Reports: Rolling Stones guitarist Wood ties knot

Two British newspapers say Rolling Stones guitarist Ronnie Wood has married his fiancee Sally Humphreys at a ceremony at London's Dorchester Hotel. The Sun and the Daily Mirror carried photographs of the 65-year-old rocker with a pale boutonniere and a dark blue suit, and his 34-year-old bride in a traditional white gown and a clutch of matching white flowers. The Sun quoted Wood as saying "I'm feeling great" as he and his bride kissed and posed for pictures outside the exclusive hotel in London's upscale Mayfair district. The newspapers said the guests included singer Rod Stewart and his wife Penny Lancaster as well as ex-Beatle Paul McCartney and his wife Nancy Shevell. A call and an email to Wood's U.S.-based agent weren't immediately returned Saturday.

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Buju Banton awaits ruling in mistrial request

A Florida juror who voted to convict Jamaican reggae singer Buju Banton on drug charges has denied improperly researching the case during trial, in spite of a weekly newspaper's report that quoted her as saying that she did. Banton is serving a 10-year prison sentence on two drug charges. The Grammy winner faces an additional five years on a related gun possession charge, but his resentencing hearing was postponed to investigate the report of juror misconduct. Banton's attorneys have filed a motion in Tampa federal court seeking a new trial. If granted, it would be the second mistrial for Banton, whose first trial in 2010 ended with jurors deadlocked. He was convicted in 2011 in his second trial. U.S. District Judge James Moody reserved decision Thursday on the defense motion. Jurors were told during trial not to do any independent research into the case. Terri Wright, a juror from Banton's 2011 trial, was quoted in a Miami New Times report as saying that she researched parts of the case, in spite of the judge's orders not to. "I would get in the car, just write my notes down so I could remember, and I would come home and do the research," Wright was quoted as saying. New Times reporter Chris Sweeney testified Thursday that he interviewed several jurors. The Tampa Tribune reports (http://bit.ly/RLgxXO) that Sweeney provided the court with a recording of his interview with Wright. Wright testified that she sent Sweeney a text message after seeing his story, saying there had been "a huge misunderstanding with (Sweeney's) questions." Wright's text message also read, "I did not violate the judge's instructions with this case. I did my research AFTER the case was over and the verdict was given, NOT during the case. . I trusted you and now feel totally betrayed." Wright testified that she only researched Banton's music and the federal Pinkerton rule, which involves liability among conspirators for the actions of other conspirators. There was no proof that Banton possessed a gun or was aware that a co-defendant did, but because of the Pinkerton rule, Banton was convicted of a weapons offense. Moody tossed the gun charge, but an appeals court reversed that decision. Moody called a sampling of three other jurors to ask if they remembered hearing other jury members talk about doing outside research. Two testified that had not heard anything, but one said she recalled a white woman juror saying she had researched the Pinkerton law. Wright is black. Assistant U.S. Attorney James Preston said Banton's defense had not met the legal requirement for a mistrial by showing that the jury was exposed to outside evidence that posed a reasonable possibility of prejudice to the defendant. Defense lawyer Chokwe Lumumba said jurors were ready to acquit Banton, whose real name is Mark Myrie, before Wright shared her research.

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Reggae's Buju Banton awaits ruling on mistrial

A Florida juror who voted to convict Jamaican reggae singer Buju Banton on drug charges has denied improperly researching the case during trial, despite a weekly newspaper's report that quoted her as saying that she did. Banton is serving a 10-year prison sentence for his convictions on cocaine conspiracy and trafficking charges stemming from a 2009 arrest. The Grammy winner faces an additional five years for his conviction on a related gun possession charge, but his resentencing hearing was postponed to investigate the report of juror misconduct. Banton's attorneys have filed a motion in Tampa federal court seeking a new trial. If granted, it would be the second mistrial for Banton, whose first trial in 2010 ended with jurors deadlocked. He was convicted in 2011 in his second trial. U.S. District Judge James Moody reserved judgment Thursday on the defense motion. Jurors were told during the trial not to do any independent research into the case. Terri Wright, a juror from Banton's 2011 trial, was quoted in a Miami New Times report as saying that she researched parts of the case even though the judge had ordered jurors not to. "I would get in the car, just write my notes down so I could remember, and I would come home and do the research," Wright was quoted as saying. New Times reporter Chris Sweeney testified Thursday that he interviewed several jurors. Sweeney also provided the court with a recording of his interview with Wright. Wright testified that she sent Sweeney a text message after seeing his story, saying there had been "a huge misunderstanding with (Sweeney's) questions." Wright's text message also read, "I did not violate the judge's instructions with this case. I did my research AFTER the case was over and the verdict was given, NOT during the case. . I trusted you and now feel totally betrayed." Wright testified that she only researched Banton's music and the federal Pinkerton rule, which involves liability among conspirators for the actions of other conspirators. There was no proof that Banton possessed a gun or was aware that a co-defendant did, but because of the Pinkerton rule, Banton was convicted of a weapons offense. Moody tossed the gun charge, but an appeals court reversed that decision. Wright said she told Sweeney that she had been a juror seven times before serving on Banton's case, but she did not volunteer that information to prosecutors or Banton's attorneys "because that wasn't a question" during jury selection. Moody called a sampling of three other jurors to ask if they remembered hearing other jury members talk about doing outside research. Two testified that had not heard anything, but one said she recalled a white female juror saying she had researched the Pinkerton law. Wright is black. Assistant U.S. Attorney James Preston said Banton's defense had not met the legal requirement for a mistrial by showing that the jury was exposed to outside evidence that posed a reasonable possibility of prejudice to the defendant. Defense lawyer Chokwe Lumumba said jurors were ready to acquit Banton, whose real name is Mark Myrie, before Wright shared her research.

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Swedish princess to marry next June

STOCKHOLM (AP) — Sweden's royal family says Princess Madeleine's wedding will take place on Saturday, June 8, at the Royal Palace chapel in downtown Stockholm. King Carl XVI Gustaf and Queen Silvia's youngest daughter was engaged to U.S.-British boyfriend Christopher O'Neill, a 38-year-old New York banker, in late October. The 30-year-old Madeleine is fourth in line to the Swedish throne. The royal family's chief spokesman Bertil Tenert said Sunday that wedding organizers will now start planning details of the nuptials. He added that Madeleine's wedding will be smaller than Crown Princess Victoria's wedding two years ago in Stockholm. The Swedish royal family has only ceremonial duties, such as supporting charities and promoting Swedish businesses.

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Rihanna donates $1.75 million to Barbados hospital

BRIDGETOWN, Barbados (AP) — Pop star Rihanna has given $1.75 million to a hospital in her Caribbean homeland of Barbados in memory of her late grandmother. Rihanna says the donation to buy three pieces of medical equipment was her way "giving back to Barbados." She made the comments during a Saturday ceremony with relatives at the island's Queen Elizabeth Hospital. The hospital's radiotherapy unit has been renamed the Clara Braithwaite Center for Oncology and Nuclear Medicine after Rihanna's grandmother, who died in June. Rihanna recently released "Unapologetic," her seventh album in seven years.

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Analysis: Apple's swoon exposes risk lurking in mutual funds

The nearly 28 percent decline in shares of Apple Inc since mid-September isn't just painful to individual shareholders. It's also being felt by investors who chased hot mutual funds that loaded up on Apple as the stock raced to a record $705 per share. Apple makes up 10 percent or more of assets in 117 out of the 1,119 funds that own its shares, according to data from Lipper, a Thomson Reuters company. Those big stakes have contributed positively to each fund's annual performance to date, with Apple still up about 32 percent for the year. It was trading at $527.73 soon after the opening on Friday. But that year-to-date outcome may not accurately reflect the performance of the funds for individual investors. All told, approximately $4.5 billion has been added to funds with overweight stakes in Apple this year, according to Morningstar data. The majority of these dollars were invested after March and after Apple first exceeded $600 per share - meaning many investors have been riding down with the decline. The $302 million Matthew 25 fund, for instance, holds 17.4 percent of its assets in Apple, according to Lipper. The fund's 31.9 percent gain through Thursday makes it one of the top performing funds for the year. Most of its Apple shares were bought years ago at a bargain basement price of about $125 per share. But $158.9 million of the fund's assets - or 53 percent - were invested after the end of March, when Apple was trading near $615 per share, according to Morningstar data. For those investors that bought after March, all that concentration in Apple hasn't led to a stellar gain but rather a drag on the portfolio. Someone who invested in Matthew 25 in early April has seen the value of the fund's Apple stake fall about 19 percent, while someone who invested at the beginning of September has watched that outsized Apple stake drop 27.2 percent. In turn, the majority of the fund's investors have reaped a much more modest performance than its year-end numbers suggest. Since the end of March, the fund has gained 6.7 percent, according to Morningstar data, far less than its 31 percent year-to-date gain and about two percentage points more than the benchmark Standard & Poor's 500 index. Since, September the fund is down nearly 3 percent through Thursday's close, compared with a 1.1 percent decline in the S&P 500 in that period. The impact of Apple's falling stock price shows some of the drawbacks of portfolio concentration, experts say. These stakes can leave the funds overexposed to the ups and downs of one company - counter to what most mutual funds are supposed to do for investors. "Any time you get over 10 percent of the portfolio in one company it's a red flag," said Michel Herbst, director of active fund research at Morningstar. Many fund managers do have risk management rules that prevent them from devoting more than 5 percent to 6 percent of their portfolio to any one stock, he said. Then again, some funds purposely invest in just a few stocks. Mark Mulholland, the portfolio manager of the Matthew 25 fund, said that taking concentrated positions in companies is the only way to beat an index over longer periods of time. 'RIGHT-SIZING' PORTFOLIOS Along with concerns about iPhone sales in China and tax-motivated selling among people who want to avoid potentially higher capital gains taxes in 2013, the wide fund ownership of Apple may be a factor in the size of the stock's recent declines, fund managers said. In addition, with so many funds already heavily invested in the high-priced stock, there may be fewer marginal buyers available to push prices up again when shares begin to dip. "The stock didn't go from $700 to $520 because people didn't like the new iPad. It's become a favorite short of hedge funds because they know they can get in on this," said Mark Spellman, a portfolio manager of the $300 million Value Line Income and Growth fund with a small position in Apple. Short interest in the stock rose to 20.6 million shares at the end of November from 15.1 million shares at the end of September, according to Nasdaq. "Some of my competitors have 12 percent of their assets in Apple, which I think is ludicrous", said Spellman, who said the company is no longer trading on its fundamentals. Sandy Villere, who has a 2.5 percent weighting of Apple in his $276 million Villere Balanced fund, said that some mutual fund managers are selling shares because of the over-weighting. "Right now many people who did take huge overweight positions are right-sizing their portfolios to get it in line with their regular weightings," he said. Still, some bullish investors see the stock's recent declines as a buying opportunity. Mulholland, the Matthew 25 portfolio manager, continues to say that shares should be priced at over $1,000 per share based on his valuation of the company at 10 times enterprise value divided by earnings before interest, taxes, depreciation and amortization (EBITDA). Apple trades at about 7 times that figure now. Wall Street analysts' average price target as of Thursday is $742.56, according to Thomson Reuters data. But Mulholland is happy to be more bullish than his peers. "I'm glad that I'm able to get it at these prices," he said.

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ICE to buy NYSE Euronext for $8.2 bln

REUTERS - In October, Jeff Sprecher, chief executive of upstart IntercontinentalExchange , approached NYSE Euronext CEO Duncan Niederauer with a modest proposal to team up on clearing trades in London. As the men continued talking, Sprecher grew bolder, instead suggesting that ICE buy NYSE in what became an $8.2 billion deal announced on Thursday. The deal will link up two powerful derivatives exchange and clearing house operators, but threatens to further reduce the clout of the New York Stock Exchange. While the New York Stock Exchange has stood for 200 years as an iconic symbol of U.S. capitalism, it is almost an afterthought in this deal. For ICE, the crown jewel of NYSE Euronext is Liffe, Europe's second-largest derivatives market, analysts said. Niederauer had long felt that NYSE's shareholders did not appreciate the true value of the London-based futures and options exchange, and had talked to bankers about how to improve NYSE's stock price, a person familiar with the matter said. Liffe will help ICE compete against U.S.-based CME Group, owner of the Chicago Board of Trade. Derivatives trading remains highly profitable for the exchanges, and new rules next year will dramatically expand the demand for clearing over-the-counter contracts. The stock market businesses are less valuable to ICE. The company said it will try to spin off the Euronext European stock market businesses in a public offering, generating speculation it may also have little interest in the NYSE trading floor. Profits from stock trading have been significantly eroded by new technology and the rise of other places for investors to trade, including venues known as "dark pools." ICE's Sprecher will be CEO of the combined organization, and the NYSE Euronext CEO will be president, a ceremonial title at many U.S. companies. In an interview, Niederauer said he would remain at least through 2014 as an "important senior member" of Sprecher's management team. Niederauer will also be CEO of the NYSE Group. The combined company will be based in New York and Atlanta, where ICE is headqurtered. Sprecher and Niederauerhave been friends for years, but the two stopped talking for about six weeks in 2011 when ICE teamed up with Nasdaq OMX Group to make an unsolicited bid for NYSE Euronext. That bid came even as the New York Stock Exchange operator was trying to sell itself to Deutsche Bourse . Regulatory concerns killed both deals. Without the Nasdaq or Deutsche Bourse's huge equity operations, ICE alone has far less overlapping business and should face easy approvals, antitrust lawyers said. The deal values each NYSE Euronext share at $33.12, a 28 percent premium to the stock's closing price on Wednesday. NYSE Euronext stock rose 34 percent to end at $32.25 on Thursday. ICE's shares fell as much as 4 percent but finished regular trading at $127.60, up 1.4 percent on the day. ICE said it would pay annual dividends of $300 million to the companies' shareholders once the deal closes, about what NYSE pays its shareholders now. IN THE DOLDRUMS The deal reflected Niederauer's inability to get his company's share price out of the doldrums. Before the latest ICE offer emerged, NYSE Euronext's shares had fallen by nearly a third since ICE and Nasdaq launched their thwarted joint bid. Further consolidation of exchanges was "inevitable" and ICE was a "great partner," Niederauer said on a call with analysts, so continuing on alone did not make sense. "We can sit here and keep slugging away and keep working hard, but the bottom line is we had not delivered, in my mind, sufficient returns to shareholders," Niederauer said. NYSE bought Euronext, including Liffe, for 8 billion euros in 2007. Sprecher incorporated the stalled stock price - and the unrecognized value of Liffe - as part of his pitch. "The reason that we were prepared to pay $33 a share for a company that was trading at $24 a share was that there is a $33 company in here and the market was just not either seeing it or willing to give credit for," he said in an interview. "We said, 'let's just force the credit.'" The two sides negotiated in secret for about eight to 10 weeks, the two CEOs said. In options markets, there were some signs that word might have leaked out, with a sudden upswing in the demand for call options on NYSE, which perform well when a company's share price rises. ICE started out as an online marketplace for energy trading before Sprecher initiated a string of acquisitions from the London-based International Petroleum Exchange in 2001, to the New York Board of Trade and, most recently, a handful of smaller deals, including a climate exchange and a stake in a Brazilian clearing house. ICE's current main operations are in energy futures trading and, it has steered clear of stocks and stock-options trading, key businesses for NYSE Euronext. "This deal is probably not going to generate a lot of concern from an antitrust perspective," said Warren Rosborough, a veteran of the U.S. Justice Department's antitrust division who is now with the law firm McDermott Will & Emery. In clearing, ICE has a popular U.S. over-the-counter and listed business, while Liffe's operation is strong in futures and based in Europe. Concerns over a small amount of competing derivatives business could be addressed with straightforward divestitures, Rosborough said. "It's an open question about whether it will generate questions," he added. "If there is a fix, it will be relatively easy fix." Sprecher said the deal had been "well received" by regulators after he and Niederauer completed a "whirlwind tour" in the United States and Europe ahead of Thursday's announcement. Officials at the European Commission, the Department of Justice and Securities and Exchange Commission declined to comment. Last year, Justice Department objections blocked ICE and Nasdaq OMX's $11 billion bid on concerns the tie-up would dominate U.S. stock listings. The rival $9.3 billion bid by Deutsche Boerse fell afoul of European regulators. A combined ICE-NYSE Euronext would leap-frog Deutsche Boerse to become the world's third-largest exchange group with a combined market value of $15.2 billion. CME Group has a market value of $17.5 billion, Thomson Reuters data shows. Hong Kong Exchanges and Clearing is the world's largest exchange group with a market cap of $19.5 billion. ICE said it expected to achieve $450 million in cost savings from the takeover. In the first year after the deal closes, additional earnings of 15 percent are expected. Long-time Wall Street traders saw the potential takeover of the venerable stock exchange by a 12-year-old derivatives upstart as fraught with symbolism. "It's the end of an era," said a director on the board of a rival exchange who did not have clearance to speak to the press and asked not to be named. "I think ultimately the floor will be closed, because Jeff (Sprecher) has shut every floor he's ever had," the person said. With the deal still a long way from completed, Sprecher and Niederauer said they planned to keep the high-profile NYSE trading floor running. "The floor has value and in particular, it has a lot of brand value," Niederauer said. "So we are committed. Jeff is committed." The exchange was prepared to shut down the floor temporarily during superstorm Sandy and trade completely electronically, Wall Street executives said. Shareholders will have the option of accepting $33.12 in cash per NYSE Euronext share or 0.2581 ICE share or a mix of $11.27 in cash and 0.1703 ICE share, subject to a maximum cash consideration of $2.7 billion. Morgan Stanley was the lead financial adviser to ICE, with assistance from BMO Capital Markets Corp, Broadhaven Capital Partners, JPMorgan Chase & Co , Lazard Group LLC , Societe Generale Corporate & Investment Banking, and Wells Fargo Securities LLC . ICE legal advisers are Sullivan & Cromwell LLP and Shearman & Sterling LLP. The main financial advisers to NYSE Euronext are Perella Weinberg Partners and BNP Paribas. Further financial advice to NYSE Euronext was provided by Blackstone Advisory Partners, Citigroup , Goldman Sachs & Co. and Moelis & Co. Legal advisers to NYSE Euronext are Wachtell, Lipton, Rosen & Katz, Slaughter & May, and Stibbe NV.

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