Article: Chinese regulators vow to crack down on yuan exchange manipulation

Article - Media, Publications

Chinese regulators vow to crack down on yuan exchange manipulation

Reuters, 28 May 2021

Chinese regulators including the central bank will crack down on manipulation of the forex market, according to a statement published on the central bank’s website on Thursday.

The regulators said the current foreign exchange market is largely balanced and the yuan could move in either direction in the future. They reiterated no change to the country’s currency policy, which is a managed floating exchange rate system based on market supply and demand, with reference to a basket of currencies.

The currency policy is “suitable for China’s national conditions and should be adhered to in the long run,” the statement said. Continue reading “Article: Chinese regulators vow to crack down on yuan exchange manipulation”

Article: Archegos Fallout Begins: Nomura Crashes 15% After Reporting Record $2BN Loss From “Transactions With US Client”

Article - Media, Publications

Archegos Fallout Begins: Nomura Crashes 15% After Reporting Record $2BN Loss From “Transactions With US Client”

TYLER DURDEN,  28 March 2021

(Bloomberg) — Back in May 2016, Japanese mega-bank Nomura, announced that it had suffered its biggest-ever loss in history (of a rather tame by Western standards $40 million) from a single client, and which it then quickly blamed on an “incompetent” bond trader. Fast forward to today, when Nomura just suffered a far, far greater loss from a single client, this one is anything but boring.

Early on Monday local time, Nomura Holdings said it may have incurred a “significant loss” arising from transactions with a U.S. client.

The estimated amount of the claim against the client is about $2 billion based on market prices as of March 26, the Japanese brokerage said in a statement. The estimate is “subject to change depending on unwinding of the transactions and fluctuations in market prices.” Continue reading “Article: Archegos Fallout Begins: Nomura Crashes 15% After Reporting Record $2BN Loss From “Transactions With US Client””

Article: Singapore’s Marina Bay Sands casino pays Chinese gambler US$6.5 million to settle suit

Article - Media, Publications

Singapore’s Marina Bay Sands casino pays Chinese gambler US$6.5 million to settle suit

Bloomberg,  20 July 2020

(Bloomberg) Singapore casino Marina Bay Sands has agreed to settle a lawsuit brought by a former patron, meeting his demand for a S$9.1 million (US$6.5 million) payment, according to a person familiar with the matter.

Marina Bay Sands, run by US billionaire Sheldon Adelson’s Las Vegas Sands, also agreed to allow Chinese gambler Wang Xi back into the casino as long as he abides by its policies, said the person, who asked not be identified because the matter is confidential.

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