Edition: U.S. / Global

Sunday, May 24, 2015

Business Day Business

Follow us
Standard Deduction

Yahoo’s Tricky Plan for Tax-Free Spinoff of Alibaba Stock

Marissa Mayer became president and chief executive of Yahoo in 2012.
Ethan Miller/Getty Images

Marissa Mayer became president and chief executive of Yahoo in 2012.

Yahoo’s spinoff plan for its Alibaba holdings creates a nasty tax risk for shareholders.

Today, people see shades of 2000 in the eye-popping valuations of companies like Slack, whose offices are seen at top; Uber; and Airbnb, at bottom.
From top: Jason Henry for The New York Times; Sam Hodgson for The New York Times; and Matthew Millman for The New York Times

Today, people see shades of 2000 in the eye-popping valuations of companies like Slack, whose offices are seen at top; Uber; and Airbnb, at bottom.

The tech industry’s venture capitalists admit to a certain amount of “frothiness” in start-up investments, but they studiously avoid another word. Bubble.

Joshua B. Newman appeared in a YouTube video for CrossFit NYC, a gym.

Joshua B. Newman appeared in a YouTube video for CrossFit NYC, a gym.

Authorities said Joshua Newman, an entrepreneur who used personal connections to solicit investors, defrauded people out of at least $2 million.

Friar Seamus Finn helps run a trust that manages the assets of over 230 Roman Catholic congregations in 53 countries.
T.J. Kirkpatrick for The New York Times

Friar Seamus Finn helps run a trust that manages the assets of over 230 Roman Catholic congregations in 53 countries.

The backing of an investment fund by an order of the Roman Catholic Church follows the Vatican’s endorsement of leveraging capitalism for social impact.

Breakingviews

Shake Shack’s Shares Could Hint at Overvaluation

Shake Shack’s estimated 2016 earnings now fetch a valuation multiple of 550 times, suggesting investing can be illogical.

Dutch Government to Proceed With Sale of ABN Amro Shares

The sale, possibly in an I.P.O., is the next step for the Dutch government to recoup the tens of billions it pumped into the bank in a bailout.

PartnerRe to Proceed With Vote on Axis Capital Merger

The Bermuda reinsurer said the Italian investment company Exor “effectively rejected” its offer to engage in further discussions on a competing bid.

Hong Kong and Mainland China to Partly Open Markets for Investment Funds

On July 1, a trial mutual recognition program will allow funds registered in one jurisdiction to be marketed to individual investors in the other.

Sale of K-Y to Reckitt Benckiser Raises Competition Concerns

Regulators in Britain are worried the sale will result in higher prices, since Reckitt also owns the Durex brand of condoms and lubricants.

HSBC Considering ‘Strategic Options’ for Brazil Business

The British bank is weighing a sale and other possibilities regarding its poorly performing Brazilian unit, which reported a loss of $146 million in 2014.

New China-Led Bank Aims to be Operational by End of 2014

The Asian Infrastructure Investment Bank plans to sign articles of agreement by the end of June. The targets follow a three-day meeting in Singapore.

Private Equity Executive to Be Released From Uruguay Prison

The release of Matías Campiani, who was never charged, comes a week after The New York Times inquired and published an article about his case.

Don't Miss

Rigging of Foreign Exchange Market Makes Felons of Top Banks

Traders, including some who called themselves “the cartel,” colluded to manipulate the foreign exchange market, federal and state authorities said.

An Airline Investment in Uruguay Becomes a Catch-22

The former chief of Leadgate, which invested in the failed Uruguayan airline Pluna, remains in jail while investigators try to make a case against the private equity firm’s executives.

Insight & Analysis
White Collar Watch

Guilty Pleas and Heavy Fines Seem to Be Cost of Business for Wall St.

Even as big banks pay millions in penalties in various financial cases, it seems as if the same cast of corporate characters keeps reappearing.

Deal Professor

France Answers Hostile Bids With the Two-Vote Share

A law that gives two votes per share to long-term shareholders in French companies, meant to rein in hostile takeovers, could instead shift power to a different set of interests.

DealBook

Many on Wall Street Say It Remains Untamed

In a report, many financial professionals said they knew of wrongdoing in the workplace. And even more found regulators ineffective in stopping it.

In Depth

Top 5 Hedge Fund Earners

The men at the top of the hedge fund universe now run firms that are bigger than they have ever been.

Timeline: Tracking the Libor Scandal

Abuse of interest rates and the failure to address the problem is one of the most expensive scandals to hit Wall Street since the financial crisis.

Guide to Wall Street Earnings

The first quarter was uneven across Wall Street, with some banks posting improved trading results and others struggling.

Timeline: Tracking Criminal Inquiries of Wall St. Giants

A lack of criminal prosecutions of banks and their leaders fueled a public outcry over the perception that Wall Street giants are “too big to jail.”

Video: The Foreign Currency Fix

Regulators say that a group of London traders, known as the “cartel” and the “mafia,” illegally dipped into the $5.3-trillion-a-day currency trade.

Special Section
Special Section
Where Wall Street and Silicon Valley Intersect

Entrepreneurs and venture capitalists try to resist Wall Street’s entreaties, but a new relationship has lead to new fund-raising methods.

DealBook Conference
Opportunities for Tomorrow

Andrew Ross Sorkin interviews leaders in finance and government.

Markets »

Subscribe to DealBook Emails and Alerts

Sign up for the DealBook Newsletter, delivered every morning and afternoon, and receive breaking news alerts throughout the day.

Subscribe

Columns

Another View

Opinion Contributors

Book Entry

Jonathan A. Knee

Breakingviews

Reuters Commentary

Deal Professor

Steven Davidoff Solomon

DealBook Column

Andrew Ross Sorkin

In Debt

Stephen J. Lubben

Life@Work

Tony Schwartz

Standard Deduction

Victor Fleischer

Street Scene

William D. Cohan

The Trade

Jesse Eisinger

White Collar Watch

Peter J. Henning