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Daily Scan: Stocks lift before Fed meeting; Sgt. Bergdahl to be court martialed
Capital Markets
Updated throughout the day December 14, 2015 Stocks ended Monday on a high note after dipping earlier in the day. The Dow Jones Industrial Average was up 0.6%. The S&P 500 added 0.5% and the Nasdaq Composite grew 0.4%. U.S. oil dropped below $35/barrel Monday before bouncing back up to just over $36/barrel. The U.S. junk-bond rout continued into the new week
Active managers embrace ETFs
Asset Management
After fearing the cannibalism of exchange traded funds, active mangers are embracing the strategy in order to keep up with competitors. Goldman Sachs Asset Management, Franklin Templeton, and Legg Mason are all breaking into ETFs to take on the traditional index kings BlackRock, StateStreet, and Vanguard, reports the Financial Times. These traditional active managers have a lot to catch up
Video: Bernanke talks growing up in the South
Baseball and reading filled former Federal Reserve Chairman Ben Bernanke's childhood days, Bernanke says on this week's Wall Street Week. Bernanke tells about how growing up Jewish in a small town in the South shaped his future.
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
Video: Skybridge gets Italian Christmas surprise
Employees at Skybridge Capital were able to tell Andrea Bocelli "grazie mille" in person when the star tenor made a surprise visit to the hedge fund's holiday party. Bocelli popped by the event at the Hunt & Fish Club in midtown to serenade 150 employees with a rendition of "Ave Maria," reports TMZ. Bocelli was in town for a performance at
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