China Suspends Stock Circuit Breaker Days After Introduction (Bloomberg)
China’s securities regulator suspended a new stock circuit-breaker after a selloff forced local exchanges to shut for the second day this week, signaling that the country’s leadership may reconsider or change the system. The China Securities Regulatory Commission announced the suspension on its official microblog account on Thursday night. The decision came hours after CSRC officials held an emergency meeting to discuss conditions on the nation’s tumbling stock market, according to a person familiar with the discussions who asked not to be named because he wasn’t authorized to speak publicly.
George Soros Sees Crisis in Global Markets That Echoes 2008 (Bloomberg)
China is struggling to find a new growth model and its currency devaluation is transferring problems to the rest of the world, Soros said in Colombo. A return to positive interest rates is a challenge for the developing world, he said, adding that the current environment has similarities to 2008.
Morgan Stanley shakeup elevates Kelleher as Fleming exits (NYP)
The promotion all but announces Kelleher as Gorman’s successor, according to Wall Street watchers.
Wall Street bonuses expected to remain flat this year (NYP)
The 2015 bonus pools for investment bankers and bond and equity traders are expected to be about flat or slightly down at the two banks after a mixed year as bond desks suffered the most, two people with knowledge of the bonuses told The Post. While bond trading desks across Wall Street saw their worst year since the 2008 financial crisis, bank profits were buoyed by lower legal costs and record-breaking revenues from mergers and acquisition advisory and investment banking.
Man Vows To Draw A Butt Everyday This Year (HP)
For all of 2016, Charles Vestal is going to be an ass man. The 32-year-old from Portland, Oregon, made a New Year's resolution to draw at least one butt everyday and post it to his Tumblr. "Every year, I try and set a year-long challenge for myself," he explained to The Huffington Post on Tuesday. "This year, I figured why not try and draw a butt ... Each person on this planet has a butt, but probably rarely sees it."
A Bright Idea Among Wall Street’s European Pay Disclosures (NYT)
For the first time, banks had to say how many staff members based in the region in 2014 earned more than 1 million euros. The answer: 1,107 employees for the five largest American investment banks, ranging from 164 at Bank of America Merrill Lynch to 292 at JPMorgan Chase, including its asset management business. That’s hardly revelatory. Yet one idea — JPMorgan Chase’s ability to cancel bonuses if a long-term return target is missed — could help transform pay policies.
Another Chinese Billionaire Goes Missing (FT)
The billionaire founder of Metersbonwe, one of China’s best-known fashion brands, has gone missing, the latest in a series of Chinese business people and financiers apparently embroiled in the country’s anti-corruption campaign. Metersbonwe suspended trading in its shares on the Shenzhen stock exchange on Thursday while the company said it was investigating reports in the Chinese media that Zhou Chengjian, its chairman, had been picked up by police.
Barclays Plans to Close Most of Its Asia Cash Equities Unit (Bloomberg)
The near-exit from cash equities is part of plans to eliminate about 50 percent of jobs at the wider equities unit in the region, said the people, who asked not to be named because no announcement has been made. They declined to specify how many employees are affected. The bank is also considering whether to cut about 30 jobs in the investment-banking team in the region, one of the people said. A spokesman declined to comment.
U.S. Jobless Claims Fell By 10,000 Last Week (WSJ)
The number of Americans filing for first-time unemployment benefits fell in the latest week, remaining near historic lows as the labor market continues to add jobs.
Chicago artist builds downtown igloo from sidewalk ice (UPI)
The igloo, which was first spotted Wednesday morning by motorists and pedestrians on Upper Wacker Drive, near the intersection with Columbus Drive, was initially reported to be the makeshift dwelling of a homeless person. However, it has now been revealed as the work of artist David Sudler, 58, who lives with his wife in a nearby high-rise. Sudler said he regularly clears ice from area sidewalks and the idea for the igloo was born when he grew tired of merely stacking the sheets of ice and snow. "I'm tired of seeing people do face plants," he told DNAinfo.