Tuesday, 9 Sep 2014 | 10:26 AM ET

Mining CEOs call for action against Ebola

Posted By: Lawrence Delevingne
A health officer at a state hospital in Kenema, Sierra Leone on Aug. 23, 2014.
Mohammed Elshamy | Anadolu Agency | Getty Images
A health officer at a state hospital in Kenema, Sierra Leone on Aug. 23, 2014.

A group of 11 chief executive officers of international mining companies working in West Africa are calling for fewer travel restrictions in the face of the Ebola epidemic.

"We are understandably concerned about the impact of the Ebola virus on affected countries' economies and the well-being of their people, which is being compounded by subsequent decisions and actions that affect travel to and trade with the region," a joint statement said.

The letter was signed by ArcelorMittal's Lakshmi Mittal, London Mining's Graeme Hossie, Newmont Mining's Gary Goldberg and Randgold's Mark Bristow, among others.

The letter lists two demands. One is to end to travel bans, which have been instituted by African flight hubs South Africa and Kenya to lock out visitors from Sierra Leone, Liberia and Guinea, the hardest-hit countries. The second was for more international coordination on the crisis.

Read MoreEbola along-term 'blip' for Africa investors

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  Monday, 8 Sep 2014 | 1:18 PM ET

Janjuah: Central banks to boost market—for now

Posted By: Jeff Cox

Stocks are in for a period of volatility that will present a strong buying opportunity, according to Bob Janjuah, the often-bearish strategist at Nomura Securities.

The reason for his optimism of sort: Any market weakness will be met with a flurry of central bank activity, the likes of which has helped prop up the S&P 500 to a 200 percent gain since the March 2009 financial crisis low.

"I would use any risk asset weakness over the balance of September and early October as an opportunity to BUY risk into year-end/early 2015," Nomura's co-head of asset allocation strategy said in a note. "On balance I feel that beyond the next three to four weeks, I am mildly bullish risk on a three- to four-month time frame. The drivers are likely to be central banks, as well as the usual seasonality factor, which tends to drive risk assets up into year end."

»Read more
  Monday, 8 Sep 2014 | 3:43 PM ET

Chief of $1 billion Juilliard endowment is leaving

Posted By: Lawrence Delevingne
Karina Canellakis leading the Juilliard Orchestra at Alice Tully Hall on Thursday night, May 22, 2014.
Hiroyuki Ito | Getty Images
Karina Canellakis leading the Juilliard Orchestra at Alice Tully Hall on Thursday night, May 22, 2014.

David Marcus, who led the Juilliard School's endowment out of financial crisis losses with the help of hedge fund pioneer Bruce Kovner, is set to depart.

Marcus will leave the elite music, dance and drama school at the end of September, according to two people familiar with the situation. The move has not been publicly announced and no successor has been named to be chief investment officer for the Juilliard endowment. Marcus' next position is unclear. He and a spokesman for Juilliard did not respond to requests for comment.

The move is notable because of the New York City-based school's relatively large financial position—more than $1 billion in total assets despite only about 850 total students—and Marcus' sophistication as an investor. Juillard's board chairman is Caxton Associates founder Kovner, and its directors include numerous Wall Street executives.

»Read more
  Monday, 8 Sep 2014 | 10:49 AM ET

Alibaba looks to build big cash stash for buyouts

Posted By: Kayla Tausche

In a video prepared by Alibaba executives for potential investors, the company's genesis is described as one to help small, Chinese wholesalers compete with global players.

With Alibaba's massive initial public offering coming down the pike, the company's own global ambitions are becoming more apparent—even in the structure of the deal. (Watch the video here.)

Alibaba disclosed Friday its plans to sell 320 million shares at up to $66 apiece. While the size of the offering has been arranged for some time, people familiar with the deal said, the portion of new shares to be issued by the company is higher than originally planned.

The reason is simple: More proceeds will go to the company's coffers instead of those of investors like Yahoo, which bought a 40 percent stake in Alibaba in 2005 for a then-paltry $1 billion. Yahoo previously told investors it would sell up to 208 million shares, but that number in the most recent filing decreased to roughly 122 million shares.

»Read more
  Monday, 8 Sep 2014 | 7:00 AM ET

Private equity preps Latin America push

Posted By: Lawrence Delevingne
Rio de Janiero, Brazil
Dado Galdieri | Bloomberg | Getty Images
Rio de Janiero, Brazil

Private equity and venture capital firms are setting up for more bets in Latin America after strong fundraising this year.

Some $3.5 billion earmarked for the region was collected during the first half of 2014, according to new data from the Latin American Private Equity & Venture Capital Association.

A host of major new funds hit the market this year, including regionally focused offerings from Blackstone Group partner Pátria Investimentos, JPMorgan Chase unit Gávea Investimentos, Advent International, and Carlyle Group. A total of 23 PE and VC funds reached their fundraising targets in the first half.

"This is a dynamic period for private equity fundraising and we expect year-end 2014 totals to likely reach $8 billion," LAVCA president Cate Ambrose said in a statement.

The previous high came in 2011, when a record $10.27 billion was raised.

»Read more
  Monday, 8 Sep 2014 | 7:00 AM ET

Today's Martoma sentencing: 8 years? Or even more?

Posted By: Dawn Giel
Mathew Martoma, a former portfolio manager at a unit of SAC Capital Advisors, exits federal court in New York.
Peter Foley | Bloomberg | Getty Images
Mathew Martoma, a former portfolio manager at a unit of SAC Capital Advisors, exits federal court in New York.

A federal judge in New York is set to deliver what could be the harshest sentence for insider trading to date.

Mathew Martoma, 40, a former portfolio manager at CR Intrinsic, a subsidiary of SAC Capital, was found guilty of insider trading in February for what the government said was his role as "the central figure in the most lucrative insider trading scheme" in U.S. history.

The illegal trades were made between 2006 and July 2008 in the pharmaceutical stocks Elan and Wyeth, netting SAC $276 million in profits and avoided losses.The government is also seeking forfeiture of a $9.4 million bonus prosecutors say Martoma received in 2008 for the illegal trades.

According to federal sentencing guidelines, Martoma could face a prison term of 15 years to nearly 20 years. Manhattan's top federal prosecutor, Preet Bharara, believes Martoma's incarceration should be above the Probation Department's recommendation of eight years due to "the seriousness of the offense conduct and the unprecedented ill-gotten gains that it generated."

»Read more
  Friday, 5 Sep 2014 | 4:03 PM ET

Jobs report: Sorting the takeaways and throwaways

Posted By: CNBC.com staff

August's anemic job growth has Wall Street in a quandary: Are the numbers a signal of structural job market weakness or just an aberration to be dismissed.

The answer is clearly "yes."

That's to say, both assertions are correct. The numbers do poke some holes in the idea of a robust employment picture, but they also probably don't represent the true jobs market snapshot.

»Read more
  Friday, 5 Sep 2014 | 12:12 PM ET

Debunking Wall Street's 'window dressing' theory

Posted By: Jeff Cox
Traders work on the floor of the New York Stock Exchange in New York.
Jin Lee | Bloomberg | Getty Images
Traders work on the floor of the New York Stock Exchange in New York.

Stockpickers have had a miserable year, so the natural tendency is to expect that they'll be playing catch-up aggressively through the end of the year—a bullish case for the stock market.

That's not necessarily the case, though.

In fact, the sledding could get even tougher for active portfolio managers, particularly if the stock market finishes strongly in 2014, according to a Bank of America Merrill Lynch report.

BofAML actually believes the market is going to be OK through the remainder of the year, but not because managers suddenly will get better about which stocks or mutual funds they select.

»Read more
  Thursday, 4 Sep 2014 | 2:12 PM ET

Think tank: Split high-frequency trading firms' roles

Posted By: Jeff Cox
Image Source | Getty Images

High-speed trading platforms would begin to look less like tangled webs of impenetrable computer fortresses and more like old-fashioned exchange floors under a plan put forth by an academic consortium.

The proposal, advanced by the Stevens Institute of Technology and released publicly Thursday, would assign a specific role to certain high-frequency trading firms: Sort of a cyber-market-maker who would sit in the middle of the trading operation directing traffic but unable to do any actual trading.

That would separate the dual role of market maker and broker that has allowed sophisticated firms to get access to price movements ahead of slower competitors, creating an advantage that has caused some observers to say the market is unfair, according to the plan.

Michael Lewis released a book earlier this year called "Flash Boys" about the industry, and alleged in promotional interviews that the stock market is "rigged" because of advantages that high-speed traders enjoy.

In the Stevens proposal, advanced by the institute's financial engineering division, the solution would in some ways resemble one put forth in the Lewis book. Lewis profiled a firm called IEX, which devised a system called "Thor" that allowed for offers on stocks to reach the multiple exchanges simultaneously, preventing the front running that some HFT firms try to execute.

»Read more
  Thursday, 4 Sep 2014 | 1:25 PM ET

Blackstone exec: US soccer a great investment

Posted By: Lawrence Delevingne
Peter Cohen of Blackstone Advisory Partners.
Michael Nagle | Bloomberg | Getty Images
Peter Cohen of Blackstone Advisory Partners.

A senior executive at Blackstone Group thinks big money investors can make piles of cash by betting on the growth of soccer in the U.S.

"The thing I'm sort of interested in is where soccer goes. It's a lower price point in terms of a point of entry at least for [Major League Soccer]," Peter Cohen, global head of the media and entertainment group at Blackstone Advisory Partners, said Thursday at the Bloomberg Sports Business Summit in New York City.

Cohen noted the rising popularity of soccer in America, including the success of the World Cup and NBC's broadcasting of English Premier League games.

"It that trend continues, I think that could be a really interesting place to make a lot of money going forward," Cohen said.

»Read more

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