Subpoenas issued over metals probe
The US commodities watchdog has subpoenaed companies including Goldman Sachs, JP Morgan Chase and Glencore as it ramps up its probe into the metals warehousing industry. The subpoenas come amid a barrage of criticism in the US of activities in commodity markets. The CFTC requested documents by the end of next week. The companies and CFTC declined to comment.
Freddie Mac spends estimated $2bn
Freddie Mac, the bailed-out US mortgage finance group, is spending hundreds of millions of dollars a year that would otherwise flow to US taxpayers, to prop up its market share relative to Fannie Mae.
Mexico opens up its energy sector
President Enrique Pena Nieto has unveiled plans to change Mexico’s constitution and open up the country’s energy sector to foreign investors for the first time in 75 years, a move that could unleash billions of dollars of investment from oil majors.
Leading investors release G4S
The hedge fund chaired by Lord Myners, the former City Minister, has quietly built up a 5.11 per cent stake in G4S. The news was enough to lift its flagging share price.
Bitcoin’s virtual world investigated
Companies run by Google and investors Sean Parker and the Winklevoss twins have received subpoenas from a Wall Street regulator investigating the virtual currency.
The Daily Telegraph
BT Sport passes 1m subscriber mark
More than a million people have signed up to BT’s new sports television package in its first three months on offer, the company has claimed, although the majority are not paying anything for the service.
Nicole Farhi debts revealed
Fashion brand Nicole Farhi collapsed with debts of almost £20m, including more than £500,000 to the taxman.
THE WALL STREET JOURNAL
Blackstone to buy apartment stakes
Blackstone has agreed to buy majority stakes in about 80 apartment complexes from the financing arm of GE in a deal that values the portfolio at $2.7bn.
Yum can’t shake China slump
Yum Brands has reported weaker-than-expected July sales in China, as the parent company of KFC struggles to shake bad publicity tied to chicken-supplier issues.