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.
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.
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.
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.
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.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion
MediaTek Inc (聯發科) has hired a former US Department of Commerce official to help it navigate worsening US-China tensions that have already ensnared its customer Huawei Technologies Co (華為). Patrick Wilson, who most recently served as director of the department’s Office of Business Liaison, has been appointed vice president of government affairs at MediaTek USA to lead its public policy initiatives, the chip designer said in a draft press statement seen by Bloomberg News. Wilson previously worked at the Semiconductor Industry Association, where he led the trade group’s dealings with the US federal government. Technology companies with ties to or operations in China