The Banking and Strategy Initiative

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US Economy (EoD Review): 10.8% rise in the indices in the Quarter, The Deal Economy slump to continue

Apple Inc.  New Headquarters

Apple Inc. New Headquarters (Photo credit: MarkGregory007)

Facebook’s latest amendment to its S1 filed adds details of the patent litigation with Yahoo even as FoConn agrees to an Apple audit observations and decides to reduce working hours and protect wages at its facility while improving working conditions by June 2013. Meanwhile Apple’s LTE /4G technology runs into tech implementation issues at most European countries holding up any half hearted attempt by Apple to go global

On the other hand, Goldman Sachs has scheduled a whole day of dinners with top honchos in Mumbai from Chanda Kochchar to Rahul Bajaj as it sets down for a Boardroom tete a tete in the Indian “town” to show its commitment. Goldman Sachs is also looking to expand its Board to include more global denizens and split the Lloyd Blankfein role of Chairman and CEO while it grows the Goldman Sachs franchise in Asia in a good year for trading/broking firm even as Volcker misses the June deadline

The Deal Economy in the meantime drudged the low sands as M&A globally is down 75%, with even Asia down almost 20% Glen-xstrata has of course boosted Q1 numbers in Europe But JP Morgan will finish with more than $1 bln globally and a #1 rank in couple or more markets as fees from Equity, Debt and M&A totalled $15.9 bln for Q1. Debt sales, withsome Leveraged finance and muni issuance coming back as well are a silver lining while the smaller IPO issues are not enough as a global squeeze in fee percentages is likely in the Advisory market. $200 mln-$500 mln ?IPOs of Annies (BNNY) and millenia media (MM) though got a 100% pop yesterday. Global M&A volumes are closer to $400 bln

The Fed Balance Sheet shruck again in bits and pieces to $3.880 Tln with a $14.5 bln reduction in assets this week on lower MBS even as Money supply in the markets eased up and the Feds weren’t buying with $24 bln in added Money supply. The 7 yr Bond auction however was weak, the yield of 1.59% a hope for firmer rates and thus even more Capital to com e in the Bond markets if yields catch up to the auction score.

The Dodgers deal in the meantime at $2.1 bln has done more for Sports and Sports Team owners than Frank McCort or Magic Johnson probably imagined even as LA media looks for Frankk’s wife and her divorce lawyers who lost her a probable 41 bln in settlement with a $190 mln settlement earlier in 2011






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