China’s property investment slump worsens
Property investment in China fell 10.1% in the first five months of 2024 from a year earlier, after dropping 9.8% in January-April, even as policymakers doubled down on efforts to support the ailing sector and shore up consumer confidence. Property sales by floor area in January-May fell 20.3% from a year earlier, compared with a […]
French election worries rekindle market memories of UK budget rout
As the far right and leftist parties gain momentum ahead of France’s surprise parliamentary election, investors are starting to contemplate the risk of a budget crisis at the heart of the euro zone. Marine Le Pen’s far-right National Rally party (RN) is leading in opinion polls ahead of the ballot called by President Emmanuel Macron […]
Visa settles Discover unit’s antitrust lawsuit over debit card network
Discover Financial Services (DFS.N), unit Pulse Network has agreed to settle a lawsuit in Texas accusing Visa of obstructing competition in the multibillion-dollar debit card network services market, causing merchants to pay higher fees. Pulse and Visa disclosed the accord in a court filing, on Friday in federal court in Houston, where Pulse had sued the payment […]
Lawsuits claim PornHub, Visa and hedge funds profited from child abuse
Eleven people who allege videos or images of their sexual abuse as minors were uploaded to PornHub have filed lawsuits in California federal court against the company, Visa and two hedge funds over claims they knowingly profited from the content, court records show. The lawsuits, all but one of which were filed over the past […]
Barclays suspends sponsorship of Live Nation music festivals after protests
Barclays (BARC.L), suspended on Friday its sponsorship of all Live Nation (LYV.N), music festivals in 2024 after various acts dropped out in protest over the bank’s links to defense companies that work with Israel. The suspension includes upcoming Live Nation festivals across the UK this summer, including Latitude, Download and the Isle of Wight. “The protestors’ agenda […]
Fed’s Bostic flags more issues with financial disclosures
A financial disclosure form for Federal Reserve Bank of Atlanta President Raphael Bostic notes more issues with reporting of past trading and investing activities. Bostic’s disclosure form, for 2023, made public on Friday, flagged several filing errors, including one that was referred to the central bank’s Inspector General, the central bank’s in-house watchdog. The latest form pointed […]
New York recovers $50 mln for defrauded Gemini Earn crypto investors
New York Attorney General Letitia James has recovered $50 million from the cryptocurrency platform Gemini Trust to repay investors defrauded in its Gemini Earn program, she said on Friday. Gemini, run by billionaire twin brothers Cameron and Tyler Winklevoss, will provide full recoveries to more than 230,000 Earn investors, including 29,000 in New York, and […]
Visa, Mastercard $30 billion fee settlement in peril
Visa’s (V.N),and Mastercard’s (MA.N), proposed $30 billion antitrust settlement to limit credit and debit card fees for merchants is in peril, after a New York judge signaled she was preparing to reject the accord. U.S. District Judge Margo Brodie in Brooklyn told lawyers for the card networks and objectors at a hearing on Thursday that she will […]
China Evergrande’s ex-CEO sells Hong Kong home at almost half of purchase price
China Evergrande’s (3333.HK), former CEO, who Chinese regulators recently said was “uncontactable”, has sold his home in Hong Kong at a loss of HK$74 million ($9.48 million) from the purchase price, according to a property agent. Xia Haijun last month sold a 2,834 net sq ft (263 sq m) five-bedroom duplex flat in North Point Mid-Levels district […]
Carlyle, KfW join forces in effort to buy Thyssenkrupp warship division, sources say
Private equity firm Carlyle and German development bank KfW are in talks to jointly buy most of Thyssenkrupp’s (TKAG.DE), submarine unit, three people familiar with the matter said, in the latest sign of how the Ukraine war is reshaping Europe’s defence sector. The plan to join forces and take a majority stake in Thyssenkrupp Marine Systems (TKMS) […]