Recently an official gathering of certain world's wealthiest people at the Giving Pledge's annual philanthropic “gathering” took place to discuss “deeper engagement” in the causes they support. No official figures has been provided regarding number of billionaires and amount they have given since the pledge was instigated as a joint venture in 2010 by Warren Buffett, CEO of Berkshire Hathaway … [Read more...]
Ex-SAC Capital Manager Sentenced to 3½ Years in Prison for insider trading
Michael Steinberg, a former fund manager with SAC Capital Advisors LP was sentenced to 3 1/2 years in prison for insider trading, crowning one of the biggest triumphs for prosecutors who invested seven years inspecting the firm and its boss, Steven A. Cohen. In April, the Stamford, Connecticut-based firm changed its name to Point72 Asset Management LP. He was found guilty in December of … [Read more...]
Darden Restaurants seals USD 2.1 bn Red Lobster deal with Golden Gate Capital
Private equity firm Golden Gate Capital is going to buy seafood chain Red Lobster for USD 2.1 billion, Darden Restaurants said. Darden Restaurants had put Golden Gate Capital, its oldest but worst performing segment, on sale in December. Darden also includes Olive Garden, LongHorn Steakhouse, Bahama Breeze, Capital Grille and Seasons 52. According to the company, the deal will get about … [Read more...]
Utah is the 13th Best State for Business Survey 2014
Chief Executive Magazine conducted a survey recently and ranked each of the 50 states for its relative appeal for business. In the 10th annual survey, over 500 CEOs responding to the survey considered a wide range of factors. The major considerations in the overall ranking process were the quality and availability of public education and health care, the cost of living, and the quality of … [Read more...]
US job market improving as unemployment aid claims hit 7-year low
In a positive development, the US job market was seen strengthening as the number of Americans filing new claims for unemployment benefits fell last week to its lowest level in seven years. According to the Labor Department report, released on Thursday, the initial unemployment benefits applications in the United States dropped from 24,000 to 297,000 for the week that ended May 10. This … [Read more...]
8.12 percent of New Jersey mortgages in foreclosure process
The Mortgage Bankers Association on Thursday said that about 8.12 percent of mortgages were in the foreclosure process in New Jersey. With this development, New Jersey has surpassed Florida with the highest share of mortgages in foreclosure process in the United States in the first quarter as delinquencies nationally fell to pre-crisis levels. Michael Fratantoni, chief economist for the … [Read more...]
Euro at one month low after ECB President Mario Draghi hints easing monetary policy
Amid indications from the European Central Bank (ECB) over easing of monetary policy in its June review, the euro has remained sluggish in the past few weeks. The18 nation currency has hit a one month low and has remained weak against most of its 16 major counterparts According to the stock analysts, the euro has fell the most in the past seven weeks against the dollar after the ECB’s … [Read more...]
Ford announces Mark Fields as its new CEO
Leading automaker Ford on Thursday announced the name of Mark Fields as its new CEO. 53-year-old Fields will take over Alan Mulally on July 1, six months ahead of schedule. Soon after assuming office, Fields will face a daunting to-do list for maintaining the super era of Mulally. As Ford expands rapidly in Asia and other world markets, the top most priority for Fields would be to keep … [Read more...]
Bitcoin exchange MtGox hacked 150,000 times per second
The Tokyo-based exchange, MtGox, is under severe cyber attack with hackers assessing its data 150,000 times per second. The bitcoin exchange has filed for bankruptcy protection in February. Reports say, it was hit with crippling distributed denial-of-service (DDoS) attacks. The hackers take control of multiple computers during the DDoS attacks and send a flood of data to the target through … [Read more...]
Bitcoin prospects in dark after $2.7 million heist
The last few days have been tough for Bitcoin as it suffered three setbacks one after another. The three top exchanges halted its withdrawals, a reported heist of $2.7 million and the exploitation of a flaw in the Bitcoin protocol all leading to a common question- Are the end-times coming to Bitcoin? Bitcoin is an experimental decentralized digital currency that enables instant payments to … [Read more...]
