WHAT TO WATCH: European finance ministers meet to approve bailout payment to Greece. 9 a.m. The ministers early today moved closer to an agreement on a single euro-area bank supervisor. EU leaders start their two-day summit. The Federal Reserve tied its interest-rate outlook to unemployment and inflation and committed to an even faster expansion of its balance sheet. (See page 2.) [...]
By Sabrina Willmer Lake Capital Partners is returning to its roots, moving to a deal-by-deal model after deciding against raising a third buyout fund, according to three people familiar with the situation. The Chicago-based firm is close to doing its first transaction under the new model, said one of the people. To continue reading click here
Arcapita Bank BSC, a Bahrainian investment bank reorganizing in New York, received interim approval from the bankruptcy court on Dec. 7 to borrow $25 million from a $150 million loan provided by Fortress Credit Corp. There will be a final hearing on Dec. 18 for approval of the remainder of the loan. The loan will comply with Islamic [...]
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SAIL Advisors Ltd., the $2 billion Hong Kong-based fund of funds that aims to expand in North America, is searching for strategies including long/short credit, relative value and long/short equity hedge funds for allocations next year, according to Wayne Yi, a senior analyst. SAIL prefers “less established” managers with less than $1 billion in assets, Yi, who is based [...]
The economy added 146,000 nonfarm payroll jobs last month, considerably stronger than the Bloomberg consensus forecast of 87,000 jobs created. Unfortunately, this job creation is overwhelmingly limited to low-wage sectors, continuing the trend established in the early stage of the recovery which is compressing the level of average hourly earnings to its lowest level on record. The recovery will continue to wane as long as [...]
WHAT TO WATCH: Mario Monti told Italy’s head of state he has lost lawmakers’ support and will resign, while Silvio Berlusconi announced plans to return to power. Greece is close to its debt buyback target, an official said. German October exports rose 0.3 percent. Industrial output in France (7.45 a.m.) and Italy (9 a.m.) probably fell, surveys show. Click here [...]
The United Arab Emirates and other Middle Eastern countries are seeking to diversify their fossil-fuel-based economies as a way to secure future jobs for the region’s burgeoning youth population. Click here to continue reading.
Several key presentations will be made at the American Society of Hematology (ASH) annual meeting in Atlanta, Georgia on Dec. 8-11. On Dec. 11, Celgene will present progression free survival (PFS) and overall survival (OS) data from the MM-003 study, a pivotal Phase III trial that tested pomalidomide in refractory resistant multiple myeloma. The drug [...]
Brokers would have to tell customers about recruiting bonuses and other compensation arrangements they earn when moving to a new firm, under a plan the Financial Industry Regulatory Authority voted yesterday to put out for comment, according to a person familiar with the meeting. Click here to continue reading this sample article from Financial Regulation.