Berkshire Hathaway executive and investing titan Charlie Munger dies. Munger was a longtime vice chairman of Berkshire Hathaway and a close associate of Warren Buffett. He was known for his wit, wisdom, and contrarian investment style.
GM updates its business plan, which includes a dividend hike. The company is also planning to increase its investment in electric vehicles and autonomous driving technology.
Mark Cuban is selling a majority stake in the Dallas Mavericks to Miriam Adelson. Cuban will retain some equity in the team and will continue to oversee basketball operations.
Digital bank robberies key risk for central bank e-money, BIS report warns. The Bank for International Settlements (BIS) said in a report that digital bank robberies are a growing threat to central bank e-money.
UK investment advisers face capital hike to cover compensation costs. The Financial Conduct Authority (FCA) has proposed a hike in the capital requirements for UK investment advisers.
Japan’s Nomura to cut risk assets, costs for wholesale business. The company is also planning to expand its retail business and asset management operations.
European Union should consider scrapping banker bonus cap - Deutsche Bank CEO. Christian Sewing, the CEO of Deutsche Bank, said that the bonus cap is making it difficult for European banks to attract and retain talent.
Bitcoin Group: taking steps against money-laundering, terrorist financing. The Bitcoin Group, a trade association for the Bitcoin industry, said that it is taking steps to combat money laundering and terrorist financing.
HSBC CEO says bank ‘well provisioned’ for any further China real estate losses. Noel Quinn, the CEO of HSBC, said that the bank is well-positioned to weather any further losses in the Chinese real estate market.
Debt-laden China’s local governments scramble to rescue small banks with $21 billion in special bonds. Local governments in China are issuing $21 billion in special bonds to rescue small banks that are struggling with bad loans.
Apple to end credit card partnership with Goldman Sachs - WSJ. Apple is reportedly ending its credit card partnership with Goldman Sachs. The company is planning to launch its own credit card in partnership with a new issuer.