First Read

On Voluntary Subscriptions
By John Needham, Needham Consulting
I am a believer that folks should use whatever free resources available to them, both professionally and personally. Facebook, Twitter, LinkedIn, and Instagram are examples of services that are free for ordinary users/consumers, and I use all of them, for personal or professional purposes. (Sometimes I use one or more of them for both.) My usage for each of these services is based on their cost to me – nothing! If one or more of these services started to charge for the servies, then I’d make a value judgement on what the overall worth was, to me, and either pay or jettison the service, as my values dictated.

***** A re-run from a year ago, but a goody. Reader John Needham expounds on the value of the John Lothian Newsletter and John Lothian News team and why you should pay for this newsletter.


Blizzard Bears Down on New York Region; Possibility of 30 Inches of Snow, Wind Gusts of 65 MPH
By Melanie Grayce West, WSJ
The tri-state region is bracing for a blizzard that is expected to hit Monday afternoon and could measure up as one of the worst snowstorms in New York City history.

***** Good luck my friends.


High-Frequency Traders Need a Speed Limit
Bloomberg View
In today’s electronic financial markets, a single investor can execute more than 10,000 trades a second, meaning that more than 1,000 trades can happen in the blink of an eye. Electronic trading firms are willing to spend hundreds of millions of dollars to shave off even millionths of a second. This raises an important question for human welfare: If real economic activity depends on people doing things, and people can’t possibly think or react this fast, who benefits from all the speed?

***DA: The jury is out on the ultimate effectiveness of such a regime. Leo Melamed called it a “non-starter” at a presentation last year. Some say not only will it not slow down the race to zero latency, it will exacerbate it as firms strive to enter the cue at the end of the 500th millisecond.


Critic re-elected to U.S. futures-industry regulator’s board
By Tom Polansek, Reuters
A critic of the U.S. National Futures Association won re-election to its board, the industry regulator said on Friday, setting the stage for more tension over its practices.
James Koutoulas, chief executive of Typhon Capital Management, was re-elected as a director after accusing the NFA of breaking its own rules for nominating public representatives last year and of falsifying documents to cover up alleged wrongdoing.

***** My position is unchanged. I suspect a large percentage of the votes were cast before the controversy blew up, but it does not matter. The well is poisoned by Mr. Koutoulas’ sharp words.


First U.S. Bitcoin Exchange Set to Open; Coinbase Has Backing From the NYSE, Banks and Venture Capitalists
By Greg Bensinger, WSJ
The virtual currency bitcoin is getting a very real boost on Monday with the opening of the first licensed U.S. exchange.

***** This is the kind of legitimacy Bitcoin needs. It is interesting that the investment is reported as from NYSE and not its owner ICE. Is NYSE a stronger brand than ICE, or is ICE wanting an arm’s length relationship because of the brand-risk of Bitcoin?


Fat and broke? Why overweight people may be (financially) miserable
By Catey Hill, MarketWatch
If you feel bad about your waistline, you’re far more likely to feel bad about your bottom line, too.
According to a survey of more than 1,400 consumers released Monday by TD Bank, only about one in three Americans are satisfied with their current financial health. But among those who say they are physically healthy, that number jumps to 65%.

***** Not flat broke, but fat and broke?


This billionaire just chided you for spending way too much money
By Silvia Ascarelli
Billionaire Jeff Greene can fly into Davos on a private jet with wife, children and two nannies in tow.

***** Who is going to listen to this rich Bozo?


Be afraid, the Chinese are spending less
Reuters Video
After years of big spending the Chinese are thinking twice about opening their wallets, which could send ripples throughout the world economy.

***** Oh, the Chinese are listening.


Voice of Experience: Joanne Moffic-Silver, Executive Vice President, General Counsel and Corporate Secretary at the Chicago Board Options Exchange
By Jessica Titlebaum, The Glass Hammer
“I wanted to be a criminal lawyer until I worked at the Northwestern law school clinic where, as a law student, I assisted in defending alleged murderers,” said Joanne Moffic-Silver, the Chicago Board Options Exchange’s (CBOE) Executive Vice President, General Counsel and Corporate Secretary. Moffic-Silver ultimately decided that career wasn’t for her after attending a graphic crime scene.

***** The engaging Ms.Titlebaum writes about the gifts of Silver.


Focused: What The Industry Knows About Transparency (Part 3)

Back in November, the industry gathered for the annual FIA Expo event in Chicago. There, John Lothian News used an exhibitor booth (Thanks Cinnober!) as its studio to ask industry participants key questions about transparency issues in today’s markets.

Part 3: How will futures and options markets look in the future, in terms of transparency?
Watch the video »


MarketsWiki Page of the Day
William H. Gross.

MarketsWiki Recent Updates


Raj Mahajan; William H. Gross; Fernando Centelles; Lysiane Baudu; Yvonne Downs; Yoko Noge; Yesenia Duran; Thomas Ascher; Zachery Kouwe

Companies, Organizations and Groups

Allston Trading; MEFF; Bursa Malaysia Derivatives Berhad (BMD)


ICE U.S. Dollar Index; CME Group Swiss Franc


Transaction fee; Public-Private Investment Program; JLN Environmental/Energy


MarketsWiki Statistics

Lead Stories

Speed Trading Heavyweight Allston Pulls Out of Stock Market
By Sam Mamudi and Matthew Leising, Bloomberg
High-frequency trading firm Allston Trading LLC has stopped operating in the U.S. stock market.
Allston, founded more than a decade ago by futures traders Bob Jordan, Elrick Williams and John Harada, exited the business after deciding to focus on more profitable trading in derivatives markets, according to Dave Lundy, a spokesman for the Chicago-based company.

Borsa Istanbul in talks over stake sale
Philip Stafford, FT
Borsa Istanbul is talking to local and overseas financial institutions about taking a stake in the Turkish exchange ahead of its planned initial public offering.

Human investment managers risk obsolescence
Miles Johnson, Hedge Fund Correspondent, FT
Human investment managers are at risk of being rendered obsolete by rapid advances in algorithmic trading technology, according to the brains behind one of the world’s leading computer-driven hedge funds.

CME Starts Gold Futures in Hong Kong in Price-Benchmark Race
By Glenys Sim, Bloomberg
CME Group Inc. (CME) started physically delivered kilobar gold futures in Hong Kong as it joins other exchanges vying to establish new price benchmarks in the top user region.

Quants Win Back Investors as Swiss Franc Fuels Volatility Gains
By Lindsay Fortado and Saijel Kishan, Bloomberg
Hedge funds using computer algorithms to trade on market trends started 2015 with some of the industry’s highest returns as volatility in currencies, commodities and bonds surged. They’re also starting to win back investors.

Owners of Negative-Yield Sovereign Debt Say They’re No Fools
By Lukanyo Mnyanda and David Goodman, Bloomberg
Mike Amey never thought he’d buy bonds from countries like Germany and Switzerland when losses were all but guaranteed.

Hedge Funds Learn Secrets Not So Safe; Data Providers Let Banks, Brokers Know What Reports Subscribers Read
By David Benoit, WSJ
In the hedge-fund world, there is no more closely guarded secret than what stock a firm is preparing to target.
But recently, a few fund managers have discovered that their plans may not be as secret as they thought.

Markets Get Bumpier as Fed Withdraws Safety Net
By E.S. Browning, WSJ
Markets are slowly weaning themselves from their over-reliance on the Federal Reserve. To many money managers, this is excellent news because it means the economy and financial markets are becoming more normal after the 2008 financial crisis, when markets seized up and the Dow Jones Industrial Average fell 54%.

Battered energy groups brace for spending cuts
Christopher Adams and Ed Crooks, FT
The world’s biggest energy companies are preparing to cut billions of dollars from capital spending as they set out plans this week to respond to the drastic slide in oil prices.

Bitcoin and the Digital-Currency Revolution; For all bitcoin’s growing pains, it represents the future of money and global finance.
By Michael J. Casey and Paul Vigna
About a half-billion dollars worth of it vanished from an online exchange in Tokyo. A prosecutor in Manhattan arrested the 24-year-old vice chairman of its most prominent trading body on drug-related charges of money laundering. Its founder’s identity remains a mystery, and last year, it shed two-thirds of its value, losing an additional 44% in just the first two weeks of January. In his year-end letter to investors, Warren Buffett’s advice about it was emphatic: “Stay away.”

Bharara challenges insider trading definition
Gina Chon in Washington, FT
The US Attorney’s office in Manhattan has decided to challenge an appeals court decision overturning two convictions in a high stakes battle over how insider trading should be defined.

FXCM options activity surges after Swiss shock
By Saqib Iqbal Ahmed, Reuters
Losses from the surprise move by the Swiss National Bank nearly crippled brokerage FXCM , but all the attention has resulted in a surge of activity among options traders on the online forex broker.


NFA Board Election Results
This year there were contested elections in the CPO/CTA and IB categories of NFA’s Board of Directors. The results of those elections and a complete list of the members of the 2015 Nominating Committee are as follows.
Board of Directors
CPO/CTA Representatives:
James L. Koutoulas, Chief Executive Officer, Typhon Capital Management LLC
John L. Roe, President, Roe Capital Management, Inc.
IB Representative:
Michael T. Burke, Chief Executive Officer, HighGround Trading, LLC

NY insider trading ruling tests prosecutors beyond Wall Street
By Nate Raymond, Reuters
A court ruling that sharply curtailed the ability of prosecutors including Manhattan U.S. Attorney Preet Bharara to pursue insider trading cases is increasingly testing regulators’ abilities across the country.

U.S. to seek reversal of landmark insider trading ruling
By Nate Raymond, Reuters
Federal prosecutors in New York plan on Friday to ask a U.S. appeals court to reconsider a landmark ruling that curtailed their ability to pursue insider trading cases and jeopardized several convictions.

FCA to target peer-to-peer marketing
Emma Dunkley, FCA
UK financial regulators are set to clamp down on the marketing of peer-to-peer lending platforms amid concerns that some are mis-selling their products as “risk-free” savings accounts.

ISDA outlines proposals for CCP recovery
Cian Burke, FOW
The International Swaps and Derivatives Association (Isda) has outlined a proposed framework for central counterparty (CCP) recovery and continuity. The trade association, which represents the world’s top banks, released its position paper on CCP recovery and continuity on Monday, outlining a framework for recovery and the tools that can be used to re-establish a matched book.

CFTC’s Division of Swap Dealer and Intermediary Oversight Issues No-Action Relief to Introducing Brokers for Certain Financial Reporting Requirements
The U.S. Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight today issued no-action relief to certain introducing brokers (IBs) with respect to net capital and financial reporting requirements under Commission Regulations 1.10 and 1.17, respectively.

Division of Swap Dealer and Intermediary Oversight Announces that Swap Dealers and Major Swap Participants May Furnish Chief Compliance Officer Annual Reports to the Commission through WinJammer
The U.S. Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight announced that Swap Dealers and Major Swap Participants may furnish the annual reports of their Chief Compliance Officers to the Commission through WinJammer, and do not need to use the Commission’s Web portal.

Division of Corporation Finance
Regulation S-T: Section 118. Rule 304 — Graphic, Image, Audio and Video Material – New Question 118.01

FOIA Program
SEC Quarterly FOIA Report for First Quarter FY2015 (January 23, 2015)
Fiscal Year 2014 SEC FOIA Annual Report and Comparison Chart

Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
BOX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Implement an Equity Rights Program (Release No. 34-74114; File No. SR-BOX-2015-03; January 22, 2015)
ISE: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Schedule of Fees (Release No. 34-74117; File No. SR-ISE-2015-03; January 22, 2015); see also Exhibit 5
ISE Gemini: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Schedule of Fees (Release No. 34-74113; File No. SR-ISEGemini-2015-02; January 22, 2015); see also Exhibit 5
MIAX: Notice of Filing of a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, to Adopt Rule 519A Risk Protection Monitor (Release No. 34-74118; File No. SR-MIAX-2015-03; January 22, 2015); see also Exhibit 5

Immediate attention required – Financial Requirements Section 12 – Additional increases in required minimum security deposit for forex transactions
As you know, on Jan. 21, 2015, NFA’s Executive Committee exercised its authority under NFA Financial Requirements Section 12 and increased, until further notice, the minimum security deposits required to be collected and maintained by FDMs under Section 12 for transactions involving the Swiss franc (5%), Swedish krona (3%) and Norwegian krone (3%). At the time of those increases, NFA alerted FDMs that NFA was continuing to monitor market conditions and that the Executive Committee could decide to make additional increases to these or other currencies if market conditions warranted. Given the continued volatility in the foreign currency markets, the Executive Committee has determined to increase the minimum security deposits required to be collected and maintained by FDMs under Section 12 as follows:

Exchanges & Trading Facilities

How CME is looking to buy its way into foreign markets
By Lynne Marek
Chicago-based CME Group, which operates the biggest futures exchange in the world, already dominates a mature U.S. market. On Jan. 30, it hopes to win Electronic trading has made it easier for CME to stretch outside the U.S., but it still faces established European competitors, including Atlanta-based ICE,

GrandVision sets its sights on EUR1bn Euronext flotation
Claer Barrett, FT
GrandVision, the world’s largest optical retailer, which owns the UK’s Vision Express chain, is set to raise EUR1bn from its initial public offering on Amsterdam’s Euronext exchange next month in one of the first big tests of European investor sentiment this year.

Senior Software Engineer
CME Group Jobs
Job Summary: The Senior Software Engineer engineers secure, scalable and reliable technology solutions, with minimal mentoring, to advance CMEG in the global marketplace and serve risk management needs of customers around the world.

SGX partners Clearbridge Accelerator to facilitate fund raising for entrepreneurs and SMEs
Singapore Exchange (SGX) is partnering Clearbridge Accelerator Pte Ltd (CBA) to develop a capital-raising platform for entrepreneurs and small and medium-sized enterprises (SMEs) in Asia.

Hedge Funds & Managed Futures

Biggest Private Fund in Finland Says QE Kills Price Signals
By Kati Pohjanpalo, Bloomberg
Finland’s biggest private investor with $45 billion under management said asset purchases by the European Central Bank are undermining investors’ ability to price bonds.

Priced Out of Contemporary Art? Try Old Masters for $200 Million
By James Tarmy, Bloomberg
That $3 million Caravaggio is looking like a bargain compared to an $81.9 million Andy Warhol. This week at the Old Masters sales in New York, when as much as $200 million of 15th-to-19th-century paintings, drawings and sculptures are on offer, the auction houses will try to slightly narrow the disconnect between the record prices commanded by postwar, modern and contemporary art and the much lower estimates for the older works.

Precious Metals Coveted Once More as Draghi Acts: Commodities
By Luzi Ann Javier, Bloomberg
Investors’ desire for precious metals is deepening after Mario Draghi’s $1.3 trillion pledge drove gold to a five-month high and silver to the brink of a bull market.

IBM’s stock gains amid reports that a massive layoff is coming
By Tomi Kilgore, MarketWatch
Shares of IBM Corp. IBM, +0.31% are rising 1.2% in premarket trade Monday, on the heels of reports that the technology giant is prepping for a reorganization that will lead to the largest corporate layoff in history. Reports from multiple sources suggest Big Blue will will slash its global workforce by 26%, which would represent about 112,000 of the approximately 431,000 people IBM employs globally. IBM’s stock, a component of the Dow Jones Industrial Average, has slipped 0.7% since it reported last week earnings that beat expectations but revenue that missed. IBM has missed revenue expectations in 12 of the past 14 quarters. The stock has lost 3.8% over the past three months and 13% over the past year, while the Dow has gained 5.2% and 11%, respectively.

Andreessen to invest $58m in TransferWise
Sally Davies, FT
Andreessen Horowitz, the US venture capital group that was an early backer of Facebook, has won a competitive bidding process to invest in TransferWise, the money transfer group that is one of London’s most high-profile tech start-ups, in a sign of growing international interest in the UK’s burgeoning financial technology sector.

Investors Warned on Complacency Over Greece
By Josie Cox, WSJ
No one’s admitting surprise at the outcome of the Greek election and the market reaction has so far been muted too. But is it too early to switch out of risk-off mode, turn the page and move on?

As Commodities Fall, Some Investors See Reasons to Buy; Low Prices May Bring Cuts; Short-Term Pain to Get in Early on Next Rally
By Leslie Josephs, WSJ
A few brave investors are betting the gloom oppressing global commodity markets is on the verge of lifting.

Banks & Brokers

Swiss private banks fight for survival
Madison Marriage and Chris Newlands, FT
The sudden appreciation of the Swiss franc has intensified pressure on Switzerland’s private banks, raising the prospect of job cuts and bankruptcies.

Singer vs Dimon & WSJ, as JPMorgan CEO Asks: “What Would You Like To Know?”
Posted By: Mark Melin, Value Walk
Behind the scenes a nagging concern has been whispered. The big bank derivatives that underlie the economic system can implode the world economy and controlling forces that apparently can dampen public discussion have been winning by not discussing the issue.

Barclays attempted to cancel Swiss franc trades
EUR/CHF trades executed with Barclays are being negotiated between bank and buy-side counterparties after the British firm looked to cancel some FX trades following events on January 15 Barclays tried to cancel EUR/CHF trades placed by counterparties in the immediate aftermath of the Swiss National Bank’s decision to remove its 1.20 currency floor, before re-evaluating and trying to negotiate new price levels, according to industry sources.

ICAP e-Commerce Launches Scrapbook, An Innovative e-Solution For The Corporate Bond Market
ICAP, a leading markets operator and provider of post trade risk mitigation and information services, announces today that it is launching Scrapbook, an anonymous, session-based e-solution for the corporate bond market. The service will be operated by ICAP’s BrokerTec MTF (Multilateral Trading Facility) under the regulated entity of BrokerTec Europe Limited leveraging the ICAP e-Commerce team.

Hint for Investors in Rise in Cash for Wall St. Chiefs’ Pay
By Antony Currie, NY Times
Shareholders may want to take a hint from this week’s news on compensation for Wall Street chief executives. JPMorgan Chase is paying a portion of Jamie Dimon’s bonus in cash for the first time since 2011. And Goldman Sachs is bolstering how much cash Lloyd Blankfein gets. Meanwhile, bank stock gains are slowing.

Clearing & Settlement

ISDA Proposes CCP Recovery and Continuity Framework
Business Wire
The International Swaps and Derivatives Association, Inc. (ISDA) today announced the publication of a new position paper that sets out a proposed recovery and continuity framework for central counterparties (CCPs). Clearing houses have become vital to derivatives market infrastructure following the implementation of new regulations that require standardized over-the-counter derivatives to be cleared. As a result of their systemic importance, CCPs are required to develop recovery plans to avert a threat to their viability and ensure they can maintain the continuity of critical services without requiring the intervention of resolution authorities or resorting to public money.

Getting Corporate Actions Out Of The Basement
Organizations such as the Depository Trust & Clearing Corporation (DTCC), which have a vested interest in addressing corporate actions as a data management challenge, are certainly going to see a lot of action happening in the field.

Indexes & Products

A few tips about Treasury inflation protected securities
By John Prestbo, MarketWatch
Some investment analysts are recommending U.S. Treasury Inflation-Protected Securities (TIPS). If you agree, the best way to go about it is with index-based ETFs.

PwC: Exchange traded fund assets will double to $5tn by 2020
Chris Newlands, FT
Exchange traded fund assets will double to $5tn by 2020, according to a detailed study by PwC, far outstripping the asset growth of traditional fund managers, which have come under increasing pressure to prove their worth.


First Derivatives and Fair Trading Technology announce partnership
Automated Trader
First Derivatives and Fair Trading Technology partner to provide a combined solution for FX Brokers.
First Derivatives has announced a partnership with Fair Trading Technology to provide an integrated solution for retail brokers. The combined service leverages the back-end capabilities of FD’s Delta Flow platform, such as connectivity to liquidity sources, aggregation, price spreading, risk and credit management, with FTT’s middle and front end trading functionality including the T3 Hub, MT4 servers and Broker Tools. The first implementations include a Japanese broker serving its downstream clients, along with a London-based prime broker providing liquidity and credit services.

Apple Is Hedging Against “One of the Main Threats on the Tech Sector”: The Surging Dollar
By Joseph Ciolli and Michelle F. Davis, Bloomberg
Uneasiness over a surging dollar has options traders protecting against losses in technology companies from Apple Inc. to Microsoft Corp. (MSFT) ahead of earnings announcements this week.


CME Group fines Credit Suisse, JPM units for trading violations
CME Group Inc on Friday fined a unit owned by JPMorgan Chase & Co $210,000 and an affiliate of Credit Suisse $175,000 for various trading violations.
It was the second time in just over two months that CME Group, the world’s largest futures exchange operator, fined Credit Suisse for problems with its automated trading systems in 2012.

Britain Fines and Bans 2 Former RP Martin Executives Over Compliance Failures
Two former senior executives at RP Martin have been fined and banned from the securities industry for cultural and compliance failings at the small British brokerage firm, which was fined more than $2 million last year for misconduct related to the manipulation of the global benchmark known as the London interbank offered rate, or Libor.

Regions Financial reaches $125 mln settlements over funds’ collapse
By Jonathan Stempel, Reuters
Regions Financial Corp has agreed to $125 million of settlements to resolve lawsuits accusing it of mismanaging three Morgan Keegan bond mutual funds that collapsed in 2007 after investing heavily in subprime mortgages and other risky debt.

Federal prosecutors appeal insider trading ruling
USA Today
Ratcheting up a legal battle in a government crackdown on Wall Street insider trading, federal prosecutors are appealing a December court ruling they contend makes it harder to stop such crimes.

Environmental & Energy

U.K. Lawmakers Urge Fracking Delay on Water, Climate Risk
By Alex Morales, Bloomberg
Fracking shale for oil and gas should be put on hold in the U.K. because of risks to public health and the environment, a panel of lawmakers said.

Know What’s Killing More People in Nigeria Than Boko Haram? Lack of Drinking Water
By Yinka Ibukun and Chris Kay, Bloomberg
The lack of running water killed more people in Nigeria last year than Boko Haram.

For Saudis, Falling Demand for Oil Is the Biggest Concern
By Isaac Arnsdorf, Bloomberg
As the world’s oil producers wring their hands over a global glut that’s pushing down prices, evidence is mounting that Saudi Arabia is more concerned about shrinking demand.

Obama challenges Congress on Arctic oil
Shawn Donnan in Washington, FT
US President Barack Obama has called on Congress to designate more than 12m acres of Alaska’s arctic wilds for environmental protection, opening another battle line with Republicans and the oil industry.

Scotland hardens stance against fracking
George Parker, Political Editor, FT
Scotland is set to lead resistance to the fracking of shale gas in the UK, with both the Scottish National party and the new leader of Scottish Labour saying they would impose tough conditions on the drilling technique.


Chinese Broker’s Shares Surge After $6.3 Billion Merger
By Bloomberg News
Shares of Shenwan Hongyuan Group Co. (000166) surged in their first day of trading in Shenzhen, making the firm China’s second-biggest brokerage by market value and close to becoming No. 1.

Comment: Shenzhen next stop on ‘through train’
Mark Austen, FT
When Chinese premier Li Keqiang says a Shenzhen-Hong Kong link will be the next stop on the Stock Connect “through train”, as he did during a visit to Shenzhen in early January, people listen.

Frontier Markets

Four banks oppose NSEL-FTIL merger in high court
Sharleen D’souza & Abhijit Lele, Business Standard
Four banks with loans to Financial Technologies (FTIL) have asked the high court here to be allowed to intervene in opposition to the Union government’s proposal to merge scam-hit National Spot Exchange (NSEL) with the former, its promoter.

Shekel Sinks to 4 Per Dollar as Traders Test Israel
By Gabrielle Coppola and Sharon Wrobel, Bloomberg
Israel shares a few key economic similarities with the European Union: growth is slumping, consumer prices are falling and benchmark interest rates hover around zero.

Re-formation Of Qatar Stock Exchange Board Of Directors Under The Chairmanship Of H.E Sheikh Ahmed Bin Jassim Bin Mohammad Al Thani, Minister Of Economy And Commerce,
Qatar Investment Authority issued Resolution No. (3) of 2015, re-forming the Board of Directors Qatar Stock Exchange under the chairmanship of H.E Sheikh Ahmed bin Jassim Bin Mohammad Al Thani, Minister of Economy and Commerce, as of today, Sunday, January 25th, 2015.


In Vino Veritas. In Napa, Deceit; Hill Wine Company, a Criminal Case and Intrigue in Napa Valley
When you buy a bottle of Napa Valley cabernet sauvignon, you trust that the bottle is filled with wine actually made from cabernet sauvignon grapes that were grown in the heart of California’s wine country.

‘Mr. Cub’ Ernie Banks dies at 83
Crain’s Chicago Business
Even as the Chicago Cubs lost one game after another, Ernie Banks never lost hope. Banks retired after the 1971 season. He owned most of the Cubs’ career slugging records, some of which still stand today.

SkyMall bankruptcy grounds flying yetis
Eric Platt in New York, FT
SkyMall, the catalogue company that brought a generation of airline passengers eclectic necessities such as $49.99 glow in the dark toilet seats and a $2,250 garden yeti statue, has been brought to earth by in-flight WiFi.

Cargill pork plant suspends slaughter operations after equipment failure

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