From a $126 Million Bonus to Jail: The Fall of a Star Trader


Source: Bloomberg MarketsChristian Bittar was once among Deutsche Bank AG’s highest-paid traders, a math whiz who earned a near 90 million-pound ($126 million) bonus in 2008 alone. Now he’s sitting in a U.K. prison.The 46-year-old former star banker pleaded guilty in a London court on March 2 to conspiring to rig the interest-rate benchmark known as Euribor. He’s in custody and … [Read more...]

Facebook’s Mark Zuckerberg Under Pressure Over Data Breach


Source: Bloomberg MarketsGovernment officials in the U.S. and Europe are demanding answers from Facebook Inc. after reports that Cambridge Analytica, the advertising-data firm that helped Donald Trump win the U.S. presidency, retained information on tens of millions of Facebook users without their consent.Over the weekend, entreaties for the social-media giant to take … [Read more...]

China’s HNA Is Planning to Sell Properties Worth $2.2 Billion


Source: Bloomberg MarketsHNA Group Co. is planning to sell properties including office buildings and hotels across China, according to people familiar with the matter, as the embattled conglomerate scrambles to repay its debts.The buildings include Shanghai HNA Tower, Shanghai Yangtze International Enterprise Plaza and Renaissance Shanghai Pudong Hotel, said the people, asking … [Read more...]

Milost Plans $1 Billion Investment in Nigerian Bank


Source: Bloomberg MarketsMilost Global Inc. is looking to inject as much as $1 billion to recapitalize Nigeria’s Unity Bank Plc, which is struggling to build buffers after a slowdown in Africa’s biggest economy, according to two people familiar with the matter.New York-based Milost offered to invest $700 million in equity and $300 million in five-year bonds that can be … [Read more...]

Bitcoin Rises From Six-Week Low as G-20 Weighs Cryptocurrencies


Source: Bloomberg MarketsA weekend selloff cryptocurrencies subsided, with Bitcoin rallying from a six-week low before Group of 20 finance ministers and central bank governors discuss digital assets in Buenos Aires.Bitcoin traded at $8,235 as of 11:20 a.m. in Hong Kong, up 12 percent from its low reached over the weekend, according to prices on Bitstamp. Rival coins Ripple and … [Read more...]

Alibaba Will Invest Another $2 Billion in Online Mall Lazada


Source: Bloomberg MarketsAlibaba Group Holding Ltd. will invest another $2 billion in Lazada Group SA and install one of its most senior executives to run the business as it doubles its bet on Southeast Asia.Lucy Peng, who is already chairman of Lazada, will take over as chief executive officer, according to a statement Monday. Current CEO Max Bittner will step down and remain … [Read more...]

Powell Jumps in Driver’s Seat as Fed Weighs Speed of Rate Hikes


Source: Bloomberg MarketsFor Jerome Powell, raising U.S. interest rates this week will likely be the easy part.The tougher job for the Federal Reserve’s new chairman as he presides over his first gathering of the central bank’s policy-setting committee is deciding what to do next.Jerome PowellThe choice: emphasize continuity with his predecessor Janet Yellen’s strategy of … [Read more...]

Township Favorites Shunned Amid South African Meat Scandal


Source: Bloomberg MarketsAt the Good Hope restaurant in Johannesburg’s Alexandra township, Bongiwe Maseko goes out of her way to assure customers that the food is safe to eat.For hungry patrons hunting for a meal, it’s a frighteningly real concern as South Africa races to contain the world’s worst outbreak of listeriosis. The bacterial disease, which has killed 183 people, has … [Read more...]

Here’s Why China’s Yi Gang Has a ‘Very Difficult Job’


Source: Bloomberg MarketsNewly named People’s Bank of China Governor Yi Gang has his work cut out for him.Yi Gang, center, and Zhou Xiaochuan.A yawning gap between growth in money supply and real economic activity during Zhou Xiaochuan’s 15-year tenure has fueled a pile of debt risks that Yi must now grapple with. China’s authorities have dubbed the hazards "gray rhinos" -- … [Read more...]

Singapore Residential Site Sells to Billionaire Quek for S$980 Million


Source: Bloomberg MarketsBillionaire Quek Leng Chan’s GuocoLand Ltd. and its joint venture partners are buying Pacific Mansion near Singapore’s business district for S$980 million ($743 million), the biggest purchase of a residential site for redevelopment in more than a decade.The price is also the highest in the current so-called en-bloc cycle, and only surpassed by the S$1.3 … [Read more...]