For the world’s biggest banks, what seemed like the perfect business turned out to be the perfect breeding ground for crime.

The trading of foreign currencies promised substantial revenues and relatively low risk. It was the kind of activity that banks were supposed to expand after the 2008 financial crisis.

But like so many other seemingly good ideas on Wall Street, the foreign exchange business was vulnerable to manipulation, so much so that traders created online chat rooms called “the cartel” and “the mafia.”…

Rigging of Foreign Exchange Market Makes Felons of Top Banks

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LONDON — The British bank HSBC confirmed on Friday that it was exploring “strategic options” for its Brazil business, including selling it.

HSBC has exited dozens of underperforming businesses in recent years and is under pressure to pare back its operations further as regulatory costs continue to mount and it faces stricter capital requirements.

In February, Stuart Gulliver, the bank’s chief executive, identified the Brazilian business as one of four “problem” markets where HSBC may seek more extreme restructuring measures if returns did not improve. The bank also is seeking improvement in its operations in Mexico, Turkey and the United States…

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The book, by two reporters, will go on sale on Tuesday.The book, by two reporters, will go on sale on Tuesday.

Ever since Jim Balsillie and Mike Lazaridis stepped down as co-chairmen and co-chief executives of BlackBerry, neither has spoken much in public about the once-dominant smartphone maker’s fall into near market obscurity. The two and many others have opened up, however, to two reporters from The Globe and Mail in Toronto: Jacquie McNish, a senior business writer and author of several books and Sean Silcoff, who reports about the company. The resulting book, “Losing the Signal: The Untold Story Behind the Extraordinary Rise and Spectacular Fall of BlackBerry,” which will be published in the United States on Tuesday, fills in some details of the early history of BlackBerry. And its later chapters offer gripping details about the emotional and business turmoil surrounding its near collapse…

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Jean-Baptiste de Franssu, the president of the Vatican bank, last year after his appointment.CreditAngelo Carconi/European Pressphoto Agency

ROME — The Vatican bank said on Monday that its 2014 net profit had soared, recovering from the expense of last year’s extraordinary overhaul of the organization’s governance.

The Institute for the Works of Religion, as the bank is officially called, reported 69.3 million euros, or about $76 million, in net profit, more than 20 times the €2.9 million reported for the previous year. In 2013, the bank lost money on investments and on the decreased value of its gold holdings, and had to face the costs of meeting stricter standards against money laundering…

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A street in central Thebes, northwest of Athens. While the trash is being collected, budget cuts of 50 percent leave room for little else. CreditEirini Vourloumis for The New York Times

ATHENS — Bulldozers lie abandoned on city streets. Exhausted surgeons operate through the night. And the wealthy bail out broke police departments.

A nearly bankrupt Greece is taking desperate measures to preserve cash. Absent a last-minute deal with its creditors, the nation will run out of money early next month.

Two weeks ago, Greece nearly defaulted on a debt payment of 750 million euros, or about $825 million, to the International Monetary Fund

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Comcast tried to acquire Time Warner Cable and was met with resistance from federal antitrust regulators. The companies abandoned the merger plan last month. CreditAdrees Latif/Reuters

Trying to succeed where Comcast failed, Charter Communications has struck a deal to buy Time Warner Cable, an acquisition that would create a powerhouse in the consolidating American cable and broadband industry.

Charter plans to announce on Tuesday a $55 billion deal for its larger rival and an approximately $10 billion takeover of a smaller competitor, Bright House Networks, people with direct knowledge of the matter said on Monday.

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Time Warner Cable StoreCustomers wait to be assisted at the Time Warner Cable Inc. store in New York. Photographer: Michael Nagle/Bloomberg

Charter Communications Inc. is near an agreement to buy Time Warner Cable Inc. for about $55.1 billion in cash and stock, shaking up the U.S. cable-TV and Internet markets, according to people familiar with the matter.

Charter will pay about $195 a share — 14 percent above Time Warner Cable’s closing price on May 22 — with $100 in cash and the rest in its own stock, said the people, who asked not to be identified because the talks are confidential. The deal could be announced as soon as Tuesday, they said. Bright House Networks, a smaller cable company that Charter is trying to buy, will also be merged into the combined entity, they said…

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The dollar rose to the strongest in almost eight years against the yen after comments on interest rates from Federal Reserve Chair Janet Yellen last week enticed traders returning from a holiday.

The U.S. currency gained versus all its 16 major peers after Yellen said Friday it would be “appropriate” to raise borrowing costs this year for the first time since 2006 if the economy improves. The euro fell to a four-week low against the dollar as Greek finance minister Yanis Varoufakis blamed creditors’ insistence on additional austerity for the impasse over the release of financial aid…

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Singapore’s economy grew more than initially estimated last quarter as demand for the island’s exports improved amid a recovery in the U.S.

Gross domestic product rose an annualized 3.2 percent in the three months through March from the previous quarter, the Ministry of Trade and Industry said in a statement on Tuesday, compared with an April estimate of 1.1 percent. The median forecast in a Bloomberg News survey was 2 percent…

Singapore Economy Expanded More Than Estimated Last Quarter

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Fanuc Corp. RobotsAutomobile engines pass beneath Fanuc Corp. robots as they move along the production line inside an assembly plant. Photographer: Akos Stiller/Bloomberg

Yoshiharu Inaba, president of Japan’s Fanuc Corp., said he didn’t recognize his own company when he saw it represented in the media. Japan’s leading maker of industrial robots was portrayed as peculiar and almost cult-like, obsessed with privacy and the color yellow.

This is what prompted the son of the company’s founder to do something his father never would: He opened the company’s doors to outsiders, first to top investors and later to the media. He felt like he had to…

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En+ Group CEO Maxim SokovMaxim Sokov, chief executive officer of En+ Group. Photographer: Andrey Rudakov/Bloomberg

Russian billionaire Oleg Deripaska’s En+ Group Ltd., whose assets include 48 percent of United Co. Rusal, is considering selling as much as $1 billion of convertible bonds or shares.

En+ is in talks with several parties, some at the stage of due diligence, and may sell its own or a unit’s securities, Maxim Sokov, the chief executive officer of the power and commodities holding company said in Moscow. Investors from China are involved in the discussions, which is “natural” since the group has projects focusing on that country, he said…

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Hong Kong’s exchange operator headed for a record close and brokerages surged on optimism that policy changes in China will spur inflows into the city’s equities.

Hong Kong Exchanges & Clearing Ltd. jumped 4.5 percent as of 10:43 a.m. local time. Brokerages Guotai Junan International Holdings Ltd. and Haitong International Securities Group Ltd. climbed at least 4.5 percent, outpacing the benchmark Hang Seng Index’s 1.4 percent advance…

HKEx Soars With Brokers on Optimism About Influx of China Cash

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BYD's VehicleAn employee charges a BYD Co. electric vehicle at the company’s campus in the Pingshan district of Shenzhen, China. Photographer: Brent Lewin/Bloomberg

BYD Co. plans to raise about 10 billion yuan ($1.6 billion) in a private A-share placement, people familiar with the matter said, amid a stock-market rally that’s seen its Shenzhen-traded shares almost double in value this year.

BYD is working with banks including China International Capital Corp., China Merchants Securities Co., Guosen Securities Co. and UBS Group AG on the plan, the people said, asking not to be named as the information is private. Details including the size of the offering haven’t been finalized and are subject to change, the people said…

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Janet Yellen, chair of the U.S. Federal Reserve. Photographer: Scott Eisen/Bloomberg

Forget 2015. The real play for bond traders is 2016.

For years, the $12.6 trillion U.S. Treasury market has signaled — correctly — that the Federal Reserve was too optimistic in its outlook for the economy and interest rates.

That’s no different now even though policy makers have moved closer to how traders view the world, which is to say that it wouldn’t be surprising if the central bank failed to lift borrowing costs this year…

Bond Traders Uncover Secret to Rates That Fed Just Doesn’t Get

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Photographer: Andrew Harrer/Bloomberg

Greek officials will use Tuesday to revive their bid to access financial aid with their finance minister, Yanis Varoufakis, blaming creditors’ insistence on more austerity for the impasse.

While Greek Prime Minister Alexis Tsipras’s spokesman Gabriel Sakellaridis said Monday that a deal can be reached by the end of May, he admitted that disagreements remain in areas such as budget targets, sales-tax rates, pension and labor market rules…

Greece Returns to Talks With Varoufakis Blaming Creditors

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HONG KONG — Six months after a groundbreaking link between their stock markets took effect, Hong Kong and mainland China announced on Friday that they would partly open their respective markets for investment funds.

In a joint announcement after markets closed on Friday, the China Securities Regulatory Commission and Hong Kong’s Securities and Futures Commission said a trial program to allow funds registered in one jurisdiction to be marketed to individual investors in the other would begin on July 1.

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Today, people see shades of 2000 in the eye-popping valuations of companies like Slack, whose offices are seen at top; Uber; and Airbnb, at bottom.CreditFrom top: Jason Henry for The New York Times; Sam Hodgson for The New York Times; and Matthew Millman for The New York Times

SAN FRANCISCO — It is a wild time in Silicon Valley. Two-year-old companies are valued in the billions, ramshackle homes are worth millions and hubris has reached the point where otherwise sane businesspeople muse about seceding from the United States.

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Matías CampianiUruguay’s got kind of a funny legal system, one private-equity honcho has had the misfortune of finding out. Having bought the country’s national airline in 2007 and then sold it back to the government at a loss five years later, Matías Campiani must have figured it was the last he’d hear about it, what with the indemnification given them by the Uruguayan government. Surely, he didn’t seem concerned when the Uruguayans asked him to cross the Rio de la Plata for a chat, because, you know, he went. And then got arrested.

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Investors are starting to question whether a five-year bull market in assets ranging from stocks and bonds, to high end real estate and rare art is nearing an end. While that’s created battlegrounds on Wall Street as some foresee a market top and others see little cause for alarm, it’s also allowed many top investors to express bold and controversial new trading ideas.

Many stock pickers and bond gurus are undeterred by the idea that markets will be more volatile and less correlated going forward as the Federal Reserve eventually raises short term rates and economies in Europe and Asia reap the fruits of their stimulus efforts. They are constructing portfolios and trades that are more interesting thanDavid Tepper’s ’Bernanke Put,’ Carl Icahn and David Einhorn’s slice intoApple’s AAPL +0.92% cash stockpile, or John Paulson’s so-far backfired bet on gold…

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Persistent low growth combined with low interest rates are constricting the traditional sources of revenue for the insurance industry, creating an urgent need to seek out new sources of revenue and accelerate innovation. The industry is threatened by disintermediation and needs new, digital business models that leverage existing brands and customer relationships.  The risk management function will need to continue to play a bigger role in the organization to overcome these challenges successfully.

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The Affordable Care Act, which is five years old and in its second year of providing subsidized private coverage on government marketplaces, is making it easier for Americans to pay their medical bills.

But when it comes to eliminating their debts to healthcare providers and paying their share of co-payments and deductibles, Americans still have problems, several different studies out in the last week show.

The Urban Institute issued briefs showing the health law has taken a load off of family budgets with 9.4 million fewer families “having problems paying medical bills,” the report shows. However, the institute also reported  that nearly one in four adults between the ages of 18 and 64 have tallied medical debt they are still paying off…

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Alexis TsiprasGreece’s Prime Minister Alexis Tsipras during a Syriza party meeting in Athens, May 23. Photographer: Yorgos Karahalis/AP Photo

Greece called on the country’s creditors to compromise on demands to break an impasse over the release of funds for its cash-strapped economy as a deadline neared for payments due next month to the International Monetary Fund.

A day after Prime Minister Alexis Tsipras said Greece can’t absorb any more austerity measures, Finance Minister Yanis Varoufakis said his government has met the euro area and IMF three-quarters of the way so it’s up to creditors to cover the remainder. Interior Minister Nikos Voutsis, who has no economic decision-making powers, went so far Sunday as to say Greece couldn’t and wouldn’t pay the IMF in June without a deal…

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EDF CEO Jean-Bernard LevyJean-Bernard Levy, chief executive officer of Electricite de France SA. Photographer: Marlene Awaad/Bloomberg

Electricite de France SA has offered about 2 billion euros ($2.2 billion) for the reactor businesses of Areva SA, the troubled French builder of atomic plants, according to a person familiar with the situation.

The non-binding offer opens the way for an unspecified period of negotiations and due diligence between the companies and the French government, which controls both, said the person who could not be named because the talks are private…

EDF Said to Offer EU2 Billion for Areva’s Nuclear Business

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ECB President Mario DraghiEuropean Central Bank President Mario Draghi. Photographer: Martin Leissl/Bloomberg

Three of the world’s top central bankers used the stage of a monetary policy conference to defend their strategies and call on governments to do more to boost growth.

Haruhiko Kuroda, governor of the Bank of Japan, reiterated on Saturday that the effects of monetary easing are working through the economy and price trends are improving. Mario Draghi, president of the European Central Bank, urged governments to step up structural reforms. And Stanley Fischer, vice chairman of the Federal Reserve, defended stimulating the U.S. economy to counter low inflation…

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Real-estate and construction companies dragged Dubai’s stocks to the lowest level in five weeks as equity gauges across the six-nation Gulf Cooperation Council retreated.

Dubai’s DFM General Index slid 1.7 percent to close at 4,049.98, pulled lower by a 2 percent declined in the Dubai Financial Market Real Estate Index. Emaar Properties PJSC, the developer with the biggest weighting on the gauge, dropped the most since May 4. Arabtec Holding slipped to the lowest level since April 2 after a newspaper reported that Egypt ended talks with the construction company to build 1 million housing units…

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The Reserve Bank of Australia is set to win more room to weaken its currency after lenders started doing their bit to cool the housing market.

Australia & New Zealand Banking Group Ltd. said last week it will stop giving discounts on mortgage rates to investors, while National Australia Bank Ltd. also said it would respond to calls from regulators and limit such offers. The RBA’s monetary easing has added fuel to a property boom, with house prices in Sydney rising about 40 percent over the past three years…

RBA Winning Room to Weaken Currency as Banks Act to Cool Housing

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The head of Europe’s biggest debt collector says the historic wave of stimulus spilling out of central banks has failed to fuel investment growth.

Lars Wollung, the chief executive officer of Intrum Justitia AB, warned that record-low interest rates “don’t seem to lead to investments that create jobs,” in an interview in Stockholm.

“A rate that is too low, or a rate that many of us have never experienced, is so extraordinary that it doesn’t create any stability or faith in the future at all,” he said. “Rather the opposite: one feels insecure and waits with expansion plans and to hire more people.”…

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Yields ChartChina’s government needed lower borrowing costs to clean up a local debt mess. The central bank obliged.

The three-month Shanghai Interbank Offered Rate has tumbled 200 basis points since March 31, heading for the biggest two-month drop since 2008. That coincides with the government kicking off a municipal bond program and the exchange of regional loans into lower-yielding notes. Jiangsu province and Xinjiang autonomous region both sold three-year debt for less than 3 percent last week, almost matching the sovereign, after the start of issuance was delayed in April…

China’s Central Bank Lowers Borrowing Costs to Help Clean Up Local Debt Mess

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London financial districtA pedestrian passes bank headquarters and commercial real estate offices in the Canary Wharf business and financial district in London. Photographer: Chris Ratcliffe/Bloomberg The investment of choice for bulls seeking risk, value and domestic growth? European banks.

The shares have jumped 28 percent since a January low, but they’re still trading at a discount to their two-year average, making the industry among the cheapest in the region. The cost of options protecting against bank stock swings this month reached the lowest level in more than five years versus those on the Euro Stoxx 50 Index…

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“We are convinced we are on the right path,” Anshu Jain, a co-chief executive of Deutsche Bank, said on Thursday at the annual shareholders meeting in Frankfurt.CreditArne Dedert/European Pressphoto Agency

Top executives of Deutsche Bank tried to reassure increasingly restive shareholders on Thursday that they were making progress on cutting costs, delivering more consistent profits and avoiding legal problems that have cost Germany’s largest bank billions of euros in fines and settlements.

The bank, one of the last European lenders with a large presence on Wall Street, held its annual shareholders’ meeting in Frankfurt amid calls from some investors for the co-chief executives, Anshu Jain and Jürgen Fitschen, to step down…

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San Francisco — On the surface, Goldman Sachs’s annual shareholders’ meeting on Thursday was a yawn.

The gathering drew no more than a few dozen investors and other attendees, half-filling a dimly lit auditorium in the tower that houses its San Francisco offices. All of its directors easily won re-election. And the meeting was done in just over a half-hour.

But it was notable that Goldman’s annual gathering was held here at all. It was, in a sense, the bank’s way of staking a claim in the heart of tech country, as Goldman fights to win its share of business from the boom that has lured billions of investor dollars and produced huge transactions…

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A CVS store in Manhattan. Buying Omnicare is expected to broaden CVS Health’s role in the specialty pharmacy business. CreditSpencer Platt/Getty Images

As the American population gets older, pharmacies and other health care providers are increasingly positioning themselves to capitalize and serve the needs of this demographic. This group often needs drugs for chronic conditions like diabetes and heart disease, as well as lifesaving medications for sudden conditions like infections or pneumonia.

To cater to that group, the CVS Health Corporation is acquiring the pharmacy services provider Omnicare, which distributes prescription drugs to nursing homes and assisted-living operations…

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Banks that depend heavily on short-term sources of cash to fund longer-term operations and investments open themselves up to the risk of runs, and potentially a full-blown crisis, according to research from the Federal Reserve Bank of Dallas that identifies such “liquidity mismatches” as an early sign of impending trouble.

“Liquidity mismatch helps predict bank failure and distress one or two years ahead,” write Dallas Fed staffers J.B. Cooke, Christoffer Koch and Anthony Murphy in the regional bank’s May Economic Letter.

“Liquidity mismatch rose significantly before the financial crisis, especially at large banks,” the authors write. “The rise in mismatch contributed to the rise in bank failures and cases of distress.”…

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In honor of David Letterman’s final late-night TV show, here is my Top 10 list of not-to-be-missed quotes coming out of the news this week about the settlement of foreign currency exchange rate manipulation charges by four major banks.

The tally for big-bank audacity for currency rate manipulations now totals many billions in civil and criminal fines. The Hall of Shame includes Citicorp, JP Morgan Chase & Co., Barclays PLC , Royal Bank of Scotland plc, UBS AG and HSBC…

Top 10 Not-To-Be-Missed Quotes From The Forex Manipulation Scandal

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Chinese thin-film solar panel maker Hanergy was a high-flying stock this year, with its price soaring six-fold to a valuation of $37 billion despite what should have been numerous warning signs, including the brand being built on the CEO’s charisma, the often-careless promotion of Cleantech for its green character, and wishful thinking about a too-expensive technology. Sounds all too familiar.

Think Solyndra or Israeli electric car company Better Place. Both were much ballyhooed by Cleantech proponents, raised lots of money (from the government in the first instance), and seemed much more focused on technical accomplishments than economics. Hanergy claims it was chosen by MIT’s Technology Review as the only Chinese company on the list of 50 smartest companies, but it doesn’t seem to have passed muster on the business end…

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Telecom Italia SpA plans to raise as much as 960 million euros ($1.1 billion) from an initial public offering of its wireless-tower unit, boosting the target after advisers increased their valuation estimates, people familiar with the matter said.

The unit, called Inwit, is worth 2 billion euros to 2.4 billion euros, according to the advisers’ latest and final assessment, the people said. They asked not to be identified because the review was sent only to investors and isn’t yet public…

Telecom Italia Said to Boost Tower IPO to Up to $1.1 Billion

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Greek Prime Minister Alexis TsiprasAlexis Tsipras, Greek prime minister. Photographer: Alain Jocard/AFP/Getty Images

(Bloomberg) — Late-night negotiations between the Greek, French and German government leaders ended without any sign of a breakthrough that will unlock bailout funds and ensure Greece’s future in the euro region.

With time running out for a deal to free up the remaining 7.2 billion-euro ($8 billion) tranche of aid, talks between Prime Minister Alexis Tsipras, President Francois Hollande and Chancellor Angela Merkel broke up shortly before 1 a.m. on Friday in the Latvian capital Riga with the three agreeing only to stay in close contact…

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Huatai Securities Co., China’s fourth-biggest listed brokerage by revenue, is poised to raise $4.5 billion from a first-time share sale in Hong Kong, people with knowledge of the matter said.

The Nanjing-based company plans to sell shares at HK$24.80 apiece, the top end of a marketed range that started at HK$20.68, said the people, who asked not to be identified because the information is private. The price represents a 35 percent discount to Huatai’s close of 30.40 yuan in Shanghai on Thursday…

Huatai Said to Plan Top Pricing for $4.5 Billion Hong Kong Offer

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Six of the world’s biggest banks will pay $5.8 billion and five of them agreed to plead guilty to charges tied to a currency-rigging probe as they seek to wind down almost half a decade of enforcement actions.

Citicorp, JPMorgan Chase & Co., Barclays Plc and Royal Bank of Scotland Plc agreed to plead guilty to felony charges of conspiring to manipulate the price of U.S. dollars and euros, according to settlements announced by the Justice Department in Washington Wednesday. The main banking unit of UBS Group AG agreed to plead guilty to a wire-fraud charge related to interest-rate manipulation. The Swiss bank, the first to cooperate with antitrust investigators, was granted immunity in the currency probe…

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Let’s discuss over by the keg

A “commons” membership is first-come, first-seated.

Workers of a certain age may recall that long ago, people once divided their waking hours into two parts: work and life. At quitting time, Fred Flintstone would slide down the tail of his dinosaur with a “Yabba dabba doo!” That was before technology put the office on vibrate inside everyone’s pocket, and before economic upheaval decoupled work from the security of a full-time job. Today, an estimated one-third of the labor market is made up of “contingent” workers—freelancers, contractors, and the self-employed. When the job is no longer 9-to-5, it’s hard to keep a work-life balance. Now, though, there’s a place where the age-old divide can seem irrelevant, where toil and fun blend together beneath neon signs that say things such as “Embrace the Hustle.” Where there’s always a free keg of beer at the self-serve bar, with a tap that says: WeWork…

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A farmer holds damaged wheat at a farm in Aligarh, Uttar Pradesh. Photographer: Prashanth Vishwanathan/Bloomberg

In the wheat fields stretching across northern India, farmers like Dalvir Sharma are starting to turn on Prime Minister Narendra Modi.

Sharma, 51, voted for Modi’s Bharatiya Janata Party last year after it promised to stem rising prices in the market. Now he’s struggling to pay back a 100,000 rupee ($1,570) loan after unseasonal rains destroyed most of his crop and guaranteed prices increased at the slowest pace in at least four years…

Modi’s Inflation War Angers India Farmers as Wage Gains Slow

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After $35 billion in market value was erased from three Hong Kong-listed companies over two days, investors are asking if the city’s regulator should have done more to prevent the sudden selloff.

Goldin Financial Holdings Ltd. and Goldin Properties Holdings Ltd., controlled by billionaire Pan Sutong, plunged more than 40 percent Thursday. A day earlier, Hanergy Thin Film Power Group Ltd. tumbled 47 percent in 24 minutes before trading in the Chinese solar company’s shares was suspended. The stocks, which had surged at least 500 percent in the 12 months before the rout, can also be bought and sold by mainland investors through an exchange link…

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Ordos CityEmpty apartment developments stand in the city of Ordos, Inner Mongolia on Sept. 12, 2011. Photographer: Mark Ralston/AFP/Getty Images

China’s Ordos city, where towers that sprang from Inner Mongolian farmland now sit empty, is showing the hangover has just begun from a decade-long building boom.

Ordos City Huayan Investment Group Co., a developer whose chairman headed a group of livestock researchers, is at high risk of defaulting on 1.2 billion yuan ($194 million) of bonds if investors exercise an option to offload them in December, said Haitong Securities Co. and China Investment Securities Co. Also in the city, Inner Mongolia Hengda Highway Development Co. asked noteholders to defer rights to sell back private securities in April due to cash shortages, according to China International Capital Corp…

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Japan’s foreign investments and assets climbed to a record in 2014, keeping it in front of China and Germany as the world’s top creditor nation.

The reading stretches Japan’s lead as No.1 creditor country to 24 years, with 71 percent more in net assets than China, even after its Asian neighbor surpassed it to become the world’s second-largest economy in 2010.

Japan’s net overseas assets grew 13 percent to 366.9 trillion yen ($3 trillion) in 2014, with the exchange rate helping Japan’s overseas assets grow 19 percent to 945.3 trillion yen, according finance ministry datareleased in Tokyo on Friday. Liabilities, mostly driven by higher inbound investment, rose 23 percent to 578.4 trillion yen…

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Tiger Global Management, which has risen to prominence by investing in start-ups, will change its leadership as two executives depart, the firm told investors in a letter on Monday.

One of the firm’s investment heads, Feroz Dewan, will leave at the end of June to set up his own investment firm, according to the letter. Another partner, Caleb Watts, will also leave next month to focus on managing his fortune.

The moves will lead to one of the biggest reorganizations at Tiger Global since its founding in 2001. Mr. Dewan, who joined the firm in 2003, oversaw its roughly $6 billion hedge fund business and led one of two “long-only” funds that invests in public stocks…

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Senator Maria Cantwell, Democrat of Washington, tied a vote on trade to a vote on extending  the Export-Import Bank.CreditAndrew Harnik/Associated Press

WASHINGTON — In 2013, the impoverished African nation Cameroon teamed with General Electric and the Environmental Chemical Corporation, which is based in Burlingame, Calif., to begin work on a $668 million drinking water project for its thirsty capital, financed with loan guarantees from the Export-Import Bank of the United States.

But as the project moves toward its larger second phase, the threatened demise of the Export-Import Bank, a 70-year-old federal export credit agency, is rippling across Cameroon. The water project is a potential victim of an effort by conservative Republicans to kill the bank…

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The latest off-patent drug deal is far from generic.

With the $8 billion sale of Par Pharmaceutical to Endo International, the buyout firm TPG will generate an outsize return on its investment in three years. Though it’s a rare development, the eagerness of buyers like Endo means more sellers are bound to benefit.

TPG, the private equity shop led by David Bonderman, took Par private in 2012 for $1.9 billion. That required an equity check of $739 million, and later another $110 million to help Par buy a smaller rival. TPG also subsequently paid itself a dividend of nearly $500 million. The Endo deal will bring another $5.8 billion. Add it all up, and TPG has reaped eight times what it put in…

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Go after the ones “active” managers won’t touch

An Exxon Mobil Corp. Gas Station Ahead Of Earnings FiguresPhotographer: Luke Sharrett/Bloomberg

At best, you would hope the consultant you hired to help pick out mutual funds had your specific investment goals and risk tolerances in mind. Or at worst, you would hope the consultant had something more in mind than a raging desire not to get fired.

But that’s the delightfully cynical theory being floated by Bank of America Merrill Lynch strategist Savita Subramanian. In her assessment, the key motivation by consultants may be to justify their existence by making clients believe they are getting something for their money when they invest in an active fund with way higher fees than passive funds that simply track benchmark indexes…

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It took a while for this contingent of FOMC members to reach the conclusion that in this economy the dollar matters. With housing on the upswing but not swinging up enough to pull overall growth sufficiently higher, there seems little reason for the Fed to passively accept “potential downside risks resulting from foreign economic and financial developments” by, in effect, allowing the dollar to continue to rise – “the value of the dollar had increased significantly since the middle of last year, and it was seen as likely to continue to be a factor restraining U.S. net exports and economic growth for a time”. By pushing out the timing of the first tightening to September (maybe), the Fed has essentially given the dollar’s depreciation a little more reason. Indeed, in their belief that Q2 would see an expansion in GDP (we do as well), among the reasons why they felt the need to add “if . . . the rise in the foreign exchange value of the dollar did not continue . . . the change in net exports would likely recede”

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On April 11, 2002, the Securities and Exchange Commission announced a record-breaking settlement with Xerox XRX +1.24% stemming from the company’s alleged accounting fraud stretching back a number of years. “Such conduct calls for stiff sanctions,” announced Paul Berger, then the commission’s Associate Director of Enforcement, “including, in this case, the imposition of the largest fine ever obtained by the SEC against a public company in a financial fraud case.” The fine, which the SEC dubbed as “unprecedented” at the time, totaled $10 million.

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BMW’s first quarter profit performance looked good on the surface, but closer analysis pointed to the bottom line owing more to factors outside its control like foreign exchange gains rather than the company’s own performance.

Investors reckoned any short-term problems are likely to be banished soon as the ageing model portfolio is renewed, with a new 7-Series flagship, X-1 SUV and 5-Series sedan. And that’s not all. British magazine Autocar reported this week that BMW is planning a new small, coupe-styled SUV, the X2, to launch in 2017, looking a bit like the current X4 and X6. BMW didn’t comment. BMW has also launched a refreshed, face-lifted version of its biggest selling product, the 3-Series…

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It sounds like the mother of all spreadsheets: 1 million rows, 1 million columns — 1 trillion entries in all.

Fortunately, Braxton McKee isn’t using Excel. Instead, he’s tapping into the cloud to crunch all that market data on the cheap with software he built that learns as it goes…

The $10 Hedge Fund Supercomputer That’s Sweeping Wall Street

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A disastrous day

Hanergy's PlantChinese workers manufacture solar panels at the plant of Zhejiang Changxing Hanergy Solar PV Co., Ltd. in Huzhou city, east China’s Zhejiang province. Source: Imaginechina

Where’s Li Hejun?

That’s the question many were asking when the founder, chairman and principal owner of Hanergy Thin Film Power Group Ltd. failed to show up at his company’s annual meeting Wednesday — the same day the company’s stock price tanked 47 percent, wiping out $19 billion in market value in 24 minutes…

A 24-Minute, $19 Billion Wipeout Threatens a Chinese Company’s Solar Dream

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Asian stocks advanced for the first time in three days as investors weighed the minutes of the Federal Reserve’s last meeting and awaited China manufacturing data.

The MSCI Asia Pacific Index rose 0.1 percent to 153.02 as of 9:02 a.m. in Tokyo. The Fed minutes reinforced the view that interest rates will probably be boosted in the second half of this year. China factory activity may show improvement this month, preliminary estimates from HSBC Holdings Plc and Markit Economics due today are expected to show, according to economists surveyed by Bloomberg…

Asian Stocks Rise After Fed Minutes as Investors Await China PMI

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Residential Real Estate As City Becomes The Least Affordable U.S. Housing Market

Downtown San Francisco is seen from Twin Peaks in San Francisco, California, U.S.

Photographer: David Paul Morris

Skyrocketing living costs make it harder for people to save enough for a down payment

Add one more marker in the timeline of soaring rental costs: They just increased faster than home values for the first time since 2012.

Rents grew 4 percent in the year ended in April, beating the 3 percent rise in home values over the same period, according to figures released Thursday by Seattle-based real-estate data provider Zillow Group Inc…

Rents Are Soaring Faster Than Home Values for the First Time Since 2012

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Thai Prime Minister Prayuth Chan-OchaPrayuth Chan-Ocha, Thailand’s prime minister. Photographer: Dario Pignatelli/Bloomberg

Thailand’s government plans to increase spending on investment to the highest in seven years in an attempt to spur local demand and offset weakening exports.

The budget for the fiscal year starting Oct. 1 will have a deficit of 390 billion baht ($11.7 billion), which is 56 percent higher than the current year. Investment will account for a fifth of total spending, Prime Minister Prayuth Chan-Ocha said Thursday in parliament…

Thailand Budget Proposes More Investment Spending to Spur Growth

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Alexis Tsipras, Greece’s prime minister, speaks during an event in Athens, Greece, on Friday, May 15, 2015.

Photographer: Kostas Tsironis/Bloomberg

Greece delved into detailed proposals with creditors as some European policy makers struck an increasingly optimistic tone that a deal to unlock bailout aid can be reached.

An agreement is possible in the coming weeks following progress this month, European Union Economic and Monetary Commissioner Pierre Moscovici told the French Senate Wednesday, the day after German Chancellor Angela Merkel said Greece had until the end of the month to reach a deal…

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India's InfrastructureLaborers prepare reinforcing steel on a commercial building construction site in Mumbai, India. Photographer: Dhiraj Singh/Bloomberg

As Prime Minister Narendra Modi approaches the end of his first year in office with modest achievements and incremental change, India’s business leaders are looking for him to step up efforts to boost growth in the $1.9 trillion economy.

At the top of India Inc.’s wish list are investments in infrastructure, simplification of rules for acquiring land and implementation of a proposed national sales tax. Executives say the government should take the lead in financing new roads and public projects to give the maximum boost to Asia’s third-biggest economy…

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As disputes over patents, copyrights, trademarks and trade secrets have grown, the nation’s biggest law firms have wrested away much of the lucrative intellectual property litigation work from smaller boutique firms.

Last year, the 50 largest firms had 61 percent of the specialized litigation work, up from the 36 percent in 2011, according to an analysis released on Tuesday by Lexis/Nexis CounselLink, which processes legal invoices.

The share of intellectual property business at smaller firms dropped, with legal work at firms employing 201 to 500 lawyers falling to a 13 percent market share last year, from 35 percent four years ago.

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After building up a French cable empire, Altice appears poised to extend its reach across the Atlantic.

The French company is in discussions to buy Suddenlink Communications, a privately held American cable operator, a person briefed on the matter said on Tuesday.

A deal could be announced soon, though this person cautioned that talks were continuing and could fall apart.

If the talks succeed, Suddenlink would be the latest outpost for Altice and its Numericable-SFR broadband operations. Born of a merger of cable networks, Numericable-SFR is one of the biggest telecommunications companies in France, claiming some 6.5 million fixed-line customers and 22.5 million mobile customers…

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