PBOC official urges interbank, wealth-management cleanup China's wealth-management and interbank businesses have created a "gambling mentality" in lending, says Liu Shiyu, vice governor of the People's Bank of China. Liu says those businesses should be cleaned up. "Otherwise, investors, including the public, would be very easily directed to seek short-term high yield, ignoring long-term return, which would generate huge spillover effect on the development of the capital market," he said. Market News International (11 May.), Xinhuanet.com (China) (11 May.), Bloomberg (10 May.) Feeble exports threaten BoJ growth strategy Japanese exports have repeatedly fallen short of the Bank of Japan's expectations and is rapidly becoming the greatest challenge to the bank's strategy for accelerating growth and driving inflation up to 2% a year. The central bank was counting on the weak yen boosting export volume to compensate for the negative effects of a higher consumption tax that took effect in April, but that hasn't happened. Reuters (11 May.), The Japan Times/Kyodo News (12 May.) Murdoch plans $14B Europe-wide pay-TV business Rupert Murdoch, chairman of 21st Century Fox, is putting together a deal valued at $14 billion to create an entity that would give British Sky Broadcasting Group effective control over Sky Deutschland and the satellite TV operations of Sky Italia. The transaction would give the combined businesses a stronger position when negotiating with advertisers and providers of sports and entertainment programming. Bloomberg (12 May.) | At the 67th CFA Institute Annual Conference, which concluded last week, speaker Cliff Asness told delegates that he subscribed to elements of both the Efficient Market Hypothesis and behavioral finance. Which of the following statements reflects your opinion as to what best explains market movements?  | I subscribe to the Efficient Market Hypothesis in its strongest form | | I subscribe to some elements of the EMH | | I do not subscribe to the EMH and I believe market movements can best be explained by behavioral finance principles | | I think market movements can best be explained by a combination of the EMH and behavioral finance | | No opinion | | China leads gains among Asian-Pacific markets China's markets posted solid gains Monday as investors were encouraged by government officials' calls for market reforms. Japan's Nikkei 225 slid 0.4%. Hong Kong's Hang Seng Index gained 1.8%. Australia's S&P/ASX 200 declined 0.2%. China's Shanghai Composite added 2.1%. South Korea's Kospi rose 0.4.%. India's Sensex was up 2.5%. CNBC (12 May.), The Economic Times (India) (12 May.) Friedman named co-president of Nasdaq Adena Friedman, chief financial officer of The Carlyle Group, has been hired as co-president of Nasdaq OMX Group, where she will head technology solutions, information services and corporate client group businesses beginning June 12. The appointment is widely viewed as making her the front-runner to succeed CEO Robert Greifeld. Most of Friedman's career in finance has been at Nasdaq. Reuters (12 May.), The Wall Street Journal (tiered subscription model) (12 May.)  | Fitch Learning offers quality financial public training courses worldwide • Trainers have experience working in financial institutions
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> Find out more | | | | | Brazil's automakers in a slump Automakers in Brazil built 277,100 cars, SUVs, buses and trucks last month, down 21.4% from April 2013. A decline in exports to Argentina as well as a weak domestic market have forced automakers to reduce workforces with furloughs and layoffs, auto industry organization Anfavea said. Total exports have fallen 30.4%, the group said. Latin American Herald Tribune (Venezuela) (09 May.) Advisers embrace outsourcing to spend more time with clients Advisers are increasingly outsourcing investment management and administrative tasks to get time to work more closely with clients, and data show the strategy is profitable. In a Northern Trust study, 70% of advisers reported that their practices were growing after turning to outsourcing. Reuters (09 May.) | U.S. legislators seek details on G-SIFI methodology U.S. House Financial Services Committee Chairman Jeb Hensarling and five other lawmakers have sent a letter to the heads of the Federal Reserve, the Treasury Department and the Securities and Exchange Commission asking for memos used to determine methodology for designating a financial company as globally systemically important. The lawmakers are concerned about a lack of transparency in selection and the capital burden that might be placed on global systemically important financial institutions. The agencies are being asked to respond by Friday. Reuters (09 May.), The Wall Street Journal (tiered subscription model)/MoneyBeat blog (09 May.) SEC's Gallagher: Advisers' misconduct might be underreported Securities and Exchange Commission member Daniel Gallagher says the "eye-popping" number of licensed stockbrokers supervised by the Financial Industry Regulatory Authority with an extensive record of complaints and violations raises questions about whether misconduct by investment advisers is going undetected. Advisers regulated by the SEC outnumber registered brokers 3-to-1, and the SEC doesn't have funds to inspect them regularly. Reuters (09 May.), InvestmentNews (free registration) (09 May.)  | Part I: Introduction to Ethical Decision Making (14 May at 12:00 p.m. EDT)
Part II: Exploring Additional Case Studies (28 May at 12:00 p.m. EDT) | | | | | IronHorse debuts global equity mutual fund IronHorse Capital Management has brought to the U.S. retail market a mutual fund that invests in the equity of global mid- or large-capitalization companies that the firm thinks are trading at a discount to their fundamental value. The Conductor Global Fund, IronHorse's first mutual fund, pursues an investment strategy identical to the one used by the IronHorse Global Core separately managed account. The Daily News (Memphis, Tenn.) (10 May.) | Please contact one of our specialists for advertising opportunities, editorial inquiries, job placements, or any other questions.
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