Carnegie Hall has appointed Edward H. Michaelsen, a 65-year-old executive active on various arts boards, to be its managing director and chief executive officer as of Nov. 1.

Mr. Michaelsen's appointment goes part way to replacing Stewart J. Warkow, who resigned recently as executive director and who will continue during the transition period. It is the hall's intention to appoint an artistic director soon, who will report to Mr. Michaelsen. Mr. Michaelsen, in turn - rather on the model of Anthony Bliss's relation to James Levine and the board of the Metropolitan Opera - will concern himself with overall managerial affairs, business matters and fund-raising.

Mr. Michaelsen is vice chairman of the Phelps Dodge Corporation, the nation's second-largest copper concern. He is co-chairman of the board of the Martha Graham Dance Company, which he has regarded as his primary artistic responsibility to date, as well as chairman of the New York Friends of Tanglewood, the New York support organization for the Boston Symphony; a member of the businessman's committee of the John F. Kennedy Center for the Performing Arts in Washington, and a board member of John Houseman's Acting Company, which is in residence at the Kennedy Center.

Mr. Michaelsen said yesterday that his Carnegie Hall position, which he will assume upon his retirement from Phelps Dodge, would be a full-time job. He will continue on the Graham and Boston boards, but not as chairman, resign from the Kennedy Center committee and a number of his corporate boards, and has not yet decided about the Acting Company.

Carnegie Hall found Mr. Michaelsen through an executive-search firm. Yesterday Mr. Michaelsen said that it was premature for him to comment about his plans for the hall. ''This whole thing happened within the last two-and-one-half weeks,'' he said, ''since they first contacted me.'' ''And I spent 10 of those days in South America. I just met the board this morning. One thing I would like to do is help select the artistic director. And I would hope to build a team here, so that the hall won't have to go outside to choose my successor. Not that I'm in any rush to get out.''

Mr. Michaelsen was born in Copenhagen and moved to this country in 1940. He comes from a musical family: his uncle was Denmark's principle musical patron, and a close friend and supporter of the composer Carl Nielsen, who picked Mr. Michaelsen's childhood piano teacher.

Although he will be paid a full-time salary as managing director, Mr. Michaelsen said that his new position would entail a considerable drop in income from his former post. ''But I will have a good pension,'' he added. ''Money was not my major concern.'' Colorado Opera Woes

The Central City Opera, which in the last few years has arguably been Colorado's leading opera company, is taking a ''sabbatical'' this season - a season that would have marked its 50th anniversary. The problem is one of money, and stems most immediately from a failure to raise $100,000 of the projected fund-raising goal last season. The Central City Company's grant from the National Endowment for the Arts was raised this year, and attendance last season averaged 92 percent. But to no avail.

The underlying cause for the season cancellation may reflect a struggle for operatic dominance in the Denver area, said Robert Edward Darling, who is departing as the company's full-time artistic director. When Mr. Darling was hired in 1977, the Central City Opera had no top-level competition in Denver. Central City itself is 40 miles from Denver, and the Central City company was best known for its summer seasons in the city's 19th-century opera house. Mr. Darling's mandate, he said, was to inaugurate a program of opera in Denver during the regular season, and during his first year he presented a production of ''Salome'' there.

But those growth plans were not sustained. And now a new company, entitled Opera Colorado, has announced plans for a Denver season in the autumn of 1983. Nathaniel Merrill, the stage director who has worked often at the Metropolitan Opera, is the key figure, and is working hard at fund-raising. The Central City Opera board says the company will resume operations only when prior financing has been obtained. Another Sabbatical

Speaking of sabbaticals, Gunther Schuller, the artistic director of the Boston Symphony's Berkshire Music Center at Tanglewood, will take a two-month sabbatical next July and August, at the height of the center's activities. Mr. Schuller plans to complete several compositions and the second volume of his history of jazz.

He will continue to supervise the auditioning process for the noted summer music school, however, as well as provide general planning for the center's concerts, which include the prestigious ''Fromm week'' showcase for contemporary music, financed by Paul Fromm.

Mr. Schuller will be replaced during his sabbatical by Maurice Abravanel, music director of the Utah Symphony from 1947 to 1979. In addition, Luciano Berio will be composer in residence this summer, and will serve as acting director of contemporary music. Broadway Idiom


Lance Armstrong (left) and Lord Voldemort

Stripped of his Tour de France titles and

from the sport he once dominated,

has become the cycling world's greatest villain – and he knows it.

"I'm that guy everybody wants to pretend never lived," Armstrong, 43, says in a revealing new interview with the U.K.'s

. "But it happened, everything happened. We know what happened. Now it's swung so far the other way ... who's that character in Harry Potter they can't talk about? Voldemort? It's like that on every level. If you watch the Tour on American TV, if you read about it, it's as if you can't mention him."

Speaking out from his vacation home in Aspen, Colorado, the article paints a picture of a man who is at times contrite, at times defiant about his decade-long fall from grace.

Now, Armstrong is stirring controversy once again for choosing to participate in the

ride, cycling part of the Tour de France route just ahead of the start of the prestigious race he won seven times.

Brian Cookson, the president of the UCI, the cycling's world governing body, calls Armstrong's participation in the ride that raises money to fight leukemia

his appearance in the charity race is "the least of his [Cookson's] problems."

It's also not the biggest of Armstrong's problems, as he faces a $100 million

first filed by former U.S. Postal Service teammate Floyd Landis. If he loses, he says it will bankrupt him.

several months ago for driving his SUV into two parked cars in Aspen and letting girlfriend Anna Hansen take the blame, also said he and Hansen see a therapist regularly, and he understands that the public has issues with his seeming inability to fully apologize for his actions, calling himself "evolving as a man on that."

"We can all be better people," he said. "God knows I could. I mean, I was a complete d--- for a long time. I led a life that for 20-30 years everybody just stood around and said 'yeah,' 'yeah,' 'yeah,' and then there was another 'yeah,' and then a whole bunch more 'yeah's."

"But I'm not going to be sorry for certain things," he continued. "I'm going to be sorry for that person who was a believer, who was a fan, who supported me, who defended me, and ended up looking like a fool. I need to really be contrite and sorry about that. And I am. But these other stories are so high-profile, so hot. It's almost like a side business. That's too much. I'm more worried about Mary-Jane in Ohio, and Doug in Pennsylvania, or Liam in Birmingham or wherever."

"Listen, if you could walk the world and face to face apologize I would," he said. "And all the others who were directly impacted ... I mean, I tried to make it right with every one of those people. I can only do so much."

Summary: "If you watch the Tour de France on American TV, if you read about it, it's just as if you can't mention him," Armstrong says of himself in a new interview


North Korea is having major Internet problems, just days after President Barack Obama promised a proportional response to the devastating hacks against Sony.

The country, which the FBI accused last week of the cyberattack, is suffering a total Internet outage that experts at DYN Research said is out of the ordinary, as first reported by North Korea Tech. According to the research firm, North Korea's Internet connectivity grew steadily worse beginning Sunday night, and then went completely offline Monday morning.

"I haven't seen such a steady beat of routing instability and outages in KP before," Doug Madory, director of Internet analysis at DYN Research, told North Korea Tech. "Usually there are isolated blips, not continuous connectivity problems. I wouldn't be surprised if they are absorbing some sort of attack presently."

Read MoreObama: Sony made a mistake by pulling 'The Interview'

In an interview with Re/code, Madory said that even typically strong connections are experiencing disruptions. (CNBC's parent NBC Universal is an investor in Re/code's parent Revere Digital.)

"They're pretty stable networks normally," he told Re/code. "In the last 24 hours or so, the networks in North Korea are under some kind of duress, but I can't tell you exactly what's causing it."

He added that there is no way to know if the outages are the result of an attack, or are just from maintenance or a power outage. Still, "given the timing," a cyberattack is worth considering, he told Re/code.

Read MoreSouth Korea investigates data leak at nuclear power plants

Summary: North Korea is having major Internet problems, just days after President Obama promised a proportional response to the Sony hacking.


NEW YORK — SoulCycle, the high-end indoor cycling chain, is gearing up for Wall Street. The New York company on Thursday filed for an initial public offering of stock, hoping to raise as much as $100 million. It didn’t say how many shares it plans to offer, or at what price. SoulCycle charges about $35 for an hourlong class in a small, candle-lit room with loud music playing. It also sells $54 T-shirts, $78 sweatpants, and $58 tote bags. There are currently 38 SoulCycle studios around the country, and the company plans to have up to 250. Each studio generates about $4 million a year in revenue, the company said. — ASSOCIATED PRESS

Steve Wynn (left) is still waiting for a Massachusetts welcome mat. On Wednesday, Wynn Resorts’ CEO complained to investors and analysts again about the resistance he has faced as he tries to bring a resort-style casino to Massachusetts. Wynn has used investor calls before to voice his displeasure, often with colorful commentary, about regulators and the roadblocks he sees in the Bay State. “We’re hopeful that in Massachusetts, at some point in the near future, we’ll be treated with a little softer hand, considering that we’re the largest single private investment in the history of the state and that we’re bringing to that town noncasino attractions that have never been around,” Wynn said on the call. — JON CHESTO

Genocea Biosciences Inc. said Thursday that it plans to raise $50 million by selling 3.85 million additional shares at $13 each. The Cambridge company, which develops vaccines and immunotherapies, expects to close the stock offering around Aug. 4. It has a product candidate to treat genital herpes as well as one to prevent pneumococcal infections. Its active research focuses on genital herpes, chlamydia, and malaria. — KARISHMA MEHROTRA

LONDON — Royal Bank of Scotland’s quarterly profit rose 27 percent, a positive sign as it accelerated efforts to shrink and refocus its business. RBS announced plans in February to dismantle its global investment bank and operate in fewer countries as it shifts to being a British-focused retail and corporate bank. Since becoming chief executive in 2013, Ross McEwan has concentrated on the British and Irish markets. The bank has sold or spun off several businesses in recent years, including Rhode Island-based Citizens Financial Group, spun off in an initial public offering in the United States last year. This week, RBS said it plans to fully exit its holdings in the bank by the end of the year. It sold $2.2 billion worth of shares this week. — ASSOCIATED PRESS

Shares of Banco Santander SA fell in Madrid and New York after Spain’s biggest bank posted earnings showing that lending revenue remains under pressure. Net interest income from Spanish loans, or revenue generated from the difference between what banks earn on loans and pay on deposits, dropped 5 percent in the second quarter from a year earlier to $1.24 billion. It was down 3 percent from the first quarter. “I am not optimistic about this because there is fierce competition in the market,” chief executive Jose Antonio Alvarez said. “I would see this as a continuing trend for some time.” Santander’s US headquarters is in Boston. — BLOOMBERG NEWS

NEW YORK — It hasn’t been a good week for social media companies, not even for the usually reliable networking service LinkedIn Corp. LinkedIn’s adjusted earnings of 55 cents per share were well above the 30 cents analysts expected for the quarter. Revenue grew 33 percent to $712 million, also above analysts’ expectations of $680 million. After a brief surge, the stock price fell after the results came out, closing 2 percent lower. LinkedIn had 380 million members at the end of the quarter, up 21 percent from a year earlier. The company said traffic from mobile devices represents more than half of all traffic to LinkedIn. — ASSOCIATED PRESS

CINCINNATI — Procter & Gamble’s sales fell for a sixth straight quarter as the world’s bigger consumer goods company was weighed down by softer sales and unfavorable currency exchange rates. The maker of products including Tide and said higher pricing helped offset a decline in shipment volume. That kept sales flat after stripping out the impact of currency exchange rates, acquisitions, and divestitures. For the fiscal year, higher prices also offset a decline in shipment volume, lifting sales by 1 percent when stripping out factors like exchange rates. The company said its grooming division, which includes its Boston-based Gillette division, was hurt by a ‘‘continued decline in consumer shaving incidents.’’ Chief financial officer Jon Moeller said the trend was primarily a ‘‘US dynamic.’’ — ASSOCIATED PRESS

Kaplan Career Institute and Lincoln Technical Institute will pay hundreds of former students $2.3 million after being accused of using unfair recruiting tactics and inflating job-placement numbers, Attorney General Maura Healey said Thursday. The schools were accused of falsely reporting job-placement rates for their vocational programs in excess of 70 percent. Kaplan Higher Education LLC, which owned Kaplan Career Institute schools in Massachusetts, will pay eligible graduates of its medical vocational programs a total of $1.375 million. Lincoln Educational Services Inc., owner of Lincoln Technical Institute, will pay eligible graduates of its criminal justice program in Somerville and Lowell $850,000 and forgive $165,000 worth of student loans. Kaplan said it was not found responsible for any wrongdoing but agreed to settle because of the legal costs it faced. Lincoln said the attorney general unfairly held for-profit schools to a higher standard than nonprofit schools. — KARISHMA MEHROTRA

DETROIT — An Ohio company is recalling about 90,000 SUV tires because the tread can separate, causing a loss of air and increasing the risk of a crash. The recall covers certain 15- and 16-inch Hercules Tire & Rubber Co. All Trac A/T tires, made from June 2008 to May 2010. The recall came after an attorney notified the National Highway Traffic Safety Administration that the tires were similar to tires that had been recalled by the distributor ITG Voma. The safety agency then began investigating. ITG Voma had received complaints of tread separation while its tires were in use and recalled them in October. The Hercules tires were made by the same company, Shandong Yongsheng Rubber Group of China. — ASSOCIATED PRESS

Summary:
Fitness

SoulCycle plans a Wall Street debut

NEW YORK — SoulCycle, the high-end indoor cycling chain, is gearing up for Wall Street. The New York company on Thursday filed for an initial public offering of stock, hoping to raise as much as $100 million.


While older workers are participating in the sharing economy, the young, tech freelancer is likely to become an important symbol during the presidential election campaign.

"In 2008, it was all about 'Joe the Plumber.' In 2016, it will likely be 'Carl the Uber driver,'" said Jeremiah Owyang, analyst and founder of Silicon Valley-based Crowd Companies, which focuses on the collaborative economy.

Some workers are suing start-ups including Uber and Lyft to be classified as employees, not independent contractors.

Clinton also vowed to ensure workers are being properly paid and protected. "I'll crack down on bosses that exploit employees by misclassifying them as contractors or even steal their wages," she told the crowd.

But others argue the "gig" economy offers workers an incredible amount of flexibility.

If the jobs "meet people's needs for flexible employment and provide learning real skills and pay decent wages, then they are certainly a positive for the economy," said Paul Osterman, professor at the MIT Sloan School. If the freelance jobs "result from misclassification to avoid paying benefits or employment taxes, then they are an emerging problem and a source of worsening job quality," Osterman said in an email to CNBC.

Read MoreFreelancers eye office space

Summary: In her first speech laying out an economic agenda, Hillary Clinton questioned the growing "gig" or sharing economy.


The Shanghai Composite fell on the news, finishing down 1.75 percent, with developers like Vanke leading the losses. Hong Kong's Hang Seng was ended 0.9 percent lower.

(Read more: Wealthy Chinese buying up houses in Silicon Valley)

Also weighing on sentiment, were reports by the local media stating that some banks have started to tighten loans to sectors including property-related industries, although several banks were reported to have issued denials.

"Easing housing inflation serves as another sign that housing demand is cooling off, which argues against further strengthening of construction activity," Wei Yao of SG Global Economic, said in a note.

"On top of that, bank lending to the real estate sector seems to have started tightening up, as a number of commercial banks have reportedly suspended lending to developers. The development supports our view that the property market will contribute to investment growth deceleration in 2014," he added.

Attention now turns to next week's National People's Congress, an annual meeting of Chinese lawmakers, for possible details on further property-sector curbs.

(Read more: A hard landing in China: The risks in one graphic)

The government has said it would speed up property-related tax legislation, but has not detailed the scheme. Analysts say the government needs to juggle taming the housing market without causing excessive slowdown in one of its key pillars of economic growth.

"Year-on-year price growth is likely to deteriorate further at least through the first quarter, and with it, related construction activity. Loosening some local demand restricting policies could help avert a more protracted downturn in one of China's most important growth drivers," said IHS's Jackson.

— By CNBC's Li Anne Wong. Follow her on Twitter @LiAnneCNBC

Summary: The rate of increase in China's new home prices eased in January, pointing to further stabilization in country's red-hot property market.


Couples prioritizing the location—be that a destination wedding in the Caribbean or their hometown in a different state—can't expect that everyone will be able to afford to attend. It's worth noting that 62 percent of consumers in the American Express survey said they don't like being forced to take a vacation to attend a wedding.

Usually brides and grooms don't bank on a big wedding in those situations, and pare down their guest list accordingly, said Alan Fields, co-author of "Bridal Bargains." Even then, it's a nice idea for the couple to wrangle room blocks at hotels with different price points to provide options for guests with limited budgets, he said.

Read MoreWedding costs surge to new all-time high

Guests facing high costs have plenty of avenues to explore for savings. Pull out your best travel booking tricks to track down airfare sales and inexpensive lodging, said Fields. See if you can go share a hotel room or carpool to cut costs. If the cost is just too high, it's perfectly polite to tell the couple you can't attend (or participate as an attendant) for financial reasons, said Post.

One area in which guests are spending less: gifts. The average spend is $106 if you're friends with the couple (down from $109 last year), and $142 for a family member (down from $150), according to the AmEx survey of more than 1,880 people conducted between Feb. 25 and March 3.

Read MoreMen are actually registering for wedding gifts

"A gift should always be what's in your budget," said Post. And if your budget is less after shelling out for airfare and hotel, that's OK, too. "You can always find something that is simple and meaningful," she said. Or go in with friends for a group gift.

Summary: Guests can expect to spend $673 per event, even if you're not a bridesmaid or groomsman.


The country has relied on loans from the international community since 2010. Without more bailout money, Greece could miss two debt payments due to the IMF in May and run out of cash to pay government salaries and pensions.

"It's something that the European and global economies don't need — to have another crisis," Lew told reporters Friday.

Fears that Greece could default and abandon the euro currency group sent shockwaves through global markets Friday. After being down nearly 360 points, the Dow Jones industrial average recovered a bit to finish down 279.47, a drop of 1.5 percent.

Lew said he stressed in a series of one-on-one meetings, including discussions with Greek Finance Minister Yanis Varoufakis, that it was urgent that the debt negotiations be resolved quickly.

The status of the Greek debt talks was a prime topic on the sidelines at the spring meetings of the 188-nation International Monetary Fund and its sister lending organization, the World Bank. Those meetings were scheduled to conclude Saturday with financial officials addressing a variety of issues — from the weak global economy to a stalled effort to overhaul IMF voting procedures.

The negotiations over Greece's debt have proved contentious. Greek officials said they planned to meet with creditors Saturday in a search for "common ground."

Some finance officials expressed their frustration with Greece's new left-wing government, elected in January. Luis de Guindos, Spain's economy minister, said the Greek government had sent "contradictory" signals regarding the negotiations.

"We have wasted very precious time over the last three or four weeks," de Guindos said in an interview with The Associated Press. "The communication of the Greek government has not been great. They have not made a lot of friends," he said, while adding, "I expect and I hope that the communication will improve."

Greece wasn't the only country that drew criticism at the finance meetings: China and Japan complained that the United States has still not approved the legislation needed to put into effect IMF reforms that have been stalled for the past five years. The reforms would boost the IMF's resources to deal with financial crises and increase the voting power of fast-emerging economies such as China, Brazil and India.

Lew said he had assured his fellow finance ministers that the Obama administration still believed it would soon overcome objections from Republican lawmakers and win congressional approval for the IMF reforms. The United States is the IMF's largest shareholder and congressional approval is the last hurdle to putting the reforms into effect.

Chinese Vice Finance Minister Zhu Guangyao said in a speech Friday that the failure to pass the IMF quota reforms had damaged America's image.

Growing frustration has caused other major countries to examine alternatives to break the stalemate in ways that might reduce America's global influence.

Japanese Finance Minister Taro Aso, speaking to reporters after the G-20 meeting, noted the growing dissatisfaction: "There are other camps who are saying we can leave the U.S. behind and do something else. However, there's a voting power being held by the United States, so it's not realistic to think about other ways."

As the largest shareholder, the United States is the only country that can veto key IMF actions.

Follow us on Twitter: @CNBCWorld

Summary: The U.S. Treasury Secretary is urging Greece to reach a deal with its creditors, warning that a default would damage the world economy.


A Canadian woman has farewelled her newly-wed husband after he died from liver cancer.

Jennifer Carter and Solomon Chau tied the knot on April 11, days after Mr Chau was told he wouldn’t live long enough to hold the wedding on the date they had originally planned, the Toronto Star reports.

Mr Chau died earlier this month, aged 26.

Ms Carter shared her heartbreak on her Facebook page, saying her husband was the “most incredible person I’ve ever known”.

“Sol fought long and hard and gave it his all,” she wrote.

“His optimism and sense of humour kept both me, and those closest to us, at least moderately sane throughout all of this. For that, we'll never be able to thank him enough.

“Sol, you'll never know the impact you've had on me. You've taught me, through everything we've been through over these past months, to never let a day go to waste.

Jennifer Carter and Solomon Chau. (Facebook)

“You and I should have been able to live the next 60 years of our lives together, but I'm still forever thankful that God gave us 8 incredible years. You're everything I could have asked for in a husband and more, and you'll always have my heart.

“I'll see you on the front porch babe.”

Mr Chau’s funeral was held on the same day they had first planned to be their wedding day.

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After its unsolicited takeover bid was denied Tuesday, Mylan plans to make a new offer for Perrigo in the near term, according to a source familiar with the matter.

Earlier this month, Mylan offered to buy Perrigo for $205 per share in cash and stock. Perrigo said Tuesday that previous offer substantially undervalues the company.

A new bid from Mylan will include firm financing commitments, and firm commitments to move ahead with a deal, sources said.

Read MorePerrigo board unanimously rejects Mylan proposal

Following CNBC's first reporting of that new development in Mylan's plans, Perrigo's stock rose from 1.5 percent up on the day to about a 3 percent gain from the open.

Mylan's stock, meanwhile, went from slightly up on the day, to a slight loss, following CNBC's report.

Summary: After its unsolicited takeover bid was denied, Mylan plans to make a new offer for Perrigo, according to a source familiar with the matter.


The highly publicized release of the most-wanted list comes as President Xi Jinping presses an anticorruption crackdown that has already brought down one of the country's most powerful former officials and sent scores of security agents on a global chase for economic fugitives and their ill-gotten gains.

Wei Chen, known in China as He Yejun, is wanted on allegations of misappropriating funds before moving to the United States in the late 1990s. Credit Interpol

Last year alone, 680 fugitives suspected of economic crimes were repatriated from 69 countries and regions in the operation known as Fox Hunt, according to the state news agency Xinhua.

This newest phase of the campaign, named Sky Net, was rolled out last month with the publication in Chinese news media of a collection of Interpol alerts that also included one for Yang Xiuzhu, a former deputy mayor of Wenzhou whose stature earned her the top placement on the list.

Ms. Yang previously owned a five-story building on West 29th Street in Manhattan.

The United States was identified as the leading destination by the Chinese authorities, with Canada second and New Zealand and Australia tied for third. The four countries do not have extradition treaties with China, partly because of concerns about due process of law, human rights violations and excessive punishment in China.

The Chinese authorities say the reluctance of the four countries to hand over suspects has made them especially attractive havens for suspected economic fugitives.

"Many corrupt officials have chosen to flee to other countries because they can hide themselves behind the complex regulations on extradition and jurisdiction," Li Zhimin, a spokesman for the Chinese Consulate in New York, said in an email.

Whether those on the list are truly China's most wanted is a question of some debate. Chinese news reports say Beijing has handed Washington a far larger list of about 150 fugitives believed to be in the country.

Ding Xueliang, a Chinese politics expert at Hong Kong University of Science and Technology, said Beijing preferred not to publicly identify some suspects for fear that they or their families might retaliate by leaking party secrets. "The biggest targets are not on this list," he said. "Some of these people could cause enormous political trouble for the party-state system by revealing what they know." Indeed, some experts suspect the list is intended more as a warning to those whose identities remain secret than to those now widely known.

A review of the list found a range of figures said to be in the United States — from the relatively high-ranking Ms. Yang to more mundane characters like Qiu Gengmin, a former export agent accused of stealing money from a Norwegian shipping company — but few top officials.

More from the New York Times:

In casting his net abroad, President Xi has made the party vulnerable to a force far beyond its control: the rule of law at the heart of Western legal systems. Even though there is no extradition treaty, American officials point out that Beijing has other options for repatriating suspects — as long as it can provide credible evidence of their crimes.

Yang Xiuzhu, a former deputy mayor of Wenzhou whose stature earned her the top placement on the most wanted list. Credit Interpol

If American law enforcement agencies can determine that a person is in the country illegally or had lied on an immigration form, he can be deported, though the legal process is time-consuming, and in the case of China, often subject to an evaluation of potential political persecution and the use of torture.

In a statement, a State Department spokesman, Scott C. Lueders, said the United States welcomed increased law enforcement cooperation with China, within limitations. "The United States does not have an interest in serving as a safe haven for fugitives from any country, including China, and will work within the bounds of existing U.S. law to effectuate removals of such individuals," he said.

In April, the homeland security secretary, Jeh Johnson, met in Beijing with China's minister of public security, and both sides agreed to improve mutual cooperation on the repatriation of fugitives and illegal immigrants.

Whatever the precise standing of those on the latest list, China's state-controlled news media has trumpeted the overall crackdown as proof of the Communist Party's determination to vanquish corruption and bring Chinese criminals to justice — no matter where they are hiding. Western analysts, and not a few ordinary Chinese, also view the campaign through the prism of factional politics, as a cudgel to sideline rivals as Mr. Xi seeks to consolidate power.

The zeal with which Mr. Xi and his allies have pursued corrupt officials has sent shock waves through long-untouchable institutions such as the military and the Politburo Standing Committee. Last month, the nation's former domestic security chief, a retired standing committee member, Zhou Yongkang, was formally charged with taking bribes, making him the highest-ranking party official ever to face corruption charges.

Even so, Steve Tsang, a senior fellow at the University of Nottingham's China Policy Institute, says there are limits to how far Mr. Xi can go in confronting corruption at the apex of Chinese power, prompting him to take his campaign overseas. "Xi still has to do something that captures the imagination, so he's gone from hunting tigers to hunting foxes," he said.

Within the Chinese community in the United States, there is skepticism. "Among the people on the list, there are some bad guys," said Ning Ye, a lawyer in Flushing, Queens, for Mr. Qiu. "But there are also some falsified cases."

The allegations against Mr. Qiu, 53, arose from his business dealings with I.M. Skaugen Marine Services, a shipping company with headquarters in Norway, which had contracted with a Chinese company to build three oceangoing tankers. Mr. Qiu's company, Zhejiang Changda Import and Export, was hired as an import-export agent to handle customs formalities, including a value added tax, which would be collected, then refunded, once the ships were exported.

But in 2010, he was accused of keeping a $3.7 million tax refund.

Mr. Qiu fled to the United States, where federal prosecutors last year charged him with attempting to launder the money using several bank accounts established in the names of shell companies to purchase real estate, including a beachfront motel in Myrtle Beach, S.C., registered in the name Travelhome 1405 LLC.

Qiu Gengmin, a former export agent accused of taking money from a Norwegian shipping company. Credit Interpol

The use of shell companies to obscure ownership was examined in a recent series of articles in The New York Times that found an increasing use of hidden ownership by foreign citizens purchasing high-end real estate in the United States.

Mr. Ye argued that Mr. Qiu was the subject of Chinese retaliation because of involvement in a pro-democracy movement. Mr. Qiu, who is being held in the Monmouth County Correctional Institution in New Jersey, has filed for political asylum.

Transactions that obscured ownership also appear to have been used by Ms. Yang, 67, the former deputy mayor of Wenzhou. She is alleged to have taken bribes of about $30 million while in office.

In 1996, while Ms. Yang was still a municipal official, a corporation called New York International I/E Trading purchased the building at 102 West 29th Street for an undisclosed amount. Within months, ownership had been transferred into Ms. Yang's name.

In 2004, when a property manager for Ms. Yang tried to evict a tenant from the West 29th Street property, the tenant filed documents in State Supreme Court saying Ms. Yang was a Chinese fugitive. At about the same time, Ms. Yang transferred the building to a woman in Bayside, Queens, who appears to be her sister-in-law, for $550,000. That same year, it was sold to an apparently unaffiliated group for $2.4 million.

Qiao Jianjun, 51, is accused in China of embezzling nearly $4 million from a large state-owned grain warehouse. Credit Interpol

Ms. Yang's whereabouts is not known; published reports in China have said that she has been apprehended in the Netherlands, but the Chinese Consulate would neither confirm nor deny that.

The presence of Chinese fugitives in the United States raises questions about how they were admitted to the country in the first place. There is evidence that several may have lied to the immigration authorities.

Qiao Jianjun, 51, who is No. 3 on the fugitive list, is accused in China of embezzling nearly $4 million from the large state-owned grain warehouse he ran in Zhoukou from 1998 to 2011. A federal indictment in Los Angeles last year alleged that Mr. Qiao, and his ex-wife, Zhao Shilan, who is not on the list, lied about their marital status and source of funds to obtain a visa under a program that provides a special path to citizenship for those who invest $500,000. The couple purchased a home near Seattle through a shell company. Mr. Qiao remains at large.

A Justice Department spokesman, Peter Carr, cited the California indictment as an example of how the agency "has repeatedly shown that it will vigorously pursue prosecutions" involving charges of money laundering or other criminal activity by fugitives sought by China.

Ms. Zhao is expected to enter a plea of not guilty on Monday, according to her lawyer, Kirk Davis of Seattle, who added, "We don't have a high degree of trust that the evidence is reliable and accurate because of the nature of the regime in China."

In Florida, the citizenship application of Mr. Chen's wife, Huang Hong, 48, known as Linda, was denied after immigration officials accused her of arranging a sham marriage to another man to secure citizenship.

In China, Mr. Chen — then known as He Yejun — had once been among 30 finalists for selection as "Top 10 Industrious Chinese Youths." He was credited with helping to salvage a tottering fertilizer plant in Hebei Province and to transform it into the Haomen Group, a state-owned beer company listed as one of China's 500 most profitable enterprises. Mr. He was both party secretary and general manager, according to the list.

In 1999, he fled to the United States, seemingly on the heels of Ms. Huang, an accountant for Haomen's Beijing office before leaving in 1998. The government put both of them on a wanted list, accused of misappropriation.

An earlier episode in the United States might have foreshadowed his fall from grace. During congressional testimony in the 1996 scandal known as Chinagate — in which the Justice Department investigated whether China had attempted to influence the Democratic Party through campaign contributions — it was alleged that Mr. He had asked another man to deliver a bag of cash to an American official to obtain visas for Chinese citizens.

It is unclear how Mr. He obtained his own citizenship, but court records show that he changed his name to Chen at the same time. By last year, after his business partner charged that he had misappropriated money from the redevelopment of the Plantation Fashion Mall, the project was placed in bankruptcy and its assets sold off. Phone messages left for him were not returned.

Summary: When China listed its leading 100 fugitives accused of economic crimes, it included 40 people believed to be hiding in the U.S. The NYT reports.


India's economy has been dogged by rising bad debts over recent years, with numerous industrial companies unable to repay creditors. Lenders have faced a rising tide of restructured and non-performing assets, which account for more than 10 per cent of loans across the banking system.

On Monday, the RBI published rules proposing a new "strategic debt restructuring scheme", which allows banks to impose tough conditions on distressed companies that need to renegotiate existing loan agreements.

The rules potentially allow banks to convert these debts into a 51 per cent equity stake, if restructuring conditions are not met.

"If they can do this, it would be a massively significant change, given this has been basically impossible in India before," said Ravi Trivedi, a financial services analyst and former head of banking at KPMG in India.

Read MoreNarendra Modi: Some in India impatient for faster change

"He [Rajan] is saying 'enough is enough'. We have given you guys enough chances. The situation isn't improving. So here are we going to give the banks the teeth that they need," Mr Trivedi said.

The rules follow mounting frustration in India over the inability of the country's state-dominated banking system to grapple with heavily indebted companies.

Recent years have thrown up numerous examples of tycoons who suffered limited consequences from their companies being unable to pay debts, including flamboyant liquor and airline baron Vijay Mallya, whose carrier Kingfisher was grounded due to financial difficulties in 2012.

Mr Rajan warned last month that India's problem with bad debts might not have reached its peak, raising concerns that a legacy of troubled loans could undermine the country's tentative economic recovery.

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Analysts said the rules could face legal challenges from business owners unhappy with equity conversion rules. The RBI's move also relies on the willingness of India's traditionally cautious public sector banks to use their new powers.

However, if the rules do see banks taking control of indebted companies, that could lead to new ownership of some of India's businesses, according to Shinjini Kumar, a director and banking specialist at PwC India

"Private equity as well as turnround specialists will find new business here because of this," she says. "It would be a big change, and certainly a step in the right direction."

Summary: India has increased pressure on its heavily indebted companies with rules that allow banks to push out business owners who fail to repay loans. The Financial Times reports.


Sandy Lincoln, chief market strategist at BMO Asset Management, told CNBC Asia that he thought concerns about a potential rate hike from the Fed were overdone.

"The U.S. equity market is flat year-to-date but it has withstood exogenous factors—we have good consumer confidence, balance sheets that are in good shape, payrolls that are strong, so we have the stage set for a solid economic recovery," he said.

In addition to the JOLTS report, wholesale inventories numbers are released at 10 a.m.

U.S. small business confidence increased to a five-month high in May of 98.3, the highest since December, according to the National Federation of Independent Business.

The Treasury is scheduled to auction $24 billion 3-year notes. The 3-year note was yielding 1.027 percent in early trade, while the 10-year was yielding 2.38 percent.

Elsewhere, the Wall Street Journal reported that Greece and its international creditors were discussing an extension of the cash-strapped country's bailout program through to March 2016.

Read MoreGreece could get bailout extension to March 2016: Report

Most European stock markets were down, with HSBC in focus after the bank announced plans to cut costs by as much as $5 billion within two years and lay off as many as 25,000 staff. It also said it would sell its Turkey and Brazil operations.

Asian shares closed broadly lower, with Japan's blue-chip Nikkei down 1.76 percent as soft inflation data from China and jitters about higher U.S. interest rates weighed on sentiment.

Early on Tuesday, yogawear retailer Lululemon Athletica reported that its quarterly profit had more than doubled, thanks to a 6 percent rise in total comparable-store sales.

Read More Early movers: LULU, GE, PBY, CPB, HPQ, ZQK & more

Other companies reporting earnings this session include Hovnanian,Quiksilver, Burlington Stores, HD Supply Holdings and Greif.

General Motors holds an annual meeting at 8:45 a.m. and Tesla holds its annual meeting at 5 p.m.

Summary: U.S. stocks were expected to open flat to a little lower as investors focused on data that could offer clues on the timing of a possible rate hike.


The United States will likely experience some level of secular stagnation in coming years as demographics and the nature of the recovery cap growth, a senior economist at Ameriprise Financial said Thursday.

"Quite frankly, the speed limit for the American economy today probably is around 3 percent, as compared to historically, when most of us were growing up. We remember recovery periods where the economy could grow, 4 or 5 percent," Russell Price said on CNBC's "Squawk Box." (Tweet This)

Slower population growth and America's aging society will create less demand for credit, keeping interest rates and inflation relatively low, he said. The current recovery, which saw Americans work to reduce their debt, will also contribute to persistently lower bond yields, Price added.

However, he said he is "very comfortable" with roughly 2.5 percent GDP growth because with it comes continued improvement in the labor market. Ameriprise forecasts GDP growth of 2.9 percent in 2016.

Read More World Bank latest to urge Fed to hold rates until 2016

"The speed limit being 3 percent, until we really start to generate some inflation, I think that that's positive. We're still generating pretty good job growth, so that's favorable for the consumer, and I think fundamentals continue to improve in that type of environment," he said.

Ralph Segall, co-founder and chief investment officer at Segall, Bryant & Hamill, told "Squawk Box" he agreed with that assessment but said the problem in this environment is companies have not been able to drum up much sales growth.

While sales since 2009 have risen about 5 percent, operating profit has grown roughly 14 percent on the back of "a vast amount of cost cutting," he said.

"At a certain point in here, our concern is that if the economy doesn't pick up, you 've squeezed out most of what you're going to squeeze out, and the risk to margins could be tough," he said.

Segall, whose firm manages $5 billion in fixed income and $4.7 billion in equities, questioned why the price of oil and commodities and interest rates are down if the economy seemed to be getting better.

"This is six or seven years into a global recovery. There is no real improvement there," he said. "Companies don't have pricing power, and you don't see enough strength in the economy—at least we can't find it—to figure out where that's going to be coming from."

Read MoreUS job openings tick up in Apri

Price believes a boost to the economy will come from the consumer.

"Even though retail sales have been weak up to this point, consumer fundamentals are very good," he said. "Wages and salaries are growing at a better pace. Aggregate wages and salaries are growing between 4.5 and 5 percent."

Any weakness in areas that reflect consumer confidence levels, such as homebuilders and home improvement and travel and leisure, would be cause for concern, he said.

Summary: The US will experience secular stagnation due to demographics and the nature of the recovery, economist Russell Price says.


Pork prices also have been rising after higher feed costs last year forced hog farmers to cut production. The upward price pressure on pork intensified this winter when a deadly virus thinned pig herds. That's expected to bring even higher prices for this summer's grilling season, when demand typically picks up.

Read MoreHold the bacon: Breakfast staples face surging prices

"I think consumer should expect record high meat prices his year," Tyson Foods CEO Donnie Smith told CNBC last month. "You should expect to see very high prices for your ground beef, your other meat cuts, all the pork cuts will be higher this year."

Food prices are notoriously volatile, subject to short term spikes and drops based on weather-related shortages and surpluses. But the forces at work this year are longer-lasting.

An ongoing contraction in the U.S. dairy herd, for example, is pushing up retail prices of cheese, ice cream, and other processed dairy foods.

Read MoreWhy inflation is hard to swallow for food companies

Farm egg prices have been among the most volatile, jumping by 20 percent in February after dropping by 28 percent in January.

U.S. farmers aren't the only ones facing a production squeeze. A drought in coffee growing regions of southern Brazil, the world's largest coffee producer, has pushed up the cost of a cup of Java worldwide. Coffee futures have surged 57 percent this year and rose above $2 a pound last month for the first time in two years.

With bacon and coffee prices surging, breakfast is becoming more expensive—especially if you include a glass of orange juice. Future prices are up 12 percent this year, hitting two-year highs, after Florida's orange crop was hit by an insect-borne disease that's expected to cut yields to the lowest levels in nearly a quarter century. Production could fall by about 15 percent to 114 million boxes this year, according to government forecasts, the lowest level since 1990.The recent series of food price hikes follow a relatively long stretch of stable consumer prices. Since 1990, retail food prices have risen by an average of 2.8 percent a year, according to USDA. From February through December of last year, average supermarket prices fell by 0.2 percent.

Read More Farm bill: Bring on the hemp and sushi rice!

Consumers are also coping with higher costs beyond their supermarket shopping cart. After a brutal winter in much of the country kept shoppers home, a pickup in demand has sent clothing and used car prices higher in March.

Rents are also going up in most of the country, up 2.7 percent in the latest 12-months, a pace not seen since the housing market collapsed in 2007. Medical costs are also rising.

Because food prices are typically more volatile than other consumer costs, economists and policy makers at the Federal Reserve usually ignore them when looking at the so-called "core rate" of inflation. But after a long period of inflation running less than 2 percent a year, the latest surge in prices bears closer watching, according to Capital Insight senior economist Paul Dales.

"We suspect that core inflation will rise to 2 percent this year and beyond it next year, which would catch the Fed off guard," he wrote in a recent note to clients..

—By CNBC's John Schoen. Follow him on Twitter @johnwschoen or email him.

Summary: Use our interactive map to find out the cities hardest hit by rapidly rising food costs.


(Adds details of settlement, comments, byline)

Aug 18 (Reuters) - Amgen Inc has reached a $71 million settlement with 48 U.S. states and the District of Columbia to resolve claims that the biotechnology company promoted its popular Enbrel and Aranesp drugs for uses not approved by the federal Food and Drug Administration.

The settlement was announced by several state attorneys general on Tuesday.

Enbrel is used to treat moderate to severe plaque psoriasis, while Aranesp is used to treat certain forms of anemia.

Authorities said Amgen violated state consumer protection laws by marketing both drugs for off-label uses, through its promotion of Enbrel to treat mild plaque psoriasis and Aranesp to treat anemia caused by cancer.

The states also said Amgen marketed Aranesp for longer dosing frequencies than the FDA had approved.

"Consumers need to have confidence in the accuracy of claims made by pharmaceutical companies," New York Attorney General Eric Schneiderman said in a statement.

The $71 million will be distributed among the states. Amgen also agreed to change its marketing practices.

Enbrel was Amgen's top-selling drug in 2014, with $4.69 billion of sales. Aranesp sales totaled $1.93 billion. The Thousand Oaks, California-based company reported overall revenue of $20.06 billion.

Tuesday's settlement came after Amgen agreed in December 2012 to pay $762 million to settle criminal and civil litigation over its marketing of Aranesp, Enbrel and other drugs. It also pleaded guilty to illegally introducing a misbranded drug, Aranesp, into interstate commerce.

In a statement on Tuesday, Amgen said it was pleased to resolve the states' claims. It also said company management was "dedicated to fostering a culture of doing the right thing at Amgen in full compliance with the law."

Amgen shares were down $1.85, or 1.1 percent, at $167.94 in afternoon trading on the Nasdaq.

(Reporting by Jonathan Stempel in New York; Editing by W Simon and Frances Kerry)

Summary: Aug 18- Amgen Inc has reached a $71 million settlement with 48 U.S. states and the District of Columbia to resolve claims that the biotechnology company promoted its popular Enbrel and Aranesp drugs for uses not approved by the federal Food and Drug Administration. Authorities said Amgen violated state consumer protection laws by marketing both drugs for...


"It is not an easy situation. We have been delaying all reforms we dare to say centuries, but actually it is decades, and now we have to do almost everything to create better business environment," Vučić said.

Read More'Game of Thrones' boosts this country

"Whenever you try to do any kind of reform in the Balkans, it doesn't matter whether that is Croatia, Bosnia or Serbia it's going to be worse than hell – very difficult of course, but I am absolutely dedicated to that, absolutely determined and I have no doubt we will be very successful," he said.

Serbia kept interest rates on hold this month, keeping its main interest rate at 8.5 percent after cutting interest rates the previous two months in a row, as record flooding hit the country's already weakened economy.

Serbia is at risk of falling into its third recession in five years after torrential rainfall caused severe flooding in the country devastated homes, businesses and land in the country.

Vucic has promised to make the country a more attractive place for foreign investors, and is set to include cutting the subsidies to nearly 160 state-owned enterprises in order to save Serbia from bankruptcy.

Read MoreWhy a weaker Germany could hit eastern Europe

"Yes we are on the EU path, but we need to do a lot more to make it more attractive place for foreign investors, from Western society and we are capable of doing that," he said.

Vucic said he was not going to wait for Europe to help resolve Serbia's problems, but intends on making fiscal adjustments that will be "very tough for the people".

Speaking on the country's close ties with Russia, the prime minister said Serbia is on a "very clear EU path".

"That is what I said to Putin two days ago, we do respect our friends from Russia, we have a very good co-operation and collaboration, but our main orientation, our goal is to be a part of EU. That is quite normal and very rational and dare to say very reasonable," he added.

Summary: Trying to push through reform measures in the Balkans to boost competitiveness is "worse than hell", the prime minister of Serbia said.


The euro's historic reversal against the dollar Monday is just a product of the initial panic among short-term investors about a possible Greek exit from the euro zone dissipating, Marc Chandler of Brown Brothers Harriman told CNBC. (Tweet This)

"A lot of the medium- and long-term investors are not going to do anything this week," the firm's global head of currency strategy said.

The euro zone common currency dropped as much as 1.89 percent to $1.095 overnight as investors digested news that the Greek government, led by Prime Minister Alexis Tsipras, said it would close the country's banks and hold a referendum in order to evaluate its creditors' proposals on solving the country's debt.

Read More Greece crisis deepens: Banks closed, pleas for help

In late-morning Monday trading, the euro/dollar pair briefly edged into positive territory before dipping back in the red. However, the euro also turned positive in the afternoon, extending gains at about $1.1251, or approximately 0.7 percent.

This is the biggest reversal ever for the common currency. Previously, the largest turnaround happened Jan. 23, 2009, when the euro fell as much as 1.70 percent, but then eked out a gain of 0.04 percent.

Summary: The euro saw its biggest one-day reversal in history, and here's why.


Investors interested in the direction of the stock market should watch key technical levels, veteran trader Art Cashin told CNBC on Wednesday.

Specifically, he pointed to the 1,926 level on the S&P 500 index and 1,077 on the Russell 2000.

"If we take out the Russell and take it out rather severely, we have a problem because there's nearly a year-long chart formation, a rectangle that would be wiped out and that would probably call for further selling," he said. "So a retest of Thursday morning's low is likely and we better study for the test."

Summary: Veteran trader Art Cashin identifies key technical levels that, if breached, could put downward pressure on the stock market.


Eight months into Modi's rule, his failure to lift the economy from its longest growth slowdown in a generation has raised questions about how much substance there is behind his promise of "red carpet, not red tape".

"We're trying to complete the circle of economic reforms speedily," Modi told the event that he founded when he was chief minister of the industrial state.

"We are also keen to see that our policies are predictable. We're clear that our tax regime should be stable," Modi said, speaking in English but making the occasional aside in Hindi.

Read MoreIndia: fairest emerging market of them all?

Along with speakers from Japan, Canada and Singapore, Kerry praised his host and avoided direct criticism. But he hinted at the need to cut back India's stifling bureaucracy.

"We no longer live in a world where a country is going to be competitive if its bureaucracy sends people from door to door and window to window and meeting to meeting," he said.

Modi spoke on Sunday of the achievements he hopes will help lift hundreds of millions of Indians out of poverty, including the opening of more than 100 million bank accounts, a 'Make in India' campaign to promote manufacturing, and plans to expand the rail, road, energy and digital networks.

"We are planning to take a quantum leap," the 64-year-old leader said.

Among the deals announced was a $4 billion agreement between U.S.-based solar power firm SunEdison and Indian conglomerate Adani Enterprises, to build one of India's largest solar panel makers.

Vibrant Gujarat, held every two years, has yielded billions of dollars in investment promises, though only a fraction of the deals announced have come to fruition.

Modi aims to lift stagnant capital investment that has held back India's growth to 5.3 percent. That is expected to accelerate this year to 6.4 percent, said the World Bank's Kim, who called India a "bright spot" in a mediocre global landscape.

Mukesh Ambani, India's richest man with a fortune estimated at $19.7 billion, said his Reliance Industries conglomerate would invest 1 trillion rupees ($16 billion) in Gujarat over the next year to 18 months.

Sam Walsh, CEO of global mining giant Rio Tinto, flagged two potential projects including a $2 billion iron ore project in Odisha state. Woodside Petroleum CEO Peter Coleman, whose firm signed an agreement with Adani to explore sourcing and marketing of liquefied natural gas, said there were fiscal improvements to be made, though also potential.

"Is India open for business? We believe it is," he said.

Modi has made headway on making it easier for outsiders to invest more in real estate, insurance and defense, but a rigid labor market and rotten infrastructure are huge deterrents.

India slipped to 142nd out of 189 in the World Bank's latest Doing Business Index. Modi wants India in the top 50.

"Investors want credibility, stability and at the same time flexibility. Right now, India is a bit of an inflexible market," said Kilbinder Dosanjh, a director for Asia at Eurasia Group, a geopolitical risk consultancy.

Summary: Narendra Modi promised to pursue predictable policies and ensure stable taxes, in a speech that sought to address concerns for foreign investors.


Accumulating snow is likely from the southern Appalachians to the lower Hudson Valley and into New England. Washington, D.C., Boston, New York City and Philadelphia could see up to three inches of snow, while Hartford, Connecticut, could see five inches. The highest totals were expected in the hills near Worcester, Mass., which could see between six and 10 inches.

"It won't be a blockbuster but some areas are well below average for snowfall so far this season so there will be some catching up," Palmer said.

The system has already dumped more than a foot of snow on the Texas Panhandle.

The second storm is weaker but is set to spread up to three inches of light snow over Mid-Atlantic and southern New England on Sunday night and Monday morning, threatening the worst morning commute so far this winter.

"That could be a real issue, with snow packing the roads in many points," Palmer said.

Meanwhile, the southern side of the winter weather was bringing severe thunderstorms and heavy rain for southern Alabama, southern Georgia and the Florida Panhandle, leading to wet roads.

However, there was relief in sight with above-average temperatures forecast all the way from the Plains to the West Coast next week.

Summary: Millions were braced for disruption as two East Coast winter storms threatened to dump up to 10 inches of snow in some areas, forecasters said.


Netscape, we hardly knew ye. This Friday AOL, which, like Fortune Magazine, is part of the Time Warner TWX empire, will become a zombie browser. AOL announced late last year that it will no longer support Netscape, meaning that it won’t update features or provide security upgrades. That means the few people who continue to use the browser should stop. Already, AOL is recommending that Netscape users switch to Firefox.

It’s a peculiar quality of the technology industry that such important companies and products can simply vanish in so short a time. Netscape went public just a dozen years ago and sold to AOL in 1999 for $10 billion. Its battle with Microsoft MSFT spawned an epic antitrust fight with the Justice Department, a topic covered in an interesting Financial Times column today.

Most interestingly, though, is the story of how Netscape itself gave birth to Firefox, today’s browser of choice for non-Apple AAPL users who prefer not to use Microsoft’s Internet Explorer. I use Firefox and cover Silicon Valley, but I didn’t quite know the whole story of how Firefox came to be. It was told quite well today in an article in the San Francisco Chronicle.

Summary: Netscape, we hardly knew ye. This Friday AOL, which, like Fortune Magazine, is part of the Time Warner empire, will become a zombie browser. AOL announced late last year that it will no longer support Netscape, meaning that it won't update features or provide security upgrades. That means the few people who continue to use…


Target's own employees claim they raised their voices over security vulnerabilities months before hackers stole credit card and billing information belonging to as many as 70 million customers, according to an article in the Wall Street Journal.

At least one analyst within the company reportedly pushed for a review of the retailer's credit card payment terminals, not long after learning of new threats to those systems from industry and government reports.

At the time, Target was upgrading its payment systems in time for the busy and competitive holiday shopping season, the article said.

Hackers first broke into Target's system through a contractor that works with Target, not the payment terminals. According to sources cited in the article, hackers should not be able to access payment information through a contractor.

(Read more: Target-style data breach hits UK supermarket)

Target did not comment on the warnings by analysts, but the company told Congress last week that it has passed an audit for its payment systems, last September. The story also said the company spends quite a bit on security, and includes former federal agents among its cybersecurity staff.

To read the full story in the Wall Street Journal, click here.

Summary: At least one analyst at Target pushed for an investigation into payment systems after government and industry reports.


Employers want to hire someone who’s got it all -- from technology and math skills to writing and collaboration abilities -- and they’re willing to pay, according to a new research by Bentley University and Boston job matching company Burning Glass Technologies.

A social media job, for example, may pay about $62,000 a year, but marketing, human relations, or sales positions that require workers to think analytically and use interpersonal skills as well as use technology paid between $70,000 and $100,000 a year.

A person with a liberal arts background and a fluency in database languages fetched earnings of more than $120,000 a year, the research found.

“2016 looks to be the year of the hybrid job – and the hybrid employee,” said Gloria Larson, president of Bentley University in Waltham. “The more schools can think about integrating across disciplines and getting students to dive deeper in cross-disciplinary ways is really helpful to breeding this kind thinking, to developing analytical skills.”

The research analyzed key jobs and skills across nine job categories, including marketing, human resources, and data analysis, from 24.5 million U.S. company job listings between September 2014 and August 2015. Among the findings:

-- The top three skills needed across multiple job categories include: business development, data base systems management, and mathematics.

-- In the Information Technology sector, openings for “Big Data” jobs have grown nearly 4,000 percent since 2011. The average salary is $123,057.

-- Cybersecurity analyst jobs in New England paid $108,522, compared to $88,298 in the Midwest.

Summary: Employers want to hire someone who’ s got it all - from technology to writing abilities -- and they’re willing to pay, according to a study.


If passersby cannot work out what is going on with a newly transformed first world war ship berthed on the Thames, then that is entirely deliberate – just as German U-boat captains were baffled and confused 100 years ago.

The German artist Tobias Rehberger has covered HMS President, above, in a surreal and striking "dazzle camouflage" print as one of the art commissions marking the centenary of the first world war.

The project sheds light on one of the lesser-known battle strategies of the war: getting artists to paint British ships so that they became floating optical illusions making it difficult for the enemy to target them accurately.

Rehberger first came across "dazzle ships" 20 years ago. "I thought it was a funny paradox, to camouflage something with a pattern that is so obvious and so visually strong.

"It makes sense after you know what it is, but when you first see it, of course it is … what? This is how they camouflaged their battleships?

"It fascinated me for quite a while and I always wanted to do something with it."

The dazzle painting theory was first put to Winston Churchill, then First Lord of the Admiralty, by scientist John Graham Kerr in 1914.

The idea was not to hide the ships but to make them appear optically distorted so submariners would find it difficult to calculate their course.

Its development was led by the marine painter Norman Wilkinson who first coined the term dazzle painting, while the Vorticist artist Edward Wadsworth supervised the dazzle patterning of more than 2,000 ships – each with its own unique pattern of stripes, distorted lines and garish colours.

Two ships have been given a dazzle makeover this summer: the Edmund Gardner, a pilot ship in Liverpool, and HMS President in London, one of the last three surviving Royal Navy ships built during the war.

Now a venue for events, parties and conferences, HMS President, formerly HMS Saxifrage, was the first type of warship built specifically for anti-submarine warfare and would have been dazzle decorated during the war.

Rehberger said the challenge had been to take such a serious subject and make it contemporary and even funny.

The new work "had to reflect on the fact that things have changed in the last 100 years".

• This article was amended on 18 July 2014. An earlier version referred to the Edmund Gardner as a first world war ship, she was actually built in 1953, and a caption identified the Mauretania, in service during the war as a troopship, as the troopship USS Leviathan.

Summary: Artists commissioned by Royal Navy 100 years ago used surreal and striking camouflage to create floating optical illusions


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01/11/2016 AT 05:05 PM EST

was spotted during her first day shooting her upcoming film in New Orleans, an as-yet-untitled comedy formerly titled

from directing team Jon Lucas and Scott Moore. The actress was seen walking around the crowded set on Monday.

Kunis, 32, was dressed casually for the day, donning a plaid shirt and a pair of cuffed dark-wash jeans. She kept warm in the chilly winter weather with a large black jacket with a fur hood. She also kept her hair down and wore natural-looking makeup for the day on set.

actress arrived in The Big Easy with her husband,

, and their daughter, Wyatt, earlier this month.

The couple were first spotted taking a casual

around New Orleans last week. The twosome held hands as they headed out for the day.

, Kunis' new movie follows three overstressed moms who abandon their daily responsibilities and go on a binge of self-indulgence, only to find themselves going head-to-head with the PTA president.

It's slated to hit theaters later this year.

Summary: Mila Kunis arrived in The Big Easy with her husband, Ashton Kutcher, and their daughter, Wyatt, earlier this month


03/10/2016 AT 07:50 PM EST

is having a blast enjoying his A-list actor money, and he's not afraid to admit it.

"I'm slightly wary of saying this, because it can be frowned upon, certainly by members of my community and people outside my community," the

"But I'm not just doing this for the art. The money's fantastic and that's something which I deem – and again, it is frowned upon – very important."

Outside of spending money on himself, Cavill says he really enjoys spreading the wealth around to his friends and family.

"You've got to enjoy life! I mean, you've got to," he exclaimed. "When I'm making money I'm spending it on nice stuff, whether that be lavish holidays for me and my friends or just seeing something and going in a shop and saying, 'Yeah, I want that for the house,' I'm buying it. Spending money on my friends, buying dinner for everyone, drinks for everyone, it's a nice place to be, and I like people to feel cared for," he adds.

Despite his good intentions, Cavill realizes his candidness could be perceived as cockiness. "People will be calling me a c--- as they're reading this, but travel's great as long as you're going first class. I mean, traveling to New Zealand in economy, it sucks. Especially if you're over six feet. But first class? I'm not going to ever pretend to be coy about that. I love it."

After skipping college to pursue an acting gig on

at the age of 18, Cavill also notes that he's making up for lost time in the party department.

"I didn't get to mess about and be a university kid, but I get to mess about now," he said. "And I've actually got money to spend on nice places, rather than having to go to grotty pubs that stink of piss."

Fortunately, Cavill says he's not one to dwell on the past. "I don't like to focus on things that I missed out on. I also got huge benefits, and that's really good."

Summary: "I'm not just doing this for the art, the money's fantastic," Henry Cavill tells Man of the World


Voter satisfaction in Malcolm Turnbull has sunk to a five-month low, according to the latest Newspoll.

Stronger than forecast economic growth figures last week have failed to arrest a slide in popularity for the prime minister, with confidence in his leadership falling four points in the past fortnight to 44%, a 16-point drop from the heights he enjoyed in mid-November.

Related: Tony Abbott reborn as Rudd 2.0 as Turnbull's worst nightmare comes to pass

The poll, published in the Australian newspaper on Tuesday, shows dissatisfaction with Turnbull increased three points to 41%, as he struggles to fill a policy void on tax reform.

Voters were polled between Thursday and Sunday last week, after Australian Bureau of Statistics figures were released showing a 0.6% jump in economic growth in the final quarter of 2015 for overall annual growth of 3%, half a percentage point higher than forecast.

It also followed the leak of sensitive Tony Abbott-era national security documents to the Australian newspaper, sparking a referral to the Australian federal police and renewed focus on the tensions between Turnbull and his predecessor.

In two party-preferred terms, the Coalition is still deadlocked with Labor at 50-50.

The primary votes for both major parties are also unchanged at 43% for the Coalition compared with Labor’s 35%.

The satisfaction rating for the opposition leader, Bill Shorten, jumped for the third consecutive poll and now sits at 30%, where it was in September before Turnbull moved against Tony Abbott.

An attack on Labor’s negative gearing policy based on analysis it would drive up rents and push down house prices withered after the report – commissioned anonymously – was found to have significant errors.

Related: Negative gearing report 'not based on Labor's proposal', says author

Turnbull continues to have a commanding lead as preferred prime minister, 55% to the Labor leader’s 21%.

Speaking in Adelaide, Turnbull parried questions about the satisfaction slump, saying he would “stick to my job”.

Summary: Satisfaction with prime minister’s performance drops to lowest point in five months, although he retains commanding lead over Bill Shorten


Procter and Gamble’s pg male grooming brand Gillette has filed a lawsuit against online competitor Dollar Shave Club for alleged use of its patented technology.

The suit, filed in federal court in Delaware, alleges that Dollar Shave Club infringed on a 2004 Gillette patent that involved a “chromium-containing overcoat layer” to strengthen razor blades. Gillette uses this coating on its Mach 3, Venus, Fusion products and other product lines, reported The Wall Street Journal.

Gillette, the world’s largest maker of razors, has “reason to believe” that Dollar Shave Club was making changes to its products and using their patent, a spokesperson told The Journal. According to Recode, Gillette is seeking monetary damages and a court order to stop Dollar Shave Club from selling infringing razors.

“We take every violation of our intellectual property seriously, and when necessary, we take legal action to defend our business as we have in the past and will continue to do in the future,” P&G spokesman Damon Jones said to The Journal.

Gillette, which controls around 60% of the U.S. retail market for razors, has seen its market share slip as companies such as Dollar Shave Club and Harry’s have leveraged the online space to sell their shavers and other related grooming products. In three years, Dollar Shave Club has around 8% of the $3 billion U.S. market for razors and blades, while Gillette has around 20%.

Interestingly, as mentioned by Recode, the suit does not name Dorco, the South Korean maker of Dollar Shave Club’s razors. “[Dollar Shave Club is] actually selling the product and bringing it to market; that’s why they are named in the suit,” Jones told Recode.

A spokesperson for Dollar Shave Club said they have no comment at this time.

Summary: The razor wars have entered a new chapter.


Veterans Affairs Secretary Robert McDonald said Monday that the VA should not use wait times as a measure of success, comparing waits for VA health care to the hours people wait for rides at Disney theme parks.

“When you go to Disney, do they measure the number of hours you wait in line? Or what’s important? What’s important is, what’s your satisfaction with the experience?” McDonald said during a Christian Science Monitor breakfast on Monday. “And what I would like to move to, eventually, is that kind of measure.”

McDonald’s comments set off a political firestorm, with Republicans denouncing the remarks as inaccurate and inappropriate.

House Speaker Paul Ryan, R-Wis., called McDonald’s comments “flippant” and said they show “just how seriously the Obama administration’s VA is taking life or death problems” at the agency.

“This is not make-believe, Mr. Secretary. Veterans have died waiting in those lines,” Ryan said on Twitter.

McDonald took office in July 2014 after his predecessor was forced out amid a scandal over chronically long wait times at VA health care sites and reports that as many as 40 patients died while awaiting care at the Phoenix VA hospital. Similar problems were discovered at VA health sites nationwide, along with a widespread practice among VA employees of creating secret lists to cover up the long wait times and receive VA bonuses.

“There is nothing amusing about VA’s performance over the past few years, and comparing VA wait times to those of an amusement park is just plain wrong,” said Rep. Jeff Miller, R-Fla., chairman of the House veterans panel.

“Wait times are of critical importance to the veterans waiting for VA medical care and they should be to Secretary McDonald as well,” Miller said. “Unfortunately, nearly two years after McDonald took over at VA, the department’s wait-time rhetoric doesn’t match up with the reality of veterans’ experiences.”

Sen. John McCain, R-Ariz., chairman of the Senate Armed Services Committee and a longtime veterans’ advocate, called McDonald’s comment “outrageous and completely inappropriate,” especially since McDonald himself is an Army veteran.

“Our veterans aren’t in line for a theme park ride — they are in desperate need of timely access to quality medical treatment,” McCain said. “The VA secretary’s statement reflects a fundamental lack of understanding about the serious problems plaguing veterans’ health care.”

Citizens Against Government Waste, a nonpartisan watchdog group, said McDonald was “playing the role of ‘Dumbo’ in his very own ‘Fantasyland.’ Disney does, in fact, monitor how long its customers wait in line because they have the astonishingly simple belief that serving their customers quickly and efficiently is the best measure of overall performance.”

The group’s president, Tom Schatz, said in a statement that McDonald “seems ‘Frozen’ in the past, incapable of understanding that if veterans do not get an appointment in a timely manner, it could cost them their lives.”

VA spokeswoman Victoria Dillon said in a statement late Monday that officials know that veterans are still waiting too long for care.

“In our effort to determine how we can better meet veterans’ needs — knowing that their satisfaction is our most important measure — we have heard them tell us that wait times alone are not the only indication of their experience with VA and that’s why we must transform the way we do business,” Dillon said.

Summary: And set off a political firestorm


Before you go, we thought you'd like these...

The living is good for Cindy Crawford and her family!

The supermodel mom and her husband, Rande Gerber, and two kids, Presley and Kaia, jetted off to the exotic islands of the Bahamas for a Spring Break getaway this week and it looks like a ton of fun. Crawford and her family have been posting photos throughout the vacation of their adventures.

The 50-year-old model kicked things off with a steamy snap laying on top of her husband at the beach. She looked flawless in a black string bikini and sunglasses. She also shared a photo of their swoon-worthy view from their room -- with crystal clear, blue azure waters just feet from their balcony.

Cindy Crawford and her family jet off to the Bahamas for Spring Break

Rough Thursday! Soaking up some vitamin D with @RandeGerber ☀

No complaints about today's "office" 💋•

Vacay starts today! Can't get over the color of this water. 💋• (PS if you want to keep following my posts, turn on my notifications!)

Waterman Willis with his permanent smile. That's the Bahamian way!

Cindy's kids have also been sharing photos of their island getaway. Kaia, an aspiring model, showed off her best posing skills on the beach with a couple of friends. The gals were completely covered in sand and showing off their teenage, toned bodies.

It's been a busy couple of weeks for the Gerber family. Late last week they took their son Presley, also a model, on a college campus tour where they went to check out University of Arizona. The whole family stopped at the Grand Canyon for a hike around -- and some dangerous climbs -- and Cindy titled the family photo, "not the Griswalds."

PHOTOS: Check out more celebs on Spring Break

Cindy Crawford and her family jet off to the Bahamas for Spring Break

Love this @gmilanesi airstream she did for @casamigos in honor of the bohemian artist Amos Ferguson #tacoheaven

Traveling the world is one of the most beautiful things in life. Thank you Brazil for having me and my family, and big thanks to @Airbnb for putting us up😘😘😘🇧🇷

"In the summertime when the weather was hot🌞 You can stretch right up and touch the sky🏝 When the weathers fine...." #summer #ready4myvacation

Watching over the bay at the fairmont beach in Barbados

See the light in others and treat them as if that is all you see. -Wayne Dyer #letThereBeLight

Long Weekend ahead got me like... @constancejablonski 😎 Fin de Semana Largo me tiene...

we love our little Gus Gus & we love our @kortnijeane high waisted bottoms 😻☀ 5.26.16

Mixing and matching my favorite pieces from the 5x5 Swim Project with @lspaceswim 💙 Shop this and more on @REVOLVE (available now) #REVOLVE5x5 #REVOLVEaroundtheworld Link in bio!

Happy sunny day!! Are you guys ready for #aintyourmama video!!??

Bought three new swimsuits today 👙 This one is my favorite!

So #blessed to be on the #lake with my #family and to have a day off of work! #sisters #saltandpepper @scherzygirl

עכשיו בחנויות 👙☀ קולקציית בגדי ים בעיצובי ! #BARforhoodies

Last minute dip. No bottoms, no problem. #nothingisgonnaruinmyday 🇧🇸🙏🏽☀🌴

Bae Watch ! #donthasslethehoff @micahmarcus

Cheers to the (almost) weekend 💃🏻✌🏽 trying to figure out what to wear on Kelly & Michael and I'm thinking I'll just go with this look 😜☀

He'll be a merman in no time thanks to @thewaterwhisperer #mumlife ✨

@bowie82 and I enjoying some time at the pool before celebrating @samanthapatridge 21st!!!!

Feeling motivated to eat my greens.. 😂🌴 #SundayFun #SportsIllustrated

Sundays are for hanging around 😎

Girls just wanna have sun 😜☀🌴 #happysaturday 📷: @farrahaviva

Beachin' w the bday girl!

So much fun relaxing this weekend. Monday came right at me like...

Oh hey there :) snapchat bellathornedab 😍😝 #miami #flexfriday #happyfriday #casualfriday #badass #treatyoself #southFlorida #curlyhair

Into the wild 🐯🐯🐯 @victoriassecret #puravida

With my #island baby🌺 @sophialabraham #hawaii #BestHawaiiTripEver @hotmiamistyles #beach #beachbody #summer #beachbunny 🌊🌺🎉✨🌴

Take me back to the Maldives (+alcohol!) 🐬🌴🐚🌪💦

Dinner with mah babe @cash_warren 🌺#adultspringbreak

My girl craved some vitamin D ☀ #5months ✋🏼

Oh it's a rough day here in paradise it's cloudy oh well just have to make the best of it. 🌴 #poweofpositivethinking

The most beautiful day.. 🌺☀

#Hawaii Time🌺🌊❤🌴 @SophiaLAbraham #ALOHA 🐢

❤It feels good to remember who you are before the world told you who you should be........ #Solitude #Authenticity #Clarity

My Mai Tai is as big as my head. This one is for my Grandmother Sugarplum who loved her "high tides" whenever she was in Hawaii. I think she would have loved this one.

This is 14. Omg. 🌴🌪👯 #spingbreaking with our friend @ellataitelman and our @mimsygray

Finally some relax time 😍😘 so happy I had this boy supporting me here :) now headed back to LA👙👑@greggsulkin #sxsw #iloveyou #happytuesday #traveltuesday #tan #tot #pool #boyfriend

We are NOT horsing around 😂😂 #MLS #sissysquad #plusmom #hydrate

Havin fun in the sun in my @alleaswim 😎 #nofilter #bikini #girls #bffs #happytimes #caligirl #springbreak

Hat game on point! @katherineh82 @marabethpoole #msl #hydrate #sissysquad #plusmom 😂

Missing that catamaran life! #noonecallsmecaptainhere 😞⚓

Of Course I Couldn't Do It Without The Help Of My Partner In Crime.... #ProudMoment 🐟

She takes #BAYWATCH to another level.. World fell in love with @alexannadaddario in #SanAndreas and I was so impressed by her chops and presence every day, that I had to have her "rep the squad" in our film. Just wait til you see her - and all our girls - kick ass and protect the bay. #GameOver #BaywatchBabes #CoverYourEyesBoys #BAYWATCH SUMMER 2017.

That time I hung out with the @VictoriasSecret Angels… watch me & @ddlovato on #VSSwimSpecial, tonight 9/8c @cbstv

So many beautiful and authentic locations for the filming of The Return of Xander... Blessed.

Left my phone behind to be present! I am so grateful for the people I've met this year but more importantly for the people who have been consistent and by my side through thick and thin. That'd be YOU. Thank you for another year! Love you guys!

Just another manic Monday 😏 @janellehansen

No shoes no shirt no problems 🐳🍍🌴

Happy Happy Birthday to my favorite twins and members of our girl group! 🎈🎈

43 is good... Very good #islandvibes

So long Curacao! Refreshed and ready to see what's next... 🍹🍍🌴🌞🌞🌞

99 problems but a beach ain't one. 😂🌴☀ I am seriously in #paradise and can't get enough! #maui #badjoke #WestinKaanapali #SiegfriedGetaway #1year

Another view of lovely Savannah

Primera vez en una piscina! First time in a pool!

Beach Bum 🌴🌞🌴 #Bahamas 🇧🇸

Ride the black swan 🎂🎉🎉🎉 #bestfriends ever #electrablue

Getting the Tum in the the sun 🌞👙🌞👙

If this is wrong I Don't want to be Right.... ✌ #turksandcaicos #vaca

🌺So much fun on my early bday celebration 🎂 feeling loved and blessed.

COA... Chilling with my baby boy 💦🌴☀💕🐤#coachilling #foreveronvacation #week2 @coachella

Summary: Who says grown ups can't enjoy the spring holidays as much as their kids? Cindy and husband Rande Gerber sure are.


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Donald Trump’s presidential campaign is built on his business acumen. But some of the Wall Street funds that he has invested in have proven less successful, underperforming industry benchmarks in the last 15 months, according to a Reuters examination.

Eighteen out of 21 hedge funds and mutual funds in Trump’s portfolio lost money in 2015, and 17 of them are down so far this year, according to public disclosures and private performance data seen by Reuters.

The funds managed by Paulson plcc , BlackRock bbn , Baron Capital bcap and others lost an average of 8.5% last year, according to Reuters calculations, whereas stock market and hedge fund industry benchmarks broke even or came close to it. Trump’s funds are down another 2.9% so far this year, underperforming many benchmarks again.

The performances in part reflect broader weaknesses in the investing climate. The last 15 months have been difficult for many portfolio managers amid volatile stock markets, tumbling oil and commodity prices, and an economic slowdown in China.

Trump defended his holdings in an interview with Reuters, saying he invested in the funds three or four years ago and they have done well over time.

“I put some money with people that are friends,” the New York businessman said by phone on Monday, without naming names.

“I have no idea if they are up or down. I just know that they have been very good over a period of time,” added Trump, the front-runner for the Republican nomination for the November presidential election.

Representatives for Baron, BlackRock, and Paulson declined to comment.

To be sure, some of Trump’s funds have performed well this year. For instance, Gabelli Funds’ gab GAMCO Global Gold ggn , Natural Resources & Income fund, a closed-end vehicle, has gained 16.27% through March 22, beating a benchmark return of 15.89% for natural resource funds, according to net asset value data from Morningstar.

Another fund that Trump has invested in, the Invesco European Growth Fund, gained 4.82% last year versus a benchmark loss of 5.66%, according to Morningstar.

Gabelli and Invesco declined to comment. Both funds are listed as small holdings within Trump’s broader brokerage accounts.

The 21 funds examined by Reuters were among 23 funds that Trump disclosed last year in a July 15 filing with the Federal Election Commission. The performance of two of the funds could not be discerned.

The Reuters review included performance data publicly disclosed by 14 mutual funds, as well as performance data on seven hedge funds seen in confidential fund reports or shared by people familiar with those firms.

Trump told Reuters the funds are a tiny part of his investment portfolio.

“I do very little hedge funds business. I for the most part don’t believe in it,” he said.

The 23 funds were worth as much as $120.75 million, according to the FEC filing, a fraction of Trump’s self-proclaimed net worth of more than $10 billion.

While Trump selected the funds, their managers are responsible for choosing securities to invest in and the funds’ subsequent performance.

Some investing experts who looked at Trump’s portfolio and Reuters’ compilation of their performance were not impressed, saying he could have earned better returns by investing in other hedge funds.

For instance, Reuters previously reported that Millennium Management’s main Millennium International fund gained 12.65% in 2015, while Citadel gained 14.3% in its main multi-strategy hedge funds.

“By the looks of it, Mr. Trump’s investing prowess is very pedestrian,” said Brian Shapiro, chief executive of Simplify, which tracks and analyzes alternative investments like hedge funds.

“For someone who prides himself on being surrounded by the best talent,” added Brad Alford, an investment advisor and CEO of Alpha Capital Management, “I’m surprised to see so few winners.”

To be sure, some of Trump’s funds that fell in 2015 have fared better in previous years. For instance, BlackRock’s Obsidian fund has averaged annual returns of 3.39% over the last five years, according to a person familiar with the performance.

Obsidian fell 6.17% in 2016 through March 11, while other comparable funds rose 0.69%, according to a private client report by HSBC’s hsbc Alternative Investment Group seen by Reuters. BlackRock declined to comment.

“You can’t measure it in a short time. I’m way up with BlackRock. I’m way up with Obsidian,” Trump told Reuters, without elaborating further.

Trump disclosed a $27.6 million stake in Obsidian in May 2015, his largest fund holding. It is unclear when Trump first invested in Obsidian, which bets on corporate and government bonds, along with interest rates and other securities.

Obsidian was burned by a slide in oil and other commodities, according to a February BlackRock client note seen by Reuters.

Trump’s stable of funds include two Angelo Gordon hedge funds, three Paulson hedge funds, and 11 Baron Capital mutual funds. The mutual funds are open to virtually anyone, but hedge funds are only accessible to those that meet minimum wealth requirements, which typically include a net worth of more than $1 million.

A representative for Angelo Gordon did not respond to a request for comment.

Baron’s billionaire founder, Ron Baron, is known for long-term bets on companies and an optimistic world view.

Trump uses 11 Baron vehicles with different investment strategies, including small-cap stocks, real estate and emerging markets. Nine of the funds lost money in 2015, with one energy and resources vehicle falling nearly 32%, according to data compiled by Morningstar. Nine are down this year through March 22 with single-digit losses.

Baron’s long-term track record is better. The firm’s best-known Baron Growth Fund has gained an average of about 8.6% annually over the last five years.

Paulson’s funds have produced a mixed performance in recent years. Led by New York billionaire John Paulson, the firm became famous for its prescient bet on the collapse of the subprime mortgage market leading up to the financial crisis.

But in 2015, the three Paulson funds used by Trump all fell, according to data provided by an investor to Reuters. One of the funds, the Paulson Advantage Plus fund, had declined an average of about 22% every year over the last five years, according to a confidential fund report seen by Reuters.

Trump’s filing to the FEC lists myriad business ventures, including holdings in hotels and golf properties, as well as individual stocks such as Apple aapl , Goldman Sachs gs and Altria Group mo .

Trump told Reuters his stock picks have done well recently.

“I bought them low and I sold them high,” he said, referring to a series of sales in January 2014 that netted more than $27 million.

“It was very good timing,” he added. “I hit the market exactly perfectly.”

Summary: But the billionaire seems unfazed.