Blackstone Group LP, the world’s largest private-equity firm, is taking aim at the $5.4 trillion of cash on corporate balance sheets in the U.S. and Europe as regulators weigh changes that may reduce the appeal of money- market funds.
Taiwan’s dollar advanced to the strongest level in three months as global funds increased purchases of local shares and on speculation the government will exempt some stock investors from a capital gains tax.
New York Mayor Michael Bloomberg presented an executive budget as more than $1 billion in unexpected revenue from personal-income taxes, corporate levies and audits helped balance his final spending plan.
Orascom Construction Industries’s settlement of a tax dispute in Egypt will help a move backed by Microsoft Corp. founder Bill Gates to transfer its shares to Amsterdam, EFG-Hermes Holding SAE and VTB Capital said.
Billionaire John Paulson’s Bermuda venture, which positions its owners to avoid taxes on hedge fund earnings by routing money through a reinsurer, sold about 3 percent as much coverage as competitors in its first year.