Madoff Fund Paid Millions to Breeden Firm, Zero to Victims

May 24, 2017

A firm hired by the U.S. to distribute $4 billion to victims of Bernard Madoff’s Ponzi scheme has racked up $38.8 million in billings over four years. The investors are still waiting for their first checks, though. The Justice Department disclosed its payments to Richard Breeden, the Madoff Victim Fund administrator, in response to a Freedom of Information Act request from Bloomberg News. Breeden’s fees, which are being paid from cash in the…

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Uber Plans Millions in Back Pay After Shorting NYC Drivers

May 24, 2017

“Uber’s theft of drivers’ hard-earned wages is the latest in a long history of underhanded tactics in this industry,” said Jim Conigliaro Jr., founder of the Independent Drivers Guild. The guild called on regulators to investigate ride-hailing companies’ payment practices. Uber recently updated its terms of service for drivers. While drivers’ pay is determined according to the time and distance they travel, Uber has begun to experiment with how it…

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May 24, 2017

Fox News is losing its mojo. After parting ways with the most-watched temperaments in cable bulletin and fuelling its benefactor over allegations of sexual harassment, the conservative-oriented Fox dropped to third place last week in prime time amongst the spectators that advertisers court, a place it hasn’t occupied for roughly 17 years. Meanwhile, left-leaning MSNBC surged to No. 1 for a second straight week, helped by bulletin on examinations into…

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Why Warren Buffett Took Out an Ad on the Same Page as One for a Strip Club

May 24, 2017

People obsess over Warren Buffett’s moves in the stock market, analyzing every word he says in the media and regulatory filings for clues about his investments. But even the most sharp-eyed observers could be excused for missing a disclosure he made Friday about American Express Co. The billionaire took out a fine-print ad in the New York Daily News to say he’s seeking permission from the Federal Reserve to hold as…

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Five Charts Show How CEO Hirai Turned Around Sony in Five Years

May 23, 2017

Hirai’s biggest accomplishment has arguably been the return to profitability in consumer electronics. The 56-year old has slashed costs in everything from televisions to smartphones while retreating from unprofitable businesses. But he’s also doubled-down on more research and development, a move that’s resulted in "fewer and better products," according to Macquarie Capital analyst Damian Thong. Among the growth factors has been the dominance of PlayStation 4. After losing to Nintendo…

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SoftBank’s Son Chases Boyhood Dreams With $100 Billion Fund

May 22, 2017

When Masayoshi Son was a boy growing up on Japan’s southern island of Kyushu, he kept a notebook to scribble down new inventions he hoped to create one day. Today, the SoftBank founder has almost $100 billion to invest on making the next big thing a reality. Son’s SoftBank Group Corp. closed the first round of a planned $100 billion investment fund, with money raised from Saudi Arabia, Abu Dhabi,…

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Japan’s SoftBank Says $93 Billion Pledged to Technology Fund

May 21, 2017

Mubadala Investment Co. and Apple Inc. With more than $93 billion committed, the fund — which includes Qualcomm Inc., Foxconn Technology Group and Sharp Corp. — aims to reach $100 billion within six months, SoftBank said in a statement Saturday. Mubadala committed $15 billion, according to a separate statement. The Vision Fund will seek long-term investments in businesses aimed at innovation. SoftBank has relied on borrowing and earnings from its…

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Saudi Arabia Greets Trump With Billions of Dollars of Deals

May 21, 2017

Saudi Arabia welcomed U.S. President Donald Trump with agreements for deals worth tens of billions of dollars on Saturday as he embarked on his first state visit to the kingdom, which is undertaking unprecedented economic reforms. The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, is contributing Saudi Aramco said it signed 16 accords with 11 companies valued at about $50 billion. One initial deal — worth $15 billion —…

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JPMorgan’s Dimon Signals Optimism on Economy, U.S. Rule Changes

May 21, 2017

Jamie Dimon To read about the bank’s most recent earnings, click here. Treasury Secretary Steven Mnuchin Citigroup Inc., which received its long-sought after investment-banking license in the kingdom last month, helped arrange a $17.5 billion Saudi bond sale last year and a $9 billion Islamic bond issue in April. Dimon said JPMorgan’s Saudi operations had boomed from two staff during his first trip to the kingdom to about 80 employees…

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This Caribbean Bank Wants Chinese Money No One Else Will Touch

May 16, 2017

The global campaign against money laundering combined with the Panama Papers made the Caribbean islands of sun, sand and offshore banking a near no-go zone for the world’s biggest banks. So the British Virgin Islands has a solution: a bank to service offshore companies, many of them from China, locked out of the global banking system by Standard Chartered Plc and others. The new Bank of Asia (BVI) Ltd. is…

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