Wall Street Bets on Bond Revival in Trader Hiring Spree (Bloomberg)
Wall Street firms are starting to bet on an end to the profit-eroding boredom in credit markets by building out their trading desks. Nomura Holdings Inc. has added 10 to its U.S. corporate debt team this year, an increase of about 10 percent, and plans to expand further, according to Michael Guarnieri, the bank’s global head of credit products in New York. The latest hires are high-yield debt traders Daniel Frommer and James Incognito, who joined this month.
Cocaine Sales to Boost Italian GDP in Boon for Budget (Bloomberg)
Italy will include prostitution and illegal drug sales in the gross domestic product calculation this year, a boost for its chronically stagnant economy and Prime Minister Matteo Renzi’s effort to meet deficit targets. Drugs, prostitution and smuggling will be part of GDP as of 2014 and prior-year figures will be adjusted to reflect the change in methodology, the Istat national statistics office said today. The revision was made to comply with European Union rules, it said.
Colorado cracks down on edible pot products (CNBC)
The new regulations add to the long list of costs for retail marijuana sellers, said Jamie Lewis, COO of marijuana dispensary and edible pot company Good Chemistry. The fresh laws prohibit edible pot products from containing more than 10 milligrams of THC per serving, and they require packaging noticeably different from regular foods on such products. The new rules, however, bring in more business for CannLabs, a company that tests cannabis products in Denver. CannLabs CEO Genifer Murray told CNBC that revenue has skyrocketed at her testing lab, but that the company still gets rebuffed by waste removal companies and other labs for being involved in the marijuana industry. “Shame on them,” Murray said. “It’s going to be a billion-dollar industry.”
Is the Hard-Nosed Boss Obsolete? (WSJ)
When bosses simply have to get things done, yelling at subordinates or glaring at them can be OK, depending on the company culture, and is among the “array of techniques that you use as a manager,” Prof. Sutton says. Genuine jerks have been mostly culled from the ranks of corporations in recent years, in part because it is harder to get away with truly bad behavior, he says, adding, “the a—holes among us are getting more skilled, and the ones we are left with are being more subtle about it.” Some companies take formal stands against jerks. A slideshow presentation on corporate culture posted online by Netflix Chief Executive Reed Hastings declares that the company doesn’t need “brilliant jerks.” Though tolerated at some companies, he writes, Netflix believes their “cost to effective teamwork is too high.”
Rob Ford lets rehab friend use SUV, drunk driving happens (NYP)
The generous politician lent his black Cadillac Escalade to his rehab buddy LeeAnne McRobb, 36, and she wound up getting arrested Tuesday for alleged DWI in the SUV, the Toronto Sun reports. McRobb was a fellow resident at the GreenStone Muskoka treatment center, sources told the Sun. She refused to explain why she was driving the disgraced politician’s car when confronted by two reporters at the impound lot in Gravenhurst, Ontario. “It doesn’t matter. That’s for me to know,” she said in one of two videos posted on YouTube by MooseFM Wednesday. “You guys don’t need to know.”
JD.com Founder Liu’s Wealth Surges to $6.1 Billion on IPO (Bloomberg)
JD.com’s initial public offering was the biggest ever for a Chinese Internet company in the U.S., according to data compiled by Bloomberg. The Beijing-based company sells products such as home appliances, books and clothes to more than 47 million customers. It uses a business model similar to billionaire Jeff Bezos’s Amazon.com, managing inventory and selling directly to consumers.
Ressler preparing to bid on Clippers: source (NYP)
Private equity billionaire Antony Ressler is prepping a bid for the Los Angeles Clippers, two sources told The Post. Ressler, who owns the $74 billion Ares Management, is a longtime friend of Clippers owner Donald Sterling, sources said. While Ressler’s interest in bidding for the team was not previously known, he is “going to be aggressive” about making a bid, said a person familiar with the situation.
Prosecutor Sorry For Facebook Post Telling ‘Crack Hoes’ To Tie Their Tubes (AP)
Kenneth Lewis, an assistant state attorney for Orange and Osceola County, said that he “used a poor choice of words” and apologized to anyone who took offense to his Facebook comments earlier this month. Lewis said he thought that his posts from May 11 and May 6 were only to his friends network on the social website, and not visible to the general public. He said he doesn’t believe his comments affect his ability to be an impartial prosecutor.