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May 13, 2016

NYT | Science - May 13, 2016: Scientist Talk Privately About Creating a Synthetic Human Genome by Andrew Pollack.

Andrew Pollack
George Church, a professor of genetics at Harvard Medical School and an organizer of the proposed project, said there had been a misunderstanding. 

WSJ | Forex Closing on May 13, 2016.

The Wall Street Journal Forex Closing
Major Currencies
Friday, May 13, 2016

WSJ | Major Indexes Closing on May 16, 2016.

The Wall Street Journal Major Indexes Closing
Major Indexes 5:39 p.m. EDT 05/13/16

The Washington Post Views - May 13, 2016: What We Know About Mustafa Badreddine, the Mysterious Hezbollah Mastermind Killed in Syria.

The Washington Post | World News - May 13, 2016: London's New Muslim Mayor Wants to "Educate" Trump About Islam.

WSJ | Most Actives Closing on May 13, 2016.

The Wall Street Journal Most Actives Closing
Most Active Stocks by Volume
4:31 pm ET 05/13/2016

WSJ | Biggest Gainers Closing on May 13, 2016.

The Wall Street Journal Biggest Gainers Closing
Biggest Gainers
4:31 pm ET 05/13/2016

WSJ | Biggest Decliners Closing on May 13, 2016.

The Wall Street Journal Biggest Decliners Closing
Biggest Decliners
4:31 pm ET 05/13/2016

DealBook P.M. Edition on May 13, 2016: Top Story: Gretchen Morgenson: Lending Club, a Story Stock That Skimped on the Details.

Friday, May 13, 2016
Renaud Laplanche, the former chief executive of Lending Club, at the New York Stock Exchange in 2014.
Gretchen Morgenson: Lending Club, a Story Stock That Skimped on the Details Lack of information undermined investors' confidence in Lending Club's prospects as doubts about the peer-to-peer lending industry emerged, causing shares to plummet.

Wall Street at Close Report by CNBC on May 13, 2016: Dow, S&P Post First 3-Week Losing Streak Since January.

Evelyn Cheng
U.S. stocks closed lower Friday, with the Dow Jones industrial average and S&P 500 closing below their 50-day moving averages and posting their first three-week losing streak since January.
Financials led all 10 sectors lower, followed by energy, consumer staples, and industrials.

GATA | THE GATA DISPATCH - May 13, 2016: There's a World War Against Gold, Economist Fekete Says.

Submitted by cpowell on May 13, 2016.

Interviewed by Mexican financial journalist Guillermo Barba, the economist and gold standard advocate Antal Fekete explains how negative interest rates constitute the destruction of both financial and physical capital. Fekete also argues that central banks are waging a longstanding world war against gold. He adds that he has developed a mechanism of profiting from investing in gold by buying and selling calls and puts depending on central bank policy. The interview is headlined "There Is a Global War Against Gold" and it's posted at Barba's Internet site here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

NYT Opinion Pages - May 13, 2016: Ted Cruz: The Mullahs and Their Missiles.

Ted Cruz
Doug Chayka
Washington — ON Monday, the Iranian military’s deputy chief of staff announced that the Islamic Republic had successfully tested yet another ballistic missile — this time, a high-precision midrange weapon with a reported reach of 2,000 kilometers, or 1,250 miles, and with a degree of accuracy that he claimed to be “without any error.” If these statements are true, the entire Middle East, including Israel, is within the reach of the mullahs’ missiles.

The Guardian | Opinion | Immigration and Asylum May 13, 2016: The Hysteria About Immigration Statistics Doesn't Stand Up to Scrutiny by Jonathan Portes
Jonathan Portes
The Office for National Statistics report published yesterday on migration has provoked some predictable hysteria: the Sun’s headline is “Great Migrant Swindle”, while Allison Pearson in the Telegraph claims that “the gap between ONS migrant figures and the truth is as wide as the Grand Canyon”.

Bits | The Business of Technology - May 13, 2016: FaceBook and the Problem With News Online.

Friday, May 13, 2016

The New York Times

The New York Times

Friday, May 13, 2016

Daily Report
Facebook and the Problem With News Online | Would you enjoy reading this more if it were written by a machine? Spoiler alert: It’s not. But whether created by human or computer, what do we want from news?

European Markets at Close Report by CNBC on May 13, 2016: Europe Ends on a High Despite Oil Decline; Eutelsat Tanks 28%.

Europe ends on a high despite oil decline; Eutelsat tanks 28%

Arjun Kharpal, Alexandra Gibbs, Holly Ellyatt
European stocks finished the week on a positive note, as investors digested another set of earnings reports and tried to shake off the decline in oil prices.

NYT First Draft on Politics - May 13, 2016: Trump and Ryan Speak Warmly and Air Their Differences, by Maggie Haberman.

Friday, May 13, 2016

The New York Times
The New York Times

Friday, May 13, 2016

The speaker of the House, Paul D. Ryan, at a news conference on Thursday after his meeting in Washington with Donald J. Trump.
The speaker of the House, Paul D. Ryan, at a news conference on Thursday after his meeting in Washington with Donald J. Trump. Zach Gibson/The New York Times
Trump and Ryan Speak Warmly and Air Their Differences

BLS | Producer Price Index News Release - May 13, 2016: PPI for Final Demand Increases 0.2% in April Services Advance 0.1%; Goods goods Rise 0.2%.

Bureau of Labor Statistics

The Producer Price Index for final demand rose 0.2 percent in April. Final demand prices declined 0.1 percent in March and 0.2 percent in February. In April, prices for final demand services edged up 0.1 percent, and the index for final demand goods advanced 0.2 percent.


PPI for final demand increases 0.2% in April; services advance 0.1%; goods rise 0.2%

ESA | Manufacturing and Trade: Inventories and Sales - May 13, 2016: March 2016 Business Inventories Were Up 0.4% with respect to February and Up 1.5% with Respect to March 2015.

ESA Overlay Banner

March 2016 business inventories were $1,818.6 billion, up 0.4 percent from February and up 1.5 percent from March 2015.  Sales were $1,289.2 billion, up 0.3 percent from the previous month but down 1.7 percent from one year earlier.

Economics & Statistics Administration

U.S. Stock Market Future Indications Update - May 13, 2016: Stock market Pare Losses on Stron Retail-Sales Report.

Ellie Ismailidou, Barbara Kollmeyer
U.S. stock futures pared their losses Friday, following news that sales at U.S. retailers jumped 1.3% in April to mark the biggest gain in a year.

ESA | Advance Monthly Sales for Retail and Food Services

 ESA Overlay Banner
April 2016 retail and food services sales were $453.4 billion, up 1.3 percent from March 2016 and up 3.0 percent from April 2015. Excluding automobiles, retail and food services sales in April 2016 were $360.9 billion, up 0.8 percent from the prior month and up 3.0 percent from one year earlier.

Economics & Statistics Administration

Bloomberg News : Euro Area Growth Revised Down Slightly Despite Germany

Maria Tadeo mariatad Piotr Skolimowski Skolimowski
  • Region’s economy grew 0.5% compared with 0.6% inital estimate
  • Germany leads euro growth, Greece’s economy shrinks the most

DealBook Today's Top Headlines - May 13, 2016: Swift Reports a New Attack | Apple Invests in Uber's Rival in China | Minnesota Law School Cuts Admissions | Trump's Chief Fund-Raiser Heads Straight to Las Vegas.

Friday, May 13, 2016
SWIFT REPORTS A NEW ATTACK Thieves have found their way into the Swift global bank network as investigators are still trying to solve the $81 million heist from the central bank of Bangladesh, Michael Corkery reports in DealBook.

The second attack involved a commercial bank, which Swift declined to identify. In a letter it planned to send to users on Friday, which The New York Times reviewed, Swift warned that the two attacks bore similarities and were likely part of a "wider and highly adaptive campaign targeting banks."

Banking experts said the attacks might be impossible to solve or trace. Swift said the thieves got their hands on legitimate network credentials, initiated the fraudulent transfers and installed malware on bank computers to disguise their movements.

"The attackers clearly exhibit a deep and sophisticated knowledge of specific operation controls within the targeted banks - knowledge that may have been gained from malicious insiders or cyberattacks, or a combination of both,"Swift said. It also warned that the gang of thieves may have been able to recruit bank employees to hand over credentials.

Security experts who have studied the attacks said the thieves were probably lurking inside the bank systems for months before they were detected and are likely to strike again.

Swift's core messaging system was not breached, but the criminals attacked the banks' connections to its network. Banks are responsible for maintaining the security of their own connections to Swift and digital criminals have found ways to exploit loopholes in bank security to obtain login credentials and dispatch fraudulent Swift messages.

This second attack suggests a highly sophisticated threat that did not depend on weak digital defenses.
APPLE INVESTS IN UBER'S RIVAL IN CHINA Apple has put $1 billion into Didi Chuxing, China's biggest ride-hailing service, in one of its largest ever strategic investments, Mike Isaac and Vindu Goel report in The New York Times.

The move into on-demand transportation is unusual for Apple, which has generally been quiet about its deals. It has purchased technology start-ups here and there, and bought Beats for $3 billion in 2014.

Apple's has also invested in the Chinese company as iPhone sales have flagged in China, and its iBooks and iTunes mobile stores were shut in the country.

"Didi exemplifies the innovation taking place in the iOS developer community in China," Tim Cook, the chief executive of Apple, said in a statement.

Apple has been working on its own secret car project and certainly has the money to spare. As of March 26, the company said it had nearly $233 billion in cash and marketable securities.

Didi Chuxing, is a major competitor to Uber, which is spending millions to make inroads in the Chinese market. Didi serves close to 300 million users, according to the company.
MINNESOTA LAW SCHOOL CUTS ADMISSIONS The University of Minnesota has decided to shrink enrollment to preserve its national standing as a top law school even as some are arguing for broader inclusion of students who would fall outside the school's admissions parameters, Elizabeth Olson reports in DealBook.

Applications to law schools have plummeted nationwide and the Great Lakes region has been hit particularly hard, an effect amplified by the number of accredited law schools in the area. The region's rapidly aging population and the loss of its traditional manufacturing activity have eroded an economic base that could support a "strongly upwardly mobile middle class of the kind that sustains high-level educational activity," David Barnhizer, a professor emeritus at Cleveland-Marshall College of Law, wrote in a research paper.

Minnesota has had one of the largest declines in applicants among the top 20 law schools, but no one knows why.

David Wippman, the dean of the University of Minnesota Law School, has already overseen a shrinking first-year class, offsetting the loss in tuition income with more public subsidies. He said the school was trying to determine why applications for the course were dropping and was trying to identify students more precisely, while publicizing more broadly.

Mr. Wippman had to decide whether to admit students with lower scores, but a surplus of graduates who do not find jobs can eviscerate a law school's reputation. Raising tuition was not an option with so many students wary of taking on high debt. The school was also facing competition from others in its hometown.

So the school opted for fewer students. It can at least tap into taxpayer funding, and almost three-quarters of its first-year students are from out of state and pay higher tuition fees. It has also shed staff and left openings unfilled.

The execution of Mr. Wippman's strategies fall to his successor, Garry W. Jenkins, a law professor from Ohio State University Moritz College of Law. Mr. Jenkins has experience as a former chief operating officer and general counsel of the Goldman Sachs Foundation.
ON THE AGENDA Data on retail sales during April will be published at 8:30 a.m. The University of Michigan consumer survey for May will be published at 10 a.m. John C. Williams, the president of the Federal Reserve Bank of San Francisco, will speak at the Sacramento Economic Forum, which starts at 1 p.m.
TRUMP'S CHIEF FUND-RAISER HEADS STRAIGHT TO LAS VEGAS Steven Mnuchin has not wasted any time looking for big-money donors. He headed to the SkyBridge Alternatives Conference, or SALT, to meet with hedge fund managers less than a week after being recruited by Donald J. Trump, Alexandra Stevenson reports in DealBook.

Mr. Mnuchin sat with Scott Brown, the former Republican senator from Massachusetts, as he shook hands with prospective Trump donors. He also a attended a dinner that included the billionaire hedge fund manager Kenneth C. Griffin, David H. Petraeus, the former C.I.A. director and John A. Boehner, the former House speaker.

Presidential politics was the main topic in the speeches delivered onstage, at the closed-door meetings and at the Champagne-filled after-hours events. But for many on Wall Street, it would be awkward to publicly support Mr. Trump, in light of his broadsides against the hedge fund industry. Many in the financial world said they would never support a Democratic candidate but have also publicly objected to Mr. Trump. Even Anthony Scaramucci, who runs the investment firm SkyBridge Capital and who last week publicly endorsed Mr. Trump, has been one of Mr. Trump's loudest critics.

But Mr. Scaramucci took a different tone at SALT, saying that Mr. Trump was "saying cuckoo-la-la things to insult the intelligentsia because what he's discovered is that the average American, the red-meat eating Middle American, loves the swipes at the know-it-alls and I think Donald Trump is enjoying doing that."

The oil tycoon T. Boone Pickens said that he expected most Republicans to fall in line and back Mr. Trump eventually. He told an audience of money managers on Wednesday that he agreed with Mr. Trump's proposal to ban Muslims unless they were vetted.

In private and public, hedge fund managers at the conference in Las Vegas have expressed concern that the possibility of Mr. Trump as president could pose a risk to the economy and markets.
A Bayer-Monsanto Tie-Up Could Be a Bitter Pill Bayer would be buying a company at the center of the fight against genetically modified crops in Europe, Olaf Storbeck and Kevin Allison write in Breakingviews.
California Approves Deal Between Charter and Time Warner Cable Charter Communications said its proposal to buy Time Warner Cable was approved by the California Public Utilities Commission, overcoming the last hurdle to completing the deal.
R.B.S. Will Not Face Charges Over Rights Issue in 2008 Scottish prosecutors said there was "insufficient evidence" to pursue senior figures at the bank over the raising of about $17 billion just before its rescue.
A payday loan store on the edge of the Navajo Nation in Gallup, N.M., where a lender could be found on almost every corner in 2006.
Another Company With a Cause: Is Google Just Being a Good Citizen? With its move on payday loans, it joins other powerful players like Facebook and PayPal in taking a stand on social issues, but deepens concerns about overreach.
George Clooney as the flamboyant host of a financial TV show in
Review: In 'Money Monster,' a Broke Investor Holds a Grudge and a Gun George Clooney plays a financial news talk-show host, and Julia Roberts is his producer in this self-assured hostage drama.
Standard Life Chief Says Rivals Should Take Pay Cuts Keith Skeoch, the chief executive, asked for a cut to the maximum amount he could be awarded under the investment group's 2016 long-term incentive plan, which was set up when he stepped into his post last year.
HSBC Said to Hire 175 Compliance Employees HSBC is hiring 175 people for the financial crime compliance team at its British consumer bank, which will eventually be isolated from its trading business, Bloomberg reports, citing people familiar with the plan.
Beijing Investment Bank Bolsters Deals Team The bank, China International Capital Corporation, which is advising ChemChina on the Syngenta deal, is expanding its mergers and acquisitions business to capitalize on Chinese firms' pursuit of overseas assets.
Jack Treynor, Who Pioneered Modern Investment Theory, Dies at 86 Mr. Treynor's insights into risk and return underpin theories for investment pricing and shaped the field of quantitative finance.
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K.K.R. Said to Plan Mexico City Office Kohlberg Kravis Roberts is planning to open an office in Mexico City as it seeks to start a local fund, Bloomberg reports, citing a person familiar with the matter.
The American International Group says it will cut its hedge fund holdings in half by the end of 2017
Big Insurers Send a Wake-Up Call to Hedge Fund Investors The high-reward, low-risk promises of hedge funds failed to materialize, and many insurance companies are unwinding their positions, James B. Stewart writes in Common Sense.
Martin Shkreli, right, appeared in court last week on charges of fraud brought by the Securities and Exchange Commission.
Privacy Rules Shouldn't Handcuff the S.E.C. A new bill would deprive government agencies of important tools to fight crime. Our solution would respect privacy without harming our mandate, Mary Jo White, the chairwoman of the Securities and Exchange Commission, writes in a New York Times op-ed.
Paul Williams, president of Ascap, the American Society of Composers, Authors and Publishers, in 2012.
Ascap Settles Justice Department Inquiry Over Licensing The music licensing agency agreed to pay $1.75 million after an investigation found that some licensing deals violated its rules.
Former Banker Sentenced in Insider Trading Case in Britain Martyn Dodgson, a former investment banker, was sentenced to four-and-a-half years in prison after being convicted on an insider trading charge.
Democratic Lawmakers Say Fed Should Increase Its Diversity "Given the critical linkage between monetary policy and the experiences of hardworking Americans, the importance of ensuring that such positions are filled by persons that reflect and represent the interests of our diverse country, cannot be understated," reads a letter to the chairwoman of the Federal Reserve, Janet L. Yellen.
Chinese State-Owned Bank Must Face Whistleblower Claim in the United States A Manhattan federal judge on Thursday revived a whistle-blower claim by a former chief compliance officer for the Agricultural Bank of China who claimed that the bank discriminated on the basis of her whistle-blowing and her gender in her $8 million discrimination lawsuit.
Big companies shop for products like toner cartridges differently than individuals do – and that's a reason why the Federal Trade Commission blocked the Office Depot-Staples merger.
Antitrust in the Age of Amazon Pens matter. Ink does not. The blocking of the Staples-Office Depot union illustrates the complications the age of Amazon has created in the retail industry.
Brooklyn Judge Will Not Force Facebook's Silence on Subpoenas Prosecutors wanted to keep Facebook from telling users about 15 subpoenas of their data. But a judge refused, saying the need for them was not specific enough.
Prime Minister David Cameron of Britain led a one-day summit meeting on corruption on Thursday.
David Cameron Leads a Call to Thwart Financial Corruption Mr. Cameron, representing Britain, outlined measures to fight offshore tax evasion as he met with Secretary of State John Kerry and other leaders in London.
'How Women Decide' Stereotypes surround women's decisions and how their choices are perceived.