U.S. Initial Jobless Claims Worse Than Forecast for Second Week [Bloomberg]
Initial jobless claims in regular state programs fell to 1.48 million last week from an upwardly revised 1.54 million in the prior week, Labor Department data showed Thursday. Continuing claims, a closely watched figure that tracks the overall pool of recipients, declined by more than forecast to 19.5 million in the week ended June 13….
“Even though you’re obviously getting a lot of people rehired, the people being laid off is eating into that quite a bit,” said Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc. “What you’re seeing is a second leg of layoffs. Now it’s not just the service sector being shut down. Now it’s businesses saying, ‘Well, I don’t need all these people.’”

IMF Downgrades Already-Glum Economic Outlook Due to Coronavirus Crisis [WSJ]
The IMF said on Wednesday the global economy will shrink 4.9% this year, compared with its April estimate of 3%. The international lending institution downgraded its 2020 forecast for all major economies, citing economic data that was even grimmer than expected in April…. The IMF said global employment loss in the second quarter of 2020 could be equivalent to losing 300 million full-time jobs….
In contrast to the Great Depression from which the world struggled to recover for a decade, the IMF expects the global economy to grow next year, and said that on a monthly basis, many countries may have passed the worst.

Chuck E. Cheese parent files for bankruptcy as COVID-19 deals fresh blow [Reuters]
Already loss making, the outbreak shut the door on a rebound as sales plunged after restaurants were forced to close as lockdowns were put in place. Chuck E. Cheese was hit especially hard owing to its children’s party and games venues./Irving, Texas-based CEC, which was taken private by Apollo Global Management in a leveraged buyout in 2014, joins a growing list of high-profile corporate collapses due to the ongoing health crisis.

'It's been tough for us': Day traders are trouble for investors, $100 billion hedge-fund titan says [BI]
"It's hard to play poker with someone you haven't seen before," Man Group CEO Luke Ellis said at Bloomberg Invest Global on Wednesday…. "It's been tough for us," he continued. "It's a new player in the market that we haven't seen for maybe 10 years and it's a significant player."

SoftBank CEO Masayoshi Son quits seat on Alibaba board [MarketWatch]
Son said he was stepping down at his own request, and that he was “matching” the day of his resignation with [Alibaba founder Jack] Ma’s [departure from SoftBank’s board]. He said that the parting of ways was smooth, and that he hadn’t had a fight with Alibaba.

How to Lose a Billion Dollars Without Really Trying [II]
“These trades were WMDs,” says one prominent vol manager. “You knew they were going to go bad. But it’s always much easier to predict the future than to know exactly when” it will come to pass…. And when Malachite said yes, it kicked off something like a price war, according to the trader. Or perhaps a pissing contest….
“What happened with Malachite and the others was no accident,” says the prominent trader. “People on the buy side knew it. People on the sell side knew it. The allocators should have known it.”

‘Massive’ Forgery Helped Hide $3 Billion Hole in Energy Trader’s Books [WSJ]
[The administrators] found the group overstated assets by an “astonishing amount,” pointing to a $2.23 billion shortfall in accounts receivables—payments due from customers—and inventory stockpiles apparently inflated by $812 million….
The administrators told Singapore’s high court this week that Hin Leong “fabricated documents on a massive scale,” including bank statements, sales contracts, invoices, and bills of lading for ships…. Fabrication was so widespread, the administrators said, that “every document had to be scrutinized in order to check and verify whether it was genuine.”

Goldman’s Local Barber Trims Shaggy Bankers Once Again [Bloomberg]
One top executive got his eyebrows trimmed. A young financier complained about bossy politicians. A managing director from Goldman Sachs Group Inc. said it felt like the first day of school…. The salon has a private room for pedicures, and photos over the cash register of hedge fund billionaire Paul Tudor Jones and former Treasury Secretary and Goldman boss Hank Paulson. Anzalone charges about $38 for a cut, a price that shrewd traders would favor to the $1,000 trims Julien Farel gives at his salon inside the Loews Regency hotel uptown.

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Goldman No.1 in Investment Bank Fees (Bloomberg Markets) Total investment banking fees for all financial institutions in 2011 were $49.1 billion, matching the $49.1 billion from 2010. Total deal volume also matched 2010, at $6.9 trillion. Goldman took the top spot in the ranking even as its total fees fell in 2011 to $3.46 billion from $3.6 billion in 2010. Goldman is also No. 1 in M&A fees for the eighth consecutive year. JPMorgan dropped to No. 3 from No. 1 in the overall ranking. Morgan Stanley held on to the No. 2 spot, with $3.26 billion in overall fees, down 11 percent from the prior 12 months. Investors With 39.3% of Greek Debt Will Swap (Bloomberg) The thirty members of the private creditor-investor committee for Greece who plan to participate in the swap hold an aggregate 81 billion euros of Greek debt, or 39.3 percent of the Greek debt eligible for the swap, according to the email. Obama pitches CEOs on economic growth (Politico) President Barack Obama pitched his proposals for economic growth to an audience of CEOs Tuesday, including Bank of America chief executive Brian Moynihan and Jamie Dimon of JP Morgan Chase. The president hailed his proposed investments in infrastructure and training and pointed to common ground with the business community, including the signing of free trade agreements and allowing Russia into the World Trade Organization, according to a pool report. Obama said he will go anywhere in the world to secure markets for American goods, and, noting a large order inked by Boeing, quipped, "I expect a gold watch upon my retirement" for all the planes he's helped sell around the world. "Obviously we've got a long way to go," he said. But, he said "the economy is speeding up." The gathering of the Business Roundtable, an association of CEOs, drew roughly 100 chief executives. But while there was polite applause when Obama was introduced, the pool report noted, “the CEOs sat silent for most of his remarks.” Private Sector Adds 216,000 Jobs (WSJ) Private-sector jobs in the U.S. increased 216,000 last month, according to a national employment report published by payroll giant Automatic Data Processing Inc. and consultancy Macroeconomic Advisers. The gain was close to expectations of 215,000 put forth by economists surveyed by Dow Jones Newswires. Alleged accomplice of Manhattan 'madam' indicted, remains on the lam (NYP) Accused millionaire madam Anna Gristina had an alleged partner in crime -- gorgeous strawberry-blonde Jaynie Baker, who three sources told The Post yesterday is Gristina's indicted but unapprehended accomplice. "She was running the operation with Anna," said one source with knowledge of the operation. Asked where Baker, 30, of Brooklyn, is currently, the source answered, "Nobody knows." 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Bernanke Seen Accepting Faster Inflation as Fed Seeks Jobs Boost (Bloomberg) The Fed chairman told lawmakers last week that an increase in energy costs will boost inflation “temporarily while reducing consumers’ purchasing power.” He also said the central bank will adopt a “balanced approach” as it pursues its twin goals of price stability and full employment, which it defines as a jobless rate of between 5.2 percent and 6 percent. “The chairman seemed to suggest they will tolerate a misdemeanor on inflation as unemployment continues to fall toward their goal” over several years, said Mark Spindel, chief investment officer at Potomac River Capital, a hedge fund that manages $250 million in Washington. President Presses for Action on the Buffett Rule (WSJ) President Barack Obama took an aggressive tack on taxes at a White House news conference Tuesday, suggesting that Congress adopt his proposal for a so-called Buffett rule this year. 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