Citadel Trader Who Built CDS Business Exiting After a Year

Tian Zeng is leaving Citadel Securities LLC a year after leading the company’s foray into the credit-default swaps trading business, people familiar with the matter said. The hiring of Zeng from Citigroup Inc. in December 2015 was a key step in Citadel Securities’ push to make markets in credit derivatives after an eight-year campaign to loosen Wall Street dealers’ stranglehold.

Citadel Trader Who Built CDS Business Exiting After a Year

Tian Zeng is leaving Citadel Securities LLC a year after leading the company’s foray into the credit-default swaps trading business, people familiar with the matter said. The hiring of Zeng from Citigroup Inc. in December 2015 was a key step in Citadel Securities’ push to make markets in credit derivatives after an eight-year campaign to loosen Wall Street dealers’ stranglehold.

Paul McCartney Sues Sony to Regain Rights to Beatles Songs

Sony/ATV is the defendant and could be primed to make a defense similar to the one being used against Duran Duran. Paul McCartney, the iconic songwriter, has filed suit in New York against Sony/ATV and is looking to get a declaratory judgment that states he will soon regain his copyright ownership share to a treasured catalog of songs created as a member of The Beatles.

Paul McCartney Sues Sony to Regain Rights to Beatles Songs

Sony/ATV is the defendant and could be primed to make a defense similar to the one being used against Duran Duran. Paul McCartney, the iconic songwriter, has filed suit in New York against Sony/ATV and is looking to get a declaratory judgment that states he will soon regain his copyright ownership share to a treasured catalog of songs created as a member of The Beatles.

South Korea Court Rejects Arrest of Samsung Heir Jay Y. Lee

A court in South Korea turned down prosecutors’ request to arrest Samsung Group’s Jay Y. Lee on alleged bribery, perjury and embezzlement, letting him stay in place atop the country’s most powerful company while they continue their investigation. There wasn’t enough reason or necessity to justify the arrest, Seoul Central District Court Judge Cho Eui-yeon said in a statement Thursday morning in South Korea.

El-Erian Says Yellen Remarks More Dovish Than He Was Expecting

Mohamed El-Erian, Allianz SE’s chief economic adviser, said Federal Reserve Chair Janet Yellen took a less aggressive stance than he thought she would on tightening monetary policy. Her remarks Wednesday were “somewhat more dovish than what I would’ve expected given what’s happening on the ground in the economy,” El-Erian said in a Bloomberg Television interview.

El-Erian Says Yellen Remarks More Dovish Than He Was Expecting

Mohamed El-Erian, Allianz SE’s chief economic adviser, said Federal Reserve Chair Janet Yellen took a less aggressive stance than he thought she would on tightening monetary policy. Her remarks Wednesday were “somewhat more dovish than what I would’ve expected given what’s happening on the ground in the economy,” El-Erian said in a Bloomberg Television interview.

Ackman Ally Leaves Canadian Pacific CEO Job as Creel Ascends

Canadian Pacific Railway Ltd. appointed Keith Creel as chief executive officer to replace Hunter Harrison, who is stepping down earlier than planned after seeking the board’s permission to work for another railroad. The company ended Harrison’s stint at the helm after he approached the board to discuss potential “modifications to his employment arrangements that would allow him to pursue opportunities involving other Class 1 Railroads,” according to a statement Wednesday by the Calgary-based railroad.

Ackman Ally Leaves Canadian Pacific CEO Job as Creel Ascends

Canadian Pacific Railway Ltd. appointed Keith Creel as chief executive officer to replace Hunter Harrison, who is stepping down earlier than planned after seeking the board’s permission to work for another railroad. The company ended Harrison’s stint at the helm after he approached the board to discuss potential “modifications to his employment arrangements that would allow him to pursue opportunities involving other Class 1 Railroads,” according to a statement Wednesday by the Calgary-based railroad.

Gates Foundation Joins New $460 Million Coalition for Vaccines

A global group tasked with more quickly developing vaccines against infectious disease threats worldwide was launched Wednesday by a coalition of governments and nonprofit groups including the Bill & Melinda Gates Foundation. The Coalition for Epidemic Preparedness Innovations, funded with an initial investment of $460 million from Germany, Japan, Norway, the Wellcome Trust and the Gates foundation, aims to develop vaccines against known infectious disease threats that could be deployed quickly to contain outbreaks before they become global health emergencies, the group said in a statement at the World Economic Forum in Davos, Switzerland.

Gates Foundation Joins New $460 Million Coalition for Vaccines

A global group tasked with more quickly developing vaccines against infectious disease threats worldwide was launched Wednesday by a coalition of governments and nonprofit groups including the Bill & Melinda Gates Foundation. The Coalition for Epidemic Preparedness Innovations, funded with an initial investment of $460 million from Germany, Japan, Norway, the Wellcome Trust and the Gates foundation, aims to develop vaccines against known infectious disease threats that could be deployed quickly to contain outbreaks before they become global health emergencies, the group said in a statement at the World Economic Forum in Davos, Switzerland.

Secret Rebates Erode Drugmaker Revenue, Industry Study Says

Branded drug companies’ share of total U.S. spending on their products is declining, in part because of an increase in secret rebates paid to middlemen, according to an analysis sponsored by an industry group that’s been seeking to deflect scrutiny of rising prices. Of the estimated $349.1 billion that insurers and patients paid for brand-name drugs in 2015, $218.6 billion, or 63 percent, was realized as revenue by drugmakers, according to an analysis paid for by the Washington drug lobby, Pharmaceutical Research and Manufacturers of America.

Dow Analyst Moves: CAT

The latest tally of analyst opinions from the major brokerage houses shows that among the 30 stocks making up the Dow Jones Industrial Average, Caterpillar is the #27 analyst pick.

S&P 500 Analyst Moves: GD

The latest tally of analyst opinions from the major brokerage houses shows that among the components of the S&P 500 index, General Dynamics Corp. is now the #55 analyst pick, moving up by 4 spots. This rank is formed by averaging the analyst opinions for each component from each broker, and then ranking the 500 components by those average opinion values.

Pearson Profit Warning Raises Questions About CEO Credibility

International education and media company Pearson noted that sales in its North American unit declined by 30% in the fourth quarter, hurting overall full year net revenue. Shares of international education and media company Pearson are down by more than 30% to $7.11 on heavy trading volume Wednesday after the company issued a profit warning this morning.

Netflix Gets Seinfeld’s ‘Comedian in Cars’ Series, Not That There’s Anything Wrong With That

The streaming media giant announces a deal for Jerry Seinfeld’s popular online show, which had previously aired on Sony’s Crackle, just prior to reporting fourth-quarter earnings. Netflix this week said the popular comedian’s hit online show, Comedians in Cars Getting Coffee , which had run on Sony ‘s digital video platform Crackle since 2012, will be coming to the world’s largest subscription streaming service in late 2017.

ESPN’s Upcoming Contract Renewals Present Uncertainty for Disney Investors

While sentiment and stock performance has turned positive for Disney , the stock has run up 26% over the last year, all may not be well at the owner of ABC, Lucas Films and ESPN, among other media properties. “We believe the risk/reward skews negatively and continue to see more negative data points than positive ones for ESPN, which we believe will remain the dominant theme for the stock,” wrote Daniel Salmon, analyst at BMO Capital Markets in a research note on Wednesday.

Kinder Morgan Shares Fall Ahead of Earnings Release

The pipeline operator likely will announce few updates on Wednesday’s earnings call as analysts suspect it will save the biggest news for next week’s analyst day. The country’s largest energy infrastructure company Kinder Morgan is set to report fourth quarter earnings after markets close Wednesday, Jan. 18, and analysts are calling for EPS of 18 cents on $3.5 billion in revenue, according to FactSet.

Only Buy IBM If You Don’t Want to Instantly Make Money

IBM, which enjoys the sustained support of investing legend Warren E. Buffett , has the odd distinction of being among just a handful of top-tier companies with 18 consecutive quarters of zero revenue growth. However, after three years of negative annual stock returns, IBM sprang to life last year with a nearly 21% increase, surpassing other technology titans such as Amazon, with gains of about 11%; Apple, up 10%, and Facebook, up 9.9%.

Kass: Embrace the Contrary and Sell Bank Stocks

Markets have embraced bank stocks ever since Donald Trump’s election victory. The group has materially outperformed the overall U.S. stock market over both the past 2-1/2- and six-month periods, and many assume that this superior price action will continue into the future.

Wilbur Ross: NAFTA is Trump’s First Trade Priority

Renegotiation of the North American Free Trade Agreement with Canada and Mexico will be the Trump administration’s first trade priority, U.S. Commerce Secretary nominee Wilbur Ross said on Wednesday at his confirmation hearing. Ross also told the U.S. Senate Commerce, Science and Transportation Committee that China was the “most protectionist” country among large economies.

Etihad CEO Says Gulf Carrier Has No Plans to Invest in Lufthansa

Etihad Airways PJSC has no plans to take a stake in Deutsche Lufthansa AG, though the carriers are exploring the possibility of expanding their recent cooperation agreement, according to James Hogan, the Persian Gulf company’s chief executive officer. Asked Wednesday if Abu-Dhabi-based Etihad would be buying Lufthansa, for which it has been touted as a possible investor, Hogan replied “no.”

Kuwaiti Wealth Fund May Pull Billions From External Managers

Kuwait Investment Authority is planning to manage more of its own assets as the world’s fifth-largest sovereign wealth fund seeks to take more risk to boost returns. The KIA, as the fund is known, wants to increase the allocation of funds managed in-house to as much as 8 percent from 1 or 2 percent at present, Managing Director Bader Al Saad said in an interview with Bloomberg Television on Wednesday at the World Economic Forum in Davos, Switzerland.

Deutsche Bank Is Said to Scrap Senior Bankers’ Bonuses for 2016

Deutsche Bank AG will tell senior employees as soon as this week that they probably won’t get a bonus for 2016 because of the lender’s performance last year, according to a person familiar with the decision. The decision to withhold bonuses for management board members and most top bankers across the firm was taken at the end of last year and isn’t directly related to the cost of settling legal disputes, said the person, who asked not to be identified discussing internal matters.

Hottest Thing in LNG Is Producing Power as Record Glut Looms

Seeking new ways to market their product, producers of liquefied natural gas are turning to an age-old technique: packaging. As demand for electricity booms in developing nations from South Africa to Chile, LNG producers are offering to supply both fuel and a power plant in partnership agreements that can lock in consumption of their product for years.