4 years ago86 views
Billionaire investor William Ackman renewed his attack on Herbalife saying he has evidence showing the nutrition and weight loss company is breaking direct-selling laws in China, its fastest growing market. The company said it follows local laws, and Chinese regulators have yet to comment on the matter. Ackman, who has placed a $1 billion short bet against Herbalife, said the company is breaking the law by making recruits pay an entry fee and by letting distributors recruit new members.
In another sign that Europe's economy is turning the corner, a leading ratings agency found Tuesday that the value of new stock market listings in 2013 recovered to match the 10-year average. Standard & Poor's said 13 billion euros worth of new equity was floated last year and that the revival is set to continue this year, barring any economic or market shocks. The agency credited the advance on buoyant equity markets, pent-up demand from private equity owners and optimism over the European economy's prospects. A risk-averse approach dominated sentiment across corporate boardrooms.
Today the New Jersey Motor Vehicle Commission passed a rule that will end Tesla’s direct sales of cars to consumers. TheNew Jersey Coalition of Automotive Retailers was in favor of the rule change, unsurprisingly. Tesla is furious, claiming in a blog post released today — in advance of the meeting in which the rule change was enacted (which Tesla was informed of yesterday) — that Governor Chris Christie’s administration had “gone back on its word to delay a proposed anti-Tesla regulation so that the matter could be handled through a fair process in the Legislature.”
Barclays faces a backlash from shareholders over its decision to raise bonuses despite a fall in profits, with investors increasingly demanding CEO Antony Jenkins give more money to them and less to his staff. British banks have failed to rein in pay despite a new EU cap, leading to a threat that politicians and regulators in both Brussels and London might impose more curbs. Few have drawn as much criticism as Barclays, where profits fell by a third but staff have just won a 10 percent bigger bonus pot to share for last year than the year before.