Skip to main content

U.S. regulators to vet Alibaba, other Chinese firms' audits -sources [Reuters]
The move follows Friday's landmark audit deal between Beijing and Washington allowing U.S. regulators to vet accounting firms in mainland China and Hong Kong, potentially ending a long-running dispute that threatened to boot more than 200 Chinese companies from U.S. stock exchanges…. The regulator, which oversees audits of U.S.-listed companies, would select companies based on risk factors, such as size and sector, and that no companies could expect special treatment, according to the PCAOB.

Carlyle-Backed Amazon Seller to Liquidate After SPAC Collapse [Bloomberg Law]
Packable, which sells health and beauty products online through the likes of Amazon, Walmart and Target, has dismissed most of its employees and has begun winding down through bankruptcy, court papers show. The company listed assets and liabilities of as much as $500 million each in its Chapter 11 petition.

Nasdaq Board-Diversity Rule Takes Center Stage in Court Battle [WSJ]
The groups suing the SEC say the rule effectively shames companies into appointing members of minority groups to their boards, while discriminating against other candidates. The SEC and Nasdaq have countered that the exchange’s rule is just a disclosure requirement, aimed at satisfying demand from investors who wish to put money in companies run by diverse boards…. The SEC and Nasdaq also said the U.S. government didn’t force the exchange to implement the rule, and that Nasdaq developed the rule on its own initiative. As a consequence, they argued, the courts can’t consider a challenge based on whether Nasdaq’s rule violates the U.S. Constitution, since the provisions of the constitution generally apply to state actors rather than private companies.

Neel Kashkari ‘Happy’ to See the Stock Market’s Reaction After Jackson Hole [Bloomberg]
“I was actually happy to see how Chair Powell's Jackson Hole speech was received,” Kashkari said in an interview with Bloomberg’s Odd Lots podcast on Monday, reflecting on the steep drop after Powell spoke. “People now understand the seriousness of our commitment to getting inflation back down to 2%....”
“I certainly was not excited to see the stock market rallying after our last Federal Open Market Committee meeting,” he said. “Because I know how committed we all are to getting inflation down. And I somehow think the markets were misunderstanding that.”

New York Yankees and LA fund join investors in AC Milan [FT]
RedBird is set to announce the entry of its new partners as early as Wednesday when it is expected to officially take control of the club from its current owner, US hedge fund Elliott Management, those people said…. The Yankees will work closely with AC Milan as Cardinale tries to increase the Italian club’s revenues and on-field successes, people familiar with the matter said. Part of the collaboration could include AC Milan programming on the YES Network

Even the Crying CEO Thinks You’re Sharing Too Much on LinkedIn [WSJ]
LinkedIn has evolved over the pandemic from a networking platform to an arena with emotional exchanges about parenting choices, hustle culture, the meaning of life and the third rail of social media—politics…. Dorothea Bauer, a consultant and lecturer on ethics in tech and finance, describes some of the LinkedIn posts she sees as akin to watching a car wreck. “They’re smashing their personal tragedy on me,” she says. 

Related

(Getty Images)

Opening Bell: 6.16.17

Neel Kashkari isn't here to make friends; Jes Staley is in trouble again, again; coming soon to a major metropolitan area near you: Teen PD; and more.

Getty Images

Opening Bell: 8.1.22

HSBC tries buying off unhappy investors; Neel Kashkari doesn’t care if we’re in a recession; Alibaba ouster; and more!

NYSE tumbleweed

Opening Bell: 9.21.20

Not Members only; the new high priests of dealmaking; Neel Kashkari’s got a mild problem with you people; and more!

trumpturkey

Opening Bell: 8.23.18

Trump raving; China retaliating; Alibaba jumping; a bull market for giraffe parts; and more!

(Getty Images)

Actual Fed President Asks Twitter To Teach Him About Facebook's Crypto Thing

Come on, Neel Kashkari, you're supposed to be the hip one.

Getty Images

Opening Bell: 8.3.20

HSBC readying the pink slips; Kashkari pushes complete shutdown; Apple takes bite out of Dow; Mercers return to their hole; and more!

Opening Bell: 03.13.12

Bond Trading Revives Banks (WSJ) Gains in the financial firms' fixed-income businesses, which can account for as much as half of revenue, are putting companies including Goldman Sachs Group Inc., Morgan Stanley and the J.P. Morgan unit of J.P. Morgan Chase & Co. on track to report their strongest numbers since the first quarter of 2011, said bankers and analysts. Trade Fight Flares on China Minerals (WSJ) The Obama administration Tuesday intends to escalate its trade offensive against China, a move heavy with political overtones, by pressing the World Trade Organization to force the export giant to ease its stranglehold on rare-earth minerals critical to high-tech manufacturing. The announcement, which will be made by President Barack Obama, marks a new front in the administration's election-year effort to turn up the heat on China, amid competition from the president's potential Republican rivals on the matter. It could also pressure China to respond to the WTO on an issue that is of high importance to a range of manufacturers. The U.S., joined by the European Union and Japan, plans to ask the WTO, the international arbiter of trade practices, to open talks with China over its restrictions on exporting the rare-earth minerals, administration officials said. New York City Tops Global Competitiveness, Economist Report Says (Bloomberg) New York City ranks first among 120 cities across the globe in attracting capital, businesses and tourists, according to an Economist Intelligence Unit report commissioned by Citigroup. London was the second most-competitive city, followed by Singapore, with Paris and Hong Kong tied for fourth place, according to the report, which was released today. Among U.S. cities, Washington, Chicago and Boston made the top 10. The report cited New York’s diverse economy, driven by media, arts, fashion, technology and finance. In 2010, New York was second only to California’s Silicon Valley as a source of venture capital in the U.S., according to the report. Ex-Lehman exec arrested again (Stamford Advocate) Bradley H. Jack, a former investment banking chief at Lehman Brothers and an owner of the most expensive residential property in Fairfield, has been charged for the second time in less than a year with forging a prescription for a controlled substance. Jack, 53, of North Avenue, was charged Friday by Westport police with second-degree forgery in connection with an incident last November when he is said to have forged the date of a prescription for a controlled substance at a CVS pharmacy that was made out to him by a Fairfield doctor. Euro-Zone Ministers Press Spain for a Deal on Deficits (WSJ) Euro-zone finance ministers on Monday pressed a budget plan on Spain—regarded as a key test of ambitious new rules for the currency bloc—that would allow the government some leeway on its budget deficit for this year but would keep a tough deficit target for 2013. The plan would mean Spain would still have to embark on a bruising austerity program over the next two years that would cut nearly 6% of gross domestic product off its deficit. The program would be particularly challenging given Spain's contracting economy and 23% unemployment rate, Europe's highest. Ministers said after the meeting that Spain had agreed to consider the proposal. Greek Students Fight Stray Dogs and Despair Amid College Cuts (Bloomberg) Higher education in Greece, as in much of Europe, has been battered by the recession and austerity measures. Budget cuts of 23 percent since 2009 mean buildings aren’t heated in the winter, schools have slashed faculty salaries and newly hired professors can wait more than a year to be appointed. Students say it’s hard to be hopeful with youth unemployment surpassing 50 percent and protesters seizing university buildings. “People are pessimistic and sad,” said Konstantinos Markou, a 19-year-old law student, speaking in a lobby at the University of Athens, where dogs fought nearby and students say drug dealers and users congregate. “The sadness is all around the air.” Entire Arena Football team cut during pregame meal at Olive Garden (YS) The owner of the Pittsburgh Power fired all 24 members of his team during a pregame meal at an Orlando-area Olive Garden. With AFL players set to strike before the 2012 season opener, owner Matt Shaner reacted first, cutting his entire team hours before kickoff of a game against the Orlando Predators. "Mid-statement, all the players got up and left," former Power center Beau Elliott told the Pittsburgh Tribune-Review. "Every player got up and left while he was still talking. There were 15 to 20 angry, large individuals." Tainted Libor Guessing Games Face Replacement by Verified Trades (Bloomberg) The London interbank offered rate, the benchmark for $360 trillion of securities, may not survive allegations of being corrupted unless it’s based on transactions among banks rather than guesswork about the cost of money. “The methodology used to formulate Libor is totally unsuitable for the modern world,” said Daniel Sheard, chief investment officer of asset manager GAM U.K. Ltd., which manages about $60 billion. “The British Bankers’ Association needs to come out on the front foot and say ‘this is a system that was appropriate 20 years ago but is no longer appropriate and we are going to change it.’” SEC set to file charges over private trading (FT) The Securities and Exchange Commission is close to filing civil charges tied to the trading of private stocks against at least three executives, making it the first case since regulators began reviewing secondary markets more than a year ago. The fresh scrutiny comes as Congress weighs laws to loosen restrictions on private trading, allowing private groups to have more shareholders and market their stock to a wider range of investors, to make it easier for start-up companies to raise capital and create jobs. It also comes just months ahead of an expected initial public offering for Facebook, which has been the most heavily traded private stock. Ruth Madoff Moves To Greenwich (Greenwich Time) While some Old Greenwich residents said they did not like the idea of Madoff taking up residence in the neighborhood, others shrugged off the news that Madoff was living in town. Neil Lucey, a semi-retired investment banker who has lived in Old Greenwich for 15 years, said he had "no adverse reaction" to hearing Madoff had moved in. Researchers say long-lost Leonardo may have been found (Reuters) Art researchers and scientists said on Monday that a high-tech project using tiny video probes has uncovered evidence that a fresco by Renaissance master Leonardo da Vinci lost for five centuries may still exist behind a wall of Florence's city hall...Researchers used tiny, medical-style endoscopic probes and other high-tech tools inserted through existing cracks in the outer wall holding the Vasari fresco and took samples of substances. "We found traces of pigments that appear to be those known to have been used exclusively by Leonardo," said Maurizio Seracini, an engineer and expert in art diagnostics who has been on the trail of the "Lost Leonardo" for three decades. "These data are very encouraging," he said, adding that one black pigment found was believed to be of the same type used by Leonardo on the Mona Lisa.

westhampton

Opening Bell: 10.29.21

Alibaba agony; alt data gets the side eye; messing with Texas; and more!