Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

President can't declare holiday for baseball * The administration of President Barack Obama said it lacks the authority to make Major League Baseball's Opening Day on March 31 this year a national holiday, an effort that was pursued by Anheuser-Busch and supported by the league. The brewer had pushed for the holiday with a "We the People" citizen petition drive on the White House website; the drive collected more than the required 100,000 signatures by Wednesday's deadline. Responding to that petition, the White House said it's up to Congress to decide on holidays. (Lisa Brown)

Edward Jones sets record * Edward Jones reported record net revenue in 2013 as the firm added to its adviser ranks and market conditions improved. The Des Peres-based brokerage's net revenue grew to $5.7 billion, compared with $4.97 billion in 2012, a 14 percent increase, according to an annual report that its parent company, Jones Financial Cos., filed Friday. Income before allocations to partners rose to $674 million, up from $555 million in 2012. Edward Jones had 13,158 financial advisers at the end of the year, up from 12,463 in 2012, and the firm added $48.2 billion in net new assets. Improving market conditions helped Edward Jones grow its assets under care by $118 billion in 2013 to $787 billion. Edward Jones has set a goal of growing its adviser ranks to 20,000 and its assets under care to $1 trillion by the end of 2020. The firm has set a goal of adding 850 financial advisers this year and is seeking to grow its base in major cities; hiring veterans has been a key focus at the brokerage. "Three fourths of our growth will be in the largest metro markets, where the largest populations of serious investors are," Jim Weddle, Edward Jones' managing partner, said in a phone interview."There are a lot of individual investors out there who need our help." (Lisa Brown)

KV suit dismissed * A federal lawsuit alleging KV Pharmaceutical Co. misled investors about its pregnancy drug Makena has been dismissed. The securities fraud class action, filed in St. Louis in 2011 by Frank Julianello and other investors, alleged Chesterfield- based drugmaker KV and three officers misled shareholders about the company's plans to charge $1,500 per injection for Makena and about insurers' willingness to pay for the drug. …

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