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Time Warner CEO loses home in fire
Fire put a damper on Time Warner CEO Jeff Bewkes' holidays last week. The exec's Connecticut home went up in flames late Monday night, reports the New York Post. The fire was likely caused by embers from a fireplace. Bewkes made it out of the house safely and was back in the conference circuit Tuesday despite the fire roaring until 4
More troubling energy news for junk bond ETFs
Asset Management
A big reason for the recent surge in activity (and volatility) surrounding high-yield corporate bond exchange traded funds, such as the iShares iBoxx $ High Yield Corp BondETF (NYSE: HYG) and the SPDR Barclays High Yield Bond ETF (NYSE: JNK), is increasing concern that the junk bond market will soon be awash in a spate of defaults by energy sector
Daily Scan: Chinese shares soar; Rest of Asia finishes lower
Capital Markets
Updated throughout the day December 14, 2015 Concerned over the Fed and worried about oil, investors dragged Asian shares lower on Monday with the Hang Seng Index down 0.72%, the Nikkei Average down 1.80%, and the Straits Times Index down 0.90%. China however wasn’t having any of that. Despite dipping nearly 1% at the open, the nation’s Shanghai Composite ended
The bitcoin startups of 2016 will be "thoroughbreds not unicorns"
When fintech conference producers Finovate released a list of the world's biggest fintech unicorns earlier this year, the overwhelming majority were in lending and payments. After that, the next largest categories were real estate, insurance, and accounting. Bitcoin barely registered, with just one unicorn to its name – Coinbase. That will change in 2016, according to M&A advisory Magister Advisors, which predicts
New shadow banks
Asset Management
It's not only the huge online payments companies or Fintech startups that threaten banks' traditional businesses. There is another rival much closer to home. Asset managers have raised billions of dollars from investors to lend to companies as fund houses step into an arena traditionally dominated by banks, reports the Financial Times. (paywall) The fund management industry has flocked to the direct
Atlassian co-CEO takes a smug swipe at Jack Dorsey
Venture Capital
Atlassian's co-CEO Scott Farquhar must be feeling pretty smug after his company's blockbuster debut in New York on Friday. His firm had already priced at $21 a share, well above its initial indicative range, and then soared to as high as $27.48 on its first day of trading. Atlassian has managed to pull off one of the most successful IPOs of
How not to squander your startup's new funding
Venture Capital
Freshly funded, you can’t help but think that the hard part is over. That's where the trouble starts. Raising my startup's first $1 million (or $867,000 to be exact) was like a dream come true. It took a year and a half of hard work to convince 34 angel investors—to whom I will always be grateful—to give me enough money
Alibaba and SCMP agree a price
Capital Markets
Alibaba Group will pay HK$2.06 billion ($265.8 million) to buy the South China Morning Post, the newspaper group said in a statement on Monday. The purchase comes at a sensitive time. Top Chinese businessmen are disappearing and leading Mainland workers' and civil rights activists are being detained; meanwhile pro-democracy activists from last year's Hong Kong Occupy protests are being arrested or tried.
Third Avenue independent trustees joined board more than decade ago
Asset Management
Six of the seven independent board of trustee members of Third Avenue Trust have been advising the firm for more than a decade; one (Lucinda Franks) joined in 1998. Long-term board members are sometimes a signal of lax corporate governance; maybe indication that management has co-opted its board to prevent stringent oversight. One recruitment blog explains: The appropriate length of service
Third Avenue CEO, given the boot, is barred from entering fund building
Asset Management
Talk about persona non grata. David Barse, the Third Avenue CEO who abruptly shut down the company's troubled high-yield fund, has been given the boot. The Wall Street Journal reports exclusively: A security guard at the firm’s New York headquarters said Sunday that Mr. Barse had been let go and isn’t allowed back in the building. On Saturday, emails to