Category Archives: News

SAC portfolio manager kept Cohen in dark about insider info: witness

SAC portfolio manager kept Cohen in dark about insider info: witness

NEW YORK — SAC Capital Advisors portfolio manager Michael Steinberg deliberately avoided telling his boss Steven A. Cohen that he was trading on Dell Inc with inside information, a former analyst at the hedge fund testified on Monday.

Jon Horvath, the U.S. government’s star witness against Steinberg in the insider trading case, told a jury in Manhattan federal court that Steinberg had to reassure Cohen in November 2008 about his bets on Dell DELL.SN which were contrary to Cohen’s own sense and the market wisdom at the time.

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JPMorgan directors raise Dimons pay after prior cut

JPMorgan directors raise Dimons pay after prior cut

NEW YORK — Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co (JPM.N), got a 74 percent pay increase for 2013, when $20 billion of legal settlements weighed on the bank’s income.

The CEO received $20 million, including $18.5 million of restricted stock recently awarded, the company said in a public filing on Friday. Read more »

Barry Callebaut sees gourmet tastes lifting chocolate demand

Barry Callebaut sees gourmet tastes lifting chocolate demand

ZURICH — Demand for chocolate is picking up, boosted by strong sales of gourmet products, the world’s biggest supplier to the industry said on Wednesday, as it blamed capacity constraints and a lull in outsourcing deals for slower growth in its sales volumes.

Barry Callebaut (BARN.S), which makes chocolate for the likes of Nestle (NESN.VX) and Mondelez (MDLZ.O), said on Wednesday consumers in the Americas in particular were flocking to premium chocolates.

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GM close to reintroducing common stock dividend, CFO says

GM close to reintroducing common stock dividend, CFO says

DETROIT — General Motors Co’s chief financial officer said on Sunday that the U.S. automaker is close to reintroducing a common stock dividend, but he declined to provide any details on timing.

«It’s clear to us that investors are anticipating a dividend,» Ammann, who is set to become GM president on Thursday, said on the sidelines of the North American International Auto Show.

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