November 4, 2013 |
NEW YORK -- A giant Wall Street hedge fund has agreed to plead guilty in a major insider-trading case. The federal government's agreement with SAC Capital Advisors, the Connecticut-based fund run by billionaire Steven A. Cohen, is set to be announced at a news conference Monday by Preet Bharara, the U.S. attorney in Manhattan. Bharara's office announced an indictment of SAC Capital in July, a rare criminal prosecution of a financial firm. Under the agreement, SAC Capital will pay $1.8 billion in penalties, according to court documents.
November 4, 2013 |
With BlackBerry's latest upheaval, the troubled company is again facing pressure to ditch its smartphones. In a stunning turn of events, BlackBerry announced Monday that a tentative deal to sell itself to a Canadian financial services holding company for $4.7 billion had collapsed, that it was no longer for sale and that Chief Executive Thorsten Heins was being replaced. Shares of BlackBerry plummeted, closing down $1.27, or 16.4%, to $6.50. Its stock has fallen 45% this year.
November 3, 2013 |
There's another big change in the Bowl Championship Series standings but, once again, it might not be a big deal. Florida State used its big victory over Miami on Saturday to move past Oregon into the No. 2 spot Sunday in the third release of the BCS standings. Alabama remains on top with an average of .980, followed by Florida State at .953 and Oregon at .944. It's unlikely, though, that Florida State can hold the No. 2 spot if all three schools go undefeated. Oregon has a much tougher closing schedule, which starts Thursday against No. 5 Stanford in Palo Alto, Calif.
November 1, 2013 |
The appearance-obsessed can get Botox injections to erase wrinkles, Rogaine to reseed fading hair lines and the prescription medicine Latisse to fill out flimsy eyelashes. Soon, they may be able to get a shot to kill fat. A Southern California company has invested millions of dollars on an injectable, fat-destroying drug that it says will do away with double chins. Kythera Biopharmaceuticals Inc. said the drug, which for now is known by the code name ATX-101, has proved effective at diminishing double chins during trials on more than 1,000 volunteers in the United States and Canada.
October 31, 2013 |
SAO PAULO, Brazil - A little over a year ago, Brazilian playboy Eike Batista was reputed to be the seventh-richest man in the world and was in the habit of boasting loudly that he'd soon be No. 1. By this week, he had become one of the world's biggest paupers. On Wednesday, his flagship oil company, OGX, filed for bankruptcy. A personal fortune once valued at $30 billion had collapsed into a personal debt estimated at more than $800 million. Some Brazilians, long since soured on his cocky persona, responded with glee on social networks to the news that Batista's yacht, the Pink Fleet, would soon be sold for scrap.
October 30, 2013 |
When he heard about a shake-up at company headquarters, Mark Sprague got a knot in the pit of his stomach. It wasn't his executive job that was at stake at the international real estate brokerage CBRE Group Inc. It was his spacious office of 11 years, his cherished file cabinets and his trophies. They all had to go. Sprague and everyone else in the company's 200-person office were given no choice by management. Everyone was to be part of an experiment to create the company's first completely "untethered" office in the United States where employees roam freely.
October 24, 2013 |
For the last several years, Swedish music company Epidemic Sound has been building a vast library of tracks for producers to use in soundtracks on television shows and online video, amassing 20,000 pieces from more than 100 composers. Now, the company is launching in the United States through a partnership with Maker Studios, which operates some of the biggest video channels on YouTube. “We really want to be the kings of background music," Epidemic Chief Executive Oscar Höglund said.
October 24, 2013 |
Dozens of people have called on the Federal Trade Commission to investigate multilevel marketing, a controversial industry that includes companies such as Herbalife Ltd., Amway, Avon and others. In a letter delivered to the FTC's Washington offices Thursday, the group, led by Massachusetts attorney Douglas M. Brooks, urged the agency to crack down on an industry it says preys on low-income and unemployed workers with false hopes of easy wealth. "The MLM industry has proved incapable of regulating itself, is rife with fraudulent and deceptive earnings claims and has caused -- and will continue to cause -- untold financial harm and misery to the poorest and most vulnerable of the consumers whom the commission was formed to protect," the group's letter said.
October 23, 2013 |
Crowdfunding has raised money to build libraries, make movies and send children on school trips. Soon it may let small investors buy stakes in fledgling companies. Federal regulators proposed rules Wednesday that would allow individuals to invest in start-ups over the Internet. The goal is to make it easier for entrepreneurs to raise money and create jobs, while giving small investors an early shot at latching onto the next Apple Inc. or Google Inc. The Securities and Exchange Commission voted unanimously to propose the regulations, which are required as part of the Jumpstart Our Business Startups Act, which was passed by Congress last year.
October 23, 2013 |
Former KPMG auditing partner Scott London should spend three years in prison on his insider-trading conviction for selling secret information about the accounting firm's clients to a stock-trading friend, the federal probation office in Los Angeles recommended. The tips to Encino jeweler Bryan Shaw resulted in nearly $1.3 million in profitable trades, prosecutors alleged. The probation office, in a confidential report, recommended the prison term, and the information was disclosed in court papers filed recently by London's attorney, Harland Braun.