Markets


Turing Pharma CEO Martin Shkreli arrested on securities fraud charges
- December 18, 2015

Martin Shkreli, 32, allegedly defrauded investors in two hedge funds he founded and in Retrophin , a pharmaceutical firm he previously led. Retrophin sued Shkreli in August for misuse of company funds, accusing him of taking more than $US65 million from the company and using it to secretly pay off jilted investors at a hedge fund he had almost bankrupted, Bloomberg News reported . (more...)
Journal's secret buyer was Sheldon Adelson
- December 18, 2015

The more-than-century-old paper and its sibling publications were purchased for $140 million in cash last week from New Media Investment Group Inc.by News + Media Capital Group LLC, a Delaware-based firm whose backers weren't disclosed. "Its hard to ask the public to trust a newspaper that is unwilling to reveal its ownership and their ties to other private interests". The timing of the deal and the purchase price have Twitter buzzing and rumours flying that a wealthy GOP donor bought the ... (more...)
Adelson officially revealed as owner of Las Vegas Review Adelson officially revealed as owner of Las Vegas Review
- December 18, 2015

Adding to the speculation was the fact that, although the Review-Journal and its sister properties had been purchased for $140 million, the paper's former parent company, national media chain Stephens Media LLC, was recently sold in February for only $102 million. (more...)
Oil prices dive to lowest level in seven years Oil prices dive to lowest level in seven years
- December 18, 2015

US West Texas Intermediate (WTI) crude futures were at $37.85 per barrel, up 34 cents from their last settlement. Later at around 1300 GMT, WTI traded at $37.30 a barrel - down 35 cents compared with Monday's close. Oil's sharpest selloff since summer came after Friday's meeting of the Organization of the Petroleum Exporting Countries ( OPEC ) which all but abandoned price support for crude through production cutting the group once resorted to. (more...)
Martin Shkreli Arrested On Fraud Charges Martin Shkreli Arrested On Fraud Charges
- December 18, 2015

Shkreli faces seven counts of securities fraud and wire fraud for an alleged "Ponzi-like" scheme involving two hedge funds and pharmaceutical company Retrophin , all of which he founded. Shkreli said the company would cut the drug's price. The Campaign for Accountability, a nonprofit watchdog group that urged Congress to investigate Shkreli's price increases, called his arrest "long overdue" and added: "He has avoided accountability despite a pattern of fraudulent behavior". (more...)
Las Vegas newspaper, quoting anonymous sources, reveals that Sheldon Adelson Las Vegas newspaper, quoting anonymous sources, reveals that Sheldon Adelson
- December 18, 2015

According to the Adelson family, they were going to announce the purchase but chose to hold back because of the Republican presidential debate, which took place at the Venetian Hotel-Casino. The Sun's Brian Greenspun said Thursday that if Adelson makes the Review-Journal a financial success, it's good for both of them. He hasn't previously expressed interest in most American newspapers, sources told the Wall Street Journal, though the Review-Journal "has long piqued his interest". (more...)
FBI Arrests Controversial Turing Pharmaceuticals CEO Martin Shkreli FBI Arrests Controversial Turing Pharmaceuticals CEO Martin Shkreli
- December 18, 2015

The arrest is unrelated to the drug-pricing row or his current companies Turing Pharmaceuticals and KalaBios. He also prevented investors from redeeming their money at MSMB Capital and is accused of misusing the hedge fund's assets. He said at he time: "We've agreed to lower the price on Daraprim to a point that is more affordable and is able to allow the company to make a profit, but a very small profit". (more...)
Exec who jacked up price of a life-saving drug is arrested Exec who jacked up price of a life-saving drug is arrested
- December 18, 2015

Before he bought Turing, Shkreli managed the failed hedge fund MSMB Capital (died in 2012) and the biopharmaceutical company Retrophin (Shkreli was CEO from 2012-2014). A spokesman for Shkreli released a statement saying he denies the charges and "expects to be fully vindicated". She later called Shkreli's suggested 10% price cut of Daraprim to be "insulting". (more...)
Turing Pharmaceuticals CEO Martin Shkreli Arrested for Securities Fraud
- December 18, 2015

The drug company CEO who came under fire after raising the cost of a life-saving drug more than 5,000 percent earlier this year has been arrested by the Federal Bureau of Investigation . In the latest three-hour video posted on Wednesday night, he plays guitar and computer chess, and listens to people comment online about him buying the Wu-Tang Clan record. (more...)
Turing CEO Martin Shkreli in custody after securities probe Turing CEO Martin Shkreli in custody after securities probe
- December 18, 2015

Shkreli, who is chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc (KBIO.O), was charged in a federal indictment filed in Brooklyn relating to his management of hedge fund MSMB Capital Management and biopharmaceutical company Retrophin Inc (RTRX.O). (more...)
Self-driving cars 'must have driver', regulators insist
- December 18, 2015

The company has so far logged more than 1.3 million miles of autonomous driving, and is averaging 10,000 to 15,000 autonomous miles a week on public roads, according to Google's latest self-driving auto project report released last month. (more...)
Proposed California DMV Rules Spell Trouble for Autonomous Cars
- December 18, 2015

Google's driverless cars are reportedly part of Alphabet's secretive X division that experiments with new technologies and has reportedly been testing autonomous vehicles in California since 2009. California's proposed rules are great news for Texas. A spokesman for Austin Mayor Steve Adler says the city is "thrilled" to host to such innovations and says local leaders believe self-driving vehicles are safe. (more...)
'Pharma Bro' Martin Shkreli arrested by Federal Bureau of Investigation on securities fraud charges 'Pharma Bro' Martin Shkreli arrested by Federal Bureau of Investigation on securities fraud charges
- December 17, 2015

Prosecutors allege he illegally took stock from his biotechnology firm, Retrophin Inc., and used that to pay debts from unrelated business dealings, Bloomberg reported Thursday. I could have raised it higher and made more profits for our shareholders. The drug is used to treat toxoplasmosis, which commonly affects those with a compromised immune system, including people with HIV. (more...)
Big Banks Raise Rates As Investors Bet They'll Benefit From Fed's Move Big Banks Raise Rates As Investors Bet They'll Benefit From Fed's Move
- December 17, 2015

The Fed's move to lift its key rate by a quarter-point to a range of 0.25 percent to 0.5 percent ends an extraordinary seven-year period of near-zero rates that began at the depths of the 2008 financial crisis. The currency markets will be governed by expectations about the pace of future interest rate movements. "But remember, we have very low rates, and we've made a very small move". (more...)
Trump and Bush clash in Las Vegas over Muslim ban Trump and Bush clash in Las Vegas over Muslim ban
- December 17, 2015

I don't wake up each day and say, 'Now I can have a zinger and attack somebody, '" he added. "They're Muslim. Look, this is not a serious proposal". "He said that very simply because he has failed in this campaign", Trump shot back. President Barack Obama has largely relied on airstrikes to target the militants in Iraq and Syria. "We will utterly destroy ISIS. We don't touch each other and draw no blood". (more...)
Obamacare Enrollment 2016: Signups Surge As Administration Tries To Draw In
- December 17, 2015

Financial assistance is available for eligible consumers , and more than 7 in 10 returning Marketplace customers will be able to buy a plan for $75 or less a month in premiums after tax credits. During previous enrollment periods, officials "have gotten the low-hanging fruit, the people who really wanted coverage, who needed it and were quick to sign up", Peter Cunningham, professor of healthcare policy and research at Virginia Commonwealth University in Richmond, Virginia, told HealthDay ... (more...)
Oil prices shed gains before US Federal Reserve decision Oil prices shed gains before US Federal Reserve decision
- December 16, 2015

Democrats, however, have voiced their reservations, demanding renewable-energy tax credits in return. But on the whole the average producer will still be incentivized, at current prices, to continue producing and selling oil at prevailing prices. (more...)
J.J. Abrams & George Lucas Buddy Up at 'Star Wars' Premiere! J.J. Abrams & George Lucas Buddy Up at 'Star Wars' Premiere!
- December 16, 2015

The expectation is that Star Wars: The Force Awakens will be a great movie, but Scott Feinberg of The Hollywood Reporter is putting forth the idea that it might also be great cinema potentially up for multiple awards categories. "Friends, family, fans of the movie", said director JJ Abrams. " The Force Awakens " will be released publicly Friday, with some box-office analysts expecting it to smash sales records. (more...)
Fosun founder Guo Guangchang appears in public Fosun founder Guo Guangchang appears in public
- December 16, 2015

The statement said the company understands Guo is "currently assisting in certain investigations carried out by mainland judiciary authorities ". On Monday, the Caijing magazine reported that Guo "finalized" his assistance and "returned home safely". (more...)
Divers resume search of lake in shooting inquiry Divers resume search of lake in shooting inquiry
- December 16, 2015

Comey, who testified within the Senate on Wednesday, described Farook and Malik as examples of homegrown violent extremists who seem to have radicalized "in place", drawing a distinction between the California assault and the one final month in Paris that officials suspect concerned planning and coaching in Syria. (more...)

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