Insight and analysis of top stories from our award winning magazine “Bloomberg Businessweek”.
In the past few decades, telescopes have discovered thousands of objects beyond Neptune, and their orbits have made some scientists think that a massive ninth planet exists. A new telescope in Chile may be powerful enough to finally find it.
UK’s Gazprom Energy Rebrands After German Bailout Steadies Group
A Swelling Mountain of Bills Plagues India’s Power Industry
Alibaba Added to SEC List of Chinese Firms Facing Delisting
T-Mobile Gets Chance to Mend Airwaves Patchwork in New Auction
Permira Is in Lead to Buy Reorg Research From Warburg Pincus
Braverman Tells Lawyers to Give ‘Solutions’ When Assessing Legal Risk of Policy
Iran Arrests Swedish National Over Spying, State TV Reports
Asia Has New Richest Woman as Property Crisis Reshapes Fortunes
Calstrs Posts 1.3% Loss for Latest Fiscal Year After Market Rout
Neighbours Finale Episode Draws in Audience of 2.5 Million
Review: Beyoncé Escapes to Dance World in ‘Renaissance’
Trump and His Allies Are In Control of the GOP
Iran Is Trying to Play the Saudis Against the US. It Won’t Work.
The Labour Party Can’t Rely on Tories to Self-Destruct
The Indian Government’s Fight Against ‘Fake News’ Targets Political Dissent
Jazzercise Is Alive and Kicking Decades After It Got Started
US Banks Passed the Latest Stress Test, But Are Still Unhappy
Belfast Pride Returns to City Streets for First Time in Three Years
Florida Tells Schools to Disregard Biden’s LGBTQ Protections
UAW Head Says Battery-Worker Pay Must Match Assembly Wages
House Approves Bill to Help West Fight Wildfires, Drought
Southwest Rains Flood Deserts, Cascade Into Vegas Casinos
NYC Wants In-Person Dining Back. Will Restaurant Week Be the Ticket?
Diary of a Pandemic Bus Driver
A Legal Showdown Over Section 8 Discrimination Is Brewing in Dallas Suburb
FDIC’s Message to Crypto Investors: Digital Assets Aren’t Insured
Troubled Crypto Lender Babel Lost Big While Trading Client Funds
Ex-Voyager Executive Explores Competing Restructuring Plan for Crypto Lender
Muyao Shen
Babel Finance, the Hong Kong-based crypto lender that froze withdrawals last month, incurred “massive” losses while using customer funds for its own proprietary trading, according to a restructuring plan seen by Bloomberg.
Babel’s proprietary trading desk was the firm’s “single point of failure,” having received an “uncapped” amount of capital from the company’s own wealth-management team, the document, dated July 13, shows.
