A former Morgan Stanley banker must repay Hong Kong investors $3 million in illegal trading gains. The ruling is another warning for would-be insider traders. But few cases are quite so clear-cut. Investors hoping for a rush of future compensation payments will be disappointed.
The country is first to legalize marijuana trade, with production from co-ops, sales to locals only and prices fixed. Relaxing such restrictions, however, could really spark up the economy. The Dutch did well from cannabis tourism, but agribusiness could be the winner in Uruguay.
The Dutch cable firm is in bid talks with Liberty Global, already a big shareholder. Liberty is prudent and patient, and could seek creeping control via a low offer. But synergies would suffer. And there is value in moving quickly: brilliant debt markets won’t last forever.
European authorities have agreed to force losses on creditors of failed banks from 2016, in order to spare taxpayers the full cost of bailouts. It gives resolution authorities useful flexibility. The new regime isn’t without risks. At least banks and markets now know the rules.
An Indian court has allowed the Finnish company to include its Chennai factory in the sale of its devices business to Microsoft. While the $7.4 billion deal wasn’t at risk, the software giant dodges Nokia’s hard-to-assess tax liability. Vodafone wasn’t so fortunate.
As the chances of new firearms legislation dissipate a year after the Sandy Hook school shooting, so too should the anxieties that propelled gun sales and the stocks of Smith & Wesson and Sturm, Ruger. Short sellers already have their sights set on a downturn.
They both have austerity in varying degrees but UK growth is now pushing ahead of the euro zone’s. The UK’s flexible labour market and weakened pound are advantages. A Germanically strong euro weighs heavily on a euro zone where monetary policy can’t solve the profound problems.