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Spot Prices as of traditional New York closing timesTuesday, May 03, 2016 |
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Claimed to Represent The New York Times, The Wall Street Journal and Others The Federal Trade Commission has charged the operators of dozens of companies with deceiving consumers by using fake newspaper subscription notices. The FTC seeks to stop the operation and obtain money for return to consumers. |
Tuesday, May 3, 2016 |
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Tuesday, May 3, 2016 |
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Tuesday, May 3, 2016 |
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Tuesday, May 3, 2016 |
By MAGGIE HABERMAN |
By AMIE TSANG
WARREN BUFFETT TALKS OF SHARING THE WEALTH
Nebraska has just hosted Berkshire Hathaway's annual meeting, also known as Woodstock for Capitalists, at a time when Bernie Sanders has beaten Hillary Clinton in the Democratic caucuses and younger generations are questioning the very premise of capitalism.
This has not passed Warren Buffett by, Andrew Ross Sorkin writes in DealBook. "You should be questioning it at that age," Mr. Buffett said in an interview. He acknowledged that the system "left too many people behind," but said Mr. Sanders's solutions were "are very off base." As for those skeptical young people, he said "The conclusion shouldn't be to kill the golden goose." Instead we need to make more eggs and better distribute them. Indeed, there was talk at the annual meeting of the businesses that power the economy and spur employment that perhaps required a slightly broader audience. Mr. Buffett has mostly managed to avoid becoming a political target, in part because he is described as a compassionate capitalist. But critics say his folksy image is just for show, pointing to his partnership with 3G Capital, a company known for running a lean organization, and the wealth he has tied up in Berkshire, which itself is run to limit his tax bill. But for a new generation entering the workplace with reasonable questions about the opportunities available in the current system, Mr. Buffett could provide another perspective, Mr. Sorkin writes. "Twenty years from now, there'll be far more output per capita in the United States in real terms than there is now," Mr. Buffett said. "In 50 years, it'll be far more. No presidential candidate or president is going to end that. They can shape it in ways that are good or bad, but they can't end it."
A DEPARTURE AT DEUTSCHE
Jacques Brand, the chief executive of Deutsche Bank's operations in North America, will leave the bank,
Leslie Picker and Peter Eavis report in DealBook.
He will be one of the highest-ranking executives to leave as part of the firm's overhaul. A successor has not yet been announced. Mr. Brand is headed to PJT Partners, said two people briefed on his plans. He joins a number of bankers who have left large firms in favor of newer and smaller shops. Mr. Brand began working at Bankers Trust about 26 years ago and moved to Deutsche Bank when it bought Bankers Trust in 1999, rising through the ranks to become chief executive in North America. As a deal maker, he is known for his real estate expertise and advised Blackstone on its acquisition of Hilton Hotels. Mr. Brand's departure comes just as Deutsche Bank's relationship with bank regulators is evolving. The Federal Reserve requires large foreign banks to place their United States operations into new holding companies that will then be subject to stricter regulation than in the past. And the stakes are high for Deutsche Bank in this time of transition - its American operations have fallen well short of the Fed's expectations in recent years.
PUERTO RICO DEFAULTS
Puerto Rico defaulted on most of a $422 million debt payment and the spotlight is back on Washington to enact a rescue package,
Mary Williams Walsh reports in DealBook.
Congressional aides said a revised bill would be introduced next week. Treasury Secretary Jacob J. Lew called again for swift action from Congress, warning House Speaker Paul Ryan that Puerto Rico could get caught in a "series of cascading defaults" leading to a taxpayer bailout. "The human costs for the 3.5 million Americans in Puerto Rico are real. And they are escalating daily," Mr. Lew wrote in a letter. One of the sticking points in the rescue legislation was how the highest-priority debt should be handled. The Treasury Department has argued that a restructuring would not be successful if all debts are not on the table, but some lawmakers are concerned about overriding Puerto Rico's Constitution or setting a precedent that deeply indebted states might one day try to follow.
ON THE AGENDA
The companies holding conference calls on their latest quarterly earnings include Sprint at 8:30 a.m. and Pfizer at 10 a.m. Martin Shkreli, the former chief of Turing Pharmaceuticals, will appear in court at 10 a.m.
A MIXED BAG FOR EUROPEAN BANKS
HSBC said that its profit fell 18 percent
in the first quarter of this year compared with a year earlier because
of uncertainty in markets hurting its investment banking and wealth
management businesses, Chad Bray reports in DealBook.
HSBC has been reshaping its business, shedding jobs, selling underperforming businesses and shrinking its global investment banking business. The results included $341 in restructuring charges as well as $31 million for its efforts to shield its British retail banking businesses from the investment banking business and other activities. UBS, based in Zurich, also suffered from the same problems, but its profits plunged 64 percent compared with those of a year ago, as Chad Bray reports in DealBook. For the three months that ended March 31, UBS reported a profit of 707 million Swiss francs, or about $738 million. That compared with a profit of 1.98 billion francs in the first quarter of 2015. UBS has also been shrinking its investment bank. It shifted its focus to wealth management, but that was hit hard by turbulence in the markets, although the amount of new money invested by clients in the business increased at a stronger pace. The surprising results came from BNP Paribas, the largest French bank, whose profit rose in the first three months of the year, even as revenue dropped. Its net income came in at 1.8 billion euros, or $2.1 billion, up 10 percent compared with the same period a year earlier, David Jolly reports in DealBook. The results were bolstered by a 28 percent reduction in the funds it set aside for loan losses. Revenue fell 2 percent from a year earlier, to €10.8 billion. Although it beat market consensus, the bank said that its performance had been affected by ultralow interest rates in Europe, unease in the bond market and weakness in stock markets. It has also been restructuring its investment banking business, laying off more than 650 employees.
Contact amie.tsang@nytimes.com
MERGERS & ACQUISITIONS »
GNC May Put Itself Up for Sale
After reporting
disappointing earnings, the company said it had hired advisers to
explore "strategic and financial alternatives," including a sale.
Halliburton-Baker Hughes Breakup Is a Lesson in Hubris
Halliburton's
chief executive faces a reckoning as his company prepares to pay a $3.5
billion breakup fee to Baker Hughes, Kevin Allison writes in DealBook.
Energy Transfer Said to Be Trying to Renegotiate Deal With Williams
Energy Transfer
Equity is taking steps that may enable it to renegotiate its $20
billion acquisition of Williams Companies, Reuters reports, citing
people familiar with the matter.
International Paper Deal Reflects Demand for Diapers
International
Paper, a corrugated packaging giant, agreed to buy Weyerhaeuser's pulp
business for $2.2 billion, making a bet on rising global demand for
disposable diapers and feminine products.
Jamieson Said to Be Considering Sale
The Canadian
vitamin maker Jamieson Laboratories is exploring a sale that could value
the company at about $1 billion, The Wall Street Journal reports,
citing people familiar with the matter.
INVESTMENT BANKING »
Barclays in France Accused of Money Laundering
Philippe
Hébert, chief risk officer of Barclays France, made the accusations in a
letter seen by The Financial Times, casting a shadow over the British
group's plan to sell its business in France to a private equity group.
Wall Street Told to Fear the Machine as Emerging Tech Takes Jobs
Software
engineers, whole technology departments and anyone who's moving numbers
from one spreadsheet to another is "going to get decimated," Daniel
Nadler, chief executive officer of Kensho Technologies, said on a panel
at the Milken Institute Global Conference.
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PRIVATE EQUITY »
Bain and Vista Equity to Buy Vertafore
Bain Capital
and Vista Equity Partners Management agreed to buy Vertafore in a deal
that valued the insurance software provider at about $2.7 billion,
including debt, Reuters reports, citing sources.
Settlement Clears Path for Apollo Education Buyout
Apollo
Education Group has settled litigation with investors opposed to its
sale to Apollo Global Management, clearing the path for the United
States private equity group's takeover of the online learning company
behind the for-profit University of Phoenix.
HEDGE FUNDS »
A.I.G. Posts Third-Straight Loss on Hedge Funds
American
International Group, the insurer that is shrinking under pressure from
activist shareholders, posted a third straight unprofitable quarter on
losses from hedge funds and declines in the value of other investments.
VENTURE CAPITAL »
SoFi Offers Equity to Tempt New Partners
The online
lending group SoFi is offering institutional investors slices of its
equity in exchange for commitments to buy loans, as it tries to lock
down secure sources of funds.
LEGAL/REGULATORY »
Fizzled Goldman Sachs Cases Put S.E.C. in Harsh Light
Recent news
articles raised questions about whether the agency was willing to take
on tough cases against Goldman Sachs and its executives, Peter J.
Henning writes in White Collar Watch.
Goldman Sachs $272 Million Mortgage Pact Approved by Judge
A federal judge
approved Goldman Sachs Group's $272 million settlement with investors
who claimed that the bank misled them about the safety of billions of
dollars worth of residential mortgage-backed securities.
Judge Seeking Data Shuts Down WhatsApp in Brazil
A court in
Brazil has been seeking information from the messaging service to help
in an organized crime and drug trafficking investigation.
Greenpeace Leaks U.S.-E.U. Trade Deal Documents
Environmental
activists say American officials have pushed their European counterparts
for looser regulations, but negotiators say the criticism is off base.
Judge Requires Sumner Redstone to Testify on Eve of Competency Suit
Mr. Redstone, the chairman emeritus of Viacom and CBS, will be questioned for 30 minutes at his Los Angeles home.
Hulk Hogan vs. Gawker, Round 2
The retired
wrestler who won $140 million from the site over a sex tape is suing
over a video transcript in which he is quoted as using racial slurs.
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