It’s here, in the movie, that Gordon Gekko schools Bud Fox: “Buy a decent suit. You can’t come in here looking like this.”

And here, in real life, that presidents, socialites, stars and deal-makers have been rubbing elbows for nearly a century…

At NYC’s Iconic ‘21’ Club, Deal Talks Are as Chilled as the Martinis

Russia’s super-rich tycoons lost more than $3 billion in one day after a top economic aide to the president proposed raising taxes on the nation’s giant metal and mining companies.

In a letter to Vladimir Putin, adviser Andrey Belousov named 14 companies that could pay more. The resulting investor exodus saw $3.1 billion wiped off the fortunes of their affluent bosses, according to the Bloomberg Billionaires Index…

Russia’s Richest Lose $3.1 Billion as Tax Proposal Hits Shares

The People’s Bank of China is tackling a problem it rarely had to worry about until recently — persuading banks to lend the money they have.

Thanks to the central bank turning on the liquidity taps, the cost for banks to borrow from one another is now lower than the cost to borrow from the PBOC, but a large chunk of those funds is sitting idle. That money isn’t feeding into the wider economy, especially not to cash-strapped smaller firms, as lenders are unwilling to make loans or buy risky bonds….

U.K. house prices fell for a fifth month in a row in July, the longest stretch of declines since the financial crisis.

Values fell 0.2 percent from June, bringing the average price for a home to 302,251 pounds ($386,000), Acadata said in a report Monday. London remains a “mixed picture,” with the number of sales in the second quarter falling by 7 percent from a year earlier and prices declining in almost two-thirds of the capital’s boroughs…

Turkey’s lira extended its precipitous slide Monday after the nation’s president showed no signs of backing down in a standoff with the U.S.

The lira weakened past 7.23 per dollar in early Asian hours before paring losses after the nation’s Banking Regulation and Supervision Agency stepped in to limit swap transactions on the battered currency. Treasury and Finance Minister Berat Albayrak said the nation will announce steps to calm markets on Monday, Hurriyet newspaper reported…

Lira Extends Retreat as Turkey Heads Toward a Financial Crisis

Slumping stocks and market volatility aren’t holding back foreign investors from snapping up Chinese shares.

Foreign investors bought net 20 billion yuan ($2.9 billion) mainland shares through Hong Kong links from July 25 through Wednesday, according to data compiled by Bloomberg. In that time the Shanghai Composite Index tumbled to a two and a half-year low before enjoying its best day in two years, whipsawing between gains and losses to send its volatility higher. The daily quota usage on Thursday reached the highest since early June, when A-shares had recently been included in MSCI Inc.’s benchmark gauges…

Catering to Detroit and Chicago’s poor has made the Cottons rich.

David Cotton and his family spent two decades building Meridian Health Plans into the biggest private provider of Medicaid benefits in Michigan and Illinois. It serves about 1.1 million members, with more than $4.3 billion of revenue forecast for 2018…

Obamacare Helped Make This Doctor a Billionaire

In Deutsche Bank AG Chief Executive Officer Christian Sewing’s push to get back into growth mode, there’s one specific business in which there are pretty much no hiring limits.

The private bank in Asia is still recruiting, even after bringing on board about 100 relationship managers and support staff in the first half, Lok Yim, who runs the Asia-Pacific wealth business, said in an interview. “I don’t think there’s a limit apart from what we can digest,” he said…

Investment Technology Group Inc. maybe should’ve worked with Michael Lewis, too.

The New York-based brokerage said Wednesday that it faces a third Securities and Exchange Commission fine in three years. Part of the latest violation flips the script on bad behavior in the U.S. stock market: ITG got in trouble for not disclosing that, in the aftermath of Lewis’s “Flash Boys,” it introduced a speed bump on its Posit dark pool roughly similar to the one glorified by the author in his 2014 book on high-frequency traders…

China is growing at a very steady pace — fluctuating between 6.7 percent and 6.9 percent for the past three years. But under the hood, there’s a wide divergence among its 31 regions in the first half of this year — from a 2.5 percent expansion for northeastern Jilin to a 10 percent boom for southwestern Guizhou.

Such divergence makes it hard to crack down on debt across the nation with a one-size-fits-all policy, as the stimulus that may be needed in Inner Mongolia might cause too much lending in more prosperous regions such as Shanghai…

After watching the betrayal of Paul Manafort this week by his right-hand man, jurors heard drier testimony Thursday that Manafort lied repeatedly about his finances to bankers while seeking real estate loans.

Through those lies about his income, assets and debt he managed to secure bigger loans than he would have otherwise, jurors were told. They saw documents, for example, showing that he inflated income and concealed debt in seeking a $5 million real-estate loan from the Banc of California…

Elon Musk and Masayoshi Son held talks last year about SoftBank Group Corp. investing in Tesla Inc., including potentially taking the electric carmaker private, according to two people with knowledge of the discussions.

Son and Musk met in April 2017 to discuss an investment in Tesla, the people said. The talks touched on taking Tesla private, but failed to progress due to disagreements over ownership. Musk proposed a structure that would have given him disproportionate control over the company through stock with supervoting rights, one person said. There are no active talks between the companies now, said the people, who asked not to be identified discussing private deliberations. Tesla spokesmen didn’t immediately respond to requests for comment on Wednesday. A SoftBank spokesman declined to comment…

Saudi Arabia’s purchase of a stake of about $2 billion in Tesla Inc. is only the latest high-profile investment by its sovereign wealth fund since 2016.

The Public Investment Fund built up a less-than 5 percent stake in the electric carmaker in recent months, according to a person familiar with the matter, just as Elon Musk considers taking the company private. PIF’s move comes as it seeks to turn into a $2 trillion powerhouse and help diversify Saudi Arabia’s oil-dependent economy. Here’s a selection of PIF’s recent investments and holdings:

Tesla Marks the Latest High-Profile Bet for Saudi Wealth Fund

The Internal Revenue Service provided some long-awaited answers for business owners hoping to dodge the limits on a juicy new tax break.

The IRS’s proposed regulations make it clear that the agency considers a planning technique known as “crack and pack” to be abusive. The move had been eyed by professional service providers, such as law and accounting firms, to get around income limits set for pass-through businesses, whose income is reported on their owners’ personal returns…

IRS Targets Loopholes for $415 Billion Business Owner Tax Break

Chinese investors have gone off Hong Kong stocks again.

After turning net buyers in July, mainland traders have been selling the city’s stocks this month, returning to an April-June trend, when they dumped HK$24 billion ($3 billion) shares over a record three consecutive months. The reversal came as the Hong Kong benchmark declined every day last week, but investors continued to pull out Monday through Wednesday, when the Hang Seng Index rose 2.5 percent…

By 1919, when James “Rawhide Jimmy” Douglas built a hotel directly outside the entrance to his copper mine in Arizona, he was already rich.

Shares in his company, United Verde Extension Co., had gone from 15¢ a share in 1912 to $35 a share by 1916 (more than $800 in today’s dollars), and Douglas, the scion of a wealthy mining family, was feeling so flush that he decided to build his miners a dorm-cum-hotel at the entrance of the Little Daisy Mine in Jerome, Ariz…

The U.K. housing market remained listless in July as Brexit uncertainty intensified and Britons braced for an interest-rate increase from the Bank of England, according to the Royal Institution of Chartered Surveyors.

Prices and sales stagnated and property values in London continued to fall, RICS said in a report published Thursday…

U.K. Housing Market Stays Subdued as Brexit, Rates Deter Buyers

Banks were among the top beneficiaries when Republicans slashed corporate taxes in December to stoke the U.S. economy. So how are the nation’s largest financial institutions treating employees, customers and investors?

Twenty-three firms deemed most important by the Federal Reserve saved, on average, $388 million each in the first half of this year, based on declines in their reported tax rates. Over the same period, members of the group said they collectively eliminated 3,200 jobs…

Elon Musk added $1.4 billion to his fortune Tuesday with a single tweet.

Shares in Tesla Inc. climbed 11 percent to $379.57 at 4 p.m. in New York, taking Musk’s fortune to $25.8 billion after he said he’s considering taking the electric-carmaker private at $420 a share…

Musk Needs Just 61 Characters to Lift Wealth by $1.4 Billion

Malaysia’s former Prime Minister Najib Razak was charged under the anti-money laundering act in a case linked to the multibillion-dollar 1MDB scandal, adding to his earlier charges of corruption and breach of trust.

Najib was served with three counts of money laundering breaches related to SRC International Sdn, a former unit of state fund 1MDB. The charges carry a punishment of up to 15 years in prison and a fine of no less than five times the amount of relevant funds…

Indonesia at times felt uncomfortably close to the center of this year’s emerging-market selloff as bond yields rose for five straight months and the rupiah slid more than 6 percent. Some funds are now saying it’s time to get back in.

Loomis Sayles & Co. is looking to boost holdings of Indonesian bonds, citing sound domestic fundamentals and inflation that is close to target. Western Asset Management Co. says a proactive central bank and the recent increase in yields may be creating a buying opportunity for the nation’s dollar-denominated debt…

The U.S. said it will begin imposing 25 percent duties on an additional $16 billion in Chinese imports in two weeks, escalating a trade war between the world’s two biggest economies.

Customs will begin collecting the duties on 279 product lines, down from 284 items on the initial list, as of Aug. 23, the U.S. Trade Representative’s Office said in an emailed statement on Tuesday. The new list covers products ranging from motorcycles to steam turbines and railway cars…

The wild tweet hit Wall Street at precisely 12:48 p.m. Tuesday — and things just keep getting wilder.

Seemingly out of the blue, Elon Musk proclaimed that he might pull his money-losing Tesla Inc. off the market. Taking the electric-car company private at the price he touted would amount to an $82 billion valuation, a monumental sum that left many investors wondering: Is this a joke?…

For Elon Musk, an $82 Billion Gambit to Silence Tesla’s Critics

Woe betide the politician, economist or civil servant who bumps into Peter Hargreaves.

The billionaire, who was one of the biggest financial backers of Brexit, is fuming over how the exit is being handled. Not that he thinks much of opposition leader Jeremy Corbyn either. But this arch-capitalist is so unimpressed with the current state of affairs that he’s not adverse to suggesting a dose of socialism might be needed to prove the merits of capitalism…

Glencore Plc may have had a nightmarish year so far, but the world’s top commodity trader is still raking in mountains of money.

The company is facing a U.S. corruption probe, got mired in a dispute with its billionaire former partner in the Democratic Republic of Congo and has been caught in the fallout from new U.S. sanctions on Russia — among other issues. Yet despite all the bad news, Glencore is expected to report its most profitable six months ever when the company publishes first-half results Wednesday…

Investors fixated on one 13-digit milestone last week, Apple Inc.’s value. But another trillion-dollar threshold is in sight and is more relevant to the bull market in U.S. equities, says Goldman Sachs Group Inc.

It’s the volume of stock buybacks that corporate America is likely to announce this year. The total for S&P 500 firms will jump 46 percent from 2017 to an annual record, according to an increased estimate from the Goldman unit that executes share repurchases for clients…

Zillow Group Inc. started buying and selling homes this year. Now it plans to write mortgages, too.

The home-listings website operator is acquiring Mortgage Lenders of America, an Overland Park, Kansas-based lender, Zillow said in a statement Monday. The terms of the transaction weren’t disclosed…

Zillow to Buy Mortgage Lender to Help With Its Home Flipping

Billionaire John Magnier got a windfall from the sale of an Amedeo Modigliani nude at Sotheby’s in May. The auction house was not as fortunate.

The 1917 “Nu couche (sur le cote gauche)” fetched $157.2 million, an almost sixfold increase in value since 2003 when the Irish bloodstock tycoon bought it. Although Sotheby’s heralded the price as the highest auction result in its 274-year history, the painting was sold on a sole, prearranged bid. In the end, Sotheby’s didn’t keep much of its $18 million commission…

The sweltering summer drove Britons to splurge on food, drink and days away but the boost to retailers may prove short-lived, with higher interest rates expected to hit already fragile consumer confidence, surveys published Tuesday found.

Payments processor Barclaycard said that spending rose an annual 5 percent in July, capping the strongest three-month period since it started measuring the data in 2014. Spending was also boosted by the England soccer team’s best World Cup run for 28 years…

Facebook Inc.’s shares rose on optimism that the company is forging deeper relationships with banks to offer customer-service products via its Messenger chat application, a business that could boost engagement as growth slows on its main social network.

Facebook has for years worked to make Messenger a natural place for consumers to communicate with businesses, aiming to replace email. Customers who opt in can already receive some airline boarding passes and receipts from PayPal transactions on Messenger. To do the same with major banks, Facebook has been trying to convince them that the conversations will be secure and customers’ personal data won’t be used in advertising…

Emerging markets may be headed for a period of increased volatility as the midyear lull saps liquidity and the U.S.-China dispute leaves traders struggling to decipher the yuan’s likely direction.

Chinese, Taiwanese and Philippine trade data for July this week will give an indication of whether the trade tension is starting to weigh on regional exports. The standoff has already prompted BlackRock Inc., the world’s largest asset manager, to trim its holdings of developing-nation assets, saying that it may be one of many dynamics weighing on global growth. U.S. data on initial jobless claims, scheduled for release Thursday, are forecast to increase…

Incentive compensation should increase an average of 5 percent to 10 percent across financial services this year with the exception of merger advisory, according to Johnson Associates.

The biggest increase will likely be in equity sales and trading, where bonuses could climb as much as 20 percent, the compensation consulting firm said Friday in a report. Increased volatility and heightened client activity are behind the boost, the company said…

Banker Bonuses Are Expected to Increase Except in Advising, Report Says

Sydney’s bubbly house prices are sinking and tipped to fall for at least another year, pushing the central bank even further to the sidelines.

Given Australia’s tepid wages, tame inflation, range-bound currency and exposure to a global trade war, Governor Philip Lowe and his board are almost certain to keep the benchmark cash rate at a record-low 1.5 percent when they meet Tuesday…

Sydney’s Housing Slide Is One More Reason for Rates to Stay on Hold

London’s moribund luxury homes market is showing signs of bottoming out.

Values in the best districts rose 1.2 percent in the second quarter from a year earlier, the fastest annual rate in almost three years, as buyers took advantage of price cuts after higher sales taxes damped demand. More homeowners are also looking to sell, and deals are rising as pricing becomes more realistic, researcher LonRes said in a report, citing a survey of agents…

Dutch brewer Heineken NV is buying a $3.1 billion stake in China Resources Beer Holdings Co. that will give China’s largest brewer access to a premium brand in the world’s largest beer market.

Heineken will pay HK$24.4 billion for a 40 percent stake in the maker of the best-selling Snow beer brand. Under the deal, Heineken’s operations in China will be combined with those of China Resources Beer, and the Dutch brewer will license its brand to the Chinese partner on a long-term basis, according to company statements Friday…

Apple Inc. became the first U.S.-based company with a market value of $1 trillion, four decades after it was co-founded by Steve Jobs in a Silicon Valley garage and later revolutionized the worlds of computing, music and mobile communications.

The shares rose 2.9 percent to close at $207.39 in New York on Thursday, propelling the consumer-technology giant’s market value to $1.002 trillion. PetroChina Co. briefly crossed the trillion-dollar mark in late 2007, but slumped quickly as oil prices collapsed in the financial crisis. Other tech giants are not far behind Apple today, with Amazon.com Inc., Alphabet Inc. and Microsoft Corp. worth more than $800 billion each…

The venue was the Gotham Club — an exclusive den inside the San Francisco Giants’ home stadium. It’s the ultimate man-cave.

It was here on an evening last December when roughly 100 women from the investment banking world gathered at an event billed as a leadership dinner. The caucus started as a small gathering a decade ago organized by Stephanie Cohen — then an up-and-coming banker at Goldman Sachs, who was vexed by the chummy boys network that’s long dominated the business of guiding mergers and acquisitions…