Ex-Deutsche Bank Trader to be Jailed in UK for Euribor Rigging

Ex-Deutsche Bank Trader to be Jailed in UK for Euribor Rigging

Ex-Deutsche Bank trader, Christian Bittar is facing jail term for Euribor rigging after pleading guilty in a London court on the 2nd of March 2018.   The now 46 year old ex-Deutsche bank star trader had earned £90 million ($126 million) bonus in 2008, and was the firm’s most profitable derivatives trader from 2003 to 2010.

“ Ex-Deutsche Bank Star trader to be Jailed “

In 2011, Christian was fired as Deutsche bank distanced themselves from rate-rigging probes in the U.S. and U.K.  In 2015, Deutsche Bank was fined $2.5 billion by global regulators for failing to prevent attempts to rig benchmark rates.He was accused of colluding on Euribor submissions by betting on short-term interest rates.  In 208, he had bet on the 3-months & 6-months Euribor will rise faster than the 1-month rate.  After Lehman Brothers collapsed, his bets profited enormously, and he earned £90 million ($126 million) bonus in 2008.  As a proprietary trader, he had a share in the profits he made for the bank.

Christian grew up in Senegal, attended Grandes Ecoles University in France.  After graduation, he joined Societe Generale as a quantitative analyst.  He became a trader, and was hired by Deutsche Bank in London and thereafter Deutsche Bank in Singapore.  He will be sentenced in summer 2018 after a related trial ends.

Sources: Bloomberg, Bloomberg, Reuters

 

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About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


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Peter Munk Founder of World’s Largest Gold Producer Barrick Gold Dies at Age 90 

Peter Munk Founder of World’s Largest Gold Producer Barrick Gold Dies at Age 90 

Peter Munk, Founder and Chairman Emeritus of Barrick Gold Corporation, the world’s largest gold producer has died at the age of 90.  He founded Barrick in 1983 and built it into the world’s largest gold mining company in less than 25 years, by leading a small team of partners who trusted one another implicitly.  Today, Barrick Gold is the world’s largest producer of gold with more than 10,000 employees on 5 continents.

“ Founder of World’s Largest Gold Producer Barrick Gold Dies at Age 90 “

Peter Munk started his first business when he was still an undergraduate, hiring fellow students to sell Christmas trees outside 17 of Toronto supermarkets. In 1952, 6 years after he graduated from University of Toronto with a degree in electrical engineering, he received $3,000 from his father-in-law and co-founded Clairtone Sound Corporation.  The company’s product won design award and gained endorsement from celebrities and Jazz musician.  However, the business failed shortly thereafter.

In 1970, Peter moved to London and started Southern Pacific Properties, developing a 7,000-acre resort in Fiji and 54 resort chain.  In 1981, he sold Southern Pacific Properties for $130 million.  In 1978, he started Barrick Petroleum, an oil and gas exploration company.  In 1979, he returned to Canada and renamed the company to Barrick Resources.  The company went public on the Toronto Stock Exchange in 1983, and 3 years later in 1986, he acquired Goldstrike for $62 million, shifting the business focus to gold.  At the age of 86, after building Barrick Gold into the world’s largest producer of gold with more than 10,000 employees, he stepped down and handed his chairman role to John Thornton a former Goldman Sachs President.

Peter Munk was born in Budapest, the capital of Hungary in 1927.  When the Nazis invaded Hungary in 1944, he and his 13 family members escaped to Switzerland.  In 1948, at the age of 20, his father sent him to live in Canada with his uncle.

He is one of Canada’s most significant philanthropists, donating nearly $300 million.  In 1997, he and his wife, Melanie established the Peter Munk Cardiac Centre at Toronto General Hospital.  He had received numerous awards and honors, including honorary doctorates from the University of Toronto, Concordia University, Bishop’s University, and the Technion-Israel Institute of Technology. In 2008, he was named a Companion of the Order of Canada, the country’s highest civilian honor, limited to no more than 165 living Canadians at any one time.  In 2017 he was chosen to be included on the New York Stock Exchange Innovators. He has 5 children and fourteen grandchildren.

Source: Bloomberg, Reuters, Barrick

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About Barrick Gold

Our vision is the generation of wealth through responsible mining—wealth for our owners, our people, and the countries and communities with which we partner.  Our ultimate objective is to grow our free cash flow per share over the long term. We will do so by: maintaining and growing industry-leading margins through operational excellence, Best-in-Class performance, and consistent execution; managing our portfolio and allocating capital with discipline and rigor; and leveraging our top talent and our distinctive partnership culture as a competitive advantages.

More than 75% of our gold production comes from the Americas region, including Argentina, Canada, Dominican Republic, Peru and the United States. The Company also has mining operations and projects in Australia, Chile, Papua New Guinea, Saudi Arabia, and Zambia. At the end of 2017, Barrick had proven and probable gold reserves of 64.4 million ounces1 (1.29 billion tonnes, grading 1.55 grams per tonne).

Barrick was founded in 1983 by Canadian entrepreneur and philanthropist Peter Munk, and is headquartered in Toronto. The Company’s shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol ABX.

Visit: Barrick Gold

 

 


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UBS to Pay $230 Million to Settle Mortgage-Backed Securities Probe

UBS to Pay $230 Million to Settle Mortgage-Backed Securities Probe

UBS will pay $230 Million to settle mortgage-backed securities probe in New York.  The settlement covers mortgage-backed securities issued between 2006 and 2007, with notional amount exceeding $10 billion.  Investors had lost billions of dollars in the certificates, backed by the loan pools (mortgage-backed securities).

” UBS Pays $230 Million to Settle Mortgage-Backed Securities Probe ”

UBS had ignored advisory issued during the due diligence process, and had breached its underwriting guidelines. The bank had admitted in the settlement prospectus supplements did not fully explain the bank’s due diligence process.  The $230 million settlement includes $189 million in consumer relief and $41 million in cash for the New York State.

Recent Settlements:

  • Royal Bank of Scotland – $500 million
  • JPMorgan Chase & Co. – $1 billion
  • Bank of America Corp. – $800 million

Source: Bloomberg, Reuters

 

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About UBS

Headquartered in Zurich and Basel, the UBS Group is a global firm providing financial services to private, corporate and institutional clients. The UBS Group is present in all major financial centers and has offices in over 50 countries. The UBS Group employs approximately 60,000 people around the world. The UBS Group’s historical roots stretch back more than a century.

Visit: UBS

 


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Charles P. Lazarus Founder of Toys “R” Us Dies at Age 94

Charles P. Lazarus Founder of Toys “R” Us Dies at Age 94

Charles Philip Lazarus, the founder of Toys “R” Us has died at the age of 94.  His death came just days from Toys “R” Us announced its plans to liquidate all its stores in United States.  The toy giant had also filed for Chapter 11 bankruptcy in September 2017.  In mid-2005, Toys “R” Us was purchased by a group of investors and had saddled the company with heavy debts.

“ Charles P. Lazarus Founder of Toys “R” Us Dies at Age 94 “

Charles Philip Lazarus founded Toys “R” Us, the global toy giant in 1957 almost 70 years ago in Washington D.C. in United States.  It grew into a global toy retail chain with thousands of stores, dominating toys sales with deep discounts.  The “R” was returned to face the other way, to make it seems like a child has written it.  He retired as CEO and Chairman in 1994, and remained as Chairman Emeritus until 2017.

Charles P. Lazarus was born in 1923 in Washington in United States.  He is survived by his wife, Joan Lazarus, and two daughters.

Sources: Toys R Us, NY Times, Time

 

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About ToysRUs

ToysRUs, Inc. is relentlessly striving to be the best toy and baby retail company for the world. It has solidified its position by offering a differentiated shopping experience through its family of brands. Today, merchandise is sold in 875 ToysRUs and Babies“RUs stores in the United States, Puerto Rico and Guam, and in more than 765 international storesand more than 245 licensed stores in 37 countries and jurisdictions. With e-commerce sites including Toysrus.com and Babiesrus.com, the company provides shoppers with a broad online selection. In addition, the company is committed to serving its communities as a caring and reputable neighbor.

Visit: ToysRUs

 


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Dropbox Inc Stock Rises 35% to $12 Billion Market Value at IPO

Dropbox Inc Stock Rises 35% to $12 Billion Market Value at IPO

Dropbox Inc., the file storage company saw its stock price rising 35.62% ($28.48) to more than $12 billion market valuation at IPO.  The IPO was priced at $21, raising $756 million for the company which has more than 500 million users in 180 countries.

” Dropbox Soared 35% at IPO to $12 Billion Market Value “

In 2016, the revenue increased from $845 million (2015) to $1.1 billion while company net loss reduced from $210 million (2015) to $112 million.  Prior to IPO, Dropbox and Salesforce have announced a partnership to integrate and sell Sales force solutions with Dropbox tools, and Dropbox agreed to sell $100 million of stocks to salesforce.com Inc venture capital unit.

The lead underwriters are Goldman Sachs Group Inc., JPMorgan Chase & Co., Deutsche Bank AG, Bank of America Merrill Lynch and Allen & Co.  Dropbox is listed on Nasdaq Global Select Market under the symbol DBX.  Dropbox co-founder and Chief Executive Officer Andrew Houston have a 24% stake and Venture capital firm Sequoia Capital have about 25% stake in the company.

Sources: Bloomberg, Reuters, NASDAQ

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About Dropbox 

Dropbox is a leading global collaboration platform that’s transforming the way people and teams work together. With more than 500 million registered users across 180 countries, we’re on a mission to unleash the world’s creative energy by designing a more enlightened way of working. Dropbox is headquartered in San Francisco, CA, and has 12 offices around the world.

Visit: Dropbox

 


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Bankrupt Toys “R” Us to Close All 735 Stores in United States

Bankrupt Toys “R” Us to Close All 735 Stores in United States

Toys “R” Us, has filed a motion seeking the Bankruptcy Court approval to close all 735 stores and liquidates its inventories in United States.  The toy giant is also working on a sale process for its Canadian and international operations in Asia and Central Europe, including Germany, Austria and Switzerland.  The Company’s international operations in Australia, France, Poland, Portugal and Spain are also reviewing their options.

” Bankrupt Toys “R” Us to Close All 735 Stores in United States “

Toys “R” Us has filed for Chapter 11 bankruptcy protection on 18th September 2017, and have received interim approval.  At a hearing on 19th September 2017, the company will continue normal business operations throughout the financial restructuring process.

Sources: Toys R Us, Bloomberg

 

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About ToysRUs

ToysRUs, Inc. is relentlessly striving to be the best toy and baby retail company for the world. It has solidified its position by offering a differentiated shopping experience through its family of brands. Today, merchandise is sold in 875 ToysRUs and Babies“RUs stores in the United States, Puerto Rico and Guam, and in more than 765 international storesand more than 245 licensed stores in 37 countries and jurisdictions. With e-commerce sites including Toysrus.com and Babiesrus.com, the company provides shoppers with a broad online selection. In addition, the company is committed to serving its communities as a caring and reputable neighbor.

Visit: ToysRUs

 


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Producer of Wolf of Wall Street to Pay $60 Million to US Government for Using Malaysia State Funds

Producer of Wolf of Wall Street to Pay $60 Million to US Government for Using Malaysia State Funds

Red Granite Picture, the firm that created “The Wolf of Wall Street” movie in 2013 starring Hollywood actor Leonardo DiCaprio, has agreed to pay $60 million to the United States government to settle a civil lawsuit for using funds that were misappropriated from Malaysia.  The $60 million settlement, is not an admission of wrongdoing or liability on the part of Red Granite, that includes funding 2 other films “Daddy’s Home” and “Dumb and Dumber To.”  Red Granite Picture is co-founded by the Malaysian prime minister Najib Razak’s stepson, Riza Aziz.

” $60 Million to be Paid in 3 Instalments within 1 Year “

The case was brought to the California Court in United States if the 3 films financed by Red Granite was using misappropriated funds from 1Malaysia Development Berhad (1MDB).  1MBD is a state fund founded in 2009 by Malaysian Prime Minister Najib Razak, while Tycoon Low Taek Jho (Jho Low) is alleged to be the mastermind is channelling almost $4.5 billion into his own business interests, including financing Red Granite Picture.

The case is U.S. v. “Wolf of Wall Street,” 16-05362, U.S. District Court, Central District of California (Los Angeles).  Red Granite will pay in 3 instalments within 1 year.

  • $30 million within 30 days
  • $20 million within the next 180 days
  • $10 million within 360 days (after the first 180 days)

Sources: Reuters, Bloomberg

 

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About 1MDB

1MDB leads market-driven initiatives to assist the Government in propelling Malaysia towards becoming a developed nation that is highly competitive, sustainable and inclusive.

As a strategic enabler, 1MDB continues to explore areas that can catalyse new sources of growth and lay the groundwork for a brighter future.

Visit: 1MDB

 


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RBS will Pay $500 Million in Settlement for Mis-Selling Mortgaged Backed Securities 10 years Ago

RBS will Pay $500 Million in Settlement for Mis-Selling Mortgaged Backed Securities 10 years Ago

Royal Bank of Scotland (RBS) has agreed to pay $500 million in settlement for deceptive practices and misrepresentations of residential mortgage-backed securities (RMBS) leading up to the financial crisis in 2008.  The settlement includes $100 million in cash to New York State and $400 million worth of consumer relief for New York homeowners and communities, including funds to spur construction of more affordable housing and to purchase distressed properties to prevent predatory investors.

” RBS to Pay $500 Million in Settlements “

RBS admitted it continued to package and sell to investors RMBS backed by mortgage loan, despite being warned by due diligence vendors the mortgage loans did not comply with underwriting guidelines, and applicable laws and regulations.  RBS had also securitised a large numbers of loans for which no diligence was performed.  Reviews conducted after the defaults of the mortgage loans showed serious problems in the origination of the loans and the originator.

The settlement was led by Attorney General Schneiderman, a key figure in recovering billions of settlements.  He is the co-chaired of the collaboration that includes Department of Justice (United States)  and other federal entities to investigate those responsible for misconduct contributing to the 2008 financial crisis for the pooling and sale of residential mortgage-backed securities.

Sources: Reuters, AG NY

 

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About Royal Bank of Scotland

Today’s RBS and its brands are made up of hundreds of past banks. They were all different – large and small, city and country, traditional and innovative – and grew to serve the banking needs of unique communities all over the United Kingdom. Each one has left its mark on our identity today.  The Royal Bank of Scotland was founded in Edinburgh in 1727. It went on to become one of the biggest banks in Scotland.

Visit: Royal Bank of Scotland

 


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New York Stock Exchange & Affiliates to Pay $14 Million in Settlement for Disrupting Market Prices

New York Stock Exchange & Affiliates to Pay $14 Million in Settlement for Disrupting Market Prices

New York Stock Exchange (NYSE) and 2 affiliated exchanges (NYSE Arca, and NYSE American) have agreed to pay $14 million in settlement for regulatory failures that have caused disruptive market events.

” NYSE and 2 Affiliates to Pay $14 million in settlement “

On 24th August 2015, the exchanges had implemented a total shutdown of two of the exchanges and applying price collars (circuit breakers) during unusual market volatility. They broke rules regarding business continuity and disaster recovery that includes implementing a market-wide regulatory halt and negligently misrepresenting stock prices as as “automated” despite extensive system issues.

The charges for the NYSE exchanges were brought by Securities and Exchange Commission (SEC) for violating Regulation SCI’s business continuity and disaster recovery requirement. Regulation Systems Compliance and Integrity (Regulation SCI) is a set of rules created by SEC to monitor the security & capabilities of the securities markets’ technology infrastructure.  The SEC’s investigations were conducted by the Market Abuse Unit and New York Regional Office.

Sources: SEC, Reuters, Forbes

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About NYSE Group

NYSE Group is a subsidiary of Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses, and a provider of data and listings services. NYSE Group includes exchanges, market data and connectivity services. The equity exchanges — the New York Stock Exchange, NYSE American and NYSE Arca — trade more U.S. equity volume than any other exchange group. NYSE is the premier global venue for capital raising, leading worldwide in IPOs, including technology IPOs. NYSE Arca Options and NYSE American Options are leading equity options exchanges.

Visit www.nyse.com/index.

 


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Music Streaming Spotify Files for Direct Listing on New York Stock Exchange 

Music Streaming Spotify Files for Direct Listing on New York Stock Exchange 

Music streaming service Spotify has filed for a direct listing (SPOT) on the New York Stock Exchange (NYSE).  Based on recent private transactions, the Swedish based company is valued around $15 – $20 billion.  The direct listing on NYSE will allow investors and employees to sell shares and will not be raising new capital or hiring an investment bank or broker to underwrite the offering.   A direct listing will save hundreds of millions of dollars in underwriting fees.

” Spotify to be Listed on NYSE  “

Spotify was launched in 2008 and is available in more than 60 countries.  It is the biggest music streaming company in the world with 71 million premium subscribers ($9.99 monthly) globally while Apple music streaming service has 36 million subscribers.  Spotify has about 159 million monthly average users.

In 2017, the company generated 4.09 billion euros  in revenue and incur an operating loss of 378 million euros.  In 2016, the company raised $1 billion in convertible debt, which would convert to shares at IPO.  In December 2017, Tencent and Spotify announced they would buy minority stakes, helping increasing exposure to each other’s core markets.

Source: Reuters, CNBC, Mashable

 

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