Greece signals concessions in crunch talks with lenders (Reuters)
Greece's government signaled the biggest concessions so far as talks with lenders on a cash-for-reforms package started in earnest on Thursday, but tried to assure leftist supporters it had not abandoned its anti-austerity principles. Prime Minister Alexis Tsipras's three-month-old government is under heavy pressure at home and abroad to reach an agreement with European and IMF lenders to avert a national bankruptcy. A new poll showed over three-quarters of Greeks feel Athens must strike a deal at any cost to stay in the euro.
T. Rowe Price Dips a Toe Into High-Speed Trading (WSJ)
In a test, T. Rowe Price Group is sending a portion of its orders each day to high-frequency firm Virtu Financial Inc. T. Rowe Price, based in Baltimore, has been a vocal critic of what it has called “predatory” strategies among high-speed traders. Its experiment with Virtu reflects a growing willingness among big investors to adapt to a fragmented, ultrafast stock market.
Apollo Goes on the Road to Appease Debt Investors (WSJ)
Apollo Global Management LLC is embarking on an unusual campaign to improve its image with debt investors after a series of spats between the private-equity firm and creditors in some of its troubled deals. Apollo is preparing to meet with big debt investors including mutual fund managers in several cities over the next few months to ease concerns that the firm protects its investments in troubled companies at the expense of creditors, according to people familiar with the matter. In the meetings, which are slated to begin in May, Apollo will try to persuade investors that the debt issued to fund its corporate buyouts is a good investment, the people said.
The Day Wall Street Changed (MoneyBeat)
On May Day 1975, fixed-rate commissions were abolished by regulators. Until then, a broker who tried to charge customers less than the fixed rate to trade shares ran the risk of being expelled from the stock exchange. With some minor exceptions, for 183 years it had cost the same amount per share to trade 100 shares as it did to trade 1,000 or 100,000—and brokers regularly shaved 2% or more for themselves off the typical trade. May Day blew that cozy world to smithereens.
2 arrested in Florida for stealing hundreds in meat products (AP)
A man and woman have been arrested in central Florida after police say they stole more than $300 worth of meat from a grocery store. Deputies told The Daytona Beach News-Journal 48-year-old Doris Rowe and 54-year-old Kenneth Edwards drove 26 miles to a Winn-Dixie store in DeLand where a store manager saw Rowe stuffing meat products and other items into her pants. Deputies say the manager stopped Rowe and she hit the manager in the neck, dropping pork ribs, two packs of detergent and three water filters.
Sales of $100 Million Homes Rise to Record Worldwide (Bloomberg)
Demand for mega-mansions and penthouses has accelerated as wealthy buyers seek havens for their cash and search for alternative investments such as art and collectible real estate, according to a report Thursday by Christie’s International Real Estate, owned by auction house Christie’s. Five homes sold for more than $100 million last year, with at least 20 more on the market with nine-figure asking prices, the brokerage said.
Malta Offers Citizenship and All Its Perks for a Price (Dealbook)
Malta’s citizenship program, which offers a passport to those willing to pay 1.2 million euros, about $1.3 million, has been controversial since it was introduced more than a year ago. But the residency requirements, meant to make the program more palatable, are only increasing the consternation among critics, who say the program has resulted in the sale of citizenship to the global 0.1 percent.
Sarah Dahlgren, New York Fed’s Top Bank Supervisor, to Leave (Dealbook)
The Federal Reserve Bank of New York, which has recently faced strong criticism of its oversight of Wall Street, announced on Thursday that its head of bank supervision plans to leave at the end of year. The New York Fed gave no reason for the resignation of the official, Sarah J. Dahlgren, who was promoted in recent years as part of the Fed’s efforts to bolster its regulatory efforts. It did not name a successor.
LinkedIn Plunges as Second-Quarter Forecast Misses Estimates (Bloomberg)
Second-quarter revenue will be $670 million to $675 million, the company said in a statement Thursday. Analysts had predicted $718.3 million, on average, according to data compiled by Bloomberg. The social-networking site for professionals also trimmed its forecast for annual revenue to $2.9 billion from between $2.93 billion and $2.95 billion.
Quinnipiac University president’s comments set off uproar in Hamden (NHR)
A video of Quinnipiac University President John Lahey’s impromptu appearance at a May Weekend party has raised the ire of town officials and residents who say his comments about the party and jokes about buying more single-family homes for student housing were arrogant and insulting. The remarks are indicative of the relationship the university has with the town, Town Planner Leslie Creane said of the comments Lahey made Saturday afternoon at an off-campus party at a residence on Delsole Road attended by hundreds of students. The road is off Whitney Avenue between Norwood Avenue and Pinewood Road. “This is the biggest crowd since Quinnipiac faced Yale,” Lahey said in the video. “I didn’t even know this street existed. I’m going to have to buy all these houses. I’ve got all of New Road and most of Whitney Avenue but I didn’t realize you’re kind of tucked away back here. “I want you to know I outlawed May Weekend 15 years ago but apparently the message hasn’t gotten out,” he said as the crowd cheered, “and you guys are living proof that May Weekend still exists. I love you all — have a great weekend and stay safe.”