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Citigroup firing decision sets a precedent
Capital Markets
A former Citigroup currencies trader won his case for unfair dismissal on Tuesday. A London employment tribunal decided that Perry Stimpson was unfairly dismissed by the U.S. bank last year when it was mired in a forex scandal. Part of the tribunal's reasoning is peculiar: it seems to conclude that Stimpson shouldn't have been sacked because he was behaving no differently from his…
US Treasurys? Follow the money (out)
Capital Markets
There really is no need to agonize over those Delphic utterances by Fed officials. Investors paralyzed by trying to second-guess interest rate policy just have to follow the big money: "The top buyers of U.S. government debt are shedding their holdings at the fastest pace in months," reports The Wall Street Journal (paywall). "China, the largest foreign holder of U.S. Treasurys,…
The great global taxi war continues: India's Ola raises $500M
Venture Capital
All of over the world it seems taxi app unicorns are locking horns with Uber in a war for market share. The latest battleground: India. Ola -- a ride-sharing app behemoth that gobbled its rival TaxiForSure earlier this year -- says it has just closed a $500 million Series F (!) round of funding. The investor roster holds no surprises.…
Earnest raises $275M as VC cash floods to lending startups
Lending startups seem to be latest obsession for venture capitalists on the hunt for fintech deals.  Two months after student loan company SoFi raised a staggering $1 billion from SoftBank Capital, a consortium of investors have channeled $275 million into lending company Earnest through a mix of debt of equity. Tech Crunch reports that Battery Ventures led the $75 million
Wealth managers raise digital game
Asset Management
Digital upgrades are not just for clients. A recent survey (subscription) by leading consultant Aite Group of executives at wealth management firms in North America, Europe and  Asia-Pacific found that 83% of them are enhancing digital capabilities for advisors: "Most wealth management firms accept that digital channels must complement and enhance the financial advisor. They are keenly aware that if they do not…
Why we believe emerging markets stocks are attractive
Asset Management
Our overarching belief that emerging markets’ macroeconomic fundamentals are much better now than they were during the crisis-prone years of the late 1990s/early 2000s has guided our views on the asset class over the past several years. First, most emerging-market countries today have floating, rather than fixed, exchange rates. This allows currency moves to release pressure that might develop due…
Wall Street’s shining star Chopra hits a temporary speed bump
Hedge Funds
  One of the shining female stars of Wall Street is carefully watching her hedge fund’s exposure to healthcare after experiencing the worst quarterly performance in the fund’s history. With the Tiger Ratan hedge fund down a whopping 20.9 percent in September, according to a letter to investors reviewed by ValueWalk, the fund founded by Nehal Chopra is repositioning for the…
Shhh! Goldman is holding a conference with its favorite startups
Capital Markets
Goldman Sachs is hosting its annual by-invitation-only startup conference in Las Vegas at the Bellagio on Tuesday and Wednesday, reports ReCode. Goldman Sachs is a bit of an also-ran in Silicon Valley. This conference is its stab at gaining street cred. And the companies that present are usually their faves or firms they would like to be clients, says ReCode.…
Daily Scan: Stocks fall flat; Germany ends soccer game after bomb threat
Capital Markets
Updated throughout the day November 17, 2015 U.S. stocks ended the day flat after an initial boost early on. Wal-Mart's earnings beat expectations, sending its shares up 3.5% Tuesday. The U.S. Consumer Price Index rose 0.2% in October, as expected. But industrial production fell 0.2% in October, after expectations it would remain flat. The meeting minutes from the Federal Reserve's October…
Overheard on Twitter: Where all this M&A activity is leading us
Capital Markets
From Dealogic: US targeted M&A volume has reached $2.03tr in 2015 YTD, up 55% from $1.31tr announced in 2014 YTD. This marks the first time on record any country has passed $2tr in targeted M&A volume in a calendar year To which, Twitter responds: @firstadopter named Berkshire Hathaway — Bob Brinker (@BobBrinker) November 17, 2015 Photo: thetaxhaven