The British telecommunications company Vodafone confirmed on Thursday it was in talks over the potential sale of its 45 percent stake in the United States carrier Verizon Wireless, its joint venture with Verizon Communications, DealBook’s Mark Scott reports. Analysts have estimated that the stake could be worth more than $115 billion.
The deal would be one of the largest worldwide in the last decade and would end a partnership that started in 1999. In its brief statement on Thursday, Vodafone said there was “no certainty that an agreement will be reached.â€
“One of the biggest hurdles to the potential deal is the large tax bill Vodafone would have to pay to dispose of its holding in Verizon Wireless,†Mr. Scott writes. “Earlier this year, however, Verizon said it could structure any potential transaction to limit Vodafone’s tax liabilities.â€
HEDGE FUND MANAGERS WRITE SMALL CHECKS IN MAYORAL RACE  | Hedge fund giants have turned out to support a Democrat, Christine C. Quinn, with $170,336 in contributions to her campaign for mayor of New York, DealBook’s Alexandra Stevenson reports. “Paltry though the sum seems, it is more than twice the amount received by the next closest recipient in the mayoral race, Joseph J. Lhota, a Republican, according to records compiled by the public affairs lobbying organization Common Cause.â€
The political checks from hedge fund managers are small compared with the sums they invest in the markets, largely because New York law caps individual contributions to mayoral candidates at $4,950. Some of the industry’s biggest names are missing from the donors’ list altogether, while a few have given amounts as small as $100.
Still, the most politically outspoken include George Soros, chairman of Soros Fund Management, who publicly announced his support for the Democratic front-runner, Bill de Blasio, several weeks ago. Among the donors to Republican candidates is the activist investor Carl C. Icahn. James S. Chanos, founder of Kynikos Associates, put it this way: “It’s hard to think how any hedge fund would directly benefit from city politics.â€
ON THE AGENDA Â |Â A revised estimate of growth of gross domestic product in the second quarter is released at 8:30 a.m. Salesforce.com reports earnings after the market closes. W. Edmund Clark, the head of Toronto-Dominion Bank, is on CNBC at 4:30 p.m.
ASIAN MARKETS AND SYRIA CONCERNS  | The prospect of military action in Syria caused turmoil in emerging markets on Wednesday and pushed oil prices higher, The New York Times reports. As the White House was contemplating a “limited†attack on Syria, the price of benchmark crude oil jumped from about $107 a barrel at the start of the week to more than $112, before declining to around $110.
“Asian markets have been under pressure for weeks, over fears that the United States Federal Reserve will start tempering its stimulus effort,†The Times reports. “Now, investors are worried that rising oil prices could further undermine growth in the region.â€
Playtech Looks to Spend $800 Million on Acquisitions  | Playtech, a maker of gambling software, said it was looking to spend more than $800 million on acquisitions. REUTERS
Bidders Line Up for E*Trade Unit  | Citadel and Virtu Financial are among the bidders for the market-making unit of E*Trade Financial, Reuters reports, citing unidentified people with knowledge of the situation. REUTERS
Britain Orders Ryanair to Cut Stake in Aer Lingus  | British regulators have ordered Ryanair to reduce its 29 percent stake in Aer Lingus to 5 percent, arguing that the holding threatens competition on routes between Ireland and Britain. DealBook »
Carlyle to Invest in Warehouses in China  | The Carlyle Group and the Townsend Group plan to invest about $200 million to buy and build 17 warehouses in China, Reuters reports. REUTERS
JPMorgan Bribery Inquiry Said to Uncover a Spreadsheet  | As regulators look into whether JPMorgan Chase hired workers in Asia in an effort to win business from their relatives, the inquiry has uncovered a spreadsheet that “links some hiring decisions to specific transactions pursued by the bank,†according to Bloomberg News, which cites unidentified people with knowledge of the matter. BLOOMBERG NEWS
A Coming Sea Change in Derivatives Markets  | Reuters writes: “The $300 trillion privately traded U.S. derivatives markets could be on the verge of the biggest change in their 30-year history if investors embrace new electronic trading platforms that would reduce the market dominance of large banks.†REUTERS
Barclays Hires Bankers to Lead Metals and Mining Group  | Barclays hired Paul Knight from UBS and Michael Rawlinson from Liberum Capital, a boutique investment bank, to be co-heads of the global metals and mining team, Reuters reports. REUTERS
Blackstone Agrees to Settlement Over Its I.P.O.  | The Blackstone Group agreed to pay $85 million to settle a class-action lawsuit from investors over the private equity firm’s initial public offering in 2007, Reuters reports. The deal would prevent the case from going to trial next month. REUTERS
SeaWorld Stock Falls on Lower Attendance  | Shares of SeaWorld Entertainment fell to their lowest level since the initial public offering in April after the company cut ticket prices amid a decline in attendance, Bloomberg News reports. The theme park operator was taken public by the Blackstone Group. BLOOMBERG NEWS
Karsch Capital to Shut Down  | Michael Karsch is closing his hedge fund firm, Karsch Capital Management, after 13 years in business, Reuters reports. “I have decided to return capital to investors at the end of the third quarter,†Mr. Karsch said in a letter to investors. REUTERS
Ackman Should Stick With Heavy Industry  | William A. Ackman’s exit from a disastrous investment in J.C. Penney underscores that retailing just is not his thing. But he might find more success with his stake in Air Products and Chemicals. REUTERS BREAKINGVIEWS
Argentine Technology Firm Plans I.P.O. on N.Y.S.E.  | Globant, an Argentine software and information technology services company, has filed to go public on the New York Stock Exchange, in a move to broaden its reach. DealBook »
What Twitter Can Learn From Facebook’s I.P.O.  |Â
FINANCIAL TIMES
In Fight Over Online TV Chatter, Twitter Buys a Referee  | Twitter has purchased Trendrr, one of the leading independent firms analyzing the real-time conversation on social media for television channels, the Bits blog reports. NEW YORK TIMES BITS
Bank of England Governor Outlines Plan to Keep Rates Low  | Mark Carney, in his first policy speech as governor of the Bank of England, said the central bank may add more stimulus to the economy if markets are putting upward pressure on interest rates. REUTERS
In Libor Inquiry, Spotlight on Higher-Ups  | Authorities in the United States and Britain “want to know whether senior executives knew of, or participated in, illegal activity†surrounding the manipulation of the London interbank offered rate, The Wall Street Journal reports. WALL STREET JOURNAL
A Look at Yellen’s Wealth  | According to an annual financial disclosure, Janet L. Yellen, the vice chairwoman of the Federal Reserve, “owned stock in a small number of companies including Conoco Phillips and Pfizer, but mostly invested in broad-based equity and bond funds,†The New York Times Economix blog writes. Her investments also include a stamp collection. NEW YORK TIMES
San Bernardino Is Eligible for Bankruptcy  | A federal bankruptcy court judge on Wednesday granted the city of San Bernardino eligibility for bankruptcy protection, The New York Times reports. NEW YORK TIMES
