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| The Independent <info@emails.independent.co.uk> | 31. srpnja 2015. u 13:11 | |
Odgovor prima: The Independent <info.TP4YX5.327832@emails.independent.co.uk>
Prima: tokic.stjepan719@gmail.com
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FRIDAY, JULY 31, 2015TODAY'S TOP HEADLINES | ||||||||||||||||||||
M & A Liberty Global Increases Its Stake in British Broadcaster ITVINVESTMENT BANKING Lloyds Profit Rises Despite $2.2 Billion Provision for Loan CustomersPRIVATE EQUITY PAI Partners to Sell Swissport International for $2.8 BillionVENTURE CAPITAL Thrive Market Gets $30 Million InvestmentLEGAL/REGULATORY Shares in Mainland China End Worst Month in 6 Years | ||||||||||||||||||||
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BY AMIE TSANG
SUPREME COURT ASKED TO REVIEW INSIDER TRADING CASE Preet Bharara, the United States attorney in Manhattan, will get one more chance to preserve his near-perfect record in insider trading prosecutions, Alexandra Stevenson and Matthew Goldstein report in DealBook. Mr. Bharara persuaded the Justice Department to ask the Supreme Court to review an appellate court ruling that narrowed the definition of insider trading and overturned the convictions of two hedge fund managers.
Anthony Chiasson, a co-founder of Level Global Investors, and Todd Newman, a former portfolio manager at Diamondback Capital Management, were convicted in 2012 of conspiring with six others to illegally trade technology stops, reaping $70 million. After the convictions were overturned, Mr. Bharara argued for months that it would make it more difficult for federal prosecutors to pursue insider trading cases in the future and could open the door to more rogue trading on Wall Street. Under the ruling, prosecutors have to show, among other things, that a person passing an inside tip expected to receive something "of some consequence" in return. The ruling was a major setback for Mr. Bharara, whose office secured over 80 convictions in a multiyear crackdown on insider trading. The United States Court of Appeals for the Second Circuit also rejected his request to reconsider the ruling. The move to appeal to the Supreme Court is seen by many legal analysts as a bit of a gamble because the high court could agree to take on the case and enshrine the appellate court decision as the law of the land. Some lawyers also think the Justice Department would be better off not doing it because federal judges, even ones in New York, would eventually start to whittle away at the appellate ruling and bring it more in line with the previous definition of insider trading.
SOULCYCLE GOES PUBLIC SoulCycle is betting on investors showing as much enthusiasm for their stock as their customers do for their classes by filing for an initial public offering, Michael J. de la Merced reports. The fitness company is hoping to take advantage of a growing interest in workouts, and particularly boutique classes. Its classes generally start at $30 each, unlike the ultra-low-cost charges at Planet Fitness, which is also pursuing a public listing.
SoulCycle has grown from a 31-bike studio in Manhattan nine years ago to 38 studios in seven cities, primarily in New York City and Southern California. It has ambitions to add up to 250 locations across the country. It has also hinted at plans to move beyond studio workouts to selling content to an audience at home. The company has fiercely devoted customers, which has helped keep advertising costs down as it continues to rely on the power of word of mouth. This hasn't hurt growth either. In 2014, it earned $25.3 million - twice as much as 2013 - and revenue rose to $112 million from $75.3 million in 2013.
NBCUNIVERSAL SAID TO BE NEAR BUZZFEED AND VOX INVESTMENT NBCUniversal is poised to invest in BuzzFeed and Vox, according to executives with knowledge of the negotiations, Emily Steel reports in The New York Times. The film and television group wants toappeal to younger viewers who are abandoning traditional media.
NBCUniversal, which is owned by Comcast, is close to channeling $250 million into BuzzFeed, known for its trending quizzes and lists, avaluation of about $1.5 billion. NBCUniversal is also in talks to invest an unknown sum in Vox Media, the home of sites that include SB Nation, The Verge and Vox.com, at a valuation of about $850 million. Representatives from all three organizations have declined to comment but one executive said the deals would probably be announced in the coming weeks. The news was first reported by ReCode, which is owned by Vox Media. Valuations for digital media outlets have soared in the last year as traffic grows and legacy media companies have become increasingly eager to reach a younger audience. 21st Century Fox and A&E Television Networks have backed Vice Media, known for its gritty take on news and entertainment, while Axel Springer, the large European publishing house, invested $25 million in Business Insider.
ON THE AGENDA ExxonMobil's presentation of its earnings for the second quarter starts at 9:30 a.m. Chevron holds a conference call on its second-quarter earnings at 11 a.m. The Bureau of Labor Statisticsreleases the latest employment cost data at 8:30 a.m. The latestUniversity of Michigan consumer confidence survey is released at 10 a.m.
TAXING GORDON GEKKO Hillary Clinton is three decades behind,Victor Fleischer writes in the Standard Deduction column. The story today is asset management, not corporate raiders.
When Mrs. Clinton proposed raising capital gains tax rates on investments held for less than six years, her speech spun a narrative about "cut and run" investors, bringing to mind the stereotype of Gordon Gekko, the character played by Michael Douglas in "Wall Street." But the ways that investments are made through financial intermediaries make the capital gains tax an unwieldy instrument for shaping corporate behavior, Mr. Fleischer argues. Asset managers are generally evaluated on a pretax basis, so they don't pay close attention to investor-level taxes. Many investors are also tax-exempt: Private equity funds raise money from institutional investors like pension plans, university endowments, the majority of which are tax-exempt. Carried interest, a major part of the fund manager's compensation, typically 20 percent of profits, is calculated without taking investor-level taxes into account. On top of this, the average holding period for private equity is about five years. Under Mrs. Clinton's plan, the rate on such investments would be just 4 percent higher than current law. Mr. Fleischer argues that managers of activist hedge funds, mutual fund managers and middle-class investors are all unlikely to respond to the tax change. He suggests that if Mrs. Clinton wants to address private equity short-termism, a better approach would be to increase the tax rate on dividends equal to the ordinary income rate. Fund managers often load up a company with debt and use the cash to pay out a quick dividend.
Contact amie.tsang@nytimes.com
MERGERS & ACQUISITIONS »
Liberty Global Increases Its Stake in British Broadcaster ITV No financial details were provided about the deal, but current market prices would put it at almost $600 million.
WPP and Providence Agree on Chime Deal for 374 Million Pounds The deal for Chime, founded by Margaret Thatcher's former media adviser Lord Bell, marks a premium of 33 percent.
SunGard Is Said to Be in Sale Talks With Fidelity National Information A sale - at more than $8 billion - would provide a faster exit for the company's private equity owners than an initial public offering of stock.
Breakingviews: Whiff of Dot-Com Fever in Delphi Deal The auto parts supplier is paying $1.7 billion for a British maker of "bundle management solutions." The logic does not justify the 45 percent premium.
INVESTMENT BANKING »
Lloyds Profit Rises Despite $2.2 Billion Provision for Loan Customers The British bank had previously set aside about $18.7 billion to compensate consumers who were improperly sold a loan insurance product.
BNP Paribas's Profit in 2nd Quarter Is Bolstered by Investment Bank Revenue Results were dragged down at France's biggest bank last year by a huge settlement for doing business with countries facing American sanctions.
Lazard Hires a Telecommunications Deal Maker From CitigroupEric Medow joins the investment bank from Citigroup.
Wells Fargo to End Some Marketing Ties With Home Builders and Brokers The bank said it was ending agreements with firms in the real estate industry, such as builders, that allowed it to market loans to home buyers.
Elizabeth Warren's Crusade to Separate Investment and Commercial Banks The idea of breaking up big banks is again gathering steam, but the real problem is that bankers don't have enough skin in the game, William D. Cohan writes in the Street Scene column.
Book Entry: Jacob Fugger and the Renaissance Superrich A new biography of a German banker who lived at the turn of the 16th century draws parallels with the wealthy and powerful of our time.
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PRIVATE EQUITY »
PAI Partners to Sell Swissport International for $2.8 Billion The European private equity firm agreed to sell the air cargo services company to HNA Group, the owner of Hainan Airlines.
VENTURE CAPITAL »
Thrive Market Gets $30 Million Investment Food-related businesses have gobbled up record amounts of venture capital in recent quarters and the sector shows no sign of slowing with this latest investment in the health food delivery company.
Uber to Invest $1 Billion in India to Expand Services Uber will invest $1 billion in India in the next nine months, as the online taxi-hailing company looks to expand its services in its biggest market outside the United States.
LEGAL/REGULATORY »
Shares in Mainland China End Worst Month in 6 Years The main indexes in Shanghai and Shenzhen finished July with declines of 14.3 percent each, despite government intervention in the markets.
Compliance Counsel to Help Justice Department Assess Prosecution Targets The department is hiring a compliance counsel who will help prosecutors determine whether companies facing corruption allegations are victims of rogue employees or willfully blind.
Deutsche Bank Did Not Archive Chats Used by Employees Tied to Libor After reaching a $2.5 billion settlement over interest rate rigging, Deutsche Bank told regulators its disclosures may have been incomplete because it failed to archive electronic chats involving its employees, The Wall Street Journal reports, citing people familiar with the matter.
Federal Reserve Denies Credit Union for CannabisThe credit union, which has the backing of Colorado's governor, fired back by filing a lawsuit in federal court against the Fed, demanding "equal access" to the financial system.
In Britain, Ex-Rabobank Trader Barred From Industry in Libor Scandal Lee Stewart, who left the Dutch lender in 2009, pleaded guilty to a criminal conspiracy charge in the United States in March.
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