The International Swaps & Derivatives Association appointed Intercontinental Exchange Inc. to manage the process for determining when insurance contracts pay out in the $11.5 trillion credit-default swaps market. The trade group is ending its role as secretary for regional committees that make binding decisions for the credit derivatives market.
Day: December 17, 2016
Ex-BSI Banker Seah Gets Jail for Forgery Tied to 1MDB Case
Yvonne Seah Yew Foong, a former BSI SA private banker, became the second person to be convicted in Singapore’s investigation into alleged money laundering linked to 1Malaysia Development Bhd. Judge Salina Ishak sentenced Seah, 45, to two weeks in jail for aiding in forging documents and imposed a fine of S$10,000 for failing to report suspicious transactions allegedly related to Malaysian financier Low Taek Jho.
How Global Oil Flows Might Look After OPEC’s Supply Shock
OPEC’s quest to end a global crude glut already snapped a two-year slump in oil prices. Now attention is turning to how the group’s surprise decision to cut output will transform international trade flows of the world’s most important commodity.
It’s Time To Start Conducting More Scientific Job Interviews
If hiring managers really want to be fairer and less biased, says one psychologist, they’ll need to cut the chitchat. However the hiring process may be changing, there’s no sign job interviews are going away from it.
Tillerson’s Foreign Prowess Said Aided by Exxon Intelligence Arm
Even before Donald Trump tapped him to be the top U.S. diplomat, Rex Tillerson already had his own State Department. Behind the walls of Exxon Mobil Corp.’s secluded corporate headquarters in suburban Dallas, a little-known intelligence unit works to keep top executives informed on economic, social and political situations around the world so they never walk into a foreign negotiation unprepared.
Deutsche Bank Said Last Lender to Stop Angola Dollar Clearing
Deutsche Bank AG stopped providing dollar clearing in Angola, leaving one of Africa’s biggest oil-producing nations without a lender to supply the service, according to three people with knowledge of the matter. The company ceased dollar clearing for Angola in mid-November, said two of the people, who asked not to be identified because they’re not authorized to speak to the media.
Scaramucci Says Greg Fleming Advising on Possible SkyBridge Sale
Anthony Scaramucci, founder of SkyBridge Capital, says he has a team in place to explore the sale of his firm and discussions with possible buyers are underway. Scaramucci, who serves on President-elect Donald Trump’s transition team, told Bloomberg Television Friday that Greg Fleming, who previously led Morgan Stanley’s retail brokerage, is helping with the sale.
McCormick Said to Be Trump Front-Runner for Defense Deputy
Hedge fund manager and former Army officer David McCormick is the front-runner to serve as President-elect Donald Trump’s deputy defense secretary, according to three people familiar with the presidential transition. McCormick, president of Bridgewater Associates Inc., the world’s biggest hedge fund, was eyed earlier as a possible Treasury secretary, a post that ultimately went to former hedge fund investor Steve Mnuchin.
VW Gets Weekend for – Intense’ Talks on Diesel-Cheating Case
A federal judge said Volkswagen AG has made “substantial progress” toward a settlement to get about 80,000 Audi, VW and Porsche vehicles with emissions-cheating 3.0-liter diesel engines fixed or off U.S. roads. Lawyers for the carmaker, consumers and the Justice Department have assured the court that negotiations are ongoing, but VW may be headed to trial if an agreement isn’t reached.
The Inside Story of Apple’s $14 Billion Tax Bill
“The Maxforce” is the European Union team that ordered Ireland to collect billions of euros in back taxes from Apple Inc., rattled the Irish government, and spurred changes to international tax law. You’d think it might have earned the name by applying maximum force while investigating alleged financial shenanigans.
Deutsche Bank Admits Misleading Clients in Dark Pool Trades
Deutsche Bank AG agreed to pay $37 million and admit to misleading customers about its dark pool stock-trading platforms to settle a joint state and federal probe, bringing the bank a step closer to resolving several potentially costly legal challenges in the U.S. The bank will admit to violating state and federal securities laws over a two-year period by failing to address known technical problems with its proprietary dark-pool ranking model, the U.S. Securities and Exchange Commission and New York Attorney General Eric Schneiderman said Friday. “Misleading and self-serving statements that defraud investors will not be tolerated,” Schneiderman said.
Allianz Said to Consider Bid for Generali’s French Business
Allianz SE, Europe’s largest insurer, is in discussions with Assicurazioni Generali SpA as it weighs a bid for the company’s French operations, according to people familiar with the matter. Allianz executives are uncertain whether a combination with the French insurance business would be approved by regulators, and the companies may not reach a deal, one of the people said, asking not to be identified because the deliberations are private.
The Drive To Secure Smart Cars
Imagine a driverless cab that locks itself and delivers would-be fare jumpers to the nearest police precinct. But also imagine a driverless cab that can be reprogrammed to drop off its victim at the prearranged point for a mugging.
V2V Communication to Be Mandated
All new cars and light trucks would be able to talk wirelessly with each other, with traffic lights and with other roadway infrastructure under a rule the Transportation Department proposed Tuesday. Officials say the technology holds the potential to dramatically reduce traffic deaths and transform driving.
Pentagon Demands China Return Intercepted U.S. Naval Drone
The Pentagon demanded that China return a U.S. Navy underwater drone captured in international waters in the South China Sea, a confrontation likely to exacerbate tensions in a region where China is asserting greater control and expanding military installations. A Chinese naval ship unlawfully seized the small unmanned vehicle Thursday while the USNS Bowditch, a U.S. Navy survey ship, was collecting it in a routine operation 50 nautical miles northwest of Subic Bay in the Philippines, according to a Defense Department statement.
Bitcoin’s Rally Crushed Every Other Currency in 2016. Here’s Why
Bitcoin, that nebulous digital currency that trades in cyberspace and is “mined” by code-cracking computers, emerged as a better bet this year than every major foreign-exchange trade, stock index and commodity contract. The electronic coin that trades and is regulated like oil and gold surged 79 percent since the start of 2016 to $778, its highest level since early 2014, data compiled by Bloomberg shows.