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Apollo Investor Revolt Swells Over Black’s Epstein Ties

(Bloomberg) — It keeps getting worse for Leon Black.Over the past week, Black’s giant investment firm, Apollo Global Management Inc., has confronted one question after another about his decades-long relationship with convicted sex offender Jeffrey Epstein.First, his own board ordered an external review prompted by Black himself. Then a Pennsylvania pension fund paused new investments — and the state of Connecticut has done the same. One major consultant — a gatekeeper to $160 billion of investor commitments — has urged clients to hold off, and another is considering taking similar action.Clients who for years enjoyed some of the best returns …read more […]

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China Is Reconsidering Yuan Internationalization Strategy

(Bloomberg) — China is reconsidering its strategy for the internationalization of yuan after completing a comprehensive review recently, according to a senior central bank official.“As everybody knows in the past, the internationalization of the RMB sticks to the market principles,” Zhu Jun, director general of the People’s Bank of China’s international division, said at the Bund Summit in Shanghai on Saturday. “The role of the authorities was mainly focused on removing the policy obstacles for the free use of the currency. At this moment, we think there are some kind of complications of the domestic and overseas situations.”Zhu said going …read more […]

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Root IPO: Insurance Tech Company Bringing Stock to Nasdaq

The Root IPO is finally here after months of speculation. Known for its goal to disrupt the auto insurance industry, the company is bringing Root stock to the market. And after the success of one of its biggest competitors, investors want in on the action.
But is Root a good investment opportunity? Here’s what we know…
Root IPO: The Business

Alex Timm and Dan Manges co-founded Root in 2015. It’s a technology company focusing on modernizing personal insurance. Timm worked at his father’s agency as a teenager and developed a love for the insurance business. Manges is the former CTO of Braintree, which …read more […]

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Bitcoin Resurgence Leaves Institutional Acceptance Unanswered

(Bloomberg) — The Bitcoin hype machine is back in overdrive.The digital token spiked above $13,000 this week for the first time in over a year, touching off Twitter dance parties, new sky-high predictions and even some tattoo flashing. Back are proclamations that crypto is the currency of the future, that the dollar’s days are numbered and blockchain will reorder the financial universe.A mid-week announcement that PayPal Holdings Inc. will allow transactions in crypto set off the craze, adding about $19 billion to Bitcoin’s value over the following two days. It was the latest in a series of mainstream acknowledgments that …read more […]