China's Top Securities Regulator To Step Down (WSJ)
Xiao Gang’s departure as head of the China Securities Regulatory Commission is expected to be announced “within days,” officials with direct knowledge of the matter said Friday. His replacement is Liu Shiyu, current chairman of the Agricultural Bank of China and a former deputy governor of the Chinese central bank, the officials said.
Standard Chartered CEO Braces for More Bad News (WSJ)
Now, as the bank prepares to report its 2015 results Tuesday, analysts say the hopes are in limbo. Asia’s economic slowdown and volatile markets are threatening to derail Mr. Winters’s strategy to shed businesses and cut costs. Standard Chartered shares are down 57% since Mr. Winters became CEO, hitting levels last seen in the 1990s. Fourth-quarter earnings are expected to show a further rise in bad loans from lending in Asia and to the commodities sector.
Yahoo Hires Advisers, Forms Committee to Explore Options (Bloomberg)
Goldman Sachs Group Inc., JPMorgan Chase & Co. and PJT Partners Inc. will provide financial counsel, according to a statement Friday. The company also named Cravath, Swaine & Moore LLP as its legal adviser. The strategic review committee will establish a process to reach out to potentially interested parties and make recommendations on any proposed transactions, Yahoo said.
Credit Suisse Said to Face Money-Laundering Probe in Italy (Bloomberg)
Milan prosecutors are investigating Credit Suisse Group AG on suspicion of money laundering and tax evasion over billions of euros of insurance policies sold Italian clients and used to shield funds from authorities, people with knowledge of the case said.
Drunk Motorist Was Driving Bar On Wheels (TSG)
A Minnesota man arrested yesterday afternoon for drunk driving was behind the wheel of a makeshift bar, according to cops who discovered eight open bottles of liquor inside the automobile. Acting on a tip from another motorist, officers pulled over a vehicle that had been spotted weaving across Highway 12, about 25 miles outside Minneapolis. According to cops, driver Nicholas Karnes, 28, was alone inside the vehicle, though he was surrounded by “numerous open alcohol containers.” Seen above, a police photo of the seized booze shows bottles of New Amsterdam vodka, Hornitos tequila, Fireball whisky, and Jim Beam bourbon.
Big banks see the need to shrink – but face a path full of obstacles (Reuters)
In interviews with Reuters, six senior bankers said they are struggling with the costs and restrictions they face as a result of new regulations, as well as a weak global economy and troubled financial markets. The bankers, who are or recently were in positions ranging from business division head to CEO, spoke on the condition of anonymity so they could be candid without upsetting regulators or investors.
NYSE Embarks on High-Stakes Technology Shift for its Exchanges (Bloomberg)
The company that symbolizes Wall Street to millions of Americans is moving its markets on to a single software platform called Pillar, a move that its owner Intercontinental Exchange Inc. hopes will allow it to shed its image of having clunky, out-of-date technology.
Developed-Country Economic Growth Slows Sharply (WSJ)
Economic growth in developed countries slowed sharply as 2015 drew to a close, recording the weakest expansion in three years, figures from the Organization for Economic Cooperation and Development showed.
Throw A Potluck In Arizona And You Could Be Thrown In Jail (HP)
The anti-potluck legal situation started years ago when the state passed a law that subjected all served food to safety regulations and health department inspections, according to the Daily Signal. The lawmakers explicitly exempted potlucks and other “noncommercial social events” if they occurred at a workplace, but forgot to add schools, churches and homes. As a result, a potluck host could be fined or even be arrested if someone complains, according to the Associated Press. The loophole has gone unnoticed for the most part until a couple of years ago in Apache Junction when, you guessed it, someone decided to complain. A resident of a mobile home park who was aware of the statute complained to authorities about potlucks being held by neighbors, according to AzCentral.