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Ambow setback teaches Baring a lesson in China investing
By Matthew Miller and Stephen Aldred June 18 | Tue Jun 18, 2013 12:45am EDT June 18 (Reuters) - Baring Asia Private Equity, with $5 billion in assets under management, has a reputation as one of the savviest investors in China. But the Hong Kong-based firm is now sitting on an $43 million paper loss from a $57 million investment in New York Stock Exchange-listed Ambow Education ...
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U.S. target-date fund assets hit $503 bln in 2012 -BrightScope
By Trevor Hunnicutt NEW YORK, June 18 | Tue Jun 18, 2013 12:00am EDT NEW YORK, June 18 (Reuters) - Target-date funds saw 20 percent growth in assets last year as more companies encouraged employees to funnel money into these all-in-one retirement vehicles, according to data released on Tuesday by BrightScope, a 401(k) data provider. Boosted by a higher stock market, target-date funds ...
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FOREX-Dollar hovers above 2-month low vs yen Aussie down on RBA
Mon Jun 17, 2013 11:08pm EDT * Market nervous ahead of Fed signals on stimulus * Dollar/yen outlook tied to stocks, rather than U.S. bond yields * U.S. CPI in focus ahead of Fed's meeting on Tues-Wed * Aussie drops after dovish RBA minutes By Hideyuki Sano TOKYO, June 18 (Reuters) - The U.S. dollar hovered above a two-month low against the yen on Tuesday but struggled to extend gains on ...
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Obama says Bernanke has stayed a lot longer than he wanted at Fed
By Steve Holland WASHINGTON | Mon Jun 17, 2013 11:01pm EDT WASHINGTON (Reuters) - President Barack Obama hinted in an interview aired on Monday that he may be looking for a new chief of the U.S. Federal Reserve Bank, saying current Chairman Ben Bernanke has stayed a lot longer than he had originally planned. Obama, speaking to Charlie Rose, host of a PBS interview program, compared ...
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Nikkei turns down as market wary ahead of Fed outcome Sony gains
* Nikkei falls 0.7 pct, Topix down 0.3 pct * Trading remains volatile as focus turns to Fed outcome * Sony rises after hedge fund ups stake, presses spin-off By Dominic Lau TOKYO, June 18 (Reuters) - Japan's Nikkei average reversed early gains on Tuesday, underscoring the volatility that has roiled the market lately, as investors awaited the outcome of a Federal Reserve meeting for clues on ...
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Ohio day-care operator allegedly gave kids medicine-laced pancakes
An Ohio day-care operator fed children in her care pancakes laced with medication to make them drowsy, authorities allege. Caterpillar Clubhouse owner Tammy E. Eppley, 37, of Westerville is charged with six counts of endangering children, The Columbus Dispatch reported Monday. Police allege Eppley mixed various medications and supplements, including melatonin and antihistamine allergy ...
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The Wolf on Wall Street Trailer Shows Leonardo DiCaprio Rolling in Mega-Wealth Debauchery
(Paramount Pictures/YouTube) The newly-released trailer for ';The Wolf of Wall Street,'; starring Leonardo DiCaprio, gives a first glimpse at Martin Scorsese’s new crime thriller about the wealth of Wall Street moguls in the ...
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JGBs edge up as equities wilt 20-year sale awaited
TOKYO, June 18 | Mon Jun 17, 2013 10:33pm EDT TOKYO, June 18 (Reuters) - Japanese government bonds edged higher on Tuesday as equities erased early gains, though moves were small as the market positioned for this session's offering of 20-year debt and awaited the outcome of this week's U.S. Federal Reserve meeting. * The Fed will hold a regular meeting on Tuesday and Wednesday ...
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Federal Reserves communication plan is backfiring
Federal Reserve Chairman Ben Bernanke speaks during a news conference in Washington, Wednesday, March 20, 2013, following the Federal Open Market Committee ...
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Dollar rises against most currencies as Fed policy meeting nears
The US dollar rose against major currencies except the euro Monday on speculation that the Federal Reserve may curtail its stimulus program.On the economic front, manufacturing activity in the New York region improved modestly in June, showed a survey released Monday by the Federal Reserve Bank of New York.The general business conditions index rose 9 points to 7.8 after dipping into negative ...
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Wall Street starts week higher on upbeat manufacturing activity
US stocks opened higher on Monday on a strong note after a slide last week, boosted by a better-than-expected manufacturing activity index in the New York area and a rebound in stocks across the world.The June Empire State Manufacturing Survey indicated that conditions for New York manufacturers improved modestly, according to the Federal Reserve Bank of New York. The general business conditions ...
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Sprint Files Lawsuit Against DISH Network Corporation and Clearwire Corporation Citing the Illegality of the DISH Tender Offer for Clearwire
OVERLAND PARK, Kan. -- (BUSINESS WIRE) -- Sprint (NYSE:S) announced today that it has filed a complaint in the Delaware Court of Chancery against DISH Network Corporation (NASDAQ:DISH) and Clearwire Corporation (NASDAQ: CLWR) asking the Court to prevent the consummation of the DISH tender offer for Clearwire. Sprint believes the transaction violates Delaware law and the rights of both ...
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End of the Road for Asian Currencies
Asian currencies have been battered lately by talk of the U.S. Federal tapering its massive stimulus program and analysts expect the pummeling to continue as other major drivers that led the currencies to appreciate now face pressure. On top of funds flowing out of Asia on worries about the Fed unwinding its asset-purchase program, Citi Research expects sovereign risk ...
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UPDATE 1-Tim Hortons faces pressure from another activist investor
Mon Jun 17, 2013 9:47pm EDT TORONTO, June 17 (Reuters) - Restaurant chain Tim Hortons Inc, which recently outlined plans to address the concerns of activist investor Highfields Capital, now faces pressure from another such investor. U.S. hedge fund Scout Capital Management disclosed on Monday that it has raised its stake in the Canadian chain to 5.5 percent, up from about 1.5 percent as of the ...
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AIRSHOW-U.S. arms companies see rising foreign demand
By Andrea Shalal-Esa PARIS, June 18 | Mon Jun 17, 2013 9:43pm EDT PARIS, June 18 (Reuters) - U.S. arms makers see rising foreign demand for fighter jets, missile defense systems and other weapons as countries modernise their forces and U.S. officials, facing tighter budgets, encourage allies to invest more in intelligence gathering and aerial refueling equipment. U.S. Air Force arms ...
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Nikkei rises on track for longest winning run since May 23 selloff
* Nikkei and Topix both up 0.6 pct * Sony rises after hedge fund ups stake, presses spin-off By Dominic Lau TOKYO, June 18 (Reuters) - Japan's Nikkei rose on Tuesday, heading for a third straight day of gains, which will mark its longest winning run since a sharp selloff on May 23, underpinned by hopes the Federal Reserve will reinforce its commitment to support the U.S. economy. Sony Corp ...
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UPDATE 1-Third Point raises Sony stake presses for entertainment spin-off
Mon Jun 17, 2013 9:04pm EDT TOKYO, June 18 (Reuters) - New York-based hedge fund company Third Point said it had raised its stake in Japan's Sony Corp and asked for an opportunity to present its proposal to Sony's board for a partial spin-off of the company's entertainment unit. The move comes after Third Point, a $13 billion hedge fund founded by billionaire investor Daniel Loeb, ...
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Wall St. waiting on Bernankes words
Photo credit: Chairman Ben Bernanke (Getty) Since the U.S. economic recovery began, the Federal Reserve has emerged as the biggest power player on Wall Street, with investors hanging on to every comment made by Fed Chairman Ben Bernanke and his team. How powerful is the Fed? After recent comments from Bernanke that his agency might soon start to taper its easy-money policies over the next few ...
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FEATURE-Flush with orders aerospace industry retools for future
Mon Jun 17, 2013 8:55pm EDT * Boeing increased 737 production rates 60 percent * Airbus has cut plane assembly time 30 percent * GE testing 3-D printers to make better engine parts, faster By Alwyn Scott PARIS, June 18 (Reuters) - As airplane makers gathered outside Paris to show off their newest high-tech jetliners on Monday, a less-heralded technology story was unfolding back home on the ...
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Hedge fund manager used postal box to hide $6 million fraud Feds say
CHICAGO/SAN FRANCISCO (Reuters) - A North Carolina hedge fund manager used a personal post-office box and forged bank statements to hide his theft of about $6 million over a seven-year period, U.S. regulators and prosecutors said on ...
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UPDATE 2-Sprint sues Dish Clearwire as key deadline looms
Mon Jun 17, 2013 9:22pm EDT * SoftBank, Dish seek to buy Sprint * Sprint, Dish seek control of Clearwire * Lawsuit filed in Delaware Chancery Court By Jonathan Stempel and Sruthi Ramakrishnan June 17 (Reuters) - Sprint Nextel Corp on Monday said it has sued Dish Network Corp to block its tender offer for Clearwire Corp, on the eve of a key deadline in a takeover battle that also includes ...
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Sprint files lawsuit against Dish and Clearwire
(Reuters) - Sprint Nextel Corp has filed a lawsuit against Dish Network Corp and Clearwire Corp to prevent the completion of Dish's offer for Clearwire's shares.The lawsuit details how Dish has "repeatedly attempted to fool Clearwire's shareholders into believing its proposal was actionable in an effort to acquire Clearwire's spectrum and to obstruct Sprint's ...
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Starboards battle with Smithfield over China-deal adds to activist image
By Nadia Damouni and Olivia Oran NEW YORK, June 17 | Mon Jun 17, 2013 7:56pm EDT NEW YORK, June 17 (Reuters) - Since Starboard Value LP was spun off as a separate hedge fund just over two years ago it has been fast gaining a reputation for aggressive shareholder activism, pushing for change in household names including AOL and Office Depot Inc. Initially investing in small cap value ...
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UPDATE 1-JCI looks to private equity to sell auto electronics unit -sources
Mon Jun 17, 2013 7:55pm EDT * Buyout interest among rival auto suppliers has waned - sources * Delphi was interested, but no longer pursuing a deal- sources * Electronics unit may fare better under private equity- analyst By Soyoung Kim and Deepa Seetharaman NEW YORK/DETROIT, June 17 (Reuters) - Johnson Controls Inc is speaking to private equity firms about selling its roughly $1 billion ...
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EMERGING MARKETS-Brazil stocks hurt as Batistas OGX MMX tumble
* By Asher Levine and Danielle Assalve SAO PAULO, June 17 (Reuters) - Brazilian stocks fell on Monday, dragged down by a decline in shares of oil producer OGX and mining company MMX, both controlled by billionaire Eike Batista, whose holdings have suffered a sharp sell-off this year. OGX declined 15.46 percent, while MMX dropped 14.38 percent, pulling the Bovespa stock index 0.49 percent into ...
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