Opening Bell: 6.3.15

Jamie Dimon achieves billionaire status; John Paulson donates 400 mill to Harvard; Libor trader paid brokers for 'help and information'; Man regrets proposing at McDonalds; and more.
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Merkel Steps In to Speed Greek Deal as Tsipras Heads West (Bloomberg)
As head of the biggest country contributor to Greece’s 240 billion-euro ($268 billion) rescue, Merkel stepped in to unblock the stalemate at finance minister level as European Central Bank President Mario Draghi called for a “strong agreement” to resolve the deadlock.

Hayes Paid Brokers for ‘Help and Information,’ Libor Trial Hears (WSJ)
Mr. Hayes, a former UBS AG and Citigroup Inc. trader, on trial for conspiring to defraud through attempted benchmark interest rate rigging, told investigators with the U.K.’s Serious Fraud Office that he routed trades through helpful brokers to generate commissions for them, and that one brokerage company received a quarterly fixed fee.

Jamie Dimon Becomes Billionaire Ushering in Era of the Megabank (Bloomberg)
With JPMorgan shares near a record high, Dimon’s net worth is about $1.1 billion, according to the Bloomberg Billionaires Index. Dimon’s fortune derives from a $485 million stake in New York-based JPMorgan, where he’s been chief executive officer since the end of 2005, and an investment portfolio seeded by proceeds from Citigroup stock sales. Dimon’s status is unusual because, with the exception of former mentor Sanford “Sandy” Weill, few bank managers accumulate that much wealth.

Bill Ackman reveals his latest multimillion dollar investment (NYP)
Billionaire investor Bill Ackman has unveiled his latest investment — a 21.7 percent stake in Nomad Holdings, an acquisition vehicle for food companies. Nomad, set up as a special acquisition company on the London Stock Exchange last year, on Monday closed its first acquisition with the $2.9 billion purchase of frozen foods company Iglo Foods...Nomad — a so-called platform company — was co-founded by his longtime friend and business partner Martin Franklin.

Failed McDonald's proposal 'was a doofus move' (UPI)
A Los Angeles man whose McDonald's-themed marriage proposal was rejected shared hidden camera footage of the fast food failure. Michael Joseph, 30, shared a video on YouTube showing how he took his girlfriend, Ann, 23, through a McDonald's drive-through and revealed an engagement ring concealed in a Crispy Chicken Deluxe sandwich. "This is a joke," Ann says in the video. "You're not serious." "You can't ask me to marry you in a chicken sandwich," she says. Joseph says he was aiming to "surprise" Ann, but she still does not accept the proposal.

ECB Stands Ready to Provide More Stimulus (WSJ)
The European Central Bank stands ready to provide more stimulus to ensure it meets its inflation target, although it sees “no reason” to do so, President Mario Draghi said Wednesday.

College Dropouts Thrive in Tech (WSJ)
The new crop of dropouts has grown up with the Internet and smartphones. The tools to create new technology are more accessible. The cost to start a company has plunged, while the options for raising money have multiplied. Moreover, the path isn’t as lonely. Many of the baby-faced entrepreneurs in Mr. Weinstein’s house have known each other for years, via Facebook groups, Twitter and a thriving circuit of weekend technology competitions called hackathons. They call the house, above a vegan taqueria in San Francisco’s Mission District, Mission Control. It resembles college housing, complete with a sink full of dirty dishes and common living areas cluttered with empty pizza boxes. In the bedrooms, clothes spill out of open suitcases.

Paulson Gives Harvard Record $400 Million for Engineering (Bloomberg)
Billionaire hedge-fund manager John Paulson gave $400 million to Harvard University’s engineering school, the biggest donation in the college’s 379-year history. Harvard said it will rename the engineering school after Paulson and establish an endowment to benefit research, faculty development and financial aid.

M&A: Dealmaking like 2007 all over again? (CNBC)
The value of deals signed across the world so far in 2015 has reached $1.4 trillion, according to M&A analysts Mergermarket. This means the amount paid for deals is 16 percent higher than over the same period in 2014 – although it remains 14 percent below the record-breaking levels of 2007 at this stage.

Your toothbrush probably has your roommate’s poop on it (NYP)
Recently, bearded hipsters came under fire for after the discovery that their facial hair contained feces. However, people wouldn’t have been as quick to judge if they knew what was about to be unearthed. A new study held in bathrooms at the Quinnipiac University in Connecticut claims to have found there is a 60 percent chance your toothbrush is covered in poop. Even more concerning, the study found people using communal bathrooms with an average of nine people had around an 80 percent chance that the faeces belonged to another person.

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Opening Bell: 8.7.15

Canadian money laundering; Ackman; Picasso; McAfee; "Police: Motorist brought sheep along for McDonald's run"; and more.

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Opening Bell: 2.1.17

Dalio outpaces his peers; Jamie Dimon loves cross-selling; apes are swiping right; and more.

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Opening Bell: 01.10.13

Deutsche Profits Big On Libor Bets (WSJ) Deutsche Bank made at least €500 million ($654 million) in profit in 2008 from trades pegged to the interest rates under investigation by regulators world-wide, internal bank documents show. The German bank's trading profits resulted from billions of euros in bets related to the London interbank offered rate, or Libor, and other global benchmark rates. ECB Stands Pat On Rates (WSJ) The ECB's Governing Council decided to keep Europe's most important interest rates at their lowest levels since the single currency was introduced in 1999, encouraged by a clear improvement in financial-market sentiment over the past month and by tentative signs of growing confidence in the euro-zone economy. Rivals Clash As Inquiry Into Herbalife Opens (WSJ) Daniel Loeb's hedge fund disclosed Wednesday it owns an 8.2% stake now valued at $350 million in nutrition-supplements company Herbalife Ltd. Mr. Ackman's Pershing Square Capital Management LP has bet more than $1 billion against the company by shorting its stock…The face-off between two high-profile, media-savvy hedge-fund managers highlights the arrival of a new wave of postcrisis financial stars. They tout their positions during television interviews and at conferences, in letters or securities filings and on customized Web pages, often convincing other investors to follow their lead. Their pronouncements move stocks, at times dramatically, and leave companies scrambling to respond. And when they take the opposite sides of the same trade the ensuing battle can captivate the financial world. "One of them is going to be very wrong," said Gregg Hymowitz, founder of the $8.2 billion EnTrust Capital, a longtime investor with both Mr. Ackman and Mr. Loeb's firms. "Ackman thinks it's a complete and utter fraud, and Dan thinks it's a completely legitimate business." Hedgie's Herbalife Bet Counters Ackman (NYP) [In addition to Loeb], Carl Icahn is also believed to have taken a long position in Herbalife, sources said. The possibility of Loeb and Icahn going up against Ackman’s Herbalife short sent investors into a tizzy. “It’s going to be an Ackman sandwich,” one hedge fund manager wailed. Lew Taking Over at Treasury Puts Perennial Aide at Head (Bloomberg) With his penchant for thinking several steps ahead, his organizational drive and his budget expertise, Lew, 57, has been Obama’s consummate aide. Now, he’s Obama’s choice for Treasury secretary, according to a person familiar with the process. Lew faces the prospect of becoming a leader at a critical juncture for the nation’s economic and fiscal future. “As chief of staff you are staff and as Treasury secretary, you are principal -- Jack has to make that transition,” said Ken Duberstein, a chief of staff to former President Ronald Reagan who first met Lew in the 1980s. “It’s not the invisible hand, it is the visible hand.” If confirmed, Lew may need to play that hand as soon as next month, when the administration squares off with Congress over the U.S. debt ceiling. Lew’s job will be all the more difficult because his relations with House Republicans soured during the 2011 battle over the government’s borrowing limit. Government's worst signature will be on America's dollar bills (NYP) Lew’s signature — which looks like a strand of hair gone though a curler treatment — might even be too peculiar to grace our greenbacks, political insiders said. “Whoa! That’s completely unintelligible,” said a Senate finance aide. “This doesn’t look like anyone’s name at all.” She concluded, “Oh my gosh — I’ve never seen a signature like that.” ome social-media users were also quick to poke fun, saying Lew should clean up his squiggle. “HE GOT A CRIZZAZY SIGNATURE!!!!” one Twitter user wrote. Another tweeter quipped, “Looooooo!” But just because his autograph looks it’s penned by a drunken 3-year-old doesn’t mean it isn’t lovable, others said. Some fans created a petition on the White House’s Web site called “Save the Lewpty-Lew!” “We demand Lew’s doodle on every dollar bill in circulation,” the petition read. It had garnered 10 signatures by late yesterday…Asked yesterday if Lew had been practicing to improve his signature, presidential press secretary Jay Carney, said, “Not that I’m aware of.” Cantor Growth Plan Sputters as 41% of Touted Hires Exit (Bloomberg) Chief Executive Officer Howard Lutnick’s drive to turn one of the largest independent U.S. brokerages into a rival to Wall Street’s investment banks has been pocked with dismissals and defections. Forty-one percent of the 158 traders and bankers whose hirings Cantor announced in news releases since 2009 have left, industry records show. In interviews, 19 current and former employees blamed Cantor’s reluctance to commit money to deals and pressure to turn immediate profits. Norfolk 911 calls for 'baby lion' turn up a coiffed dog (HR) The first caller was fairly calm. “I’d like to report a lion sighting,” he said. “Say that again?” a dispatcher responded. And thus began the drama over baby lion sightings in Norfolk on Tuesday. Police said Wednesday that they actually got three 911 calls about the “lion.” The first came at 10:19 a.m. The animal was running on Granby Street, a male voice said. Then a woman took the phone. She sounded anxious as she described the proximity to the zoo. “There was a lion that ran across the street. A baby lion. It was about the size of a Labrador retriever.” It was near Granby and 38th, she said. “It’s roaming loose in the neighborhood.” A second call came five minutes later. “I just saw an animal that looked like a small lion.” It had “the mange and everything,” a man said. He had seen it on Delaware Avenue near Llewellyn Avenue. “I don’t know if it got away from the zoo, or what,” he said. The dispatcher said they already had received a report. “I’m not sure if it actually is a lion or not, but I’ll update the information.” A third call came at 1:19 p.m. “I just saw a baby lion at Colley Avenue and 50th Street,” a man reported. “What kind of animal?” the dispatcher later asked him. “A lion. A baby lion, maybe.” The lion was going to nearby houses. “I don’t think it has caused any problem so far,” said the caller. “OK. You think it’s looking for food?” the dispatcher asked. “I don’t know.” By now, most folks know that the “baby lion” was actually Charles the Monarch, a Labrador-poodle mix owned by Daniel Painter, who lives in Riveriew and has a garden center on Colley Avenue. He has the dog groomed to look like the Old Dominion University mascot. Many people say they see Charles out a lot, especially on Colley. But to someone who hasn’t seen him, he sure doesn’t look like a dog at first. PE King Black Is Hungry For Hostess (NYP) Black’s Apollo Global Management has teamed with veteran food executive C. Dean Metropoulos on a potential bid for bankrupt Hostess Brands’ snacks business, which includes Twinkies, Ding Dongs and Ho Hos…Hostess is in the process of selling off its iconic brands and liquidating the company after a crippling strike by its bakers union forced it to shut down in November. The Irving, Texas-based company plans to hold separate auctions for its bread and snack businesses. Hostess is just a few days away from choosing a so-called stalking horse bidder for its bread brands, including Wonder Bread, Nature’s Pride and Butternut. The snack business will follow suit later. Mortgage Deals Came Just In Time (WSJ) Major banks pushed to complete an $8.5 billion legal settlement with federal regulators this past weekend so they could book the deal's costs in their fourth-quarter results and present a cleaner slate to investors in 2013, according to people familiar with the talks. The timing of the settlement of alleged foreclosure abuses, announced Monday, allowed banks including Bank of America, JPMorgan, Citigroup, and Wells Fargo to take advantage of so-called subsequent-events accounting. The same rules apply to Bank of America's $11.6 billion pact with Fannie Mae over buybacks of questionable mortgage loans. Monday's settlements are "almost the textbook example" of when subsequent-events accounting comes into play, said Robert Willens, an accounting and tax expert. Obama’s 81% New York City Support is Best in 114 Years (Bloomberg) President Barack Obama won more support from New York City in November’s election than any White House candidate in more than 100 years, according to a final tally of votes. Obama beat Republican challenger Mitt Romney by 81 percent to 18 percent in the nation’s largest city, according to a certified vote count released Dec. 31 by the state board of elections. Some New York ballots were counted late in part because of complications caused by Hurricane Sandy. Yum Brands Apologizes For Chicken Probe (WSJ) Yum Brands's China chief executive apologized to consumers after negative publicity surrounding an official probe into chicken purchased from local suppliers caused sales to tumble at the company's KFC chain. Yum failed to address problems quickly and had poor internal communications, Sam Su said in a statement posted on the company's official account on Sina Corp.'s Twitter-like Weibo microblog service. He said the company would strengthen its management and oversight of suppliers. "We feel regretful for all the problems," Mr. Su said in the statement. "I sincerely apologize to the public on behalf of the company." Swiss Banks Welcome Rejection of Germany Tax Accord, Study Shows (Bloomberg) Swiss banks welcome the collapse of an accord with Germany that would have imposed new taxes on German clients in a bid to end a dispute over tax evasion, Ernst & Young said. About 72 percent of 120 Swiss banks surveyed see the demise of the agreement as positive, Ernst & Young said in a report today. How Jawboning Works (WSJ) The clearest example comes from Europe. In July, Mario Draghi, president of the European Central Bank, defused an intensifying crisis of confidence in the euro with two sentences scribbled in the margins of an otherwise routine speech. "Within our mandate, the ECB is ready to do whatever it takes to preserve the euro," he said. "And believe me, it will be enough." That may prove to be the most successful central-bank verbal intervention in history. A few weeks later, the ECB pledged to buy bonds of governments shunned by markets if those governments made belt-tightening commitments accepted by fellow euro-zone countries. No government has sought that help so the ECB hasn't spent a single euro. Yet global anxiety about an imminent euro crisis has abated. Beautiful Existence, Seattle Woman, Plans To Eat Only Starbucks For One Year (HP) A Seattle woman, legally named Beautiful Existence, will eat only food from Starbucks this year. She'll also be only drinking beverages from Starbucks as well, but will include drinks from Tazo Tea and Evolution Fresh since both fall under the Starbucks brand. Beautiful Existence cites several reasons for this endeavor. She explains them on her blog: "So how can eating only one company’s products impact me, anybody? Well Mr. McDonald’s already proved that question years ago with his documentary and Mr. Subway did his take on the loosing weight portion of the food challenges too. But when I watched those guys doing their thing I asked myself “where are the WOMEN challenging themselves in the world?” “Where are the effects being shown on a woman’s culture? A woman’s family & children? A woman’s diet, weight, fashion, checkbook, community and world through challenges?” “Where is HER VOICE on how an international company is directly or indirectly impacting everything from her waistline to her bottom line and every other woman’s, man’s, child’s, societies and planets world with their presence?” So far, Existence has really liked the Turkey Rustico Panini and is trying hard not to eat any of the baked items.

News

Opening Bell: 04.05.12

Falcone Says Bankruptcy Is an Option for LightSquared (Bloomberg) Phil Falcone said he may consider voluntary bankruptcy for LightSquared Inc., the broadband wireless venture majority owned by his hedge fund that has been derailed by regulators. “There are arguments that we would be better off in bankruptcy than not,” Falcone said in an interview. “LightSquared, if I have to, I’ll put it into bankruptcy. I don’t care,” adding that he would maintain control of the Reston, Virginia-based company if it filed. Jobless Claims Decline (WSJ) New applications for jobless benefits fell to the lowest level in nearly four years last week, further evidence that U.S. employers likely added a healthy number of workers to their payrolls in March. Initial jobless claims decreased by 6,000 to a seasonally adjusted 357,000 in the week ended March 31, the Labor Department said Thursday. Economists surveyed by Dow Jones Newswires predicted that 360,000 new claims would be filed last week. Morgan Stanley Tries to Stave Off Ratings Cut (FT) James Gorman, Morgan Stanley’s chief executive, has been in discussions with Moody’s in an attempt to maintain its credit ratings and stave off a downgrade that could diminish the bank’s ability to buy the rest of Citigroup brokerage Smith Barney, according to people familiar with the matter...Morgan Stanley would most likely have to issue debt to fund the purchase, people say. That would become more expensive if Morgan Stanley is downgraded. Moody’s put Morgan Stanley, along with five other banks, on review for a downgrade in February. The bank could see its rating reduced by as many as three notches to Baa2 - two levels above junk status. A downgrade would also force Morgan Stanley to provide additional collateral to back its vast derivatives business, where it acts as a counterparty. JPMorgan Investment Bank Chief Widens Pay Lead on Rival (Bloomberg) Jes Staley, chief executive officer of JPMorgan’s investment bank, beat his Bank of America counterpart in compensation after boosting earnings amid a market slump. Staley’s $16 million award for 2011 almost held steady from the $17 million he made the previous year as profit at the firm’s investment bank climbed 2.3 percent to $6.8 billion. Bank of America co-chief operating officer Thomas K. Montag’s pay dropped 25 percent to $12 million after profit at the lender’s investment bank plunged by more than half to $2.97 billion. Gorman's Pay Falls (Bloomberg) Morgan Stanley Chief Executive Officer James Gorman’s compensation for 2011 totaled $10.5 million, a 25 percent cut from 2010 as the firm’s shares fell by almost half. Gorman, 53, got $5.04 million in restricted shares, and $1.94 million in shares tied to company performance, according to a proxy filing today from the New York-based investment bank. He also received a deferred cash bonus of $2.72 million that can be clawed back, in addition to his $800,000 salary. He didn’t receive an immediate cash bonus. Mets in Opening Day ticket panic (NYP) The Mets are so terrified by the embarrassing prospect of playing to empty seats at today's opener, they've made an Amazin' "buy one get one free" pitch. Some 15,000 of their fans have been offered one free seat for Saturday's or Sunday's Atlanta game in exchange for every ticket they buy for today’s opener. Plenty of the 41,880 seats for this afternoon’s game at Citi Field against the Braves were still available early today. If the Mets don’t sell out, it will be the first home opener since 1997 that didn’t fill their stadium. Madoff wives to face trustee claims in Ponzi case (Reuters) The trustee seeking money for victims of Bernard Madoff's Ponzi scheme, who lost an estimated $20 billion, may pursue claims against wives of the imprisoned swindler's sons, a U.S. federal court judge said on Wednesday. U.S. Bankruptcy Judge Burton Lifland in Manhattan said the trustee Irving Picard may pursue about $43 million of claims against Deborah Madoff, who married Andrew Madoff; and $33 million of claims against Stephanie Mack, the widow of Mark Madoff. Germany, Switzerland Sign Tax Plan (WSJ) Germany and Switzerland signed a new tax deal which allows wealthy Germans to retain their anonymity, while generating billions of euros in tax revenues for Berlin and ending a bruising dispute between the two neighboring countries over tax evasion and bank secrecy. The deal comes after Berlin and Bern agreed on last-minute amendments to a pact reached last summer in an effort to make it more appealing to German opposition leaders, who said Thursday they plan to veto it. "We believe it would be irresponsible to sign this deal, which is a slap in the face of every honest taxpayer," said Sigmar Gabriel, leader of the Social Democrats. Mega Millions ‘winner’ Mirlande Wilson's lawyer: 'I cannot say with any certainty this ticket exists' (NYDN) McDonald’s worker who claims she has a $218 million-winning Mega Millions ticket called a huge press conference Wednesday - and then arrived late only to tell the press to leave. Her lawyer announced to the mystified journalists packed into his Baltimore law office that the purpose of the press conference was “to ask you all to go home.” Mirlande Wilson, 37, of Maryland, who is said by coworkers to crave attention, hit one jackpot: a chaotic scrum of reporters and camera crews waiting to talk to her. But she never spoke. Asked if this was her plea for 15 minutes of fame, she shook her head. Her lawyer, Edward Smith, said, “no, she doesn't want 15 minutes of fame." Instead, he said, she would "like you all to go home." For the record, Smith says he hasn’t seen the purported ticket either. “I cannot say with any certainty this ticket exists,” he said, unreasurringly. Wilson has told various conflicting stories about how she came by her alleged ducat. She told a TV station she bought it at a 7-Eleven store for herself. Then she said a coworker purchased it for her alone while separately buying tickets for the pool organized at her McDonald’s in Baltimore. “I thought I'd play one dollar by myself,” she told the Daily News. She has said she definitely won; she thinks she won; she has the ticket at home; she stashed the ticket at McDonalds; and she has it in another, unspecified secret “safe” place. On Monday, she told the News that she hasn’t even checked her ticket against the winning numbers.

News

Opening Bell: 1.26.16

Paulson props up his own firm; AIG plans to slim down; Dimon and Blankfein go from billionaires to millionaires; Puerto Rican man 'plays poker' at his own wake; and more.

News

Opening Bell: 04.30.12

Falcone Agrees To Step Aside (WSJ) Hedge-fund manager Philip Falcone agreed to step aside eventually as the public face of his LightSquared Inc. venture, a concession that may keep the wireless-telecommunications company from defaulting on its debt, people familiar with the negotiations said. Mr. Falcone's compromise is expected to prompt LightSquared's lenders to approve a one-week extension on a debt-term violations waiver that expires Monday morning, the people said. If a deal is finalized, Mr. Falcone and LightSquared's lenders plan to continue negotiations for a longer extension of somewhere between 18 months and two years, the people said...Mr. Falcone has said he viewed bankruptcy as the "best way" for him to keep control of the company and keep it from creditors he believes want to "take control and flip" the firm. Occupy Wall Street Plans Global Disruption of Status Quo May 1 (Bloomberg) In New York, Occupy Wall Street will join scores of labor organizations observing May 1, traditionally recognized as International Workers’ Day. They plan marches from Union Square to Lower Manhattan and a “pop-up occupation” of Bryant Park on Sixth Avenue, across the street from Bank of America’s Corp.’s 55-story tower. “We call upon people to refrain from shopping, walk out of class, take the day off of work and other creative forms of resistance disrupting the status quo,” organizers said in an April 26 e-mail...Tomorrow, beginning at 8 a.m. in Bryant Park, scheduled events include teach-ins, art performances and a staging area for “direct action and civil disobedience,” such as bank blockades. RBS M&A Bankers Plan Boutique Spin-Off (Reuters) The bank, 82-percent owned by the British government, is exiting mergers and acquisitions as part of a restructuring announced in January aimed at reducing costs and exposure to areas of investment banking deemed risky by the authorities. Sources told Reuters last week that the M&A business would be spun off, with around 45 bankers from RBS joining the new firm led by John McIntyre, currently head of corporate finance for EMEA at the bank. Romney Holds Fund Raiser At John Paulson's House (TDB) FYI: A neighbor who witnessed the event from across the street described it to as a large crowd of “older white people, mostly men,” who started showing up around 7:30 p.m. Thursday. Around 8 p.m., sirens started blaring as more and more people started to show. Hedge Funds Hurt By Volatility (WSJ) All told, U.S.-based funds that bet on and against stocks had a median return of -0.92% from April 1 through April 13, according to data from Morgan Stanley's MS -1.51% prime brokerage, after having returned 1.16% in March. Returns improved as the markets stabilized. Through April 26, the median return was down 0.03% for the month. City Mulls Happy Hour Ban (NYP) “It’s absolutely been discussed,” confirmed a department source. “It goes to show you the spirit with which they operate. Everyone is a child.” High-level conversations have gone beyond merely “throwing pencils on the ceiling and seeing what sticks,” another Health source revealed. Sources said the happy-hour ban is being pushed by the agency’s marathon-running boss, Commissioner Thomas Farley, and is serious enough for one source to say the alcohol lobby had better find itself a good lawyer. Agency spokesman Sam Miller denied existing “plans to pursue any policy around discount-alcohol sale.” Goldman: US Likely Added Only 125,000 Jobs in April (CNBC) The forecast is far lower than the Reuters estimate of 170,000, and the average 177,250 jobs created every month from December to March. Hedge Funds Bet Against Eurozone (FT) “The deeper balance of payments problems in the eurozone remain unresolved, and cannot be resolved by liquidity assistance alone,” noted Brevan Howard, Europe’s biggest global macro hedge fund in its last letter to investors. Shiller: We Are in Age of ‘Late Great Depression’ (CNBC) “Our whole economy has been affected by variations in confidence. Central banks are sort of trusted, but the actions they have often affect people’s confidence by appearance rather than substance. We’re not in the most trusting mood now,” Shiller said. Goldman’s O’Neill Reported Among Candidates for BOE Chief (Bloomberg) When asked in September 2007 if he would be interested in the role at a time when the government was considering whether to reappoint King, O’Neill told John Dawson onBloomberg Television that he couldn’t imagine that “anyone would be daft enough to offer it to me.” He added that he very much enjoyed his then job as head of global economic research at Goldman Sachs. Titanic II Planned by Billionaire Palmer in Chinese Yard (Bloomberg) Australian mining billionaire Clive Palmer plans to build a 21st-century replica of the Titanic and sail it from England to New York accompanied by the Chinese navy by the end of 2016. He has signed a first-stage agreement with Nanjing-based CSC Jinling Shipyard to build the ship as part of a planned fleet of luxury liners, the Gold Coast, Queensland-based businessman said in an e-mailed statement today.

Opening Bell

Opening Bell: 10.16.15

US no longer home to most billionaires; Profit actually matters again for companies seeking IPO; McDonald’s all-day breakfast not going well; "Hamptons principal reassigned after cameo in raunchy rap video"; and more.

(Getty Images for Yahoo Finance)
Opening Bell

Opening Bell: 4.11.17

The Justice Department wants a word with Jes Staley; is Harvard Business School…bad?; sometimes the deer runs over you; and more.