On a spring afternoon, Xavier Niel enters the boardroom of Iliad SA, the Paris-based telecommunications firm he founded two decades ago. He’s wearing a white dress shirt and jeans, the same outfit he’s sported with Steve Jobs–like regularity for years. With his longish hair and rumpled attire, he looks more like a hacker who’s blundered into the wrong office than a man who’s worth $10.5 billion.
The Chinese government’s push to clean up local government financing may double the balance of non-performing loans at the nation’s banks, the 21st Century Business Herald reported today, citing an unidentified commercial bank official.
RBC Capital Markets , the top arranger of Canadian government-bond issues for seven years, saw its market share fall to its lowest level since 2007 as National Bank Financial gained on higher sales outside Quebec.