Chillin' out till it needs to be funded
Do read our stories on the change at Goldman and the UPS buzz if you forgot to switch ont he computer on the weekend. which continues late into tuesday morning this time. News is busy so’wwe’ll still post updates as the stories happen and then let you choose when you come back to work.
Vice President Xi Jinping chose the time in the US to announce a new investor for Dreamworks. in a JV with Dreamworks, threee Chinese state media companies will help it enter China with Oriental Dreamworks set up to produce local Chinese market content, helped by China Media Capital, Shangha media and Shanghai Alliance investment Limited to produce films and tv series in a market currently flooded by copies of Western realty TV talent contests for singing, dancing and dating. DWA will fund 45% of the initial $330 mln and will according to CEO JEff Katzenberg look to the President’s personal attention to realise the venture’s dreams in China
While President designate left US by LAX across the Pacific, China also agreed to Hollywood adding another 14 premium format features to the current restricted 20 allowed to feature in the Chinese theaters. The latest compromise follows on a Chinese promise to WTO to lift restrictions by March 2011. Premium formats include 3D and imax. 3D features were responsible in growin gHollywood revenues in China by 25% or $500 mln in 2011 to $2.1 bln even as Avatar and a coupl eof others were censored by Chinese authorities For Hollywood, Xi Jinping works more than the Obamas as it battles online piracy and degrowth
China media Capital was set up by the Reform Commission and holds News Corp assets in China as well in its first $1 bln fund ( CnY 5 bln)
Programmer Sergey Aleynikov was finally able to get an order based on his appeal that the application code he lifted predominantly belonged to an internal application and as the Economic Espionage Act applied on his conviction required Interstate Commerce as basis. Aleynikov said the trade was used in Proprietary Trading platforms and was never intended to be sold. Another High Frequency trading theft was reported on a Socgen employee/contractor Samarth Agarwal who was convicted for stealing and transportation of stolen goods in the FT report. As Dealbook explains, the firm Goldman Sachs had earlier successfully argued that Aleynikov had stolen code that was vital to interstate and foreign commerce as was used in markets around the globe and thus its stealing was equal to that of trade secrets stolen under the Economic Espionage Act.
The Second Court of Appeals reserved its discussions to preclude further argument and also directed the trial court to reverse the usgement to “acquittal” forcing that Goldman be unable to retry the defendant
The USAG Preeet Bharara on the other hand accorded priority to cybercrime in press meets of last month according to the FT after Bo Zhang, an employee of the FRBNY was arrested for stealing proprietary computer code.
Hedge Funds and Ex Bankers will make a beeline for Mortgage bonds, Dealbook highlighting Deutsche Banker Greg Lippman looing for opportunity in the market at the bottom of hom epricing cycles tentatively even as the State Attorney Generals and the banks sign a $26 bln settlement and foreclosures speed up activity in the housing indices.
The Sub Prime Index itself in two auctions this year seemed to swing up 50% or 20 points to near 60 in last week’s auction of Maiden Lane II securities
The latest Knicks star who unlike Yao Ming and the largely atheist Chinese body politic, does not let the Lord’s name be taken in vain, peppering the same at Press conferences and was discovered by bloggers and stat minded fantasy players this year, and has been credited by the Dealbook team for getting Time Warner an agreement with cable company MSG in time to let the Knicks fans on the network see Lin fail to make it a 8 game streak against the much vaunted NO Hornets
NY Governor, SAG Eric Schneiderman both put pressure on Time Warner and MSG after negotiations failed for more than 4 weeks and NBA commish David Stern also got his name tag on the deal getting the two operators to resolve the dispute and the new deal would let Knicks fan broadcast of their team’s games for several years of the new deal
Ratings on MSG Network were up 87 per cent over Mr Lin’s first five starts. That sent shares in Madison Square Garden Company to all-time highs, up 12 per cent since Mr Lin’s first start(FT)
As mentioned in earlier deal buzz, in China, however the Commish needs to soft pedal and watch closely and more as state censors closely lip read the new Star, bleeping God out of the equation