Commodity Trading Advisors, puzzled by Fed, head for third year of losses
NEW YORK (Reuters) – Long-term trend-following hedge funds are heading for a third straight year of losses unless the commodity and financial markets they trade in settle into a more predictable pattern, which does not seem likely given the Federal Res…
J.C. Penney starts offering of 84 million shares
(Reuters) – J.C. Penney Co Inc said on Thursday it had begun a public offering of 84 million shares of its common stock and would use the net proceeds for general corporate purposes.
Madoff accountant charged with aiding Ponzi scheme
NEW YORK (Reuters) – A former accountant for Bernard Madoff has been indicted on charges he helped the convicted swindler defraud thousands of customers in the Ponzi scheme masterminded by Madoff, nearly five years after the fraud was uncovered.
U.S. says US Air, American should not get Justice Department documents
WASHINGTON (Reuters) – The U.S. Justice Department said on Thursday that US Airways and American Airlines , whose proposed merger has been stalled by government opposition, should not get access to internal analyses prepared in its review of previous a…
SEC says big Ponzi scheme targeted investors in Japan
(Reuters) – The Securities and Exchange Commission said it has uncovered an “extensive and egregious” Ponzi scheme run by a Las Vegas executive who raised more than $800 million from thousands of investors, mainly from Japan, over nearly 15 years.
Nike revenue surges in North America and Europe
(Reuters) – Nike Inc enjoyed big sales in gains in North America and Europe last quarter and benefited from fewer markdowns, helping the maker of sports clothes and shoes report a stronger-than-expected quarterly profit.
Exclusive: KKR pulls out of Jones Group auction – sources
NEW YORK (Reuters) – Private equity firm KKR & Co LP has withdrawn from the bidding process for Jones Group Inc , two people familiar with the matter said on Thursday, raising questions over the prospects of the auction for the fashion and footwear company.
J.C. Penney former controller now interim accounting officer
(Reuters) – J.C. Penney Co Inc said on Thursday that Mark Sweeney has left the company after serving as senior vice president and controller for just over a year, and that it has named Dennis Miller, who was controller before Sweeney, as its interim pr…
Exclusive: Nestle weighing sale of PowerBar – sources
LONDON/NEW YORK (Reuters) – Nestle SA , the world’s largest food company, is looking to divest its PowerBar energy bars, a pioneer of sports nutrition products, according to four people familiar with the matter.
On stage in Chicago, JPM director Jackson offers his apologies
CHICAGO (Reuters) – The head of JPMorgan Chase & Co’s audit committee acknowledged on Thursday that the bank had made mistakes and said it has tried to learn from them.
