Goldman promotions shift power to banking (FT, related)
Goldman Sachs (NYSE: GS) has promoted more managing directors to its banking divisions than its securities unit, in a sign of a shift of power within the Wall Street giant. On Thursday, the bank said that it had anointed 425 new MDs, of which 96 would be in its advisory division, 13 in merchant banking and 103 in securities. During the previous round of MD promotions in 2013, the securities unit dominated, accounting for 91 of 280 elevations, comfortably ahead of banking (51) and merchant banking (eight).
Secretive, Sprawling Network of ‘Scouts’ Spreads Money Through Silicon Valley (WSJ)
Startup investor Jason Calacanis took a $25,000 gamble five years ago on a company almost no one had heard of called UberCab. That investment in what is now Uber Technologies Inc. has ballooned to roughly $110 million. Mr. Calacanis has never said publicly where the money came from: Sequoia Capital (NASD: SEQUX), one of Silicon Valley’s biggest venture-capital firms. Since 2009, Sequoia has funneled millions of dollars to scores of well-connected entrepreneurs, academics and other people known as scouts. Scouts invest the money in startups and keep their eyes and ears open for ideas that Sequoia might like.
A Global Academy’s Crash Course Makes Angels Out of Investors (Dealbook)
Nearly every week, all around the world, wealthy people, self-made business owners and senior executives in a range of industries gather at private clubs, cultural centers or five-star hotels for free, invitation-only angel investing “boot camps” intended to help them size up fledgling business ideas and the people behind them. The events are organized by Angel Labs, a global angel investor academy based in San Francisco whose mission is to widen the influence of angel investing, a field in which the relatively affluent put money into start-ups, usually in the tech industry.
Fed's Fischer Says Waiting to Raise Helped Offset Dollar Harm (Bloomberg)
The Fed’s decision to delay raising interest rates has helped to offset the economic headwinds caused by a strengthening U.S. dollar, Fed Vice Chairman Stanley Fischer said, adding that it “may be appropriate” to raise rates next month.
Noah's Ark theme park in Kentucky to open July 2016 (Reuters)
A controversial Noah's Ark-themed amusement park in Kentucky will open on July 7, 2016 and should attract 1.4 million people annually, the park's founder said on Thursday. Currently under construction in Williamstown, northern Kentucky, Ark Encounter will include a full-sized wooden replica of the ship from the Biblical story of Noah and the great flood. Ken Ham, president and chief executive of Answers in Genesis, the Christian organization behind the project, announced the opening date at a press conference and said the park will be able to accommodate 16,000 guests per day. "It'll certainly be one of the biggest Christian attractions in the world," he said from the site of the park. Because of the perceived high interest in the park, he said attendance will be limited for the first 40 days and nights, tying the opening again to the Noah story, Ham said.
Banks expected to adopt new technologies rather than be overrun (Reuters)
New technology firms are battering all kinds of companies, but banks will remain as financial intermediaries, due to the regulations and duties governments have put on them, says a proponent of the technology behind the bitcoin cryptocurrency. "Regulation keeps them in place. Regulation requires them to perform certain functions," said Mark Smith, chief executive of Symbiont.io, a startup that has emerged from Bitcoin 2.0 and MathMoney f(x) Inc to build a securities trading platform using blockchain technology like that behind bitcoin. Smith predicted that big banks, such as JPMorgan Chase & Co (NYSE: JPM), would adopt new technologies to cut costs for back offices that process loans and match buyers and sellers of securities.
Blackstone to buy about $3 billion in property fund stakes from Calpers (Reuters)
The deal, the largest of its kind, would allow the California Public Employees' Retirement System to sell 43 of its international and domestic funds to Blackstone (NYSE: BX), the two said in separate statements on Thursday.
Gundlach's DoubleLIne: Winning at Pimco's expense? (CNBC)
"We're seeing outflows in the area in the peer group, but DoubleLine is seeing inflows. Through that empirical evidence, we're taking market share," Redell said during an interview at the Schwab IMPACT 2015 conference in Boston. "So we're taking market share from somebody. You can make assumptions on who that is. We're definitely seeing there's an attractiveness to the stability of our management team."
Official Who Oversaw Public Toilet Closures Caught Peeing In Street (HP)
An elected official who announced funding cuts for public bathrooms might be rethinking the issue after he was ticketed for urinating in the street...Burns said he was at a taxi stand in the town of Hamilton when nature called. "I went down a lane to relieve myself and was approached by police, who gave me a £40 fine which I have duly paid," he told the Telegraph. "I am embarrassed by the incident and have apologized." Earlier this year, Burns announced the need to close public toilets throughout the area, a move many residents vehemently opposed.