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Primary needs stability, on top of any peace deal
Five months in, Alessandro Melzi is getting started on the plan, but his boss is about to change
Bonds of energy importers have sold off, but investors convinced fundamentals are still strong
Managers pause deals as spreads widen, but swift resolution is still priced in
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The UK government and regulators are looking at ditching some of the specifics of EU financial regulation — encompassing banks, insurers and capital markets — as the country looks ahead to its post-Brexit future. -
Yandex, the Russian internet company, has raised $800m through a sale of new shares to US investors and a private placement to a consortium of Russian oligarchs and VTB Bank.
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Fahmi Quadir, founder of short-only Safkhet Capital, tells GlobalCapital her hedge fund increased its short position in Wirecard as the crisis surrounding it unfolded. She said German regulator BaFin should have properly investigated the claims levelled at Wirecard years ago, and pointed to the problem of auditors developing long-term relationships with companies.
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Worldline, the French payments company, received a warm reception from bond investors on Tuesday, putting aside any concerns that the scandal at German competitor Wirecard would sully sentiment towards the sector.
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Healthy financial systems should not rely on short sellers and journalists to expose accounting scandals at large, publicly listed companies. Regulators and auditors should have been the heroes of the Wirecard story but their inability to see what others saw plainly paints them as the villains in this edition of German corporate noir.
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Hong Kong’s financial regulator has fined Guotai Junan Securities HK$25.2m ($3.3m) for breaching anti-money laundering rules and for other regulatory failures.
