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The Goldman Lunch That Set the Scene for 1MDB’s Money Probe

In a private dining room at Singapore’s Taste Paradise restaurant, over a meal of abalone and suckling pig, two 1Malaysia Development Bhd., known as 1MDB, which had hired the New York bank to underwrite the bond sale. Now, people familiar with the matter say, investigators from Singapore to the U.S. are looking more closely at the roles of Ng and Leissner, who’ve both left Goldman. And they’re asking what happened in that private dining room named after the first emperor of a unified China, Qin Shi Huang. In particular, they’re…

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Tesla Asks for Model 3 Factory Volunteers to Prove Haters Wrong

Some Model S and X workers may switch to Model 3 line Friday Reaching goal would be ‘incredible victory,’ executive says Elon Musk’s vision of building a mass-production electric-vehicle manufacturer. “I find that personally insulting, and you should too,” Field wrote in the March 23 email. “Let’s make them regret ever betting against us. You will prove a bunch of haters wrong.” Tesla has been routed this month as analysts and investors have raise more cash. Shares fell 22 percent this month in New York, the biggest one-month drop since…

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Wells Fargo Is the Go-To Bank for Gunmakers and the NRA

Wells Fargo & Co. has emerged as the preferred financier for the U.S. gun industry. The bank has helped two of the biggest U.S. firearm and ammunition companies access $431.1 million in loans and bonds since December 2012, when the gun control debate gained steam after the school shooting in Newtown, Connecticut, according to data compiled by Bloomberg. That puts it on the top of the list of banks arranging funding for gunmakers. Wells Fargo also has a long relationship with the National Rifle Association, inherited from banks that Wells took…

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Bond-Stock Clash Has Just Begun as Inflation Looms

The tug-of-war between stocks and bonds is at the heart of the shakeout roiling financial markets. This week’s U.S. inflation report could hold the key to the next phase. Seemingly every time 10-year Treasury yields approached a four-year high last week, equities investors panicked, fearing the specter of higher inflation and a more aggressive pace of Federal Reserve rate hikes. Whether you want to say Treasuries are in a bear market or not, the surge in yields to start 2018 has left investors reassessing the value of equities and corporate bonds.…

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Global Equity Slump Deepens as Rate Fears Grow: Markets Wrap

Asian equities fell and U.S. stock futures headed lower, extending the biggest selloff for global stocks in two years as investors adjusted to a surge in global bond yields. Shares sank across the region, putting the MSCI Asia Pacific Index on course for its biggest drop in almost 14 months. Benchmarks in Tokyo tumbled more than 2 percent, while S&P 500 Index futures were 0.4 percent lower. The 10-year Treasury yield neared 2.87 percent after solid jobs data on Friday showed rising wages. The yen advanced. “It’s likely the pullback…

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Markets Are About to Get Ugly According to These Charts

Optimism has peaked, according to two widely followed measures of U.S. economic sentiment. If history is any guide, bouts of equity volatility and plunging Treasury yields will soon follow. The U.S. Citi Economic Surprise index — the rate at which data exceeds analyst expectations — has started to fall after reaching a five-year high in December. Meanwhile, the Federal Reserve’s index of the public’s uncertainty about the outlook for monetary policy is climbing after reaching a three-year low in November. Though the economy remains strong, unbounded enthusiasm has run too…

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No U.S. Bailout for Puerto Rican Debt, Trumps Budget Chief Says

President Donald Trump’s budget chief said not to take literally the president’s suggestion that Puerto Rico’s debt would be “wiped out,” even as the territory’s bonds plunged to a record low on Wednesday: 32 cents on the dollar. "I think what you heard the president say is that Puerto Rico is going to have to figure out a way to solve its debt problem,” Mick Mulvaney, director of the White House budget office, said in an interview Wednesday. Puerto Rico, ravaged by Hurricane Maria on Sept. 20, is dealing with…

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