Muddy Waters News
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Standard Chartered Plc Chief Executive Officer Peter Sands said the U.K. bank faces an “avalanche” of new rules set by both international and local regulators.
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Goldman Sachs Group Inc. ended a seven-year investment in Industrial & Commercial Bank of China Ltd. by selling a $1.1 billion stake in the world’s largest lender by market value, a person familiar with the matter said.
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Carson Block, the short seller who runs Muddy Waters LLC, said China’s bad-loan problem is more widespread than just local government debt and includes public and private sector borrowing.
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Goldman Sachs Group Inc. ended a seven-year investment in Industrial & Commercial Bank of China Ltd. by selling a $1.1 billion stake in the world’s largest lender by market value, a person familiar with the matter said.
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Rino International Corp. agreed to settle a lawsuit in which the U.S. Securities and Exchange Commission alleged two of its executives diverted $3.5 million of company assets to buy a home, cars and designer clothing.
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Olam International Ltd., the commodity trader targeted by short-seller Carson Block, said its third-quarter profit gained 10 percent as sales volumes jumped at its grains business.
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Carson Block, the short-seller who runs Muddy Waters LLC, said he’s betting against the debt of Standard Chartered Plc because of “deteriorating” loan quality, triggering a 13.5 percent jump in the cost of insuring against losses on the debt of the British lender.
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European stocks declined from the highest level in almost five years as bank and airline shares retreated, overshadowing better-than-forecast retail sales data in the U.S.
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Carson Block’s bet against Standard Chartered Plc, the British lender that makes most of its profit in Asia, triggered a surge in the cost of protecting against losses on the British lender’s debt.
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Chinese equities retreated in New York from the highest level in three months, led by Aluminum Corp. of China Ltd., after investment in the nation’s fixed assets and industrial output trailed economists’ estimates.
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