Former Morgan Stanley Star in China Pleads Guilty
Source: Reuters A former Morgan Stanley executive pleaded guilty to conspiring to evade internal controls required by a US anti-bribery law, in a case that underlines the fall of a once high-flying dealmaker for the firm in China. Garth Peterson, who was a managing director in Morgan Stanley’s real estate investment and fund advisory...
Fed to Meet as US Recovery Splutters
Source: AFP The erratic path of the three-year-old US economic recovery will weigh on Federal Reserve policymakers when they gather Wednesday amid a fresh bout of anxiety over the slow pace of revival. The Fed’s interest rate-setting panel will end two days of meetings in Washington to decide whether more stimulus for the spluttering...
Apple Crushes Street Targets, Dispels iPhone Fears
Source: Reuters Apple Inc’s quarterly profit almost doubled after a jump in iPhone sales, particularly for the greater China region, blowing past Wall Street expectations and soothing fears the device was past its best days for sharp growth. Shares in Apple, the world’s most valuable technology company, shot up 8 per cent in after-hours trade,...
Facebook Reveals Revenue, Profit Slide Ahead of IPO
Source: Reuters Facebook Inc reported its first quarter-to-quarter revenue slide in at least two years, a sign that the social network’s sizzling growth may be cooling as it prepares to go public in the biggest ever Internet IPO. The company blamed the first-quarter decline, which surprised some on Wall Street, on seasonal advertising trends....
US Retailers Play Catch-up in Fashion Speed Race
Source: Reuters After years of losing customers to Europe-based retailers that give young shoppers fresh fashions more quickly, US clothes retailers are fighting back. To pick up speed, companies like Gap Inc, American Eagle Outfitters and Macy’s Inc are placing smaller orders in more factories, and waiting until the last minute to say what...
Pfizer Near to US$9-billion Deal with Nestle: Report
Source: AFP US pharmaceutical giant Pfizer is close to reaching a US$9-billion deal to sell its infant nutrition business to Nestle, according to the Wall Street Journal. The Journal said Nestle, the Swiss food giant, had apparently beaten out Groupe Danone and Mead Johnson Nutrition, which had considered a joint bid for the business,...
US Sues Apple for e-Book Pricing as Three Firms Settle
Source: Bloomberg Apple Inc’s best defence against accusations it conspired to fix e-book prices may turn on its absence from meetings in Manhattan restaurants where publishing executives allegedly worked out the scheme. The maker of the iPad will need to show it negotiated pricing arrangements separately with each of the five publishers named in the...
Oracle Suit Against Google Over Android Hits Trial
Source: Reuters Jury selection in a high-stakes dispute over smartphone technology between Oracle Corp and Google Inc is set to begin Monday morning, kicking off a trial in which both companies’ chief executives are set to take the stand. Oracle sued Google in August 2010 over seven patents and copyright claims for the Java programming...
Ex-Wall Street Bankers Bring Science to China’s Rocky Stock Market
Source: Reuters Ex-Wall Street bankers are betting science can exploit opportunities in China’s often rumour-driven stock market, with some predicting the quant-driven fund industry to grow by as much as 10-fold to RMB100 billion within a few short years. Former Goldman Sachs banker Shen Yi is confident his newly-launched RMB20-million quant fund, which trades...
Oracle Kicks Off Busy Trial Season Against Google
Source: Reuters Oracle Corp is set to go to trial next week against Google Inc in a high-stakes dispute over smartphone technology, the biggest case in what is shaping up to be an intense year in court for the enterprise software giant. Jury selection is set for Monday in San Francisco federal court. Oracle claims...
Carlyle Eyes US$7.5-8 billion Valuation in IPO: Source
Source: Reuters Carlyle Group LP is eyeing a market valuation of US$7.5 billion to US$8 billion in an initial public offering, as the US private equity firm prepares to kick off a marketing blitz to investors, perhaps as soon as next week, said a source with knowledge of the situation. Carlyle, which has US$147 billion...
Disney to Develop Animation Productions in China
Source: AFP The Walt Disney Co, which is building a theme park in China, said Tuesday it had joined an initiative to develop Chinese animation productions. The US entertainment giant and the state-backed China Animation Group have launched a project to develop animation content for the Chinese and other markets, Disney said in a statement....
