Norman Bay, the top sheriff of U.S. energy markets, has taken on giants, imposing more than $881 million in combined fines on Barclays Plc, JPMorgan Chase & Co. and Deutsche Bank AG over alleged price manipulation.
Leon Black, who made billions by buying up debt of companies in the U.S. and Europe that others deemed worthless, is turning to emerging markets as the next source of growth for his $161 billion money management firm.
U.S. shares fell, following yesterday’s worst drop in a month, as financial and technology shares led losses. Emerging-market stocks climbed to a two-month high as Brazilian equities surged. Oil rose while gold slipped.
Mohamed El-Erian, the former chief executive officer of Pacific Investment Management Co. whose exit spurred a leadership shakeup at the fund firm, plans to write a book about the rise and potential fall of central banks, according to a person familiar with the matter.