MEDIAInquirer, is interested in bidding on Dow Jones. [DealBook/NYT] Women’s Wear Daily is the latest paper to sell ads on its front page; the crass commercialism doesn’t seem to bother anyone these days. [NYT]Time, Fortune, Fortune Small Business, Money, People, and Sports Illustrated) accuses Time Inc. of bargaining in bad faith. [Romenesko] FINANCEM.B.A.? Demand for the business-school grads is soaring again. [Deal Journal/WSJ]Fortune via CNNMoney]IBM dodged $1.6 billion in income taxes, the IRS is rushing to block a tax shelter that converts corporate profits. [NYT] LAWLaw Blog/WSJ]The Recorder] white! FASHIONBritish Vogue]Racked]th anniversary at Versailles have to report eight hours before the show starts for makeup duty. [Downtown Darling] … [Read more...] about Another Buyer Interested in Dow Jones
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The U.S. stock market hit record highs this week as a stunning surge of optimism has flooded Wall Street and fears of an imminent recession have all but disappeared. The market "melt up" is driven by three main factors: Belief that the trade war has peaked, belief there won't be a U.S. - or global - recession in 2020, and belief that the Federal Reserve has the market's back. Investors are making a bet that corporate profits will be a bit better next year than this year. They see a future where American consumers keep spending and businesses start investing again as the economy stabilizes and President Trump hits pause on any more tariffs. The three main stock indexes hit their peaks early in the week, retreated slightly, but regained momentum Friday morning. The stock market is effectively at its highest level in U.S. history, a phenomenon that the White House has openly cheered. "I am of the opinion that neither the U.S., nor the global, economy are facing a recession through the end … [Read more...] about U.S. stocks hit record highs this week. Analysts call it a ‘nervous’ rally
In this Thursday, Nov. 21, 2019, photo, a man walks by an electronic stock board of a securities firm in Tokyo. Stocks logged modest gains Friday, Nov. 22, 2019, in Asia after a lackluster overnight session on Wall Street ended with the market’s third straight drop. less In this Thursday, Nov. 21, 2019, photo, a man walks by an electronic stock board of a securities firm in Tokyo. Stocks logged modest gains Friday, Nov. 22, 2019, in Asia after a lackluster overnight session on ... more Photo: Koji Sasahara, AP Photo: Koji Sasahara, AP Image 1 of / 5 Caption Close Image 1 of 5 In this Thursday, Nov. 21, 2019, photo, a man walks by an electronic stock board of a securities firm in Tokyo. Stocks logged modest gains Friday, Nov. 22, 2019, in Asia after a lackluster overnight session on Wall … [Read more...] about Asian shares mostly higher despite US-China trade anxiety
LAW& Taft’s New York office, but the person who “brought the insects into the firm … is no longer associated with the firm.” [Above the Law]WSJ]& Parke are drafting a lawsuit to force the New York State Legislature to raise judicial pay. [New York Law Journal] MEDIA& News Corp. are this close to a $5 billion deal. But will the Bancroft family back the plan? [WSJ]Portfolio’s new issue will publish with about 65 fewer ad pages than its debut. [Crain’s NY]Tribune releases its annual “50 Favorite Magazines” list. Some titles that may be new to you: Wondertime and Juxtapoz. [Chicago Tribune] FINANCENYT]UBS. [DealBook/NYT]HBO’s new hedge-fund series are the screenwriters behind Ocean’s 13 and Rounders. [TV Week via DealBreaker] FASHIONOnly the Hood Dies Young, a film featuring hip-hop stars. [Flypaper]Downtown Darling]Portfolio] … [Read more...] about Bedbugs Infest Cadwalader, Wickersham & Taft
FINANCEUBS is closing its fund, Dillon Read Capital Management, after a loss of $124 million in the first quarter. [Reuters via NYT]UBS’s investment banking president in June, is trying to staff his boutique investment bank with former colleagues like Navid Mahmoodzadegan and Warren Woo. [Deal Journal/WSJ]DealBook/NYT] MEDIAJournal, will the staff get the hands-on boss or the laissez-faire owner? [NYT]Times cafeteria will feature sushi, tapas, and a vaguely themed “international” bar. [Gawker]Time 100 list is out. In: Mayor Bloomberg. Out: President Bush. [Time] FASHIONFashionista]NYT]The Shophound] LAWAm Law 100. [Law Blog/WSJ]AutoAdmit. [Law Blog/WSJ] … [Read more...] about Welcome, Hedge-Fund Backlash!