Trichet objected to burning bondholders, finance official says

Minister for Finance Michael Noonan was forced to delay a Dáil announcement about restructuring the banks because then European Central Bank president Jean Claude Trichet objected to burning bondholders, the banking inquiry has been told. John Moran, former secretary general of the Department of Finance, said the Minister’s announcement in the Dáil in 2011 was delayed because “three or four” ... Read More »

Alibaba Finance Arm Is Valued Above $40 Billion in Latest Funding Round

      Alibaba Group Holding Ltd.’s finance affiliate, which runs China’s biggest online payments business, closed a private placement valuing the unit at more than $40 billion, according to two people familiar with the matter. Zhejiang Ant Small & Micro Financial Services Group Co. also will open an Internet bank, called MYbank, on June 25, the people said, asking ... Read More »