By Reuters
An executive of a California research firm was arrested Wednesday on securities fraud and conspiracy charges after U.S. prosecutors accused him of arranging for inside information to be leaked to hedge funds, the latest development in an investigation of the industry.
The arrest of Don Ching Trang Chu of Primary Global Research stems from wiretaps and the cooperation of Richard Choo-Beng Lee, a hedge fund manager who pleaded guilty last year as part of the insider-trading prosecution of Galleon Group hedge fund founder Raj Rajaratnam and 22 other traders, lawyers and executives. Get the full story »
Nov. 24, 2010 at 1:52 p.m.
Filed under:
Entertainment,
Sports
By Reuters
Most of the National Basketball Association’s 30 teams either kept their average ticket prices unchanged or reduced them this year as the weak U.S. economy continued to affect North American professional sports leagues.
The average ticket price went down 2.5 percent to $48.08, a year after it fell 2.8 percent to mark the first decline in eight years, according to Team Marketing Report, which compiles such data for all the major North American sports leagues. Get the full story »
Nov. 24, 2010 at 1:32 p.m.
Filed under:
Crime,
Criminal charges
By Reuters
An executive of a hedge fund networking firm was arrested Wednesday on charges related to insider trading, part of a broad investigation of hedge funds by U.S. prosecutors.
A criminal complaint unsealed in U.S. District Court in New York said Don Ching Trang Chu, also known as Don Chu, promoted the services of his California-based firm, Primary Global Research, by arranging for inside information to be leaked to hedge funds. Get the full story »
Nov. 24, 2010 at 1:15 p.m.
Filed under:
Jobs/employment,
Layoffs
By Associated Press
The Illinois Department of Employment Security is reporting unemployment in all the state’s metropolitan areas fell in October.
The agency reported Wednesday the metro area showing the largest decline in unemployment was Peoria, down 2.4 points to 9.3 percent, with Chicago-Joliet-Naperville 1.5 points lower at 8.9 percent. Rockford was 1.4 points lower at 14.4 percent, and Decatur 1.4 points lower at 10.9 percent. Get the full story »
Nov. 24, 2010 at 12:55 p.m.
Filed under:
Pharmaceuticals
By Dow Jones Newswires
Standard & Poor’s Ratings Services lifted its outlook on Mead Johnson Nutrition Co., a move that reflects the ratings agency’s view that the company will continue to improve its financial profile in the near to intermediate term. Get the full story »
Nov. 24, 2010 at 12:12 p.m.
Filed under:
Earnings,
Internet,
Media
By Associated Press
The Walt Disney Co.’s early release of its earnings report this month came down to a Dumbo move: The company made the information accessible on an easy-to-guess Web address.
Disney didn’t plan on posting the link on its site until after the market closed. But a reporter at Bloomberg News found it with simple Internet sleuthing and reported results about a half-hour before the scheduled release, according to a person familiar with Bloomberg’s practices. The person was not authorized to speak publicly and spoke on condition of anonymity. Get the full story »
Nov. 24, 2010 at 11:45 a.m.
Filed under:
Pharmaceuticals,
Recalls
By Dow Jones Newswires-Wall Street Journal
Johnson & Johnson, which has been recalling a number of popular over-the-counter medicines, said Wednesday it’s withdrawing more Tylenol because of a labeling problem.
The company’s McNeil Consumer Healthcare unit is recalling nearly 9.3 million bottles of three Tylenol Cold Multi-Symptom products from drug stores and suppliers because the bottles’ front labels didn’t show they contain small amounts of alcohol from ingredients that flavor the medicine. Get the full story »
Nov. 24, 2010 at 11:34 a.m.
Filed under:
Economy,
Stock activity
By Associated Press
Stocks are sharply higher after a batch of economic reports offered some hope that the U.S. economy was improving.
Investors seized on encouraging readings of the labor market and Americans’ incomes on Wednesday, while shrugging off a steep fall in new home sales and manufacturing orders. Get the full story »
Nov. 24, 2010 at 11:30 a.m.
Filed under:
Criminal charges,
Internet
By Dow Jones Newswires
WikiLeaks founder and chief editor Julian Assange plans to ask Sweden’s highest court to overturn a lower court decision ordering him detained for questioning, his lawyer said Wednesday. Get the full story »
Nov. 24, 2010 at 10:57 a.m.
Filed under:
M&A,
Pharmaceuticals
By Reuters
Abbott India on Wednesday agreed to merge Solvay Pharma into itself, combining two Indian units of U.S.-based Abbott Laboratories’ and sending Abbott India shares to a 52-week high.
Solvay Pharma said its shareholders would get three shares of Abbott India for every two held. Solvay Pharma shares fell more than 13 percent on the news. Get the full story »
Nov. 24, 2010 at 10:28 a.m.
Filed under:
Investing,
Sports
By Becky Yerak
A Madison Dearborn managing director is a member of the investor group seeking to buy the National Hockey League’s Phoenix Coyotes.
George Peinado, who joined the Chicago-based private equity firm seven years ago from DLJ Merchant Banking Partners, confirmed that he’s a “minority investor” in a group headed by Matthew Hulsizer of Chicago-based Peak6. Get the full story »
Nov. 24, 2010 at 10:19 a.m.
Filed under:
Housing,
Mortgages,
Real estate
By Reuters
Rates on fixed mortgages edged up this week, inching further away from the lowest level in decades.
Freddie Mac said Wednesday the average rate for 30-year fixed loans rose to 4.40 percent from 4.39 percent last week. Two weeks ago, the rate hit 4.17 percent, the lowest on records dating to 1971. Get the full story »
Nov. 24, 2010 at 10:04 a.m.
Filed under:
Consumer electronics,
Retail
By Wailin Wong
A Sony laptop with a Blu-ray drive or a 50-inch Sanyo plasma television set could be yours for $500 on Black Friday if you’re willing to get up early, according to a Consumer Reports round-up of this weekend’s best gadget deals. Get the full story »
Nov. 24, 2010 at 9:58 a.m.
Filed under:
Banking,
Crime,
Criminal charges,
Fraud,
Litigation
By Reuters
The trustee seeking to recover money for defrauded Bernard Madoff investors has sued UBS AG and others for more than $2 billion, accusing them of collaborating in the imprisoned swindler’s massive Ponzi scheme.
UBS was accused of assisting Madoff’s fraud by sponsoring foreign feeder funds that sent client money to the once-respected money manager, lending them “an aura of legitimacy” while shielding itself from liability through secret side agreements. Get the full story »
Nov. 24, 2010 at 9:48 a.m.
Filed under:
Autos,
Recalls
By Associated Press
General Motors and Isuzu are recalling more than 192,000 midsize pickups to fix a problem with child safety seat anchors. Get the full story »
