Are Finance Guys Losing Their Mojo on the Dating Scene?

It’s tough to tell when an internet phenomenon reaches actual meme status. But, in the case of the “creepy finance guy,” I think we can finally call it.

This week saw yet another jaw-dropping tale of Wall Street prattishness, this time in the form of a post-date survey. Yep, a finance dude went on a date with a lady. And then he asked her for constructive feedback.

The culprit in this tale is a 24-year-old “finance guy” in Philadelphia named Mike, according to Deadspin, which doesn’t outline his career much beyond Does Things With Money. (This is the case with a lot of these confessional, finance-date posts.) After going on a handful of dates, the tipster (a woman) says the pair parted ways — at which point she received a “Date Response Form.” It was a post-mortem review sheet, courtesy of Mike.

It included questions like “Mike is very self conscious about his hair. Does he have reason to be?” “Who paid for dinner?” (coupled with “Are you a feminist,” amusingly enough) and “How are Mike’s conversation skills? He didn’t talk about himself the whole night… did he?” Were it not for these tinges of sincere(-sounding) insecurity, you’d easily write off the “Date Response Form” as a big, elaborate prank. It reads like the dialogue from a mediocre, experimental one-act play. But as far as anyone can tell, the questions are deadly serious.

(MORE: ‘Gordon Gekko’ Joins FBI Battle Against Wall Street Fraud)

And this kind of anecdote floats around constantly.

Consider last month’s Spreadsheet Romeo. An idiotic (this time, New York-based) Finance Guy entered each of his Match.com dates into a spreadsheet, meticulously rating each woman he went out with and chronicling every contact he had with them (including text messages). “Dave,” as he’s known, wrote things like “mixed bag of pictures, but great bod” and “OK girl, but very jappy; one and done for me)” for his reviews. It was awful.

In this case, Dave actually forwarded the spreadsheet to one of his dates — who then passed it along to her friends who later passed it along to Jezebel, which published a highly censored version of the document. It’s worth mentioning that more than one person from wildly different sectors of my personal life forwarded the document to me as well. Was an acquaintance of mine on there? No — I have no tight affiliation with the gentlemen of Wall Street. The stupid thing had reached old school meme-itude, that’s all.

As long as we’re on the subject, there’s this post from Gawker that included a hedge funder’s lengthy email to a woman he was dating after being turned down for a second date. (To summarize, its point is why don’t you want me?) And there’s the “Breakup Quiz” (also courtesy of Gawker), which reads like a more hostile version of good ol’ MIke’s “Date Response Form.” In each of these instances, any jerkiness is accompanied by sad insecurity. Why don’t you want me? they all seem to scream.

Why is this happening? Why are these real-life stories published over and over? Are 20-something finance guys really that bad? Or are we just that angry at Wall Street?

It’s hardly any surprise that Gordon Gekko and Patrick Bateman were each conceived within roughly five years of each other. Gekko splashed onto the screen mere months after the late ’80s-early ’90s market crash, while Bateman arose in the pages of Bret Easton Ellis’ famed “American Psycho” toward the tail end of the malaise. These characters encapsulated the collective attitude toward Wall Street’s villains at the time — a mixture of fear and a little amusement. These characters were terrifying, yes. But who doesn’t recite the phrase “greed is good” without a smirk? Who doesn’t reference the infamous business-card standoff without a chuckle? Despite their fictionalized malice, both Bateman and Gekko are borderline campy figures today. Wall Street scared us — now, we laugh at it.

(MORE: The E.U. Wants Airlines to Cut Carbon, But Other Nations Are Balking)

And it’s with this mix that we approach the “creepy dudes of Wall Street.” Sure, none of these guys are Gekkos. And maybe the flood of “guess what just happened on my date with this trader!” is more a resurgence than anything else. I’m certainly not excusing the arrogant ways of our accidental internet punching bags. But to write off this trend as “all finance guys are assholes” is too flippant. And men in other quote-un-quote prestige fields rarely suffer the same stigma. “Creepy doctor” dates? That’s not really a “thing.” Sure, they happen — but rarely is the phrase “that’s what you get for going out with a doctor!” uttered when someone recounts a terrible date with an MD.

This, of course, would be the optimal time for a writer to recount some simultaneously juicy-yet-unsavory experiences she’s had with the Wall Street set. Some appalling, backhanded compliment at a crowded bar that’s emblematic of A Larger Problem Among Men And Wall Street. But that’s not really the point, is it? I’ve gone on loads of crummy dates, with men of all professional backgrounds. And yet, in the 20-something zeitgeist, the confessional “Once I went on a date with a Wall Street guy” reigns supreme, in social circles and online. Discrimination doesn’t exist just on Wall Street.

In the post-2008 world, we’ve passed fearing the instruments of our economy’s destruction. We’re laughing at them now. And maybe it’s because, on some level, we feel we need to.

Amy Tennery is the Managing Editor of The Jane Dough, which provides news and insight on women in the business world and political arena. 
Read More from the Jane Dough:
How Much Are You Supposed To Tip, Anyway?
Another Reason Not To Get Shared Checking: 31% Of You Lie To Your Partner About Money

 

The Business Finance Store Discusses Business Incubators

Santa Ana, CA (PRWEB) May 20, 2012

Pinterest, the online virtual pin board, raised $100 million in a round of financing this week, The Wall Street Journal reported. The venture-capital funded tech startup is reportedly valued at $1.5 billion. With the incredible valuation of tech startups such as Pinterest, Instagram and Facebook, many entrepreneurs might be wondering how they can ramp up their ideas to be the next Pinterest or Facebook. One common route that many small businesses choose is using a business incubator to help fully develop their ideas. In the recent blog post “Finding a Business Incubator to Help Grow Your Small Business,” The Business Finance Store discusses business incubators and how entrepreneurs can find the right one to develop their ideas into a successful business.

Competition for startups can be pretty stiff. Getting access to financing and expertise to ensure business success can be difficult to obtain. Incubators house budding businesses and provide an environment for a startup to thrive. Read more about startups, incubators and other small business considerations at The Business Finance Store Blog.

The Business Finance Store is a business financing and consulting firm that offers customized Business Financial Solutions. Seasoned professionals offer assistance in a variety of financial solutions to help small businesses succeed such as: Business Financial Solutions, Legal Solutions, and Accounting Solutions.

The staff at The Business Finance Store understands that starting and growing a business is an exciting time. They keep it exciting by taking care of some of the most difficult aspects, by providing legal advice, helping with vital responsibilities like accounting & bookkeeping, and by obtaining business finance. They can quickly and easily guide entrepreneurs through many different complicated processes and put them on the path to success.

For 10 years The Business Finance Store has been helping startups and other small businesses legally structure their companies, find the right franchises, get the funding they need, and achieve the American Dream of owning their own successful business. Since expanding nationwide in 2007, they have helped thousands of companies and have funded over $60 Million in business credit lines, not including SBA loans. The Business Finance Store sees limitless potential in the current climate, and looks forward to many strong years of growth to come. Take some time to review their services, and give them a call.

For more information, or a free, no-obligation analysis of your business needs, visit The Business Finance Store website:http:// http://www.businessfinancestore.com. A member of their professional staff will contact you to discuss your business’ short and long-term goals. Whatever you need, The Business Finance Store is there.


 

Iran finance minister: 'Rest assured' record oil prices over nuclear sanctions

Yukiya Amano, the director-general of the International Atomic Energy Agency, will fly to Iran Sunday.
Yukiya Amano, the director-general of the International Atomic Energy Agency, will fly to Iran Sunday.
STORY HIGHLIGHTS
  • Iran’s finance minister tells CNN that oil prices could rise as high as $160 a barrel
  • “Rest assured there will be a considerable increase,” the minister says
  • The chief of the U.N.’s nuclear watchdog agency is heading to Iran for talks
  • G8 leaders urge Iran to cooperate with inspectors

(CNN) — Iran’s finance minister believes oil prices could rise as high as $160 a barrel thanks to sanctions over its nuclear program, a prediction that comes just as the chief of the United Nations nuclear watchdog agency headed to Tehran on Sunday for high-level talks.

“We must pay close attention when we speak of oil revenues and sanctions against oil sales, who are the winners and the losers of such sanctions?” Shamseddin Hosseini told CNN’s “Fareed Zakaria GPS” in an interview that airs Sunday.

“Indeed, it is difficult. But not just for Iran. And we can all rest assured that there will be a considerable increase in international oil market prices. Now, is this the best approach?”

The comments came as the International Atomic Energy Agency said in a carefully worded statement that its director-general, Yukiya Amano, was headed to Iran for talks on what it described only as “issues of mutual interest with high Iranian officials.”

The trip raises speculation that Iran may be willing to grant IAEA inspectors access to sites to determine whether it is developing nuclear weapons.

The talks come at a critical time for Iran, whose economy has been crippled by sanctions imposed by the United Nations, the United States and the European Union.

Eighty percent of Iran’s foreign revenues are derived from oil exports, and an embargo by the EU set to go into effect in July will further devastate its economy.

But Hosseini said the embargo would also likely hurt the EU, which is grappling with its own weakened economy.

Oil prices as a result of the sanctions, he said, “will go considerably higher than $100 per barrel.”

Even the International Monetary Fund “says as a result of these sanctions, oil prices will perhaps reach and hover around $160 per barrel,” he said.

Hosseini gave little indication to Zakaria that Iran would be willing to abandon its nuclear program, which Tehran has consistently maintained is solely for the development of alternative energy.

“There are conversations and dialogues taking place currently, but there cannot be a hegemony and a double-standard in the treatment of member countries such as Iran,” he said.

“If these principles can be understood and applied with mutual respect, I think we will be in a much better place. If we don’t, we will witness a increase in international oil markets.”

The Iranians met with the IAEA for the first time in three months in Vienna, Austria, last week and are expected to meet again Monday.

Later this week in Baghdad, Iran is set to continue talks over its nuclear program with world powers who make up the group known as P5+1: the United States, France, Russia, China, Britain and Germany.

Tensions over the country’s nuclear program have roiled the Middle East, with Iran threatening earlier this year to close the Strait of Hormuz, a vital oil shipping lane, if sanctions were imposed on its exports of crude oil.

Meanwhile, Israel has said it may attack Iran to prevent it from developing nuclear weapons.

During the height of tensions, oil prices soared to $110 a barrel. The price per barrel of crude oil finished last week at $92.50 per barrel.

In March, the IAEA noted what it called a sharp and troubling increase in Iran’s uranium enrichment capabilities.

The United States and its allies suspect that Iran is evading international inspections and is developing nuclear weapons. As punishment, Western nations have slapped crippling sanctions on Iran.

Leaders of the so-called Group of Eight — United States, Canada, the United Kingdom, Germany, France, Italy, Japan and Russia — called on Iran on Saturday to comply with the requirements of the U.N.’s watchdog agency to open its doors to nuclear inspectors.

In a declaration, the G8 leaders said they welcomed the resumption of talks.

The leaders called on Iran to engage “in detailed discussion about near-term, concrete steps that can, through a step-by-step approach based on reciprocity, lead towards a comprehensive negotiated solution which restores international confidence that Iran’s nuclear program is exclusively peaceful,” according to the declaration.

The G8 leaders also urged Iran to comply with international obligations to uphold human rights and fundamental freedoms, including the freedom of religion.

 

7 Types Of People Who Fail In Finance

To earn a career (or even a job offer) in finance, you needed to have sufficiently impressed your interviewers. The finance setting in the real world is competitive. Occasionally, Human Resources will let in finance professionals with über personalities. They have spark, personality and commendable accomplishments. Unfortunately, as their peer group begins to work with them, these peers come to a realization that there are certain dysfunctional behaviors that serve as roadblocks to teamwork, realizing team objectives and smooth execution. Here are seven personality types that you find that can inject poison into finance’s unique corporate culture.

SEE: 4 Ways To Get A Head Start On Your Financial Career

The Pontificator

Pontificators tend to lurk around and blow their own horn at inopportune times, usually when you have a report due in two hours, right before the meeting starts or when you are rushing to the bathroom. Pontificators are focused on themselves, and spend less time thinking about the organization or team goals. They also tend to tear down colleagues with biting remarks and suck up to the boss, but when they meet someone with significantly higher standardized test scores, or in a well-regarded position within the firm, they worship that person.

Why They Fail
Pontificators waste people’s time and irritate everyone. They sap the group’s energy through de-motivating and aggravating remarks, and teamwork suffers as a result. A well-functioning organization can boot these people out after input from members of the team. Unfortunately, pontificators can be high performers and some managers are reluctant to let them go.

The Selfish Jerk
“Selfish jerks” can occasionally profess to care about the organization and team goals – if this opportunistically helps with their image within the company. These people are really only aligned with their personal desires. When the company experiences some kind of adversity – when it becomes critical for each worker to rise to the occasion – the selfish jerk takes off for a new organization in a heartbeat or works at protecting his or her job. The selfish jerk is typically well-versed in financial subjects and industry benchmarks, is obsessed with researching industry statistics on salary and bonus and runs a covert operation trying to figure out what co-workers are making in terms of salary and bonus.

Why They Fail
These types of personalities repel managers. Finance professionals who show promise as potential leaders possess managerial and leadership characteristics. The underpinning of leadership is service in the interest of the company and the team. Selfish behaviors lead to a nasty corporate culture that nobody wants, that includes “one-upmanship,” territorialism, back stabbing, sabotage and lack of teamwork.

The Nerd or Doormat
The nerd or doormats have succeeded in a plethora of academic subjects in high school and college. They are widely read, but unfortunately, doormats have completely ignored their communication skills and have difficulty conveying even simple issues in a succinct and understandable manner. Because doormats are usually bright individuals, they can reject receiving training or courses that will help improve communication or management skills.

Why They Fail
The doormat’s desire to be left alone – and avoid co-workers when the need for teamwork arises – produces costly miscommunication and disconnects. Often, if there is conflict within the group, the doormat cannot muster the necessary backbone to stand up for what is right. They are passed over for promotions for more assertive colleagues.

The Procrastinator
Procrastinators have succeeded in school and in prior work experiences. This track record of success leads them to believe that their successes were more of a function of individual personality rather than hard work, insights and sheer execution. The procrastinator has become complacent, and waits for quasi-emergencies before stepping up.

Why They Fail
Being late with monthly, quarterly and annual financial reports is unacceptable in finance. Alternatively, when procrastinators turn work in on time, the quality suffers significantly. In finance, bottlenecks produce missed deadlines or poor work product. In an effort to make the team more efficient and effective, managers fire the procrastinator.

SEE: Time Management Tips For Financial Professionals

The Excel Lightweight

The Excel lightweight excelled in college accounting and finance classes. The lightweight’s prowess in understanding the theoretical concepts, however, is no longer sufficient in the real world. In a finance setting, a practical skill such as advanced Excel knowledge is a driver for garnering increased responsibilities, higher productivity and spreadsheet formula accuracy. How can you succeed in finance without excelling in its major form of communication, spreadsheets? The Excel lightweight doesn’t understand much about keyboard shortcuts, macros, advanced formulas or add-ins.

Why They Fail
The Excel lightweight causes blow ups from time to time in the form of inaccurate Excel numbers and formulas. Those with little or no prior real world experience think that their superior knowledge of finance theory translates into practical application on the job. The Excel lightweight can cause tremendous amounts of re-work as well as an investigation into the root cause of the spreadsheet or database problems, especially with large projects. They can also torpedo careers. Embarrassment and anger runs amok and is directed towards the Excel lightweight’s managers by higher-up executives or clients.

SEE: Microsoft Excel Features For The Financially Literate

The Error-Prone Dummy
The error-prone dummy is typically a junior analyst or junior associate that had connections and got into the firm through the back door. He or she went to the same college as the interviewer, or has a dad who is an investor in the company. You won’t find senior people that are error-prone dummies because they’ve already been ushered out, even with their connections. Accuracy, dependability and reliability are critical success factors in finance. Unfortunately, the error-prone dummy spends time daydreaming about prospective nighttime activities or is more interested in college football scores than work. His or her work product suffers, and the team is stuck wasting time doing re-work or researching what went wrong.

Why They Fail
They get fired because doing so is an effective cost-saving correction action. Error-prone dummies are not able to catch redundant adjustments, incorrect industry assumptions, overly optimistic forecasts and missed calculations. If finance is viewed as a game of football, then the error-prone dummy is equivalent to a player who never catches a pass or fumbles the ball when he or she does catch it.

The Apathetic Cyborg
Apathetic cyborgs do not care; they will work only as much as needed to prevent being fired – nothing more. In a setting where people are rushing to meet deadlines, the apathetic cyborg never displays passion. Don’t bother telling him or her anything of importance, as it’s going out the other ear.

Why They Fail
The apathetic cyborg is perpetually uninformed. It doesn’t matter if the CFO repeatedly blasts emails about the importance of complying with Sarbanes-Oxley, or that 12% is the new cost of equity for the company. The apathetic cyborg risks non-compliance with critical regulatory statutes, or provides field operators with the wrong cost of equity percentages to use to evaluate new projects. Because the apathetic cyborg is out of the loop, pretty soon he or she will be out of the company.

Conclusion
If you want to succeed in finance and within your organization, constantly gather feedback from your peers and managers. There are unique issues and objectives that are critical within finance: teamwork, meeting deadlines on reports, alignment with organizational objectives, excel prowess and a clear understanding of initiatives (Sarbanes-Oxley compliance). If you know where you stand, you will be in a position to take concrete action to improve certain areas. Finance is a competitive field and there are not that many chances given to those who are on the radar for getting the boot.

More From Investopedia

 

Fitch Affirms RPI Finance Trust's Ratings at 'BBB-'

CHICAGO–(BUSINESS WIRE)–

Fitch Ratings has affirmed RPI Finance Trust‘s (RPI FT) ratings in light of incremental bank borrowings of $500 million as follows:

–Issuer Default Rating (IDR) at ‘BBB-’;

–Senior secured bank loan rating at ‘BBB-’.

The Rating Outlook is Stable. The ratings apply to approximately $2.73 billion of outstanding debt.

Leverage to Increase Temporarily

RPI FT’s leverage (total debt to EBITDA) will rise to 3.4 times (x) at the end of 2012 from pro forma leverage of 3.2x at the end of 2011 as a result of incremental secured term loan borrowings of $500 million. Leverage will remain below Fitch’s expectation of 3.5x. Fitch anticipates that leverage will decrease quickly due to exceptional EBITDA generation and excess free cash flow recapture provision in the company’s $2.75 billion secured term loan B facilities. By the end of 2013, Fitch anticipates that leverage will fall to 3.0x as the 25% excess cash flow requirement will be triggered at the end of 2012 and the resulting term loan borrowings paid in early 2013. Proceeds of the incremental debt may be used for general corporate purposes, notably new asset purchases.

EBITDA Generation Remains Strong

EBITDA margin was exceptional in 2011 resulting from RPI FT’s low operating expense base. On a pro forma basis, EBITDA margin of 97.3% in 2011 paralleled Fitch’s expectation of 97% for the year. Fitch anticipates operating costs to remain low yielding sustained high EBITDA margins through the ratings horizon.

Asset Portfolio Recently Restocked

RPI FT is the sole beneficiary of any asset purchase starting this year, while sharing a portfolio of 35 royalty-bearing interests with RP Select Finance Trust due to an investment event that occurred in August 2011. So far, in 2012, RPI FT recently acquired around $900 million of new assets including the recent purchase of an interest in an earn-out pertaining to the potential multiple sclerosis medicine Biogen’s BG-12 for $761 million. In February, RPI FT also completed the purchase of royalty-bearing interests in UCB’s Cimzia, and Roche’s Mircera for $124 million from Nektar Therapeutics. Fitch sees the company maintaining a weighted average useful life of the diversified asset portfolio commensurate with the debt load and maturity schedule.

Solid Free Cash Flow Sustained

Fitch believes that RPI FT will maintain free cash flow margins above 30% over the ratings horizon despite generous distributions to equity holders. Fitch estimates that around 45% of EBITDA will be returned to equity holders during this timeframe. A special distribution to unit holders upon the completion of actions in August 2011 related to the end of an investment period negatively affected free cash flow in 2011. RPI FT had cash and cash equivalents of $768.5 million at the end of 2011.

Guidelines for Further Rating Actions

Positive rating action is unlikely for RPI FT as any reduction in leverage presages acquisition activity. However, negative pressure on the rating would result from RPI FT’s intention to completely wind down the royalty-bearing assets and, accordingly, the average weighted useful life of the royalty asset portfolio falls such that it is no longer commensurate with the debt maturity schedule would also pressure the rating.

Additional information is available at ‘www.fitchratings.com’. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

–’Corporate Rating Methodology’ dated Aug. 12, 2011.

Applicable Criteria and Related Research:

Corporate Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647229

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM’. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE.

 

Museum of American Finance Founder John E. Herzog Retires From Board

NEW YORK, May 18, 2012 (GLOBE NEWSWIRE) — John E. Herzog announced his retirement from the Museum of American Finance’s Board of Trustees at the Board’s annual meeting yesterday. Herzog founded the Museum 25 years ago and served as Chairman until he stepped down from that post in 2010, while remaining an active Trustee. At yesterday’s meeting the Board honored him by approving a resolution to designate Herzog as Chairman and Trustee Emeritus for life.

Herzog founded the Museum of American Finance following the Stock Market Crash of 1987. It was his vision of a national museum to preserve, exhibit and teach about the nation’s finances and financial history. In 2001, the Museum became an affiliate of the Smithsonian Institution, and in 2008 it moved from modest quarters to its current home in a historic bank building at 48 Wall Street.

Museum Chairman Dr. Richard Sylla said that John Herzog, as a student of American history and a Wall Street practitioner, knew that financial institutions and markets were, and still are, key contributors to US economic growth and our nation’s rise in the world.

“John’s vision and philanthropy have resulted in a splendid gift to New York, our country and the world. His passing of the torch inspires us to carry on with his vision and take the Museum to new heights,” said Sylla.

At yesterday’s meeting, three new members were unanimously elected to the Museum’s Board of Trustees: Sanford F. Crystal, Executive Vice President of Frank Crystal & Company’s Financial Institutions Group; Alfred F. Hurley, Jr., Vice Chairman of Emigrant Bancorp and Emigrant Bank; and A. Michael Lipper, Founder and President of Lipper Advisory Services, Inc.

“Watching this remarkable Museum meet its mission over these past 25 years has been deeply gratifying. The support of an excellent staff and an enthusiastic board of trustees gives me great confidence in our future,” said Herzog.

About the Museum of American Finance

The Museum of American Finance, an affiliate of the Smithsonian Institution, is the nation’s only public museum dedicated to finance, entrepreneurship and the open market system. With its extensive collection of financial documents and objects, its seminars and educational programming, its publication and oral history program, the Museum portrays the breadth and richness of American financial history, achievement and practices. The Museum is located in a historic bank building at 48 Wall Street, on the corner of William Street, and is open Tues–Sat, 10 am — 4 pm. For more information, visit www.moaf.org or connect with the Museum on Facebook or Twitter (@FinanceMuseum).

 

Japan finance minister hints at intervention after yen gains

By Stanley White

TOKYO (Reuters) – Japanese Finance Minister Jun Azumi said on Friday that he was monitoring currency moves with extra care and was prepared to respond as appropriate – a veiled reference to yen-selling intervention.

Azumi said speculators were over-reacting after the yen rose to a three-month high versus the dollar and the euro. He said he has confirmed with Group of Seven countries several times in the past that excessive currency moves are undesirable.

“We are watching currencies with a heightened sense of caution and are prepared to respond as appropriate,” Azumi said.

“There was a sudden rise in the yen last night that is attributable to some speculators who are over-reacting.”

The dollar rose 0.2 percent to 79.39 yen, also above a three-month low of 79.13 yen touched the previous session. The euro inched up 0.2 percent to 100.81 yen, off its lowest since February 7 of 100.54 yen.

Japan spent a record 8 trillion yen ($100.6 billion) in unilateral intervention in the currency market last October 31, when the dollar hit a record low of 75.31 yen, and another 1 trillion yen in early November on undeclared forays into the market.

Authorities have stayed out of the market since then but are quick to express their discomfort when the yen starts rising, because it threatens Japan’s export-focused economy.

Japan’s finance minister also said he hopes Group of Eight countries confirm their commitment to fiscal discipline at a summit over the weekend and urged Greece to do the same because leaving the euro zone to restructure its sovereign debt would not be easy.

($1 = 79.5400 Japanese yen)

(Editing by Joseph Radford and Eric Meijer)

 

Horizon Technology Finance Closes $1.5 Million Venture Loan to StreamBase

FARMINGTON, Conn. and BOSTON, May 17, 2012 (GLOBE NEWSWIRE) — Horizon Technology Finance Corporation (Nasdaq:HRZN – News) (“Horizon”), a leading specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies in the technology, life sciences, healthcare information and services, and clean-tech industries, today announced that it has closed a $1.5 million venture loan to StreamBase Systems, Inc. (“StreamBase”), a leader in high-performance Complex Event Processing (CEP). The funds will be used to support the growth and expansion of the StreamBase business.

Gerald A. Michaud, President of Horizon, stated, “We are pleased to provide this venture loan to StreamBase in support of the company’s strong market position and attractive growth prospects. StreamBase is a leader in Complex Event Processing, with a significant customer base and strong revenue growth. With our continued support, the company will now invest additional capital to grow their new real-time analytics platform, StreamBase LiveView.”

Mark Palmer, CEO of StreamBase, stated, “Horizon’s flexible financing solutions and extensive knowledge of our industry provide an ideal partner for our company. We appreciate Horizon’s ongoing support as we invest in development and marketing of StreamBase LiveView, our new push-based real-time analytics platform.”

About Horizon Technology Finance

Horizon Technology Finance Corporation is a business development company that provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services, and clean-tech industries. The investment objective of Horizon Technology Finance is to maximize total risk-adjusted returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants to purchase the equity of portfolio companies. Headquartered in Farmington, Connecticut, with a regional office in Walnut Creek, California, the Company is externally managed by its investment advisor, Horizon Technology Finance Management LLC. Horizon’s common stock trades on the NASDAQ Global Select Market under the ticker symbol, “HRZN.” In addition, the Company’s 7.375% Senior Notes due 2019 trade on the New York Stock Exchange under the ticker symbol “HTF.” To learn more, please visit www.horizontechnologyfinancecorp.com.

About StreamBase

StreamBase provides solutions for real-time analytics. StreamBase’s products include StreamBase LiveView(TM) and StreamBase CEP, in addition to connectivity to over 150 data sources and an ultra-low latency FIX engine.

StreamBase Complex Event Processing (CEP) enables the rapid development and deployment of real-time analytical applications, with pre-built integration for streaming and historical data, visualization engines and statistical tools. StreamBase LiveView is a push-based real-time analytics solution that enables business users to analyze, anticipate and alert on important business events in real-time, and act on opportunities or threats as they occur.

StreamBase customers include CME Group, Thomson Reuters, SunGard, BM&FBOVESPA, the Santiago Stock Exchange, ConvergEx Group, RBC Capital Markets, CMC Markets, GAIN Capital, City Index, Linden Lab, Orbitz and BlueCrest Capital Management. The company is headquartered in Lexington, Massachusetts with offices in New York and London. In 2010, the World Economic Forum awarded StreamBase the title of Technology Pioneer. For more information, please visit www.streambase.com.

Forward-Looking Statements

Statements included herein may constitute “forward-looking statements,” which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

 

Apollo Commercial Real Estate Finance, Inc. to Present at Wells Fargo Securities Specialty Finance Symposium

NEW YORK, NY–(Marketwire -05/17/12)- Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (ARI) today announced Stuart Rothstein, the Company’s Chief Executive Officer and Chief Financial Officer, is scheduled to present at the Wells Fargo Securities Specialty Finance Symposium on May 23, 2012 at The Waldorf Astoria in New York, NY. The ARI presentation is scheduled to begin at 8:00am ET.

The presentation and question and answer period will be broadcast live over the Internet and can be accessed by all interested parties through the Company’s website at www.apolloreit.com in the investor relations section. There will be a replay available following the presentation which will remain on the Company’s website for thirty days.

About Apollo Commercial Real Estate Finance, Inc.
Apollo Commercial Real Estate Finance, Inc. (ARI) is a commercial mortgage real estate investment trust that primarily originates, invests in, acquires and manages senior performing commercial real estate mortgage loans, commercial mortgage-backed securities and other commercial real estate-related debt investments throughout the U.S. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, LLC, a leading global alternative investment manager with over $86 billion of assets under management at March 31, 2012.

Additional information can be found on the Company’s website at www.apolloreit.com.

Forward-Looking Statements
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French finance minister says no EU fiscal pact without growth

STORY HIGHLIGHTS
  • New Finance Minister Pierre Moscovici says an ambitious strategy for growth is needed
  • President Francois Hollande vowed during campaign to alter European austerity pact
  • Germany is opposed to renegotiation of the pact, says growth must be sustainable
  • Hollande’s new government stresses its commitment to its European partners

Paris (CNN) — New French Finance Minister Pierre Moscovici said Thursday his country would not ratify a European pact on budget discipline if it does not include measures to boost growth.

Moscovici said an “ambitious” strategy for growth was needed, in an interview with CNN affiliate BFM-TV.

The fiscal pact was signed by most European leaders late last year, and Germany, the economic powerhouse of the region, has said it is not up for renegotiation.

Moscovici said President Francois Hollande, sworn into office this week, was well aware of the gravity of the crisis facing Europe.

But the new Socialist government would stick to the campaign promises made by Hollande, he said, including his pledge to incorporate a “growth dimension” into the fiscal compact.

Speaking Thursday as he took over as finance minister from Francois Baroin, Moscovici affirmed that concentration would be on the Greek crisis, the consolidation of the eurozone and a reorientation of European efforts in favor of growth.

He added that he is a “committed European.”

“We are conscious that we can do nothing alone. We must work together with all our partners, and above all with Germany and the European institutions,” Moscovici said.

Foreign Minister Laurent Fabius also stressed his commitment to Europe on BFM-TV on Friday.

“I feel deeply European, but we need a different Europe, a Europe that is much more concentrated on employment,” he said.

The pact, championed by German Chancellor Angela Merkel and former French President Nicolas Sarkozy, is designed to increase fiscal discipline and prevent a future crisis by ensuring that governments respect deficit rules and do not overspend.

Hollande’s first trip as president, made hours after his inauguration, was to Berlin, where he met with Merkel to discuss the economy.

“I said that my wish is that growth is not an empty phrase, that it is something which, in reality, is happening,” Hollande told reporters in a joint news conference with Merkel after the talks. “Because, without growth, we can’t do whatever we want, we won’t reach the goals which we want to — and to reduce the debt and deficit.”

He said the best solution would be to “put everything on the table” on May 23, when the region’s leaders plan to meet next.

Speaking earlier this month, Merkel said that she was in favor of growth but that it must be sustainable, rather than programs made on the back of more debt.

Increased competitiveness is the key to sustainable growth, she said.

Voters in France and Greece, where political turmoil continues after an election failed to produce a government, are the latest in Europe to express their unhappiness about the policy of austerity.

As Greek politicians set a new election date Wednesday, Merkel said she regretted the suffering of the Greek people in the face of harsh government budget cuts.

“It’s very bitter, obviously,” she said of the austerity measures that have left some Greeks struggling to pay for food or utilities.

But, she said, “Sacrifices had to be made. … I think these are necessary measures that had to be taken.”

Merkel, a champion of forcing governments to balance their budgets in order to promote stable economic growth in Europe, did offer possible assistance to Greece.

“Europe needs to show solidarity and help, particularly with growth, unemployment and development,” she said.

CNN’s Laura Perez Maestro and Rachel Ramsay contributed to this report.