Traders are betting Australia’s dollar will extend its biggest decline in five years as policy makers flag that intervention to weaken the currency is an option, 30 years after they dropped exchange controls.
Billionaire Steven A. Cohen’s SAC Capital Advisors LP, the hedge fund accused of fostering a culture of rampant insider trading, has agreed to plead guilty Nov. 8 to securities fraud and wire fraud, pay a record $1.8 billion and shutter its investment advisory business.
President Barack Obama urged a group of business leaders including McDonald’s Corp. Chief Executive Officer Donald Thompson and Marriott International Inc. CEO Arne Sorenson to put pressure on congressional Republicans to pass a new immigration law by year’s end.
BlackRock Inc., the world’s biggest fund manager, said Australia’s dollar may drop as low as 80 U.S. cents in the coming nine months after bets against the currency helped give one of its bond funds the nation’s best returns.
Bernard Madoff’s former personal secretary is among five of the con man’s ex-employees who will be the first to face a jury in a criminal trial for their alleged roles in carrying out the world’s biggest Ponzi scheme.
Galleon Group LLC’s Raj Rajaratnam, potentially facing almost two decades in prison, will have an “uphill struggle” in seeking to overturn his conviction in the biggest insider-trading trial since the 1980s, a former prosecutor said.
JPMorgan Chase & Co. agreed to pay $153.6 million to settle U.S. regulatory claims it misled pension funds and a Lutheran group while selling a product linked to risky mortgages as the housing market unraveled.
Sydney native Greg Gibbs bought his first Breckenridge, Colorado ski condo in 2011 and a second this January, predicting the end of a record period of strength for Australia’s dollar. The Royal Bank of Scotland Group Plc strategist could hardly have timed it better.