By Chris Witkowsky NEW YORK, March 8 (Reuters-peHUB) - The auction of JP Morgan Chase's private equity business, One Equity Partners, in the market since at least November, has hit an impasse, according to three people with knowledge of the situation. A spokesperson for JP Morgan Chase declined to comment. The bank announced last July it was spinning off One Equity, its last remaining private equity operation, because the unit was not core. JP Morgan Chase was not under regulatory pressure to sell: One Equity would not be affected by the Dodd-Frank financial reform law, which restricts the ability of bank holding companies to own and operate private equity groups, sister news service Reuters reported last year.
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That bet has helped equities shrug off bearish data and geopolitical uncertainties in Ukraine, taking the S&P 500 to a series of record highs. "We're hoping the payroll report means we're on a stronger footing going ahead and that we can get more robust growth going forward," said Michael Mullaney, chief investment officer of Fiduciary Trust Co in Boston.
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By Alwyn Scott and Tim Hepher NEW YORK (Reuters) - Boeing Co said on Friday that "hairline cracks" had been discovered in the wings of about 40 787 Dreamliners that are in production, marking another setback for the company's newest jet. The cracks have not been found on planes that are in use by airlines and therefore pose no safety risk, Boeing said, adding the problem also will not alter Boeing's plans to deliver 110 787s this year. However, Boeing said the cracks, which also occurred on the larger 787-9 model currently undergoing flight tests, could delay by a few weeks the date when airlines can take delivery of their new planes. The disclosure raised questions about repair costs and a possible minor increase in the weight of the plane, but did not seem to spell major trouble for Boeing, industry experts said.
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By Lucia Mutikani WASHINGTON (Reuters) - U.S. job growth accelerated sharply in February despite the icy weather that gripped much of the nation, easing fears of an abrupt economic slowdown and keeping the Federal Reserve on track to continue reducing its monetary stimulus. Employers added 175,000 jobs to their payrolls last month after creating 129,000 new positions in January, the Labor Department said on Friday. The unemployment rate, however, rose to 6.7 percent from a five-year low of 6.6 percent as Americans flooded into the labor market to search for work. "It reinforces the case for the economy being stronger than it's looked for the last couple of months," said Bill Cheney, chief economist at John Hancock Financial Services in Boston.
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By Kevin Yao and Adam Rose BEIJING (Reuters) - China's exports unexpectedly tumbled in February, swinging the trade balance into deficit and adding to fears of a slowdown in the world's second-largest economy despite the Lunar New Year holidays being blamed for the slide. A resilient Chinese economy is good news for the world, particularly for major commodity exporters such as Australia.
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The Shanghai Stock Exchange has secured approvals from regulators to set up an international trading center in the free-trade zone, the chairman of the bourse said on Saturday. The move could pave the way for more foreign investors to tap the world's fourth-largest stock market by capitalization and also for foreign companies to issue shares in the world's second-largest economy. Gui Minjie, chairman of the Shanghai Stock Exchange, said significant progress has been made in recent years allowing Chinese firms to list on overseas markets. However, no foreign companies are allowed to issue shares on Chinese bourses.
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A committee of board directors at Vivendi met on Saturday to review rival offers for telecoms unit SFR and prepare a meeting of the supervisory council possibly at the end of the week, sources close to the matter said. Vivendi is weighing options on how to split its telecoms from its media activities and has given itself until the end of the month to choose between selling the telecoms operator or spinning it off through a flotation as initially planned, sources have told Reuters previously. Another stems from French cable operator Numericable with 11 billion euros in cash and would grant Vivendi a 32 percent stake in the new company, sources said earlier. Vivendi declined to comment.
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Greece and its international lenders will miss a self-imposed March 10 deadline to clinch a deal that will release the next tranche of the country's rescue loans, three senior Greek government sources said late on Friday. Greece and representatives of the European Union (EU) and the International Monetary Fund (IMF) had hoped to conclude the latest review of the country's reform progress under the terms of its international bailout by Monday, when euro zone finance ministers meet in Brussels.
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By Richard Weizel NEW HAVEN, Connecticut (Reuters) - A federal jury on Friday found former Jefferies Group Inc trader Jesse Litvak guilty of defrauding clients on mortgage bond trades made after the financial crisis. Litvak, 39, was convicted on all 15 counts he faced, including 10 of securities fraud. He faced up to 20 years in prison on each securities fraud count. Prosecutors accused Litvak of cheating clients out of more than $2 million between 2009 and 2011 by inflating bond prices, lying about how much Jefferies paid for them and inventing sellers.
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By Barani Krishnan NEW YORK (Reuters) - Famed oil bull Andy Hall's hedge fund rose nearly 8 percent in February in its biggest monthly gain in 2-1/2 years, boosted by a rally in crude oil that could help Occidental Petroleum's chances of selling its stake in the fund. Occidental , which acquired a 20 percent stake in Hall's Connecticut-based Astenbeck fund and trading house Phibro in 2009, said last month it wanted to reduce proprietary trading activities. Oxy, as it is known, has not said anything specific about selling Astenbeck or Phibro, which does some of its proprietary trading, mainly in crude oil and select commodities such as natural gas, platinum and corn.
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KUALA LUMPUR, Malaysia (AP) — Vietnamese air force planes on Saturday spotted two large oil slicks close to where a Malaysia Airlines Boeing 777 went missing earlier in the day, the first sign that the aircraft carrying 239 people had crashed.
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Is your IRA invested in stocks, bonds, mutual funds, and ETFs? Or have you decided to spread your investment horizons a bit, and include some "non-traditional" IRA investments? Since this is the Spring IRA season, which is your last chance to post a tax deduction for 2013, you might consider some alternative investments to diversify your IRA. But, fair warning: Not all investments are allowed inside an IRA. Many are prohibited, including buying a vacation home, artwork, or collectible coins, with your IRA money. And if you make a mistake in your choices, you could face huge penalties - and
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Are there any bears or shorts out there reading this? Are the shorts dead? Does that mean a short-term top is around the corner again?
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Years ago, when I worked in the check processing department of a now defunct Philadelphia bank, I dreamt of one day becoming my own boss while working at home. The bank was an unusually strict sort of workplace. In my case I worked in a small room with my back to a low-level supervisor, an elderly woman, Miss Stiff, who wore a white Mennonite bonnet. Another employee sat a side desk, although he was rarely present. Usually it was just me and Miss Stiff, which meant no talking ever, and no unnecessary breaks or staying out too long for lunch.
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NEW YORK (MarketWatch) -- U.S. companies sold the second most amount of debt on record this week as corporate issuers took advantage of low interest rates to enter the market. Companies such as General ...
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Ellen's selfie stunt produced the most retweeted image of all time! Whether you like the fact that it was a staged product placement is not the point because it was brilliant. What I think is even more brilliant was LG's real time content marketing response suggesting a G2 would have enabled Ellen to take the selfie herself.
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"Exodus on the Parkway," a new 36-page paper on the impact of tax rates on New Jersey's economic health begins by noting that it "does not provide proof or hard evidence that high income or high net worth residents are leaving New Jersey because of high tax rates." (Emphasis added.) It's odd, then, that the report goes on to build a case counter to that finding, implying that New Jersey's wealthy are frequently signing mortgage documents and hiring moving vans in order to pay less in taxes.
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It would be Ayn Rand's dream come true: separate states for rich people and poor people. A proposal to split California into six states, introduced by billionaire investor Tim Draper in December, would formally create state lines between the haves and the have-nots. "You'd be creating one exceptionally wealthy state and others with dire poverty," Corey Cook, a political science professor at the University of San Francisco, said to The Huffington Post. "You'd create massive inequality. ...
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Summary: • Samsung Telecommunications America (Samsung Mobile) introduced Milk Music™, a new, free and ad-free radio service. • Milk Music powered by Slacker is available now exclusively for Galaxy consumers to download on Google …
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One of the saddest truths about the so-called economic recovery is that the middle-class jobs lost in the recession are being replaced by low-paying ones. But the even sadder truth is that the situation isn't going to improve for a while. Over the next decade, a significant number of the fastest-growing jobs in America will be in low-wage sectors, according to projections by the Bureau of Labor Statistics. ...
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Could San Francisco's economy make a case for Obama's proposed minimum wage hike? New research suggests that the city's decision to raise the minimum wage above federal standards a decade ago has paid off and may be a model for change at the federal level. Published as a book by University of California, Berkeley economists in January, "When Mandates Work: Raising Labor Standards at the Local Level" takes aim at one of the main arguments levied against raising the national minimum wage from $7.25 to Obama's proposed $10. ...
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General Electric raised $3 billion in a sale of new debt Thursday, stocking its coffers while rates are low.
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Obamacare has not yet turned America into a nation of part-time workers, as many of its strongest critics have long said it would. In fact, the opposite seems to be happening, according to new government numbers published Friday: The number of part-time jobs is actually shrinking, and full-time jobs are being created instead. Specifically, the number of part-time workers in the U.S. fell in February to about 27.3 million, the Bureau of Labor Statistics reported on Friday. That number is down by about 300,000 since March 2010, when the Affordable Care Act, aka Obamacare, became law. ...