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Seasonal style tips from Savile Row legendary tailor
Lifestyle, 4:01
<p>How does the world remember Paul Wolfovitz from the World Bank? What first came to your mind after seeing his name? Holes in his socks that were exposed during his visit to a mosque in Edirne, Turkey?</p> <p>Of course he did a lot to fight poverty around the globe, but because of the staggering contrast of his high up position vs. poor wardrobe maintenance, he remains a subject of jokes about a banker with holes in his socks, putting into question his professional abilities, writes FinBuzz.</p> <p>It’s no secret that one’s wardrobe should reflect professional achievements, but how to achieve that if you have no time to learn about style?</p> <p>Brian Lishak, co-founder of the bespoke tailoring house Richard Anderson at 13 Savile Row tells you exactly what to wear this season to look at your best.</p> <p>Cut is everything</p> <p>“First of all, I need to say that Savile Row is not about trends, it is about making a man look his best using special cut and colour combinations”.</p> <p>That’s why when you enter Brian’s atelier, you will be asked questions about your lifestyle and business style, measured and photographed. That kind of research ensures the final product is right just for you.</p> <p>“Fashion Industry will sell you a trend,” says Brian, who worked at Huntsman from 1956 till 2001. “But our job at Savile Row is to make a man look as slim and tall as possible. Each client is different and we always look at a man’s size, habits, complexion, lifestyle and business style to guarantee he gets what is good for his personal ways, at the same time achieving as much of the trendy lean and hungry look as we possibly can.”</p> <p>Japanese Denim</p> <p>However, there are some trends that today’s men follow anyway and Brian simply offers the best products on the market.</p> <p>“Modern men often prefer to wear jeans and a smart jacket, while in the past smart jackets would always go with smart pants”.</p> <p>A few years ago, when the jeans trend began, Richard Anderson Ltd started searching for true denim and it led them to… Kurashiki! It is a well-known fact that denim was popularised in the USA, however when the love affair with American culture reached Japan in 1955, many Japanese businesses started to produce own denim and innovate. The company in Kurashiki went to Nîmes, France, where denim was originally produced by the Andre family, and bought the original denim-producing machines. They brought the machines back to Japan and up to this day produce a traditional raw vegetable-dyed indigo selvedge denim, which Brian uses for jeans and jackets.</p> <p>“Japanese denim is arguably the best one the world now. There at Kurashiki they make for us special jeans that are cut by our designs. The trick is — we cut them slightly tight on the upper part of the leg and straight down from the knee. That makes our jeans compliment every figure.”</p> <p>Pants and Shirts</p> <p>“We also make special narrow corduroy trousers in ruby red, russet, brick orange and navy blue. Combined with sport designer shirts or light wool crewneck sweaters they help to easily achieve modern British stylish look.”</p> <p>“As for the shirts — light blue is a universal colour. 50% of all shirts we sell are light blue, which is so easy to wear. However a lot of people still like pale pink and pale violet, which we make too. The only difference of our shirts is the wide-spread collar. That gives more space for the tie”.</p> <p>Controlled Ties</p> <p>For two years narrow lapels were in</p>
Daily Scan: Stocks end week with gains; Goldman fires analysts for cheating
Capital Markets
<p>October 16</p> <p>Good evening. Stock rose Friday, ending the week on a positive note for the third straight week. The Dow grew 0.4% Friday. The Nasdaq added 0.3% and the S&amp;P 500 gained 0.5%. Stock options expired today in the U.S., which normally spells a fall for stocks. Earnings season has kicked off with rocky results, but don't seem to be quite as disappointing as anticipated. European stocks also rose with the Stoxx Europe gaining 0.6%.</p> <p>Here’s what else you need to know:</p> <p>Goldman Sachs fires cheating analysts. About 20 analysts have been fired from Goldman's New York and London offices for cheating on internal tests. The tests are firm specific, and not regulatory exams. CNN</p> <p>Trump suggests Bush could have stopped 9/11. Presidential candidate Donald Trump suggested Friday that former President George Bush failed to stop terrorist attacks. "When you talk about George Bush, I mean, say what you want. The World Trade Center came down during his time," he said. Needless to say, Trump's 2016 rival and Bush brother Jeb responded with disgust. New York Times</p> <p>United CEO hospitalized. The 56-year-old Oscar Munoz was named CEO of the airline last month. The airline did not confirm whether Munoz had suffered a heart attack, as rumored, but the stock fell 3.1% Friday with the news. Reuters</p> <p>FIFA is at it again. A new report shows that Germany likely only hosted the 2006 World Cup because of bribes. The report alleges that four FIFA execs were paid for their votes, and that FIFA helped launder the money. DeadSpin</p> <p>U.S. industrial production drops. Industrial production fell in September for the second straight month, dropping 0.2%, as expected. The August decline was revised to a 0.1% fall. CNBC</p> <p>JOLTS report shows job openings down. The quits rate has held steady at 1.9% for the fifth consecutive month. Job openings in August were at 5.6 million, down from the adjusted 5.67 million in July. Business Insider</p> <p>GE surprises with better-than-expected earnings. Boosted by better aviation and transportation earnings, General Electric reported a profit of $2.51 billion, or 25 cents a share, last quarter. Excluding the finance business, which GE is moving to cut, the company had revenue of $27.9 billion, on a profit of 29 cents a share. Wall Street Journal</p> <p>Theranos backs away from much vaunted "nanotainer" tests. After an inspection by the Federal Drug Administration, the hot startup (company valuation $9 billion) is now able to use the assay to test just one condition -- not the 100 originally publicized. </p>
People Moves: Nuveen builds ETF business; Voya poaches JP Morgan exec
Asset Management
Nuveen building ETF business. Nuveen Investments has hired Martin Kremenstein for the newly created role of head of ETFs. Kremenstein will report to Greg Bottjer, head of product strategy. Kremenstein most recently worked as managing director for asset and wealth management at Deutsche Bank, helping establish the firm's US ETF business. Voya grabs JP Morgan exec. Karen Eisenbach has joined
Wall Street still wants Jeb
Lifestyle, 4:01
<p>There's no love lost between Wall Street and Donald Trump. Or Ben Carson. Or a number of other presidential candidates for that matter. But Jeb Bush is quietly accumulating Wall Street support.</p> <p>Half of the top 10 employers of Bush donors are in finance: Goldman Sachs, Morgan Stanley, Merrill Lynch, Neuberger Berman, and Barclays, reports The Wall Street Journal. Employees from 11 major financial firms gave about $200,000 to Bush between July and September, far beyond Bush's Republican opponents. Hillary Clinton has raised less than $130,000 from those firms. Industry titan Anthony Scaramucci, founder of SkyBridge Capital, recently joined other finance professionals on Team Jeb after Wisconsin Gov. Scott Walker dropped out of the race.</p> <p>But filling his accounts with Wall Street money won't win Bush the hearts and minds of the Joe the Plumbers of this election. Is having the support of Wall Street a financial gift or a political curse?<br /> Photo: Gage Skidmore <br /> &nbsp;</p>
Hedge funds are fleeing stocks: one chart tells the story
Hedge Funds
<p>&nbsp;</p> <p> Evercore ISI’s recent hedge fund survey indicated that funds have their lowest net-long exposure to stocks in two years.</p> <p> Net-long exposure to stocks peaked in September of 2014.<br /> Analyst James Walsh said that funds’ net exposure has been a good contrary indicator of stock market movement.</p> <p>&nbsp;</p> <p>In a new report, Evercore ISI analyst James Walsh looked at hedge fund exposure to stocks. According to Evercore’s most recent survey, funds have been consistently reducing exposure to stocks for quite a while.<br /> Method<br /> Evercore surveyed 31 hedge funds with net assets of about $86 billion and asked them to rate their long exposure to stocks on a scale of 0 to 100, where 50 indicates normal net exposure. “Over the years, we have noticed that our hedge fund survey has been a good contrary indicator for the market,” Walsh wrote.</p> <p>Read more and see the chart at Benzinga. <br /> Photo: Umberto Salvagnin</p>
Daily Scan: Beware stock options expiration day; dark horse candidates pose fund raising challenge to incumbents
Capital Markets
<p>October 16</p> <p>Good morning everyone. Stock options expire today in the U.S. Watch out. For the past eight expirations, markets rallied the day before (ahem) and then tanked on expiration day. But for now, stocks are up a bit, with the Dow, Nasdaq, and S&amp;P 500 all adding 0.1%. Which makes us think of the Presidential primary election. What should we make of the fund-raising data just released? Ben Carson, the retired neurosurgeon gunning for the GOP nod, raised $20 million in the third quarter vs. $12 million for establishment candidate Senator Ted Cruz of Texas.  Favorite Jeb Bush? The former Florida governor took in just $11.4 million (though he raised tons in the summer). And Democratic frontrunner Hillary Clinton barely out-raised rival Bernie Sanders, the Vermont senator: $29.9 million vs $26.2 million.</p> <p>&nbsp;</p> <p>Here’s what else you need to know:</p> <p>U.S. industrial production drops. Industrial production fell in September for the second straight month, dropping 0.2%, as expected. The August decline was revised to a 0.1% fall. CNBC</p> <p>JOLTS report shows job openings down. The quits rate has held steady at 1.9% for the fifth consecutive month. Job openings in August were at 5.6 million, down from the adjusted 5.67 million in July. Business Insider</p> <p>GE surprises with better-than-expected earnings. Boosted by better aviation and transportation earnings, General Electric reported a profit of $2.51 billion, or 25 cents a share, last quarter. Excluding the finance business, which GE is moving to cut, the company had revenue of $27.9 billion, on a profit of 29 cents a share. Wall Street Journal</p> <p>Theranos backs away from much vaunted "nanotainer" tests. After an inspection by the Federal Drug Administration, the hot startup (company valuation $9 billion) is now able to use the assay to test just one condition -- not the 100 originally publicized. Wall Street Journal (exclusive, paywall)</p> <p>Roaring week for Chinese stocks. The Shanghai Composite notched gains fo 6.13% and the Shenzhen 7.66% on the back of  stimulus hopes both in China and in Japan. The Hang Seng hung back a bit, nudging 0.69% higher and the Nikkei 225 rose 3.14%. Hooray for stimulus.</p> <p>Since June, asset classes in synch for first time in 20 years. And that's not good. Robeco Investment Solutions show that gold, real estate, stocks, high yield bonds, stocks are all in the tank. Usually different asset classes hedge one another. MarketWatch</p> <p>Yuan heads to weekly low. With the PBOC fixing the yuan’s midpoint down 0.05% to 6.3436, both onshore (CNY) and offshore (CNH) yuan are heading to their weekly lows. CNY touched 6.3555 against the greenback today, just as the CNH dipped to 6.3583. </p>
Raj Rajaratnam sued by brother Rengan
Hedge Funds
<p>Raj Rajaratnam is not a happy man. Not only does he still have nine years left on his prison sentence, but apparently, he’s having family problems as well.</p> <p>According to Reuters, the once high-flying Galleon chief was recently sued by his younger brother Rengan, who claims that Raj, as well as Galleon, owe him over $13 million in unpaid performance fees and legal costs.</p> <p>Rengan, who was cleared of insider trading charges following his brother’s conviction, alleges that Galleon failed to pay him his 10% share on the $83 million he made for the fund back in 2009, and not only that, he also claims the fund stiffed him for up to $1 million over his stock recommendations, among other things:<br /> “He said Galleon also wrongly did not pay him up to $1 million for telecommunications stock recommendations he made in his other role as an analyst, and also failed to advance his legal fees and costs during the insider trading case.</p> <p>As a result, Rengan Rajaratnam said he had to pay $2 million in legal fees out-of-pocket and may owe another $2 million. Galleon also failed to help cover any of the $840,000 civil settlement he reached with the U.S. Securities and Exchange Commission after his acquittal, the lawsuit said.”<br /> Raj, who recently had an awkward reunion with Rajat Gupta in Ayer, probably isn’t too pleased about this.<br /> Photo: Marc Treble</p>
Founders, investors gather in Hong Kong to share past failures
<p>Learning and growing from one's past failures is a core part of startup culture and this week a group of founders will gather in Hong Kong to observe that tradition at the 2nd annual Postmortem conference.</p> <p>The event will be held at KPMG's Causeway Bay office at Hysan Place and will feature a line-up of HK's best startup founders, investors and mentors sharing their personal failures, pivots, regrets, and mea culpas. Confirmed speakers at the event include:</p> <p> Deepak Madnani, Paperclip<br /> Daniel Walker, Dragon Law<br /> Christopher Geary, Asianet Group<br /> Elsa Chan, Jetlun<br /> Andrea Livotto, Perpetu<br /> Sam Gellman, Uber<br /> Jeffrey Broer, Grayscale<br /> Donna NguyenPhuoc, Angel investor</p> <p>The event starts tomorrow (October 17) but a handful of tickets are still available.<br /> Photo: Steve Jurvetson<br /> &nbsp;</p> <p>&nbsp;</p>
Mega rounds keep rolling in amid IPO slump
Venture Capital
<p>It be might a lousy exit market right now but the big VC deals have still been coming through thick and fast these past three months with 68 startups globally each raising $100 million or more, according to a new report.</p> <p>The joint report by KPMG and CB Insights reveals there have been 170 of these so-called mega rounds for the first nine months of the year raising an aggregate $19 billion. In total VC-backed startups raised $37.6 billion worldwide during the three months and $98.4 billion for the year so far, already exceeding the 2014’s $88.7 billion total.  </p> <p>Asian mega deals in particular tipped the scales for the third quarter, with massive investments into the likes of Didi Kuaidi, LY.com, One97 Communication and Eleme. The top five deals in Asia accounted for $5.3 billion, or 39% of fundraising in the region. </p> <p>But the report also shows that while there are more late stage deals, there are fewer IPO exits than previous years, exacerbated by the fact that China suspended IPOs once again in July. The number of late-stage investments has affected the availability of cash for seed-stage investments. Despite more funds investing at the seed stage, seed investments have dropped to a five-quarter low of 28%, globally. </p> <p>In the short term at least it seems the gigantic late stage deals will continue to spur the rise of the unicorns - startups valued at $1 billion or more. There were 23 new unicorns in the quarter: 17 in the US, 3 in Asia and 3 in Europe.<br /> Photo: Maxwell Hamilton</p>
Can blockchain tech revolutionise IP and digital content ?
FinTech
<p>When people talk about blockchain technology they invariably talk about bitcoin, but its applications go far beyond cryptocurrency. There is now a community of startups that are looking at how blockchain can be used to protect digital content and intellectual property.</p> <p>In a nutshell: just as blockchain is used as a virtual decentralised ledger to track bitcoin transactions, it can also be used as a tool to track the rights and transactions attached to all manner of digital creative works from music to artwork.</p> <p>To this end there are now platforms like Ethereum coming into existence that use blockchain tech to issue smart contracts: decentralised computer protocols used to verify contractual agreements. There is now an ecosystem of companies being built around platforms like Ethereum that focus on IP solutions and other alternative blockchain applications. </p> <p>Many of the leading lights of this nascent industry gathered at the "Smart Contracts for Smart Cities" conference in Hong Kong’s Cyberport this week to share their views in the future of blockchain technology. Trent McConaghy – the founder of Ascribe, a digital IP platform – is one of the people looking to solve the issues surrounding IP and digital content on the internet, he said:<br /> “A fundamental challenge of the internet is that if you are a creator you are getting a raw deal. When you put your stuff on the internet you are probably not going to get paid, or at best you are only getting a fraction of its value. Ads are a horrible solution to monetization.”<br /> A similar frustration was expressed by Juan Benet, the creator of  InterPlanetary File System (IPFS), a type of peer-to-peer protocol. Benet explains that blockchain and timestamping services can be used to create an auditable trail of content ownership from creation through to the transfer of rights and beyond.  He added that the democratization of the process could also address some imbalances in the patent system:<br /> “Currently the patent system in software is pretty broken, it allows for a lot of things that shouldn't be allowed as patents and excludes others things that should be. It is a very tricky situation when you have these massive companies  amassing these huge portfolios and only they get to wield patents.”<br /> Photo: Mattwalker69</p>