Barclays to Exit Most Commodities Trading in Bid to Bolster Profit (WSJ)
The U.K. bank will pull back from trading in base metals, energy and agricultural products and fold its precious metals business into its currency trading unit, people familiar with the plans said Monday. The move comes as Barclays prepares to tell investors on May 8 how it will reshape its investment bank, where the commodities business is housed, to adapt to costly new regulations and a slowdown in some business areas.
SEC Weighs Making Brokers Disclose Where Trades Are Sent (Bloomberg)
The proposal could give investors more insight into whether they are getting the best price when they buy and sell large numbers of shares, according to three people familiar with the matter. Brokers entrusted with orders in the U.S. stock market can choose from dozens of exchanges and private venues. Some money managers such as T. Rowe Price Group Inc. (TROW) have told regulators that incentives offered by exchanges for attracting orders can put a broker’s financial interest at odds with the customer’s.
TPG-Led Group Closes $450 Million Investment in Airbnb (WSJ)
A group led by private-equity firm TPG has finalized an agreement to invest more than $450 million in Airbnb Inc., valuing the home-rental site at $10 billion, according to people familiar with the situation. The funding round makes Airbnb one of the world’s most valuable startups, matching investors’ price tags for file-storage company Dropbox Inc. and Chinese smartphone maker Xiaomi Inc. Airbnb, which lets people rent their homes to travelers, is also now valued higher than large publicly traded hotel chains Wyndham Worldwide Corp. and Hyatt Hotels.
Ice Cream Turf War Breaks Out On Easter (Fox2)
A ice cream truck turf war broke out Easter morning in north St. Louis County on Parker Road, near Highway 367. Just after 1 pm, two ice cream trucks got into a dust up, when the driver of one truck cut off another truck, threatening the driver of the first truck. The driver of the second truck then proceeded to damage the first truck, music siren and merchandise. The driver of the damage truck says he’s had the same route for seven years and the second driver wanted to take over his route. But the real kicker here is that both drivers work for the same company. The victim says he plans on keeping his route, and that other driver may lose his job. Read more »