Dow CEO rewards former Citi banker Klein with $130 billion deal prize

Michael Klein, the former Citigroup Inc investment banking chief, landed a leading role advising Dow Chemical Co on its $130 billion merger with DuPont as a result of the relationship he carefully developed with Dow CEO Andrew Liveris. Liveris spent six years on Citigroup’s board of directors, a tenure that ended in 2011. There he got to work with Klein, ... Read More »

Exclusive: StanChart axes senior bankers in energy M&A team – sources

Standard Chartered plc (STAN.L) has axed at least half a dozen oil and gas advisory banking roles in recent weeks, ending an eight-year attempt to build a global energy M&A team as new CEO Bill Winters moves to rein in costs, people familiar with the matter said. Asia-focused lender Standard Chartered (2888.HK) expanded its energy M&A advisory team just before ... Read More »

Hong Kong watchdog fines JPMorgan for dark pool, control failures

Hong Kong’s securities watchdog said on Tuesday it had fined JPMorgan HK$30 million ($3.87 million) for a range of control failures, including breaches in its dark pool business. The U.S. bank is the latest institution to fall foul of a broader crackdown by the Securities and Futures Commission (SFC) on electronic trading and dark pools in the financial center. The ... Read More »

SMFG agrees to buy GE’s Japan leasing business for $4.8 billion

Sumitomo Mitsui Financial Group Inc (SMFG) (8316.T) agreed to buy General Electric’s (GE.N) Japanese leasing business for $4.8 billion, the two companies said on Tuesday. The deal is part of GE’s plan to sell off the about $200 billion worth of assets of its finance arm, GE Capital, as the U.S. conglomerate moves away from finance to focus on manufacturing ... Read More »

Alibaba Unlikely to Be Interested in Yahoo’s Core Business

Chinese e-commerce giant Alibaba Group Holding is unlikely to be interested in buying Yahoo’s Internet business, The Wall Street Journal reported. Yahoo’s board, in a three-day meeting that started Wednesday, is weighing a sale of the struggling business, Reuters reported Tuesday, citing a source. The business isn’t attractive, “given the difficulties successive managers have had in turning it around,” the ... Read More »

Market Wrap: S&P 500 Posts Big Drop as ECB Disappoints

The S&P 500 suffered its biggest drop since late September on Thursday as the European Central Bank disappointed market hopes for greater stimulus. The ECB move triggered a spike in the euro that caught investors by surprise, forcing them to shift positions that hit most asset classes. Bond prices dropped after the announcement. At the same time, the CBOE Volatility ... Read More »

8 Things That Are Cheaper at Target

There’s no arguing that Target has a loyal following among many shoppers. While the retail giant may not always have the lowest prices, it certainly attracts consumers happily willing to pay a little extra to avoid the crowded aisles of some other discounters. But there are certain items which are almost always cheaper at Target (TGT) compared to other retailers. ... Read More »

You’re Running Out of Time for Your 2015 Tax Planning

A few months ago, we suggested getting your tax strategy together before it was time to panic. Well, it’s time to panic. We’re less than a month to the end of 2015 and any plans you have to lessen your tax hit by the end of the year should probably be implemented now. Rebecca Pavese, a certified public accountant, financial ... Read More »

Americans Pay Up to 10 Times Too Much for Medications

Just 17 percent of people comparison shop for their prescriptions to find better deals, a new survey shows. That means 83 percent are potentially paying hundreds of dollars more than necessary each time they fill a prescription, according to Consumer Reports. The nonprofit found that medications can cost as much as 10 times more at one retailer compared with the ... Read More »

December Rate Hike Assured, Yellen Faces Future Battles

Federal Reserve Chair Janet Yellen has the evidence of U.S. labor market health she wanted in order to raise benchmark interest rates for the first time in a decade this month, but she may have a tougher time selling further hikes. Yellen’s arguments against potential dissenters at the Dec. 15-16 Fed policy meeting were strengthened by Labor Department data Friday ... Read More »