Good morning everyone. Futures on Asia’s largest equity markets all dipped lower before Janet Yellen’s press conference while IPOs in the region – once a sure way of doubling, or even tripling, your money – have cooled down abruptly. AT&T is set to fined by the FCC for allegedly deceiving customers, and Jimmy Lee, JP Morgan’s much-loved vice-chairman, suddenly passed away. He was 62.
Here’s what else you should know:
Limit-up China IPOs evaporate. As valuation concerns continuously spread, 300% IPO gains in Hong Kong and China’s have suddenly evaporated. Apparently, “(i)nvestors are becoming more fearful than greedy,” according to BNP Chief Economist Chen Xingdong. Bloomberg
Asian futures point to a lower trading day. With the Nikkei slipping 0.3% in the Osaka pre-market, the Hang Seng dropping 0.3% in its latest trading, and the Hang Seng China Enterprises Index falling 0.5%, all signs point to a down day in Asia’s largest equity markets. Bloomberg
AT&T to be slapped with $100 million fine. After being found that their “unlimited” data plans actually meant constricted speeds after 5 gigabytes of use, AT&T is set to be slapped by the Federal Communications Commission with a humongous $100 million fine. WSJ
J.P. Morgan vice chair dies suddenly. Jimmy Lee, J.P. Morgan vice chairman and head of the investment banking arm, died suddenly Wednesday at age 62. Lee oversaw many M&A deals, including the GE asset sale and the GM and Alibaba IPOs. Lee was rushed to the hospital after feeling short of breath while exercising at home. CNBC
AIG hunting for CIOs. AIG is looking for a CIO to manage its $350 billion portfolio, about $280 billion of which is in bonds. Executive v.p. William Dooley is due to retire soon, after working at the company for more than 30 years. Bloomberg
London Whale suit dismissed. The lawsuit against J.P. Morgan executives for failing to properly investigate the London Whale trading scandal was thrown out in federal appeals court. The court said that the shareholder suit did not meet the standard of showing “gross negligence” by the J.P. Morgan board. Reuters
Ex-Nokia chief jumps ship from Microsoft. Stephen Elop, former Nokia CEO, is leaving Microsoft amidst a management restructuring. Elop’s hardware devices business will now be part of a new Microsoft arm under Terry Myerson. Two other execs, Kirill Tatarinov and Eric Rudder, will also be departing the company. USA Today
Getty oil heir died after heavy methamphetamine use. An autopsy found that Andrew Getty, an heir to the Getty oil fortune, died of an ulcer-related hemorrhage, but also had toxic levels of methamphetamine in his system. Getty was found dead at age 47 on March 31. CBS
No buyer for WALL ST car. The auction for the Mercedes-Benz with “WALL ST” license plates ended without any bids. The seller, a Wall Street vet, wanted $12,000 for the car and plates. EBay
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