Monthly Archives: May 2012

Jamie Dimon to Appear Before Senate Panel on June 13

Reuters/Keith Bedford

Reuters – By Dave Clarke  May 31, 2012

(Reuters) – JPMorgan Chase and Co Chief Executive Officer Jamie Dimon will testify before the U.S. Senate Banking Committee on June 13 to discuss the bank’s recent trading losses, the committee said on Thursday.

The committee had previously asked Dimon to appear on June 7.

“June 13 is the only date in June that works for both the Senate Banking Committee and Mr. Dimon,” the committee said in a statement.

Earlier this month, JPMorgan said it had suffered at least $2 billion in losses from a set of trades that the bank said were meant to hedge risk, but that some analysts and critics say look more like speculation.

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Indian Hospitals Lure Private Equity as Demand Surges

Bloomberg News – By Adi Narayan and Ruth David – May 28, 2012

Indian hospitals are admitting more than just patients.

Private equity funds such as Sequoia Capital and Advent International Corp. are buying stakes in hospitals in the South Asian nation, lured by a market that’s forecast to reach more than $80 billion in revenue in 2015.

“If you want to deploy capital in India, health care is a nice area to be in,” Abhay Pandey, a managing director at Sequoia’s India unit, said in an interview. “It has lesser regulatory issues and usually no governance issues. Most of the investment is going after a very large, untapped market.”

Pankaj Nangia/Bloomberg

Private equity firms are set to invest the most in Indian hospitals in at least six years in 2012, according to Chennai- based Venture Intelligence. There were 12 investments in hospitals, clinics and drug makers totaling $527 million so far this year, almost double the $287 million in 2011, the researcher said. Sequoia, the fund that backed Google Inc. (GOOG), said this month it paid 1 billion rupees ($18 million) for a stake in Moolchand Healthcare Ltd., a New Delhi hospital operator which plans to add fertility clinics and medical centers.

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Breaking News: Reuters Reports Facebook, Banks Sued Over Pre-IPO Analyst Calls

(Reuters) – Facebook Inc and Morgan Stanley, the lead underwriter of social networking company’s IPO, were sued by shareholders who claimed the defendants hid Facebook’s weakened growth forecasts ahead of its $16 billion initial public offering.

Reuters/Thomas Hodel

The lawsuit, which also targeted underwriters JPMorgan Chase and Goldman Sachs among others, comes as Facebook and the banks that took it public face many questions about the IPO process, which culminated in a May 18 stock market debut plagued by technical glitches.

Facebook shares fell 18.4 percent from their $38 IPO price in the first three trading days. In early afternoon trade on Wednesday, Facebook shares were up 2.5 percent at $31.78.

To read the full article from Reuters please click here.

Company Payrolls in U.S. Grow by Estimated 209,000 Workers

Companies in the U.S. expanded payrolls in March, showing the labor market is strengthening, according to data from a private report based on payrolls, Bloomberg Reports.

Employment increased by 209,000 for the month after a revised 230,000 gain in February, figures from ADP Employer Services showed today. The median estimate in the Bloomberg News survey called for a 206,000 increase.

Faster job growth may lead to the wage gains needed to sustain consumer spending, which accounts for about 70 percent of the world’s largest economy. Businesses added 215,000 jobs in March, and the unemployment rate held at 8.3 percent, economists project a Labor Department report will show in two days.

“Labor market conditions continue to improve at a moderate pace,” Joel Prakken, chairman of Macroeconomic Advisers LLC in St. Louis, which produces the report with ADP, said in a statement. “Employment grew in all major sectors of the economy tracked.”

Estimates in the Bloomberg survey of 38 economists ranged from increases of 170,000 to 250,000.

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