Anshu Jain, the
former co-chief executive of Deutsche Bank, is to become an adviser to
SoFi, a San Francisco-based company best known for refinancing student
loans.
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