Finance Insider is Business Insider’s midday summary of the top stories of the past 24 hours.
An obscure law firm in Central America is the source of what’s being called the largest information leak in history.
Emails and documents reveal how the world’s richest and most powerful, from Vladimir Putin to the prime minister of Iceland, hide their business dealings using offshore tax havens and shell companies.
This is a great primer on the Panama Papers, and what is included in the leak from law firm Mossack Fonseca. Here is the latest on the reaction to the leak so far:
- The Kremlin has dismissed reports linking Vladimir Putin and offshore deals.
- An Austrian regulator is investigation two banks after the leak.
- British Prime Minister David Cameron’s late father is linked to an offshore fund established in Panama for “taxation purposes.”
- Tax authorities in Australia and New Zealand are investigating local clients of a Panama-based law firm.
- Iceland’s prime minister walked out of an interview when confronted by ‘Panama papers’ findings.
Elsewhere, Alaska Air has outbid JetBlue for Virgin America, and it will buy the company for $2.6 billion. Virgin founder Richard Branson expressed his disappointment in the sale, saying there was nothing he could do to prevent it.
SunEdison, the solar-energy manufacturing firm, is nearing bankruptcy. Businesses ranging from Silicon Valley venture capitalists to a small Massachusetts solar installer say they are owed money. Here is how the company fell to its knees.
Here is Microsoft CEO Satya Nadella on why you’ll love Cortana, how cars are like data centres, and what’s spurring all these global startups.
Here are the top Wall Street headlines at midday:
Wall Street can’t seem to see through Lululemon – Lululemon is not the growth story it seems to be.
One of the victims in Andrew Caspersen’s alleged $95 million fraud was his Princeton classmate – James H. McIntyre of Moore Capital Management has been identified as the hedge fund employee duped in an alleged $95 million fraud.
This map from Deutsche Bank shows the winners and losers from the oil slump – For oil-producing countries, the days of asking for $100 a barrel seem to be over.
There are signs of life emerging from the world’s economic ‘canary in the coal mine’ – The world’s economic “canary in the coal mine” is still weak, but it seems to be showing signs of improvement.
HILLARY: Corporate America is obsessed with ‘quarterly capitalism’ — here’s how I’d change that – Democratic presidential frontrunner Hillary Clinton thinks that corporate America has a vision problem.
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