Here is the latest Financial News from The New York Times.
Doubleline’s Gundlach sees Yellen as more cautious than some Fed officials
(Reuters) – Jeffrey Gundlach, chief executive officer of DoubleLine Capital, on Thursday said U.S. Federal Reserve Chair Janet Yellen appears to be more cautious on raising interest rates than some…
Short sellers circle Alibaba amid SEC probe
NEW YORK (Reuters) – Alibaba Group Holding Ltd , which disclosed it is under investigation for its accounting practices, has emerged as one of the short-selling community’s favorite targets in the…
Exclusive: Verizon turns to former Yahoo bankers for bid – sources
NEW YORK/SAN FRANCISCO (Reuters) – Verizon Communications Inc is working on its bid for Yahoo Inc’s core assets with an investment bank which was, as recently as last year, one of the U.S. internet…
Column: About that June or July rate hike – James Saft
(James Saft is a Reuters columnist. The opinions expressed are his own.)
CFPB fines ex-Wells Fargo employee over mortgage fee-shifting scheme
(Reuters) – The Consumer Financial Protection Bureau (CFPB) fined former Wells Fargo & Co employee David Eghbali $85,000 and banned him from working in the mortgage industry for a year for an illegal…
If you waste $50 each time you skip class, would you do it?
NEW YORK (Reuters) – As college attendance wanes through the semester, one professor teaches her 300 geoscience students how to work out the cost of cutting class.
LPC: Weak secondary market could rein in refinancing wave
NEW YORK (Reuters) – A repricing wave has hit the loan space as US borrowers attempt to lower the spread of their existing term loans, though a weak secondary market signals that not every company…
LPC: Gunvor Singapore closes increased $1.04 billion loan
LONDON (Reuters) – Gunvor Group has closed $1.041 billion of syndicated revolving credit facilities to support new activities and existing operations in Asia Pacific, the company said on Thursday.
LPC: Dell’s window wide open for EMC acquisition loan
NEW YORK (Reuters) – Computer giant Dell’s decision to wait out months of extreme credit market volatility appears to have paid off as it launched the biggest US syndicated term loan since last…
Madoff victims may soon recoup another $247 million
(Reuters) – Nearly 7-1/2 years after Bernard Madoff’s Ponzi scheme was unmasked, the court-appointed trustee recouping money for the swindler’s victims on Thursday sought court approval to free up…
Not junk mail: Social Security letter can cut Medicare costs
CHICAGO (Reuters) – The opinions expressed here are those of the author, a columnist for Reuters.
For some U.S. companies, millennials are giving way to Generation Z
NEW YORK (Reuters) – A small but growing number of companies are starting to target Generation Z – the 69 million high school-age kids and younger who will soon outnumber the millennials before them…
Column: The downward spiral of IPO generations
(James Saft is a Reuters columnist. The opinions expressed are his own.)
Exclusive: NY financial regulator gearing up to probe online lenders – source
(Reuters) – New York state’s financial regulator, which recently launched a probe into LendingClub Corp, is preparing to look into the activities at other online lenders and whether they should be…
UniCredit to discuss on June 1 choice of headhunter for new CEO
MILAN (Reuters) – Italy’s UniCredit said on Wednesday Chairman Giuseppe Vita and three of its top executives will meet on June 1 to discuss the selection of a specialist headhunter recruitment firm…
Before the Ivory Tower: University presidents’ first jobs
NEW YORK (Reuters) – It is graduation season, and you know what that means: Bright-eyed diploma-holders are emerging into the workforce with big dreams and big hopes (and big debt).
U.S. states stung by drop in April income tax revenue
CHICAGO (Reuters) – U.S. state personal income taxes tumbled in the key revenue month of April due to lower investment returns from weaker equities and energy prices in 2015, a Reuters analysis of…
U.S. fund company Vanguard names Michael Rollings finance chief
(Reuters) – Vanguard Group, the No. 1 U.S. mutual fund company, appointed Michael Rollings as chief financial officer and head of its finance division.
Swiss to ease seizure, repatriation of dictators’ funds
ZURICH (Reuters) – Switzerland will implement a new law in July to help seize and repatriate illicit wealth parked in its banks by foreign dictators, the government said on Wednesday.
Emerging-market mutual funds take in most U.S. money in a year: ICI
NEW YORK (Reuters) – Mutual fund investors showed a flash of optimism after a year of fleeing risky assets, putting the most money in U.S.-based emerging-market products since April 2015 during the…
Connecticut lines up $22 million grant for mega hedge fund Bridgewater
NEW YORK (Reuters) – Connecticut is set to approve a $22 million grant to Bridgewater Associates, one of the world’s largest hedge funds, a move that is drawing fire shortly after the state passed…
Pimco’s Ivascyn sees better than 50-50 chance of Fed hike in June
NEW YORK (Reuters) – Pimco Group Chief Investment Officer Dan Ivascyn said on Wednesday he sees a better than 50/50 chance of a Federal Reserve rate increase in June.
LPC: Unitranches grow in volatile market
NEW YORK (Reuters) – Middle market sponsors in the US and Europe are demanding bigger unitranche loans as the structure, which has typically been used for smaller deals, gains wider appeal due to…
French bankers try to reassure Senate over tax havens
PARIS (Reuters) – Executives at Credit Agricole and BNP Paribas sought on Wednesday to convince lawmakers they were taking sufficient steps to prevent French customers from using blacklisted tax…
DoubleLine’s Gundlach says U.S. stock market is ‘dead money’
NEW YORK (Reuters) – Jeffrey Gundlach, the chief executive officer of DoubleLine Capital, said on Tuesday that the rally in U.S. stocks, which began on Monday, feels like a short squeeze and…
Exclusive: Itaú to appoint Ferraz as head of U.S.-based asset manager – source
SAO PAULO (Reuters) – Itaú Unibanco Holding SA tapped Charles Ferraz to oversee asset management activities in the United States, a source familiar with the matter said on Tuesday, as Latin America’s…
Senate rejects new U.S. retirement rule; Obama ready to veto
WASHINGTON (Reuters) – The U.S. Senate voted along party lines on Tuesday to repeal a new Labor Department rule on retirement advice after a debate that stretched over the course of the day.
U.S. business borrowing for equipment falls in April: ELFA
(Reuters) – Borrowing by U.S. companies to spend on capital investment declined 12 percent in April from a year earlier, the Equipment Leasing and Finance Association (ELFA) said.
U.S. refrains on Treasury trade disclosure: Treasury’s Singh
NEW YORK (Reuters) – The U.S. Treasury department has no plans now to publicly disclose trading data on the $13 trillion Treasury debt market and will wait until it has the data in hand to develop…
BTG Pactual to seek Generali indemnity over BSI’s 1MDB link, source says
SAO PAULO (Reuters) – Grupo BTG Pactual SA is seeking indemnity from Swiss private bank BSI SA’s prior owner after losses tied to dealings with a troubled Malaysian fund led to EFG International AG…
Wells Fargo lowers targets for returns on equity, assets
(Reuters) – Wells Fargo & Co lowered two key companywide financial targets on Tuesday, citing low interest rates, higher credit and compliance costs and increased regulatory capital requirements.
Your Money: Three ways to budget for fun in retirement
NEW YORK(Reuters) – The writer is a Reuters contributor. The opinions expressed are his own.
Investment banks suffer worst first quarter since financial crisis: survey
LONDON (Reuters) – Revenue at the world’s 12 largest investment banks fell 25 percent in the first quarter from a year ago as economic uncertainty and investor caution led to the slowest start since…
Senate poised to vote to repeal new retirement advice rule
WASHINGTON (Reuters) – The U.S. Senate on Tuesday will take up, and likely pass, a resolution to repeal a new Labor Department rule aimed at protecting retirement savers from profit-hungry brokers, a…
Big banks’ first-quarter commodities revenue drops 40 percent: report
LONDON (Reuters) – Commodities-related revenue at the 12 biggest investment banks tumbled 40 percent in the first three months of the year as lenders cut exposure to the oil and industrial metals…
Funds, foreign investors step up purchases at U.S. bond sales in May
NEW YORK (Reuters) – Fund managers and foreign investors raised their purchases of U.S. Treasury supply auctioned in early May to their highest levels so far this year in some cases, according to…
Antitrust claims revived in Libor litigation
NEW YORK (Reuters) – A federal appeals court on Monday revived antitrust claims in private U.S. litigation accusing global banks of conspiring to manipulate the Libor benchmark interest rate.
Bank of America wins reversal of $1.27 billion penalty in U.S. mortgage case
NEW YORK (Reuters) – A U.S. appeals court on Monday overturned a jury’s finding that Bank of America Corp was liable for mortgage fraud leading up to the 2008 financial crisis, tossing a $1.27…
Creditors of Puerto Rico government bank revive lawsuit over debt moratorium
SAN JUAN (Reuters) – Hedge funds who own debt at Puerto Rico’s Government Development Bank are accusing the bank and the island’s governor of giving preferential treatment to local creditors under a…
BlackRock’s largest mutual fund favors Japan despite yen concerns
NEW YORK (Reuters) – A strategist for BlackRock Inc’s largest mutual fund said on Friday his fund is finding bargains among Japanese stocks despite their weak performance this year and concerns over…
Hong Kong council to issue green finance proposals next week
HONG KONG (Reuters) – An advisory council to the Hong Kong government will unveil a series of recommendations to attract green finance investments to the city next week, the chairman of the council…
Investors pull $3.9 billion from U.S.-based stock funds during week: Lipper
NEW YORK (Reuters) – Investors pulled another $3.9 billion from U.S.-based stock funds during the week that ended May 18, Lipper data showed on Thursday, bolstering a trend of outflows that has…
Dearly beloved: Prince’s death prompts uptick in wills
NEW YORK (Reuters) – In the month since Prince died and his heirs began wrangling over his estimated $300-plus million estate, many Americans have moved “draft a will” – arguably one of life’s most…
Hedge fund Knight Vinke calls for more E.ON divestments
FRANKFURT (Reuters) – Hedge fund Knight Vinke has called for more asset sales at Germany’s largest utility E.ON in a letter to the fund’s own investors.
With Fed rate rise more likely, U.S. dollar again weighs on earnings
NEW YORK (Reuters) – A healthier U.S. economy which leads the Federal Reserve to raise interest rates again soon may dampen spirits at companies which are just starting to see some relief from the…
LPC: U.S. banks grapple with negative Libor
NEW YORK (Reuters) – Lenders are guarding against low interest rates in the US and negative rates in Europe and Asia by introducing zero Libor limits to investment-grade loans for their clients.
LPC: U.S. second-lien market could be primed to reopen to syndications
NEW YORK (Reuters) – Banks are considering underwriting second-lien deals again after the market virtually shut down in late 2015, creating a trend that has been described as BYOJ, or “bring your own…
LPC: Institutional demand spurs mid-market direct lending platforms
NEW YORK (Reuters) – Institutional demand for private credit is propelling capital formation in the US middle market, as a flurry of newly created direct lending platforms enter the mix and existing…
Clock did not run out on FDIC lawsuit versus big banks: U.S. court
NEW YORK (Reuters) – The U.S. government on Thursday won a victory in its effort to hold big banks liable for selling older toxic debt as a divided federal appeals court in New York revived a Federal…
Widening U.S. money fund spread sets stage for $400 billion shift
BOSTON (Reuters) – The difference in yield between prime and government money market funds has widened by 6 basis points since January, according to data released on Wednesday, in a trend expected to…
Column: How to get the most from Social Security’s survivor benefit
CHICAGO (Reuters) – The opinions expressed here are those of the author, a columnist for Reuters.
Five banks sued in U.S. for rigging $9 trillion agency bond market
NEW YORK (Reuters) – Five major banks and four traders were sued on Wednesday in a private U.S. lawsuit claiming they conspired to rig prices worldwide in a more than $9 trillion market for bonds…
U.S. bank stocks rally on hawkish Fed
NEW YORK (Reuters) – Bank stocks were the standout winners on Wednesday from the Federal Reserve’s unexpectedly firm signal that its next rate hike could be just weeks away, a prospect that could…
Be wary if your mutual fund manager also runs hedge funds: James Saft
(James Saft is a Reuters columnist. The opinions expressed are his own)
Longtime Mason Hill hedge fund partners Strong and Fieler split
NEW YORK (Reuters) – William Strong has left Mason Hill Advisors, the hedge fund firm he founded in 1986, according to a filing with the U.S. Securities and Exchange Commission.
MGT Capital shares dive after run-up fueled by John McAfee
SAN FRANCISCO (Reuters) – MGT Capital Investments lost a third of its value on Wednesday, putting the brakes on a 1,000-percent surge in the fantasy sports company’s shares that started eight days…
Activist investor heavyweights form new lobbying arm
NEW YORK (Reuters) – A group of activist hedge funds have formed a new lobbying arm in an effort to promote the benefits of shareholder activism across the U.S. economy.
More than 25,000 Madoff victims now eligible for $4 billion fund
NEW YORK (Reuters) – The overseer of a $4 billion U.S. Department of Justice fund for victims of Bernard Madoff’s Ponzi scheme said he expected to recommend payouts for at least 25,280 claimants with…
Hedge fund Saba Capital pulls in fresh cash as returns climb in 2016
BOSTON (Reuters) – Boaz Weinstein’s hedge fund Saba Capital has been pulling in new money this year even as many rival investors are being asked to return cash to their clients.
Investors pull more money from U.S. stock funds: ICI
NEW YORK (Reuters) – Investors withdrew money from U.S.-based stock mutual funds for the ninth straight week, Investment Company Institute data showed on Wednesday, reflecting skepticism about the…
FINRA fines Raymond James $17 million for violating anti-money laundering rules
(Reuters) – Wall Street’s industry-funded watchdog has fined Raymond James Financial Inc $17 million for widespread failures in anti-money laundering compliance, the regulator said on Wednesday.
Libya sovereign fund case versus SocGen back in UK court on May 19
LONDON (Reuters) – A dispute between Libya’s $67 billion sovereign wealth fund and Societe Generale over alleged bribes paid to the company of a middleman linked to the Gaddafi family will be back in…
Schonfeld commits $100 million to tech hedge fund launch
NEW YORK (Reuters) – Trading magnate Steven Schonfeld is backing a new hedge fund firm with at least $100 million, according to two people familiar with the situation.
Activist Livermore wants board changes at Entertainment One
TORONTO (Reuters) – U.S. hedge fund Livermore Partners wants Entertainment One Ltd to add directors with more industry and financial expertise, the fund’s top executive said on Tuesday, in its latest…
Morgan Stanley CEO sticks by performance target in tough questioning
PURCHASE, N.Y. (Reuters) – Morgan Stanley Chief Executive James Gorman on Tuesday stood by his intention to reach a key performance target after facing sharp questions from an analyst about whether…
Searching for real growth, U.S. companies turn to virtual reality
NEW YORK (Reuters) – A growing number of U.S. companies are counting on virtual reality for real profits.
CEOs get 335 times what average worker makes: unions
BOSTON (Reuters) – Chief executive officers of S&P 500 companies on average made 335 times more money than the average rank-and-file worker last year, down from a multiple of 373 in 2014, according…
JPMorgan shareholders endorse pay for top executives
(Reuters) – Shareholders of JPMorgan Chase & Co approved 2015 compensation packages for CEO Jamie Dimon and other top executives, and re-elected the bank’s board at its annual general meeting on…
Lower bonuses, more job cuts in store for Wall Street in 2016: study
(Reuters) – Job cuts and constrained hiring are expected to continue on Wall Street in 2016, with bonuses likely to be lower than in 2015 due to difficult market conditions, according to a study by…
Soros Fund Management doubles bet against the S&P 500 in first quarter
NEW YORK (Reuters) – Billionaire investor George Soros, who has been warning that the 2008 financial crisis could be repeated due to China’s economic slowdown, on Monday disclosed his doubled wager…
Top U.S. investors divided on energy shares in first quarter
NEW YORK (Reuters) – Top U.S. investors’ plays on energy stocks diverged in the first quarter, with some cutting stakes and others increasing, as oil prices seesawed and roiled shares in the sector.
Chinese investment in U.S. real estate tops $300 billion: study
NEW YORK (Reuters) – Chinese investment in the U.S. real estate market has surpassed $300 billion and is growing despite China’s economic weakness and increased currency controls, the authors of a…
Paulson & Co cuts stake in gold ETF: 13F filing
(Reuters) – Hedge fund Paulson & Co cut its stake in the gold-backed exchange-traded fund SPDR Gold Trust in the first quarter of 2016, a filing with the U.S. Securities and Exchange Commission…
Investors made bets on Allergan just weeks before deal collapsed
BOSTON (Reuters) – Hedge funds, including Baupost Group, Davidson Kempner Capital Management and Magnetar Financial, made investments in Allergan Plc during the first quarter, betting that the…
Regulatory filings show which Valeant investors exited in first quarter
BOSTON (Reuters) – Some of Valeant Pharmaceuticals International Inc.’s most loyal supporters lost hope during the first quarter and either exited the embattled company or significantly cut back…
Funds rushed back into gold as prices surged in first quarter: 13F filings
(Reuters) – Billionaire financier George Soros and other big investors have returned to gold for the first time in years, U.S. Securities and Exchange Commission filings showed on Monday, a move…
UBS Americas wealth unit partners with robo-adviser SigFig
(Reuters) – UBS Group AG’s Americas wealth unit is partnering with online financial advisor SigFig Wealth Management to develop technology and investment tools for the Swiss bank, UBS said on Monday.
Colony Capital seeks cross-border opportunities in China
BEIJING (Reuters) – Colony Capital Inc, the private equity firm founded by U.S. real estate tycoon Thomas Barrack, is scouting cross-border opportunities with Chinese institutional investors, even as…
Major global hedge fund manager Bridgewater opens China unit
SHANGHAI (Reuters) – Bridgewater Associates, one of the world’s largest hedge fund managers, has set up an investment management unit in China, according to registration details on a Chinese…
Albemarle exploring sale of unit worth $3 billion: Bbg
The Chemetall unit is a global supplier of specialty chemicals used in surface treatment of metals and plastics.
Dan Loeb’s Third Point adds 700,000 shares of Alphabet: filing
NEW YORK (Reuters) – Dan Loeb’s hedge fund Third Point LLC bought more than a half a million Class A share position of Google parent Alphabet Inc, according to a Securities and Exchange Commission…
Dalio’s Bridgewater Associates dumps Amazon.com, Coca-Cola: filing
New York (Reuters) – Ray Dalio’s Bridgewater Associates hedge fund firm sold off its stakes in Amazon.com Inc, Coca-Cola Inc, and Gap Inc during the first quarter and added new stakes in Alphabet Inc…
David Tepper’s Appaloosa bought and sold Valeant shares in first quarter
NEW YORK (Reuters) – David Tepper’s hedge-fund firm Appaloosa bought nearly 1 million shares in Valeant Pharmaceuticals International Inc in the first three months of 2016, according to regulatory…
Exclusive: N.Y. regulator subpoenas ‘contract for deed’ lenders – source
(Reuters) – New York’s financial regulator sent subpoenas on Friday to two units of Apollo Global Management, LLC, New York Mortgage Trust and Battery Point Financial for details about…
UBS urges judge not to hold it liable for mortgage bond losses
NEW YORK (Reuters) – UBS AG urged a U.S. judge on Friday to reject claims that it should be held liable for $2 billion in losses that investors incurred on mortgage-backed securities issued before…
Humbled hedge fund managers acquiesce to clients at Vegas confab
LAS VEGAS (Reuters) – Swaggering hedge fund managers, long known for ignoring client complaints during years of strong performance, are trying something new: listening.
Hoplite Capital’s Lykouretzos says shorting American Airlines shares
LAS VEGAS (Reuters) – John Lykouretzos, who runs New York-based hedge fund firm Hoplite Capital Management, said on Thursday that the firm is shorting American Airlines Group Inc as it is the “most…
Investors pull $6.1 billion from U.S.-based stock funds
NEW YORK (Reuters) – Investors pulled $6.1 billion from U.S.-based stock funds during the week that ended May 11, Lipper data showed on Thursday, a result that adds to the funds’ record of mostly…
Former Merrill CEO Dan Tully dies at 84
(Reuters) – Dan Tully, who was chief executive of Merrill Lynch from May 1992 to April 1997, died Tuesday, Bank of America Corp spokeswoman Sue McCabe said on Thursday.
DoubleLine’s Gundlach sees ‘some rebellion’ from Fed hawks
NEW YORK (Reuters) – Jeffrey Gundlach, the chief executive of DoubleLine Capital, said on Thursday that the Federal Reserve will be challenged to raise interest rates this year.
Sachem Head Capital Management drops position in Zoetis Inc
LAS VEGAS (Reuters) – Scott Ferguson said on Thursday that his hedge fund firm Sachem Head Capital Management had exited its position in the stock of animal healthcare company Zoetis Inc earlier this…
Your Money: How to buy a house you have not seen first
NEW YORK (Reuters) – For people who are relocating and cannot visit a property in person, technology has made the hurry-up buying process so comfortable that 21 percent of homebuyers say they have…
LPC: Secondary loan market benefits from declining volatility
NEW YORK (Reuters) – Declining volatility in the loan market has made the buying and selling of secondary paper easier, though higher-quality loan names are still in high demand and are experiencing…
LPC: Loan market pushes forward to cut settlement times
NEW YORK (Reuters) – Participants in the $880 billion leveraged loan market are taking a multi-prong approach to cutting the time it takes to complete a loan trade as regulators warn that long delays…
LPC: Prolonged Fed rate hike wait discourages loan fund buyers
NEW YORK (Reuters) – Retail investors will keep dragging their heels before returning as consistent buyers of floating-rate loan funds, now that surprisingly weak U.S. jobs growth has further…
Your Money: Can comic books teach kids money smarts?
NEW YORK (Reuters) – It’s a bird, it’s a plane, it’s a … financial planner?
Column: Threatened U.S. pensions safe for now – but what comes next?
CHICAGO (Reuters) – The opinions expressed here are those of the author, a columnist for Reuters.
Hedge fund investors hold steady despite unsettled markets: SS&C GlobeOp
LONDON (Reuters) – Hedge fund investors held on in April despite a weak first quarter in which funds lost 0.63 percent, according to SS&C GlobeOp data, although other data providers reported big…
Insurers shun risk as oil-linked quakes soar in Oklahoma
OKLAHOMA CITY (Reuters) – As the number of earthquakes in Oklahoma exploded into the hundreds in the last few years, nearly a dozen insurance companies moved to limit their exposure, often at the…
Billionaire stock picker Cooperman gives his recommendations in Las Vegas
LAS VEGAS (Reuters) – Billionaire investor Leon Cooperman, who has steadfastly forecast that U.S. stocks will move higher, on Wednesday said his hedge fund firm Omega Advisors is betting on Tetragon…
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