Yusuf Alireza unexpectedly quit as chief executive of Noble Group, Asia's biggest commodities-trading firm. Noble, which is based in Hong Kong, has been hit by the slump in commodity prices and faces allegations from a research outfit that it overstated its assets, which the company denies. On the day that Mr. Alireza's departure was announced Noble also said it would sell its profitable American retail-energy business; the proceeds will go towards repairing its balance-sheet.
The Obama administration detailed new rules to regulate providers of payday loans. Such lending is aimed at people on low incomes and attracts very high interest rates. The government wants lenders to do more to assess a borrower's ability to repay.
Saudi Arabia's sovereign wealth fund ploughed $3.5 billion into Uber and got a seat on its board. It is the taxi-hailing app's biggest single infusion of cash, and brings the total from its latest round of financing to $5 billion. The privately held firm is estimated to be worth more than General Motors.
SoftBank, a multinational telecoms and internet group that is based in Japan, decided to sell $7.9 billion-worth of the shares it holds in Alibaba, which will reduce its stake in the Chinese e-commerce company from 32% to 28%. SoftBank needs to repay the debt it accumulated to fund a number of big acquisitions, including the Sprint network in America. It is reportedly looking to offload some of its other stakes, including in Supercell, a Finnish mobile gaming firm.
A jury in California rejected Oracle's $9 billion claim that Google infringed its copyright on Java by wiring the software into Android phones. Oracle took ownership of Java when it bought Sun Microsystems in 2010 and it has been battling with Google in the courts ever since. The jury found that Google's use of Java came under the “fair use” element of copyright law.
A former director at Barclays in New York was charged with allegedly passing inside information on forthcoming mergers to his plumber, who has pleaded guilty to using the illegal tips to make money on the markets. The director has yet to enter a plea. The plumber repaid the banker in part by refurbishing his bathroom, but this apparently did not include plugging financial leaks.