Imagine a parallel universe in which federal law prohibited Americans from paying anyone to care for their children, whether in cash or in some other “valuable consideration,” and where paid child care was similarly repugnant and illegal throughout most of the world.
Standard Chartered Plc, the U.K. bank that makes about three-quarters of its earnings from Asia, posted a 24 percent drop in first-half profit after writing down the value of its Korean business by $1 billion.
Standard Chartered Plc, Britain’s second-largest lender by market value, cut bonuses by 7 percent and boosted its dividend after it was fined $667 million for U.S. sanctions violations. The shares rose.
Capstone Investment Advisors LLC, a hedge-fund firm with $2.4 billion in assets, sold a minority stake to a private-equity fund run by Neuberger Berman Group LLC, according to a letter sent to Capstone’s clients.
Standard Chartered Plc, which earns most of its income from Asia, posted an 11 percent increase in first-half profit, escaping the interest-rate rigging scandal that has embroiled its U.K. competitors.
Standard Chartered Plc, the U.K.’s second-largest bank by market value, said it plans to hire as many as 2,600 employees after posting its eighth annual record earnings on growth in corporate and consumer banking.