Opening Bell: 11.6.17

Goldman goes east; Saudi prince's arrest impacts Citi, Twitter investments; Wilbur Ross has a Putin problem; William Dudley to retire; and more.
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Goldman, China’s Sovereign-Wealth Fund Plan Up to $5 Billion in U.S. Investments (WSJ)
The fund is targeting as much as $5 billion and is a co-investment partnership between Goldman and CIC, which plan to announce their venture jointly this week during U.S. President Donald Trump’s visit to Beijing, these people said. How much capital Goldman and CIC will each contribute to the fund is still being worked out, one of the people said.

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Goldman Sachs asset arm faces large paper loss on Venezuelan bond (FT)
While GSAM has since sold off chunks of the bond, it was still listed as the single biggest overall owner of the PDVSA bond maturing in 2022, with a face value holding of $1.3bn at the end of the third quarter. But with Thursday’s announcement that Venezuela would seek to restructure all its foreign bonds, the bond is now trading at 25 cents on the dollar, down from 29 cents at the start of last week. That would translate into a paper loss of $54m in just five days if GSAM has not reduced its stake since the end of the third quarter.

Broadcom Offers $105 Billion for Qualcomm in Landmark Deal (BBG)
Broadcom Ltd. offered about $105 billion for Qualcomm Inc., kicking off an ambitious attempt at the largest technology takeover ever in a deal that would rock the electronics industry. Broadcom made an offer of $70 a share in cash and stock for Qualcomm, a 28 percent premium for the world’s largest maker of mobile phone chips as of the stock’s closing price on Nov. 2, before Bloomberg first reported talks of a deal. The proposed transaction is valued at approximately $130 billion on a pro forma basis, including $25 billion of net debt.

Citigroup, Twitter, Lyft: Prince’s Arrest Touches Many (NYT)
With the arrest of Prince Alwaleed bin Talal, the prominent billionaire investor, Saudi Arabia has touched one of the richest and most influential investors in the world. Among Prince Alwaleed’s crown jewels: sizable stakes in Twitter, Lyft and Citigroup. He has gone into business with some of the corporate world’s biggest titans, including Bill Gates, Rupert Murdoch and Michael R. Bloomberg.

Commerce Secretary’s Offshore Ties to Putin ‘Cronies’ (NYT)
After becoming commerce secretary, Wilbur Ross retained investments in a shipping firm he once controlled that has significant business ties to a Russian oligarch subject to American sanctions and President Vladimir Putin���s son-in-law, according to newly disclosed documents. The shipper, Navigator Holdings, earns millions of dollars a year transporting gas for one of its top clients, a giant Russian energy company called Sibur, whose owners include the oligarch and Mr. Putin’s family member.

Uber Might Make More Money This Year Selling Real Estate in Oakland Than Actually Selling Rides (Slate)
Uber looks like it’s on track to make more money selling a building it owns in Oakland than it has selling rides over the last 10 months. In 2015, Uber bought the old Sears building in downtown Oakland with the intention of moving 3,000 of its employees to an expanded headquarters in the smaller, less-filthy-rich city just across the Bay from San Francisco, which the company currently calls home. That never happened. Now Uber is selling its building to the CIM Group, a Los Angeles-based real estate investment firm, for $220 million.

To Meet Carson Block, He Posed As Journal Reporter...And Got Caught (WSJ)
Mr. Block said he suspected the individual who met him at the hotel of impersonating the Journal reporter. Shortly after the meeting began, Mr. Block whipped out his cellphone and began to film the encounter. “I’d like to know who you really are,” Mr. Block said, according to the video of the encounter. Admitting he didn’t work for the Journal, the impostor said: “I wanted to meet you. There is no other way to meet you.”

New York Fed President William Dudley set to announce retirement (CNBC)
Dudley, who has has headed the bank since 2009, will likely retire sometime in the spring or summer of 2018 when his replacement is found and approved, sources told CNBC. His term ends in January 2019. A search committee has already been formed.

Men seeking medical pot bombard gynecologist’s office (AP)
A Pennsylvania gynecologist says she has been inundated with calls from men trying to set up appointments after hearing she was permitted to prescribe medical marijuana. Dr. Liang Bartkowiak tells the Altoona Mirror she was mentioned in the media as being eligible to certify medical marijuana users, and then her office phone started ringing off the hook. It was primarily men on the line.

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Photo: Getty Images

Opening Bell: 6.21.16

Ackman releases first video in a series (!!) of videos about Herbalife; Wilbur Ross tells Brits to wake the bloody heck up; Memphis police searching for woman who stole stripper pole; and more.

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Opening Bell: 1.26.17

Dutch regulator accidentally reveals Soros' shorts; Wilbur Ross is an emotionless business machine; a sex line for Afghan youths; and more.

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Opening Bell: 8.14.17

Hong Kong firms welcome Beijing onto the board; Chris Arnade's journey from prop trader to Twitter essayist; big hedge funds hurting; the MTA puts dead bodies in subway workers' break rooms; and more.

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Opening Bell: 11.16.17

Nelson Peltz wins recount (maybe); Wilbur Ross sued by former partners; Stephen Feinberg is gunning for Deutsche Bank; hot cop-on-cop action in Detroit; and more.

BobIger.Wolverine

Opening Bell: 12.14.17

Disney gobbles up Fox; Bill Ackman is going to make a comeback...eventually...just you wait; Wilbur Ross slipped his security detail in the Hamptons; square dancing is actually racist?; and more.

Opening Bell: 06.08.12

Capital Rule Is One Size Fits All (WSJ) The Federal Reserve shocked bankers Thursday by approving a proposal that would force even the smallest lenders to comply with the elaborate international bank-capital standards known as Basel III. The draft requirements would apply to all 7,307 U.S. banks, according to a proposal circulated by the Fed. Many bankers had expected regulators to exempt some small lenders from the new rules, which are aimed at shoring up the biggest global banks whose troubles fueled the financial crisis. While the core Basel III rules will apply to all banks, other aspects of the new regime single out the biggest, most complex banks for tougher treatment than their smaller peers. The Fed, for instance, has embraced slapping a handful of the biggest U.S. banks with a capital surcharge of between 1% and 2.5%. The Fed has yet to introduce the specific proposal. Europe's Vulnerable East Braces for Possible Greek Exit (WSJ) Government officials and central bankers in the European Union's eastern wing say they are in better shape to weather any storm than they were four years ago when the collapse of U.S. investment bank Lehman Brothers sparked a global financial crisis. But they are still vulnerable. Investors fearful that Greek elections next week will spark Athens's disorderly departure from the euro have already been selling Polish, Hungarian, Romanian and Czech assets, hitting local currencies and stock markets. Hungarian Prime Minister Viktor Orban, whose heavily indebted country is considered especially at risk, said "work has begun" on strengthening defenses "so that such a quake doesn't bring Hungary down on one knee." Euro Breakup Precedent Seen When 15 State-Ruble Zone Fell Apart (Bloomberg) The 1992 Soviet experience tells us “an exit like this is messy and leads to loss of income and inflation, and people are right to be scared of it,” said Harold James, a professor of history at Princeton University. 'Bargain' Bid as Warren Buffett Lunch Auction Goes Into Final Day (CNBC) With just over 24 hours to go, the high bid for lunch with Warren Buffett is just over $200,000. That's around 8 percent of last year's record $2,626,411 winning bid by Ted Weschler, who is now working for Buffett as a Berkshire Hathaway portfolio manager. Ted also won the previous year's auction with a bid of $2,626,311. Bear Stearns Accord Turns Another Page (WSJ) Former top executives at Bear Stearns Cos., including James E. Cayne and Alan "Ace" Greenberg, have agreed to a $275 million settlement of a shareholder lawsuit over the demise of the Wall Street firm four years ago. The deal with investors led by the State of Michigan Retirement Systems puts to an end the last major dispute surrounding the demise of Bear Stearns, whose near-collapse in March 2008 marked the beginning of the worst period of the financial crisis. Mr. Cayne, a former CEO, and Mr. Greenberg, who was Mr. Cayne's mentor and predecessor, and the other former top executives named in the lawsuit won't have to pay any of the settlement, according to people close to them. The money will come from a $9 billion fund set aside by J.P. Morgan Chase. for litigation and other expenses in 2008, when it bought Bear Stearns in a cut-price deal blessed by the government. Woman who allegedly ran down boyfriend after he damaged her iPhone says she still loves him (NYP) Jasmine Diaz told her Bronx Central Booking cellmate that she is still in love with Franklyn Hernandez, her 17-year old boyfriend who she's accused of running down with an SUV after he accidentally damaged her iPhone. “She says she loves him and she feels like s ---t, ” the 21-year-old cellmate, Michelle Rodriguez, said after being released on a shoplifting charge. Diaz, 25, was held without bail after her arraignment on manslaughter and leaving the scene of an accident for allegedly mowing down Hernandez early Wednesday morning a block away from his home on Morris Ave and E. 165th St. “Franklyn jumped in front of the vehicle and I just kept going,” she told investigators, a prosecutor said in court. Wearing a matching blue jean jacket and pants, Rodriguez said Diaz was pensive while awaiting her turn to see the judge. Bernanke Sees Risks To Economy From Europe To U.S. Budget (Bloomberg) Bernanke also warned lawmakers that “a severe tightening of fiscal policy at the beginning of next year that is built into current law -- the so-called fiscal cliff -- would, if allowed to occur, pose a significant threat to the recovery.” Prosecutors Hone Gupta Case (WSJ) Using a variety of charts and graphs, Mr. Barnacle described a repetitive, and potentially damning, pattern: Mr. Gupta would call into meetings by the boards or committees at Goldman or Procter & Gamble Co, where he was also a director, and shortly thereafter a call from one of his associated phone lines would reach out to Mr. Rajaratnam. Harvard Professor: 'Greece Is Beyond Repair' (CNBC) “The best situation for Greece is to leave the euro zone, devalue a new currency, and be able therefore to grow again,” he said. “Letting Greece go will be painful in the short run but will be better for Greece, and for Europe, in the long-run,” said Feldstein, who is also president emeritus of the U.S. National Bureau of Economic Research, and also served as chief economic advisor to President Ronald Reagan. Lightbulb eating record holder charged in string of bank robberies (NYP) R.J. Williams, 22, who holds the world record for wolfing down a light bulb in 33 seconds, was busted yesterday after a failed bank robbery attempt in Brooklyn, cops said. Williams, who lives on the Upper West Side, allegedly scored nearly $14,000 after knocking off seven branches in Manhattan, Brooklyn, Queens and the Bronx. He was nabbed when he fled an Apple Bank yesterday in Midwood. Williams had begun to write a note to a teller on a deposit slip at one of the counters when employees started staring at him, police said, because he previously tried to rob the bank on Friday.

Opening Bell: 04.08.13

Portugal Seeks Budget Options (WSJ) Prime Minister Pedro Passos Coelho said he would look for fresh spending cuts to keep Portugal's €78 billion ($101 billion) international bailout program on track following a Constitutional Court decision that threw his government into crisis by striking down some of its planned austerity measures. Hedge Fund Star Gets A Hip-Check (WSJ) Jeffrey Vinik's Tampa Bay Lightning are struggling, but the performance of his National Hockey League team isn't the only worry for the veteran stock-picker. Investors have asked to pull around $1.5 billion from his hedge-fund firm after a period of poor performance, according to people briefed on the matter. The withdrawal requests amount to around 18% of the roughly $8 billion that was run by Vinik Asset Management. The redemption requests have come as Mr. Vinik, who rose to fame in the 1990s as the manager of Fidelity Investments' Magellan fund, has added a new investment team and moved from Boston to Tampa to be closer to the Lightning, the franchise he owns. The moves have raised concerns in some quarters that Mr. Vinik, 54 years old, may have become less focused on investing, according to people familiar with the firm. Lew To Press For Policy Changes (NYT) Jacob J. Lew began his first trip to Europe as Treasury secretary on Sunday, a four-city tour in which he is expected to try to persuade finance ministers to pursue a little more growth and a little less austerity to improve the economic fortunes of the Continent and the world. Rogue Trader Leeson to Advise Irish Borrowers on Bank Debts (Bloomberg) Nick Leeson, the trader whose wrong- way bets on Japanese stocks ruined Barings Plc, is joining a mediation firm to advise Irish borrowers looking to renegotiate debts in the wake of the real estate collapse. Leeson, 46, who has lived in Ireland for more than 10 years, will join GDP Partnership as a principal as it expands into Dublin, the company said in a statement posted on Twitter by Leeson. There is “a lot of fear and stress currently in the country with debt the root of the problem,” it said. Greek Bank Merger Halted (WSJ) Greece's two largest lenders are heading for state control after their merger was halted by the government over the weekend. The unexpected move came after National Bank of Greece and Eurobank came up short in their plans to raise capital and amid fears by the country's international lenders that the combined entity could become too big to be bailed out by the government. Putin Faces Down Topless Protest In Germany (Reuters) Russia urged Germany to punish a group of women who staged a bare-breasted protest against President Vladimir Putin on Monday during a visit to a trade fair in Hanover with German Chancellor Angela Merkel. Three members of the women's rights group Femen, which has staged protests against Russia's detention of the feminist punk band P*ssy Riot around Europe, disrupted a visit by Putin and Merkel to an industry fair focusing on Russian business. They stripped off to the waist and shouted slogans calling the Russian leader a "dictator" before being covered up and bundled away by security men. "This is ordinary hooliganism and unfortunately it happens all over the world, in any city. One needs to punish (them)," said Kremlin spokesman Dmitry Peskov. Investors Bankroll Lawsuits (WSJ) A new generation of investors is plunging into "litigation finance," putting up millions of dollars to fund lawsuits in hopes of collecting when verdicts come down. Established financiers are expanding into new areas, including loans to law firms, and finding clients among the biggest American companies. Meredith Whitney Blasts Critics In Debut Book (NYP) Prominent bank analyst Meredith Whitney comes out swinging at critics in her debut book, “Fate of the States.” The Wall Street financial analyst, who made headlines with her accurate 2007 prediction that Citigroup would cut its dividend amid the unfurling financial crisis, says she was “pilloried in the financial press” after she warned of looming state- and city-bond defaults resulting from budget shortfalls. Whitney, who made her forecasts on CBS’s “60 Minutes” back in December 2009, blasted critics who claim her prediction of municipal-bond defaults suggested they would all happen at once: “For the record, I never said those 50 to 100 defaults would all happen in 2011.” Hedge Funds Cut Bets Most Since ’08 as Prices Slump: Commodities (Bloomberg) Hedge funds reduced bets on a commodity rally by the most since 2008 as rising supplies of everything from copper to sugar and slowing U.S. growth drove prices to the biggest slump in six months. General Electric to Buy Lufkin Industries for $3.38 Billion Cash (Reuters) Lufkin, which sells and services oilfield pumping units and power transmission products, has operations in the U.S., Canada, Latin America, the Middle East, and Europe. Man shot with arrow at gentleman's club (KN) The incident occurred around 3:30 a.m. Sunday at The Ball Gentleman’s Club at 3005 Alcoa Highway. Police responded to a E-911 call that someone had been shot, but upon arrival they discovered it wasn’t with a gun. A member of The Ball Gentleman’s Club security personnel appeared to have been shot with an arrow Powell said. Officers conducted an immediate search of the area, but were unable to locate the suspect. The victim was treated on scene.