Banks Sprint to Meet $493 Trillion Swaps Market Margin Rules (Bloomberg)
The world’s largest banks are racing to meet a U.S. and Japanese deadline next month when billions of dollars in new collateral requirements will begin to hit the over-the-counter derivatives market, even as new regulatory fault lines emerge.
Donald Trump the Mortgage Broker Was in Trouble From Moment One (Bloomberg)
As early as 2005, Trump was already brushing off concerns voiced by housing experts and economists that the real estate bubble could burst. That September, he wrote a blog post on the web site of the now-defunct Trump University that he titled “Doom and Gloom Don’t Pay.” “How you react to the so-called housing bubble can be a barometer of your business personality,” he wrote to students, who were offered seminars in the secrets of real estate investing. “Are you the type of person who takes advantage of positive situations when they present themselves, riding them out as long as they last? Or do you heed every message of doom and gloom, avoiding risks that could be some remarkable opportunities?”
Seller’s Paradise: Companies Build Bonds for European Central Bank to Buy (WSJ)
In two instances, the ECB has bought bonds directly from European companies through so-called private placements, in which debt is sold to a tight circle of buyers without the formality of a wider auction. It is a startling example of how banks and companies are quickly adapting to the extremes of monetary policy in what is an already unconventional age. In the past decade, wide-scale purchases of government bonds—a bid to lower the cost of borrowing in the economy and persuade investors to take more risk—have become commonplace. Central banks more recently have moved to negative interest rates, flipping on their head the ancient customs of money lending. Now, they are all but inviting private actors to concoct specific things for them to buy so they can continue pumping money into the financial system.
Kobe Bryant and Jeff Stibel Unveil $100 Million Venture Capital Fund (WSJ)
The retired NBA star will today unveil his venture-capital fund, a $100 million vehicle for investing in technology, media and data companies. Mr. Bryant, who turns 38 Tuesday, isn’t going it alone: He is partnering with 43-year-old Jeff Stibel, a longtime entrepreneur and investor who was introduced to Mr. Bryant by a mutual friend. They have named their firm Bryant Stibel and will be based in the Los Angeles area.
Doctors remove 40 knives from Indian man's stomach (UPI)
Surgeons have removed 40 metal knives from a patient who spent two months swallowing them, according to the doctor who led the operation. The unnamed 42-year-old man, who had an 'uncontrollable urge' to eat the knives, went to a hospital in Gurdaspur in Northern India after complaining of stomach pain and weakness. Only after a ultrasound revealed a large mass in his stomach, did the man tell doctors he had swallowed knives.
Uber Tells Investors It Wouldn’t Pay Above $2 Billion for Lyft (Bloomberg)
As Lyft Inc. was gauging interest from prospective acquirers, executives from Uber Technologies Inc. told investors in the past few weeks that the company wouldn't pay more than $2 billion to purchase its main U.S. ride-hailing competitor, said people familiar with the matter.
Pfizer to Buy Medivation for $14 Billion (WSJ)
The deal ends months of bidding for San Francisco’s Medivation, one of the most desired independent biotechs because it sells a leading prostate-cancer drug. Pfizer will pay $81.50 a share, a 21% premium to Medivation’s closing stock price Friday. Medivation shares traded up 20% to $80.58 as Pfizer shares fell 0.5% to $34.80 in premarket trading.
The Hunt Is On for a New Way to Measure the World's Economic Output (Bloomberg)
That search is binding such disparate endeavors as a stocks brokerage in Mumbai and a statistics conference in Dresden, Germany. The former, Ambit Capital, has created its own consumption index based on vehicle sales and electricity use as a hedge on India’s official growth numbers. That reflects a skepticism evident elsewhere that existing methods can’t consistently measure even traditional parts of the economy, and GDP is so subject to large revisions as to be of little use in making snap investment decisions.
Anthony Weiner thinks The Post is trying to ‘catfish’ him (NYP)
“Look, I am a target of a local newspaper here in New York,” the pervy pol said on Fernand Amandi’s radio show in Miami this week after Weiner was caught giving out his cellphone number to a guy posing as a female college student during a flirty, private online chat on an LA trip. “They got someone to get into a conversation with me online. I caught them at it, but they still had enough things to make a story out of it.” ... he told The Post when his latest text snafu came to light, “I can confirm that I am indeed deceptively strong like a mongoose,” and added his messages were just a “playful joust with an obvious catfish” — the term for a prankster who poses as another person online to romantically lure a target.