Barclays Revenue Tops Estimates as Its Traders Weather Turmoil (Bloomberg)
Barclays Plc said revenue at the investment bank fell less than expected in turbulent markets and the firm avoided any new misconduct charges, helping to cushion a larger loss from selling unwanted assets. Pretax profit fell 25 percent to 793 million pounds ($1.15 billion) from 1.06 billion pounds a year ago, the London-based bank said in a filing Wednesday. Revenue dropped 13 percent to 4.6 billion pounds, topping the 4.48 billion-pound average estimate of nine analysts provided by the company.
Loeb's Third Point Says Hedge Funds in 'Catastrophic' Period (Bloomberg)
Third Point, founded by Dan Loeb, said hedge funds are in the first stage of a “washout” after “catastrophic” performance this year. “There is no doubt that we are in the first innings of a washout in hedge funds and certain strategies,” the New York-based firm said in a quarterly letter posted late Tuesday on its website.
Valeant Was 'Too Aggressive' in Pricing, Pearson to Tell Senate (Bloomberg)
“It was a mistake to pursue, and in hindsight I regret pursuing, transactions where a central premise was a planned increase in the prices of the medicines,” Pearson said in prepared testimony for a Senate Special Committee on Aging hearing to be held Wednesday. “The company was too aggressive –- and I, as its leader, was too aggressive –- in pursuing price increases on certain drugs.”
SEC Proposes System to Better Catch Market Manipulation (WSJ)
The Securities and Exchange Commission’s consolidated audit trail will allow regulators to track every bid and offer submitted to stock and options exchanges, as well as private-trading venues maintained by brokers such as dark pools. Regulators first announced their plans for the audit trail after the May 6, 2010, flash crash, when over 20,000 trades were executed at clearly erroneous prices and some large stocks fell below $1.
Guy Got Scary Mad When Told To Stop Having Sex In Public Pool: Cops (HP)
Austin Misiak was allegedly having sex with an unnamed woman in a community pool when observers asked him to stop and reminded him that kids were present. Misiak, 28, flew into a rage and began chasing children while trying to hit them, the Okaloosa Sheriff’s Office says. But he eventually got decked. A 15-year-old defending his girlfriend punched him twice. The drama unfolded Saturday evening at an apartment complex in Fort Walton Beach, Florida.
Venezuela Doesn't Have Enough Money to Pay for Its Money (Bloomberg)
In a tale that highlights the chaos of unbridled inflation, Venezuela is scrambling to print new bills fast enough to keep up with the torrid pace of price increases. Most of the cash, like nearly everything else in the oil-exporting country, is imported. And with hard currency reserves sinking to critically low levels, the central bank is doling out payments so slowly to foreign providers that they are foregoing further business. Venezuela, in other words, is now so broke that it may not have enough money to pay for its money.
Fed set to keep rates unchanged, may nod to ebbing risks (Reuters)
The U.S. Federal Reserve is expected to keep interest rates unchanged on Wednesday as it continues to monitor the impact from weakening global growth but may seek to signal to markets it is determined to resume policy tightening this year.
Financier John Gutfreund’s Fifth Avenue Co-Op Asks $120 Million (WSJ)
A 38-year veteran at Salomon, Mr. Gutfreund was CEO of the firm during the 1991 Treasury-note auction scandal, and was pressured to resign. He died in March at age 86. Measuring around 12,000 square feet, the 20-room duplex is one of the largest apartments on Fifth Avenue, according to John Burger of Brown Harris Stevens, one of the listing agents. The apartment has been owned since the 1980s by Mr. Gutfreund and his wife Susan, Mr. Burger said.
Escaped cows stop traffic, cause low speed pursuit in California (UPI)
A group of three cows led police on a chase and slowed traffic in California after falling out of a trailer near a local highway. The two Jersey cows and a Holstein were seen wandering around near Highway 99 in Modesto, according to California Highway Patrol. Both of the Jersey cows were quickly captured after finding their way to Modesto Junior College's agriculture department. The third cow continued traveling against traffic along the highway, as California Highway Patrol and animal control officers attempted to capture the cow.