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The top Wall Street internship resume winners
Lifestyle, 4:01
<p>The one-two punch for nailing a Wall Street internship is simple, a former bulge-bracket analyst told Business Insider. Most important?</p> <p>1. Have a GPA of at least a 3.6.</p> <p>2. List relevant experience.</p> <p>3. Write three non-finance interests.<br /> Photo: istock Rich Legg<br /> &nbsp;</p>
This ETF will work...until it doesn't
Asset Management
<p>First Trust Dorsey Wright International Focus 5 ETF (NASDAQ: IFV) has received arguably the least amount of fanfare among the most successful ETFS. Just 10 months after coming to market, the First Trust Dorsey Wright International Focus 5 ETF is now home to $641.1 million in assets under management.</p> <p>Judging by flows data, IFV got off to a slow start as essentially all of the ETF's current assets under management tally has flowed into the fund this year. Of course, it is worth noting IFV enjoys a big marketing advantage. It is the international equivalent of the wildly popular First Trust Dorsey Wright Focus 5 ETF (NASDAQ: FV). FV does not turn two until March and it already has over $4.2 billion in assets.</p> <p>IFV applies the methodology used by FV at the international level. Meaning IFV holds five First Trust single-country or regional funds displaying favorable momentum characteristics. IFV's current lineup includes the First Trust United Kingdom AlphaDEX Fund FKU 0.12%, First Trust Switzerland AlphaDEX Fund FSZ and the First Trust Germany AlphaDEX Fund FGM.</p> <p>Read more at Benzinga. <br /> Photo: Hans Gerwitz</p>
Video: Gen. Petraeus talks US energy revolution
Capital Markets
<p>The U.S. is leading the energy revolution, says former CIA director Gen. David Petraeus on this week's Wall Street Week. Be bullish on America, because its  innovation is paving the way, he says.</p>
NY Fed president William Dudley said to say that it's too early to raise rates
Capital Markets
<p>From Reuters:<br /> It is too early to consider an interest rate rise in the United States due to concerns about global economic growth, New York Federal Reserve Bank President William Dudley was quoted as saying by an Italian newspaper on Monday.</p> <p>"The situation changed over the last few months," Dudley told CorrierEconomia last Thursday on the sidelines of a conference at the Brookings Institutions in Washington.<br /> Last week, Dudley said in a speech at the Brookings Institute that a rate hike was not off the table for 2015 if the economy continued to expand as expected.<br /> Photo: Michael Dadino</p>
Morgan Stanley slumps after earnings miss
Capital Markets
<p> <br /> Morgan Stanley released its third quarter earnings report before opening bell this morning, posting a wide miss of 34 cents per share in adjusted earnings and adjusted revenue of $7.33 billion. Analysts had been expecting earnings of 63 cents per share and revenue of $8.54 billion. In last year’s third quarter, the firm reported earnings of 64 cents per share.</p> <p>Reported earnings were 48 cents per share, compared to last year’s 83 cents per share. Including accounting adjustments, Morgan Stanley (NYSE:MS)’s revenue was $7.77 billion, compared to last year’s $8.91 billion.</p> <p>The firm’s Institutional Securities business saw net revenues excluding DVA fall from $4.3 billion to $3.5 billion this year. Management said they continued to see strength in Equity sales and trading. Advisory revenues rose from $392 million to $557 million, while Equity sales and trading net revenues were flat at $1.8 billion.</p> <p>The Wealth Management business saw net revenues fall from $3.8 billion to $3.6 billion. Asset management fee revenue ticked upward from $2.1 billion last year to $2.2 billion this year. Transactional revenues fell from $912 million to $652 million.</p> <p>Read more at ValueWalk.<br /> Photo: Insider Monkey</p>
Google stands out amid low earnings expectations
Capital Markets
<p>&nbsp;</p> <p> Overall, Wall Street expectations are muted for this week's earnings reports.</p> <p> Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) will buck that trend with strong results, if forecasts are accurate.<br /> Expectations are also high for earnings from American Airlines Group Inc (NASDAQ:AAL), Eli Lilly and Co (NYSE: LLY), General Motors Company (NYSE: GM) and Verizon Communications Inc. (NYSE: VZ).</p> <p>&nbsp;</p> <p>The heart of the third-quarter earnings reporting season has arrived, and results will come fast and furious this week. But overall, expectations are fairly muted.</p> <p>Consensus forecasts from Wall Street analysts call for declining earnings from many of the most prominent companies reporting this week. However, expectations are high for the results from Alphabet Inc, still more commonly known as Google.</p> <p>Strong earnings growth is also predicted for Eli Lilly and Verizon, accompanied by at least some growth in revenues.</p> <p>Some of the strongest year-over-year growth on the bottom line is anticipated this week from General Motors Company and American Airlines. Yet, in both cases, the top line is expected to have shrunk marginally.</p> <p>Below is a quick look at what is expected from these and a peek at some of the week's other most prominent reports.<br /> Alphabet<br /> The company formerly known as Google will post earnings of $7.34 per share for its third quarter, if Estimize's consensus forecast is accurate. That would be up ...</p> <p>Full story available on<br /> Photo: Carlos Luna </p>
Hong Kong ETFs lack appeal
Asset Management
<p>Exchange-traded funds are struggling to find traction in Hong Kong. Several managers, such as HSBC and Lyxor, have de-listed funds in recent years because of low asset sizes or poor trading volumes.</p> <p>The departure of Mirae Asset Management’s Hong Kong head of ETFs last week highlights the problem. Eight of Mirae AM’s 10 Hong Kong-listed ETFs (under the Horizon brand) are far too small to be profitable, notes AsianInvestor. (paywall)</p> <p>Too much sectoral diversity in Asia is one reason. Different tax regimes and accounting treatments in individual countries means it’s tough to assemble a representative list to fill a regional chemical, energy or financial ETF, for instance.</p> <p>There is another reason too. As this year’s gyrations in local bourses have demonstrated, Asian retail investors like to trade rather than park their cash in a passive fund. They prefer some action.<br /> Photo: Roberto Trombetta<br /> &nbsp;</p> <p>&nbsp;</p>
Standard Chartered rolls out Vietnam fintech platform
<p>Fresh from launching its Hong Kong fintech accelerator, UK bank Standard Chartered's Vietnam unit has teamed up with local investment fund Dragon Capital to form the "Vietnam FinTech Club".</p> <p>Its not an accelerator but a roundtable bringing together startups and investors, including veteran Vietnam VC IDG Ventures. According to a release, the club had its genesis during UK prime minister David Cameron's visit to Vietnam in July.</p> <p>With London quickly emerging as a global fintech hub, the UK government is looking to nurture fintech industry connections in emerging markets such as Vietnam.  This new platform will help give the UK  firms access to Vietnamese regulators, financial service providers, and ICT entrepreneurs. The Fintech Club will also help bolster  Standard Chartered's exisiting  Hong Kong-based fintech program. Nirukt Sapru, CEO of Standard Chartered Vietnam, said:<br /> "By backing the FinTech industry in Vietnam, we echo the bank’s strong commitment in supporting and encouraging innovation which we believe is a key driver of economic growth and prosperity. Standard Chartered Bank just launched a FinTech Accelerator Programme in Hong Kong to help local and international early-stage and more established FinTech companies grow in Asia’s vibrant markets. We hope to see strong participation from Vietnam in this initiative.”<br /> News like this can only serve as a boon for the country's venture capital  community which has been touting Vietnam's young demographics and increasingly tech0-savy population for several years. Only last week Chris Freund, founder of Mekong Capital told NexChange:<br /> “There is a big opportunity for VC and PE firms to invest and help their investee companies to build their management teams and apply international best practices, which often leads to those companies becoming the winners in their sectors.”<br /> Photo: Jerick Parrone</p>
The state-backed VC fund shaping the future of Japanese tech
Venture Capital
<p>If you have never heard of the Innovation Network Corporation of Japan (INCJ) then you really haven't been paying attention to Japan’s tech industry.</p> <p>INCJ made headlines again last week when shares in Sharp Corp. soared on the news that the state-backed fund was mulling a 200 billion yen ($1.7 billion) bailout for the ailing electronics giant. </p> <p>Such deals are par for the course for INCJ which has spent the last six years spearheading the government’s efforts to restore Japan’s status as a leader in technology and innovation. </p> <p>It has mostly made a name for itself through its private equity and venture capital investment activity. Backed by the biggest names in Japanese tech - including Canon, Panasonic, Hitachi, Sony, Sharp, and Toshiba - and with about 2 trillion yen of investable capital, it has some serious firepower. </p> <p>Sharp is the most recent example of INCJ supporting the country’s embattled electronics giants. It is the largest shareholder of Japan Display, a firm it created  out of the LCD divisions of Hitachi, Toshiba, and Sony. The fund also famously gazumped  U.S. private equity major KKR in 2012 through its acquisition of chipmaker Renesas. </p> <p>Unsurprisingly, INCJ has come in for a lot of flak from its critics for propping up, rather than revitalising, its distressed targets. That said, rescuing giants is only part of INCJ’s strategy. The fund is also a major player when it come to early stage investments. Around three-quarters of the 90 investments made by INCJ since its inception have involved early stage companies. </p> <p>This is likely to be the real area of focus for Toshiyuki Shiga, Nissan’s former COO who took over as chair of INCJ in June, as the Japanese government looks to replicate some of Silicon Valley’s success in Japan rather just revive some of Japan's own past glories.<br /> Photo: Curt Smith</p>
Why ‘Abenomics’ keeps missing the mark
Capital Markets
Japan Continues to Struggle under ‘Abenomics’. Standard &amp; Poor’s recently cut its long-term credit rating of Japan one level, down to A+, and markets do not seem to have reacted much, if at all. A key reason is that many Japanese bonds are owned by Japanese banks and other Japanese institutions, “which are not going to sell in large numbers,”