Thu, Nov 20, 2014 - Page 15 News List

World Business Quick Take

Agencies

BANKING

Goldman fires trader

Goldman Sachs Group Inc dismissed currency trader Frank Cahill over alleged behavior during his time at HSBC Holdings PLC, according to a person briefed on the matter. Cahill, who joined Goldman Sachs in London in 2012, was identified internally as one participant in transcripts made public as part of HSBC’s settlement with US and UK regulators, said the person, who asked not to be identified because the matter is private. Cahill is the first trader Goldman Sachs has dismissed related to currency-market investigations, the person said. HSBC agreed to pay US$618 million as part of US$4.3 billion in settlements between six banks and four regulators over probes into the rigging of key foreign-exchange benchmarks.

BANKING

ANZ suspends seven

Australia & New Zealand Banking Group Ltd (ANZ) suspended seven traders amid an investigation by regulators into whether market participants tried to influence Australia’s bank-bill swap rate, the equivalent of the London interbank offered rate. ANZ’s internal review and the investigation by the Australian Securities & Investments Commission “may not be complete for some time,” the bank said in a statement yesterday. Since mid-2012, the commission has probed possible manipulation of Australia’s benchmark, or BBSW, rates by 14 banks that contributed prices to the rate-setting process.

INVESTMENT

Mitsui enters Hollywood

Mitsui & Co, Japan’s No. 2 general-trading company, is venturing in to Hollywood with a minority stake in a media company incubator. Mitsui, based in Tokyo, is investing in Los Angeles-based FactoryMade Ventures, the firm that helped create the English-language El Rey Network with director Robert Rodriguez, according to a statement yesterday. They are also to forge a strategic alliance to develop TV shows, Web series and movies. Financial terms were not available. The deal with FactoryMade follows another Japanese investment in Hollywood — Softbank Corp’s US$250 million for a minority stake in Godzilla producer Legendary Entertainment. Mitsui’s media investments include Kids Station, a TV network in Japan.

ECONOMY

Indonesia raises rates

Indonesia’s central bank raised interest rates on Tuesday for the first time in a year in anticipation of surging inflation after the new government increased the price of subsidized fuel by more than 30 percent. At a special meeting called after the price increase, Bank Indonesia raised its key rate by 25 basis points to 7.75 percent, the first increase since November last year and its highest level for more than five years. Indonesian President Joko Widodo announced the reduction in government fuel subsidies late on Monday.

ENTERTAINMENT

Gaming to surge in MENA

E-commerce and videogame markets are growing “exponentially” across the Middle East and North Africa (MENA), driven by the mobile revolution and new youth-produced content, a study found. The gaming market is expected to nearly triple in size, from US$1.6 billion this year to US$4.4 billion in 2022, the study conducted by consulting firm Strategy& — formerly Booz & Co — and the Abu Dhabi media regulatory body, twofour54. So far, international games have about 90 percent of the regional market.

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